Press Releases

Bologna, 26^th January 2006 - The capital increase of € 76.6 million approved by the Extraordinary Shareholders' Meeting held on December 2nd 2005 has been successfully completed.

The operation envisaged an increase of a maximum nominal amount of € 7,209,005.44 via issue of 3,465,868 new ordinary shares of a nominal value of € 2.08 each, to be offered as an option to shareholders - at a ratio of 7 shares for every 25 ordinary shares owned - with a premium of € 20.22 per share.

During the period of offer of rights options to shareholders, which ended on January 9th 2006, shares for a total value of € 76,048,973.00 million were subscribed, accounting for 99.29% of the capital increase.

Subsequently, as per the provisions of Article 2441, paragraph 3, of the Italian Civil Code, the remaining 88,350 rights not exercised during the period for acceptance of the offer (and valid for the subscription of 24,738 new shares), for a total value of € 546,709.00, equivalent to 0.71% of the capital increase, were offered on the MTAX (ex-Nuovo Mercato) market managed by Borsa Italiana SpA.

It should be noted that, in execution of the commitment made, Tamburi & Associati already in the first trading session purchased and subsequently exercised the 88,350 unopted rights offered on the stock market.

The share capital increase thus ended with subscription of all 3,465,868 shares and share capital has consequently increased by € 7,209,005.44.