Extraordinary operations

Reverse split of the common shares and saving shares and consequent change in exercise ratio of the warrants (see press release dated on July 12, 2007)

Amendments to art. 10 (Convening Shareholders Meetings), art. 11 (Attendance and Representation at Shareholders’ Meeting), art. 14 (Management of the Company), art. 16 (Corporate Governance Positions), art. 17 ( Composition of the Board of Directors and Term of Office of Directors), art. 22 (Board of Statutory Auditors), art. 24 (Auditing of the Accounting Records) of the Bylaws which are required mainly to make the Bylaws consistent with new requirements of the Italian Law.

Elimination of the par value of the common shares and saving shares and shares capital increase of up to € 130 million through the issuance if common shares with warrants attached (see press release dated on May, 19, 2006)

The Shareholders’ Meeting approved the motion to authorize the Board of Directors’ to purchase common and saving shares of the Company in accordance with Articles 2357 and 2357-ter of the Italian Civil Code.

With regard to the resolutions adopted by the Extraordinary Shareholders’ Meeting of March 14, 2008, on June 25th 2008 the voluntary reduction of the Company’s share capital has been executed in the amount of 74,164,741.31 euros carried out for the purpose of concurrently establishing an Available Reserve of the same amount.