Financial Indicator

STOCK EXCHANGE INDEX CONTINUES TO RISE

The Milan bourse general share price index (Mibtel general) rose by 4.7% over the first three months of 2005. The rise was driven mainly by the industrial and financial sectors and was broadly concentrated in the first two months. The service sector index, after rising in 2004 and in January 2005, dipped again in February and in March. In the final quarter of 2004 and the first three months of 2005 the financial sector index recovered steadily from the losses recorded earlier last year as a result of the Cirio and Parmalat defaults.