Milano, 30 December 2002

IntesaBci S.p.A. sold to an American bank a bond issued by its Luxembourg subsidiary PEI to which the 10.7 per cent stake held in ItalenergiaBis (IEB) had been transferred. The sale leads to a capital gain of approximately €70 million for Gruppo IntesaBci.

The reimbursement value at maturity of the bond issued by PEI is based on the price of the sale of the shareholding in IEB deriving from the put options exercisable in 2005 as agreed on by the partners in IEB.

This transaction does not imply any change in the obligations of IntesaBci to the other partners in IEB.