Olimpia rectifies the value of single TI shares in its portfolio to 4.2 euros

Milan, 8 March 2006 - The Board of Directors of Olimpia SpA met to approve 2005 results and resolved to rectify the value at which it carries single Telecom Italia shares in its accounts. This value changes from 4.63 euros to 4.23 euros.

The rectification, equal to 0.40 euros per share, was determined on the basis of both the stock's market performance, which was impacted by the negative sentiment that affected the entire telecommunications sector, and the reduction of intrinsic values expressed by the market in 2005. This decision entails a rectification of the total value of Olimpia's stake in Telecom Italia of approximately 1 billion euros.

This happened despite Telecom Italia's positive results, as confirmed by the decision of Telecom Italia's board to propose a dividend increase to shareholders when they meet on April 12th and 13th, with a consequent positive financial effect on Olimpia's 2006 accounts.