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Share capital evolution

Date

# ordinary shares*
# saving shares**
# total shares

01/01/1997

91.508.268 21.039.668 112.547.936

30/06/1997

91.508.268 21.039.668 112.547.936

31/12/1997

91.508.268 21.039.668 112.547.936

30/06/1998

91.508.268 21.039.668 112.547.936

31/12/1998

91.508.268 21.039.668 112.547.936

30/06/1999

91.508.268 21.039.668 112.547.936

31/12/1999

91.508.268 21.039.668 112.547.936

30/06/2000

91.508.268 21.039.668 112.547.936

31/12/2000

91.508.268 21.039.668 112.547.936

30/06/2001

107.311.122 2.502.844 109.813.966

31/12/2001

107.316.122 2.502.844 109.818.966

30/06/2002

107.959.622 2.502.844 110.462.466

31/12/2002

107.998.372 2.502.844 110.501.216

30/06/2003

108.409.622 2.502.844 110.912.466

31/12/2003

108.465.122 2.502.844 110.967.966

30/06/2004

109.036.622 2.502.844 111.539.466

31/12/2004

109.752.372 2.502.844 112.255.216

30/06/2005

112.978.434 511.282 113.489.716

31/12/2005

112.995.934 511.282 113.507.216

30/06/2006

113.374.684 511.282 113.885.966

31/12/2006

113.418.434 511.282 113.929.716

30/06/2007

113.586.434 511.282 114.097.716

31/12/2007

113.630.684 511.282 114.141.966

* Changes in the number of ordinary shares are due to to the stock options excercises and to conversion of saving shares into ordinary shares.

**Changes in the number of ordinary shares are due to two conversion operations of saving shares into ordinary shares

On June 28, 2001 the first conversion saving shares into ordinary shares took place. For futher details, please go the " Notices-Documents"section.

On June 17, 2005 è the second convertion of saving shares took place.For futher details, please go the " Notices-Documents"section.

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