Structure (June-December 2004)

Mr Provera (Gruppo Partecipazioni Industriale) >

57.7 per cent Camfin >

25.6 per cent Pirelli & Cie

Pirelli & Cie (50.4 per cent) + Edizione Finance (16.8 per cent) + Hopa (16 per cent) + UniCredito (8.4 per cent) + IntesaBCl (8.4 per cent) >

100 per cent Olimpia >

17.02 per cent Telecom Italia >

56 per cent TIM +62.1 per cent Telecom Italia Media

Structure July 2004

As above

100 per cent Olimpia >

14 per cent Telecom Italia/TIM [merged]^a to be raised later to at least 17 per cent ^b

Structure June 2005

Telecom Italia owned by Olimpia (18 per cent). Hopa (via Holinvest – 3.4 per cent) and domestic and foreign corporate and institutional shareholders including Assicurazioni Generali (4 per cent)

Structure December 2005

Pirelli & Cie (57.6 per cent) + Edizione Finance (16.8 per cent) + Hopa (16 per cent) + UniCredito (4.8 per cent) + intesaBCI (4.8 per cent) >

100 per cent Olimpia >

18 per cent Telecom Italia

Structure March 2006

Pirelli & Cie (67.2 per cent) + Edizione Finance (16.8 per cent) + Hopa (16 per cent) >

100 per cent Olimpia >

18 per cent Telecom Italia

Structure October 2006

Pirelli & Cie (80 per cent) + Edizione Finance (20 per cent) >

100 per cent Olimpia

18 per cent Telecom Italia

Notes: ^aThe merger, which followed on from an offer to purchase two-thirds of the outstanding ordinary shares of TIM and all of the outstanding savings shares, launched on 7 December 2004. excluded TIM International. TIM was de-listed on 30 Jure 2005; ^b In December 2004. Olimpia investors approved a €2 billion capital increase for that purpose. Pirelli. Edizione Finance and Hopa intended to maintain their proportionate stakes in Olimpia whereas UniCredito and Banca Intesa did not – they both had the right to sell their existing stakes at cost price in September 2006 – a right they exercised