Unsponsored ADR

U.S. Disclaimer - Unsponsored ADR (American Depositary Receipts)

Effective October 10, 2008, the United States Securities and Exchange Commission made it possible for depository institutions or banks to establish ADR programs without the participation of a non U.S. issuer (a so called "Unsponsored ADR").

An ADR or American Depositary Receipt is a negotiable receipt, similar to a stock certificate, that is issued by a U.S. bank or depository to evidence an ordinary share of a non U.S. issuer that has been deposited with the U.S. bank or depository.

ADRs permit a U.S. investor to purchase in a U.S. market an interest in a non U.S. issuer's securities.

An ADR program which is unsponsored is set up without the non U.S. issuer's cooperation or even its consent.

Salini Impregilo S.p.A. does not support or encourage the creation of unsponsored ADR facilities in respect of its securities and in any event disclaims any liability in connection with an unsponsored ADR.

Salini Impregilo S.p.A. does not represent to any depository institution or bank nor should any such entity rely on a belief that the website of Salini Impregilo S.p.A. includes all published information in English, currently, and on an ongoing basis, required to claim an exemption under U.S.Exchange Act Rule 12g3-2(b).

Last update: 10/10/2014