Shareholder Agreements

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The merger by incorporation of Telecom Italia into Olivetti became effective as of August 4, 2003 , and the latter assumed the name Telecom Italia and became the parent company of Telecom Italia Media. The largest shareholder in the “new” Telecom Italia is Olimpia S.p.A. with a stake of about 17% in the Company's ordinary share capital.

The shareholders of Olimpia S.p.A. entered into shareholders' agreements; notices containing summaries of the contents of the following agreements were published in the national press:

• agreement between Pirelli S.p.A. (now Pirelli&C S.p.A.) and Edizione Holding S.p.A. – Edizione Finance International S.A., executed on August 7, 2001 and subsequently amended;
• agreement between Pirelli S.p.A.(now Pirelli&C S.p.A), Unicredito Italiano S.p.A. and Intesa BCI S.p.A (now Banca Intesa S.pA.), executed on September 14, 2001 , and subsequently amended;

A summary of the agreement signed on February 21, 2003 , between Pirelli S.p.A.(now Pirelli &C S.p.A.), Edizione Finance International S.A./Edizione Holding S.p.A., Banca Intesa S.p.A., Unicredito Italiano, Olimpia S.p.A. and Hopa S.p.A., and subsequently amended, was also published on March 1, 2003 .

The current shareholders of Olimpia S.p.A. are as follows: Pirelli &C S.p.A. (57.66%), Edizione Finance International (16.8%), Hopa S.p.A. (16%), Unicredito Italiano S.p.A. (4.77%), Banca Intesa S.p.A. (4.77%).