Banca Nazionale Del Lavoro SPA IWF Change In The S&P European Indices

Standard & Poor’s will make the following changes in the S&P Europe 350, S&P Euro Plus and S&P Euro indices effective the close of trading Thursday, August 05, 2004:

• Banca Nazionale del Lavoro SPA (Italy, SEDOL: 5528604, GICS: Financials, GICS Code: 40101010), a member of the S&P Europe 350, S&P Euro Plus and S&P Euro indices, Investable Weight Factor will change from 0.778 to 0.665. This is following an increase by Dorint Holdings and Magiste International in their holdings of the company’s ordinary shares to above 5%.

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