Translation of press release issued by Mediobanca on 12th August 2001

12 August 2001

Mediobanca wishes to state that it wholly refutes the assumption, put forward by CONSOB, the Italian stock market regulatory authority, that the Bank is party to a agreement with SAI relating to FONDIARIA.


Accordingly it is of the view that there are no grounds whatsoever for an obligatory public tender offer having to be made for Fondiaria, as postulated in CONSOB's press release of 10th August 2001 but not directly asserted to Mediobanca in its official communication.


Mediobanca, which has not been consulted by CONSOB in its summary inquiry into this matter to date, therefore trusts that further and more thorough consideration of the facts will lead the supervisory authority to conclude that there is no foundation for its assumption.

12th August 2001