Avatar Superprofit Extension

Avatar S.p.A., holding company seated in Sant’Ilario d’Enza (Reggio Emilia, Italy), via Marconi no. 10, Register Number RE-9893590153, with 199 billion euros fully paid up equity capital, is about to issue a debenture loan amounting to 398 billion euros on the following conditions:

1) the loan will be called «Avatar Superprofit Extension» and will be issued in a maximum amount par to 398 billion euros, as of article 2412 of the Italian civil code;

2) the bonds will be issued “to bearer” for a minimum unit amount worth 50,000 euros, underwriting will be allowed to public or private subjects in Italy as abroad;

3) the underwriting price will be the nominal value and will be deposited through the bank pointed out by the underwriter in any currency at the euro exchange rate on the time of the deposit;

4) the loan is free from the Consob statement as of article 100 of 58/98 Legislative Decree and article 33, letter d) of no. 11971/1999 Consob Regulation;

5) the bonds will be “zero coupon” and their yield will be equal to the difference between reimbursement price and underwriting price;

6) the reimbursement price of the bonds will be equal to the underwriting price multiplied for the coefficient (rate) pointed out in the attached chart, according to maturity, and for the number of days between the value date of the underwriting and the one of the reimbursement;

7) the bonds will be reimbursed upon request of the same underwriter or bearer and anyway not later than twelve years since the underwriting date;

8) the issuing company reserves the right to reimburse at any time and with no notice the bonds to sole underwriters or bearers;

9) if the underwriter or bearer asks for the reimbursement, the execution of the reimbursement will take place with value date the end of the month in during which the underwriter asked for the reimbursement if the application will be delivered within the 15th day of the same month, or if later than the 15th, at the end of the following month;

10) who intends to underwrite the bonds can already make a reservation by filling the form.