Walliance draws investors' attention to the limits imposed by Article 2412 of the Civil Code for the issuance of bonds by joint stock companies or Article 2483 of the Civil Code for the debt securities issued by limited liability companies.

The Company verifies that:

(i) for each offer involving bonds issued by public limited companies, the limits set forth in Article 2412 of the Civil Code are complied with, according to which the total issuance may not exceed twice the share capital, legal reserve and available reserves as shown in the Issuer's latest approved financial statements, unless the bonds issued in excess are intended exclusively for subscription by professional investors;

(ii) for each offer involving debt securities of limited liability companies, the limits set by Article 2483 of the Civil Code are complied with, including the "subjective" limits relating to underwriters, according to which the possibility of issuing securities, as well as any limits, procedures and majorities necessary for the decision, must be provided for in the articles of incorporation and the subscription can only be made by professional investors.