Kaikatsu Group and Phoenix Alliance International - Carver Brooks & Associates Ltd

The Austrian Finanzmarktaufsicht (FMA) has warned that Kaikatsu Group and Phoenix Alliance International (PAI), with registered offices in Tokyo, and Carver Brooks & Associates Ltd, with registered office in Australia, are offering investment services without the required authorization.

(In Consob Informa n. 35/2005 - 5 September 2005)