Saipem: Main Board of Directors’ Meetings for 2004

 January 26, 2004; h 16:10

The dates on which economic and financial data is scheduled to be released to the market upon approval by Board of Directors are as follows:

• 23rd February: Provisional Consolidated Financial Statements at 31st December 2003.
• 22nd March: Consolidated and Statutory Financial Statements of Saipem S.p.A. at 31st December 2003 and dividend proposal;
• 10th May: First Quarter Report at 31st March 2004;
• 28th July: Second Quarter Report at 30th June 2004;
• 16th September: Six-monthly Report at 30th June 2004;
• 8th November: Third Quarter Report at 30th September 2004.

The General Shareholders’ Meeting will take place on 29^th April, first summons, or 30^th April 2004, second summons. Shareholders are called to approve the Financial Statements at 31^st December 2003 and set net income allocation.

Pursuant to art. 82, comma 2, of Consob resolution 11971/99, the company’s Financial Statements at 31^st December 2003 will be released by 30^th March 2004; the company is therefore dispensed from publishing the Fourth Quarter Report at 31^st December 2003. Should any of the aforementioned dates change, notification will be promptly given. San Donato Milanese, 26^th January 2004