Call option Banca di Roma exercise.

Milan, October 30th, 2001 - Olimpia SpA, in execution of article 16 of the agreement concluded on July 30th between Pirelli SpA, Edizione Holding SpA and Bell S.A. regarding the sale of the participation in Olivetti SpA held by Bell, has today exercised the call option towards Bell SA for 54 million ordinary Olivetti SpA shares, at a unit price of euro 4,175 per share. These shares had been bought by Bell on October 15th last from Banca di Roma SpA/Mediocredito Centrale SpA on the basis of a previous co-selling agreement.

The operation, as was the case for similar ones in the past, will be executed with a block sale on October 31st, 2001, with value and share transfer date November 2nd, 2001.

Olimpia will thereafter hold approximately 27.7% of Olivetti SpA's ordinary share capital.