Avatar S.p.A. was constituted on the 12th of December 1989, with registered office in Milan and 200-million lira capital.

The 26th of November 1999, the registered office was transferred to Sant’Ilario d’Enza (Reggio Emilia) in via Marconi no. 10.

The 22nd of December 1999, the capital was increased up to 9 million and 116 thousand Euro: the addition was entirely undersigned and paid up by the shareholders.

The 21st of October 2000, the capital was increased up to 155 million Euros: the increase was entirely undersigned and freed by Holos Holding S.A..

The 25th of June 2003, the Assembly deliberated the issuing of bearer convertible debentures for 45 billions and 50 million Euro.

The 17th of December 2003, the capital was increased up to 199 billions