Gherdeina Ronda s.p.a.

Pursuant to Article 99.a) of Legislative Decree 58/1998, Consob has ordered the precautionary suspension for 90 days of the public offering of shares of Gherdeina Ronda s.p.a. (Resolution 14467 of 11 March 2004).

The order is based on the offering via the Internet site www.valgardena.it of shares of Gherdeina Ronda, promoted by the company itself, by means of both interactive procedures and promotional and contractual messages.

The information gathered suggested that there was a well-founded suspicion that the activity being carried out by Gherdeina Ronda amounted to a public offering for the subscription of financial products involving the solicitation of investors as defined in Article 1.1t) of Legislative Decree 58/1998. Since Consob has neither been notified of such a public offering nor received a copy of the prospectus, as required by Article 94.1 of the Consolidated Law, there are grounds for believing that the activity violates statutory and regulatory provisions governing the solicitation of investors. (In Consob Informa n. 11/2004 - 15 March 2004)