Milano, 31 October 2003

Following the letter of intent signed in June of this year, Beni Stabili and Banca Intesa have signed a preliminary contract to establish Milano Zerotre srl, a company that will be 51% owned by Beni Stabili and 49% owned by Banca Intesa.

Banca Intesa will transfer 46 not –instrumental assets with a value of approximately €343 million  to Milano Zerotre. At the same time as signing the contract, the parties agreed the corporate governance guidelines for the Joint Venture. The transaction closing is expected to take place by the end of the year.

 

The properties to be transferred to Milano Zerotre, which are located primarily in northern Italy and are mainly for office use are sold off within 5 years, in line with the business plan drawn up by the two parties.

 

The financial commitment of  Beni Stabili in term of equity and debt will be around 175 million euro.

 

The agreement between Beni Stabili and Banca Intesa follows on from the transaction carried out in December 2002, and is further proof of the excellent business relations between the two groups.

The transaction will enable Beni Stabili to increase its portfolio of properties for commercial development, with significant returns expected to be earned on future sales.

The operation is part of Banca Intesa’ s  spin –off approved in June 2003.It takes a capital gain of € 40 million in the consolidated annual report 2003 of Intesa Group.