Press release

IFIL - Pirelli RE acquires an interest in Turismo&ImmobiliareJuly 29, 2005

Pirelli RE is to acquire an interest in Turismo&Immobiliare, which owns
49% of the share capital of Italia Turismo.
Italia Turismo – of which the remaining 51% is owned by Sviluppo Italia –
is Italy’s leading real estate operator in the tourism and hospitality sector,
with substantial investments in Apulia, Calabria, Basilicata, Sicily and
Sardinia.
In accordance with agreements signed today, each of
Turismo&Immobiliare’s current shareholders (Banca Intesa, Ifil Group and
Marcegaglia Group) will sell Pirelli RE an 8.3% stake in the company for
an amount of €1.135 million.
On completion of the operation, after total expenditure of €3.405 million,
Pirelli RE will hold a 25% stake in Turismo&Immobiliare, equivalent to
those owned by the other three shareholders.
Conclusion of the agreement is subject to authorization by the Antitrust
Authority.
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