Disclaimer

ELECTRONIC VERSIONS OF THE BASE PROSPECTUS AND ANY OTHER DOCUMENT RELATING TO THE €9,000,000,000 EURO MEDIUM-TERM NOTE PROGRAMME (AND THE INFORMATION CONTAINED THEREIN, THE “EMTN PROGRAMME”) ARE BEING MADE AVAILABLE ON THIS WEBSITE BY TERNA S.P.A. IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

THESE MATERIALS ARE NOT DIRECTED AT AND SHOULD NOT BE ACCESSED BY PERSONS IN THE UNITED STATES, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISSEMINATION OF THESE MATERIALS WOULD BREACH ANY APPLICABLE LAW OR REGULATION OR REQUIRE APPROVAL OR AUTHORISATION IN SUCH JURISDICTION.

The following web page (and the information and documents contained herein) does not contain, constitute, or form part of, nor shall be construed to constitute any offer to sell or a solicitation of an offer to buy any securities issued by Terna S.p.A. in any state or other jurisdiction of the United States (including its territories and possessions) or to or for the account or benefit of any US person (“US person”) as defined in the US Securities Act of 1933, as amended (the “US Securities Act”), or in any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful (“Other Countries”). No action has been taken nor will be taken by Terna S.p.A. aimed at offering to sell or a solicitation to buy the relevant securities in any jurisdiction where it is required to do so, and no user is entitled to copy, amend, publish, forward, retransmit, send, or otherwise transfer the information contained in the following web pages.

The securities issued under the EMTN Programme have not been and will not be registered under the US Securities Act, or pursuant to the corresponding regulations in force in any other country. Accordingly, no securities may be offered, sold, resold, transferred, distributed, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable state or other securities laws of the United States. In addition, no securities may be offered, sold, resold, transferred, distributed or delivered (directly or indirectly) in any Other Country or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in the relevant jurisdiction. The distribution of the Base Prospectus and other documents available on this website (the “Programme Documents”) may be restricted by law and by the Programme Documents in certain jurisdictions. Persons in possession of the EMTN Programme Documents or who are in jurisdictions where such documents are distributed, published or circulated, should inform themselves about these restrictions and observe them. In particular, there are restrictions on the distribution of the Base Prospectus and the offer or sale of securities under the Programme Documents in the United States, the European Economic Area (including France and Italy), the United Kingdom and Japan.

By accessing the following web pages you certify and confirm to Terna S.p.A. that:

• you are not a resident of, or located in, the United States, and you are not a US person;
• you do not and will not act on behalf of or for the account or benefit of any US person;
• you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable laws or regulations;
• you have read and understood the restrictions mentioned above and you further acknowledge that the information and materials presented in the following pages neither constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell securities; and
• you agree not to transfer any information or documentation contained on this website to the United States and the Other Countries.

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who have read and understood the disclaimer above and make the certification described above by clicking on the appropriate button below.