BOARD OF DIRECTORS

                                                                                                          Honorary Chairman          CARLO DE BENEDETTI (3)

                                                                                                                          and Director

                                                                                                                                 Chairman          STEFANO MICOSSI (1)

                                                                                                  Chief Executive Officer          RODOLFO DE BENEDETTI (2)

                                                                                                     and General Manager

                                                                                                                                  Directors          GIAMPIO BRACCHI (4)

                                                                                                                                                                 FRANCO DEBENEDETTI

                                                                                                                                                                 PIERLUIGI FERRERO

                                                                                                                                                                 GIOVANNI GERMANO (3) (4)

                                                                                                                                                                 FRANCO GIRARD (5)

                                                                                                                                                                 PAOLO MANCINELLI (5)

                                                                                                                                                                 LUCA PARAVICINI CRESPI (4)

                                                                                                                                                                 CLAUDIO RECCHI

                                                                                                                                                                 MASSIMO SEGRE

                                                                                                           GUIDO TABELLINI (3) (5) (6)

                                                                                                                                                                 UMBERTO ZANNI (3)

                                                                                                  Secretary to the Board          FRANCA SEGRE

BOARD OF STATUTORY AUDITORS

                                                                                                                                 Chairman          PIETRO MANZONETTO

                                                                                                             Statutory Auditors          LUIGI NANI

                                                                                                                                                                 RICCARDO ZINGALES

                                                                                                            Alternate Auditors          MARCO REBOA

                                                                                                                                                                 GIANLUCA PONZELLINI

                                                                                                                                                                 LUIGI MACCHIORLATTI VIGNAT

INDEPENDENT AUDITORS

DELOITTE & TOUCHE S.p.A.

Notice in accordance with the recommendation of Consob contained in its Communiqué no.

DAC/RM/97001574 of February 20 1997:

(1)                  Legal representative

(2)                  Power to sign all documents relating to ordinary and extraordinary

                       administration with single signature except for those reserved by law to the

                       Board of Directors

(3)                  Member of the Compensation Committee

(4)                  Member of the Internal Control Committee

(5)                  Member of the Appointments Committee

(6)                  Lead Independent Director