this research has been prepared by merrill lynch as part of its services to clients and is intended be used only those when provided through other means in the context overall client relationship including individual recommendations advice that ml provides it here pursuant requirements article 69 consob regulation 11971 amended resolution 13616 not for use any person making investment decisions assumes no responsibility will have liability such who may access subject change after date thereon current at later times update price eur7 97 12 month objective eur9 5 established 22 apr 2004 estimates dec 2003a 2004e 2005e 2006e ebita 118 136 145 155 net income reported 92 109 126 eps 0 31 37 40 43 adjusted p e 25 8 21 4 19 18 6 growth 1
