PRESS RELEASE

At the meeting held today in Florence, under the chairmanship of Paolo Targetti, the Board of Directors of Targetti Sankey S.p.A. resolved to reconvene the Annual General Meeting of Shareholders for Tuesday June 18, 2002, first call, or, if required, Wednesday June 19, 2002, second call, with respect to proposals approved April 24, 2002, to be confirmed and subsequently superseded, as follows: approval of financial statements for the year ended December 31, 2001, appropriation of earnings and declaration of dividends on part of prior years' retained earnings, in the amount of Euro 0.08 dividend per share, including related withholding taxes, on 17,700,000 shares of common stock, coupon stripping and cash payment due June 24, 2002 and June 27, 2002 respectively.

It was deemed necessary to reconvene the Annual General Meeting of Shareholders due to complaint made subsequent to conclusion of the Annual General Meeting held April 24, 2002, by one shareholder, lamenting erroneous information concerning location of Annual Meeting, as contained in the notice published in Gazzetta Ufficiale, the Italian Official Journal, which prevented the same shareholder from participating in aforesaid meeting in due time. The shareholder has declared his intention to challenge resolutions taken at the same meeting, unless the Annual General Meeting of Shareholders is reconvened.

With respect to aforesaid circumstances, the Board of Directors, also with the opinion of the Board of Statutory Auditors of Targetti Sankey S.p.A., deemed that the possibility is not remote that shareholders' resolutions of April 24 may be challenged, on grounds which do not appear clearly unjustified.

Subsequent to this resolution, the Board of Directors also resolved not to give effect to resolutions adopted at the April 24 Meeting, particularly with respect to coupon 4 stripping and cash payment of dividends due May 6, 2002 and May 9, 2002 respectively.

'It is an unfortunate episode, which will soon be rectified, following today's Board resolution to reconvene the Annual General Meeting of Shareholders. It is however appropriate to stress that at the June Meeting the shareholders will basically be called upon to reapprove matters considered and approved on April 24, and to declare dividends in amount equal to those already approved', said Board's Chairman after the meeting.

Contact: Fabio Norcini
Investor Relator Targetti Sankey S.p.A.
55 3791.299

The Targetti Group, with headquarters in Florence, are one of the leading protagonists in the sector of architectural lighting for both interiors and exteriors. The group companies produce and market sophisticated equipment - a perfect synthesis of technology and design - that illumines important works of art, including Michelangelo's David, Leonardo da Vinci's Last Supper and the Roman National Archeological Museum and finds application in wide variety of different environments, among them Dublin's city centre, Piazza della Scala in Milan, Amsterdam's railway station, the Bilbao Underground, the New York Stock Exchange, the restaurants of the McDonald chain, the showrooms of Benetton, Bang & Olufsen and Levi's and, not least, the pits of the McLaren Formula 1 Team.