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                                                                    EXHIBIT 4.09

                                                                  CONFORMED COPY

                          SCHRODER SALOMON SMITH BARNEY
        CITIGROUP CENTRE, 33 CANADA SQUARE, CANARY WHARF, LONDON E14 5LB

                                                               November 28, 2001

MARCONI MOBILE SPA

C/o
One Bruton St
London
W1J 6AQ

Ladies and Gentlemen:

Marconi Mobile SpA, a company organized under the laws of the Republic of Italy
(the "Seller"), proposes, subject to the terms and conditions stated herein, to
sell ordinary shares ("Shares"), of Lottomatica S.p.A, a company organized under
the laws of the Republic of Italy (the "Company"), to Salomon Brothers
International Limited (the "Purchaser"). An aggregate of 6,163,641 Shares (the
"Securities") are to be sold hereunder. The Securities will be purchased by the
Purchaser as a block trade subject to the rules and regulations of Consob and
the Mercato Telematico Azionario in relation to such trades, subject, however,
to the additional matters set out below. The Seller understands that the
Securities will be resold by the Purchaser. The Seller understands further that
such sales will occur as soon after this Agreement becomes effective as in the
sole judgment of the Purchaser is advisable.

1.       The Seller represents and warrants to, and agrees with, the Purchaser,
         as of the date hereof and as of the Closing Date that:

         (a)      It has full power under its constitutive documents and
                  applicable law, and all authorizations, approvals, consents
                  and licenses required by it have been unconditionally obtained
                  and are in full force and effect, to permit it to enter into
                  and perform this Agreement; and this Agreement has been duly
                  authorized, executed and delivered by it and is a valid and
                  binding agreement of it enforceable in accordance with its
                  terms;

         (b)      The sale and delivery of the Securities to be sold by it
                  hereunder and the compliance by it with all of the provisions
                  of this Agreement, as well as the consummation of the
                  transactions herein contemplated, will not conflict with or
                  result in a breach or violation of any of the terms or
                  provisions of, or constitute a default under, any indenture,
                  mortgage, deed of trust, loan agreement or other agreement or
                  instrument to which it is a party or by which it is bound or
                  to which any of its property or assets is subject, or any
                  statute or any order, rule or regulation of any court or
                  governmental agency or body having jurisdiction over it or its
                  property or assets, except for any such conflict, breach,
                  violation or default which has been waived or could not
                  reasonably be expected to have a material adverse effect on
                  the transactions contemplated by this Agreement;

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         (c)      No person has any conflicting right, contingent or otherwise,
                  to purchase or to be offered for purchase the Securities, or
                  any of them; it has valid title to, and the legal right and
                  the power to sell and transfer full beneficial legal interest
                  in, the Securities, and transfer of the Securities to the
                  Purchaser will pass title to such shares, free and clear of
                  all security interests, liens, encumbrances, equities or other
                  claims together with all rights and advantages now and
                  hereafter attaching to such Securities; the Securities rank
                  pari passu in all respects with and are identical to the
                  remaining ordinary shares of the Company;

         (d)      Neither it, nor any of its affiliates, nor any person acting
                  on its or their behalf, has or will make bids or purchases for
                  the purpose of creating actual or apparent active trading in,
                  or of raising the price of, any Shares or any right to
                  purchase such Shares or securities convertible into or
                  exchangeable or exercisable for Shares which is designed to or
                  which has constituted, or which might reasonably be expected
                  to cause or result in, manipulation of the price of any
                  security of the Company; and

         (e)      The Seller is not aware of any material information (including
                  without limitation any information regarding any material
                  adverse change or prospective material adverse change in the
                  condition of, or any actual, pending or threatened litigation,
                  arbitration or similar proceeding involving, the Company) that
                  is not described in the Company's most recent annual report or
                  subsequent public information releases which information is
                  necessary to enable investors to make an informed assessment
                  of the assets and liabilities, financial position, profits and
                  losses and prospects of the Company and its subsidiaries.

2.       Subject to the terms and conditions set forth in this Agreement, the:
         Seller agrees to sell the Securities to the Purchaser at a net price
         per Security of 6.52 euros (the "Purchase Price"), which equals
         40,186,939.32 euros in the aggregate for all the Securities to be
         purchased by the Purchaser. The Purchaser agrees to purchase the
         Securities at the Purchase Price.

3.       Unless otherwise agreed by the parties, completion of the sale and
         purchase of the Securities will take place on 3 December, 2001 (the
         "Closing Date"), by transfer of the Securities to an account or
         accounts in Monte Titoli of the Purchaser or its affiliate, designated
         by the Purchaser, against payment by or on behalf of the Purchaser of
         the Purchase Price multiplied by the number of Securities purchased by
         the Purchaser, in same-day funds.

4.       The Seller covenants and agrees with the Purchaser that it will notify
         the Purchaser forthwith if on or prior to the Closing Date it comes to
         the Seller's knowledge that any of the representations, warranties,
         undertakings or agreements set out in Section 1 above ceases to be true
         and accurate or becomes misleading in any respect or that there has
         been any breach of any of such representations, warranties,
         undertakings or agreements. The obligations of the Seller set forth in
         this Section 4 shall survive termination of this Agreement.

5.       The respective agreements, representations, warranties and other
         statements of the Seller and the Purchaser, as set forth in this
         Agreement or made by or on behalf of them, respectively, pursuant to
         this Agreement, shall remain in full force and effect, regardless of
         any investigation (or any statement as to the results thereof) made by
         or on behalf of the Purchaser or any controlling person of the
         Purchaser, or the Seller or any officer or director or any controlling
         person of the Seller, and shall survive delivery of and payment for the
         Securities.

6.       All statements, requests, notices and agreements hereunder shall be in
         writing, and shall be delivered or sent by mail or facsimile
         transmission, if to Salomon Brothers International Limited to Victoria
         Plaza, 111 Buckingham Palace Road, London SW1W 0SB, Attention: General
         Counsel's Office, fax: +44-20-7500 1023; and, if to the Seller to
         Marconi Mobile

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         SpA, c/o One Bruton St London W1J 6AQ, fax: 020 7 409 7748, Attention:
         The Secretary. Any such statements, requests, notices or agreements
         shall take effect upon receipt thereof.

7.       This agreement is governed by, and shall be construed in accordance
         with, English law. The Seller hereby agrees for the benefit of the
         Purchaser that the courts of England are to have jurisdiction to settle
         any disputes which may arise out of or in connection with this
         Agreement and that accordingly any suit, action or proceedings
         (together referred to as "Proceedings") arising out of or in connection
         with this Agreement may be brought in such courts. Nothing contained in
         this clause shall limit any right to take Proceedings against the
         Seller in any other court of competent jurisdiction, nor shall the
         taking of Proceedings in one or more jurisdictions preclude the taking
         of Proceedings in any other jurisdiction, whether concurrently or not.

8.       This Agreement may be executed by any one or both of the parties hereto
         in any number of counterparts and via facsimile, each of which shall be
         deemed to be an original, but all such counterparts shall together
         constitute one and the same instrument.

         If the foregoing is in accordance with your understanding, please sign
and return to us an original counterpart hereof, and upon the acceptance hereof
by you, this letter and such acceptance hereof shall constitute a binding
agreement among the Seller and the Purchaser.

Very truly yours,

SALOMON BROTHERS INTERNAL LIMITED

By: A. BOGLE
    Name:  Angus Bogle
    Title: Managing Director

Accepted as of the date hereof:

MARCONI MOBILE SPA

By: C. CHAPPLE
    Name:  C. J. C. Chapple
    Title: EVP Corporate Finance<PAGE>

                                                                    EXHIBIT 4.16

                                                                  [MARCONI LOGO]
CONFORMED COPY
                                                         MARCONI CORPORATION PLC
                                                              One Brutton Street
                                                                  London WIJ 6AQ

                                                   Telephone: +44(0)20 7493 8484
                                                        Fax: +44 (0)20 7493 1974
                                                       Web site: www.marconi.com

4 November 2002

To:      UBS AG
         100 Liverpool Street
         London EC2M 2RH

         Attention: Matthew Jolly, Executive Director
                    Duncan Rodgers, Executive Director

Copy to: UBS AG
         Bahnhofstrasse 45,
         Zurich CH-270.3004.646-4
         Switzerland

Dear Sirs

ISDA MASTER AGREEMENT DATED 3RD MARCH 1999 BETWEEN UBS AG AND MARCONI
CORPORATION PLC AS AMENDED, TOGETHER WITH ALL SCHEDULES AND EXHIBITS THERETO AND
ALL CONFIRMATIONS EXCHANGED PURSUANT TO TRANSACTIONS ENTERED INTO THEREUNDER
(TOGETHER, THE "AGREEMENT")

We refer to the Agreement. In consideration for the mutual covenants set out
below, and for such other valuable consideration receipt of which is hereby
acknowledged, it is agreed as follows.

1.       INTERPRETATION

         Unless otherwise defined in this Letter, terms defined in the Agreement
         shall have the same meaning in this Letter.

2.       TERMINATION NOTICE

         (a)      On 23rd October 2002, you issued a notice of an Event of
                  Default under the Agreement ("TERMINATION NOTICE"). The
                  Termination Notice alleged that an Event of Default had
                  occurred under Section 5(a)(vii)(9) of the Agreement (the
                  "EVENT") and purported to designate 24th October 2002 as the
                  Early Termination Date in respect of all Transactions governed
                  by the Agreement.

         (b)      On 24th October 2002, you ISSUED a statement under Section
                  6(d) of the Agreement ("SECTION 6(d) STATEMENT") alleging that
                  an amount of USD 31,598,367 was payable by us to you
                  ("TERMINATION SUM").

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         (c)      By letter to you dated 28th October 2002, we refuted the
                  Termination Notice and disputed the occurrence of the Event.
                  We continue to dispute that either the Termination Notice or
                  Section 6(d) Statement has been validly given and dispute that
                  the Termination Sum is payable.

3.       WITHDRAWAL OF TERMINATION NOTICE

3.1      You hereby:

         (a)      unconditionally revoke and withdraw the Termination Notice and
                  Section 6(d) Statement;

         (b)      acknowledge and agree that no Early Termination Date has
                  occurred; and

         (c)      acknowledge and agree that no Termination Sum is, or has been,
                  payable by us.

3.2      We hereby waive all claims, rights and actions that we may have against
         you as a result of the issue of the Termination Notice and Section 6(d)
         Statement.

4.       TRUE-UP PAYMENT

4.1      A periodic contractual payment under the Agreement of USD4,920,486.11
         for the period from 3rd May 2002 to 4th November 2002 (the "CONTRACTUAL
         PAYMENT") is due to be made by us to you on 4th November 2002.

4.2      We undertake, by 5pm London time on 4th November 2002 (the "PAYMENT
         TIME"), to pay an amount of USD 4,388,542.00 to you in payment of a
         pro-rata portion of the Contractual Payment for the period from 3rd May
         2002 to 15th October 2002 (the "TRUE-UP PAYMENT"). The True-up Payment
         shall be made to account number 101-WA-140007-000 with UBS AG, Stamford
         in favour of UBS AG, London Branch.

4.3      Upon payment of the True-up Payment in accordance with paragraph 4.2
         above, a grace period for payment shall apply to any other portion of
         the Contractual Payment which remains unpaid at the Payment Time (the
         "UNPAID PORTION"), such grace period to expire on the receipt by us of
         a written demand from you for payment of the Unpaid Portion ("DEMAND").

4.4      You will not make any Demand under paragraph 4.3 until the earlier of:

         (a)      the date on which HSBC Investment Bank plc (as agent under our
                  E6 billion syndicated credit facility dated 25th March 1998)
                  (the "AGENT") serves notice of acceleration pursuant to the
                  terms of the letter dated 22 March 2002 from us and Marconi
                  plc to the Agent;

         (b)      the date on which (i) a resolution is passed at a meeting of
                  the members of Marconi Corporation plc for (or to petition
                  for) our winding up, or (ii) we present any petition for our
                  winding up or administration, or (iii) an order for our
                  winding up or administration is made, or (iv) analogous
                  procedures occur in relation to us in any other country
                  (including without limitation any moratorium or suspension of
                  payment proceedings and any voluntary or involuntary
                  proceedings under the United States Bankruptcy Code);

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         (c)      the date on which any scheme of arrangement in respect of us
                  is not approved by the relevant class of creditors at the
                  relevant meeting of creditors and/or such scheme is not
                  sanctioned at the relevant court hearing; or

         (d)      25th March 2003 or such other date as we may agree in writing.

5.       SEVERABILITY OF PROVISIONS

         If any provision of this Letter is prohibited or unenforceable in any
         jurisdiction, such prohibition or unenforceability shall not invalidate
         the remaining provisions hereof or affect the validity or
         enforceability of such provisions in any other jurisdiction.

6.       GOVERNING LAW

         This Letter shall be governed by and construed in accordance with the
         laws of England. Each party to this Letter agrees that the Courts of
         England are to have exclusive jurisdiction to settle any disputes which
         may arise out of or in connection with this Letter.

7.       COUNTERPARTS

         This Letter may be executed in any number of counterparts and all such
         counterparts taken together shall be deemed to constitute one and the
         same instrument.

Please confirm your agreement to the terms of this Letter by signing below.

Yours faithfully

MARY SKELLY (signed)

For and on behalf of
MARCONI CORPORATION PLC

We hereby agree to the above.

MATTHEW JOLLY (signed)                      DUNCAN RODGERS (signed)
Matthew Jolly                               Duncan Rodgers
Executive Director                          Executive Director
For and on behalf of
UBS AG

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