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

Effective October 10, 2008, the United States Securities and Exchange Commission amended Rule 12g3-2(b) under the U.S. Securities Exchange Act of 1934 in a manner that had the collateral effect of making it possible for depository institutions or banks in the United States to establish ADR programs in respect of the shares of certain non-U.S. issuers without the consent or participation of such issuers (so called “unsponsored ADR programs”).

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

YOOX NET-A-PORTER GROUP S.p.A. does not support or encourage the creation of any unsponsored ADR program in respect of its securities and in any event disclaims any liability in connection with any unsponsored ADR or ADR program.

YOOX NET-A-PORTER GROUP S.p.A. makes no representation to any U.S. depository institution or bank regarding its compliance with Rule 12g3-2(b), and any such depository institution or bank must rely solely on its own analysis in relation thereto.