Italian Small & Mid Caps Sales Daily

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1 Equity Markets Italian Small & Mid Caps Sales Daily In today's issue Friday, 22 July 2005 Market movers yesterday 2 Company comments 3 SABAF (Hold 18) Preliminary results below expectation 3 In the Press 4 Lottomatica (N/R) control 4 Financial and roadshow calendars 5 ING Italian industrials coverage estimates 7 ING Italian financials coverage estimates 8 Milan Equity Sales Bruno Montessori Beatrice Finamore Stefano Resegotti Milan Equity Trading Federica Frigeri Giampaolo Macchi Fabrizio Ricci Milan Equity Research Michael Carter Javier Suarez Antonio Tognoli Carlo Tommaselli Vittorio Villa PLEASE SEE THE IMPORTANT DISCLAIMER, COMPANY DISCLOSURES AND ANALYST CERTIFICATION ON THE LAST PAGE OF THIS REPORT

2 Market movers yesterday Volume leaders (All share prices as of yesterday's close) Source: Bloomberg Price ( ) Up/down Mkt cap ( m) Vol. (# shares) Vol. diff. with 6m avg Vol. diff. with 6m avg IMMOBILIARE GRANDE DISTRIBUZ 1.71 (2.1%) ,433 #VALUE! CENTENARI E ZINELLI SPA % #DIV/0! ACTELIOS SPA 9.63 (0.6%) , % ALGOL SPA 2.51 (1.5%) ,751, % MARZOTTO SPA 3.12 (1.5%) ,718, % POLIGRAFICA SAN FAUSTINO SPA % , % DUCATI MOTOR HOLDING SPA 1.12 (1.2%) ,517, % DIGITAL MULTIMEDIA TECH SPA (0.8%) , % BANCA MONTE DEI PASCHI SIENA % 8, ,370, % BANCA LOMBARDA E PIEMONTESE % 3, , % Most up ROLAND EUROPE SPA #N/A Rl Tim #VALUE! #VALUE! 0 (100%) PERLIER SPA % ,000 (47%) BENETTON GROUP SPA % 1, ,551 (66%) SOPAF SPA % ,521, % BANCA MONTE DEI PASCHI SIENA % 8, ,370, % RCS MEDIAGROUP SPA % 4, ,205,518 (59%) TISCALI SPA % 1, ,080,393 (50%) CEMENTIR % ,714 (8%) CREDITO EMILIANO SPA % 2, ,289 32% REPLY SPA % ,475 (39%) Most down BANCA ANTONVENETA SPA (3.0%) 7, ,285 (85%) ERG SPA (2.9%) 2, ,484 (31%) ERGO PREVIDENZA SPA 5.03 (2.9%) ,764 (23%) JOLLY HOTELS 8.09 (2.9%) ,858 (65%) GRANITIFIANDRE SPA 7.31 (2.8%) ,646 (40%) RETELIT SPA 0.36 (2.7%) ,229,545 (75%) PERMASTEELISA SPA (2.6%) ,335 62% SOCOTHERM SPA (2.4%) , % ESPRINET SPA 5.56 (2.4%) ,031 (66%) TREVISAN COMETAL SPA 3.72 (2.4%) ,775 (43%) INDICES Price Up/down Up/down Up/down Up/down 1m 3m YTD S&PMIB (Large Cap) 33, % 3.36% 6.86% 8.32% MIDEX (Mid Cap) 32, % 3.40% 8.31% 10.51% MIBSTAR (Small Cap Star) 1,521 (0.52%) 4.54% 12.00% 29.89% TECHSTAR (Small Cap Tech Star) 8,837 (0.16%) 8.36% 9.48% 26.32% MIBTEL (All Share) 25, % 3.52% 6.90% 8.71% See back of report for important disclosures and disclaimer 2

3 Company comments SABAF (Hold 18) Preliminary results below expectation SABAF Hold Engineering & machinery Reuters SAB.MI F 2006F Price ( ) Sales ( m) Target price ( ) EBITDA ( m) Number of ordinary shares (m) 11.3 Net attr. profit ( m) Free float (%) 38.5 Adj. EPS ( ) Market capitalisation ( m) 190 Adj. PER (x) Net debt 2005F ( m) 14 EV/Turnover (x) Entreprise value 2005F ( m) 208 EV/EBITDA (x) Gearing 2005F (%) 23.2 Yield (%) Company data, ING estimates /04 5/04 8/04 11/04 2/05 5/05 Price MIBTEL Fact Note published today Comment 1H05 sales fell by 9% YoY due to the weak sector demand, both in the domestic and international markets. We reduce our FY05F sales forecasts by c.5% and our EBITDA margin forecasts by 0.2ppt. We maintain our HOLD rating, but we reduce the price target to 18 (from 19.5). Analyst contact: Antonio Tognoli See back of report for important disclosures and disclaimer 3

4 In the Press Lottomatica (N/R) control Lottomatica s, FinEuroGames and Newgames boards approved the plan to merge by incorporation of Lottomatica S.p.A. and FinEuroGames S.p.A. into Newgames S.p.A.. The merger plan approved has as the purpose to simplify the control of Lottomatica through the elimination of intermediate levels between the reference shareholder, De Agostini S.p.A., and Lottomatica S.p.A., and, for the De Agostini Group, the creation of a single company collecting all the activities in the games and services sector, which will enable more direct planning and achievement of strategic objectives and development plans. The merger will also allow the strengthening of Lottomatica Group s financial structure. Analyst contact: Antonio Tognoli See back of report for important disclosures and disclaimer 4

5 Financial and roadshow calendars Financial calendar Date Company Bloomberg Index Market Cap ( m) 26 July, 2005 Linificio E Canapificio LI IM MIBTEL July, 2005 Centenari E Zinelli Spa CZ IM SPMIB 8 27 July, 2005 Luxottica Group Spa LUX IM SPMIB 7, July, 2005 Saipem SPM IM MIBTEL 5, July, 2005 Gruppo Editoriale L'Espresso ES IM MIBTEL 1, July, 2005 Indesit Co Spa IND IM MIBTEL 1, July, 2005 Banca Popolare Dell'Etruria PEL IM MIDEX, SPMIB July, 2005 Cell Therapeutics Inc CTIC IM SPMIB July, 2005 Actelios Spa ACT IM MIBSTAR July, 2005 Vincenzo Zucchi S.P.A. ZUC IM MIBTEL July, 2005 Snam Rete Gas SRG IM MIBTEL 8, July, 2005 Fiat Spa F IM MIBTEL 5, July, 2005 Recordati Spa REC IM MIBSTAR 1, July, 2005 Cementir CEM IM SPMIB July, 2005 Saes Getters Spa SG IM MIBSTAR July, 2005 Marzotto Spa MZI IM MIBTEL July, 2005 Centrale Del Latte Di Torino CLT IM SPMIB July, 2005 Eni Spa ENI IM SPMIB 87, July, 2005 Astaldi Spa AST IM MIDEX July, 2005 Industrie Zignago S. Margher IZ IM MIBTEL July, 2005 Dada Spa DA IM SPMIB July, 2005 Emak Spa EMAK IM MIBSTAR July, 2005 Poligrafica San Faustino Spa PSF IM MIBTEL August, 2005 Banca Finnat Euramerica Spa BFE IM MIBSTAR August, 2005 Brembo Spa BRE IM SPMIB August, 2005 Cairo Communications Spa CAI IM SPMIB August, 2005 Engineering Ingegneria Info ENG IM SPMIB August, 2005 Sabaf Spa SAB IM MIBSTAR August, 2005 Negri Bossi Spa NGB IM MIBTEL August, 2005 Digital Multimedia Tech Spa DMT IM MIBSTAR August, 2005 It Way Spa ITW IM TSTAR August, 2005 Fidia Spa FDA IM TSTAR August, 2005 Spa AISW IM MIBTEL August, 2005 Fullsix INF IM MIBTEL #VALUE! 04 August, 2005 Autogrill Spa AGL IM MIBTEL 2, August, 2005 Azienda Mediterran Gas Acqua AMG IM MIBTEL August, 2005 Aedes Spa AE IM MIBSTAR August, 2005 Banca Ifis Spa IF IM MIBTEL August, 2005 Reply Spa REY IM MIBSTAR August, 2005 Dmail Group Spa DMA IM TSTAR August, 2005 Vicuron Pharmaceuticals Inc MICU IM MIDEX 1, August, 2005 Cremonini Spa CRM IM SPMIB August, 2005 Ducati Motor Holding Spa DMH IM MIBSTAR August, 2005 Juventus Football Club Spa JUVE IM MIBSTAR August, 2005 Mondo Tv Spa MTV IM TSTAR August, 2005 Cdc Point Spa CDC IM SPMIB August, 2005 La Doria Spa LD IM MIBSTAR August, 2005 Txt E-Solutions Spa TXT IM TSTAR August, 2005 Cembre Spa CMB IM SPMIB August, 2005 Tiscali Spa TIS IM MIBSTAR August, 2005 Granitifiandre Spa GRF IM MIBSTAR August, 2005 El.En. Spa ELN IM TSTAR August, 2005 Tas Tecnologia Avanzata TAS IM SPMIB August, 2005 Csp Intl Industria Calze Spa CSP IM SPMIB August, 2005 Isagro Spa ISG IM MIBSTAR August, 2005 Interpump Group Spa IP IM MIBSTAR 428 See back of report for important disclosures and disclaimer 5

6 Roadshow calendar Company Date Event Company participants / notes UK Investors July, 2005 Investor Fieldtrip Milan, Veneto, Bologna Company visits: recent and upcoming Company Participants Sector Mkt Cap ( bn) Date Analyst visiting Indesit CFO, IR Consumer durables April, 2005 V. Villa / M. Carter Recordati CFO, IR Pharmaceuticals April, 2005 V. Villa / M. Carter RCS MediaGroup MD, IR Publisher April, 2005 V. Villa / M. Carter Saipem COO, IR Oil Services April, 2005 V. Villa / M. Carter Permasteelisa Chairman, CFO Construction mat April, 2005 Antonio Tognoli Campari IR Beverages April, 2005 V. Villa / M. Carter IMA IR M&A director Packaging Machines April, 2005 V. Villa / A. Tognoli HERA CEO, IR Utilities April, 2005 V. Villa / A. Tognoli Granitifiandre CEO, IR Construction mat April, 2005 V. Villa / A. Tognoli Interpump CFO Pumps, power take-off April, 2005 V. Villa / A. Tognoli Toro Assicurazioni CEO, IR Insurance May, 2005 V. Villa / A. Tognoli Kaitech CEO IT Software May, 2005 V. Villa / A. Tognoli Banca Italease CEO Banking services IPO 30 May, 2005 V. Villa / A. Tognoli Aeroporto di Firenze CEO,COO Airport May, 2005 V. Villa / A. Tognoli IGD CFO Commercial real estate June, 2005 V. Villa / A. Tognoli Gemina CFO Holding June, 2005 V. Villa / A. Tognoli Mondadori CFO, IR Publisher July, 2005 V. Villa / A. Tognoli Gemina CEO, CFO Holding July, 2005 V. Villa / A. Tognoli Actelios CFO, IR Renewable energy July, 2005 V. Villa / A. Tognoli Campari IR Beverages July, 2005 V. Villa / A. Tognoli Brembo CFO Automotive components July, 2005 V. Villa / A. Tognoli Gewiss CFO Electrical equipment July, 2005 V. Villa / A. Tognoli Tenaris IR Steel / Oil services July, 2005 Michael Carter Amplifon CEO / CFO Hearing aids July, 2005 Michael Carter Sogefi CFO Automotive components July, 2005 Michael Carter Brembo CFO Automotive components July, 2005 Michael Carter Gefran CEO Industrial automation July, 2005 Michael Carter Panaria VP, Controller Construction mat July, 2005 Michael Carter Granitifiandre CEO Construction mat July, 2005 Michael Carter Trevi Finanziaria CEO, IR Oil Services July, 2005 Michael Carter Biesse CFO Engineering July, 2005 Michael Carter Aeroporto di Firenze CEO Airport July, 2005 Michael Carter Targetti CEO Lighting equipment July, 2005 Michael Carter CIR VP Strategy Holding company July, 2005 Michael Carter Dmail CEO Internet services July, 2005 V. Villa / A. Tognoli IT Holding CFO, IR Fashion August, 2005 V. Villa / A. Tognoli MARR CEO, CFO, IR Food distribution August, 2005 V. Villa / A. Tognoli See back of report for important disclosures and disclaimer 6

7 7 Italian Small & Mid Caps Sales Daily Friday, 22 July 2005 ING Italian industrials coverage estimates Market Adjusted EPS Dividend PER EV/EBITDA Dividend yield Company Rec. Cap TP Price F 2006F F 2006F F 2006F F 2006F F 2006F AEM Milano Hold 3, % 3.1% 3.1% Aeroporto di Firenze Buy % 1.0% 1.5% Autogrill Hold 2, % 1.4% 1.8% Autostrada Torino-Milano Hold 1, % 2.3% 2.6% Benetton Sell 1, % 3.5% 4.4% Brembo Buy % 2.2% 2.4% Buzzi Unicem Hold 2, % 1.8% 2.0% Davide Campari-Milano Hold 1, % 1.7% 1.7% De'Longhi Buy % 2.1% 2.4% Enel Hold 42, % 5.2% 4.3% Engineering Ingegneria Informatica Buy % 1.7% 1.7% ENI Buy 87, % 5.8% 3.9% Fiat Hold 6, n.m. n.m. 7.8 n.m % 0.0% 2.3% Finmeccanica Hold 6, n.m % 1.4% 1.5% Granitifiandre Buy % 4.0% 4.7% Gewiss Hold % 1.4% 1.8% Hera Hold 1, % 3.4% 4.1% Immobiliare Grande Distribuzione Buy % 2.8% 3.4% IMA Hold % 4.0% 4.4% Interpump Group Buy % 2.4% 2.8% Italcementi Buy 3, % 2.7% 2.7% Permasteelisa Hold % 2.6% 3.0% Recordati Buy 1, % 2.0% 2.1% SABAF Hold % 3.2% 3.5% Saipem Hold 5, % 1.3% 1.6% Seat Pagine Gialle Hold 2, % 1.9% 2.1% Snam Rete Gas Hold 8, % 4.7% 4.8% SIAS Buy 1, % 2.4% 2.7% Socotherm Hold % 1.1% 1.4% Sorin Buy N/A n.m. n.m % 0.0% 0.0% Telecom Italia Buy 49, % 4.6% 5.1% Terna Buy 4, % 5.6% 5.9% TIM Sell 37, % 6.6% 7.1% Weighted average % 4.8% 4.3% Average % 2.7% 3.0% See back of report for important disclosures and disclaimer

8 8 Italian Small & Mid Caps Sales Daily Friday, 22 July 2005 ING Italian financials coverage estimates Banks Market Adjusted EPS Dividend PER P/BVPS Dividend yield Company Rec. Cap TP Price F 2006F F 2006F F 2006F F 2006F F 2006F Banca AntonVeneta Hold 7, n.m % 2.1% 2.6% Banca Intesa Buy 24, % 4.6% 5.1% Banca Monte Paschi Siena Sell 8, % 0.0% 0.0% Banca Nazionale Lavoro Hold 5, n.m % 1.9% 2.6% Banche Popolari Unite Hold 5, % 4.0% 4.2% Banco Popolare di Verona e Novara Buy 5, % 3.9% 4.6% Capitalia Buy 10, % 3.8% 4.4% Fineco Group Buy 2, n.m % 2.9% 3.2% SanPaolo Imi Hold 21, % 4.4% 5.1% UniCredito Buy 27, % 5.1% 5.4% Weighted average % 3.9% 4.4% Average % 3.3% 3.7% Insurance Adjusted EPS Dividend PER P/EB P/AV Dividend yield Company Rec. Cap TP Price F 2005F F 2005F F 2005F F 2005F F 2005F F 2005F Generali Hold 33, N/A 1.3% 1.7% 2.0% RAS Hold 10, % 4.1% 4.5% Weighted average % 2.3% 2.6% Average % 2.9% 3.2% See back of report for important disclosures and disclaimer

9 AMSTERDAM BRUSSELS LONDON NEW YORK SINGAPORE Tel: Tel: Tel: Tel: Tel: Bratislava Tel: Bucharest Tel: Budapest Tel: Buenos Aires Tel: Dublin Tel: Edinburgh Tel: Geneva Tel: Hong Kong Tel: Istanbul Tel: Kiev Tel: Madrid Tel: Manila Tel: Mexico City Tel: Milan Tel: Moscow Tel: Paris Tel: Prague Tel: Santiago Tel: Sao Paulo Tel: Seoul Tel: Shanghai Tel: Sofia Tel: Taipei Tel: Tokyo Tel: Warsaw Tel: Research offices: legal entity/address/primary securities regulator Amsterdam ING Bank N.V., Foppingadreef 7, Amsterdam, Netherlands, 1102BD. Netherlands Authority for the Financial Markets Bratislava ING Bank N.V. Bratislava Branch; Jesenskeho 4/C, Bratislava, Slovak Republic. Financial Market Authority Brussels ING Belgium S.A./N.V., Avenue Marnix 24, Brussels, Belgium, B Banking Finance and Insurance Commission Bucharest ING Bank N.V. 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