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STATEMENT BY MR. CARLO DE BENEDETTI

 STATEMENT BY MR. CARLO DE BENEDETTI
 MILAN, Italy, April 17 /PRNewswire/ -- The following is a copy of a


statement made to the media today, April 17, 1992, in Milan, Italy, by Mr. Carlo De Benedetti, chairman of Olivetti Corp.:
 What happened was utterly unexpected.
 Seeing as it is not my style to hide behind a "no comment," I thought it was only right to disturb you all, even on the brink of the Easter holidays.
 I'd like to run through all the main facts of this matter with you to show you why, despite great feelings of bitterness, I have not lost my serenity, a fact due to the absolute conviction for having always acted correctly, openly and with determination.
 MY ENTRY IN BANCO AMBROSIANO
 -- I was invited by Mr. Calvi to become Vice Chairman of the bank with the view that I would then succeed him as Chairman, on the basis of a project to re-launch the Group, which appeared valid.
 -- Before accepting this offer, I asked the Governor of the Bank of Italy for his opinion, which was positive.
 -- On a financial level, I agreed to the terms for the entry of the companies which I represented:
 -- The price of the shares of Banco Ambrosiano.
 -- The placement of shares of Brioschi which Cabassi had agreed to deliver to us against the sale of two of our companies to him.
 MY CONDUCT AS EXECUTIVE DIRECTOR OF THE BANK
 -- I tried in every possible way to carry out my duties as Executive Director. I tried to understand, to "open the drawers," but without success. I continually found myself up against what I (and not only I, I recall that this was the definition used in Court by Prof. Andreatta, then head of the Ministry of the Treasury) can only be defined as a "wall of silence."
 -- I denounced the difficulty I had in carrying out my role of Executive Director both inside and outside the Bank, as can be seen from the minutes of the Board of Directors' meetings and the public statements given to the press.
 -- It was not without reason that the Public Prosecutor considered me to be the only director not to be prosecuted for careless management.
 MY EXIT FROM BANCO AMBROSIANO
 -- I was forced to leave the Bank against my will, as has been clearly demonstrated by the testimonies given.
 -- I did not accept to resign from the Bank without explaining the reasons as had been repeatedly asked of me, and I demanded that my resignation be attributed to its real cause, i.e., that I had been prevented from carrying out my rights and duties as Director and, furthermore, as Vice Chairman.
 -- I was made a proposal to sell back the shares I had in Banco Ambrosiano at the price of purchase, plus the interest accrued on it and to liquidate my credit with Cabassi.
 When speaking to Avv. Chiaraviglio, the Bank's lawyer, I placed the condition that the counterparts in these transactions should not be the Bank, after I had been asked to finalize them with Cofircont as fiduciary.
 I only found out afterwards that it was Mr. Pesenti who was buying the shares and that it was Cabassi that was paying the promissory notes, through the fiduciary.
 Subsequently, I also learned that the Bank has been repaid in full, including interest, for all the loans conceded (without my knowledge).
 -- My companies - as is exhaustively documented - did not earn one lira on this operation, just as Banco Ambrosiano did not lose one lira, and this for the simple reason that, as I have already said, the operation was carried out through third parties.
 -- On leaving Banco Ambrosiano I wrote to the Governor of the Bank of Italy, the Ministry of the Treasury and Consob, explaining in great detail all my reasons for having resigned and I consistently denounced the absolute lack of clarity in the management of Banco Ambrosiano despite all my efforts to introduce clarity and openness. But it was useless. Suffice it to say that just a few months later Consob and the Bank of Italy authorized the quotation of Banco Ambrosiano on the Stock Exchange.
 THE CHARGE OF BANKRUPTCY
 -- Whereas:
 I had done everything to oppose the lack of clarity in the management of the Banco Ambrosiano;
 -- that my companies did not earn one lira
 -- that Banco Ambrosiano did not lose one lira;
 -- that the transactions carried on my leaving were carried out between my companies on the one part, and, through Cofircont, Mr. Pesenti and Cabassi on the other, and never with Banco Ambrosiano.
 I have previously been acquitted of all charges of bankruptcy by
 The Civil Courts
 The Public Prosecutor
 The Examining Magistrates
 The Public Prosecutor's Office of the Supreme Court
 Then I was indicted in a most irregular fashion for complicity in bankruptcy, in complete disregard of the requests of the Public Prosecutor and the Examining Magistrates.
 The trial was conducted and all the evidence which emerged has confirmed the correctness of my behavior.
 These are the facts.
 CONCLUSION
 -- There is nothing I would not do again, except enter into Banco Ambrosiano, but to judge this fact one has to go back to those years with insight.
 And even if we do agree that it was a mistake to enter the Bank, we must deduce that yesterday's sentence concerns an entrepreneurial choice and certainly not anything that can be attributed to my conduct - either during, or after the fact.
 -- I am sure that the facts will prevail and the law will show that I am right.
 -- Our projects, our plans for work and my personal attitude will not change an inch because of what happened yesterday.
 -0- 4/17/92
 /CONTACT: Jack Griffin of Hill and Knowlton, 212-697-5600, for Carlo De Benedetti/ CO: Olivetti Corp. ST: IN: SU:


KD -- NY023 -- 9750 04/17/92 16:41 EDT
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