Document:

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                                                                    EXHIBIT 10.4

                               FIRST AMENDMENT TO
                              EMPLOYMENT AGREEMENT

      FIRST AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of May 17, 2007, among
Wellsford Real Properties, Inc., a Maryland corporation ("WRP"), Reis Services
LLC, a Maryland limited liability company and a wholly-owned subsidiary of WRP
("LLC," and together with WRP, the "Employers"), and Jonathan Garfield
("Employee").

                                   Recitals

      A. The Employers and Employee are party to an Employment Agreement, dated
as of October 11, 2006 (the "Employment Agreement") pursuant to which Employee
is to be employed by the Employers on the Employment Date. Capitalized terms not
otherwise defined herein shall have the respective meanings set forth in the
Employment Agreement.

      B.    The parties hereto desire to amend certain terms and provisions
of the Employment Agreement.

      NOW, THEREFORE, the Employers and Employee, in consideration of the
agreements, covenants and conditions contained herein, hereby agree as follows:

      1.    Benefits.  The last sentence of Section 2(c) of the Employment
Agreement is hereby deleted in its entirety and the following substituted in
lieu thereof:

            "In addition, Employee shall be entitled to six weeks paid vacation
            per year, which shall be taken in accordance with the policies of
            WRP governing vacation of senior executive employees. Furthermore,
            following the termination of Employee's employment with the
            Employers, WRP shall maintain in effect a directors' and officers'
            liability insurance policy pursuant to which Employee shall be
            insured for a period of six years following such date of termination
            for all claims relating to matters occurring on or prior to such
            date of termination to the extent Employee was insured by WRP prior
            to such termination."

      2.    Schedule 2(d)(ii).  Schedule 2(d)(ii) to the Employment Agreement
is hereby deleted in its entirety and Schedule 2(d)(ii) attached hereto
substituted in lieu thereof.

      3.    Measuring Periods.  Clauses (A), (B) and (C) of Section 2(d)(ii)
of the Employment Agreement are hereby deleted in their entirety and the
following substituted in lieu thereof:

                        "(A) Tranche 1 shall vest on the first anniversary of
            the Employment Date if the growth in EBITDA (as defined on Schedule
            2(d)(ii)) for the Tranche 1 Measuring Period (as defined on Schedule
            2(d)(ii)) exceeds 10%. If Tranche 1 has not vested on the first
            anniversary of the Employment Date, it shall vest on the second
            anniversary of the Employment Date if EBITDA for the 2008 calendar
            year of LLC exceeds by at least 20% EBITDA for the fiscal year of
            Reis ending October 31, 2006. If Tranche 1 has not vested on the
            first or second

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            anniversary of the Employment Date, it shall vest on the third
            anniversary of the Employment Date if EBITDA for the 2009 calendar
            year of LLC exceeds by at least 30% EBITDA for the fiscal year of
            Reis ending October 31, 2006.

                        (B) Tranche 2 shall vest on the second anniversary of
            the Employment Date if either (1) the growth in EBITDA for the
            Tranche 2 Measuring Period exceeds 10% or (2) EBITDA for the 2008
            calendar year of LLC exceeds by at least 20% EBITDA for the fiscal
            year of Reis ending October 31, 2006. If Tranche 2 has not vested on
            the second anniversary of the Employment Date, it shall vest on the
            third anniversary of the Employment Date if either (x) EBITDA for
            the 2009 calendar year of LLC exceeds by at least 20% EBITDA for the
            2007 calendar year of LLC or (y) EBITDA for the 2009 calendar year
            of LLC exceeds by at least 30% EBITDA for the fiscal year of Reis
            ending October 31, 2006.

                  (C) Tranche 3 shall vest on the third anniversary of the
            Employment Date if either (1) the growth in EBITDA for the Tranche 3
            Measuring Period exceeds 10% or (2) EBITDA for the 2009 calendar
            year of LLC exceeds by at least 30% EBITDA for the fiscal year of
            Reis ending October 31, 2006."

      4.    Disability.  Section 3(b) of the Employment Agreement is hereby
deleted in its entirety and the following substituted in lieu thereof:

                  "(b) Disability. The Employers may terminate the Employment
            Period at any time effective upon not less than 10 days prior
            written notice to Employee after Employee has been unable to perform
            the essential duties of his positions because of "Disability" (as
            determined on the basis of medical evidence satisfactory to the
            Board, in the Board's sole discretion) for a period of (i) 180
            consecutive days in any 12-month period or (ii) 270 days in any
            12-month period, subject to reasonable accommodation provisions of
            applicable law."

      5.    Change of Control.  Section 3(d)(ii)(E)(2) of the Employment
Agreement is hereby amended by deleting the phrase "acquiring beneficial
ownership of 30%" therein and substituting "representing 30%" in lieu thereof.

      6.    Termination Upon Disability.  Section 4(b) of the Employment
Agreement is hereby deleted in its entirety and the following substituted in
lieu thereof:

                  "(b) Termination Pursuant to Section 3(b) (Disability). In the
            event that the Employment Period is terminated pursuant to Section
            3(b), no further compensation shall be paid to Employee following
            the effective date of termination, provided that Employee or his
            legal representative, as applicable, shall be paid, in cash (i) the
            Accrued Obligations and (ii) the Termination Bonus, which payment
            shall be made as soon as practicable following the first date such
            payment can be made without incurring additional tax under Section
            409A of the Code."

                                      -2-
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      7.    Medical, Etc., Coverage.  The last sentence of Section 4(f) of
the Employment Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

            "In addition, the Employers agree to continue, at their own cost and
            expense, the medical, hospitalization, dental and life insurance
            benefits available to Employee (and any of his dependents who as on
            such date of termination were covered thereunder) at the time his
            employment is terminated from such date of termination through the
            later of (i) the third anniversary of the Employment Date and (ii)
            18 months from such date of termination; provided, however, that if
            such continued participation would result in additional tax to
            Employee under Section 409A of the Code, Employee will be required
            to pay his own premiums for such benefits coverage and then, as soon
            as practicable following the first date such payment can be made
            without incurring additional tax under Section 409A of the Code,
            Employee will be paid an amount such that, after payment of income
            taxes, Employee is fully reimbursed for the cost of such premiums.
            If the terms of the Employers' medical, hospitalization, dental and
            life insurance plans do not permit Employee (and any of his
            dependents who as on such date of termination were covered
            thereunder) to be insured thereunder when he is no longer an
            employee, then the Employers will be jointly and severally obligated
            to pay to Employee, as soon as practicable, following the first date
            such payment can be made without incurring additional tax under
            Section 409A of the Code, an amount such that after payment of
            income taxes, Employee is fully reimbursed for his cost of providing
            such benefits. In addition, to the extent he remains eligible
            (provided Employee may at any time supplement any cost necessary to
            allow for continued eligibility as provided under the terms of the
            applicable policy), Employee may continue participation in the
            Employers' long-term disability plan on the same basis as provided
            prior to his termination of employment, at his own cost and expense,
            through the third anniversary of the Employment Date."

      8.    Successors.  Section 10 of the Employment Agreement is hereby
amended by adding the following at the end thereto.

            "Notwithstanding anything in this Agreement to the contrary but
            subject to Paragraph 3(d)(i), upon the occurrence of a Change of
            Control: (a) pursuant to Paragraph 3(d)(ii)(B) resulting from a
            sale, transfer or disposition of all or substantially all of the
            assets of WRP (which assets include WRP's limited liability company
            interest in LLC) then WRP shall no longer be deemed an Employer
            hereunder and Employee shall not be employed by WRP or any successor
            to WRP and Employee shall remain employed by LLC pursuant to the
            terms and conditions hereof, (b) pursuant to Paragraph 3(d)(ii)(B)
            resulting from a sale, transfer or disposition of all or
            substantially all of the assets of LLC (which assets include LLC's
            rights under this Agreement), then neither WRP nor LLC shall be
            deemed an Employer hereunder and Employee shall not be employed by
            either WRP or LLC, and such assignee of LLC's rights under this
            Agreement shall be deemed an Employer hereunder and Employee shall
            be employed by such assignee pursuant to the terms and conditions
            hereof; (c) pursuant to Paragraph 3(d)(ii)(B) resulting from a sale,
            transfer or disposition of all or substantially all of the assets of
            LLC (which assets do not include LLC's rights under this Agreement),
            then each of WRP and LLC shall continue to an Employer hereunder and
            Employee shall remain employed by each of WRP and LLC pursuant to
            the terms and conditions hereof; and (d) pursuant to Paragraph

                                      -3-
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            3(d)(ii)(E)(1) with respect to a merger, consolidation,
            reorganization or transaction of LLC, then WRP shall no longer be
            deemed an Employer hereunder and Employee shall not be employed by
            WRP or any successor to WRP and Employee shall remain employed by
            LLC pursuant to the terms and conditions hereof."

      9.    Indemnification.  Section 13 of the Employment Agreement is
hereby amended by adding a new clause (c) to read as follows:

                  "(c) Unless the provisions of clause (b) above shall apply,
            the Employers shall pay all legal fees and related expenses
            (including the cost of experts, evidence and counsel) incurred by
            Employee as they become due as a result of (i) the termination of
            Employee's employment (including all such fees and expenses, if any,
            incurred in contesting or disputing any such termination of
            employment), (ii) Employee's seeking to obtain or enforce any right
            or benefit provided by this Agreement or by any other plan or
            arrangement maintained by the Employers under which Employee is or
            may be entitled to receive benefits, or (iii) any action taken by
            the Employers against Employee; provided, however, that the
            Employers shall reimburse the legal fees and expenses described in
            this clause (c) only if and when (A) the dispute is settled by the
            parties or resolved pursuant to a binding arbitration award in a
            manner that is more favorable to Employee than offered by the
            Employers or (B) a final judgment, order or decree of a court of
            competent jurisdiction has been rendered in favor of the Employers
            and the time for appeal therefrom has expired and no appeal has been
            perfected. In no event shall Employee be required to reimburse the
            Employers for any legal fees or related expenses paid by the
            Employers pursuant to this subsection 13(c)."

      10. Employment Agreement in Full Force and Effect. Except as expressly
modified hereby, the Employment Agreement shall remain unchanged and in full
force and effect as executed and each of the parties hereto hereby confirms and
reaffirms all of the terms and conditions of the Employment Agreement. Any
reference to the Employment Agreement in any other document shall refer to the
Employment Agreement as amended hereby. This Amendment, together with the
Employment Agreement, sets forth the entire understanding of the parties hereto
with respect to the subject matter hereof and is intended to supersede all prior
negotiations, understandings and agreements (whether oral or written).

      11. Governing Law; Counterparts. This Amendment (i) shall be construed and
enforced in accordance with the laws of the State of New York, and (ii) may be
executed in counterparts, each of which shall be deemed an original and together
which shall constitute one and the same instrument.

                                      -4-
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         IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement as of the date first written above.

                                    WELLSFORD REAL PROPERTIES, INC.

                                    By: /s/ Mark P. Cantaluppi
                                        ------------------------------
                                        Name:  Mark P. Cantaluppi
                                        Title: Vice President and
                                               Chief Financial Officer

                                    REIS SERVICES, LLC

                                    By: /s/ Mark P. Cantaluppi
                                        ------------------------------
                                        Name:  Mark P. Cantaluppi
                                        Title: Chief Financial Officer

                                    /s/ Jonathan Garfield
                                    ----------------------------------
                                    Jonathan Garfield

[Signature Page to First Amendment to Employment Agreement of Jonathan Garfield]

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                              SCHEDULE 2(d)(ii)

                         EBITDA and Measuring Period

Definition of EBITDA

EBITDA is defined based on amounts included in the financial statements of LLC
for all calendar years within any Measuring Period, commencing with the calendar
year beginning January 1, 2007. With respect to the fiscal year of Reis ending
October 31, 2006, EBITDA shall be calculated based on the financial statements
of Reis for that period. Except as otherwise hereinafter set forth, the
financial statements for LLC will be prepared in accordance with United States
generally accepted accounting principles ("GAAP"), applied in a manner
consistent with the manner in which GAAP was applied in determining EBITDA for
Reis for the fiscal year ended October 31, 2006. The parties agree that EBITDA
for Reis for the fiscal year ended October 31, 2006 is $5,844,000.

EBITDA shall be calculated as: (1) net income plus (2) the sum, without
duplication, of (a) interest expense, (b) provisions for taxes based on income,
(c) total depreciation expense, (d) total amortization expense, (e)
non-recurring losses associated with vacating Reis's former office space, (f)
losses on the impairment or disposal of fixed or intangible assets and (g)
expenses that are paid for directly by the issuance of equity instruments, minus
(3) the sum, without duplication, of (w) benefits from taxes based on income,
(x) revenue, income or gains that represent the receipt of, or the creation of
the right to receive, assets not readily convertible into cash, (y)
non-recurring income unrelated to the customary operations of LLC and (z)
interest and dividend income (other than that paid by entities in which LLC has
an investment accounted for on the equity method). Items listed in (2) and (3)
above shall be added or subtracted, respectively, only to the extent that they
are taken into account in the calculation of net income. In addition, LLC EBITDA
shall be calculated for the calendar years ending December 31, 2007 and December
31, 2008 without including as an expense any "public company expenses" (as
hereinafter defined) of LLC or WRP attributable to LLC. However, in determining
the growth in EBITDA during the Tranche 3 Measuring Period, EBITDA for the year
ending December 31, 2008 shall be calculated including as an expense of LLC the
actual public company expenses of LLC for the year ending December 31, 2009.

EBITDA shall be calculated with respect to the earlier fiscal or calendar year
in any Measuring Period by applying the same GAAP for such year as applied as of
the last day of the second calendar year in any Measuring Period so that the
same GAAP shall be applied for both years in any Measuring Period. In this
regard, adjustments shall be made where (i) LLC changes an accounting policy
from one acceptable method under GAAP to another acceptable method under GAAP,
or (ii) LLC must adopt changes in GAAP as promulgated, or as interpreted by the
SEC.

"Public company expenses" include all internal and out of pocket costs and
expenses (a) resulting from the fact that securities of WRP or LLC are publicly
registered and (b) to the extent attributable to the operations of LLC and its
subsidiaries. The expenses referred to in clause (a) include, without
limitation, (i) all legal expenses, audit expenses and expenses of directors and
officers insurance (to the extent those expenses exceed the costs that would be
applicable if WRP was a private company), (ii) all expenses resulting from
compliance with the Sarbanes-Oxley Act

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of 2002 ("SOX") including, but not limited to, all costs associated with the
required documentation, testing, evaluation, concluding and remediation for the
internal control requirements of SOX, (iii) costs resulting from compliance with
the listing requirements of the AMEX or NASDAQ and (iv) all costs associated
with the processing, typing, copying, printing, filing and mailing of required
forms, press releases, correspondence and reports with the Securities and
Exchange Commission, stockholders and the investment community. Expenses will be
apportioned by management in good faith in accordance with clause (b) to the
extent necessary to exclude all costs and expenses associated with Company
operations which are not related to operations of LLC. The board of directors of
WRP shall review the management apportionment of expenses at least annually to
assure compliance with this provision. The Employers shall provide Employee,
upon request, with a written detailed statement of each calculation of "public
company expenses" and a written evaluation of the methodology and apportionment
applied. Employers will meet with the Employee and his representatives, upon
request, to review the calculation and answer any questions regarding the
calculation and provide reasonable support therefore.

Definition of Measuring Period, et al.

(a) "Tranche 1 Measuring Period" means the 2006 fiscal year of Reis ending
October 31, 2006 compared to the 2007 calendar year of LLC.

(b) "Tranche 2 Measuring Period" means the 2007 calendar year of LLC compared to
the 2008 calendar year of LLC.

(c) "Tranche 3 Measuring Period" means the 2008 calendar year of LLC compared to
the 2009 calendar year of LLC.

(d)   "Measuring Period" means Tranche 1 Measuring Period, Tranche 2
Measuring Period, or Tranche 3 Measuring Period.

                                      -2-EX-4.1

 

Exhibit 4.1

SHAREHOLDERS’ AGREEMENT

This agreement (the “Shareholders’ Agreement”) is entered into on April, 28 2007

BY AND BETWEEN

	 	•	 	TELEFONICA S.A., a Spanish company with registered office at 28013, Madrid, Gran Via n.
28, Spain (“TE”);
	 
	 	•	 	ASSICURAZIONI GENERALI S.p.A., an Italian company with registered office at Piazza Duca
degli Abruzzi n. 2, Trieste, Italy (“AG”);
	 
	 	•	 	SINTONIA S.A., a Luxembourg company with registered office at 1, Place d’Armes, L-1136
Luxembourg (“SI”);
	 
	 	•	 	INTESA SANPAOLO S.p.A., an Italian company with registered office at Piazza San Carlo
n. 156, Torino, Italy ( “IS”);
	 
	 	•	 	MEDIOBANCA S.p.A., an Italian company with registered office at Piazzetta Cuccia n. 1,
Milano, Italy (“MB”);

(collectively the “Parties” and each, individually, a “Party”)

WHEREAS

     1. With an agreement of even date (the “Co-investment Agreement”), the Parties have agreed to
establish the terms and conditions for (i) their participation into Centotrenta 4/6 S.r.l., an
Italian company with registered office at Galleria del Corso 2, Milan, Italy, fiscal code n.
05277610969 to be subsequently transformed and renamed as Telco S.p.A. (“Telco” or “Newco”), (ii)
the presentation by the Parties also on behalf of Newco of an offer (the “Offer”) for the
acquisition by Newco from Pirelli&Co. S.p.A. (“PC”) and Sintonia S.p.A. and Sintonia S.A. (together
“Sintonia”) (the “Acquisition”) of 100% of the share capital of an holding company named Olimpia
S.p.A. (“O” and such shares the “Olimpia Shares”), which in turn holds a stake of 17.99% of the
ordinary share capital of Telecom Italia S.p.A. (“TI”), (iii) the capitalization and funding of
Newco in connection with the Acquisition, (iv) the division of Newco’s share capital into two
classes of shares, (v) the corporate scope of Newco, and (vi) the general framework in which the
respective obligations of the Parties under the Co-investment Agreement are inserted;

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     2. The Parties now wish to agree on the principles relating inter alia to (i) the corporate
governance of Newco, (ii) the governance of O, (iii) the appointment of directors in TI and (iv)
the transfer of the Newco’s shares and the O and TI’s shares directly or indirectly owned by Newco.

Now, therefore, in consideration of the foregoing premises which together with the Annexes of this
Shareholders’ Agreement are an essential part hereof, the Parties hereby,

AGREE AND COVENANT

as follows:

1. Corporate governance of Newco

1.1 The Parties agree that the corporate governance of Newco is reflected, to the maximum possible
extent, in the Newco’s by-laws (the “Newco’s By-Laws”). In particular:

	 	(a)	 	The composition of the board of directors of Newco shall be based on the principle of
proportionality as follows. The Newco’s By-Laws shall provide that the number of directors
shall be equal to ten. Should a director of Newco, who has been designated by one of the
Parties, resign or otherwise cease for any reason whatsoever to hold his office, the
relevant Party shall have the right to designate the new director in order to preserve the
composition of the Board of directors referred to in this clause and the Parties shall
exercise their rights so as to cause the appointment of the person indicated by the
relevant Party. Should one of the Parties decide to revoke one or more of the directors
designated by such Party, all the Parties shall vote in the relevant shareholders’ meeting
for such revocation, provided that the Party asking the others to vote for the revocation
of one or more of its designated directors shall keep Newco and the other Parties fully
harmless and indemnified for any damages connected therewith;
	 
	 	(b)	 	The Newco’s By-Laws shall contain a voting list system to ensure that:

	 	(i)	 	the Parties holding the Class A shares will be entitled to appoint so long as
they holds a percentage of at least 50% plus one share of the share capital of Newco
six directors, including the Chairman; for this purpose, it is hereby agreed between
the Parties holding the Class A that: (x) they will concur in the presentation of one
list; (y) the list shall be determined based on the principle of proportionality by the
Parties holding the Class A shares unanimously, failing which unanimity within the
terms indicated in the By-Laws, the proportionality will be as follows: two directors

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	 	 	 	will be indicated by AG, one director will be indicated by each of IS, SI and MB, the
Chairman will be indicated unanimously; the same principle shall apply for any
possible direct or indirect designation of O and TI’s directors.

	 	(ii)	 	TE, as holder of Class B shares will be entitled to appoint (x) so long as it
holds a percentage of at least 30% of the share capital of Newco four directors,
including the Vice-Chairman, and (y) so long as it holds a percentage of at least 20%
of the share capital of Newco, two directors;

	 	 	 	It being understood that, should (x) the holders of Class A shares hold less than 50% plus
one share, and/or (y) TE as holder of Class B shares holds more than 50% plus one share ,
the Parties shall appoint the directors on the basis of the same proportionality principles
under points (i) and (ii) above, which would in any case grant the majority of the directors
to the class of shares representing at least 50% plus one share of the entire share capital
of Newco and seven out of ten directors to the class of shares representing more than 70% of
the entire share capital of Newco. It is also understood that in the event any Class of
shareholders dilutes below the aforementioned percentages it shall cause the resignation of
the relevant exceeding director/s.
	 
	 	(c)	 	On the following matters (the “Reserved Matters”), the board of directors will decide
with the vote of at least seven directors, it being however agreed and understood that if
three or more directors abstained from voting on any of the Reserved Matters or remained
absent from the relevant meeting the quorum will be reduced to the vote of the majority of
the directors in office (i.e. the vote of six directors), provided however that, if
the absent or abstaining directors from the relevant meeting are three or more TE
directors, then (x) the discussion and resolutions about such Reserved Matter shall be
postponed to a subsequent meeting (to be held not earlier than five business days later
than the first meeting), where any resolution relating to such Reserved Matters will
require the special majorities referred to above, (y) each of the directors shall be
entitled to ask that such subsequent meeting be held by teleconference or videoconference,
and (z) in the event that three or more directors, are absent or abstaining from the
relevant subsequent meeting, the quorum will be reduced to the vote of the majority of the
directors in office (i.e. the vote of six directors):

	 	(aa)	 	acquisition, disposal and encumbrance (directly or indirectly in any form or
manner) of O’s or TI’s shares or any rights attached thereto including, but not limited
to, voting rights, (with the exception of the sale by O and/or by Newco (or by the
entity

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	 	 	 	resulting from the merger between O and Newco) of TI shares in order to adhere to a
tender offer, it being understood and agreed that this decision will be taken by the
board of directors with a simple majority subject however to the prior authorization
of the shareholders’ meeting and to the right of “Riscatto” as provided for in
article 28 of the Newco’s By-laws);

	 	(bb)	 	carrying out of investments other than in O and in TI;
	 
	 	(cc)	 	capital expenditure and financial structure decisions for amounts in excess of
Euro 75 million;
	 
	 	(dd)	 	decisions on the vote to be exercised in (x) the extraordinary shareholders’
meeting of TI convened pursuant to Article 2365 of the Italian Civil Code to approve
resolutions on transactions of extraordinary nature (including but not limited to
resolutions having an impact on the share capital of TI capital, such as increases or
decreases, mergers and de-mergers, with the exception however of resolutions provided
under art. 2446-2447 of the Italian civil code or other resolutions required to comply
with applicable mandatory regulations) and (y) the shareholders’ meeting of O; or
	 
	 	(ee)	 	approval and amendments of the budget of Newco;

	 	(d)	 	the shareholders’ meeting of Newco shall resolve with the vote of (i) at least 75% of
the entire share capital on (x) share capital increases with the exclusion of the option
right pursuant to Article 2441, 4th and 5th paragraph of the Italian
Civil Code, (y) mergers and de-mergers (except the merger between O and Newco) determining
a dilution of the shareholders, and (z) amendments to the provisions of the Newco’s By-Laws
regarding the appointment of the board of directors and the quorum of board of directors
and shareholders meetings; and (ii) at least 65% of the entire share capital on the
following matters:

	 	(A)	 	any other matter pertaining to the extraordinary shareholders meeting of Newco,
with the exclusion of mergers with companies wholly owned by Newco or in which Newco
holds a stake of at least 90% of the entire share capital, which shall be referred to
the Board of Directors of Newco pursuant to Articles 2505 and 2505-bis of the Italian
Civil Code and will be resolved with the special majorities set forth under Article
1(c) above, save for the merger of O into Newco, which the Parties believe appropriate
to analyse expeditiously as to the most efficient way to carry on after the Acquisition
and shall therefore be approved with simple majority;
	 
	 	(B)	 	dividend policy of Newco;

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	 	 	 	it being however agreed and understood that- both for the matters under this Article
1.1(d)(i) and (ii) above — in case one or more shareholders holding more than 30% of the
entire share capital abstained from voting or remained absent from the relevant meeting the
quorum will be reduced to the vote of at least 50% plus one share of the entire share
capital;
	 
	 	(e)	 	the shareholders’ meeting of Newco shall resolve the prior authorisation necessary
pursuant to Article 2364, first paragraph, No. 5), to carry out the services referred to in
Article 3 of Newco’s By-Laws with the vote of at least 95% of the Newco’s share capital.

1.2 The Parties agree that (except as provided for below in Article 8.5) deadlocks at the level of
the board of directors and shareholders’ meetings on the matters referred to under items (aa) and
(dd) of paragraph 1.1.(c) above and under paragraph 1.1(d) above with the exception of item (B)
shall be resolved as follows:

	 	(aa)	 	the Parties shall try to find an amicable compromise within fifteen calendar
days as of the relevant meeting;
	 
	 	(bb)	 	then a new meeting shall be convened and at such meeting the decision will be
passed with a simple majority, i.e. without the special quorum referred to in letters
(c) and (d) above;
	 
	 	(cc)	 	in any such cases (i.e. where the decision were taken with simple majority and
with the negative vote expressed by either TE or MB or AG or IS or SI, or by the
members of the board of directors designated by either TE, or AG or SI or ISor MB,
hereinafter the “Dissenting Shareholder”), the Parties shall be bound to cause upon
request by a Dissenting Shareholder, (who will be entitled to deliver to the other
Parties, within the following thirty days, a notice (the “De-merger Notice”) requiring
the other Parties to cause), as soon as possible, (a) the merger between Newco and O
(if not already done at that time), and (b) the non-proportional de-merger of the
company resulting in the attribution to the beneficiary company to be owned 100% by
each Dissenting Shareholder of a percentage of all the assets and liabilities of Newco
after merger with O corresponding to the stake held by each of such Dissenting
Shareholder in Newco after merger with O ((a) and (b) jointly, hereinafter, the
“De-merger”). In such case (x) the Parties shall implement, adopt and vote, and cause
the directors designated by them to implement, adopt and vote, all and any actions,
documents and resolutions necessary to complete the De-merger within a reasonably short
timeframe, but in any case no later than 6 months following the Demerger Notice or, if
the transaction is subject to any

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	 	 	 	authorizations by law or contract, within 6 months following the obtaining of such
authorizations, and (y) Newco shall proceed with the execution of the Reserved Matter
only after the effective date of the De-merger. Except if TE exercised the Call Option
under Article 8.5(a) below, immediately upon receipt of the De-merger Notice, the
portion of O or TI Shares corresponding to the Dissenting Shareholder’s stake in Newco
shall be deposited in escrow with a fiduciary company or otherwise, in any case to
secure the effectiveness of the De-merger and the exercise of the relevant voting rights
thereon in accordance with the Dissenting Shareholders’ instructions. If TE exercises
the Call Option under Article 8.5(a) below, immediately upon receipt of the Call Option
notice, the O or TI Shares being the object of the Call Option shall be deposited in
escrow with a fiduciary company or otherwise, in any case to secure the effectiveness of
the Call Option and, subject to deposit in escrow of the full Call Option price, the
exercise of the voting rights thereon in accordance with TE instructions. Upon
effectiveness of the De-merger under this Article 1.2 (and also in the case under
Article 8.5), the Dissenting Shareholder shall no longer be bound by this Agreement.

Without prejudice to the provision under 1.1 (c) above in relation to the reduction of the relevant
quorum in case of absence or abstention, if the relevant quorum in respect of any Reserved Matter,
other than items (aa) and (dd) of 1.1(c) above and of 1.1(d) above except for item (B), is not met,
the relevant proposal will be deemed to be rejected and no action will be taken.

TE will have the right to appoint one out of three effective members in the Board of Statutory
Auditors of Newco, to be indicated as Chairman, and one alternate member (Collegio Sindacale).

The other Class A shareholders will have the right to appoint two out of three effective members in
the Board of Statutory Auditors of Newco, and one alternate member (Collegio Sindacale).

2. Class A and Class B shares

The Parties agree: (A) that, as already provided for in the Newco’s By-Laws, the share capital of
Newco shall be divided into two separate categories: the Class A and the Class B shares, (B) that
all the share capital increases following the Fifth Share Capital Increase (as defined in the
Co-investment Agreement) and, for the duration of this Agreement, shall be resolved “in opzione”
pursuant to article 2441, first paragraph, of the Italian Civil Code splitting the overall amount
of shares so as to reflect the proportion from time to time existing between Class A and Class B
shareholders, (C) that TE shall receive and thereafter acquire (through share capital increases or

6

 

exercise of the pre-emption right set forth in the Newco’s By-Laws) only Class B shares or Class A
shares to be converted into B shares, while the other Parties, including the Fifth Share Capital
Investors (as defined in the Co-investment Agreement) and the Italian Qualified Investors (as
defined below), if any, shall hold Class A shares, save for the possibility to acquire Class B
shares in case of exercise of the pre-emption right to be converted into A shares, (D) that the
Class B shares shall have exactly the same economic and administrative rights as the Class A
shares, save as provided for herein and in the Newco’s By-Laws, and (E) that the Parties –
following the completion of the Fifth Share Capital Increase (as defined in the Shareholders’
Agreement) — will favourably envisage the potential analysis of further contribution of TI Shares
into Newco (without prejudice for the principles under the “stand still” clause of this Agreement)
provided that in such an event the right to subscribe further capital increases in cash shall be
granted to the other existing shareholders in order to allow avoidance of possible dilutions.

3. Business of Newco

The Parties agree that (I) the business of Newco shall only be that of investing, holding and
disinvesting, directly and indirectly, in TI shares, (II) however, the corporate scope of Newco
shall permit, in principle, the carrying out of certain services in the field of activity of TI,
provided however that, in order to carry out such services, the prior authorisation of the
shareholders’ meeting of Newco shall be required pursuant to Article 2364, first paragraph, No. 5),
such authorisation to be approved with the vote of at least 95% of the share capital of Newco.

4. Corporate governance of O

The Parties agree that the principles of corporate governance referred to in Article 1 above shall
also apply mutatis mutandis to O. As a consequence, TE shall be entitled to designate a percentage
of the directors, including the Vice-Chairman, to be appointed by Newco in O reflecting its
shareholding in the Newco’s share capital and to appoint one out of three members of Board of
Statutory Auditors of O to be indicated as Chairman, and one alternate member (Collegio Sindacale).

O will be subject to the activity of direction and coordination of Newco. As a consequence, prior
to any board of directors meeting or shareholders’ meeting of O taking place, the Parties shall
cause the board of directors of Newco to convene and to resolve on the decision to be then adopted
in the relevant corporate body of O. More in particular, any decision to be taken at the level of
the board of directors and shareholders’ meeting of O will be previously agreed by the board of
directors of Newco in accordance with the principle of the Newco’s governance referred to above
(including

7

 

special majorities where required), with the understanding and the agreement that the Parties shall
cause the directors of O, respectively designated, to conform to the resolution adopted at the
level of Newco.

In case of merger of O and Newco, the governance of O (or the incorporating entity as the case may
be) will be that of Newco as provided for in Article 1 above, provided however that TI will not be
subject to the activity of direction and coordination of Newco or O (or the incorporating entity as
the case may be).

5. Provisions relating to TI and TE

The Parties recognize and agree that the TI and TE groups will be managed autonomously and
independently, without prejudice however to the Parties’ rights and prerogatives resulting from
this Shareholders’ Agreement.

The Parties further recognize and acknowledge that, without prejudice of the independence and
autonomy of any of TI’s management decision, the investment in Newco implies a strategic vision and
perspective. Therefore the Parties will favorably regard any strategic initiative that the TI’s and
TE’s respective managements may jointly carry out, in their autonomy and independence.

As soon as possible after Closing (as defined in the Offer), and for the entire term of the
Shareholders’ Agreement the board of directors of Newco or O, as the case may be, shall approve the
list to be submitted to the shareholder’ meeting of TI, for the appointment of the directors of TI
pursuant to the following criteria: (i) TE – to the extent holding at least 30% of the Newco’s
share capital – shall have the right vis-à-vis the other Parties to designate two directors of TI
(x) to be included as designees for appointment in the board of TI in the list presented by O or
Newco (as the case may be) and (y) to the extent feasible, pursuant to Article 2386, first
paragraph, of the Italian Civil Code (“cooptazione”); and (ii) the Class A shareholders which are
Party to this Agreement – to the extent holding at least 50% plus one share of the Newco’s share
capital – shall designate the other members of the list as follows: (x) three members unanimously
and (y) the remaining members on the basis, mutatis mutandis, of the same proportionality applied
in Article 1.1(b)(i) above among the Class A shareholders which are Party to this Agreement.

The directors designated by TE in Newco, O and TI shall be directed by TE to neither participate,
nor vote at the board of directors meetings (and TE, to the extent applicable, shall neither attend
nor vote, at any shareholders’ meetings of Newco or the entity resulting from the merger of O with
Newco, as the case may be) at which there will be discussed and proposed resolutions relating to
the

8

 

policies, management, and operations of companies directly or indirectly controlled by TI providing
their services in countries where regulatory and legal restrictions or limitations for the exercise
of voting rights by TE (as indirect and ultimate shareholder of such companies) are in force.

Even though as of the date hereof TE does not envisage any burden, restriction or divestment to be
imposed on TE by any regulatory or antitrust authority in relation to the Acquisition or once the
Acquisition has been implemented, the Parties agree that if any competent antitrust or regulatory
authorities in any country shall impose on TE or on TI any burden or divestment finally confirmed
by the competent authorities (the “Burden”) resulting from TE’s equity investment in Newco and
indirectly in TI, then TE, in case the Burden is imposed on TE, or each of the Parties, in case the
Burden is imposed on TI, will have the right to request a De-merger as provided for in Article
1.2(cc) of this Shareholders’ Agreement.

The Parties agree that in the event that the Acquisition is subject to conditions precedent by
competent antitrust or regulatory authorities which require TE to reduce its prerogatives and
rights in terms of governance in Newco and/or in O and/or in TI, then TE shall be bound to satisfy
such conditions precedent and the Parties shall agree in good faith the amendments to this
Shareholders’ Agreement which, while preserving the fulfilment of such conditions precedent, shall
preserve as much as possible the overall spirit underlying this Shareholders’ Agreement.

6. Disposition of TI material assets or material changes in TI’s strategy

In the event of (i) any transfer in whatever form of any of the foreign assets hold directly or
indirectly by TI having a value of more than Euro 4bn per transaction (or series of transactions
occurred within a period of 12 months for the same assets) or (ii) TI entering into a significant
strategic alliance with any “Telecom Operator” (to be construed as to include any person, company
or entity operating in the telecom sector and any person, company or entity holding (a) a
controlling stake in any non-listed company operating in the telecom sector or (b) a stake in a
listed company operating in the telecom sector which exceeds 10% of the share capital or which,
even though is below 10% of the share capital, enables the holder to appoint one or more members of
the board of directors of the listed company), then TE, within the following thirty calendar days,
will have the right to deliver a De-Merger Notice to the other Parties, who will bound to cause,
the De-merger as provided for in Article 1.2(cc) of this Shareholders’ Agreement and in such case
the Parties shall implement, adopt and vote, and cause their directors designated by them to
implement adopt and vote, all and any actions, documents and resolutions necessary to complete the
De-merger

9

 

within a reasonably short timeframe, but in any case no later than 6 months following the Demerger
Notice or, if the transaction is subject to any authorizations by law or contract, within 6 months
following the obtaining of such authorizations.

7. Stand still

The Parties represent to each other that (i) as of the date of this Agreement they respectively own
or hold, directly or indirectly, the interests in TI shares indicated in Annex 7 hereto (the
“Relevant TI Interests”), calculated by taking into account all the shares and interests also held
by entities connected to the Parties pursuant to Article 109 of Legislative Decree No. 58 of
February 28, 1998 (the “Connected Entities”) and (ii) they have not executed nor taken part,
directly or indirectly, also by means of the Connected Entities, in any agreement whatsoever, also
oral, concerning interests in TI shares granting voting rights on the matters listed in Article 105
of Legislative Decree No. 58 of February 28, 1998 or any option rights, convertible bonds,
warrants, derivatives, granting the right to subscribe or acquire TI shares granting voting rights
on the matters listed in Article 105 of Legislative Decree No. 58 of February 28, 1998
(collectively the “TI Voting Shares”) that may cause the holding by the Parties, Newco and the
Connected Entities, taken as a whole, of a number of TI Voting Shares exceeding the 30% mandatory
tender offer threshold pursuant to article 109 of Legislative Decree No. 58 of February 28, 1998
(the “Threshold”). The Parties also acknowledge that O is currently part of a pre-emption agreement
with Holinvest S.p.A. under which Holinvest S.p.A. is allowed to hold up to n. 492,697,862 plus 1%
of the overall number of the issued TI Voting Shares (the “Holinvest Shares”). For the purpose of
this Article 7, the “Initial Balance” shall be equal to the number of TI Voting Shares resulting
from the difference between (i) the number of TI Voting Shares equal to the Threshold and (ii) the
total aggregate number of the TI Voting Shares held by O, the Relevant TI Interests and — until
waiver of the pre-emption rights set out in pre-emption agreement with Holinvest S.p.A. as provided
below — the Holinvest Shares.

Starting from the date hereof and for the duration of this Agreement, each Party undertakes not to
execute or take part, directly or indirectly, also by means of the Connected Entities, in any
agreement whatsoever, also oral, concerning TI Voting Shares (including option rights) that may
cause the holding by the Parties, Newco and the Connected Entities, taken as a whole, of a number
of TI Voting Shares exceeding the Threshold.

10

 

Without prejudice to the above, the acquisition of TI Voting Shares will be permitted to each
Party for a number of TI Voting Shares not exceeding their respective Relevant TI Interests as at
the date hereof plus the percentage pro-rata of the Initial Balance corresponding to the relevant
Party’s percentage in Newco’s share capital following the Fifth Share Capital Increase. In such a
case, the Parties agree that any such further acquisition of TI Voting Shares shall be immediately
communicated to the other Parties and to a secretary office under the coordination of MB and/or by
an entity selected and appointed by MB. In addition, each Party shall inform the other Parties and
the secretary office under the coordination of MB and/or by an entity selected and appointed by MB
about the number of TI Voting Shares held at the end of each calendar quarter. In any case it is
agreed that the Parties (x) shall make as soon as possible after execution of this Shareholders’
Agreement precise calculation as to the Initial Balance and (y), upon Closing, shall cause O to
waive any rights under the pre-emption agreement with Holinvest S.p.A..

The Parties agree that, in the event a breach by a Party of the provisions contained in this
Article 7 causes the overcoming of the Threshold and the triggering of the obligation to launch a
mandatory tender offer pursuant to Article 109 of Legislative Decree No. 58 of February 28, 1998,
such a Party undertakes to (i) hold harmless and indemnify the other Parties from any damages,
losses, costs and expenses arising out from such a breach (ii) take the whole responsibility of the
mandatory tender offer, if required, or of the sale of the exceeding stake, to the extent possible,
and (iii) bear all the costs connected with the mandatory tender offer and all other costs
(including advisory services) borne by the other Parties.

8.   Capital Increases — Transfer of shares

	8.1	 	Capital increases of Newco
	 
	 	 	In the event of an increase of capital of Newco, without consideration or with consideration
without exclusion of the option right, the shareholders who hold Class A shares shall have
the right to receive and subscribe Class A shares and the shareholders of Newco who hold
Class B shares shall have the right to receive and subscribe for Class B shares. In the
event that any holders of Class A shares have not fully exercised their pre-emption right,
the other holders of Class A shares shall have the preferred right to exercise the
pre-emption on the unopted Class A shares. In the same manner, in the event that any holders
of Class B shares have not fully exercised their pre-emption right, the other holders of
Class B shares shall have the preferred right to exercise the pre-emption on the unopted
Class B shares. In the event that after the exercise of the option and pre-emption rights by
the holders of Class A shares remain Class A shares not subscribed, such shares may be
subscribed, by means of

11

 

	 	 	the exercise of the option and pre-emption right, by the holders of Class B shares in
proportion to their shareholding on the total number of Class B shares issued by Newco,
subject to the automatic conversion of the aforesaid Class A shares at the rate of one newly
issued Class B share (having the same characteristics as the Class B shares in circulation)
for each Class A share subscribed. In the event that after the exercise of the option and
pre-emption rights by the holders of Class B shares remain Class B shares not subscribed,
such shares may be subscribed, by means of the exercise of the option and pre-emption right,
by the holders of Class A shares in proportion to their stakeholding on the total number of
Class A shares issued by Newco, subject to the automatic conversion of the aforesaid Class B
 shares at the rate of one newly issued Class A share (having the same characteristics as the
Class A shares in circulation) for each Class B share subscribed.
	 
	8.2	 	Transfer of shares of Newco
	 
	8.2.1	 	Within the limits provided by this article 8.2 and by article 8.3., the shares of Newco are
transferable to shareholders of Newco and to third parties.
	 
	 	 	The provisions of this article 8.2 and of article 8.3 apply not only to the transfer of the
 shares of Newco, but to the transfer of any right whatsoever relating to them, including, by
way of example, (i) all shares or potential financial instruments of Newco (including those
provided for in article 2346 of the civil code) having voting rights or convertible into
 shares having voting rights, (ii) all bonds or other financial instruments convertible into,
exchangeable with, or conferring to the relevant owner the right to subscription or to
acquisition of shares or financial instruments with voting rights of Newco, as well as
 shares originating in the respective conversion or the exercise of the abovementioned
rights, (iii) any other right, title, and/or financial instrument (including rights of
option and/or warrant and/or equity swap) that gives a right to the acquisition of and/or
subscription to shares and/or financial instruments and/or bonds convertible into/ or
exchangeable with, shares or financial instruments having voting rights or convertible into
 shares having voting rights in Newco, and/or the shares and/or financial instruments
acquired on the basis of their exercise. The provisions of this article 8.2 and article 8.3
regard – in addition – not only the transfer of full ownership of the shares of Newco and
the rights relating thereto, but also the transfer of the bare ownership and whatsoever real
rights of enjoyment, exclusive of the real rights of guarantee.

12

 

	 	 	For the purposes of this article 8.2 and article 8.3, by act of transfer is meant any
transfer by deed between living people, in whatever manner (such as, for purely illustrative
purposes, sale, barter, contango, fiduciary transfer, and the modification of the
entitlement to the relationship underlying a possible fiduciary commission, the conferring
or borrowing of titles, or rather title deeds, without consideration or out of generosity,
amalgamation, splitting) able to be accomplished, directly or indirectly, in whole or part,
including in a transitory manner, the ownership or availability of the Shares and whatever
rights, interests, including of a non-property nature, deriving from or connected to the
entitlement to the shares of Newco.
	 
	 	 	For the purposes of this Article 8.2, “Italian Qualified Investors” shall mean any company
or person, other than a Telecom Operator, which is a reputable qualified Italian
institutional or private investor previously accepted in writing by the holders of Class B
 shares, provided that simultaneously with the acquiring of any stake in Newco, it shall
adhere to any agreement executed by the other shareholders of Newco in relation to the
 shares of Newco to be transferred (including this Agreement).
	 
	 	 	The provisions of this article 8.2 and article 8.3 do not apply with regard to transfers in
favour of companies entirely owned or controlled or controlling pursuant to Article 2359,
first paragraph No. 1 of the Civil Code, or operations of partial non–proportional de-merger
of Newco, merger by incorporation of entirely owned companies, and merger between companies
entirely owned or controlled or controlling pursuant to Article 2359, first paragraph No. 1
of the Civil Code by the same shareholder, provided that the transfer shall be subject to a
condition subsequent whereby in case of subsequent change of control of said companies, the
shares of Newco shall be deemed not having been transferred and shall have to be returned
back to the original Shareholder Transferring Class A Shares (as defined below) or
Shareholder Transferring Class B Shares (as defined below), as the case may be.
	 
	 	 	To the extent it does not prevent the other shareholders from exercising the redemption
right under Article 8.4 below or any other right under this Shareholders’ Agreement, the
Co-investment and the By-Laws, the provisions of this article 8.2 and article 8.3 do not
apply also to transfers through derivative transactions or borrowing of titles according to
which the original Shareholder Transferring Class A Shares (being a bank, financial company
or insurance company), as the case may be (i) shall have the full title and ownership of the
 shares of Newco upon termination of the relevant transaction, and, in any case, (ii) shall
maintain medio tempore all administrative and economic rights on the shares of Newco

13

 

	 	 	under the derivative transaction or being object of the borrowing of titles and (iii) shall
not affect ; failure of such conditions will entail the immediate application of this
article 8.2 and following article 8.3.
	 
	8.2.2	 	The shareholder who intends to transfer Class A shares (hereinafter the “Shareholder
Transferring Class A shares”) to a potential third party acquirer, including a shareholder of
Newco (hereinafter, a “Person Bidding for Class A shares”) must offer them in advance on equal
terms to the other shareholders who hold Class A shares and subsequently, under the
circumstances set forth by the following point (ii), to the shareholders who hold Class B
 shares; the holders of Class A shares may acquire the shares offered in pre-emption in
proportion to the number of Class A shares held by each of them compared with the total number
of Class A shares issued by Newco; the holders of Class B shares may acquire the shares
offered in pre-emption, under the circumstances set forth in the following point (ii) below
and in proportion to the number of Class B shares held by each of them compared with the total
number of Class B shares; the above mentioned procedure shall occur in compliance with the
following mechanisms: (hereinafter the “Right of Pre-emption”):

	 	(i)	 	The Shareholder Transferring Class A shares must transmit a communication, by
registered or certified mail with return receipt requested to the chairman of the board
of directors of Newco and to the other shareholders holding Class A shares, specifying
the number of Class A shares, the price, and the other economic and contractual
conditions of the transfer and the personal particulars of the Person Bidding for Class
A Shares (the “Transferring Notice”). Within 30 days of the date of receipt of the
Transferring Notice (the “Term of Exercise”), the shareholders holding Class A shares
who intend to avail themselves of the Right of Pre-emption must give the appropriate
written communication to the chairman of the board of directors and to the Shareholder
Transferring Class A shares (the “Acceptance Notice”). The shareholders holding Class A
shares who exercise the Right of Pre-emption, provided that they make a contextual
request in the Notice of Acceptance, will have the right (hereinafter, the “Right of
Increase”) to acquire the Class A shares remaining on sale once all the Notices of
Acceptances have been received (the “Remaining Class A Shares”). Any Notice of
Acceptance shall specify the number of Remaining Class A Shares in relation to which
the relevant shareholder holding Class A shares wishes to exercise the Right of
Increase. The Remaining Class A Shares shall be divided among the shareholders who have
exercised the Right of

14

 

	 	 	 	Increase in proportion to the number of Class A shares held by each of them, provided
that after the exercise of the above mentioned rights any shareholder holding Class A
 shares will not be entitled to acquire a number of Class A shares higher than the
aggregate number indicated into the Acceptance Notice.

	 	(ii)	 	if after the carrying out of the procedure in the preceding point (i) there
still remain any Remaining Class A Shares, each holder of Class A shares other than the
Shareholder Transferring Class A shares will have the right to procure within 30 days
after the expiry of the Term of Exercise (the “Further Term”) the Acquisition of the
Remaining Class A shares by one or more Italian Qualified Investors, provided that the
Shareholder Transferring Class A shares will not have such right in the case that (aa)
the Person Bidding for Class A shares is a Telecom Operator and (bb) as a consequence
of such transfer of Class A shares, the aggregate percentage of the share capital held
by the Class A shareholders as at the date of this Shareholders’ Agreement is reduced
below 35% of the share capital; it being understood that the loss of such right shall
refer exclusively to the portion of the transferred Shares falling below the 35%
threshold. If on the date the Further Term expires, there are still any Remaining Class
A shares or if Italian Qualified Investors do not have the right to acquire Class A
 shares as referred to above, such Remaining Class A shares shall be offered without
delay to the shareholders holding Class B shares by means of a communication made in
the form specified in the preceding paragraph (i) of this Article 8.2.2. The Remaining
Class A shares which become pre-empted by the shareholders holding Class B shares must
be divided among the holders of Class B shares who pre-empted them – in proportion to
the number of Class B shares held by each of them, provided that the Right of Increase
included in Article 8.2.2(i) above shall apply mutatis mutandis – subject to the
automatic conversion of the aforesaid Class A shares subject to pre-emption at the rate
of one newly issued Class B share (having the same characteristics as the Class B
shares in circulation) for each Class A share subject to pre-emption. The exercise of
the Right of Pre-emption by the shareholders holding Class B shares, potentially
exercised in accordance with this article 8.2.2 (ii), must be carried out within 15
days of the receipt of the notice of offering in pre-emption by means of an appropriate
written communication to the chairman of the board of directors and the Shareholder
Transferring Class A shares, specifying the number of shares requested in pre-emption.
The conversion of Class A shares into Class B shares takes effect upon the recording of
the decision of the board

15

 

	 	 	 	of directors (which for this purpose must be convened within 5 days of the expiry of
the term for the exercise of the Right of Pre-emption specified in the present
article 8.2.2 (ii)) resulting from the minutes drawn up by the notary – subject to
the condition precedent that the event described under Article 8.2.2(iv) did not
occur —  who must proceed to carry out all the necessary formalities for the issuance
of Class B shares as well as the necessary registrations in the register of
companies, also bringing about the necessary and consequent modifications to the
relevant article of the Newco’s By-laws, making the numerical expressions and the
text in the necessary parts adequate for all legal purposes, providing, moreover,
for deposit, according to article 2346 of the civil code, the text of the Newco’s
By-laws updated in that sense, as well as carrying out all other formalities provided
by the current legal standards.

	 	(iii)	 	Should remain any Class A shares subject to the bid not acquired by Class A
shareholders or by Italian Qualified Investors or by Class B shareholders in the sense
of the foregoing (the “Shares A not Purchased”) and the Person Bidding for Class A
 shares is accepting to buy the Shares not Purchased, the Shares not Purchased may be
transferred from the Shareholder Transferring Class A shares to the Person Bidding for
Class A shares, within but not later than 15 days, if the transfer in favour of the
Person Bidding for Class A shares has not occurred within the aforesaid term, any later
transfer of Class A shares and of the rights related thereto shall be subject again to
the procedure specified in the present article 8.2.2; any act of transfer carried out
in violation of the provisions of the present Article 8.2.2 shall be invalid and not
opposable to Newco.
	 
	 	(iv)	 	Should remain any Share A not Purchased and the Person Bidding for Class A
shares is not accepting to buy only the Shares A not Purchased pursuant to the previous
Article 8.2.2(iii), the Shareholder Transferring Class A shares shall be entitled to
sell all the Class A shares object of the Class A Transferring Notice to the Person
Bidding for Class A shares.

	8.2.3	 	The shareholder who intends to transfer Class B shares (hereinafter, the “Shareholder
Transferring Class B shares”) to a potential third-party acquirer as well as to a shareholder
of Newco (“Person Bidding for Class B shares”) must offer these shares in advance to all the
other shareholders holding Class A and Class B shares with regard to the following procedure:

16

 

	 	(i)	 	the Shareholder Transferring Class B shares must transmit a communication, by
registered or certified mail with return receipt requested to the chairman of the board
of directors and other shareholders, specifying the number of Class B shares, the
price, and the other economic and contractual conditions of the transfer and the
personal particulars of the Person Bidding for Class B shares (the “Class B
Transferring Notice”). Within 30 days of the date of receipt of the notice, the
shareholders who intend to avail themselves of the Right of Pre-emption must give the
appropriate written communication to the chairman of the board of directors and the
Shareholder Transferring Class B shares, specifying the number of shares requested in
pre-emption;
	 
	 	(ii)	 	(a) Should the offer be accepted in its totality by the shareholders, the Class
B shares subject to bidding shall be divided among the aforesaid shareholders, in
proportion to the number of shares held by each of them compared to the total number of
shares (of Class A and Class B) issued by Newco; (b) should the offer be accepted only
in part by the shareholders, the Class B shares offered and acquired must be divided
among the aforesaid shareholders in proportion to the number of shares held by each of
them compared to the total number of shares (of Class A and Class B); The Class B
shares pre-empted by the holders of Class A shares will be transferred to them pursuant
to the present Article 8.2.3 subject to the automatic conversion of the aforesaid
pre-empted Class B shares at the rate of one newly issued Class A share (having the
same characteristics as the Class A shares in circulation) for each Class B share
subject to pre-emption. The conversion of the Class B shares into Class A shares will
be executed in compliance with the procedure set forth in Article 8.2.2 (ii) above.
	 
	 	(iii)	 	Should remain any Class B shares subject to the bid not acquired by Class B
shareholders or by Class A shareholders (the “Shares B not Purchased”) and the Person
Bidding for Class B shares is accepting to buy the Shares not Purchased, the Shares B
not Purchased may be transferred from the Shareholder Transferring Class B shares to
the Person Bidding for Class B shares, within but not later than 15 days, if the
transfer in favour of the Person Bidding for Class B shares has not occurred within the
aforesaid term, any later transfer of Class B shares and of the rights related thereto
shall be subject again to the procedure specified in the present Article 8.2.3; any act
of transfer carried out in violation of the provisions of the present Article 8.2.3
shall be invalid and not opposable to Newco.

17

 

	 	(iv)	 	Should remain any Share B not Purchased and the Person Bidding for Class B
shares is not accepting to buy only the Share B not Purchased, the Shareholder
Transferring Class B shares shall be entitled to sell all the Class B shares object of
the Class B Transferring Notice to the Person Bidding for Class B shares.

	8.2.4	 	In the event that the transfer of shares does not provide a corresponding amount, or rather
if it does not provide it entirely in cash (for example, in the event of donation, barter, or
transfer through amalgamation, splitting) the price at which the shareholders in Newco shall
be able to acquire the shares offered to them in pre-emption shall be determined by mutual
agreement of the shareholder who intends to transfer and the shareholder or shareholders who
have exercised the pre-emption (the “Interested Shareholders”). If the Interested Shareholders
have not reached an agreement within 30 workdays, elapsing from the moment when the
shareholder who intends to transfer has received the communication of the shareholders who
intend to exercise the Right of Pre-emption, the price for each share shall be calculated on
the basis of the adjusted net worth of Newco to be determined taking into account the price of
the shares held in TI calculating by means of the arithmetic average of the official stock
exchange prices within 30 days preceding the date of the offer in pre-emption divided by the
number of shares issued] and, in case of disputes, the calculation, to be carried out on the
basis of the criteria indicated above, shall be remitted to an expert appointed by the
President of the Court of Milan, upon application by the most diligent shareholder.
	 
	8.2.5	 	All transfers provided under this Article 8.2 shall be subject to the applicable Antitrust
and/or regulatory provisions and shall occur not later than 10 days after obtaining any
applicable Antitrust and/or regulatory clearance, if needed, and in any case not later than
six months from the completion of the binding agreement in relation to the transfer of the
shares.
	 
	8.2.6	 	Transfers made in violation of the provisions of the present article 8.2 and the following
article 8.3 shall be invalid and unenforceable with regard to Newco.
	 
	8.3	 	Right of Co-Sale (Tag-Along)
	 
	8.3.1	 	Without prejudice to the provisions of the foregoing article 8.2, in the event that one or
more shareholders of Newco (hereinafter called jointly the “Considerable Shareholder”) (i)
intend to transfer, also one or more times, of a number of shares of Newco that represent a
share equal to at least 30% of the share capital of Newco (the “Considerable Share”) to a

18

 

	 	 	potential third-party acquirer or to one or more potential acquirers belonging to the same
group, connected by a relationship of control or linkage among them in the meaning of
article 2359 of the civil code, or who in any case act in concert pursuant to article 109,
Consolidated Financial Act, for the purchase of the Considerable Share, and (ii) none of the
other shareholders exercises the Right of Pre-emption at the end of the respective term of
exercise, or notwithstanding the exercise of the Right of Pre-emption by one or more of the
other shareholders a bid by the third party is still pending for a share equal to at least
the Considerable Share, the shareholder (or shareholders) who did not exercise the Right of
Pre-emption to which they were entitled (hereinafter the “Non-Opting Shareholder”) shall
have the right to transfer to the potential third-party acquirer his own shares (the “Right
of Co-Sale” or “Tag-Along Right”) at the same terms and conditions of the transfer of the
Considerable Shareholder pursuant to this Article 8.3. If the transfer from the Considerable
Shareholder does not comprise the entire stake held but only a part of such stake, the Tag
Along Right shall be allocated to the Non-Opting Shareholder in the same proportion existing
between the number of Shares to be sold and all the shares held by the Considerable
Shareholder.
	 
	8.3.2	 	If the Non-Opting Shareholder intends to exercise its Tag-Along Right, he must, under
penalty of forfeiture, give a written communication to the Considerable Shareholder – and a
copy to Newco – by the means and under the terms provided for the exercise of the Right of
Pre-emption discussed in the foregoing Article 8.2. Once the express request has been made by
the Non-Opting Shareholder to avail himself of the Tag-Along Right (hereinafter the “Proposal
of Sale”), the aforesaid Non-Opting Shareholder shall be obliged to sell all or the different
pro rata quantities established above of his own shares, free from every encumbrance, lien or
right in favour of third parties, to the potential third-party acquirer, in accordance with
the following procedure:

	 	(i)	 	The Considerable Shareholder must, as a condition for the efficacy of the
transfer of his own shares, see to it that the potential third-party acquirer (a)
accepts unconditionally the Proposal of Sale mentioned in this Article 8.3.2, having
for its purpose the sale of all (or the different pro rata quantities established
above) the shares owned by each Non-Opting Shareholder who has made the Proposal of
Sale, without the potential third-party acquirer being able to require with regard
thereto any declaration and/or guarantee, with the exception of the guarantees
pertaining to (ai) the entitlement to the shares owned by the Non-Opting Shareholder,
in the

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	 	 	 	absence of commitments regarding these and the capacity to freely dispose of them,
and (aii) the fact that the shares are free from every encumbrance, lien or right in
favour of third parties; and (b) acquires all (or the different pro rata quantities
established above) the shares owned by each Non-Opting Shareholder who made the
Proposal of Sale;

	 	(ii)	 	The transfer of the shares by the Considerable Shareholder and the other
Non-Opting Shareholders must arrive in one single setting, with contextual payment of
the price within and not later than 15 days of the date of receipt of the Proposal of
Sale by the Considerable Shareholder;
	 
	 	(iii)	 	If no shareholder has exercised the Right of Pre-emption in the sense of
Article 8.2 nor the Tag-Along right in the sense of the present article, the
Considerable Shareholder may transfer the shares belonging to him to a relevant
third-party acquirer on condition that (a) the transfer occurs under the same
conditions indicated in his own communication to the other shareholders, here including
the same price and (b) the transfer shall occur within 15 days of the expiry of the
different term of exercise mentioned in the foregoing Article 8.2, it remaining
understood that the aforesaid term shall be reasonably extended, as referred below, if
the transfer of the shares is subject to obligations of communication in advance or
authorization by an authority; it remains the intention that the aforesaid term of 15
days be considered respected if within the appropriate deadline the Considerable
Shareholder has executed with the potential third-party acquirer a purchase and sale
contract with deferred efficacy (but not more than 6 months) or conditional solely upon
the obtaining of the authorizations required by law or regulation (provided that such
agreement shall terminate if such authorizations have not been obtained within six
months following execution of such purchase and sale contract), at a price per share
and, in general, on the terms and conditions indicated by the potential third party
acquirer in his own bid. If the transfer to the potential third party acquirer has not
taken place in conformity with what is indicated in this paragraph and in the terms
provided here, the Considerable Shareholder shall not be able to transfer his own
shares unless subject to the experiencing of the procedures discussed in articles 8.2
and 8.3 and the transfer shall not be valid and enforceable against Newco.

	8.4	 	Redemption Right

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The Parties acknowledge that the Newco’s By-Laws contains inter alia also a redemption right
(i.e. riscatto) in case of public tender offers on the TI shares (i.e. offerta pubblica di
acquisto su azioni di TI).

	8.5	 	Call Option
	 
	 	 	In partial derogation of Article 1.2 (cc) above, in the event that a decision to
dispose, directly or indirectly in any form of manner (including through measures with
equivalent effect, such as mergers or demergers of Newco or O) or encumber TI shares or
O shares or any rights attached thereto (including but not limited to voting rights) is
taken by the Board of Directors of Newco by simple majority as provided for in Article
1.2(bb) above and TE is a Dissenting Party in accordance with Article 1.2(cc), then TE
shall have any of the following options, at its exclusive discretion, which shall be
exercised in writing, by means of a notice to be sent to the Chairman of the board of
directors of Newco, within thirty days following the date of the relevant board of
directors of Newco:

	 	(a)	 	the right to buy from Newco or O (as the case may be) the O or TI shares at the
same price and conditions offered by the third party offering to acquire such TI or O
shares (the “Call Option”), in which case the Parties shall be bound to cause Newco or
O (as the case may be) to sell the relevant O or TI shares to TE pursuant to the Call
Option. Such acquisition by TE of the O or TI shares shall be completed within 15
business days following the relevant written request sent by TE to the chairman of the
board of directors of Newco or, if the transaction is subject to any authorization by
law or contract, within 15 business days following the obtaining of such authorization.
In this connection, as soon as possible following closing (as defined in the relevant
offer), the Partieshall cause Newco and O to enter into a call option agreement with TE
under terms and conditions referred to in this article 8.5(a);
	 
	 	(b)	 	the right to proceed with the De-merger, as provided for in Article 1.2(cc)
above. In such case the other Parties shall implement, adopt and vote, and cause their
directors designated by them to implement, adopt and vote, all and any actions,
documents and resolutions necessary to complete the De-merger within a reasonably short
timeframe, but in any case no later than 6 months following the De-merger Notice or, if
the transaction is subject to any authorizations by law or contract, within 6 months
following the obtaining of such authorizations.

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	8.6.	 	Each Party undertakes to include as a condition precedent:

	 	(i)	 	to closing any transfer of Newcos’ shares, to be executed by such Party with
any Italian Qualified Investor or with any third party acquiring shares of Newco (in
both cases, in accordance with the procedures included in the bylaws), and
	 
	 	(ii)	 	to subscribe any Newcos’ shares by any Fifth Share Capital Investors or Italian
Qualified Investor, as the case may be (in accordance with procedures included in the
Newco’s By-Laws),

	 	 	the execution of a deed of adherence of such Fifth Share Capital Investors or Italian
Qualified Investor or such third party to this Shareholders Agreement.
	 
	8.7	 	In any case MB, AG, IS and SI undertake, for the duration of this Agreement, neither to
solicit, nor to respond positively to, any interest or approach from Telecom Operators, as
defined above, for the potential acquisition or subscription of Newco’s shares, O shares and
TI shares and/or for the acquisition of TI’s Foreign Material Assets and/or for the entering
into strategic alliances with TI (the “Non Solicited Offer”). MB, AG, IS and SI also undertake
to inform TE to the extent possible about any Non Solicted Offer they may receive. MB and IS
shall also refrain, for the duration of this Agreement, to provide any advisory services or
financing in favour of Telecom Operators, in connection with the acquisition or subscription
by any such Telecom Operators of Newco’s shares, O shares and TI shares and/or the acquisition
by any Telecom Operators of TI’s Foreign Material Assets and/or the entering into strategic
alliances between TI and any Telecom Operators.
	 
	8.8	 	It is agreed and understood among the Parties that no shareholder will be granted additional
or special rights, unless granted to the relevant Class of Shares under the Shareholders’
Agreement, the Co-investment Agreement and the By-Laws.

	9.	 	Newco’s by-laws

The Newco’s By-Laws incorporates most of the principles referred to in this Shareholders’ Agreement
in connection with the governance of Newco and all the principles referred to in this Shareholders’
Agreement in connection with the transfer of the Newco’s shares.

As regards the governance of Newco, this Shareholders’ Agreement contains the principles (such as
the solution of the deadlocks on certain items) which has not been possible to introduce in the
Newco’s By-Laws.

22

 

The Parties acknowledge and agree that Newco shall adopt the By-Laws in the text attached hereto in
both Italian and English version as Annex 9. It is understood that the Italian version will prevail
and that the Parties will implement the amendments, if any, which will be requested by the Notary
Public to comply with mandatory provisions of Italian law, subject to the principle of fullest
implementation of the principles of this Shareholders’ Agreement.

It is agreed among the Parties that, in case of conflict, the provisions of this Shareholders’
Agreement will prevail on the provisions of the By-Laws and the Parties shall conform their acting
so as to implement such provisions.

10. Accounting principles

The Parties agree that, as soon as practicable, Newco and O shall move to and use going forward
IFRS principles for their financial statements.

11. Duration and demerger

This Agreement shall commence on the date hereof, and shall expire on the third anniversary thereof
(the “Expiry Date”), provided however that, if so required in writing by one of or more of the
Parties (the “Exiting Parties”) not later than six months prior to the Expiry Date, the Parties
shall be bound, to cause (a) the merger between Newco and O to occur (if not already occurred prior
to such date), and (b) the non-proportional de-merger of the company resulting in the attribution
to a number of beneficiaries companies equal to the number of the Exiting Parties (each beneficiary
company owned 100% by each of such Exiting Party) of a percentage of all the assets and liabilities
of Newco after the merger with O, corresponding to the stake held in Newco after the merger with O
by such Exiting Party, provided that (i) the Parties shall implement, adopt and vote, and
cause their directors designated by them to implement adopt and vote, all and any actions,
documents and resolutions necessary to complete such merger and de-merger within a reasonably short
timeframe, but in any case no later than 6 months following the Demerger Notice or, if the
transaction is subject to any authorizations by law or contract, within 6 months following the
obtaining of such authorizations, and (ii) the Exiting Parties, to the extent the other Parties
decide to execute a new shareholders agreement, shall be permitted to execute a new shareholders
agreement with the other Parties, to be negotiated in good faith, provided that the De-merger has
been completed and the Exiting Party contributes the relevant shares to such new shareholders’
agreement. The Parties agree that if none of them becomes an Exiting Party, they shall negotiate in

23

 

good faith a new shareholders agreement in line, mutatis mutandis, with the terms and conditions of
this Agreement, for a further three years period prior to the Expiry Date.

10. Confidentiality

No Party shall make any announcement, communication or disclosure in relation to this Shareholders’
Agreement, or in relation to the ongoing negotiations between the Parties, or in relation to the
status of the same without the other Party’s previous written consent, unless this is required by
law and/or by the competent authorities. In this case, the Parties undertake to provide with no
delay, to the extent feasible, to the other Parties notice and/or copy of the announcement,
communication or disclosure required by law and/or by the competent authorities.

11. Costs and expenses

Each Party shall pay its own costs and expenses (including fees and disbursements of any external
legal or financial advisers and accountants) incurred in connection with the preparation,
negotiation, and execution of this Shareholders’ Agreement.

Each Party represents and warrants that this Shareholders’ Agreement has been concluded without the
participation, assistance or intervention, direct or indirect, of any broker, intermediary,
commission agent, business agent or similar party, who may claim any expenses, fees, royalties,
commission or other costs due to the preparation, negotiation, and execution of this Agreement from
the other Party.

12. Notices

Any notice, objection or other communication to be given by one Party to the other under, or in
connection with, this Shareholders’ Agreement shall be in writing and signed by or on behalf of the
Party giving it. It shall be served by sending it by fax to the number set out in this Article 11,
or delivering it by hand, or sending it by pre-paid recorded delivery, special delivery or
registered post, to the address set out in this Article 11 and in each case marked for the
attention of the relevant Party set out in this Article 11 (or as otherwise notified from time to
time in accordance with the provisions of this Article 11). Any notice so served by hand, fax, post
or e-mail shall be deemed to have been duly given:

	 	(c)	 	in the case of fax, at the time of transmission, with receipt of delivery; or
	 
	 	(d)	 	in the case of prepaid recorded delivery, special delivery or registered post, at
the date indicated in the receipt of delivery,

24

 

	 	(e)	 	in the case of e-mail delivery at the e-mail address indicated below, with receipt
of delivery,

provided that in each case where delivery by hand or by fax occurs after 6 p.m. on a Business Day
or on a day which is not a Business Day, service shall be deemed to occur at 9 a.m. on the
following Business Day. Any references to time in this Article are to local time in the country of
the addressee.

The addresses and fax numbers of the Parties for the purpose of Article 11 are as follows:

To TE:

Telefonica S.A.,

Gran Via n. 38, Planta 9,

28013, Madrid, Spain

To the attention of: the Group General Counsel (Ramiro Sanchez de Lerin),

Ph: + 34 91 584 0207

Fax: + 34 91 531 3206

E-mail: secretaria.general@telefonica.es

To AG:

ASSICURAZIONI GENERALI S.p.A.,

Piazza Duca degli Abruzzi n. 2,

34132, Trieste, Italy

To the attention of: Mr. Giovanni Perissinotto

Ph: + 39 040 671036

Fax: + 39 040 671260

E-mail: giovanni_perissinotto@generali.com

To SI:

SINTONIA S.A.

1, Place d’Armes,

L-1136 Luxembourg

25

 

Luxembourg

To the attention of: Mr. Gustave Stoffel

Ph: + 352 26 266255

Fax: + 352 26 266256

E-mail: gustave.stoffel@pt.lu

To IS:

INTESA SANPAOLO S.p.A.

Piazza Scala n. 6,

20121 Milano, Italy

To the attention of Mr. Gaetano Miccichè and Mr. Fabio Canè

Ph: + 39 02 879 42650

Fax: + 39 02 879 43 540

E-mail:
gaetano.micciche@intesasanpaolo.com, and Fabio.cane@intesasanpaolo.com

To MB:

MEDIOBANCA S.p.A.

Piazzetta Cuccia n. 1,

20121 Milano, Italy

To the attention of: Mr. Clemente Rebecchini and Ms. Cristiana Vibaldi

Ph: + 39 02 8829 202 and + 39 02 8829 455

Fax: + 39 02 8829 943

E-mail:
clemente.rebecchini@mediobanca.it, cristiana.vibaldi@mediobanca.it

A Party may notify the other Party of a change to its name, relevant addressee, address or fax
number for the purposes of this Article 11, provided that, such notice shall only be effective on:

	 	(i)	 	the date specified in the notice as the date on which the change is to take place; or
	 
	 	(ii)	 	if no date is specified or the date specified is less than five (5) Business
Days after the date on which notice is given, the date following ten (10) Business Days
after notice of any change has been given.

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14. Variations

No variation of this Shareholders’ Agreement shall be valid unless it is in writing and signed by
or on behalf of each of the Parties. The expression “variation” shall include any variation,
amendment, supplement, deletion or replacement however effected.

15. Severability

If any provision of this Agreement is held to be invalid or unenforceable, then such provision
shall (so far as it is invalid or unenforceable) be given no effect and shall be deemed not to be
included in this Shareholders’ Agreement, but without invalidating any of the remaining provisions
of this Shareholders’ Agreement. In any such event the Parties shall negotiate in good faith and
agree all those amendments to this Shareholders’ Agreement which are consequently necessary to
replace the invalid or unenforceable provision with terms having as near as possible the same
commercial effect with a view to maintain unaltered the Parties’ mutual interests as currently
protected under this Shareholders’ Agreement and in any case preserving a balance between their
respective rights and obligations in enabling them to fully perform their obligations as
contemplated hereunder.

16. Entirety of Agreement

This Shareholders’ Agreement constitutes the entire agreement and understanding of the Parties in
relation to the transactions hereby contemplated and supersedes any and all prior agreements and
arrangements, whether written or oral, that may exist between the Parties with respect to the
matters contemplated therein.

17. No waiver and further assurances

No failure or delay by any of the Parties in exercising any right or remedy provided by law or
pursuant to this Shareholders’ Agreement shall impair such right or remedy or operate or be
construed as a waiver or variation of it or preclude its exercise at any subsequent time and no
single or partial exercise of any such right or remedy shall preclude any other or further exercise
of it or the exercise of any other right or remedy. Each of the Parties undertakes to the others to
perform (or procure the performance of) all further acts and things, and execute and deliver (or
procure the execution and delivery of) such further documents (including without limitation any
agreement or arrangement which shall be entered into between the Parties) as set forth in this
Shareholders’ Agreement, as may be required to implement and/or give effect to this Shareholders’
Agreement and the transactions contemplated hereunder.

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18. Governing law/Exclusive Jurisdiction

This Shareholders’ Agreement shall be governed by, and interpreted in accordance with, the laws of
the Republic of Italy. Any disputes arising out of or in connection with this Shareholders’
Agreement shall be submitted by the Parties to arbitration. The venue of the arbitration shall be
Milan. The arbitration shall be conducted in the English language and in accordance with ICC Rules.

* * * * *

	 	 	 	 	 
	TELEFONICA S.A.

	 	 	 	ASSICURAZIONI GENERALI S.P.A.
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	INTESA SANPAOLO S.P.A.

	 	 	 	MEDIOBANCA S.P.A.
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	SINTONIA S.A.
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

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