F.R.E.S.H. bond conversion

With reference to the F.R.E.S.H. convertible bonds issue (Floating Rate Equity linked Subordinated Hybrid Preferred Securities), as per the shareholders` resolution passed on January 15th 2004, it is made known that, in the September 2006 conversion window, conversion applications have been received for a total amount of Euro 18,516,275.68, against which the number of 5,645,206 BMPS ordinary shares will be issued, equal to 0.23% of pre conversion ordinary share capital, which will therefore increase from the number of 2,448,491,901 shares to 2,454,137,107 shares.