The "Internal Dealing Procedure”, effective from April 1, 2006 effective from April 1, 2006, which annuls and supersedes, as from the same effective date, the “Code of Conduct for Internal Dealing” previously adopted by the Company, in compliance with the Regulations of Borsa Italiana S.p.A.

The Procedure:

• lays down a disclosure obligation (for the Contact Person identified in the Procedure, who, in turn, gives notice to Consob and the market) of transactions amounting to or in excess of Euro 5,000, conducted on the securities of the Company and of its subsidiaries, by (i) the “relevant parties” and (ii) the “persons closely related to relevant parties“;
• provides the “Black-out periods” still apply, namely, fixed periods during which persons subject to the provisions of the Procedure are barred from conducting any transaction.