San Paolo-IMI 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 after the close of trading Thursday, April 28, 2005:

• San Paolo-IMI SPA (Italy, SEDOL: 5556575, 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 0.868 to 0.7755. This follows the increase of their holding by existing shareholder, Santusa Holding SL, and the increase by IFIL Investment of their holding to above 5% of ordinary shares outstanding.

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