DISCLAIMER - IMPORTANT

ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY AZIENDA TRASPORTI MILANESI S.P.A. (THE “COMPANY”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

These materials are not directed at or accessible by persons located in the United States, South Africa, Australia or Japan and any other jurisdiction where the extension, dissemination or availability of the transaction (and any other transaction contemplated thereby) would breach any applicable law or regulation or require registration of such securities in the relevant jurisdiction (the “Restricted Jurisdictions”).

Please read this notice carefully — it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.

BASIS OF ACCESS

Access to the following webpages and to electronic versions of the materials contained therein are being made available by the Company in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making base prospectus and EMTN programme documents, press releases and any other documents available in electronic format (the “Materials”) does not constitute an offer to sell or the solicitation of an offer to buy the securities or financial instruments mentioned in such Materials (the “Securities”). Further, it does not constitute a recommendation by the Company or any other party to sell or buy the Securities.

No person has the right to (nor is authorized to) copy, modify, publish, forward, retransmit, send, or otherwise transfer the information contained in the following webpages.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

OVERSEAS PERSONS

Viewing the Materials on this webpage may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such Materials. Any persons in or resident in any Restricted Jurisdiction, who wish to view these Materials should satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so. In particular, unless otherwise determined by the Company and permitted by applicable law and regulation, the Materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the Securities by the Company made in the Restricted Jurisdictions or any other jurisdiction in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In particular, the Securities have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States or the other Restricted Jurisdictions. Accordingly, unless an exemption under the relevant securities law is applicable, the Securities may not be offered, sold, taken up, exercised, renounced, transferred, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Jurisdictions or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. There will be no public offering of the Securities in the United States.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

CONFIRMATION OF UNDERSTANDING AND ACCEPTANCE OF DISCLAIMER

Electronic versions of these Materials are not directed at or accessible by nor should they be made available to persons located in the Restricted Jurisdictions or in any other restricted jurisdiction.

The Company does not accept any responsibility for the violation by third parties of the applicable legislation on financial instruments resulting from the communication of untrue information by such parties. The information included under this section of the Company's website is updated as of the date indicated therein, and no reliance may be made on the truthfulness and accuracy of such information at any time subsequent to the date indicated therein, nor on the fact that there have been no changes to the Company's financial or economic conditions since that date.

Finally, the Company declines any responsibility for the truthfulness and the accuracy of the content of other websites containing a link to this website or that can be reached via a link to such websites. Should there be a link to any external website, this must not be understood as having been verified or reviewed, even for the sole purpose of completeness, by the Company.

By clicking on the “Agree” button, I certify that I am not located in any of the Restricted Jurisdictions or in any other restricted jurisdiction.

I have read and understood the disclaimer set out above. I understand that it may affect my rights. I agree to be bound by its terms. By clicking on the “Agree” button, I confirm that I am permitted to proceed to electronic versions of these Materials.

DISCLAIMER - IMPORTANT

ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY AZIENDA TRASPORTI MILANESI S.P.A. (THE “COMPANY”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

These materials are not directed at or accessible by persons located in the United States, South Africa, Australia or Japan and any other jurisdiction where the extension, dissemination or availability of the transaction (and any other transaction contemplated thereby) would breach any applicable law or regulation or require registration of such securities in the relevant jurisdiction (the “Restricted Jurisdictions”).

Please read this notice carefully — it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.

BASIS OF ACCESS

Access to the following webpages and to electronic versions of the materials contained therein are being made available by the Company in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making base prospectus and EMTN programme documents, press releases and any other documents available in electronic format (the “Materials”) does not constitute an offer to sell or the solicitation of an offer to buy the securities or financial instruments mentioned in such Materials (the “Securities”). Further, it does not constitute a recommendation by the Company or any other party to sell or buy the Securities.

No person has the right to (nor is authorized to) copy, modify, publish, forward, retransmit, send, or otherwise transfer the information contained in the following webpages.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

OVERSEAS PERSONS

Viewing the Materials on this webpage may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such Materials. Any persons in or resident in any Restricted Jurisdiction, who wish to view these Materials should satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so. In particular, unless otherwise determined by the Company and permitted by applicable law and regulation, the Materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the Securities by the Company made in the Restricted Jurisdictions or any other jurisdiction in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In particular, the Securities have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States or the other Restricted Jurisdictions. Accordingly, unless an exemption under the relevant securities law is applicable, the Securities may not be offered, sold, taken up, exercised, renounced, transferred, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Jurisdictions or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. There will be no public offering of the Securities in the United States.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

CONFIRMATION OF UNDERSTANDING AND ACCEPTANCE OF DISCLAIMER

Electronic versions of these Materials are not directed at or accessible by nor should they be made available to persons located in the Restricted Jurisdictions or in any other restricted jurisdiction.

The Company does not accept any responsibility for the violation by third parties of the applicable legislation on financial instruments resulting from the communication of untrue information by such parties. The information included under this section of the Company's website is updated as of the date indicated therein, and no reliance may be made on the truthfulness and accuracy of such information at any time subsequent to the date indicated therein, nor on the fact that there have been no changes to the Company's financial or economic conditions since that date.

Finally, the Company declines any responsibility for the truthfulness and the accuracy of the content of other websites containing a link to this website or that can be reached via a link to such websites. Should there be a link to any external website, this must not be understood as having been verified or reviewed, even for the sole purpose of completeness, by the Company.

By clicking on the “Agree” button, I certify that I am not located in any of the Restricted Jurisdictions or in any other restricted jurisdiction.

I have read and understood the disclaimer set out above. I understand that it may affect my rights. I agree to be bound by its terms. By clicking on the “Agree” button, I confirm that I am permitted to proceed to electronic versions of these Materials.

DISCLAIMER - IMPORTANT

ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY AZIENDA TRASPORTI MILANESI S.P.A. (THE “COMPANY”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

These materials are not directed at or accessible by persons located in the United States, South Africa, Australia or Japan and any other jurisdiction where the extension, dissemination or availability of the transaction (and any other transaction contemplated thereby) would breach any applicable law or regulation or require registration of such securities in the relevant jurisdiction (the “Restricted Jurisdictions”).

Please read this notice carefully — it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.

BASIS OF ACCESS

Access to the following webpages and to electronic versions of the materials contained therein are being made available by the Company in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making base prospectus and EMTN programme documents, press releases and any other documents available in electronic format (the “Materials”) does not constitute an offer to sell or the solicitation of an offer to buy the securities or financial instruments mentioned in such Materials (the “Securities”). Further, it does not constitute a recommendation by the Company or any other party to sell or buy the Securities.

No person has the right to (nor is authorized to) copy, modify, publish, forward, retransmit, send, or otherwise transfer the information contained in the following webpages.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

OVERSEAS PERSONS

Viewing the Materials on this webpage may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such Materials. Any persons in or resident in any Restricted Jurisdiction, who wish to view these Materials should satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so. In particular, unless otherwise determined by the Company and permitted by applicable law and regulation, the Materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the Securities by the Company made in the Restricted Jurisdictions or any other jurisdiction in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In particular, the Securities have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States or the other Restricted Jurisdictions. Accordingly, unless an exemption under the relevant securities law is applicable, the Securities may not be offered, sold, taken up, exercised, renounced, transferred, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Jurisdictions or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. There will be no public offering of the Securities in the United States.

If you are not permitted to view Materials on this webpage or are in any doubt as to whether you are permitted to view these Materials, please exit this webpage.

CONFIRMATION OF UNDERSTANDING AND ACCEPTANCE OF DISCLAIMER

Electronic versions of these Materials are not directed at or accessible by nor should they be made available to persons located in the Restricted Jurisdictions or in any other restricted jurisdiction.

The Company does not accept any responsibility for the violation by third parties of the applicable legislation on financial instruments resulting from the communication of untrue information by such parties. The information included under this section of the Company's website is updated as of the date indicated therein, and no reliance may be made on the truthfulness and accuracy of such information at any time subsequent to the date indicated therein, nor on the fact that there have been no changes to the Company's financial or economic conditions since that date.

Finally, the Company declines any responsibility for the truthfulness and the accuracy of the content of other websites containing a link to this website or that can be reached via a link to such websites. Should there be a link to any external website, this must not be understood as having been verified or reviewed, even for the sole purpose of completeness, by the Company.

By clicking on the “Agree” button, I certify that I am not located in any of the Restricted Jurisdictions or in any other restricted jurisdiction.

I have read and understood the disclaimer set out above. I understand that it may affect my rights. I agree to be bound by its terms. By clicking on the “Agree” button, I confirm that I am permitted to proceed to electronic versions of these Materials.