010906dividendi

PRESS RELEASE

The Italian Exchange has received an inquiry concerning the approval of would be-changes to the rules for the adjustment of indices and option contracts when extraordinary dividends are detached.

In June 2001 the Italian Exchange has invited the intermediaries to submit comments on the current rules for the adjustment of indices and option contracts when extraordinary dividends are detached. Currently these comments are being evaluated by the Italian Exchange.

An eventual proposal for modification for the above mentioned rules will be discussed with the intermediaries and will have to be approved by the board of directors of the Italian Exchange. Moreover, pursuant to art. 4.8.2 of the Rules for the markets organised and managed by the Italian Exchange, the Italian Exchange will establish the date of introduction by official announcement only after it has received CONSOB's explicit assent or if 30 days have passed without CONSOB raising any objection.

At the moment the rules for adjustment of indices and option contracts will remain unchanged. The Italian Exchange therefore reminds that a dividend is considered to be extraordinary when it is paid out from the reserves and the adjustment equals the amount paid out from the reserves.

Milan September 6th 2001