Disclosure requirements of Significant Shareholders

According to the Corporate By-Laws and the AIM Italy / Alternative Capital Market Issuers Regulation, anyone who comes to hold financial instruments of Zephyro S.p.A. admitted to trading on the AIM Italy / Alternative Capital Market in an extent equal to or greater than the set threshold is required to promptly notify the Board of Directors of Zephyro S.p.A. by registered mail sent in advance by fax to the number +39 02 9139 0665.

In particular, under the Corporate By-Laws and the AIM Italy / Alternative Capital Market Issuers Regulation, the communication is due for achieving or exceeding the threshold of 2% or for subsequent changes to an extent equal to or greater than the thresholds established under AIM Italy Issuers Regulation (5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 66.6%, 75%, 90% and 95%) of the share capital with voting rights of Zephyro SpA (the “Meaningful Participation”).

Reaching or exceeding the Significant Participation constitute a “Substantial Change” that has to be communicated by the shareholders to Zephyro S.p.A. within five (5) trading days, from the day in which it was carried out the operation that led to the Substantial change according to the terms and conditions required by the Transparency Discipline.

To this end, the Shareholders are invited to use the communication models and their instructions in Annex 4 (Ownership Structure) of the Regulations issued by Consob with resolution no. 11971 of 1999, with the specification that the references therein to the regulated markets or to listed companies should be considered to include references to multilateral trading facilities (http://www.consob.it/main/emittenti/societa_quotate/11971.html?queryid=reg11971&search=1&resultmethod=tuf&symblink=/main/emittenti/societa_quotate/regemit.html).

Please note that pursuant to art. 10 of the Corporate By-Laws, in the event of failure to comply with the reporting obbligations of Significant Investments, the reporting obbligations of Significant Investments of Listed Companies set by the TUF and by the implementing regulations issued by Consob, currently in force, will be applied.