Shareholders’ Resolutions

The board proposes, after appropriation to the legal reserve, the distribution of dividends, gross of withholding taxes by law, as follows:

  • Euros 0.0160 for each ordinary share;
  • Euros 0.0728 for each savings share (including the 2007 dividends, equal to Euros 0.0364, and the preferred dividends, equal to Euros 0.0364, computed as an increase in respect of the year 2006 in which dividends had not been distributed).

The board also proposes to replenish the monetary revaluation reserve ex Law 72/1983 and Law 413/1991 which were entirely utilized to cover the 2006 loss following the resolutions passed by the shareholders’ meeting held on April 26, 2007.

If in agreement with our proposal, we ask you to pass the following

RESOLUTION

The shareholders' meeting:

  • having taken note of the Directors’ Report on Operations;
  • having taken note of the reports of the board of statutory auditors’ and the independent auditors;
  • having examined the financial statements at December 31, 2007 which show a profit of Euros 100,665,577

RESOLVES

a) to approve:
— the Directors’ Report on Operations;
— the balance sheet, the income statement, the notes to the financial statements for the year ended December 31, 2007 which show a profit of Euros 100,665,577 as presented by the board of directors in their entirety and in the individual entries, with the proposed accruals;

b) to appropriate the income for the year of Euros 100,665,577 as follows:

5 percent to the legal reserve

Euro 5,033,279

to the shareholders:

Euros 0.0160 to 5,230,524,503* ordinary shares, for a total of

Euro 83,688,392

Euros 0.0728 to 130,272,660* savings shares, for a total of

Euro 9,483,850

to replenish the monetary revaluation reserve Law 413/91

Euro 707,349

to replenish the monetary revaluation reserve Law 72/83

Euro 972,216

to retained earnings

Euro 780,491

* net of 2,617,500 ordinary shares and 4,491,769 savings shares currently held by the Company.

c) to authorize the directors, in the event that prior to the ex-dividend date referring to the dividends in the above point b) purchase and sales of treasury shares are carried out, to appropriate and/or to draw the amount of dividends to which those shares are entitled from retained earnings and to record the balance of any rounding-off at the time of the payment of the dividends to that same caption.