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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001144204-05-040722.txt : 20051222
<SEC-HEADER>0001144204-05-040722.hdr.sgml : 20051222
<ACCEPTANCE-DATETIME>20051222090302
ACCESSION NUMBER:		0001144204-05-040722
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20051222
DATE AS OF CHANGE:		20051222
EFFECTIVENESS DATE:		20051222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENI SPA
		CENTRAL INDEX KEY:			0001002242
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-130596
		FILM NUMBER:		051280273

	BUSINESS ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
		BUSINESS PHONE:		011390659822449

	MAIL ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>v031877_f-6ef.htm
<TEXT>
<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" colspan="5" valign="top" width="86%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
                    filed with the U.S. Securities and Exchange Commission on December
                    22,
                    2005</strong></font></div>
                </div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="5" valign="top" width="86%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
                    No. 333-</strong></font></div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>____________________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        F-6</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT OF 1933</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
        Depositary Shares Evidenced by American Depositary
        Receipts</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>___________________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Eni
        S.p.A.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Exact
        name of issuer of deposited securities as specified in its
        charter)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eni
        S.p.A.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Translation
        of issuer's name into English)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
        Republic of Italy</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Jurisdiction
        of incorporation or organization of issuer)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>JPMORGAN
        CHASE BANK, N.A. </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Exact
        name of depositary as specified in its charter)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4
        New York Plaza, New York, NY 10004</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Telephone
        (212) 623-0636</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address,
        including zip code, and telephone number, including area code, of depositary's
        principal executive offices)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Enzo
        Viscusi</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agip
        Petroleum Co. Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>666
        Fifth Avenue, New York, New York 10103</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
        246-0145</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address,
        including zip code, and telephone number, including area code, of agent for
        service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Copy
        to:</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Scott
          A. Ziegler, Esq.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ziegler,
          Ziegler &amp; Associates LLP</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>570
          Lexington Avenue, 44</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: CG Times, Times New Roman, serif"><sup><strong>th</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
          Floor</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
          York, New York 10022</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
          319-7600</strong></font></div>
      </div>
      <div align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
        is
        proposed that this filing become effective under Rule 466</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 22.5pt"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">immediately
        upon filing&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o&#160; </font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -4.5pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">on
        (Date)
        at (Time)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        a
        separate registration statement has been filed to register the deposited
        shares,
        check the following box. <font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
        OF REGISTRATION FEE</strong></font></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="40%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title
                  of each class of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
                  to be registered</strong></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>to
                  be registered</strong></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum aggregate price per unit </strong></font><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: CG Times, Times New Roman, serif"><sup><strong>(1)</strong></sup></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>aggregate
                  offering price </strong></font><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: CG Times, Times New Roman, serif"><sup><strong>(2)</strong></sup></font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>registration
                  fee</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                  Depositary Shares evidenced by American Depositary Receipts, each
                  American
                  Depositary Share representing two ordinary shares of Eni S.p.A.
                  </font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100,000,000</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                  Depositary Shares</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0.05</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$5,000,000</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$535</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                  unit represents one American Depositary
                  Share.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
                  solely for the purpose of calculating the registration fee. Pursuant
                  to
                  Rule&#160;457(k), such estimate is computed on the basis of the
                  maximum
                  aggregate fees or charges to be imposed in connection with the
                  issuance of
                  American Depositary Receipts evidencing American Depositary
                  Shares.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Rule 429, the Prospectus contained herein also relates to American Depositary
        Shares registered under Form F-6 Registration Statement No.
        333-13628.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        I</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
        REQUIRED IN PROSPECTUS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Prospectus consists of the proposed form of American Depositary Receipt (&#8220;ADR&#8221;
        or &#8220;American Depositary Receipt&#8221;) included as Exhibit A to the form of Deposit
        Agreement filed as Exhibit&#160;(a) to this Registration Statement, which
        is
        incorporated herein by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CROSS
        REFERENCE SHEET</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1. DESCRIPTION OF SECURITIES TO BE REGISTERED</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td width="3%">&#160;</td>
                  <td width="3%">&#160;</td>
                  <td align="left" valign="top" width="53%">&#160;</td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%"><font size="2">Location
                    in Form of
                    American Depositary</font>&#160;</td>
                </tr>
                <tr>
                  <td colspan="3" width="59%" style="BORDER-BOTTOM: #000000 thin solid">&#160;<font size="2">Item
                    Number and Caption</font>&#160;</td>
                  <td align="left" valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                  <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: #000000 thin solid"><font size="2">Receipt
                    Filed Herewith as Prospectus</font></td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td width="3%">&#160;</td>
                  <td align="left" valign="top" width="53%">&#160;</td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="3%"><font size="2">(1)</font></td>
                  <td colspan="2" valign="top" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name
                    and address of Depositary</font></td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Introductory
                      paragraph</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="3%"><font size="2">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></td>
                  <td colspan="2" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
                    of American Depositary Receipts and identity of deposited
                    securities</font></td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Face
                      of American Depositary Receipt, top center</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td colspan="2" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Terms
                    of Deposit:</font></td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">&#160;</td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font></td>
                  <td align="left" valign="bottom" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                      of deposited securities represented by one unit of American
                      Depositary
                      Shares</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Face
                      of American Depositary Receipt, upper right corner</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Procedure
                      for voting, if any, the deposited securities</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                      (13)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Collection
                      and distribution of dividends</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (4), (5), (7) and (10)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transmission
                      of notices, reports and proxy soliciting material</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (3), (8) and (13)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sale
                      or exercise of rights</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (4), (5) and (10)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposit
                      or sale of securities resulting from dividends, splits or plans
                      of
                      reorganization</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (4), (5), (10) and (14)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(vii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment,
                      extension or termination of the Deposit Agreement</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (17) and (18)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(viii)</font></td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rights
                      of holders of receipts to inspect the transfer books of the
                      Depositary and
                      the list of Holders of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADR</font></font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                      (3)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(ix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restrictions
                      upon the right to deposit or withdraw the underlying
                      securities</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                      (1), (2), (4), and (5)</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%"><font size="2">(x)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font>&#160;</td>
                  <td align="left" valign="top" width="53%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Limitation
                      upon the liability of the Depositary</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                      (15)</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="3%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
                  </td>
                  <td colspan="2" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fees
                    and Charges</font></td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                      (7)</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2. AVAILABLE INFORMATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify">&#160;</div>
      <div>
        <div>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td colspan="2" valign="bottom" width="59%" style="BORDER-BOTTOM: #000000 thin solid">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                    Number and Caption</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></td>
                  <td align="left" valign="top" width="3%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                  <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: #000000 thin solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Location
                      in Form of American Depositary </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receipt
                      Filed Herewith as Prospectus</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="3%">&#160;</td>
                  <td align="left" valign="top" width="56%">&#160;</td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="3%">&#160;<font size="2">(b)</font></td>
                  <td align="left" valign="top" width="56%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statement
                          that Eni S.p.A. is subject to the periodic reporting requirements
                          of the
                          Securities Exchange Act of 1934, as amended, and, accordingly,
                          files
                          certain reports with the Commission, and that such reports
                          can be
                          inspected by holders of American Depositary Receipts and
                          copied at public
                          reference facilities maintained by the Commission in Washington,
                          D.C.</font></div>
                      </div>
                    </div>
                  </td>
                  <td align="left" valign="top" width="3%">&#160;</td>
                  <td align="left" valign="top" width="38%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                      (8)</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">&#160;</div>
            <div>&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        II</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
        NOT REQUIRED IN PROSPECTUS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3. EXHIBITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                  <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                  </td>
                  <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Form
                      of Deposit Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                      Form of Amended and Restated Deposit Agreement among Eni S.p.A.,
                      JPMorgan
                      Chase Bank, N.A., and all holders from time to time of ADRs
                      issued
                      thereunder (the "Deposit Agreement"). Filed herewith as exhibit
                      (a).
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="5%">&#160;</td>
                  <td align="justify" valign="top" width="90%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                  <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                  </td>
                  <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Any
                      other agreement to which the Depositary is a party relating
                      to the
                      issuance of the American Depositary Shares registered hereunder
                      or the
                      custody of the deposited securities represented
                      thereby</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                      Not Applicable.</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="5%">&#160;</td>
                  <td align="justify" valign="top" width="90%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                  <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
                  </td>
                  <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Every
                      material contract relating to the deposited securities between
                      the
                      Depositary and the issuer of the deposited securities in effect
                      at any
                      time within the last three years</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                      Not Applicable.</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="5%">&#160;</td>
                  <td align="justify" valign="top" width="90%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                  <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></div>
                  </td>
                  <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Opinion
                      of Ziegler, Ziegler &amp; Associates LLP, counsel to the Depositary, as to
                      the legality of the securities being registered</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                      Filed herewith as Exhibit (d).</font></div>
                  </td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="5%">&#160;</td>
                  <td align="justify" valign="top" width="90%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                  <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font></div>
                  </td>
                  <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Certification
                      under Rule 466.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                      Filed herewith as Exhibit (e).</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
            4. UNDERTAKINGS</strong></font></div>
          <div>&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                </td>
                <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    Depositary hereby undertakes to make available at the principal
                    office of
                    the Depositary in the United States, for inspection by holders
                    of the
                    American Depositary Receipts, any reports and communications
                    received from
                    the issuer of the deposited securities which are both (1)&#160;received
                    by
                    the Depositary as the holder of the deposited securities, and
                    (2)&#160;made generally available to the holders of the underlying
                    securities by the issuer.</font></div>
                </td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="5%">&#160;</td>
                <td align="justify" valign="top" width="90%">&#160;</td>
              </tr>
              <tr>
                <td width="5%" style="BORDER-BOTTOM: medium none">&#160;</td>
                <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                </td>
                <td align="justify" valign="top" width="90%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                    the amounts of fees charged are not disclosed in the prospectus,
                    the
                    Depositary undertakes to prepare a separate document stating
                    the amount of
                    any fee charged and describing the service for which it is charged
                    and to
                    deliver promptly a copy of such fee schedule without charge to
                    anyone upon
                    request. The Depositary undertakes to notify each registered
                    holder of an
                    American Depositary Receipt thirty days before any change in
                    the fee
                    schedule.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Act of 1933, as amended, JPMorgan Chase
        Bank, N.A., on behalf of the legal entity created by the Deposit Agreement,
        certifies that it has reasonable grounds to believe that all the requirements
        for filing on Form&#160;F-6 are met and has duly caused this Registration
        Statement to be signed on its behalf by the undersigned, thereunto duly
        authorized, in The City of New York, State of New York, on December 21,
        2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr valign="top" bgcolor="#ffffff">
                <td width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td colspan="2">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal
                    entity created by the Deposit Agreement for the issuance of ADRs
                    evidencing American Depositary Shares </font></div>
                </td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td colspan="2">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                  CHASE BANK, N.A., as Depositary</font></font></font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td>&#160;</td>
                <td>&#160;</td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Joseph
                  M. Leinhauser</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td>
                  <div>&#160;</div>
                  <div><font size="2">Name:</font></div>
                  <div><font size="2">Title:</font></div>
                </td>
                <td>
                  <div>
                    <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                  </div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joseph
                    M. Leinhauser</font></div>
                  <div><font size="2">Vice
                    President</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Act of 1933, Eni S.p.A. certifies that
        it
        has reasonable grounds to believe that all the requirements for filing on
        Form
        F-6 are met and has duly caused this Registration Statement on Form F-6 to
        be
        signed on its behalf by the undersigned, thereunto duly authorized, on 11
        October, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                <tr valign="top" bgcolor="#ffffff">
                  <td width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>
                <tr valign="top" bgcolor="#ffffff">
                  <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                  <td colspan="2" width="0"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eni
                    S.p.A.<br>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>
                <tr valign="top" bgcolor="#ffffff">
                  <td>&#160;</td>
                  <td>&#160;</td>
                  <td>&#160;</td>
                </tr>
                <tr valign="top" bgcolor="#ffffff">
                  <td>&#160;</td>
                  <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                  <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Paolo
                    Scaroni</font></td>
                </tr>
                <tr valign="top" bgcolor="#ffffff">
                  <td>&#160;</td>
                  <td>
                    <div>&#160;</div>
                    <div><font size="2">Name:</font></div>
                    <div><font size="2">Title:</font></div>
                  </td>
                  <td>
                    <div>
                      <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                    </div>
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paolo
                      Scaroni</font></div>
                    <div><font size="2"><a name="QuickMark"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                      Executive
                      Officer</font></a></font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW
        ALL
        PERSONS BY THESE PRESENTS, that each person whose signature appears below
        constitutes and appoints Mr. Paulo Scaroni and Mr. Marco Mangiagalli, and
        each
        of them, his or her true and lawful attorneys-in-fact and agents, each with
        full
        power of substitution and resubstitution, for him or her and in his or her
        name,
        place and stead, in any and all capacities, to sign any or all amendments
        (including post-effective amendments) to this Registration Statement and
        any and
        all related registration statements pursuant to Rule 462(b) of the Securities
        Act, and to file the same, with all exhibits thereto, and other documents
        in
        connection therewith, with the Securities and Exchange Commission, hereby
        ratifying and confirming all that said attorneys-in-fact and agents, or any
        of
        them, or their substitute or substitutes, may lawfully do or cause to be
        done by
        virtue hereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Act of 1933, as amended, this Registration
        Statement on Form F-6 has been signed by the following persons in the capacities
        indicated as of October 11, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>v031877_ex-a.htm
<TEXT>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>TABLE
        OF CONTENTS</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div align="center">
          <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="#ffffff">
                <td width="9%">&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">&#160;</td>
                <td width="4%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><u><font size="2">Page</font></u>&#160;</div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">&#160;</td>
                <td width="4%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">PARTIES<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">&#160;</td>
                <td width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1&#160;</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">RECITALS</font></td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">&#160;</td>
                <td width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1&#160;</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 1.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Certain Definitions</font></td>
                <td width="4%">
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">&#160;</td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">&#160;</td>
                <td width="4%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(a)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADR
                    Register</font></div>
                </td>
                <td width="4%"><font size="2">1</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(b)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADRs;
                    Direct Registration ADRs</font></div>
                </td>
                <td width="4%"><font size="2">1</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(c)</font></div>
                </td>
                <td width="2%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                </td>
                <td width="4%">&#160;</td>
                <td width="81%"><font size="2">ADS</font>&#160;</td>
                <td width="4%"><font size="2">2</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(d)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficial
                      Owner</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">2</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(e)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Custodian</font></div>
                </td>
                <td width="4%"><font size="2">2</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(f)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deliver,
                    execute, issue et <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">al.</font></font></div>
                </td>
                <td width="4%"><font size="2">2</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(g)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delivery
                    Order</font></div>
                </td>
                <td width="4%"><font size="2">2</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(h)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposited
                    Securities</font></div>
                </td>
                <td width="4%"><font size="2">2</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(i)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
                    Registration System</font></div>
                </td>
                <td width="4%"><font size="2">2</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(j)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dollars</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">2</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(k)</font></div>
                </td>
                <td width="2%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                </td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DTC</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">2</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">(l)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holder</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Initial
                      Deposit</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(n)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Italian
                      Business Day; New York Business Day</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(o)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Monte
                      Titoli</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(p)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
                    Act of 1933</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(q)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(r)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transfer
                    Office</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(s)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasury</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(t)</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="4%">&#160;</td>
                <td width="81%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Withdrawal
                    Order</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 2.</font></td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADRs</font></div>
                </td>
                <td width="4%"><font size="2">3</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 3.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Deposit of Shares</font></td>
                <td width="4%"><font size="2">4</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 4.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Issue of ADRs</font></td>
                <td width="4%"><font size="2">5</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 5.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Distributions on Deposited
                  Securities </font></td>
                <td width="4%"><font size="2">5</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 6.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Withdrawal of Deposited
                  Securities</font></td>
                <td width="4%"><font size="2">5</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 7.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Substitution of ADRs
</font></td>
                <td width="4%"><font size="2">6</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 8.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cancellation
                  and Destruction of ADRs </font></td>
                <td width="4%"><font size="2">6</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 9.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">The Custodian<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
                  </font></font></td>
                <td width="4%"><font size="2">6</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 10.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Co-Registrars and Co-Transfer
                  Agents</font></td>
                <td width="4%"><font size="2">6</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 11.</font>&#160;&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Lists of Holders</font></td>
                <td width="4%"><font size="2">6</font>&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 12.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Depositary's Agents</font></td>
                <td width="4%"><font size="2">7</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 13.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Successor Depositary</font></td>
                <td width="4%"><font size="2">7</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 14.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Reports</font></td>
                <td width="4%"><font size="2">7</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 15.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Additional Shares </font></td>
                <td width="4%"><font size="2">7</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 16.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Indemnification</font></td>
                <td width="4%"><font size="2">8</font>&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="9%"><font size="2">Section 17.</font>&#160;</td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%"><font size="2">Notices</font></td>
                <td width="4%"><font size="2">8</font></td>
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              <tr bgcolor="#ccffcc">
                <td width="9%"><font size="2">Section 18.</font></td>
                <td width="2%">&#160;</td>
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                <td width="4%"><font size="2">9</font>&#160;</td>
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              <tr bgcolor="#ffffff">
                <td width="9%">
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                    19.</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td colspan="2" width="85%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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                      and Restatement of Old Deposit Agreement</font></div>
                  </div>
                </td>
                <td width="4%"><font size="2">9</font></td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td colspan="4" width="96%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TESTIMONIUM</font></td>
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              </tr>
              <tr bgcolor="#ffffff">
                <td colspan="4" width="96%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></td>
                <td width="4%"><font size="2">10</font>&#160;</td>
              </tr>

          </table>
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        <div>&#160;</div>
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">i</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <div align="left">
              <div align="left">
                <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="#ffffff">
                      <td colspan="4" width="95%">&#160;</td>
                      <td width="5%"><u><font size="2">Page</font></u>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td colspan="4" width="95%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
                          A</u></font></div>
                      </td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td colspan="4" width="95%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td colspan="4" width="95%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td colspan="4" width="95%"><u><font size="2">FORM OF FACE
                        OF
                        ADR</font></u></td>
                      <td width="5%"><font size="2">A-1</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td colspan="3" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Introductory
                        Paragraph</font></td>
                      <td width="5%"><font size="2">A-1</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(1)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Issuance of ADRs<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font>&#160;</td>
                      <td width="5%"><font size="2">A-2</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(2)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Withdrawal of Deposited Securities</font></td>
                      <td width="5%"><font size="2">A-2</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(3)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Transfers of ADRs</font></td>
                      <td width="5%"><font size="2">A-2</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(4)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Certain Limitations</font></td>
                      <td width="5%"><font size="2">A-3</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(5)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Taxes</font></td>
                      <td width="5%"><font size="2">A-4</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(6)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Disclosure of Interests</font></td>
                      <td width="5%"><font size="2">A-5</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(7)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Charges of Depositary</font></td>
                      <td width="5%"><font size="2">A-9</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(8)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Available Information</font></td>
                      <td width="5%"><font size="2">A-10</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(9)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Execution</font></td>
                      <td width="5%"><font size="2">A-10</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td colspan="3" width="86%"><font size="2">Signature of Depositary</font></td>
                      <td width="5%"><font size="2">A-10</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td colspan="3" width="86%"><font size="2">Address of Depositary's
                        Office
                        </font></td>
                      <td width="5%"><font size="2">A-10</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td colspan="4" width="95%"><u><font size="2">FORM OF REVERSE
                        OF
                        ADR</font></u></td>
                      <td width="5%"><font size="2">A-11</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">&#160;</td>
                      <td width="5%">&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(10)</font></td>
                      <td width="4%">&#160;</td>
                      <td width="80%"><font size="2">Distributions on Deposited
                        Securities</font>&#160;</td>
                      <td width="5%"><font size="2">A-11</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(11)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conversion
                          of Foreign Currency</font></div>
                      </td>
                      <td width="5%"><font size="2">A-12</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(12)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Record
                          Dates</font></div>
                      </td>
                      <td width="5%"><font size="2">A-13</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(13)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Voting
                          of Deposited Securities</font></div>
                      </td>
                      <td width="5%"><font size="2">A-13</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(14)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
                          Affecting Deposited Securities</font></div>
                      </td>
                      <td width="5%"><font size="2">A-13</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(15)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exoneration</font></div>
                      </td>
                      <td width="5%"><font size="2">A-14</font>&#160;</td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(16)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Resignation
                          and Removal of Depositary; the Custodian</font></div>
                      </td>
                      <td width="5%"><font size="2">A-15</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="9%">&#160;</td>
                      <td width="2%"><font size="2">(17)</font>&#160;</td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment</font></div>
                      </td>
                      <td width="5%"><font size="2">A-15</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td width="9%">&#160;</td>
                      <td width="2%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18)</font></div>
                      </td>
                      <td width="4%">&#160;</td>
                      <td width="80%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination</font></div>
                        </div>
                      </td>
                      <td width="5%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-15</font></div>
                      </td>
                    </tr>

                </table>
              </div><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">ii</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDED
        AND RESTATED DEPOSIT AGREEMENT dated as of December 21, 2005 (the "Deposit
        Agreement") among Eni S.p.A. and its successors (the "Company"), JPMorgan
        Chase
        Bank, N.A., as depositary hereunder (the "Depositary"), and all Holders and
        Beneficial Owners from time to time of American Depositary Receipts issued
        hereunder ("ADRs") evidencing American Depositary Shares ("ADSs") representing
        deposited Shares (defined below). The Company hereby appoints the Depositary
        as
        depositary for the Deposited Securities and hereby authorizes and directs
        the
        Depositary to act in accordance with the terms set forth in this Deposit
        Agreement. All capitalized terms used herein have the meanings ascribed to
        them
        in Section 1 or elsewhere in this Deposit Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">W
        I T N E
        S S E T H</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
        the Company and the Depositary entered into a Deposit Agreement dated as
        of
        December 5, 1995, as amended (the "Old Deposit Agreement") to provide for
        the
        deposit of Shares of the Company with the Depositary or with the Custodian
        as
        agent of Depositary for the purposes set forth in such Old Deposit Agreement,
        for the creation of American depositary shares representing the Shares so
        deposited and for the execution and delivery of American depositary receipts
        ("Old Receipts") evidencing the American depositary shares;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
        pursuant to the terms of paragraph (16) of the Old Receipt, the Company and
        the
        Depositary now wish to amend and restate the Old Deposit Agreement and the
        Old
        Receipts, such amendment to become effective on January 10, 2006;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW
        THEREFORE, in consideration of the premises, effective January 10, 2006,
        the
        parties hereto hereby amend and restate the Old Deposit Agreement and the
        Old
        Receipts in their entireties as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Certain
        Definitions</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ADR
        Register</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        is
        defined in paragraph (3) of the form of ADR.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        mean
        the American Depositary Receipts executed and delivered hereunder. ADRs may
        be
        either in physical certificated form or Direct Registration ADRs. ADRs in
        physical certificated form, and the terms and conditions governing the Direct
        Registration ADRs (as hereinafter defined), shall be substantially in the
        form
        of Exhibit A annexed hereto (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>form
        of ADR</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").
        The
        term "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Direct
        Registration ADR</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        an ADR, the ownership of which is recorded on the Direct Registration System.
        References to "ADRs" shall include certificated ADRs and Direct Registration
        ADRs, unless the context otherwise requires. The form of ADR is hereby
        incorporated herein and made a part hereof; the provisions of the form of
        ADR
        shall be binding upon the parties hereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ADS</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the securities representing the interests in the Deposited Securities and
        evidenced by the ADRs issued hereunder. Each ADS evidenced by an ADR represents
        the right to receive two (2) Shares and a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>pro
        rata</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        share in
        any other Deposited Securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Beneficial
        Owner</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        any person owning any beneficial interest in the ADSs represented by the
        ADR
        issued hereunder regardless of whether such person is the Holder of such
        ADR.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Custodian</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the agent or agents of the Depositary (singly or collectively, as the context
        requires) named as Custodian in the form of ADR and any additional or substitute
        Custodian appointed pursuant to Section 9.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        terms
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>deliver</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>execute</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>issue</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>register</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>surrender</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>transfer</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        or
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>cancel</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        when
        used with respect to Direct Registration ADRs, shall refer to an entry or
        entries or an electronic transfer or transfers in the Direct Registration
        System, and when used with respect to ADRs in physical certificated form,
        shall
        refer to the physical delivery, execution, issuance, registration, surrender,
        transfer or cancellation of certificates representing the ADRs. "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Deliver</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,"
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>deposit</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,"
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>surrender</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,"
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>transfer</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        or
        "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>withdraw</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
        each
        means, when used with respect to Shares where the context requires, the entry
        or
        entries or electronic transfer or transfers in an account or accounts maintained
        by institutions authorized under applicable law to effect transfers of
        securities (which may include Monte Titoli) or otherwise the physical transfer
        of certificates representing the Shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Delivery
        Order</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        is
        defined in Section 3.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Deposited
        Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        as of
        any time means all Shares at such time deposited or deemed deposited under
        this
        Deposit Agreement and any and all other shares, securities, property and
        cash at
        such time held by the Depositary or the Custodian in respect or in lieu of
        such
        deposited Shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Direct
        Registration System</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the system for the uncertificated registration of ownership of securities
        established by The Depository Trust Company ("DTC") and utilized by the
        Depositary pursuant to which the Depositary may record the ownership of ADRs
        without the issuance of a certificate, which ownership shall be evidenced
        by
        periodic statements issued by the Depositary to the Holders entitled thereto.
        For purposes hereof, the Direct Registration System shall include access
        to the
        Profile Modification System maintained by DTC which provides for automated
        transfer of ownership between DTC and the Depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Dollars</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        United States dollars. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>DTC</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        The Depositary Trust Company and any successor thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Holder</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the person or persons in whose name an ADR is registered on the ADR
        Register.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Initial
        Deposit</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the deposit of Shares by or on behalf of the Ministry of Economy and Finance
        of
        the Republic of Italy to the account of the Depositary maintained by the
        Custodian on behalf of the Holders in connection with an offering of ADSs
        pursuant to an offering circular dated December 5, 1995.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(n)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Italian
        Business Day</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        any day other than a Saturday or a Sunday and on which commercial banking
        institutions in Italy are open for business. "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>New
        York Business Day</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        any day other than a Saturday or a Sunday and on which commercial banking
        institutions are required to be open for business.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(o)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Monte
        Titoli</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        Monte Titoli S.p.A., the Italian securities depositary institution, and any
        successor which performs substantially identical functions in
        Italy.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(p)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Securities
        Act of 1933</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the United States Securities Act of 1933, as from time to time
        amended.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(q)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        mean
        the Ordinary Shares in registered form nominal value Euro 1 each, of the
        Company
        heretofore validly issued and outstanding and fully paid, non-assessable
        and as
        of the time of deposit, free of any preemptive rights of the holders of
        outstanding Shares or hereafter validly issued and outstanding and fully
        paid,
        non-assessable and free of any preemptive rights of the holders of outstanding
        Shares or interim certificates representing such Shares and shall include
        the
        rights to receive Shares specified in paragraph (1) of the form of
        ADR.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(r)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Transfer
        Office</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        is
        defined in paragraph (3) of the form of ADR.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(s)
        </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Treasury</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        means
        the Italian Ministry of Economy and Finance.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(t)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Withdrawal
        Order</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        is
        defined in Section 6.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ADRs
        Generally</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        (a)
        ADRs in certificated form shall be engraved, printed or otherwise reproduced
        at
        the discretion of the Depositary in accordance with its customary practices
        in
        its American depositary receipt business, or at the request of the Company
        typewritten and photocopied on plain or safety paper, and shall be substantially
        in the form set forth in the form of ADR, with such changes as may be required
        by the Depositary or the Company to comply with their obligations hereunder,
        any
        applicable law, regulation or usage or the requirements of any securities
        exchange or market upon which the ADSs primarily may be listed or traded
        or to
        indicate any special limitations or restrictions to which any particular
        ADRs
        are subject. ADRs may be issued in denominations of any number of ADSs. ADRs
        in
        certificated form shall be executed by the Depositary by the manual or facsimile
        signature of a duly authorized officer of the Depositary. ADRs in certificated
        form bearing the facsimile signature of anyone who was at the time of execution
        a duly authorized officer of the Depositary shall bind the Depositary,
        notwithstanding that such officer has ceased to hold such office prior to
        the
        delivery of such ADRs.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Direct
        Registration ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Notwithstanding anything in this Deposit Agreement or in the form of ADR
        to the
        contrary, ADSs shall be evidenced by Direct Registration ADRs, unless
        certificated ADRs are specifically requested by the Holder. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Holders and Beneficial Owners shall be bound by the terms and conditions
        of this
        Deposit Agreement and of the form of ADR, regardless of whether their ADRs
        are
        Direct Registration ADRs or certificated ADRs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        The
        form of ADR is hereby incorporated herein and made a part hereof and the
        provisions of the form of ADR shall be binding upon the parties
        hereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Deposit
        of Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Initial Deposit shall be made by deposit of Shares by or on behalf of the
        Treasury to the account of the Depositary maintained by the Custodian on
        behalf
        of the Holders for such purpose. The Treasury, in agreement with the Italian
        Ministry of Economy and Finance, in consideration of the fact that the
        Depositary will be the record holder and not the Beneficial Owner of Shares,
        which will be represented by ADSs and evidenced by ADRs, has undertaken to
        approve the acquisition of 3% or more of the voting share capital of the
        Company
        by the Depositary, DTC and Cede &amp; Co. as nominee for DTC. In connection with
        any subsequent deposit of Shares hereunder, the Depositary or the Custodian
        may
        require the following in form reasonably satisfactory to it: (a) a written
        order
        directing the Depositary to execute and deliver to, or upon the written order
        of, the person or persons designated in such order an ADR or ADRs evidencing
        the
        number of ADS representing such deposited Shares (a "Delivery Order"); (b)
        proper endorsements or duly executed instruments of transfer in respect of
        such
        deposited Shares; (c) instruments assigning to the Custodian or its nominee
        any
        distribution on or in respect of such deposited Shares or right to subscribe
        for
        additional Shares or indemnity therefore; and, (d) proxies entitling the
        Custodian to vote such deposited Shares until registered in its name. At
        the
        request, risk and expense of any holder of Shares, and for the account of
        such
        holder, the Depositary may receive certificates for Shares to be deposited,
        together with any other documents and payments required under this Deposit
        Agreement, for the purpose of forwarding such Share certificates to the
        Custodian for deposit hereunder. As soon as practicable after the Custodian
        receives Deposited Securities pursuant to any such deposit or pursuant to
        paragraphs (10) or (14) of the form of ADR, the Custodian shall present such
        Deposited Securities for registration of transfer into the name of the Custodian
        or its nominee, to the extent such registration is practicable, at the cost
        and
        expense of the person making such deposit (or for whose benefit such deposit
        is
        made) and shall obtain evidence satisfactory to it of such registration.
        Deposited Securities shall be held by the Custodian for the account and to
        the
        order of the Depositary at such place or places and in such manner as the
        Depositary shall determine. The Depositary agrees to instruct the Custodian
        to
        place all Shares accepted for deposit under this Deposit Agreement into a
        segregated account separate from any Shares of the Company that may be held
        by
        such Custodian under any other depositary receipt facility relating to the
        Shares. Deposited Securities may be delivered by the Custodian to any person
        only under the circumstances expressly contemplated in this Deposit Agreement.
        Neither the Depositary nor the Custodian shall lend the Deposited Securities.
        To
        the extent that Deposited Securities cannot be practicably registered for
        transfer into the name of the Custodian or its nominee, the Depositary shall
        return such Deposited Securities to the person depositing the same or distribute
        them, as the case may be, to the Holder or Holders entitled thereto. At the
        request of a Holder, the Depositary shall, for the purpose of substituting
        a
        certificated ADR with an uncertificated ADR, or vice versa, execute and deliver
        a certificated ADR or a uncertificated ADR, as the case may be, for any
        authorized number of ADSs requested, evidencing the same aggregate number
        of
        ADSs as those evidenced by the certificated ADR or uncertificated ADR, as
        the
        case may be, substituted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 19.8pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Issue
        of ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        After
        any such deposit of Shares, the Custodian shall notify the Depositary of
        such
        deposit and of the information contained in any related Delivery Order by
        letter, first class airmail postage prepaid, or, at the request, risk and
        expense of the person making the deposit, by cable, Swift or facsimile
        transmission. After receiving such notice from the Custodian, the Depositary,
        subject to this Deposit Agreement, shall properly issue at the Transfer Office,
        to or upon the order of any person named in such notice, an ADR or ADRs
        registered as requested and evidencing the aggregate ADSs to which such person
        is entitled. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Distributions
        on Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        To the
        extent that the Depositary determines in its reasonable discretion that any
        distribution pursuant to paragraph (10) of the form of ADR is prohibited
        by
        applicable law or is not practicable with respect to any Holder, the Depositary,
        after consultation with the Company, may make such distribution as it deems
        reasonably practicable, including the distribution of foreign currency,
        securities or property (or appropriate documents evidencing the right to
        receive
        foreign currency, securities or property) or, if the Depositary deems necessary,
        the retention thereof as Deposited Securities with respect to such Holder's
        ADRs
        (without liability for interest thereon or the investment thereof).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Withdrawal
        of Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        In
        connection with any surrender of an ADR for withdrawal of the Deposited
        Securities represented by the ADSs evidenced thereby, the Depositary may
        require
        proper endorsement in blank of such ADR (or duly executed instruments of
        transfer thereof in blank) and the Holder's written order directing the
        Depositary to cause the Deposited Securities represented by the ADSs evidenced
        by such ADR to be withdrawn and delivered to, or upon the written order of,
        any
        person designated in such order ( a "Withdrawal Order"). Directions from
        the
        Depositary to the Custodian to deliver Deposited Securities shall be given
        by
        letter, first class airmail postage prepaid, or, at the request, risk and
        expense of the Holder, by cable, Swift or facsimile transmission. Delivery
        of
        Deposited Securities may be made by the delivery of certificates (which,
        if
        required by law, shall be properly endorsed or accompanied by properly executed
        instruments of transfer or, if such certificates may be registered, registered
        in the name of such Holder or as ordered by such Holder in any Withdrawal
        Order)
        or by delivery of any securities, property or cash to which such Holder is
        then
        entitled in respect of ADRs. Such delivery shall not be unreasonably delayed
        as
        a result of actions by the Depositary or its agents.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.
        </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 19.8pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Substitution
        of ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary shall execute and deliver a new Direct Registration ADR in exchange
        and substitution for any mutilated certificated ADR upon cancellation thereof
        or
        in lieu of and in substitution for such destroyed, lost or stolen certificated
        ADR, unless the Depositary has notice that such ADR has been acquired by
        a bona
        fide purchaser, upon the Holder thereof filing with the Depositary a request
        for
        such execution and delivery and a sufficient indemnity bond and satisfying
        any
        other reasonable requirements imposed by the Depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Cancellation
        and Destruction of ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        All
        ADRs surrendered to the Depositary shall be cancelled by the Depositary.
        The
        Depositary is authorized to destroy ADRs in certificated form so cancelled
        in
        accordance with its customary practices.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>The
        Custodian</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Any
        Custodian in acting hereunder shall be subject to the directions of the
        Depositary and shall be responsible solely to it. The Depositary may from
        time
        to time, and after consultation with the Company, if practicable, appoint
        one or
        more agents to act for it as Custodian hereunder in addition to or in lieu
        of
        the Custodian named in the form of ADR. Each Custodian so appointed (other
        than
        JPMorgan Chase Bank, N.A.) shall give written notice to the Company and the
        Depositary accepting such appointment and agreeing to be bound by the applicable
        terms hereof. Any Custodian may resign from its duties hereunder by at least
        30
        days written notice to the Depositary. The Depositary, after consultation
        with
        the Company, if practicable, may discharge any Custodian at any time upon
        notice
        to the Custodian being discharged. Any Custodian ceasing to act hereunder
        as
        Custodian shall deliver, upon the instruction of the Depositary, all Deposited
        Securities held by it to a Custodian continuing to act. The Depositary shall
        give Holders written notice of any change of Custodian hereunder as promptly
        as
        practicable after such change.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Co-Registrars
        and Co-Transfer Agents</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary may appoint and remove (i) co-registrars to register ADRs and
        transfers, combinations and split-ups of ADRs and to countersign ADRs in
        accordance with the terms of any such appointment and (ii) co-transfer agents
        for the purpose of effecting transfers, combinations and split-ups of ADRs
        at
        designated transfer offices in addition to the Transfer Office on behalf
        of the
        Depositary. Each co-registrar or co-transfer agent (other than JPMorgan Chase
        Bank, N.A.) shall give notice in writing to the Company and the Depositary
        accepting such appointment and agreeing to be bound by the applicable terms
        of
        this Deposit Agreement. The Depositary shall give Holders written notice
        of any
        change of co-registrar or co-transfer agent hereunder as promptly as practicable
        after such change.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>List
        of Holders</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Company shall have the right to inspect transfer records of the Depositary
        and
        its agents and the ADR Register, take copies thereof and require the Depositary
        and its agents to supply copies of such portions of such records as the Company
        may request. The Depositary or its agent shall furnish to the Company promptly
        upon the written request of the Company, a list of the names, addresses and
        holdings of ADSs by all Holders as of a date within three New York Business
        Days
        of the Depositary's receipt of such request.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Depositary's
        Agents</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary may perform its obligations under this Deposit Agreement through
        any
        agent appointed by it, provided that the Depositary shall promptly notify
        the
        Company of such appointment and shall remain responsible for the performance
        of
        such obligations as if no agent were appointed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Successor
        Depositary</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Subject
        to paragraph (18) of the form of ADR, if the Depositary acting hereunder
        shall
        resign or be removed, the Company shall use its best efforts to appoint a
        bank
        or trust company having an office in the Borough of Manhattan, The City of
        New
        York, as successor depositary hereunder. Every successor depositary shall
        execute and deliver to its predecessor and to the Company written acceptance
        of
        its appointment hereunder, and thereupon such successor depositary, without
        any
        further act or deed, shall become Depositary hereunder; but such predecessor,
        upon payment of all sums due to the predecessor and on the written request
        of
        the Company, shall execute and deliver an instrument transferring to such
        successor all rights and powers of such predecessor hereunder and assigning
        all
        right, title and interest in the Deposited Securities to such successor,
        and
        shall deliver to such successor a list of the Holders. Any bank or trust
        company
        into or with which the Depositary may be merged or consolidated, or to which
        the
        Depositary shall transfer substantially all its American depositary receipt
        business, shall be the successor of the Depositary without the execution
        or
        filing of any document or any further act. Upon the appointment of any successor
        depositary hereunder, any agent of the Depositary then acting hereunder shall
        forthwith become such agent hereunder of such successor depositary and such
        successor depositary shall, on the written request of any such agent, execute
        and deliver to such agent any instruments necessary to give such agent authority
        as such agent hereunder of such successor depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Reports</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        On or
        before the first date on which the Company makes any communication available
        to
        holders of Deposited Securities or any material non-confidential communication
        available to a securities regulatory authority or stock exchange, by publication
        or otherwise, the Company shall transmit to the Depositary a copy thereof
        in
        English or with an English translation or summary. In connection with any
        registration statement under the Securities Act of 1933 relating to the ADRs
        or
        with any undertaking contained therein, the Company and the Depositary shall
        each furnish to the other and to the United States Securities and Exchange
        Commission or any successor governmental agency such information as shall
        be
        required to make such filings or comply with such undertakings. The Company
        has
        delivered to the Depositary, the Custodian and any Transfer Office, a copy
        (in
        English or with an English translation) of its by-laws (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Statuto</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        which
        the Company warrants represent together with Italian law all the provisions
        of
        or governing the Shares (other than provisions of Italian law) and any other
        Deposited Securities issued by the Company and, promptly upon any change
        thereto, the Company shall deliver to the Depositary, the Custodian and any
        Transfer Office, a copy (in English or with an English translation) of such
        provisions (other than provisions of Italian law) as so changed. The Depositary
        and its agents may rely upon the Company's delivery thereof for all purposes
        of
        this Deposit Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Additional
        Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Neither
        the Company nor any company controlling, controlled by or under common control
        with the Company shall issue additional Shares, rights to subscribe for Shares,
        securities convertible into or exchangeable for Shares or rights to subscribe
        for any such securities or shall deposit any Shares under this Deposit
        Agreement, except under circumstances complying in all respects with the
        Securities Act of 1933 and the rules and regulations promulgated thereunder.
        The
        Depositary will comply, as promptly as practicable, with written instructions
        of
        the Company not to accept for deposit hereunder any Shares identified in
        such
        instructions at such times and under such circumstances as may reasonably
        be
        specified in such instructions in order to facilitate the Company's compliance
        with securities laws in the United States.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        Notwithstanding anything to the contrary in paragraph (15(b)) of the form
        of
        ADR, the Company shall indemnify, defend and save harmless each of the
        Depositary and its agents against any loss, liability or expense (including
        reasonable fees and expenses of counsel) that may arise out of (a) its
        acceptance and performance of its powers and duties in accordance with this
        Deposit Agreement, except to the extent such loss, liability or expense is
        due
        to its negligence or bad faith or (b) any offer or sale of ADRs, ADSs, Shares
        or
        other Deposited Securities or any registration statement under the Securities
        Act of 1933 in respect thereof, except to the extent such loss, liability
        or
        expense arises out of information (or omissions from such information) relating
        to it furnished in writing to the Company by it expressly for use in any
        such
        registration statement. Each of the Depositary and its agents shall indemnify,
        defend and save harmless the Company against any loss, liability or expense
        (including reasonable fees and expenses of counsel) incurred by the Company
        in
        respect of this Deposit Agreement to the extent such loss, liability or expense
        is due to the negligence or bad faith of such persons. The obligations set
        forth
        in this Section 16 shall survive the termination of this Deposit Agreement
        and
        the succession or substitution of any indemnified person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Notices</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Notice
        to any Holder shall be deemed given when first mailed, first class postage
        prepaid, to the address of such Holder on the ADR Register or received by
        such
        Holder. Notice to the Depositary or the Company shall be deemed given when
        first
        received by it at the address or facsimile transmission number set forth
        in (a)
        or (b), respectively (with all facsimile transmissions to be confirmed by
        letter), or at such other address or facsimile transmission number as either
        may
        specify to the other by written notice: </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25">
                <td style="WIDTH: 144pt">&#160;</td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMorgan
                    Chase Bank, N.A.</font></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4
                        New York Plaza</font></div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
                      York, New York 10004</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
                      ADR Administration</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fax:
                      + 1-(212).623-0079</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25">
                <td style="WIDTH: 144pt">&#160;</td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
                    </font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eni
                    S.p.A. </font></div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Piazzale
                      Enrico Mattei, 1 </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;00144
                      Rome, Italy </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
                      Secretary's Office </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fax:
                      +
                      39-06-5982.2449</font></font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Depositary or the Company may act upon any cable, Swift or facsimile
        transmission received by it from the other or from any Holder, notwithstanding
        that such cable, Swift or facsimile transmission shall not subsequently be
        confirmed as aforesaid.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Miscellaneous</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        This
        Deposit Agreement is for the exclusive benefit of the Company, the Depositary,
        the Holders, the Beneficial Owners, and their respective successors hereunder,
        and shall not give any legal or equitable right, remedy or claim whatsoever
        to
        any other person. The Holders and Beneficial Owners of ADRs from time to
        time
        shall be parties to this Deposit Agreement and shall be bound by all of the
        provisions hereof. If any such provision is invalid, illegal or unenforceable
        in
        any respect, the remaining provisions shall in no way be affected thereby.
        This
        Deposit Agreement may be executed in any number of counterparts, each of
        which
        shall be deemed an original and all of which shall constitute one instrument.
        This Deposit Agreement shall be governed by and construed in accordance with
        the
        laws of the State of New York.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19.
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        The
        Deposit Agreement amends and restates the Old Deposit Agreement in its entirety
        to consist exclusively of the Deposit Agreement, and each Old Receipt is
        hereby
        deemed amended and restated to substantially conform to the form of ADR set
        forth in Exhibit A annexed hereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
        WITNESS WHEREOF, Eni S.p.A. and JPMorgan Chase Bank, N.A. have duly executed
        this Deposit Agreement as of the day and year first above set forth and all
        Holders and Beneficial Owners of ADRs shall become parties hereto upon
        acceptance by them of ADRs issued in accordance with the terms
        hereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                    <tr valign="top" bgcolor="#ffffff">
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                      <td colspan="2" width="0"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eni
                        S.p.A.<br>&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td>&#160;</td>
                      <td>&#160;</td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                      <td>&#160;</td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td>
                        <div><font size="2">Name:</font></div>
                        <div><font size="2">Title:</font></div>
                      </td>
                      <td>
                        <div>
                          <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                    <tr valign="top" bgcolor="#ffffff">
                      <td width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td colspan="2">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                      <td colspan="2" width="0"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                        CHASE BANK, N.A..<br>&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td>&#160;</td>
                      <td>&#160;</td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                      <td>&#160;</td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td>&#160;</td>
                      <td>
                        <div><font size="2">Name:</font></div>
                        <div><font size="2">Title:</font></div>
                      </td>
                      <td>
                        <div>
                          <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
        A</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANNEXED
        TO AND INCORPORATED IN</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>DEPOSIT
        AGREEMENT</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[FORM
        OF
        FACE OF ADR]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AS
        PROVIDED IN THE BY-LAWS (STATUTO) AND THE DEPOSIT AGREEMENT, THIS AMERICAN
        DEPOSITARY RECEIPT IS SUBJECT TO CERTAIN RESTRICTIONS CONCERNING THE OWNERSHIP
        OF AND OTHER ENTITLEMENTS TO SHARES OR AMERICAN DEPOSITARY SHARES REPRESENTING
        THREE PERCENT OR MORE OF THE SHARE CAPITAL OF ENI S.P.A. THE HOLDER OF THIS
        AMERICAN DEPOSITARY RECEIPT WILL NOT BE ENTITLED TO VOTE THE UNDERLYING
        DEPOSITED ORDINARY SHARES REPRESENTING THREE PERCENT OR MORE OF THE SHARE
        CAPITAL OF ENI S.P.A. UNLESS CERTAIN CONDITIONS ARE MET. SEE PARAGRAPH (6)
        OF
        THE FACE OF THIS AMERICAN DEPOSITARY RECEIPT.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div align="center">
          <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="#ffffff">
                <td width="5%">&#160;</td>
                <td width="25%"><font size="2">______</font></td>
                <td width="25%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font size="2">No.
                    of ADSs:</font></div>
                </td>
                <td width="25%">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="5%">&#160;</td>
                <td width="25%"><font size="2">Number</font></td>
                <td width="25%">&#160;</td>
                <td width="25%">_________________</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="5%">&#160;</td>
                <td width="25%">&#160;</td>
                <td width="25%">&#160;</td>
                <td width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                      ADS represents</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Two
                      (2) shares</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CUSIP</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="5%">&#160;</td>
                <td width="25%">&#160;</td>
                <td width="25%">&#160;</td>
                <td width="25%">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMERICAN
        DEPOSITARY RECEIPT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evidencing</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMERICAN
        DEPOSITARY SHARES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">representing</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ORDINARY
        SHARES EACH OF ONE EURO NOMINAL VALUE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eni
        S.p.A.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Incorporated
        under the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">laws
        of
        the Republic of Italy)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
        CHASE BANK, N.A., a national banking association organized under the laws
        of the
        United States of America, as depositary hereunder (the "Depositary"), hereby
        certifies that </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is the
        registered owner (a "Holder") of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>__
        </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
        Depositary Shares ("ADSs"), each (subject to paragraph (14)) representing
        two
        (2) ordinary shares each of One Euro nominal value (including the rights
        to
        receive Shares described in paragraph (1), "Shares" and, together with any
        other
        securities, cash or property from time to time held by the Depositary in
        respect
        or lieu of deposited Shares, the "Deposited Securities"), of Eni S.p.A.,
        a
        corporation organized under the laws of the Republic of Italy (the "Company"),
        deposited at office of the Custodian (subject to paragraph (16), the
        "Custodian"), under the Amended and Restated Deposit Agreement dated as of
        December 21, 2005 (as amended from time to time, the "Deposit Agreement")
        among
        the Company, the Depositary and all Holders from time to time of American
        Depositary Receipts issued thereunder ("ADRs"), each of whom by accepting
        an ADR
        becomes a party thereto. The effective date of the Amended and Restated Deposit
        Agreement is January 10, 2006. The Deposit Agreement and this ADR (which
        includes the provisions set forth on the reverse hereof) shall be governed
        by
        and construed in accordance with the laws of the State of New York.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Issuance
        of ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        This
        ADR is one of the ADRs issued under the Deposit Agreement. Subject to paragraph
        (4), the Depositary may so issue ADRs for delivery at the Transfer Office
        (defined in paragraph (3)) only against deposit with the Custodian of: (a)
        Shares in form satisfactory to the Custodian or (b) rights to receive Shares
        from the Company or any registrar, transfer agent, clearing agent or other
        entity recording Share ownership or transactions. At the request, risk and
        expense of the person depositing Shares, the Depositary may accept deposits
        for
        forwarding to the Custodian and may deliver ADRs at a place other than its
        office. Every person depositing Shares under the Deposit Agreement represents
        and warrants that such Shares are validly issued and outstanding, fully paid,
        nonassessable and free of pre-emptive rights, that the person making such
        deposit is duly authorized to do so and that such Shares are not "restricted
        securities" as such term is defined in Rule 144 under the Securities Act
        of
        1933. Such representations and warranties shall survive the deposit of Shares
        and issuance of ADRs. The Depositary will not knowingly accept for deposit
        under
        the Deposit Agreement any Shares required to be registered under the Securities
        Act of 1933 and not so registered; the Depositary may refuse to accept for
        such
        deposit any Shares identified by the Company in order to facilitate the
        Company's compliance with such Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Withdrawal
        of Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Subject
        to the Deposit Agreement and paragraphs (4) and (5), upon surrender of this
        ADR
        in form satisfactory to the Depositary at the Transfer Office, the Holder
        hereof
        is entitled to delivery at the Custodian's office of the Deposited Securities
        at
        the time represented by the ADSs evidenced by this ADR. The Holder may provide
        the Depositary with a written order directing the Depositary to cause the
        Deposited Securities to be delivered to, or upon the order of, any person
        designated in such order (a &#8220;Withdrawal Order&#8221;). Such delivery shall be made
        without unreasonable delay. At the request, risk and expense of the Holder
        hereof, the Depositary may deliver such Deposited Securities at such other
        place
        as may have been requested by the Holder. Notwithstanding any other provision
        of
        the Deposit Agreement or this ADR, the withdrawal of Deposited Securities
        may be
        restricted only for the reasons set forth in General Instruction I.A.(1)
        of Form
        F-6 under the Securities Act of 1933.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Transfers,
        Split-Ups and Combinations of ADRs; Maintenance of Office and Transfer Books
        by
        the Depositary</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary or its agent will keep, at a designated transfer office in the
        Borough of Manhattan, The City of New York (the "Transfer Office"), (a) a
        register (the "ADR Register") for the registration, registration of transfer,
        combination and split-up of ADRs, and in the case of Direct Registration
        ADRs,
        shall include the Direct Registration System, which at all reasonable times
        will
        be open for inspection by Holders and the Company for the purpose of
        communicating with Holders in the interest of the business of the Company
        or a
        matter relating to the Deposit Agreement and (b) facilities for the delivery
        and
        receipt of ADRs. The term ADR Register includes the Direct Registration System.
        Title to this ADR (and to the Deposited Securities represented by the ADSs
        evidenced hereby), when properly endorsed (in the case of ADRs in certificated
        form) or upon delivery of proper instruments of transfer, is transferable
        by
        delivery with the same effect as in the case of negotiable instruments under
        the
        laws of the State of New York; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        that the
        Depositary, notwithstanding any notice to the contrary, may treat the person
        in
        whose name this ADR is registered on the ADR Register as the absolute owner
        hereof for all purposes. Subject to paragraphs (4) and (5), this ADR is
        transferable on the ADR Register and may be split into other ADRs or combined
        with other ADRs into one ADR, evidencing the same number of ADSs evidenced
        by
        this ADR, by the Holder hereof or by duly authorized attorney upon surrender
        of
        this ADR at the Transfer Office properly endorsed or accompanied by proper
        instruments of transfer and duly stamped as may be required by applicable
        law;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        that the
        Depositary may close the ADR Register at any time or from time to time when
        deemed expedient by it or requested by the Company. At the request of a Holder,
        the Depositary shall, for the purpose of substituting a certificated ADR
        with an
        uncertificated ADR, or vice versa, execute and deliver a certificated ADR
        or an
        uncertificated ADR, as the case may be, for any authorized number of ADSs
        requested, evidencing the same aggregate number of ADSs as those evidenced
        by
        the certificated ADR or uncertificated ADR, as the case may be,
        substituted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Depositary, subject to the above terms and conditions, shall upon surrender
        of
        certificated ADR or ADRs for purposes of transferring the same or effecting
        a
        split-up or combination of the same, execute a new certificated ADR or ADRs
        and
        deliver the same to or upon the order of the person entitled thereto without
        unreasonable delay.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
        the
        expense of the Company, the Company shall have the right, upon reasonable
        request, to inspect transfer and registration records of the Depositary relating
        to the ADRs and to take copies thereof, and to require the Depositary and
        any
        co-registrars to supply copies of such portions of such records as the Company
        may reasonably request.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Certain
        Limitations</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Prior
        to the issue, registration, registration of transfer, split-up or combination
        of
        any ADR, the delivery of any distribution in respect thereof, or, subject
        to
        paragraph (2), the withdrawal of any Deposited Securities, and from time
        to time
        in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary
        or the Custodian may require: (a) payment with respect thereto of (i) any
        stock
        transfer or other tax or other governmental charge, (ii) any stock transfer
        or
        registration fees in effect for the registration of transfers of Shares or
        other
        Deposited Securities upon any applicable register and (iii) any applicable
        charges as provided in paragraph (7) of this ADR; (b) the production of proof
        satisfactory to it of (i) the identity and genuineness of any signature and
        (ii)
        such other information, including without limitation, information as to
        citizenship, residence, exchange control approval, beneficial ownership of
        securities, compliance with applicable law, regulations, provisions of or
        governing Deposited Securities and terms of the Deposit Agreement and this
        ADR,
        as it may deem necessary or proper; and (c) compliance with such reasonable
        regulations as the Depositary may establish consistent with the Deposit
        Agreement. The Depositary shall provide to the Company, promptly upon its
        written request, copies of any such proofs of citizenship or residence or
        other
        information referred to in (b) above so requested. The issuance of ADRs,
        the
        acceptance of deposits of Shares, the registration, registration of transfer,
        split-up or combination of ADRs or, subject to paragraph (2), the withdrawal
        of
        Deposited Securities may be suspended, generally or in particular instances,
        when the ADR Register or any register for Deposited Securities is closed
        or when
        any such action is deemed necessary or advisable by the Depositary or the
        Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
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          </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Taxes</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        (a) If
        any tax or other governmental charge shall become payable by or on behalf
        of the
        Custodian or the Depositary with respect to this ADR, any Deposited Securities
        represented by the ADSs evidenced hereby or any distribution thereon, such
        tax
        or other governmental charge shall be paid by the Holder hereof to the
        Depositary. The Depositary may refuse to effect any registration, registration
        of transfer, split-up or combination hereof or any withdrawal of such Deposited
        Securities until such payment is made. The Depositary may also deduct from
        any
        distributions on or in respect of Deposited Securities, or may sell by public
        or
        private sale for the account of the Holder hereof any part or all of such
        Deposited Securities (after attempting by reasonable means to notify the
        Holder
        hereof prior to such sale), and may apply such deduction or the proceeds
        of any
        such sale in payment of such tax or other governmental charge, the Holder
        hereof
        remaining liable for any deficiency, and shall reduce the number of ADSs
        evidenced hereby to reflect any such sales of Shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        The
        Depositary and the Custodian agree to use reasonable efforts to make and
        maintain arrangements (in addition to or in substitution of the arrangements
        described in this paragraph) to enable persons that are considered United
        States
        residents for purposes of applicable law to receive any tax rebates (pursuant
        to
        an applicable treaty or otherwise) or other tax related benefits relating
        to
        distributions on the ADSs to which such persons are entitled. The Depositary
        agrees to establish procedures to enable Holders to take advantage of any
        such
        tax rebates (pursuant to treaty or otherwise) relating to distributions on
        the
        ADSs to which such Holders are entitled. The Depositary agrees to provide
        at
        least annually a written notice to the Holders of the necessary actions to
        be
        undertaken by such Holders. In connection with the foregoing, the Depositary
        agrees to provide the Company, for their review and comment, with a copy
        of the
        proposed notice to Holders at least 3 Italian Business Days in advance of
        the
        publication of such notice in order to allow the Company to provide the
        Depositary with any comments they might have with respect to such notice.
        To the
        extent that the Depositary does not receive any written comments within such
        period, the Company shall be deemed to have had no comments with respect
        to said
        notice to Holders. </font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Notwithstanding any other terms of the Deposit Agreement or the ADR, absent
        the
        gross negligence or bad faith of, respectively, the Depositary and the Company,
        the Depositary and the Company assume no obligation, and shall not be subject
        to
        any liability, for the failure of any Holder or Beneficial Owner, or its
        agent
        or agents, to receive any tax benefit under applicable law or tax treaties.
        The
        Depositary shall not be liable for any acts or omissions of any other party
        in
        connection with any attempts to obtain any such benefit, and Holders and
        Beneficial Owners hereby agree that each of them shall be conclusively bound
        by
        any deadline established by the Depositary in connection therewith.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Disclosure
        of and Restrictions on Interests</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        To the
        extent that provisions of applicable Italian securities laws or the Company&#8217;s
        by-laws (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Statuto</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        may
        require the disclosure of or limit the beneficial or other ownership of
        Deposited Securities, other Shares and other securities of the Company and
        may
        provide for blocking transfer and voting or other rights to enforce such
        disclosure or limit such ownership, the Depositary shall comply with the
        Company&#8217;s reasonable instructions as to ADRs in respect of any such enforcement
        or limitation, and Holders and Beneficial Owners shall be subject to and
        shall
        comply with such requirements and limitations and shall cooperate with the
        Depositary&#8217;s compliance with such instructions. Holders and Beneficial Owners
        shall be required to comply with requests by the Company for information
        as to
        the capacity in which such persons own ADRs or Shares, the identity of any
        other
        person interested in such ADRs or Shares and the nature of such
        interest.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        particular, any Beneficial Owner of ADRs, acting alone or in concert, directly
        or through an intermediary, who holds more than 2.0% of the Company&#8217;s voting
        share capital, may no longer hold any ADRs through a nominee and must request
        that the Depositary register the ADRs in the name of such person as the Holder
        on the books of the Depositary maintained for such purpose. The Depositary
        agrees to furnish to the Company, as promptly as practicable, the request
        to the
        extent that the Depositary has been provided with such information. The
        Depositary agrees to furnish to the Company upon the Company&#8217;s request a list of
        the names, addresses and ADS holdings of all persons in whose names ADRs
        are
        registered on the books of the Depositary maintained for such purpose.
        Furthermore, under Consob (Commissione Nazionale per le Societa&#8217; e la Borsa)
        Regulations, any direct or indirect equity ownership in excess of 2%, 5%,
        7.5%,
        10% and subsequent multiples of 5% in the voting shares of a listed company
        must
        be notified to such company and to Consob, within five open market days from
        the
        effectiveness of the transaction triggering such obligation to notify. The
        obligation to notify Consob also applies to any direct or indirect equity
        ownership held through ADSs, but it does not apply to the Depositary holding
        shares in its capacity as such. For listed companies, whose by-laws impose
        a
        maximum limit on the number of shares that may be held by any shareholder,
        Consob is entitled to establish different relevant thresholds by decree.
        Further, any subsequent reduction of the foregoing interest below any such
        threshold must be notified within the same terms. Any shares held in excess
        of
        any such threshold cannot be voted in the event the above notices have not
        been
        provided. If the </font></div>
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">above
        notices have not been provided, any resolution passed by such company can
        be
        voided if challenged in court by shareholders or Consob if such resolution
        was
        not adopted without the consent of the shares held in excess of such relevant
        threshold. The relevant thresholds noted above shall be calculated including
        (i)
        shares registered in the name of the relevant reporting person whose underlying
        voting rights are attributed to third parties, and vice versa; and (ii) shares
        held through third parties and shares whose voting rights are attributable
        to
        such third parties, excluding shares registered in the name of, or endorsed
        to,
        fiduciaries as well as shares whose voting rights are attributed intermediaries
        for purposes of the management of mutual or individual savings. Furthermore,
        the
        calculation of 5%, 10%, 25%, 50% and 75% thresholds shall also take into
        account
        shares outstanding which the relevant reporting person is entitled to purchase
        or to sell directly or through third parties. Shares to be purchased through
        the
        exercise of conversion rights or warrants shall be calculated only in the
        event
        the acquisition can take place within a sixty day period. In the event the
        same
        relevant interest is directly or indirectly held by two or more entities,
        then
        the obligation to notify may be satisfied by one such entity, provided that
        such
        entity guarantees the completeness of information. Any interest that exceeds
        10%
        of the voting capital of an unlisted company, including any foreign company,
        owned by a listed company must be notified to such non-listed company within
        seven days of reaching such threshold. Similarly, the non-listed company
        must be
        notified about any subsequent reduction of such interest below the 10%
        threshold. Listed companies are also required to notify Consob of any interest
        that exceeds 10% of the voting capital of non-listed companies at the end
        of the
        first six months of the year and at the end of the full year. Such notification
        is due within 30 days from the date of approval of the Annual Report and
        the
        Report of the First Six Months, respectively. In the event the same relevant
        participation is directly or indirectly held by two or more entities, then
        the
        obligation to notify may be satisfied by one of such entities, provided that
        completeness of information is guaranteed. The 10% threshold shall be calculated
        including (i) shares registered in the name of the relevant listed company,
        even
        if voting rights are attributable to third parties; (ii) shares whose voting
        rights are attributable to the relevant listed company, in the event such
        voting
        rights entitle such party to exercise a dominant or material influence at
        the
        ordinary shareholders&#8217; meeting; and (iii) shares registered in the name of third
        parties and shares whose voting rights are attributable to third parties.
        In
        addition to the rules of article 2359 bis of the Italian Civil Code, governing
        the acquisition of shares of the parent company by a controlled subsidiary,
        Decree No. 58/1998 regulates additional cross-ownership matters as follows.
        Cross-ownership between listed and non-listed companies may not exceed 2%
        of the
        shares of the listed company or 10% of the shares of the non-listed company.
        In
        calculating these ownership thresholds, the rules for calculation of interests
        in listed and non-listed companies, as determined above, apply. The company
        ultimately exceeding the 2% or 10% interest in a listed or unlisted company
        respectively may not exercise the voting rights on the shares held in excess
        of
        such thresholds; such shares must be sold within 12 months. If anyone holds
        an
        interest exceeding 2% of the share capital of a listed company, such listed
        company or any entity controlling such listed company may not acquire an
        interest exceeding 2% of the share capital of a listed company controlled
        by
        said holder. If the foregoing limit is exceeded, the holder who last exceeded
        the foregoing limit or both the holders, if it is not possible to ascertain
        which holder exceeded such limit last, may not exercise the voting rights
        related to the shares exceeding the foregoing limit. Such limits are not
        applicable in case of a tender offer to acquire at least 60% of the ordinary
        shares of a listed company. Under Decree No. 58, any agreement, in whatever
        form, intended to regulate the exercise of voting rights in a listed company
        or
        in the companies controlling a listed company, together with any subsequent
        amendments, renewal or termination of such agreement, must be (i) notified
        to
        Consob, within 5 days of its execution; (ii) disclosed to the public through
        the
        publication, in summary form, in one Italian newspaper having general
        circulation, within ten days from its execution; and (iii) deposited in the
        Companies&#8217; Register of the place where such listed company has its registered
        office within 15 days from its execution. The same requirements also apply
        to
        agreements, in whatever form, that (a) impose an obligation of prior
        consultation for the exercise of voting rights in a listed company and in
        its
        controlling companies; (b) contain undertakings limiting the transferability
        of
        shares and other securities granting rights for the acquisition or subscription
        of shares; (c) provide for the acquisition of the shares and securities;
        and (d)
        contemplate or cause the exercise, also in concert with any other party,
        of
        dominant influence over the listed company that issued the shares and its
        controlled entities. In the event the obligations set out above are not
        completely satisfied, then the agreement is ineffective and the voting rights
        connected to the relevant shares may not be exercised. In case of violation
        of
        such limitation imposed on the voting rights, a resolution can be challenged
        if
        such resolution would have not been approved without the vote of such shares.
        If
        the parties have agreed upon the duration of the agreement, such duration
        cannot
        exceed three years. In absence of agreement, each party to the agreement
        can
        withdraw from such an agreement by giving a six months notice. </font></div>
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            </div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the Company's by-laws no one, in any capacity, may own company shares
        that
        entail a holding of more than 2% of voting share capital. Such maximum
        shareholding limit is calculated by taking into account the aggregate
        shareholding held by the controlling entity, either a physical or legal person
        or company; its directly or indirectly controlled entities, as well as entities
        controlled by the same controlling entity; affiliated entities as well as
        people
        related to the second degree by blood or marriage, also in the case of a
        legally
        separated spouse. Control exists, with reference also to entities other than
        companies, in the cases envisaged by the Italian Civil Code. Affiliation
        exists
        in the case set forth by the Italian Civil Code as well as between entities
        that
        directly or indirectly, by way of subsidiaries, other than those managing
        investment funds, are bound, even with third parties, in agreements regarding
        the exercise of voting rights or the transfer of shares or portions of third
        companies or, in any event, in agreements or pacts as per Article 122 of
        Legislative Decree No. 58 of February 24, 1998 regarding third party companies
        if said agreements or pacts concern at least 10% of the voting capital, if
        they
        are listed companies, or 20% if they are unlisted companies. The aforementioned
        shareholding limit (2%) is calculated by taking into account shares held
        by any
        fiduciary nominee or intermediary. Any voting rights attributable to voting
        capital held or controlled in excess of the maximum limit indicated in the
        foregoing cannot be exercised and the voting rights of each entity to whom
        such
        limit on shareholding applies are reduced in proportion, unless otherwise
        jointly provided in advance by the parties involved. In the event such shares
        exceeding this limit are voted, any Shareholders&#8217; resolution adopted pursuant to
        such a vote may be challenged pursuant to Article 2377 of the Civil Code,
        if the
        required majority had not been reached without the votes exceeding the
        aforementioned maximum limit. Shares not entitled to vote </font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">are
        included in the determination of the quorum at shareholders&#8217; meetings. Pursuant
        to the Company's by-laws, the Minister of Economy and Finance retains the
        following special powers to be exercised in agreement with the Minister of
        Productive Activities (the &#8220;Ministries&#8221;) regarding: (a) opposition with respect
        to the acquisition of material shareholdings by entities affected by the
        above-mentioned shareholder limit, by which are meant those representing
        at
        least 3% of share capital with the right to vote at the ordinary shareholders&#8217;
        meeting. The opposition is expressed within ten days of the day of the notice
        to
        be filed by the Board of Directors at the time request is made for registration
        in the Shareholders&#8217; Register if the Ministries consider that such an
        acquisition may prejudice the vital interests of the Italian State. Until
        the
        ten-day term is not lapsed, the voting rights and the non-asset linked rights
        connected with the shares representing a material shareholding may not be
        exercised. If the opposition power is exercised, through a duly motivated
        act in
        connection with the prejudice that may be caused by the operation to the
        vital
        interests of the Italian State, the transferee may not exercise the voting
        rights and the other non-asset linked rights connected with the shares
        representing a material shareholding and must sell said shares within one
        year.
        If such transferee fails to comply, the law court, upon request of the Minister
        of Economy and Finance, will order the sale of the shares representing a
        material shareholding according to the procedures set forth in the Italian
        Civil
        Code. The act through which the opposition power is exercised may be challenged
        by the transferee before the Regional Administrative Court of Latium within
        sixty days as of its issue; (b) opposition with respect to the subscription
        of
        Shareholders&#8217; pacts or agreements as per Legislative Decree No. 58 of February
        24, 1998, involving at least 3% of the share capital with the right to vote
        at
        ordinary shareholders&#8217; meeting. In order to allow the exercise of the above
        mentioned opposition power, Consob notifies the Minister of Economy and Finance
        if the relevant pacts or agreements communicated to it pursuant to the
        aforementioned Legislative Decree. The Ministry of Economy and Finance may
        exercise such opposition powers within ten days as of the date of the notice
        by
        Consob. Until the expiration of that ten-day period, the voting rights and
        the
        other non-asset linked rights connected with the shares held by the shareholders
        who have subscribed to the above mentioned pacts or agreements may not be
        exercised. If the opposition power is exercised through the issue of an act
        motivated by consideration of the prejudice that may be caused by said pacts
        or
        agreements to the vital interests of the Italian State, the shareholders
        pacts
        or agreements shall be null and void. If in the shareholders&#8217; meetings the
        shareholders who have signed shareholders&#8217; pacts or agreements behave as if
        those pacts or agreements disciplined by said Legislative Decree were still
        in
        effect, the resolution approved with their vote, if determining for the
        approval, may be challenged. The act through which the opposition power is
        exercised may be challenged by the shareholders who joined the above mentioned
        pacts or agreements before the Regional Administrative Court of Latium within
        sixty days as of its issue.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
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        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Ministries, in consideration of the fact that the Depositary will be the
        record
        holder and not the Beneficial Owner of Shares, which will be represented
        by ADSs
        and evidenced by ADRs, has undertaken to approve the acquisition of 3% or
        more
        of the voting share capital of the Company by the Depositary, DTC and Cede
&amp;
        Co. as nominee for DTC. The Company shall promptly notify the Depositary
        of its
        voting share capital, and of any changes thereto. The Depositary shall notify
        the Company as promptly as practicable after any Holder or Beneficial Owner
        (except DTC and Cede &amp; Co. as nominee for DTC) registers an acquisition of
        3% or more of the voting share capital of the Company on the books of the
        Depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Charges
        of Depositary</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary may charge each person to whom ADRs are issued against deposits
        of
        Shares, including deposits in respect of Share Distributions, Rights and
        Other
        Distributions (as such terms are defined in paragraph (10)), and each person
        surrendering ADRs for withdrawal of Deposited Securities (i) U.S. $5.00 for
        each
        100 ADSs (or portion thereof) evidenced by the ADRs delivered or surrendered,
        (ii) stock transfer or other taxes and other governmental charges, (iii)
        cable,
        telex and facsimile transmission and delivery charges incurred at the request
        of
        persons depositing, or Holders delivering Shares, ADRs or Deposited Securities,
        (iv) transfer or registration fees for the registration of transfer of Deposited
        Securities on any applicable register in connection with the deposit or
        withdrawal of Deposited Securities (there are no such fees in respect of
        the
        Shares as of the date of the Deposited Securities) and (v) expenses of the
        Depositary in connection with the conversion of foreign currency into U.S.
        dollars (which are paid out of such foreign currency). These charges may
        be
        changed in the manner indicated in paragraph (17). All other charges and
        expenses of the Depositary and any agents of the Depositary (except the
        Custodian) will be paid pursuant to agreements from time to time between
        the
        Company and the Depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Available
        Information</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Deposit Agreement, the provisions of or governing Deposited Securities and
        any
        written communications from the Company (including any proxy soliciting
        material) which are both received by the Custodian or its nominee as a holder
        of
        Deposited Securities and made generally available to the holders of Deposited
        Securities, are available for inspection by Holders at the offices of the
        Depositary and the Custodian and at the Transfer Office. The Depositary will
        mail copies of such communications (or English translations or summaries
        thereof) to Holders when furnished by the Company. The Company is subject
        to the
        periodic reporting requirements of the Securities Exchange Act of 1934 and
        accordingly files certain reports with the Securities and Exchange Commission.
        Such reports and other information may be inspected and copied at the public
        reference facilities maintained by the Commission located at the date of
        the
        Deposit Agreement at Judiciary Plaza, 100 F. Street, N. E., Washington, D.C.
        20549.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Execution</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        This
        ADR shall not be valid for any purpose unless executed by the Depositary
        by the
        manual or facsimile signature of a duly authorized officer of the
        Depositary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr valign="top" bgcolor="#ffffff">
                <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                  CHASE BANK, N.A.<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
                  Depositary</font></font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td>&#160;</td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td>&#160;</td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
                <td align="left">
                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Authorized
                  Officer</font></td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Depositary's office is located at 4 New York Plaza, New York, New York
        10004.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[FORM
        OF
        REVERSE OF RECEIPT]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Distributions
        on Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Subject
        to paragraphs (4) and (5), the Depositary will distribute as promptly as
        practicable, by mail to each Holder entitled thereto on the record date set
        by
        the Depositary therefor at such Holder's address shown on the ADR Register,
        in
        proportion to the number of Deposited Securities (on which the following
        distributions on Deposited Securities are received by the Custodian) represented
        by ADSs evidenced by such Holder's ADRs: (a) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Cash</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
        Any
        U.S. dollars available to the Depositary resulting from a cash dividend or
        other
        cash distribution or the net proceeds of sales of any other distribution
        or
        portion thereof authorized in this paragraph (10) ("Cash"), on a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>pro
        rata</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        if
        possible, or other reasonable basis, subject to appropriate adjustments for
        (i)
        taxes withheld, (ii) such distribution being prohibited by applicable law
        with
        respect to certain Holders, and (iii) deduction of the Depositary's expenses
        in
        (1) converting, as promptly as practicable, any foreign currency to U.S.
        dollars
        by sale or in such other manner as the Depositary may determine to the extent
        that it determines that such conversion may be made on a reasonable basis,
        (2)
        transferring foreign currency or U.S. dollars to the United States by such
        means
        as the Depositary may determine to the extent that it determines that such
        transfer may be made on a reasonable basis, (3) obtaining any approval or
        license of any governmental authority required for such conversion or transfer,
        which is obtainable at a reasonable cost and within a reasonable time and
        (4)
        making any sale by public or private means in any commercially reasonable
        manner. (b) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Shares</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        (i)
        Additional ADRs evidencing whole ADSs representing any Shares available to
        the
        Depositary resulting from a dividend or free distribution on Deposited
        Securities consisting of Shares (a "Share Distribution") and (ii) U.S. dollars
        available to it resulting from the net proceeds of sales of Shares received
        in a
        Share Distribution, which Shares would give rise to fractional ADSs if
        additional ADRs were issued therefor, as in the case of Cash. (c) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rights</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        (i)
        Warrants or other instruments in the discretion of the Depositary after
        consultation with the Company, to the extent practicable, representing rights
        to
        acquire additional ADRs in respect of any rights to subscribe for additional
        Shares or rights of any nature available to the Depositary as a result of
        a
        distribution on Deposited Securities ("Rights"), to the extent that the Company
        timely furnishes to the Depositary evidence satisfactory to the Depositary
        that
        the Depositary may lawfully distribute same (the Company has no obligation
        to so
        furnish such evidence), or (ii) to the extent the Company does not so furnish
        such evidence, any U.S. dollars available to the Depositary from the net
        proceeds of any sale by public or private means in a commercially reasonable
        manner of Rights as in the case of Cash, or (iii) to the extent the Company
        does
        not so furnish such evidence and such sales cannot be accomplished by reason
        of
        the non-transferability of the Rights, limited markets therefor, their short
        duration or otherwise, nothing (and any Rights may lapse). (d) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Other
        Distributions</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
        (i)
        Securities or property available to the Depositary resulting from any
        distribution on Deposited Securities other than Cash, Share Distributions
        and
        Rights ("Other Distributions"), on a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>pro
        rata</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        basis by
        any means that the Depositary may deem equitable, or (ii) to the extent the
        Depositary deems distribution of such securities or property not to be
        equitable, any U.S. dollars available to the Depositary from the net proceeds
        of
        any sale by public or private means in a commercially reasonable manner of
        Other
        Distributions as in the case of Cash. U.S. dollars distributed hereunder
        will be
        distributed by checks drawn on a bank in the United States for whole dollars
        and
        cents (any fractional cents being withheld without liability for interest
        and
        handled by the Depositary in accordance with its then current practices).
        Notwithstanding the foregoing, no distribution to Holders pursuant to this
        paragraph (10) shall be unreasonably delayed by any action of the Depositary
        or
        its agents.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        the
        extent that the Depositary determines in its reasonable discretion that any
        distribution pursuant to this paragraph (10) is prohibited by applicable
        law or
        is not practicable with respect to any Holder, the Depositary, after
        consultation with the Company, may make such distribution as it deems reasonably
        practicable, including the distribution of foreign currency, securities or
        property (or appropriate documents evidencing the right to receive foreign
        currency, securities or property) or, if the Depositary deems necessary,
        the
        retention thereof as Deposited Securities with respect to such Holder&#8217;s ADRs
        (without liability for interest thereon or the investment thereof).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Conversion
        of Foreign Currency</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Whenever the Depositary or the Custodian shall receive foreign currency,
        as a
        cash dividend or other distribution or as the net proceeds from the sale
        of
        securities, property or rights, which, in the judgment of the Depositary
        can
        then be converted on a reasonable basis into U.S. dollars which can, at the
        time
        of the receipt thereof, be transferred to the United States, the Depositary
        shall, as promptly as practicable, convert or cause to be converted, by sale
        or
        in any other manner that it may reasonably determine, such foreign currency
        into
        U.S. dollars and shall transfer the resulting U.S. dollars (net of its charges
        and expenses in effecting such conversion or distribution including obtaining
        the approval or license of any government or agency thereof) to the United
        States. Such U.S. dollars shall be distributed as promptly as practicable
        to the
        Holders entitled thereto or, if the Depositary shall have distributed any
        warrants or other instruments that entitle the holders thereof to such U.S.
        dollars, then to the holders of such warrants or instruments, as applicable,
        upon surrender thereof for cancellation. Such distribution may be made upon
        a
        pro rata or other practicable basis without regard to any distinctions among
        Holders on account of exchange restrictions or otherwise. If such conversion
        or
        distribution can be effected only with the approval or license of any government
        or agency thereof, the Depositary shall file such application for approval
        or
        license, as promptly as practicable. The Company shall file such applications
        for approval or license only where required to be filed by the Company (and
        in
        each such case as promptly as practicable), and shall not be obliged to make
        any
        such filing on behalf of the Depositary. If at any time the Depositary shall
        determine that in its judgment any foreign currency received by the Depositary
        is not convertible on a reasonable basis into U.S. dollars transferable to
        the
        United States, or if any approval or license of any governmental authority
        or
        agency thereof that is required for such conversion is denied or in the opinion
        of the Depositary is not obtainable at a reasonable cost or within a reasonable
        period, the Depositary may, subject to applicable laws and regulations, either
        distribute the foreign currency (or an appropriate document evidencing the
        right
        to receive such foreign currency) to, or hold such foreign currency (without
        liability for interest thereon) for, the respective accounts of the Holders
        entitled to receive the same; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that if
        requested in writing by a Holder entitled thereto, the Depositary shall
        distribute the foreign currency (or an appropriate document evidencing the
        right
        to receive such foreign currency) to such Holder (after deducting the
        Depositary&#8217;s expenses), as promptly as practicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Record
        Dates</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary shall, after consultation with the Company, if practicable, fix
        a
        record date (which shall be as near as practicable to any corresponding record
        date set by the Company) for the determination of the Holders who shall be
        entitled to receive any distribution on or in respect of Deposited Securities,
        to give instructions for the exercise of any voting rights, to receive any
        notice or to act in respect of other matters and only such Holders at the
        close
        of business on such record date shall be so entitled.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(13)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Voting
        of Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        As soon
        as practicable after receipt from the Company of notice of any meeting or
        solicitation of consents or proxies of holders of Shares or other Deposited
        Securities, the Depositary shall distribute to Holders a notice stating (a)
        such
        information as is contained in such notice and any solicitation materials,
        (b)
        that each Holder on the record date set by the Depositary therefor will,
        subject
        to any applicable provisions of Italian law, be entitled to instruct the
        Depositary as to the exercise of the voting rights, if any, pertaining to
        the
        Deposited Securities represented by the ADSs evidenced by such Holder's ADRs
        and
        (c) the manner in which such instructions may be given, including instructions
        to give a discretionary proxy to a person designated by the Company. Upon
        receipt of instructions of a Holder on such record date in the manner and
        on or
        before the date established by the Depositary for such purpose, the Depositary
        shall endeavor insofar as practicable and permitted under the provisions
        of or
        governing Deposited Securities to vote or cause to be voted the Deposited
        Securities represented by the ADSs evidenced by such Holder's ADRs in accordance
        with such instructions. The Depositary will not itself exercise any voting
        discretion in respect of any Deposited Securities. There is no guarantee
        that
        Holders generally or any Holder in particular will receive the notice described
        above with sufficient time to enable such Holder to return any voting
        instructions to the Depositary in a timely manner. Beneficial Owners wishing
        to
        provide voting instructions must do so through the Holder of the ADRs held
        for
        their benefit. Beneficial Owners wishing to attend and vote at any meetings
        must
        become Holders in order to be able to exercise the rights of a Holder hereunder.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(14)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Changes
        Affecting Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Subject
        to paragraphs (4) and (5), the Depositary may, in its reasonable discretion,
        upon consultation with the Company, amend this ADR or distribute additional
        or
        amended ADRs (with or without calling this ADR for exchange) or cash, securities
        or property on the record date set by the Depositary therefor to reflect
        any
        change in par value, split-up, consolidation, cancellation or other
        reclassification of Deposited Securities, any Share Distribution or Other
        Distribution not distributed to Holders or any cash, securities or property
        available to the Depositary in respect of Deposited Securities from (and
        the
        Depositary is hereby authorized to surrender any Deposited Securities to
        any
        person and to sell by public or private sale any property received in connection
        with) any recapitalization, reorganization, merger, consolidation, liquidation,
        receivership, bankruptcy or sale of all or substantially all the assets of
        the
        Company, and to the extent the Depositary does not so amend this ADR or make
        a
        distribution to Holders to reflect any of the foregoing, or the net proceeds
        thereof, whatever cash, securities or property results from any of the foregoing
        shall constitute Deposited Securities and each ADS evidenced by this ADR
        shall
        automatically represent its </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>pro
        rata</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        interest
        in the Deposited Securities as then constituted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-13</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(15)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exoneration</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary, the Company, their respective directors, employees, officers,
        agents
        and affiliates and each of them shall: (a) incur no liability (i) if any
        present
        or future law, regulation, order, decree, moratorium, or fiat of the United
        States, the Republic of Italy or any other country, or of any governmental
        or
        regulatory authority or any securities exchange or market or automated quotation
        system, the provisions of or governing any Deposited Security, the by-laws
        (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Statuto</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        of the
        Company, act of God, war, terrorism or other circumstance beyond its control
        shall prevent, delay or subject to any civil or criminal penalty any act
        which
        the Deposit Agreement or this ADR provides shall be done or performed by
        it, or
        (ii) by reason of any exercise or failure to exercise any discretion given
        it in
        the Deposit Agreement this ADR or the by-laws (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Statuto</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        of the
        Company;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        assume no liability except to perform its obligations to the extent they
        are
        specifically set forth in this ADR and the Deposit Agreement without negligence
        or bad faith; (c) be under no obligation to appear in, prosecute or defend
        any
        action, suit or other proceeding in respect of any Deposited Securities or
        this
        ADR; or (d) not be liable for any action or inaction by it in reliance upon
        the
        advice of or information from legal counsel, accountants, any person presenting
        Shares for deposit, any Holder, or any other person believed by it in good
        faith
        to be competent to give such advice or information. The Depositary, its agents
        and the Company may rely and shall be protected in acting upon any written
        notice, request, direction or other document believed by them in good faith
        to
        be genuine and to have been signed or presented by the proper party or parties.
        The Depositary and its agents will not be responsible for any failure to
        carry
        out any instructions to vote any of the Deposited Securities (provided such
        action or omission is in good faith), for the manner in which any such vote
        is
        cast or for the effect of any such vote. The Depositary and its agents may
        own
        and deal in any class of securities of the Company and its affiliates and
        in
        ADRs. Notwithstanding anything to the contrary set forth in the Deposit
        Agreement or an ADR, the Depositary and its agents may fully respond to any
        and
        all demands or requests for information maintained by or on its behalf in
        connection with the Deposit Agreement, any Holder or Holders, any ADR or
        ADRs or
        otherwise related hereto to the extent such information is requested or required
        by or pursuant to any lawful authority of Italy or the United States, including
        without limitation laws, rules, regulations, administrative or judicial process,
        banking, securities or other regulators. Neither the Company nor the Depositary
        nor any of their respective agents shall be liable to Holders or beneficial
        owners of interests in ADSs for any indirect, special, punitive or consequential
        damages. The Company has agreed to indemnify the Depositary and its agents
        under
        certain circumstances and the Depositary has agreed to indemnify the Company
        against losses incurred by the Company to the extent such losses are due
        to the
        negligence or bad faith of such persons. No disclaimer of liability under
        the
        Securities Act of 1933 is intended by any provision hereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Resignation
        and Removal of Depositary; the Custodian</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depositary may resign as Depositary by written notice of its election to
        do so
        delivered to the Company, or be removed as Depositary by the Company by written
        notice of such removal delivered to the Depositary; such resignation or removal
        shall take effect upon the appointment of and acceptance by a successor
        depositary. The Depositary, upon consultation with the Company, if practicable,
        may appoint substitute or additional Custodians and the term "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Custodian</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"
        refers
        to each Custodian or all Custodians as the context requires, then acting
        as
        such.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amendment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Subject
        to paragraph (2), the ADRs and the Deposit Agreement may be amended by the
        Company and the Depositary, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        that any
        amendment that imposes or increases any fees or charges (other than stock
        transfer or other taxes and other governmental charges, cable, Swift and
        facsimile transmission and delivery charges incurred at the request of persons
        depositing, or Holders delivering Shares, ADRs or Deposited Securities, transfer
        or registration fees for the registration of transfer of Deposited Securities
        on
        any applicable register in connection with the deposit or withdrawal of
        Deposited Securities and expenses of the Depositary in connection with the
        conversion of foreign currency into U.S. dollars), or that shall otherwise
        prejudice any substantial existing right of Holders, shall become effective
        30
        days after notice of such amendment shall have been given to the Holders.
        Every
        Holder of an ADR at the time any amendment so becomes effective shall be
        deemed,
        by continuing to hold such ADR, to consent and agree to such amendment and
        to be
        bound by the Deposit Agreement and the ADRs as amended thereby. In no event
        shall any amendment impair the right of the Holder of any ADR to surrender
        such
        ADR and receive the Deposited Securities represented thereby, except in order
        to
        comply with mandatory provisions of applicable law. Any amendments or
        supplements which (i) are reasonably necessary (as agreed by the Company
        and the
        Depositary) in order for (a) the ADSs to be registered on Form F-6 under
        the
        Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in
        electronic book-entry form and (ii) do not in either such case impose or
        increase any fees or charges to be borne by Holders, shall be deemed not
        to
        prejudice any substantial rights of Holders. Notwithstanding the foregoing,
        if
        any governmental body or regulatory body should adopt new laws, rules or
        regulations or should the Company amend its by-laws in a way which would
        require
        amendment or supplement of the Deposit Agreement or the form of ADR to ensure
        compliance therewith, the Company and the Depositary may amend or supplement
        the
        Deposit Agreement and the ADR at any time in accordance with such changed
        laws,
        rules, regulations or By-laws. Such amendment or supplement to the Deposit
        Agreement in such circumstances may become effective before a notice of such
        amendment or supplement is given to Holders or within any other period of
        time
        as required for compliance.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Company may at any time terminate the Deposit Agreement and this ADR by mailing
        notice of such termination to the Depositary which shall notify the Holders
        at
        least 30 days prior to the date fixed in such notice for such termination.
        The
        Depositary may likewise terminate the Deposit Agreement if 90 days shall
        have
        expired after the Depositary shall have delivered to the Company a written
        notice of its election to resign and a successor depositary shall not have
        been
        appointed and accepted its appointment within such 90 days. After the date
        so
        fixed for termination, the Depositary and its agents will perform no further
        acts under the Deposit Agreement and this ADR, except to advise Holders of
        such
        termination, receive and hold (or sell) distributions on Deposited Securities
        and deliver Deposited Securities being withdrawn. As soon as practicable
        after
        the expiration of six months from the date so fixed for termination, the
        Depositary shall sell the Deposited Securities and shall thereafter (as long
        as
        it may lawfully do so) hold in a segregated account the net proceeds of such
        sales, together with any other cash then held by it under the Deposit Agreement,
        without liability for interest, in trust for the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>pro
        rata</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        benefit
        of the Holders of ADRs not theretofore surrendered. After making such sale,
        the
        Depositary shall be discharged from all obligations in respect of the Deposit
        Agreement and this ADR, except for any indemnification obligations to the
        Company and to account for such net proceeds and other cash. Notwithstanding
        any
        other provision of the Deposit Agreement or this ADR, after the date so fixed
        for termination, the Company shall be discharged from all obligations under
        the
        Deposit Agreement and this ADR, except for its obligations to the Depositary
        and
        its agents, including but not limited to those set forth in Section 16 of
        the
        Deposit Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A-16</font></div>
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          <hr style="COLOR: black" noshade size="2">
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<DOCUMENT>
<TYPE>EX-99.D
<SEQUENCE>3
<FILENAME>v031877_ex-d.htm
<TEXT>
<html>
  <head>
    <title>
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    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Ziegler,
        Ziegler &amp; Associates LLP</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Counselors
        at Law</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>570
        Lexington Avenue, 44</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup><strong>th</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
        Floor</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
        York, New York 10022</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
        319-7600</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Telecopier
        (212) 319-7605</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
        21, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMorgan
        Chase Bank, N.A., as Depositary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4
        New
        York Plaza</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
        York,
        New York 10004</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
        Depositary Shares</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evidenced
        by American Depositary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receipts
        for deposited ordinary shares</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
        Eni
        S.p.A. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
        Sirs:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Referring
        to the Registration Statement on Form F-6 relating to the above-entitled
        American Depositary Shares ("ADSs") evidenced by American Depositary Receipts
        ("ADRs") each ADS representing representing two ordinary shares of Eni S.p.A.
        (the "Company"), a corporation incorporated under the laws of The Republic
        of
        Italy. Capitalized terms used herein that are not herein defined shall have
        the
        meanings assigned to them in the Deposit Agreement (the &#8220;Deposit Agreement&#8221;)
        appearing, or incorporated by reference, in Exhibit (a) to the Registration
        Statement. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        rendering the opinions set forth herein, we have assumed that (i) the Deposit
        Agreement was duly authorized, executed and delivered by the Company and
        the
        Depositary and constitutes a valid and legally binding obligation of the
        Company
        enforceable against it in accordance with its terms, (ii) the relevant Deposited
        Securities will have been duly deposited with a Custodian under and in
        accordance with all applicable laws and regulations, (iii) that the choice
        of
        New York law contained in the Deposit Agreement is legal and valid under
        the
        laws of The Republic of Italy and (iv) that insofar as any obligation under
        the
        Deposit Agreement is to be performed in, or by a party organized under the
        laws
        of, any jurisdiction outside of the United States of America, its performance
        will not be illegal or ineffective in any jurisdiction by virtue of the law
        of
        that jurisdiction. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        are of
        the opinion that the ADSs covered by the Registration Statement, when issued
        in
        accordance with the terms of the Deposit Agreement, will, when sold, be legally
        issued and will entitle the holders thereof to the rights specified in the
        Deposit Agreement and the ADRs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        foregoing opinion is limited to the Federal laws of the United States and
        the
        laws of the State of New York, and we are expressing no opinion as to the
        effect
        of the laws of any other jurisdiction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        hereby
        consent to the use of this opinion as Exhibit d of the above-mentioned
        Registration Statement. In giving such consent, we do not admit thereby that
        we
        are within the category of persons whose consent is required under Section
        7 of
        the Securities Act of 1933, as amended.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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<TYPE>EX-99.E
<SEQUENCE>4
<FILENAME>v031877_ex-e.htm
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                    CHASE BANK, N.A., as Depositary</font><br>&#160;</font></td>
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                  <td>&#160;</td>
                  <td>&#160;</td>
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joseph
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                    <div><font size="2">Vice President</font></div>
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