Lead Independent Director

As of November 2005, in order to increase further the role of the ten Independent Directors, the Board of Directors decided to introduce a Lead Independent Director.

The Lead Independent Director (Carlo Secchi, the Chairman of the Committee for Internal Control and Corporate Governance, was chosen) coordinates and acts as a point of reference for the requirements and contributions of the independent Directors.

The Lead Independent Director may also convene - on his own initiative or upon the request of other Directors - specific meetings solely for independent Directors (i.e. Independent Directors' executive sessions) in order to discuss subjects occasionally felt to be of interest to the functioning of the Board of Directors or management of the firm.

Please note that the Lead Independent Director may collaborate with the Chairman of the Board of Directors for the better functioning of the Board of Directors.

During 2006, two Independent Directors' executive sessions were held that involved the discussion of intrinsic subjects to the corporate governance of the Company, the role and function of the independent Directors and the accounting measurement of the shareholding held in Olimpia S.p.A..

During 2007, one Independent Directors' executive session has already been held.