Reference is made to the public voluntary exchange offer launched by BPER Banca S.p.A. (“BPER” or the “Offeror”) pursuant to article 102, paragraph 4, of the Legislative Decree dated February 24, 1998, no 58, as subsequently amended and integrated, over the totality of the saving shares of Banco di Sardegna S.p.A. (the “Issuer”) which are not held by the Offeror.