DELFO S.R.L.

Delfo s.r.l. is one of Italy's best known qualitative research agencies. Based in Milan, Delfo provides consultancy services based on advanced qualitative research using proven techniques. Clients include Kraft, Lavazza, MTV and L'Oreal. The agency, which is led by Mimma Novelli, a well-known qualitative consultant in the Italian market, had revenues of Euro 2.5 million for the year ended December 31, 2000 and net assets of Euro 0.3 million at that date.