Corporate Income Tax Calculation

                                                      FIM         FIM

CALCULATION OF TAXABLE INCOME

Net income per income statement adjusted for
depreciation, transfers to reserves, write-downs
allowed for tax purposes and direct taxes                     161,643

Direct taxes per income statement                             148,507
Expenses not deductible for tax purposes

50% of entertainment expenses                       2,500

Non-deductible donations                            2,900

Items deducted in previous years                      500

Items deductible in future years                    1,530       7,430

Under-accrued income                                    -     317,580

NON-TAXABLE REVENUE INCLUDED IN INCOME

Foreign dividends received                        ( 7,300)

Items taxed in previous years                     (   631)   (