Press release

IFIL - Success of IFIL’s capital increaseJuly 28, 2003

IFIL’s capital increase - approved by the company Board of Directors held on June, the 27th, 2003 - was successful.

According to preliminary data from Monte Titoli S.p.A., over 96.3% of ordinary shares offered during the offer period - which opened on July, 7th and closed today - were subscribed. The majority shareholder IFI – Istituto Finanziario Industriale S.p.A. has subscribed its share of the capital increase.

The total maximum proceeds will be approx. € 502.2 million. The positive outcome of the capital increase is guaranteed by leading Italian and international financial institutions.

The final figures will be available next week. The unopted rights will be offered on the Italian Stock Exchange within the terms prescribed by law and the offer period will be announced in a notice in the daily newspapers.

 
The offer for Shares (the "Offer") is not being made, and will not be made, directly or indirectly, in the United States of America or any other country in which such offer may not be made absent registration or an exemption from registration granted by the competent authorities (such other countries, collectively, the "Other Countries"). Accordingly, copies of this document and any other documents relating to the Offer are not being, and must not be, mailed or otherwise transmitted or distributed in or into the United States of America or the Other Countries.

This document is not an offer of securities for sale in the United States of America or the Other Countries. Securities may not be offered or sold in the United States of America or the Other Countries absent registration or an exemption from registration. The Shares to be issued pursuant to the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended, or under applicable laws of the Other Countries, and may not be offered, sold or delivered, directly or indirectly, in the United States of America or the Other Countries absent registration or an exemption from registration.


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