HSS

CONSOLIDATED BALANCE SHEET
(in thousands of euro)

In 2008 the HSS group continued to develop and manage the new initiatives that it has undertaken in this sector and to identify new opportunities for investment.

In financial year 2008 the HSS group reported revenues of € 246.3 million, up from € 182.9 million in the previous year, posting a rise of 34.7%, thanks to growth of all areas of the business and to the acquisitions made during the year.

Revenues of the group can be broken down as follows:

Information on shares held by Directors, General Managers and Statutory Auditors

The chart below gives the information required by Art. 79 of Consob Resolution no. 11971 of May 14 1999 and subsequent amendments and additions.

SHARES HELD BY DIRECTORS, STATUTORY AUDITORS AND GENERAL MANAGERS

Dear Shareholders,

The year 2008 has seen contraction and structural change in the world economy, which is likely to last for some time.

The tightening of credit and the resulting market turbulence, which started in 2007, worsened during 2008 causing an international financial crisis without precedent, which is having serious repercussions on the real economy and especially on levels of consumption. The crisis is a systemic one and has affected most sectors of the economy and business throughout the world, especially in the last quarter of 2008.