020713 insider dealing

On Monday, 15th of July 2002 Borsa Italiana will introduce its new policy on insider dealing, aimed at heightening the transparency of the transactions made by managers and other "relevant persons" on shares of their listed companies or its subsidiaries.

"Relevant persons" are managers, auditors and managing directors as well as people who have access to price-sensitive information about their companies. It is up to the self-discipline to identify any other "relevant persons", that is any other person who, under the assignment held in the company or its subsidiaries, might have access to price-sensitive information.

By the end of this year all listed companies will have to adopt a code of conduct and by the start of 2003 will have to inform the market about transactions carried out by those "relevant persons".

The code of conduct will point out who the "relevant persons" are and how they will inform their company. Companies will also be able to prohibit "relevant persons" from dealing in shares during certain periods of the year.

The companies will have to inform the market at least quarterly of any share transactions struck by said persons which exceed 50,000 euro and signal any deals above 250,000 euro promptly after they are executed.

The new policy provides for a requirement to release information about relevant persons' transactions involving the following financial instruments:

a) listed financial instruments issued by their companies or subsidiaries, excluding non-convertible bonds;

b) traded or non traded financial instruments which give rights to subscribe to, sell or buy the same instruments;

c) derivatives, including covered warrants, with underlying listed financial instruments issued by their companies or subsidiaries, excluding non-convertible bonds.

Milan, July 13th 2002