 List of Subsidiaries



Telecom Italia Group



List of companies consolidated on a line-by-line basis

Exhibit 8.1



|                                                                                                         |  |                         |  |          |  |               |  |               |  |                   |  |                                                             
|-------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | -------- |  | ------------- |  | ------------- |  | ----------------- |  | ------------------------------------------------------------
|Name                                                                                                     |  | Head Office             |  | Currency |  | ShareCapital  |  | %ownership    |  | % ofvoting rights |  | Held by                                                     
|                                                                                                         |  |                         |  |          |  |              
|WIRELINE                                                                                                 |  |                         |  |          |  |               |  |               |  |                   |  |                                                             
|BBEYOND B.V. (telecommunications services)                                                               |  | AMSTERDAM(HOLLAND)      |  | EUR      |  | 18,000        |  | 100.0000      |  |                   |  | BBNED N.V.                                                  
|BBNED N.V. (telecommunications services)                                                                 |  | AMSTERDAM(HOLLAND)      |  | EUR      |  | 82,430,000    |  | 98.7764       |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.                           
|ELETTRA TLC S.p.A. (services
rendered in connection with submarine cable systems for telecommunications) |  | ROME(ITALY)             |  | EUR      |  | 10,329,200    |  | 100.0000      |  |                   |  | MEDITERRANEAN NAUTILUS S.A.                                 
|HANSENET TELEKOMMUNIKATION GmbH (telecommunications services)                                            |  | HAMBURG(GERMANY)        |  | EUR      |  | 91,521,500    |  | 100.0000      |  |                   |  | TELECOM ITALIA DEUTSCHLAND HOLDING GmbH                     
|INTELCOM SAN MARINO S.p.A. (telecommunications services in San Marino)                                   |  | REPUBLIC OFSAN MARINO   |  | EUR      |  | 1,550,000     |  | 99.99990.0001 |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.TELECOM ITALIA S.p.A.          
|LATIN AMERICAN NAUTILUS ARGENTINA S.A. (installation and maintenance of submarine cable systems)         |  | BUENOS AIRES(ARGENTINA) |  | ARS      |  | 12,000        |  | 99.9999       |  |                   |  | LATIN AMERICAN NAUTILUS S.A.                                
|LATIN AMERICAN NAUTILUS BOLIVIA SRL (installation and maintenance of submarine cable systems)            |  | LA PAZ(BOLIVIA)         |  | BOB      |  | 5,110,600     |  | 99.99800.0020 |  |                   |  | LATIN AMERICAN NAUTILUS S.A.LATIN AMERICAN NAUTILUS USA Inc.
|LATIN AMERICAN NAUTILUS BRASIL Ltda (installation and maintenance of submarine cable systems)            |  | RIO DE JANEIRO(BRAZIL)  |  | BRL      |  | 86,865,371    |  | 99.99000.0100 |  |                   |  | LATIN AMERICAN NAUTILUS S.A.LATIN AMERICAN NAUTILUS USA Inc.
|LATIN AMERICAN NAUTILUS BRASIL PARTICIPACOES Ltda (holding company)                                      |  | RIO DE JANEIRO(BRAZIL)  |  | BRL      |  | 86,866,370    |  | 99.99800.0020 |  |                   |  | LATIN AMERICAN NAUTILUS S.A.LATIN AMERICAN NAUTILUS LTD     
|LATIN AMERICAN NAUTILUS CHILE S.A. (installation and maintenance of submarine cable systems)             |  | SANTIAGO(CHILE)         |  | CLP      |  | 7,291,239,671 |  | 99.9999       |  |                   |  | LATIN AMERICAN NAUTILUS S.A.                                
|LATIN AMERICAN NAUTILUS COLOMBIA Ltda (installation and maintenance of submarine cable systems)          |  | BOGOTA(COLOMBIA)       |  | COP      |  | 199,833,000   |  | 99.9999       |  |                   |  | LATIN AMERICAN NAUTILUS S.A.                                
|LATIN AMERICAN NAUTILUS Ltd (installation and maintenance of submarine cable systems)                    |  | DUBLIN(IRELAND)         |  | USD      |  | 1,000,000     |  | 100.0000      |  |                   |  | LATIN AMERICAN NAUTILUS S.A.                                
|LATIN AMERICAN NAUTILUS MEXICO S.A. (installation and maintenance of submarine cable systems)            |  | MEXICO D.F.(MEXICO)     |  | MXN      |  | 100,000       |  | 99.99000.0100 |  |                   |  | LATIN AMERICAN NAUTILUS S.A.LATIN AMERICAN NAUTILUS USA Inc.



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|                                                                                                                             |  |             |  |          |  |              |  |            |  |                   |  |                                  
|---------------------------------------------------------------------------------------------------------------------------- |  | ----------- |  | -------- |  | ------------ |  | ---------- |  | ----------------- |  | ---------------------------------
|Name                                                                                                                         |  | Head Office |  | Currency |  | ShareCapital |  | %ownership |  | % ofvoting rights |  | Held by                          
|LATIN AMERICAN NAUTILUS PANAMA S.A.                                                                                          |  | PANAMA      |  | USD      |  | 10,000       |  | 100.0000   |  |                   |  | LATIN AMERICAN NAUTILUS S.A.     
|(installation and maintenance of submarine cable systems)                                                                    |  |             |  |          |  |              |  |            |  |                   |  |                                  
|LATIN AMERICAN NAUTILUS PERU S.A. (installation and maintenance of submarine cable systems)                                 |  | LIMA(PERÙ)  |  | PEN      |  | 36,036,491   |  | 99.9999    |  |                   |  | LATIN AMERICAN NAUTILUS S.A.     
|LATIN AMERICAN NAUTILUS S.A. (holding company)                                                                               |  | LUXEMBOURG  |  | USD      |  | 55,500,000   |  | 99.9999    |  |                   |  | TELECOM ITALIA S.p.A.            
|LATIN AMERICAN NAUTILUS SERVICE Inc. (installation and maintenance of submarine cable systems)                               |  | MIAMI(USA)  |  | USD      |  | 10,000       |  | 100.0000   |  |                   |  | LATIN AMERICAN NAUTILUS USA Inc. 
|LATIN AMERICAN NAUTILUS St. Croix LLC                                                                                        |  | ST CROIX    |  | USD      |  | 1,000        |  | 100.0000   |  |                   |  | LATIN AMERICAN NAUTILUS S.A.     
|(installation and maintenance of submarine cable systems)                                                                    |  | (USA)       |  |          |  |              |  |            |  |                   |  |                                  
|LATIN AMERICAN NAUTILUS USA Inc.                                                                                             |  | MIAMI       |  | USD      |  | 20,000       |  | 100.0000   |  |                   |  | LATIN AMERICAN NAUTILUS S.A.     
|(installation and maintenance of submarine cable systems)                                                                    |  | (USA)       |  |          |  |              |  |            |  |                   |  |                                  
|LATIN AMERICAN NAUTILUS VENEZUELA C.A.                                                                                       |  | CARACAS     |  | VEB      |  | 21,925,000   |  | 99.9999    |  |                   |  | LATIN AMERICAN NAUTILUS S.A.     
|(installation and maintenance of submarine cable systems)                                                                    |  | (VENEZUELA) |  |          |  |              |  |            |  |                   |  |                                  
|LOQUENDO SOCIETA PER AZIONI                                                                                                 |  | TURIN       |  | EUR      |  | 3,573,741    |  | 99.9846    |  |                   |  | TELECOM ITALIA S.p.A.            
|(research, development and marketing of technologies and equipment regarding voice synthesis recognition and/or interaction) |  | (ITALY)     |  |          |  |              |  |            |  |                   |  |                                  
|MED 1 IC-1 (1999) Ltd                                                                                                        |  | TEL AVIV    |  | ILS      |  | 1,000        |  | 99.9000    |  |                   |  | MED-1 SUBMARINE CABLES Ltd       
|(installation and management of submarine cable IC1)                                                                         |  | (ISRAEL)    |  |          |  |              |  | 0.1000     |  |                   |  | MED-1 ITALY S.r.l.               
|MED-1 (NETHERLANDS) B.V.                                                                                                     |  | AMSTERDAM   |  | EUR      |  | 18,151       |  | 100.0000   |  |                   |  | MED-1 SUBMARINE CABLES Ltd       
|(holding company)                                                                                                            |  | (HOLLAND)   |  |          |  |              |  |            |  |                   |  |                                  
|MED-1 ITALY S.r.l.                                                                                                           |  | ROME        |  | EUR      |  | 548,477      |  | 100.0000   |  |                   |  | MED-1 (NETHERLANDS) B.V.         
|(installation and management submarine cable systems in Italian seas)                                                        |  | (ITALY)     |  |          |  |              |  |            |  |                   |  |                                  
|MED-1 SUBMARINE CABLES Ltd                                                                                                   |  | TEL AVIV    |  | ILS      |  | 100,000      |  | 27.8250    |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.
|(installation and management of cable Lev)                                                                                   |  | (ISRAEL)    |  |          |  |              |  | 23.1750    |  |                   |  | TELECOM ITALIA S.p.A.            
|MEDITERRANEAN NAUTILUS BV                                                                                                    |  | AMSTERDAM   |  | EUR      |  | 18,003       |  | 100.0000   |  |                   |  | MEDITERRANEAN NAUTILUS Ltd       
|(holding company)                                                                                                            |  | (HOLLAND)   |  |          |  |              |  |            |  |                   |  |                                  
|MEDITERRANEAN NAUTILUS GREECE Ltd                                                                                            |  | ATHENS      |  | EUR      |  | 111,600      |  | 100.0000   |  |                   |  | MEDITERRANEAN NAUTILUS BV        
|(installation and management of submarine cable systems)                                                                     |  | (GREECE)    |  |          |  |              |  |            |  |                   |  |                                  
|MEDITERRANEAN NAUTILUS Inc.                                                                                                  |  | DELAWARE    |  | USD      |  | 3,000        |  | 100.0000   |  |                   |  | MEDITERRANEAN NAUTILUS BV        
|(telecommunications services)                                                                                                |  | (USA)       |  |          |  |              |  |            |  |                   |  |                                  
|MEDITERRANEAN NAUTILUS ISRAEL Ltd                                                                                            |  | TEL AVIV    |  | ILS      |  | 1,000        |  | 100.0000   |  |                   |  | MEDITERRANEAN NAUTILUS BV        
|(TLC services. installation and management of submarine cable systems)                                                       |  | (ISRAEL)    |  |          |  |              |  |            |  |                   |  |                                  
|MEDITERRANEAN NAUTILUS ITALY S.p.A.                                                                                          |  | ROME        |  | EUR      |  | 3,100,000    |  | 100.0000   |  |                   |  | MEDITERRANEAN NAUTILUS BV        
|(installation and management of submarine cable systems)                                                                     |  | (ITALY)     |  |          |  |              |  |            |  |                   |  |                                  
|MEDITERRANEAN NAUTILUS Ltd                                                                                                   |  | DUBLIN      |  | USD      |  | 100,000      |  | 51.0000    |  |                   |  | MEDITERRANEAN NAUTILUS S.A.      
|(installation and management of submarine cable systems)                                                                     |  | (IRELAND)   |  |          |  |              |  |            |  |                   |  |                                  





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|                                                                                                        |  |                  |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|------------------------------------------------------------------------------------------------------- |  | ---------------- |  | -------- |  | --------------- |  | ------------------------------- |  | ----------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name                                                                                                    |  | Head Office      |  | Currency |  | Share Capital   |  | %ownership                      |  | % ofvoting rights |  | Held by                                                                                                                                                     
|MEDITERRANEAN NAUTILUS S.A.                                                                             |  | LUXEMBOURG       |  | USD      |  | 326,480,000     |  | 62.5092                         |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                                                       
|(holding company)                                                                                       |  |                  |  |          |  |                 |  | 7.4908                          |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.                                                                                                                           
|MEDITERRANEAN NAUTILUS TELEKOMÜNIKASYON HIZMETLERI TICARET
ANONIM SIRKETI (telecommunications services) |  | ISTANBUL(TURKEY) |  | TRL      |  | 350,000,000,000 |  | 99.99880.00030.00030.00030.0003 |  |                   |  | MEDITERRANEAN NAUTILUS BV MEDITERRANEAN NAUTILUS Ltd MEDITERRANEAN NAUTILUS ITALY S.p.A. MEDITERRANEAN NAUTILUS ISRAEL Ltd MEDITERRANEAN NAUTILUS GREECE Ltd
|PATH.NET S.p.A.                                                                                         |  | ROME             |  | EUR      |  | 25,800,000      |  | 100.0000                        |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                                                       
|(networking systems and telecommunications)                                                             |  | (ITALY)          |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA DEUTSCHLAND HOLDING GmbH                                                                 |  | HAMBURG          |  | EUR      |  | 25,000          |  | 100.0000                        |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                                                       
|(holding company)                                                                                       |  | (GERMANY)        |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA FRANCE SAS                                                                               |  | PARIS            |  | EUR      |  | 20,307,800      |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (FRANCE)         |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA NETHERLANDS B.V.                                                                         |  | AMSTERDAM        |  | EUR      |  | 18,200          |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (HOLLAND)        |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA SPAIN SL UNIPERSONAL                                                                     |  | MADRID           |  | EUR      |  | 2,003,096       |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (SPAIN)          |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA SPARKLE OF NORTH AMERICA INC.                                                            |  | NEW YORK         |  | USD      |  | 15,550,000      |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications and promotional services)                                                           |  | (USA)            |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA SPARKLE S.p.A.                                                                           |  | ROME             |  | EUR      |  | 200,000,000     |  | 100.0000                        |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                                                       
|(public and private telecommunication services management)                                              |  | (ITALY)          |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELECOM ITALIA SPARKLE SINGAPORE PTE LTD                                                                |  | SINGAPORE        |  | USD      |  | 500,000         |  | 99.9998                         |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  |                  |  |          |  |                 |  | 0.0002                          |  |                   |  | TELECOM ITALIA SPARKLE OF NORTH AMERICA INC.                                                                                                                
|TELECONTACT CENTER S.p.A.                                                                               |  | NAPLES           |  | EUR      |  | 770,000         |  | 100.0000                        |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                                                       
|(telemarketing services)                                                                                |  | (ITALY)          |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELEFONIA MOBILE SAMMARINESE S.p.A.                                                                     |  | REPUBLIC OF      |  | EUR      |  | 78,000          |  | 51.0000                         |  |                   |  | INTELCOM SAN MARINO S.p.A.                                                                                                                                  
|(mobile telephony services)                                                                             |  | SAN MARINO       |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TELEMEDIA INTERNATIONAL USA Inc.                                                                        |  | DELAWARE         |  | USD      |  | 154,022,889     |  | 100.0000                        |  |                   |  | TMI - TELEMEDIA INTERNATIONAL Ltd                                                                                                                           
|(telecommunications services)                                                                           |  | (USA)            |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TI BELGIUM S.P.R.L. - B.V.B.A                                                                           |  | BRUSSELS         |  | EUR      |  | 3,000,000       |  | 99.9967                         |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (BELGIUM)        |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TI GERMANY GmbH                                                                                         |  | FRANKFURT        |  | EUR      |  | 25,000          |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (GERMANY)        |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TI SWITZERLAND GmbH                                                                                     |  | ZURICH           |  | CHF      |  | 2,000,000       |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (SWITZERLAND)    |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             
|TI TELECOM ITALIA (AUSTRIA) TELEKOMMUNICATIONDIESTE GMBH (telecommunications services)                  |  | VIENNA(AUSTRIA)  |  | EUR      |  | 2,735,000       |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|TI UNITED KINGDOM Ltd                                                                                   |  | LONDON           |  | GBP      |  | 3,855,000       |  | 100.0000                        |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.                                                                                                                               
|(telecommunications services)                                                                           |  | (UK)             |  |          |  |                 |  |                                 |  |                   |  |                                                                                                                                                             



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|                                                                                                                                  |  |                                 |  |          |  |                |  |            |     |  |                   |  |                                         
|--------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- |  | -------- |  | -------------- |  | ---------- | --- |  | ----------------- |  | ----------------------------------------
|Name                                                                                                                              |  | Head Office                     |  | Currency |  | Share Capital  |  | %ownership |     |  | % ofvoting rights |  | Held by                                 
|TMI - TELEMEDIA INTERNATIONAL Ltd                                                                                                 |  | LONDON                          |  | EUR      |  | 3,983,254      |  | 100.0000   |     |  |                   |  | TELECOM ITALIA SPARKLE S.p.A.           
|(telecommunications services)                                                                                                     |  | (UK)                            |  |          |  |                |  |            |     |  |                   |  |                                         
|                                                                                                                                  |  |                                 |  |          |  |               
|MOBILE                                                                                                                            |  |                                 |  |          |  |                |  |            |     |  |                   |  |                                         
|BLAH! INC (ex TIMNET USA Inc)                                                                                                     |  | MIAMI                           |  | USD      |  | 21,664,000     |  | 100.0000   |     |  |                   |  | TIM INTERNATIONAL N.V.                  
|(mobile network services)                                                                                                         |  | (USA)                           |  |          |  |                |  |            |     |  |                   |  |                                         
|BLAH! SOCIEDADE ANÔNIMA DE SERVIÇOS E COMÉRCIO                                                                                    |  | RIO DE JANEIRO                  |  | BRL      |  | 78,000,000     |  | 100.0000   | (*) |  |                   |  | TIM INTERNATIONAL N.V.                  
|(internet services)                                                                                                               |  | (BRAZIL)                        |  |          |  |                |  |            |     |  |                   |  |                                         
|CORPORACION DIGITEL C.A.                                                                                                          |  | CARACAS                         |  | VEB      |  | 41,214,946,687 |  | 100.0000   | (*) |  |                   |  | TIM INTERNATIONAL N.V.                  
|(telecommunications services)                                                                                                     |  | (VENEZUELA)                     |  |          |  |                |  |            |     |  |                   |  |                                         
|CRC - Centro de Relacionamento com Clientes LTDA (ex STARCEL LTDA) (call center services)                                         |  | SAO PAULO(BRAZIL)               |  | BRL      |  | 50,000,000     |  | 100.0000   | (*) |  |                   |  | TIM BRASIL SERVIÇOS E PARTICIPAÇÕES S.A.
|MAXITEL S.A.                                                                                                                      |  | BELO HORIZONTE                  |  | BRL      |  | 1,200,769,399  |  | 100.0000   |     |  |                   |  | TIM CELULAR S.A.                        
|(mobile telephony operator)                                                                                                       |  | (BRAZIL)                        |  |          |  |                |  |            |     |  |                   |  |                                         
|TELECOM ITALIA MOBILE S.p.A.                                                                                                      |  | TURIN                           |  | EUR      |  | 515,728,778    |  | 55.0800    |     |  | 55.9400           |  | TELECOM ITALIA S.p.A.                   
|(mobile telephony operator)                                                                                                       |  | (ITALY)                         |  |          |  |                |  | 0.1650     |     |  | 0.1680            |  | TELECOM ITALIA FINANCE S.A.             
|TIM BRASIL SERVIÇOS E PARTICIPAÇÕES S.A.                                                                                          |  | RIO DE JANEIRO                  |  | BRL      |  | 9,280,705,829  |  | 100.0000   |     |  |                   |  | TIM INTERNATIONAL N.V.                  
|(holding company)                                                                                                                 |  | (BRAZIL)                        |  |          |  |                |  |            |     |  |                   |  |                                         
|TIM CELULAR S.A.                                                                                                                  |  | SAO PAULO                       |  | BRL      |  | 8,383,490,152  |  | 100.0000   | (*) |  |                   |  | TIM BRASIL SERVIÇOS E PARTICIPAÇÕES S.A.
|(mobile telephony operator)                                                                                                       |  | (BRAZIL)                        |  |          |  |                |  |            |     |  |                   |  |                                         
|TIM HELLAS TELECOMMUNICATIONS S.A. (ex STET HELLAS)                                                                               |  | ATHENS                          |  | EUR      |  | 128,331,382    |  | 80.7407    |     |  |                   |  | TIM INTERNATIONAL N.V.                  
|(mobile telephony operator)                                                                                                       |  | (GREECE)                        |  |          |  |                |  | 0.1294     |     |  |                   |  | TELECOM ITALIA FINANCE S.A.             
|TIM INTERNATIONAL N.V.                                                                                                            |  | AMSTERDAM                       |  | EUR      |  | 555,430,000    |  | 100.0000   |     |  |                   |  | TELECOM ITALIA MOBILE S.p.A.            
|(holding company)                                                                                                                 |  | (HOLLAND)                       |  |          |  |                |  |            |     |  |                   |  |                                         
|TIM ITALIA S.p.A.                                                                                                                 |  | MILAN                           |  | EUR      |  | 120,000        |  | 100.0000   |     |  |                   |  | TELECOM ITALIA MOBILE S.p.A.            
|(mobile telephony operator)                                                                                                       |  | (ITALY)                         |  |          |  |                |  |            |     |  |                   |  |                                         
|TIM NORDESTE TELECOMUNICAÇÕES S.A. (ex TELPE CELULAR SA) (mobile telephony operator)                                              |  | JABOATÃO DOS GUARARAPES(BRAZIL) |  | BRL      |  | 508,798,763    |  | 81.7515    |     |  | 94.0891           |  | TIM PARTICIPAÇÕES S.A.                  
|TIM PARTICIPACOES (ex TELE CELULAR
SUL PARTICIPAÇOES) (holding company for operating companies providing mobile network services) |  | CURITIBA(BRAZIL)                |  | BRL      |  | 884,503,728    |  | 23.7305    |     |  | 53.2329           |  | TIM BRASIL SERVIÇOS E PARTICIPAÇÕES S.A.
|TIM PERÙ S.A.C.                                                                                                                   |  | LIMA                            |  | PEN      |  | 1,337,542,452  |  | 100.0000   | (*) |  |                   |  | TIM INTERNATIONAL N.V.                  
|(mobile telephony operator)                                                                                                       |  | (PERÙ)                          |  |          |  |                |  |            |     |  |                   |  |                                         
|TIM SUL S.A.                                                                                                                      |  | CURITIBA                        |  | BRL      |  | 971,469,987    |  | 81.7305    |     |  | 90.6528           |  | TIM PARTICIPAÇÕES S.A.                  
|(mobile telephony operator)                                                                                                       |  | (BRAZIL)                        |  |          |  |                |  |            |     |  |                   |  |                                         
|                                                                                                                                  |  |                                 |  |          |  |               
|SOUTH AMERICA                                                                                                                     |  |                                 |  |          |  |                |  |            |     |  |                   |  |                                         
|AMERICASKY CORPORATION                                                                                                            |  | MIAMI                           |  | USD      |  | 1,000          |  | 80.0000    |     |  |                   |  | ENTEL USA HOLDINGS INC.                 
|(telecommunications services)                                                                                                     |  | (USA)                           |  |          |  |                |  | 20.0000    |     |  |                   |  | ENTEL INTERNATIONAL B.V.I. CORP.        



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|                                                                                                       |  |                                |  |          |  |                 |  |                |     |  |                   |  |                                               
|------------------------------------------------------------------------------------------------------ |  | ------------------------------ |  | -------- |  | --------------- |  | -------------- | --- |  | ----------------- |  | ----------------------------------------------
|Name                                                                                                   |  | Head Office                    |  | Currency |  | Share Capital   |  | %ownership     |     |  | % ofvoting rights |  | Held by                                       
|AMERICATEL CENTROAMÉRICA S.A.                                                                          |  | CIUDAD DE                      |  | USD      |  | 2,649,608       |  | 78.6500        |     |  |                   |  | ENTEL CHILE S.A.                              
|(telecommunications services)                                                                          |  | GUATEMALA(GUATEMALA)           |  |          |  |                 |  |                |     |  |                   |  |                                               
|AMERICATEL CORP. USA (telecommunications services)                                                     |  | MIAMI(USA)                     |  | USD      |  | 62,372,553      |  | 80.0000        |     |  |                   |  | ENTEL INTERNATIONAL B.V.I. CORP.              
|AMERICATEL EL SALVADOR S.A. DE C.V. (telecommunications services)                                      |  | SAN SALVADOR(EL SALVADOR)      |  | USD      |  | 1,143,572       |  | 85.000015.0000 |     |  |                   |  | AMERICATEL CENTROAMÉRICA S.A. ENTEL CHILE S.A.
|AMERICATEL GUATEMALA S.A. (telecommunications services)                                                |  | CIUDAD DE GUATEMALA(GUATEMALA) |  | GTQ      |  | 450,000         |  | 100.0000       |     |  |                   |  | AMERICATEL CENTROAMÉRICA S.A.                 
|AMERICATEL HONDURAS S.A. (telecommunications services)                                                 |  | TEGUCIGALPA(HONDURAS)          |  | HNL      |  | 500,000         |  | 96.0000        |     |  |                   |  | AMERICATEL CENTROAMÉRICA S.A.                 
|AMERICATEL PERU SA (telecommunications services)                                                      |  | LIMA(PERÙ)                     |  | PEN      |  | 129,256,053     |  | 53.400046.6000 |     |  |                   |  | ENTEL INVERSIONES S.A. ENTEL
CHILE S.A.       
|CHILE WIRELESS S.A.                                                                                    |  | SANTIAGO                       |  | CLP      |  | 120,221,724     |  | 99.0000        |     |  |                   |  | ENTEL TELEFONÍA LOCAL S.A.                    
|(holding company)                                                                                      |  | (CHILE)                        |  |          |  |                 |  | 1.0000         |     |  |                   |  | ENTEL INVERSIONES S.A.                        
|DATACOM S.A.                                                                                           |  | LA PAZ                         |  | BOB      |  | 66,938,200      |  | 100.0000       |     |  |                   |  | ENTEL BOLIVIA S.A.                            
|(data transmission services)                                                                           |  | (BOLIVIA)                      |  |          |  |                 |  |                |     |  |                   |  |                                               
|EMPRESA DE RADIOCOMUNICACIONES INSTA BEEP LTDA (telecommunications services)                           |  | SANTIAGO(CHILE)                |  | CLP      |  | 2,400,246,130   |  | 99.9000        |     |  |                   |  | ENTEL TELEFONÍA PERSONAL S.A.                 
|EMPRESA NACIONAL DE TELECOMUNICACIONES S.A. - ENTEL CHILE (telecommunications services)                |  | SANTIAGO(CHILE)                |  | CLP      |  | 422,481,690,872 |  | 54.7642        |     |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.             
|ENTEL S.A. - EMPRESA NACIONAL DE TELECOMUNICACIONES S.A. - ENTEL BOLIVIA (telecommunications services) |  | LA PAZ(BOLIVIA)                |  | BOB      |  | 1,280,898,800   |  | 50.0000        |     |  |                   |  | ETI N.V.                                      
|ENTEL CALL CENTER S.A. (telecommunications services)                                                   |  | SANTIAGO(CHILE)                |  | CLP      |  | 11,209,089,143  |  | 90.000010.0000 |     |  |                   |  | ENTEL CHILE S.A. ENTEL
INVERSIONES S.A.       
|ENTEL INTERNATIONAL B.V.I. CORP. (telecommunications services)                                         |  | BRITISH VIRGIN ISLAND          |  | CLP      |  | 33,567,413,118  |  | 100.0000       |     |  |                   |  | ENTEL CHILE S.A.                              
|ENTEL INVERSIONES S.A. (holding
company)                                                               |  | SANTIAGO(CHILE)                |  | CLP      |  | 3,337,021,555   |  | 100.0000       | (*) |  |                   |  | ENTEL CHILE S.A.                              
|ENTEL PCS TELECOMUNICACIONES S.A. (mobile services)                                                    |  | SANTIAGO(CHILE)                |  | CLP      |  | 101,836,530,371 |  | 99.90000.1000  |     |  |                   |  | ENTEL TELEFONÍA PERSONAL S.A. ENTEL CHILE S.A.
|ENTEL SERVICIOS TELEFÓNICOS S.A. (telecommunications services)                                         |  | SANTIAGO(CHILE)                |  | CLP      |  | 1,142,377,585   |  | 91.41988.5802  |     |  |                   |  | ENTEL CHILE S.A. ENTEL
INVERSIONES S.A.       
|ENTEL TELEFONÍA LOCAL S.A. (local telecommunications services)                                         |  | SANTIAGO(CHILE)                |  | CLP      |  | 23,928,757,326  |  | 99.00001.0000  |     |  |                   |  | ENTEL CHILE S.A. ENTEL
INVERSIONES S.A.       
|ENTEL TELEFONÍA MOVIL S.A. (mobile services)                                                           |  | SANTIAGO(CHILE)                |  | CLP      |  | 1,950,379,510   |  | 99.92000.0800  |     |  |                   |  | ENTEL TELEFONÍA PERSONAL S.A. ENTEL CHILE S.A.
|ENTEL TELEFONÍA PERSONAL S.A. (holding company)                                                        |  | SANTIAGO(CHILE)                |  | CLP      |  | 131,742,704,099 |  | 94.64005.3600  |     |  |                   |  | ENTEL CHILE S.A. ENTEL
INVERSIONES S.A.       
|ENTEL USA HOLDINGS INC. (telecommunications services)                                                  |  | MIAMI(USA)                     |  | USD      |  | 1,000           |  | 100.0000       |     |  |                   |  | ENTEL INTERNATIONAL B.V.I. CORP.              



---

|                                                                                                                          |  |             |  |          |  |               |  |            |  |                   |  |                                            
|------------------------------------------------------------------------------------------------------------------------- |  | ----------- |  | -------- |  | ------------- |  | ---------- |  | ----------------- |  | -------------------------------------------
|Name                                                                                                                      |  | HeadOffice  |  | Currency |  | ShareCapital  |  | %ownership |  | % ofvoting rights |  | Held by                                    
|ENTEL VENEZUELA C.A.                                                                                                      |  | CARACAS     |  | BOB      |  | 709,500,000   |  | 100.0000   |  |                   |  | ENTEL CHILE S.A.                           
|(telecommunications services)                                                                                             |  | (VENEZUELA) |  |          |  |               |  |            |  |                   |  |                                            
|MICARRIER TELECOMUNICACIONES S.A.                                                                                         |  | SANTIAGO    |  | CLP      |  | 3,347,714,780 |  | 99.9900    |  |                   |  | ENTEL CHILE S.A.                           
|(telecommunications services)                                                                                             |  | (CHILE)     |  |          |  |               |  | 0.0100     |  |                   |  | ENTEL INVERSIONES S.A.                     
|RED DE TRANSACCIONES ELECTRÓNICAS S.A.                                                                                    |  | SANTIAGO    |  | CLP      |  | 1,687,204,941 |  | 93.7600    |  |                   |  | ENTEL CHILE S.A.                           
|(telecommunications services)                                                                                             |  | (CHILE)     |  |          |  |               |  |            |  |                   |  |                                            
|SATEL TELECOMUNICACIONES S.A.                                                                                             |  | SANTIAGO    |  | CLP      |  | 2,877,673,405 |  | 99.9000    |  |                   |  | ENTEL CHILE S.A.                           
|(telecommunications services)                                                                                             |  | (CHILE)     |  |          |  |               |  | 0.1000     |  |                   |  | ENTEL INVERSIONES S.A.                     
|                                                                                                                          |  |             |  |          |  |              
|INTERNET AND MEDIA                                                                                                        |  |             |  |          |  |               |  |            |  |                   |  |                                            
|BEIGUA S.r.l.                                                                                                             |  | ROME        |  | EUR      |  | 51,480        |  | 51.0004    |  |                   |  | TI MEDIA BROADCASTING S.r.l.               
|(purchase, sale, management and maintenance of installation for the repair and distribution of radio and TV broadcasting) |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|DATABANK S.p.A.                                                                                                           |  | MILAN       |  | EUR      |  | 937,300       |  | 100.0000   |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|(market information)                                                                                                      |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|DBK S.A.                                                                                                                  |  | MADRID      |  | EUR      |  | 99,000        |  | 99.9967    |  |                   |  | DATABANK S.p.A.                            
|(market information)                                                                                                      |  | (SPAIN)     |  |          |  |               |  |            |  |                   |  |                                            
|FINANZIARIA WEB S.p.A.                                                                                                    |  | ROME        |  | EUR      |  | 9,606,074     |  | 60.0000    |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|(financing)                                                                                                               |  | (ITALY)     |  |          |  |               |  | 40.0000    |  |                   |  | ISM S.r.l.                                 
|GRUPPO BUFFETTI S.p.A.                                                                                                    |  | ROME        |  | EUR      |  | 11,817,000    |  | 100.0000   |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|(manufacture of products regarding the paper industry. printing and publishing)                                           |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|HOLDING MEDIA E COMUNICAZIONE H.M.C. S.p.A.                                                                               |  | ROME        |  | EUR      |  | 5,064,000     |  | 100.0000   |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|(production, marketing on TV and press)                                                                                   |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|LA7 TELEVISIONI S.p.A.                                                                                                    |  | ROME        |  | EUR      |  | 6,200,000     |  | 100.0000   |  |                   |  | HOLDING MEDIA E COMUNICAZIONE H.M.C. S.p.A.
|(purchase, management and maintenance of technical transmission systems for audio and video broadcasting)                 |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|MATRIX S.p.A.                                                                                                             |  | MILAN       |  | EUR      |  | 1,100,000     |  | 66.0000    |  |                   |  | FINANZIARIA WEB S.p.A.                     
|(Internet services)                                                                                                       |  | (ITALY)     |  |          |  |               |  | 33.3000    |  |                   |  | ISM S.r.l.                                 
|                                                                                                                          |  |             |  |          |  |               |  | 0.7000     |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|MTV ITALIA S.r.l.                                                                                                         |  | ROME        |  | EUR      |  | 12,151,928    |  | 51.0000    |  |                   |  | LA7 TELEVISIONI S.p.A.                     
|(services in the field of radio and TV broadcasting, production and sale of radio, TV and cinema programs)                |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|MTV PUBBLICITA S.r.l.                                                                                                    |  | MILAN       |  | EUR      |  | 10,400        |  | 100.0000   |  |                   |  | MTV ITALIA S.r.l.                          
|(advertising agency)                                                                                                      |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|SK DIRECT S.r.l.                                                                                                          |  | ROME        |  | EUR      |  | 1,570,507     |  | 100.0000   |  |                   |  | GRUPPO BUFFETTI S.p.A.                     
|(graphic arts)                                                                                                            |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            
|TELECOM ITALIA MEDIA S.p.A.                                                                                               |  | ROME        |  | EUR      |  | 111,107,894   |  | 59.4337    |  | 60.4303           |  | TELECOM ITALIA S.p.A.                      
|(management of all activities connected with the handling of information)                                                 |  | (ITALY)     |  |          |  |               |  | 2.0328     |  | 2.0669            |  | TELECOM ITALIA FINANCE S.p.A.              
|TELECOM MEDIA NEWS S.p.A.                                                                                                 |  | ROME        |  | EUR      |  | 120,000       |  | 100.0000   |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                
|(multimedia journalistic information)                                                                                     |  | (ITALY)     |  |          |  |               |  |            |  |                   |  |                                            



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|                                                                                                                                                       |  |                       |  |          |  |               |  |               |  |                   |  |                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------ |  | --------------------- |  | -------- |  | ------------- |  | ------------- |  | ----------------- |  | -------------------------------------------------------------------------
|Name                                                                                                                                                   |  | Head Office           |  | Currency |  | ShareCapital  |  | %ownership    |  | % ofvoting rights |  | Held by                                                                  
|TELEVOICE S.p.A. (ex-GIALLO VOICE)                                                                                                                     |  | CERNUSCO SUL          |  | EUR      |  | 1,000,000     |  | 100.0000      |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                              
|(teleselling, telemarketing and call centers and marketing)                                                                                            |  | NAVIGLIO(MILAN-ITALY) |  |          |  |               |  |               |  |                   |  |                                                                          
|TI MEDIA BROADCASTING S.r.l. (purchase, sale, management and maintenance of installation for the repair and distribution of radio and TV broadcasting) |  | ROME(ITALY)           |  | EUR      |  | 7,140,381     |  | 100.0000      |  |                   |  | LA7 TELEVISIONI S.p.A.                                                   
|                                                                                                                                                       |  |                       |  |          |  |              
|OLIVETTI TECNOST GROUP                                                                                                                                 |  |                       |  |          |  |               |  |               |  |                   |  |                                                                          
|CELL-TEL S.p.A. (telecommunications
equipment. installations and systems)                                                                              |  | IVREA(TURIN - ITALY)  |  | EUR      |  | 500,000       |  | 80.0000       |  |                   |  | OLIVETTI TECNOST S.p.A.                                                  
|INNOVIS S.p.A. (computer. online and telecommunications equipments and services)                                                                       |  | IVREA(TURIN - ITALY)  |  | EUR      |  | 325,000       |  | 80.0000       |  |                   |  | OLIVETTI TECNOST S.p.A.                                                  
|OLIVETTI CHILE S.A. (sale and maintenance of office equipment, accessories and software)                                                               |  | SANTIAGO(CHILE)       |  | CLP      |  | 2,574,015,843 |  | 99.99940.0006 |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.OLIVETTI PERUANA S.A. (in liquidation)
|OLIVETTI DE PUERTO RICO Inc. (office equipment in the United States and Central America)                                                               |  | SAN JUAN(PUERTO RICO) |  | USD      |  | 1,000         |  | 100.0000      |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                      
|OLIVETTI DO BRASIL S.A. (manufacture
and sale of typewriters, accessories, parts and assistance)                                                       |  | SAO PAULO(BRAZIL)     |  | BRL      |  | 111,660,625   |  | 96.64463.3554 |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.OLIVETTI MEXICANA S.A.                
|OLIVETTI I - JET S.p.A. (manufacture and sale of products and accessories for office equipment)                                                        |  | ARNAD(AOSTA - ITALY)  |  | EUR      |  | 15,000,000    |  | 100.0000      |  |                   |  | OLIVETTI TECNOST S.p.A.                                                  
|OLIVETTI MEXICANA S.A. (manufacture and sale, import-export of typewriters, adding machines, accessories and parts, technical assistance services)     |  | MEXICO CITY(MEXICO)   |  | MXN      |  | 195,190,636   |  | 99.99990.0001 |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.OLIVETTI TECNOST S.p.A.               
|OLIVETTI SISTEMA E SERVICOS LIMITADA (sale of typewriters, information systems products and electronic goods and services)                             |  | SAO PAULO(BRAZIL)     |  | BRL      |  | 410,000       |  | 100.0000      |  |                   |  | OLIVETTI DO BRASIL S.A.                                                  
|OLIVETTI TECNOST AFRICA (PTY) Ltd. (sale of office equipment)                                                                                          |  | SANDTON(SOUTH AFRICA) |  | ZAR      |  | 601           |  | 100.0000      |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                      
|OLIVETTI TECNOST AUSTRIA Ges.m.b.H (sale of office equipment and accessories)                                                                          |  | VIENNA(AUSTRIA)       |  | EUR      |  | 36,336        |  | 100.0000      |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                      
|OLIVETTI TECNOST de MEXICO S.A. de C.V. (manufacture and sale of office equipment)                                                                     |  | TETLA(MEXICO)         |  | MXN      |  | 234,895,310   |  | 99.99990.0001 |  |                   |  | OLIVETTI MEXICANA S.A.OLIVETTI TECNOST S.p.A.                            
|OLIVETTI TECNOST DEUTSCHLAND GmbH (sale of office equipment and holding company)                                                                       |  | NURNBERG(GERMANY)     |  | EUR      |  | 25,600,000    |  | 100.0000      |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                      
|OLIVETTI TECNOST ESPANA S.A. (sale
and maintenance of office equipment, consulting and telematic network management)                                   |  | BARCELONA(SPAIN)      |  | EUR      |  | 1,229,309     |  | 99.9912       |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                      





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|                                                                                                                      |  |                    |  |          |  |              |  |            |  |                   |  |                                                        
|--------------------------------------------------------------------------------------------------------------------- |  | ------------------ |  | -------- |  | ------------ |  | ---------- |  | ----------------- |  | -------------------------------------------------------
|Name                                                                                                                  |  | Head Office        |  | Currency |  | ShareCapital |  | %ownership |  | % ofvoting rights |  | Held by                                                
|OLIVETTI TECNOST FRANCE S.A.                                                                                          |  | PUTEAUX            |  | EUR      |  | 2,200,000    |  | 100.0000   |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                    
|(sale of office equipment and software)                                                                               |  | (FRANCE)           |  |          |  |              |  |            |  |                   |  |                                                        
|OLIVETTI TECNOST INTERNATIONAL B.V.                                                                                   |  | AMSTERDAM          |  | EUR      |  | 355,027,092  |  | 100.0000   |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|(holding company)                                                                                                     |  | (HOLLAND)          |  |          |  |              |  |            |  |                   |  |                                                        
|OLIVETTI TECNOST NEDERLAND B.V.                                                                                       |  | LEIDERDORP         |  | EUR      |  | 6,468,280    |  | 100.0000   |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                    
|(sale of office equipment and accessories)                                                                            |  | (HOLLAND)          |  |          |  |              |  |            |  |                   |  |                                                        
|OLIVETTI TECNOST PORTUGAL, S.A                                                                                        |  | LISBON             |  | EUR      |  | 275,000      |  | 99.9927    |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                    
|(sale of office equipment and accessories)                                                                            |  | (PORTUGAL)         |  |          |  |              |  |            |  |                   |  |                                                        
|OLIVETTI TECNOST S.p.A.                                                                                               |  | IVREA              |  | EUR      |  | 78,000,000   |  | 100.0000   |  |                   |  | TELECOM ITALIA S.p.A.                                  
|(manufacture and sale of products and accessories for office equipment)                                               |  | (TURIN - ITALY)    |  |          |  |              |  |            |  |                   |  |                                                        
|OLIVETTI TECNOST UK Ltd.                                                                                              |  | MILTON KEYNES      |  | GBP      |  | 6,295,712    |  | 100.0000   |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                    
|(sale of office equipment)                                                                                            |  | (UK)               |  |          |  |              |  |            |  |                   |  |                                                        
|TIEMME SISTEMI S.r.l.                                                                                                 |  | CARSOLI            |  | EUR      |  | 1,040,000    |  | 100.0000   |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|(electric, electromechanical, electronic equipment and related systems)                                               |  | (LAQUILA - ITALY) |  |          |  |              |  |            |  |                   |  |                                                        
|TIESSE S.c.p.A.                                                                                                       |  | ROME               |  | EUR      |  | 103,292      |  | 42.0000    |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|(installation and assistance for electromechanical, electronic, computer, telematic and telecommunications equipment) |  | (ITALY)            |  |          |  |              |  | 19.0000    |  |                   |  | TIEMME SISTEMI S.r.l.                                  
|TOP SERVICE S.p.A.                                                                                                    |  | MODUGNO            |  | EUR      |  | 1,022,500    |  | 50.3667    |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|(electronic diagnostics and repairs of computer products)                                                             |  | (BARI - ITALY)     |  |          |  |              |  |            |  |                   |  |                                                        
|WIRELAB S.p.A.                                                                                                        |  | SCARMAGNO          |  | EUR      |  | 300,000      |  | 70.0000    |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|(repairs, management and assistance of fixed telecommunications and other equipment)                                  |  | (TURIN - ITALY)    |  |          |  |              |  |            |  |                   |  |                                                        
|YMINDS S.A.                                                                                                           |  | YVERDON LES BAINS  |  | CHF      |  | 100,000      |  | 100.0000   |  |                   |  | OLIVETTI I-JET S.p.A.                                  
|(product research and development based on ink-jet technology)                                                        |  | (SWITZERLAND)      |  |          |  |              |  |            |  |                   |  |                                                        
|                                                                                                                      |  |                    |  |          |  |              |  |            |  |                   |  |                                                        
|INFORMATION TECHNOLOGY MARKET                                                                                         |  |                    |  |          |  |              | 
|                                                                                                                      |  |                    |  |          |  |              | 
|AGRISIAN - Consulenza e Servizi per lAgricoltura S.C.p.A. (consulting and services in favor of agriculture)          |  | ROME(ITALY)        |  | EUR      |  | 10,330,000   |  | 50.8600    |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.
|ASPASIEL S.r.l.                                                                                                       |  | ROME               |  | EUR      |  | 260,000      |  | 50.0000    |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.
|(information systems)                                                                                                 |  | (ITALY)            |  |          |  |              |  |            |  |                   |  |                                                        
|BANKSIEL S.p.A.                                                                                                       |  | MILAN              |  | EUR      |  | 10,400,000   |  | 55.5000    |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.
|(design, installation, operation and maintenance of information systems for bank, financial and insurance companies)  |  | (ITALY)            |  |          |  |              |  |            |  |                   |  |                                                        
|CARISIEL Sistemi Informativi Elettronici per il Settore Creditizio e Finanziario                                      |  | RENDE              |  | EUR      |  | 769,585      |  | 98.0000    |  |                   |  | BANKSIEL S.p.A.                                        
|(management of information systems and prod, development and maintenance)                                             |  | (COSENZA - ITALY)  |  |          |  |              |  | 2.0000     |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.





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|                                                                                                                                           |  |                      |  |          |  |                |  |                |  |                   |  |                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------- |  | -------- |  | -------------- |  | -------------- |  | ----------------- |  | ----------------------------------------------------------------------------------------------
|Name                                                                                                                                       |  | Head Office          |  | Currency |  | Share Capital  |  | %ownership     |  | % ofvoting rights |  | Held by                                                                                       
|CENTROSIEL S.p.A.                                                                                                                          |  | MILAN                |  | EUR      |  | 516,600        |  | 47.0000        |  | 51.0000           |  | BANKSIEL S.p.A.                                                                               
|(information systems)                                                                                                                      |  | (ITALY)              |  |          |  |                |  |                |  |                   |  |                                                                                               
|EUSTEMA S.p.A. (design, research,
development and marketing of software, information and online systems)                                   |  | ROME(ITALY)          |  | EUR      |  | 312,000        |  | 67.3333        |  |                   |  | TELECOM ITALIA S.p.A.                                                                         
|FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A. (conception and implementation of projects in information technology applications) |  | ROME (ITALY)         |  | EUR      |  | 59,982,385     |  | 79.49950.6286  |  |                   |  | TELECOM ITALIA S.p.A.FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                  
|FINSIEL ROMANIA S.r.l. (consulting
and software development)                                                                               |  | BUCHAREST(RUMANIA)   |  | ROL      |  | 11,841,500,000 |  | 97.9732        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONIINFORMATICHE S.p.A.                                        
|I.A.K. S.r.l. (advanced information
systems for credit)                                                                                    |  | MILAN (ITALY)        |  | EUR      |  | 1,040,000      |  | 100.0000       |  |                   |  | BANKSIEL S.p.A.                                                                               
|INSIEL - INF.PER SIS.ENTI LOCALI S.p.A. (information systems)                                                                              |  | TRIESTE(ITALY)       |  | EUR      |  | 7,755,000      |  | 52.0000        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONIINFORMATICHE S.p.A.                                        
|INTERSIEL S.p.A. (design,
installation, operation and maintenance of information systems)                                                  |  | RENDE(COSENZA ITALY) |  | EUR      |  | 456,900        |  | 100.0000       |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONIINFORMATICHE S.p.A.                                        
|KRENESIEL - SOCIETA SARDA DI INFORMATICA S.p.A. (information systems)                                                                     |  | SASSARI (ITALY)      |  | EUR      |  | 2,582,300      |  | 41.000010.0000 |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.INSIEL - INF.PER SIS.ENTI LOCALI S.p.A.
|TELE SISTEMI FERROVIARI S.p.A. - TSF (information systems)                                                                                 |  | ROME (ITALY)         |  | EUR      |  | 77,003,670     |  | 60.9997        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONIINFORMATICHE S.p.A.                                        
|VENEZIA INFORMATICA E SISTEMI - VENIS S.p.A. (information systems for the City of Venice and other public subjects)                        |  | VENICE (ITALY)       |  | EUR      |  | 1,549,500      |  | 30.600020.4000 |  |                   |  | INSIEL - INF.PER SIS.ENTI LOCALI S.p.A.FINSIEL - CONSULENZA E APPLICAZIONIINFORMATICHE S.p.A. 
|WEBRED S.p.A. (information
systems)                                                                                                        |  | PERUGIA(ITALY)       |  | EUR      |  | 1,560,000      |  | 51.0000        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                                       
|                                                                                                                                           |  |                      |  |          |  |               
|INFORMATION TECHNOLOGY DI GROUP                                                                                                            |  |                      |  |          |  |                |  |                |  |                   |  |                                                                                               
|                                                                                                                                           |  |                      |  |          |  |                |  |                |  |                   |  |                                                                                               
|I.T. TELECOM S.r.l. (other software
development and software consulting)                                                                   |  | MILAN(ITALY)         |  | EUR      |  | 25,000,000     |  | 100.0000       |  |                   |  | TELECOM ITALIA S.p.A.                                                                         
|                                                                                                                                           |  |                      |  |          |  |               
|OTHER ACTIVITIES                                                                                                                           |  |                      |  |          |  |                |  |                |  |                   |  |                                                                                               
|                                                                                                                                           |  |                      |  |          |  |                |  |                |  |                   |  |                                                                                               
|DOMUS ACADEMY S.p.A. (specialized design courses)                                                                                          |  | MILAN (ITALY)        |  | EUR      |  | 140,000        |  | 67.3336        |  |                   |  | TELECOM ITALIA S.p.A.                                                                         
|EDOTEL S.p.A. (holding
company)                                                                                                            |  | TURIN (ITALY)        |  | EUR      |  | 4,847,193      |  | 100.0000       |  |                   |  | TELECOM ITALIA FINANCE S.A.                                                                   
|EMSA Servizi S.p.A. (real estate
services management)                                                                                      |  | ROME (ITALY)         |  | EUR      |  | 5,000,000      |  | 100.0000       |  |                   |  | TELECOM ITALIA S.p.A.                                                                         
|ETI - EURO TELECOM INTERNATIONAL N.V. (holding company)                                                                                    |  | AMSTERDAM(HOLLAND)   |  | EUR      |  | 50,050         |  | 100.0000       |  |                   |  | ICH - INTERNATIONAL COMMUNICATION HOLDING N.V.                                                





---

|                                                                                          |  |                     |  |          |  |               |  |                |     |  |                   |  |                                                  
|----------------------------------------------------------------------------------------- |  | ------------------- |  | -------- |  | ------------- |  | -------------- | --- |  | ----------------- |  | -------------------------------------------------
|Name                                                                                      |  | Head Office         |  | Currency |  | ShareCapital  |  | %ownership     |     |  | % ofvoting rights |  | Held by                                          
|ICH - INTERNATIONAL COMMUNICATION                                                         |  | AMSTERDAM           |  | EUR      |  | 50,000        |  | 100.0000       |     |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.                
|HOLDING N.V. (holding company)                                                            |  | (HOLLAND)           |  |          |  |               |  |                |     |  |                   |  |                                                  
|ISM S.r.l. (holding
company)                                                              |  | TURIN(ITALY)        |  | EUR      |  | 56,010,000    |  | 100.0000       |     |  |                   |  | TELECOM ITALIA FINANCE S.A.                      
|O&B COSTRUZIONI GENERALI S.r.l. (real estate purchases, exchanges and sales)              |  | IVREA(TURIN -ITALY) |  | EUR      |  | 100,000       |  | 50.1000        |     |  |                   |  | OLIVETTI MULTISERVICES S.p.A.                    
|OFI CONSULTING S.r.l. (administrative consulting)                                         |  | IVREA(TURIN -ITALY) |  | EUR      |  | 95,000        |  | 100.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|OLIVETTI GESTIONI IVREA S.p.A. (real
estate services)                                     |  | IVREA(TURIN -ITALY) |  | EUR      |  | 1,300,000     |  | 100.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|OLIVETTI HOLDING B.V. (holding
company)                                                   |  | AMSTERDAM(HOLLAND)  |  | EUR      |  | 15,882,770    |  | 100.0000       |     |  |                   |  | TELECOM ITALIA FINANCE S.A.                      
|OLIVETTI MULTISERVICES S.p.A. (real
estate management)                                    |  | IVREA(TURIN -ITALY) |  | EUR      |  | 20.337.161    |  | 100.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|OLIVETTI SYSTEMS TECHNOLOGY CORPORATION (real estate management)                          |  | YOKOHAMA(JAPAN)     |  | JPY      |  | 100,000,000   |  | 100.0000       |     |  |                   |  | TELECOM ITALIA FINANCE S.A.                      
|OMS HOLDING B.V. (financing)                                                              |  | AMSTERDAM(HOLLAND)  |  | EUR      |  | 20,000        |  | 100.0000       |     |  |                   |  | OLIVETTI MULTISERVICES S.p.A.                    
|RUF GESTION S.A.S. (real estate
services)                                                 |  | PUTEAUX(FRANCE)     |  | EUR      |  | 266,300       |  | 100.0000       |     |  |                   |  | OMS HOLDING B.V.                                 
|SAIAT SOCIETA ATTIVITA INTERMEDIE AUSILIARIE TLC P.A. (financing)                       |  | TURIN(ITALY)        |  | EUR      |  | 35,745,120    |  | 100.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|TECNOSERVIZI MOBILI S.r.l. (management of movable assets)                                 |  | ROME(ITALY)         |  | EUR      |  | 26,000        |  | 51.0000        |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|TELECOM ITALIA AMERICA LATINA S.A. (telecommunications and promotional services)          |  | SAO PAULO(BRAZIL)   |  | BRL      |  | 43,614,072    |  | 99.9996        |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|TELECOM ITALIA AUDIT - SCARL (internal auditing for the Telecom                           |  | MILAN(ITALY)        |  | EUR      |  | 2,750,000     |  | 63.636418.1818 |     |  |                   |  | TELECOM ITALIA S.p.A.TELECOM ITALIA MOBILE S.p.A.
|Italia Group)                                                                             |  |                     |  |          |  |               |  | 18.1818        |     |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                      
|TELECOM ITALIA CAPITAL S.A. (financing)                                                   |  | LUXEMBOURG          |  | EUR      |  | 2,336,000     |  | 99.99900.0010  |     |  |                   |  | TELECOM ITALIA S.p.A.TELECOM ITALIA FINANCE S.A. 
|TELECOM ITALIA FINANCE S.A. (financing)                                                   |  | LUXEMBOURG          |  | EUR      |  | 542,090,241   |  | 100.0000       | (*) |  |                   |  | TELECOM ITALIA S.p.A.                            
|TELECOM ITALIA INTERNATIONAL N.V. (holding company)                                       |  | AMSTERDAM(HOLLAND)  |  | EUR      |  | 2,399,483,000 |  | 100.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                            
|TELECOM ITALIA LAB S.A. (holding
company)                                                 |  | LUXEMBOURG          |  | USD      |  | 163,870       |  | 99.99390.0061  |     |  |                   |  | TELECOM ITALIA S.p.A.TELECOM ITALIA FINANCE S.A. 
|TELECOM ITALIA LEARNING SERVICES DO BRASIL LIMITADA (information consulting and services) |  | SAO PAULO(BRAZIL)   |  | BRL      |  | 174,040       |  | 99.9989        |     |  |                   |  | TELECOM ITALIA LEARNING SERVICES S.p.A.          





---

|                                                                                                                  |  |                    |  |          |  |              |  |                |  |                   |  |                                                   
|----------------------------------------------------------------------------------------------------------------- |  | ------------------ |  | -------- |  | ------------ |  | -------------- |  | ----------------- |  | --------------------------------------------------
|Name                                                                                                              |  | Head Office        |  | Currency |  | ShareCapital |  | %ownership     |  | % ofvoting rights |  | Held by                                           
|TELECOM ITALIA LEARNING SERVICES S.p.A. (professional training)                                                   |  | MILAN (ITALY)      |  | EUR      |  | 1,560,000    |  | 100.0000       |  |                   |  | TELECOM ITALIA S.p.A.                             
|TELENERGIA S.r.l. (import,
export, purchase, sale and exchange of electrical energy)                              |  | ROME (ITALY)       |  | EUR      |  | 50,000       |  | 80.000020.0000 |  |                   |  | TELECOM ITALIA S.p.A. TELECOM
ITALIA MOBILE S.p.A.
|TELSI (financing
company)                                                                                         |  | LONDON (UK)        |  | GBP      |  | 496,661,807  |  | 100.0000       |  |                   |  | TELECOM ITALIA FINANCE S.A.                       
|TELSY ELETTRONICA E TELECOMUNICAZIONI S.p.A. (manufacturing and sale of systems for encrypted telecommunications) |  | TURIN (ITALY)      |  | EUR      |  | 390,000      |  | 100.0000       |  |                   |  | TELECOM ITALIA S.p.A.                             
|TIAUDIT LATAM S.A. (internal auditing)                                                                            |  | SAO PAULO (BRAZIL) |  | BRL      |  | 1,500,000    |  | 100.0000       |  |                   |  | TELECOM ITALIA AUDIT - SCARL                      



(*) The percentage of ownership
includes ordinary shares/quotas held by members of the Board of Directors/Managers as required by local laws in order to hold the post of Director/Manager or held by trustees.







---

Telecom Italia Group



List of companies accounted for by the equity method



|                                                                                                      |  |                                  |  |          |  |                       |  |               |     |  |                   |  |                                                        
|----------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | -------- |  | --------------------- |  | ------------- | --- |  | ----------------- |  | -------------------------------------------------------
|Name                                                                                                  |  | Head Office                      |  | Currency |  | Share Capital         |  | %ownership    |     |  | % ofvoting rights |  | Held by                                                
|                                                                                                      |  |                                  |  |          |  |                      
|Subsidiaries                                                                                          |  |                                  |  |          |  |                       |  |               |     |  |                   |  |                                                        
|THINX-SM TELEHOUSE INTERNET EXCHANGE S.A. (housing and hosting)                                       |  | REPUBLIC OF SAN MARINO           |  | EUR      |  | 258,000               |  | 100.0000      |     |  |                   |  | INTELCOM SAN MARINO S.p.A.                             
|TMI TELEMEDIA INTERNATIONAL DO BRASIL Ltda (telecommunications services)                              |  | SAO PAULO (BRAZIL)               |  | BRL      |  | 2,589,317             |  | 100.0000      | (*) |  |                   |  | TMI - TELEMEDIA INTERNATIONAL Ltd                      
|                                                                                                      |  |                                  |  |          |  |                      
|Affiliated Companies                                                                                  |  |                                  |  |          |  |                       |  |               |     |  |                   |  |                                                        
|012 GOLDEN LINES INTERNATIONAL COMMUNICATION SERVICES Ltd (long distance telephony services)          |  | RAMAT GAN (ISRAEL)               |  | ILS      |  | 3,000,000             |  | 26.4000       |     |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.                      
|AREE URBANE S.r.l. (real
estate)                                                                      |  | MILAN (ITALY)                    |  | EUR      |  | 307,717               |  | 31.64990.9700 |     |  |                   |  | TELECOM ITALIA S.p.A. TELECOM
ITALIA MEDIA S.p.A.      
|ASCAI SERVIZI S.r.l. (insurance
mediation)                                                            |  | ROME (ITALY)                     |  | EUR      |  | 73,337                |  | 35.2113       |     |  |                   |  | SAIAT SOCIETA ATTIVITAINTERMEDIE AUSILIARIE TLC P.A. 
|ASSCOM INSURANCE BROKERS S.r.l. (insurance mediation)                                                 |  | MILAN (ITALY)                    |  | EUR      |  | 100,000               |  | 20.0000       |     |  |                   |  | TELECOM ITALIA S.p.A.                                  
|AVEA ILETISIM HIZMETLERI A.S. (EX TT&TIM AS) (mobile telephony operator)                              |  | ISTANBUL (TURKEY)                |  | TRL      |  | 6,628,185,030,970,000 |  | 40.0000       |     |  |                   |  | TIM INTERNATIONAL N.V.                                 
|BALTEA S.r.l. (manufacture and
sale of office equipment and computer and telecommunications services) |  | IVREA (TURIN - ITALY)            |  | EUR      |  | 2,220,000             |  | 49.0000       |     |  |                   |  | OLIVETTI TECNOST S.p.A.                                
|BROAD BAND SERVICE S.A. (production and sales of multimedia services)                                 |  | REPUBLIC OF SAN MARINO           |  | EUR      |  | 258,000               |  | 20.0000       |     |  |                   |  | INTELCOM SAN MARINO S.p.A.                             
|BUENAVENTURA S.A. (telecommunications services)                                                       |  | SANTIAGO (CHILE)                 |  | CLP      |  | 1,841,258,210         |  | 50.0000       |     |  |                   |  | ENTEL TELEFONÍA PERSONAL S.A.                          
|E-UTILE S.p.A. (ICT solutions
and services for companies in the field of public utilities)            |  | MILAN (ITALY)                    |  | EUR      |  | 482,000               |  | 51.0000       |     |  |                   |  | SIEMENS INFORMATICA S.p.A.                             
|EISYS S.p.A. (software
development)                                                                   |  | ROME (ITALY)                     |  | EUR      |  | 619,200               |  | 25.0000       |     |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.
|Empresa de Telecomunicaciones de Cuba S.A. ETEC-SA (telecommunications services)                      |  | HAVANA (CUBA)                    |  | USD      |  | 1,717,302,900         |  | 27.0025       |     |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.                      
|EUROFLY SERVICE S.p.A. (purchase, sale and chartering of airplanes)                                   |  | CASELLE TORINESE (TURIN - ITALY) |  | EUR      |  | 8,275,000             |  | 24.5500       |     |  |                   |  | TELECOM ITALIA S.p.A.                                  





---

|                                                                                         |  |                                   |  |          |  |              |  |                |  |                   |  |                                      
|---------------------------------------------------------------------------------------- |  | --------------------------------- |  | -------- |  | ------------ |  | -------------- |  | ----------------- |  | -------------------------------------
|Name                                                                                     |  | Head Office                       |  | Currency |  | ShareCapital |  | %ownership     |  | % ofvoting rights |  | Held by                              
|IM.SER S.p.A.                                                                            |  | TURIN                             |  | EUR      |  | 889,950      |  | 40.0000        |  |                   |  | TELECOM ITALIA S.p.A.                
|(real estate management)                                                                 |  | (ITALY)                           |  |          |  |              |  |                |  |                   |  |                                      
|ITALCOM S.p.A. (multimedia
systems and devices)                                          |  | MILAN (ITALY)                     |  | EUR      |  | 103,200      |  | 100.0000       |  |                   |  | ITALTEL S.p.A.                       
|ITALDATA S.p.A. (solutions and
services for the web economy)                             |  | AVELLINO (ITALY)                  |  | EUR      |  | 3,096,000    |  | 100.0000       |  |                   |  | SIEMENS INFORMATICA S.p.A.           
|ITALTEL A.O. (telecommunications
systems)                                                |  | S.PETERSBURG (RUSSIA)             |  | RUB      |  | 20,000       |  | 100.0000       |  |                   |  | ITALTEL BV                           
|ITALTEL ARGENTINA S.A. (telecommunications systems)                                      |  | BUENOS AIRES (ARGENTINA)          |  | ARS      |  | 600,000      |  | 96.00004.0000  |  |                   |  | ITALTEL BV ITALTEL
S.p.A.            
|ITALTEL BV (trading and
financial company)                                               |  | AMSTERDAM (HOLLAND)               |  | EUR      |  | 12,731,200   |  | 100.0000       |  |                   |  | ITALTEL S.p.A.                       
|ITALTEL BRASIL LTDA (trading
company)                                                    |  | SAO PAULO (BRAZIL)                |  | BRL      |  | 2,018,302    |  | 51.440048.5600 |  |                   |  | ITALTEL S.p.A. ITALTEL
BV            
|ITALTEL CERM PALERMO S.c.p.A (scientific and technological research)                     |  | PALERMO (ITALY)                   |  | EUR      |  | 2,125,000    |  | 90.000010.0000 |  |                   |  | ITALTEL S.p.A. TELECOM ITALIA
S.p.A. 
|ITALTEL DEUTSCHLAND Gmbh (trading company)                                               |  | DUSSELDORF (GERMANY)              |  | EUR      |  | 40,000       |  | 60.000040.0000 |  |                   |  | ITALTEL HOLDING S.p.A. ITALTEL
BV    
|ITALTEL ESPANA S.A. (telecommunications systems)                                         |  | MADRID (SPAIN)                    |  | EUR      |  | 13,191,950   |  | 100.0000       |  |                   |  | ITALTEL BV                           
|ITALTEL FRANCE S.a.s (trading
company)                                                   |  | PARIS (FRANCE)                    |  | EUR      |  | 40,000       |  | 100.0000       |  |                   |  | ITALTEL HOLDING S.p.A.               
|ITALTEL INC. LTD (trading
company)                                                       |  | DELAWARE (USA)                    |  | USD      |  | 100          |  | 60.000040.0000 |  |                   |  | ITALTEL HOLDING S.p.A. ITALTEL
BV    
|ITALTEL KENYA LTD (telecommunications systems)                                           |  | NAIROBI (KENYA)                   |  | KES      |  | 500,000      |  | 99.98000.0200  |  |                   |  | ITALTEL BV ITALTEL
S.p.A.            
|ITALTEL S.p.A. (telecommunications systems)                                              |  | SETTIMO MILANESE (MILAN -
ITALY)) |  | EUR      |  | 196,830,400  |  | 100.0000       |  |                   |  | ITALTEL HOLDING S.p.A.               
|ITALTEL TELECOM HELLAS EPE (telecommunications systems)                                  |  | ATHENS (GREECE)                   |  | EUR      |  | 18,000       |  | 80.000020.0000 |  |                   |  | ITALTEL HOLDING S.p.A. ITALTEL
S.p.A.
|ITALTEL HOLDING S.p.A. (holding
company)                                                 |  | MILAN (ITALY)                     |  | EUR      |  | 115,459,344  |  | 19.3733        |  |                   |  | TELECOM ITALIA FINANCE S.A.          
|LATINA GIOCHI E SISTEMI S.r.l. (lotteries and telephone and telematic games)             |  | MILAN (ITALY)                     |  | EUR      |  | 520,000      |  | 25.0000        |  |                   |  | OLIVETTI TECNOST S.p.A.              
|MICRO SISTEMAS S.A. (telecommunications services)                                        |  | BUENOS AIRES (ARGENTINA)          |  | ARS      |  | 210,000      |  | 99.99000.0100  |  |                   |  | TELECOM ARGENTINA S.A. PUBLICOM
S.A. 
|MOVENDA S.p.A. (technological
platforms for the development of mobile Internet services) |  | ROME (ITALY)                      |  | EUR      |  | 133,333      |  | 25.0000        |  |                   |  | TELECOM ITALIA LAB SA                
|NORDCOM S.p.A. (application
service provider)                                            |  | MILAN (ITALY)                     |  | EUR      |  | 5,000,000    |  | 42.0000        |  |                   |  | TELECOM ITALIA S.p.A.                
|NORTEL INVERSORA S.A. (holding company)                                                  |  | BUENOS AIRES (ARGENTINA)          |  | ARS      |  | 78,633,050   |  | 100.0000       |  |                   |  | SOFORA TELECOMUNICACIONES SA         





---

|                                                                                                                                    |  |                                  |  |          |  |                 |  |                     |  |                   |  |                                                                           
|----------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | -------- |  | --------------- |  | ------------------- |  | ----------------- |  | --------------------------------------------------------------------------
|Name                                                                                                                                |  | Head Office                      |  | Currency |  | Share Capital   |  | %Ownership          |  | % ofVoting Rights |  | Held by                                                                   
|NUCLEO S.A. (telecommunications
services)                                                                                           |  | ASUNCIÓN (PARAGUAY)              |  | PYG      |  | 175,200,000,000 |  | 67.5000             |  |                   |  | TELECOM PERSONAL S.A.                                                     
|OLI GULF FZCO (marketing of office
and computer equipment)                                                                          |  | JEBEL ALI (DUBAI  UAE)          |  | AED      |  | 500,000         |  | 40.0000             |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                                       
|OLITECNO S.A. DE C.V. (in liquidation) (manufacture and sale of products for the telecommunications industry)                       |  | MEXICO D.F. (MEXICO)             |  | MXN      |  | 1,000,000       |  | 50.0000             |  |                   |  | OLIVETTI MEXICANA S.A.                                                    
|ONE-ANS S.p.A. (supply of
information technology services)                                                                          |  | MONZA (MILAN  ITALY)            |  | EUR      |  | 1,013,874       |  | 100.0000            |  |                   |  | ITALTEL S.p.A.                                                            
|PEGASO S.r.l. (purchase, sale,
exchange, rent, administration, maintenance of movable goods registered for any use and destination) |  | CASELLE TORINESE (TURIN  ITALY) |  | EUR      |  | 20,000          |  | 24.5500             |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|PUBLICOM S.A. (telecommunications services)                                                                                         |  | BUENOS AIRES (ARGENTINA)         |  | ARS      |  | 16,000,000      |  | 99.99000.0100       |  |                   |  | TELECOM ARGENTINA S.A. NORTEL
INVERSORA S.A.                              
|SHARED SERVICE CENTER SCARL (planning, design, installation running of computer services                                            |  | MILAN (ITALY)                    |  | EUR      |  | 1,756,612       |  | 40.90914.54554.5455 |  |                   |  | TELECOM ITALIA S.p.A. TELECOM ITALIA
MOBILE S.p.A. OLIVETTI TECNOST S.p.A.
|SIEMENS INFORMATICA S.p.A. (supply
of innovating solutions in the field of electronic and mobile business)                          |  | MILAN (ITALY)                    |  | EUR      |  | 6,192,000       |  | 49.0000             |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|SISPI S.p.A. (information systems for the municipality of Palermo and other private and public entities)                            |  | PALERMO (ITALY)                  |  | EUR      |  | 2,066,000       |  | 49.0000             |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                   
|SOFORA TELECOMUNICACIONES S.A. (holding company)                                                                                    |  | BUENOS AIRES (ARGENTINA)         |  | ARS      |  | 439,702,000     |  | 32.500017.5000      |  |                   |  | TELECOM ITALIA S.p.A. TELECOM ITALIA INTERNATIONAL N.V.                   
|TELBIOS S.p.A. (technological services supporting the health sector)                                                                |  | MILAN (ITALY)                    |  | EUR      |  | 4,083,330       |  | 31.0345             |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|TELECOM ARGENTINA S.A. (telecommunications services)                                                                                |  | BUENOS AIRES (ARGENTINA)         |  | ARS      |  | 984,380,978     |  | 54.7364             |  |                   |  | NORTEL INVERSORA S.A.                                                     
|TELECOM ARGENTINA USA INC. (telecommunications services)                                                                            |  | DELAWARE (USA)                   |  | USD      |  | 249,873         |  | 100.0000            |  |                   |  | TELECOM ARGENTINA S.A.                                                    
|TELECOM PERSONAL S.A. (telecommunications services)                                                                                 |  | BUENOS AIRES (ARGENTINA)         |  | ARS      |  | 310,514,481     |  | 99.99230.0077       |  |                   |  | TELECOM ARGENTINA S.A. PUBLICOM
S.A.                                      
|TELEGONO S.r.l. (real estate management)                                                                                            |  | ROME (ITALY)                     |  | EUR      |  | 1,000,000       |  | 40.0000             |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|TELELEASING - LEASING DI TELECOMUNICAZIONI E GENERALE S.p.A. (financial leasing of real estate and other assets)                    |  | MILAN (ITALY)                    |  | EUR      |  | 9,500,000       |  | 20.0000             |  |                   |  | SAIAT SOCIETA ATTIVITAINTERMEDIE AUSILIARIE TLC P.A.                    



---

|                                                             |  |                     |  |          |  |              |  |            |  |                   |  |                                                        
|------------------------------------------------------------ |  | ------------------- |  | -------- |  | ------------ |  | ---------- |  | ----------------- |  | -------------------------------------------------------
|Name                                                         |  | HeadOffice          |  | Currency |  | ShareCapital |  | %Ownership |  | % ofVoting Rights |  | Held by                                                
|TIGLIO I S.r.l.                                              |  | MILAN               |  | EUR      |  | 5,255,704    |  | 45.6991    |  |                   |  | TELECOM ITALIA S.p.A.                                  
|(real estate management)                                     |  | (ITALY)             |  |          |  |              |  | 2.1027     |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                            
|TIGLIO II S.r.l. (real estate management)                    |  | MILAN (ITALY)       |  | EUR      |  | 14,185,288   |  | 49.4707    |  |                   |  | TELECOM ITALIA S.p.A.                                  
|W.P.WINNER PROJECT B.V. (web solutions)                      |  | ROTTERDAM (HOLLAND) |  | EUR      |  | 18,151       |  | 100.0000   |  |                   |  | VALUE TEAM S.p.A.                                      
|VALUE TEAM S.p.A. (EX WEBEGG) (web
solutions)                |  | MILAN (ITALY)       |  | EUR      |  | 33,107,160   |  | 30.2000    |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.
|WEMACOM TELEKOMMUNIKATION GmbH (telecommunications services) |  | SCHWERIN (GERMANY)  |  | EUR      |  | 60,000       |  | 25.0000    |  |                   |  | HANSENET TELEKOMMUNIKATION GmbH                        

(*) The percentage of ownership includes ordinary shares/quotas held by members of the Board of
Directors/Managers as required by local laws in order to hold the post of Director/Manager or held by trustees.







---

Telecom Italia Group



List of other subsidiaries and affiliated companies



|                                                                                                                                                         |  |                          |  |          |  |               |  |                           |  |                   |  |                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ |  | -------- |  | ------------- |  | ------------------------- |  | ----------------- |  | ----------------------------------------------------------------------------------------------------------------------
|Name                                                                                                                                                     |  | Head Office              |  | Currency |  | ShareCapital  |  | %ownership                |  | % ofvoting rights |  | Held by                                                                                                               
|                                                                                                                                                         |  |                          |  |          |  |              
|Subsidiaries                                                                                                                                             |  |                          |  |          |  |               |  |                           |  |                   |  |                                                                                                                       
|DEDITA S.p.A. (in liquidation) (systems products and services, electronic and electromechanical devices)                                                 |  | IVREA (TURIN - ITALY)    |  | EUR      |  | 250,000       |  | 100.0000                  |  |                   |  | OLIVETTI TECNOST S.p.A.                                                                                               
|DIASPRON DO BRASIL S.A. (in liquidation) (manufacture and export of typewriters and printers)                                                            |  | SAO PAULO (BRAZIL)       |  | BRL      |  | 5,135,417     |  | 99.99990.0001             |  |                   |  | OLIVETTI DO BRASIL S.A. OLIVETTI
SISTEMA E SERVICOS LIMITADA                                                          
|EMAX TRADE S.r.l. (in liquidation) (Internet site management)                                                                                            |  | MILAN (ITALY)            |  | EUR      |  | 100,000       |  | 100.0000                  |  |                   |  | MATRIX SPA                                                                                                            
|GIALLO MARKET S.r.l. (in liquidation) (owner of Virgilio.it)                                                                                             |  | MILAN (ITALY)            |  | EUR      |  | 10,000        |  | 90.000010.0000            |  |                   |  | MATRIX SPA TELECOM ITALIA MEDIA
S.p.A.                                                                                
|GIALLO VIAGGI. It S.r.l. (in liquidation) (research, design, development, production of information and telematic products for tourism)                  |  | MILAN (ITALY)            |  | EUR      |  | 10,000        |  | 100.0000                  |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                                                                           
|HOLDING MEDIA & COMUNICAZIONE PUBBLICITA S.r.l (in liquidation) (purchase/sale of ad space and management of advertising on radio/TV stations/channels) |  | ROME (ITALY)             |  | EUR      |  | 516,500       |  | 100.0000                  |  |                   |  | HOLDING MEDIA E COMUNICAZIONE H.M.C. S.p.A.                                                                           
|IL CENTRO CONTABILE S.p.A. (in liquidation) (retail sale of stationery, books and office supplies)                                                       |  | ROME (ITALY)             |  | EUR      |  | 2,233,507     |  | 89.7018                   |  |                   |  | GRUPPO BUFFETTI S.p.A.                                                                                                
|IRIDIUM ITALIA S.p.A. (in liquidation) (satellite telecommunications services)                                                                           |  | ROME (ITALY)             |  | EUR      |  | 2,575,000     |  | 65.0000                   |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                 
|KMATRIX S.r.l. (in liquidation) (Internet site creation and management)                                                                                  |  | MILAN (ITALY)            |  | EUR      |  | 100,000       |  | 100.0000                  |  |                   |  | MATRIX SPA                                                                                                            
|MULTIDATA S/A ELETRONICA INDUSTRIA E COMERCIO (in liquidation) (manufacture and export of typewriters and printers)                                      |  | MANAUS (BRAZIL)          |  | BRL      |  | 5,583,350     |  | 99.99990.0001             |  |                   |  | OLIVETTI DO BRASIL S.A. OLIVETTI
SISTEMA E SERVICOS LIMITADA                                                          
|NETESI S.p.A. (in liquidation) (telecommunications and multimedia services)                                                                              |  | MILAN (ITALY)            |  | EUR      |  | 434,715       |  | 100.0000                  |  |                   |  | TELECOM ITALIA S.p.A.                                                                                                 
|OFFICE AUTOMATION PRODUCTS S.r.l. (in liquidation) (wholesale of magnetic supports)                                                                      |  | ROME (ITALY)             |  | EUR      |  | 90,000        |  | 100.0000                  |  |                   |  | GRUPPO BUFFETTI S.p.A.                                                                                                
|OLIVETTI ARGENTINA S.A.C.e.I. (in
liquidation) (sale and maintenance of office equipment)                                                                |  | BUENOS AIRES (ARGENTINA) |  | ARS      |  | 7,590,000     |  | 99.99990.0001             |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V. OLIVETTI PERUANA S.A. (in liquidation)                                            
|OLIVETTI COLOMBIANA S.A.( in liquidation) (sale of office and industrial equipment)                                                                      |  | BOGOTA (COLOMBIA)       |  | COP      |  | 2,500,000,000 |  | 90.52889.47000.00010.0001 |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V. OLIVETTI TECNOST S.p.A. OLIVETTI CHILE S.A. OLIVETTI PERUANA S.A. (in
liquidation)
|OLIVETTI INTERNATIONAL (SERVICE) S.A. (in liquidation) (administrative services)                                                                         |  | LUGANO (SWITZERLAND)     |  | CHF      |  | 50,000        |  | 100.0000                  |  |                   |  | TELECOM ITALIA FINANCE S.A.                                                                                           



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|                                                                                                                                                           |  |                               |  |          |  |               |  |                |  |                   |  |                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------- |  | -------- |  | ------------- |  | -------------- |  | ----------------- |  | -----------------------------------------------------------
|Name                                                                                                                                                       |  | Head Office                   |  | Currency |  | ShareCapital  |  | %ownership     |  | % ofvoting rights |  | Held by                                                    
|OLIVETTI LEXIKON NORDIC AB (in liquidation) (sale of accessories and office equipment)                                                                     |  | STOCKHOLM(SWEDEN)             |  | SEK      |  | 10,100,000    |  | 100.0000       |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V.                        
|OLIVETTI PERUANA S.A. (in liquidation) (sale and assistance for office equipment and machines)                                                             |  | LIMA(PERÙ)                    |  | PEN      |  | 4,654,920     |  | 99.99980.0002  |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V. OLIVETTI TECNOST S.p.A.
|OLIVETTI SERVICIOS Y SOLUCIONES INTEGRALES S.A. de C.V. (in liquidation) (hardware maintenance and other services and integration of engineering projects) |  | MEXICO D.F.(MEXICO)           |  | MXN      |  | 7,025,226     |  | 99.99990.0001  |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V. OLIVETTI TECNOST S.p.A.
|OLIVETTI TECNOST (H.K.) LTD (in liquidation) (sale of equipment and systems in the Pacific area and other areas)                                           |  | HONG KONG                     |  | HKD      |  | 200,000       |  | 99.50000.5000  |  |                   |  | OLIVETTI TECNOST INTERNATIONAL B.V. OLIVETTI TECNOST S.p.A.
|SATURN VENTURE PARTNERS LLC (holding company)                                                                                                              |  | DELAWARE(USA)                 |  | USD      |  | 27,166,000    |  | 56.964317.8482 |  |                   |  | TELECOM ITALIA LAB SA TELECOM ITALIA
MOBILE S.p.A.         
|SCS COMUNICAZIONE INTEGRATA S.p.A. (in liquidation) (marketing and communication consulting)                                                               |  | ROME(ITALY)                   |  | EUR      |  | 600,000       |  | 100.0000       |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                
|TECO SOFT ARGENTINA S.A. (in liquidation) (design, development and sale of software)                                                                       |  | BUENOS AIRES(ARGENTINA)       |  | ARS      |  | 12,000        |  | 99.9917        |  |                   |  | TELECOM ITALIA S.p.A.                                      
|TELECOM MEDIA INTERNATIONAL ITALY- CANADA INC (in liquidation) (telecommunications services)                                                               |  | MONTREAL(CANADA)              |  | CAD      |  | 952,100       |  | 100.0000       |  |                   |  | TMI - TELEMEDIA INTERNATIONAL Ltd                          
|TIN WEB S.r.l. (in liquidation) (Internet site development consulting)                                                                                     |  | MILAN(ITALY)                  |  | EUR      |  | 10,000        |  | 100.0000       |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                
|TRAINET S.p.A. (in liquidation) (development, operation and sales of teleteaching systems)                                                                 |  | ROME(ITALY)                   |  | EUR      |  | 674,446       |  | 100.0000       |  |                   |  | TELECOM ITALIA S.p.A.                                      
|ZD TECH ITALIA S.p.A. (in liquidation) (Internet site development and management)                                                                          |  | MILAN(ITALY)                  |  | EUR      |  | 100,000       |  | 51.0000        |  |                   |  | MATRIX S.p.A.                                              
|                                                                                                                                                           |  |                               |  |          |  |              
|Affiliated Companies                                                                                                                                       |  |                               |  |          |  |               |  |                |  |                   |  |                                                            
|ARCHEO S.p.A. (in liquidation) (services)                                                                                                                  |  | BARI(ITALY)                   |  | EUR      |  | 464,400       |  | 25.0000        |  |                   |  | OFI CONSULTING S.r.l.                                      
|CABLE INSIGNIA S.A. (in liquidation) (telecommunications services)                                                                                         |  | ASUNCIÓN(PARAGUAY)            |  | PYG      |  | 1,000,000,000 |  | 75.0000        |  |                   |  | TELECOM PERSONAL S.A.                                      
|CARTESIACARTOGRAFIA DIGITALE S.p.A. (in liquidation) (design, development, marketing of numeric cartography)                                              |  | ROME(ITALY)                   |  | EUR      |  | 100,000       |  | 50.0000        |  |                   |  | TELECOM ITALIA S.p.A.                                      
|CLIPPER S.p.A. (in liquidation) (marketing and communication consulting)                                                                                   |  | ROME(ITALY)                   |  | EUR      |  | 100,000       |  | 50.0000        |  |                   |  | SCS COMUNICAZIONE INTEGRATA S.p.A. (in liquidation)        
|CROMA S.r.l. (in liquidation) (hardware maintenance)                                                                                                       |  | P.SAN GIOVANNI(PERUGI -ITALY) |  | EUR      |  | 41,317        |  | 50.0012        |  |                   |  | WEBRED S.p.A.                                              





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|                                                                                                                                                            |  |                         |  |          |  |              |        |                |  |                   |                    |                                                                         
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | -------- |  | ------------ | ------ | -------------- |  | ----------------- | ------------------ | ------------------------------------------------------------------------
|Name                                                                                                                                                        |  | Head Office             |  | Currency |  | ShareCapital |        | %ownership     |  | % ofvoting rights |                    | Held by                                                                 
|IN.VA. CONSULTING S.r.l.                                                                                                                                    |  | AOSTA                   |  | EUR      |  | 75,400       |        | 55.0000        |  |                   |                    | IN.VA. S.p.A.                                                           
|(information systems development)                                                                                                                           |  | (ITALY)                 |  |          |  |              |        |                |  |                   |                    |                                                                         
|IN.VA. S.p.A.                                                                                                                                               |  | AOSTA                   |  | EUR      |  | 520,000      |        | 40.0000        |  |                   |                    | TELECOM ITALIA S.p.A.                                                   
|(information systems)                                                                                                                                       |  | (ITALY)                 |  |          |  |              |        |                |  |                   |                    |                                                                         
|IN.VA. SISTEMI INFORMATIVI TERRITORIALI S.r.l.                                                                                                              |  | AOSTA                   |  | EUR      |  | 75,000       |        | 55.0000        |  |                   |                    | IN.VA. S.p.A.                                                           
|(supply of software)                                                                                                                                        |  | (ITALY)                 |  |          |  |              |        |                |  |                   |                    |                                                                         
|INTERNATIONAL INFORMATION SERVICES                                                                                                                          |  | MOSCOW                  |  | RUB      |  | 1,000,000    |        | 50.0000        |  |                   |                    | OLIVETTI HOLDING B.V.                                                   
|(marketing of information systems and software products)                                                                                                    |  | (RUSSIA)                |  |          |  |              |        |                |  |                   |                    |                                                                         
|ISCE Investors in Sapient & Cuneo Europe S.A.                                                                                                               |  | LUXEMBOURG              |  | EUR      |  | 4,334,400    |        | 25.0000        |  |                   |                    | TELECOM ITALIA MEDIA S.p.A.                                             
|(investment company)                                                                                                                                        |  |                         |  |          |  |              |        |                |  |                   |                    |                                                                         
|LI.SIT.-LOMBARDIA INTEGRATA SERVIZI INFOTELEMATICI PER IL TERRITORIO S.p.A. (information and TLC services and products for the local public administration) |  | MILAN (ITALY)           |  | EUR      |  | 6,500,000    |        | 24.200011.0000 |  |                   |                    | TELECOM ITALIA S.p.A. FINSIEL-CONSULENZA E APPLICAZIONI INFORMATICHE SPA
|MESNIL HOLDING S.A. (internet)                                                                                                                              |  | LUXEMBOURG              |  | EUR      |  | 78,000       |        | 99.9987        |  |                   |                    | ISCE Investors in Sapient & Cuneo Europe S.A.                           
|MIAECONOMIA S.r.l.                                                                                                                                          |  | ROME                    |  | EUR      |  | 1,000,000    |        | 30.0000        |  |                   |                    | MATRIX SPA                                                              
|(publishing in the field of personal finance)                                                                                                               |  | (ITALY)                 |  |          |  |              |        |                |  |                   |                    |                                                                         
|OCN-TRADING S.r.l. (in liquidation)                                                                                                                         |  | IVREA                   |  | EUR      |  | 40,800       |        | 40.0000        |  |                   |                    | TELECOM ITALIA S.p.A.                                                   
|(trading company)                                                                                                                                           |  | (TURIN-ITALY)           |  |          |  |              |        |                |  |                   |                    |                                                                         
|PARCO DORA BALTEA S.p.A. (various
services connected with the real estate sector)                                                                           |  | IVREA(TURIN-ITALY)      |  | EUR      |  | 300,000      |        | 33.3333        |  |                   |                    | OLIVETTI MULTISERVICES S.p.A.                                           
|UBA-NET S.A. (in liquidation) (teleteaching systems)                                                                                                        |  | BUENOS AIRES(ARGENTINA) |  | ARS      |  | 12,000       |        | 50.0000        |  |                   |                    | TRAINET S.p.A. (in liquidation)                                         
|                                                                                                                                                            |  |                         |  |          |  |             
|Consortium Subsidiaries                                                                                                                                     |  |                         |  |          |  |              |        |                |  |                   |                    |                                                                         
|CONS. FORM. PROF. MEZZOGIORNO DITALIA E PAESI AREA MEDITERRANEA-NAUTILUS (professional training)                                                           |  | ROME (ITALY)            |  | EUR      |  | 30,000       |        | 31.000020.0000 |  |                   |                    | TELECOM ITALIA LEARNING SERVICES S.p.A. MEDITERRANEAN NAUTILUS Ltd      
|CONSORZIO ENERGIA GRUPPO TELECOM ITALIA                                                                                                                     |  | ROME                    |  | EUR      |  | 10,000       |        | 50.0000        |  |                   |                    | TELECOM ITALIA S.p.A.                                                   
|(coordination of power for fixed and mobile networks of consortia)                                                                                          |  | (ITALY)                 |  |          |  |              |        | 50.0000        |  |                   |                    | TELECOM ITALIA MOBILE S.p.A.                                            
|CONSORZIO IRIS BENI CULTURALI (filing/recovery of documents and system assistance for the Ministry of Cultural and Environmental Works of Art)              |  | ROME (ITALY)            |  | EUR      |  | 170,431      |        | 90.9000        |  |                   |                    | FINSIEL-CONSULENZA E APPLICAZIONI INFORMATICHE SPA                      
|                                                                                                                                                            |  |                         |  |          |  |              | 9.1000 |                |  |                   | TELECOM ITALIA SPA
|CONSORZIO MAEL                                                                                                                                              |  | ROME                    |  | EUR      |  | 52,000       |        | 60.0000        |  |                   |                    | OLIVETTI TECNOST S.p.A.                                                 
|(participation in bids and competitions held by public and private entities)                                                                                |  | (ITALY)                 |  |          |  |              |        | 40.0000        |  |                   |                    | TIEMME SISTEMI S.r.l.                                                   



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|                                                                                                                                 |  |                           |  |          |  |              |  |                |  |                   |  |                                                                           
|-------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- |  | -------- |  | ------------ |  | -------------- |  | ----------------- |  | --------------------------------------------------------------------------
|Name                                                                                                                             |  | Head Office               |  | Currency |  | ShareCapital |  | %ownership     |  | % ofvoting rights |  | Held by                                                                   
|CONSORZIO SESIT (in liquidation) (development of the integrated information system for the Ministry of Transport and
Navigation) |  | ROME (ITALY)              |  | EUR      |  | 51,646       |  | 70.0000        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE SPA                      
|CONSORZIO TURISTEL (online tourism services)                                                                                     |  | ROME (ITALY)              |  | EUR      |  | 77,469       |  | 33.333333.3333 |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE SPA TELECOM ITALIA S.p.A.
|                                                                                                                                 |  |                           |  |          |  |             
|Consortium Affiliates                                                                                                            |  |                           |  |          |  |              |  |                |  |                   |  |                                                                           
|CONSORZIO ACCAM (automation of the communication centers of the agencies and operating units of the Air Force)                   |  | ROME (ITALY)              |  | EUR      |  | 6,120        |  | 33.3333        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                   
|CONSORZIO CSIA (in liquidation) (information systems for the State agency for the agricultural market)                           |  | ROME (ITALY)              |  | EUR      |  | 206,583      |  | 44.0000        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                   
|CONSORZIO DREAM FACTORY (in liquidation)                                                                                         |  | ROME                      |  | EUR      |  | 20,000       |  | 20.0000        |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|(promotion of new economy development in the weak areas of the
country)                                                          |  | (ITALY)                   |  |          |  |              |  |                |  |                   |  |                                                                           
|CONSORZIO E O (in liquidation)                                                                                                   |  | ROME                      |  | EUR      |  | 19,107       |  | 50.0000        |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|(professional training)                                                                                                          |  | (ITALY)                   |  |          |  |              |  |                |  |                   |  |                                                                           
|CONSORZIO IRI TELEMATICA CALABRIA - TELCAL (planning and development of the Piano Telematico Calabria project)                 |  | CATANZARO (ITALY)         |  | EUR      |  | 877,975      |  | 24.000024.0000 |  |                   |  | INTERSIEL S.p.A. TELECOM ITALIA
S.p.A.                                    
|CONSORZIO LABORATORIO DELLA CONOSCENZA                                                                                           |  | NAPLES                    |  | EUR      |  | 51,646       |  | 25.0000        |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|(realization of a research project for innovative remote professional
training and platforms in Naples)                          |  | (ITALY)                   |  |          |  |              |  | 25.0000        |  |                   |  | TELECOM ITALIA LEARNING SERVICES S.p.A.                                   
|CONSORZIO OMNIA (in liquidation)                                                                                                 |  | PERUGIA                   |  | EUR      |  | 2,582        |  | 50.0000        |  |                   |  | WEBRED S.p.A.                                                             
|(hardware maintenance)                                                                                                           |  | (ITALY)                   |  |          |  |              |  |                |  |                   |  |                                                                           
|CONSORZIO REISS FORM (training and consulting services for training and management)                                              |  | ROME (ITALY)              |  | EUR      |  | 51,646       |  | 50.0000        |  |                   |  | TELECOM ITALIA LEARNING SERVICES S.p.A.                                   
|CONSORZIO S.I.A.R.C. (in liquidation) (supply of information products and services)                                              |  | NAPLES (ITALY)            |  | EUR      |  | 25,821       |  | 30.0000        |  |                   |  | TELECOM ITALIA S.p.A.                                                     
|CONSORZIO SCUOLA SUPERIORE ALTA FORMAZIONE UNIVERSITARIA FEDERICO II (professional training)                                     |  | NAPLES (ITALY)            |  | EUR      |  | 129,114      |  | 20.0000        |  |                   |  | TELECOM ITALIA MOBILE S.p.A.                                              
|CONSORZIO SIMT (information systems for the general management of the civil traffic and transport control authority)             |  | ROME (ITALY)              |  | EUR      |  | 51,646       |  | 45.0000        |  |                   |  | FINSIEL - CONSULENZA E APPLICAZIONI INFORMATICHE S.p.A.                   
|CONSORZIO STOAMED CONSORZIO FORMAZIONE MEDITERRANEO - STOA (design and
management of high-tech professional training courses)   |  | ERCOLANO (NAPLES - ITALY) |  | EUR      |  | 10,000       |  | 30.0000        |  |                   |  | TELECOM ITALIA LEARNING SERVICES S.p.A.                                   





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|                                                 |  |            |  |          |  |              |  |            |  |                   |  |                      
|------------------------------------------------ |  | ---------- |  | -------- |  | ------------ |  | ---------- |  | ----------------- |  | ---------------------
|Name                                             |  | HeadOffice |  | Currency |  | ShareCapital |  | %ownership |  | % ofvoting rights |  | Held by              
|CONSORZIO TELEMED (in liquidation)               |  | ROME       |  | EUR      |  | 103,291      |  | 33.3335    |  |                   |  | TELECOM ITALIA S.p.A.
|(online social and health assistance activities) |  | (ITALY)    |  |          |  |              |  |            |  |                   |  |                      
|NAVIGATE CONSORTIUM                              |  | MILAN      |  | EUR      |  | 582,716      |  | 20.0000    |  |                   |  | TELECOM ITALIA S.p.A.
|(terrestrial and satellite network integration)  |  | (ITALY)    |  |          |  |              |  |            |  |                   |  |                      



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Telecom Italia Group



Other significant investments in accordance with Consob resolution No. 11971 dated May 14. 1999



|                                                                                                 |  |                              |  |          |  |               |  |              |  |                   |  |                                                             
|------------------------------------------------------------------------------------------------ |  | ---------------------------- |  | -------- |  | ------------- |  | ------------ |  | ----------------- |  | ------------------------------------------------------------
|Name                                                                                             |  | Head Office                  |  | Currency |  | ShareCapital  |  | %ownership   |  | % of votingrights |  | Held by                                                     
|ANCITEL S.p.A. (telecommunications services)                                                     |  | ROME(ITALY)                  |  | EUR      |  | 1,087,232     |  | 8.55007.1320 |  |                   |  | TELECOM ITALIA S.p.A.INSIEL S.pA.                           
|ATESIA - Telemarketing Comunicazione Telefonica e Ricerche di Mercato S.p.A. (telemarketing)     |  | ROME(ITALY)                  |  | EUR      |  | 3,150,406     |  | 19.9000      |  |                   |  | TELECOM ITALIA S.p.A.                                       
|CIFRA S.c.a.r.l. (training and
advanced research for information systems)                        |  | CAGLIARI(ITALY)              |  | EUR      |  | 92,964        |  | 16.6700      |  |                   |  | KRENESIEL S.p.A.                                            
|ELETTROCLICK S.p.A. (in bankruptcy) (software production)                                        |  | MILAN(ITALY)                 |  | EUR      |  | 127,420       |  | 14.7000      |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                 
|FIN.PRIV. S.r.l. (financing)                                                                     |  | MILAN(ITALY)                 |  | EUR      |  | 20,000        |  | 14.2900      |  |                   |  | TELECOM ITALIA S.p.A.                                       
|FORTHNET S.A. (information and
telecommunications services)                                      |  | KALLITHEA(GREECE)            |  | EUR      |  | 19,499,850    |  | 7.74004.4800 |  |                   |  | TELECOM ITALIA INTERNATIONAL N.V.MEDITERRANEAN NAUTILUS S.A.
|IFM INFOMASTER S.p.A. (planning and
development of call center solutions)                        |  | GENOA(ITALY)                 |  | EUR      |  | 161,765       |  | 12.0000      |  |                   |  | TELECOM ITALIA LAB S.A.                                     
|INSULA S.p.A. (telecommunications services)                                                      |  | VENICE-MESTRE(ITALY)         |  | EUR      |  | 2,064,000     |  | 12.0000      |  |                   |  | TELECOM ITALIA S.p.A.                                       
|ISTITUTO R.T.M. S.p.A. (study and research of mechanical technologies for automation)            |  | VICO CANAVESE(TURIN - ITALY) |  | EUR      |  | 1,113,714     |  | 16.1617      |  |                   |  | OLIVETTI TECNOST S.p.A.                                     
|ITALBIZ.COM Inc. (Internet services)                                                             |  | CALIFORNIA(USA)              |  | USD      |  | 4,720         |  | 19.5000      |  |                   |  | TELECOM ITALIA MEDIA S.p.A.                                 
|LEISURE LINK HOLDINGS ltd (manufacture of gaming and leisure-time machines)                      |  | STAFFORDSHIRE(UK)            |  | GBP      |  | 7,809,618     |  | 10.9476      |  |                   |  | TELECOM ITALIA FINANCE S.A.                                 
|PAS GROUP - Professional Application Software S.r.l. (software production)                       |  | MILAN(ITALY)                 |  | EUR      |  | 91,800        |  | 16.6700      |  |                   |  | EUSTEMA S.p.A.                                              
|PIEDMONT INTERNATIONAL S.A. (financing)                                                          |  | LUXEMBOURG                   |  | USD      |  | 10,507,500    |  | 17.1300      |  | 10.3000           |  | TELECOM ITALIA FINANCE S.A.                                 
|RETAIL NETWORK SERVICES B.V. (holding company)                                                   |  | AMSTERDAM(HOLLAND)           |  | EUR      |  | 15,129,484    |  | 13.6500      |  |                   |  | OLIVETTI TECNOST S.p.A.                                     
|SOLPART PARTICIPACOES S.A. (holding
company for investment in Brasil Telecom Participaçoes S.A.) |  | RIO DEJANEIRO(BRAZIL)        |  | BRL      |  | 1,837,900,000 |  | 31.5900      |  | 19.0000           |  | TELECOM ITALIA INTERNATIONAL N.V.                           





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|                                                                 |  |                 |  |          |  |              |  |            |  |                   |  |                            
|---------------------------------------------------------------- |  | --------------- |  | -------- |  | ------------ |  | ---------- |  | ----------------- |  | ---------------------------
|Name                                                             |  | Head Office     |  | Currency |  | ShareCapital |  | %ownership |  | % ofvoting rights |  | Held by                    
|TRADIZIONI ITALIANE S.P.A. (in bankruptcy)                       |  | CIRO           |  | EUR      |  | 8,263,111    |  | 11.3800    |  |                   |  | INTERSIEL S.p.A.           
|(production and sale of food and other)                          |  | (CROTONE-ITALY) |  |          |  |              |  |            |  |                   |  |                            
|TWICE SIM S.p.A.                                                 |  | MILAN           |  | EUR      |  | 8,450,000    |  | 14.2300    |  |                   |  | TELECOM ITALIA MEDIA S.p.A.
|(investment services)                                            |  | (ITALY)         |  |          |  |              |  |            |  |                   |  |                            
|USABLENET INC.                                                   |  | DELAWARE        |  | USD      |  | 4            |  | 18.1081    |  |                   |  | TELECOM ITALIA LAB SA      
|(development of software for the analysis of web site usability) |  | (USA)           |  |          |  |              |  |            |  |                   |  |                            
|WEVAMARKET INC.                                                  |  | DELAWARE        |  | USD      |  | 26,043       |  | 11.4800    |  |                   |  | SATURN VENTURE PARTNERS LLC
|(holding company)                                                |  | (USA)           |  |          |  |              |  |            |  |                   |  |