Press release

IFIL - Pirelli RE completes acquisition of shares in Turismo&ImmobiliareNovember 03, 2005

Pirelli RE has acquired an equity interest in Turismo&Immobiliare, the
company that owns 49% of Italia Turismo, following receipt of Antitrust
authorisation.
Italia Turismo - of which the remaining 51% is owned by Sviluppo Italia –
is Italy’s leading property company in the tourism and hospitality sector,
with substantial investments in Apulia, Calabria, Basilicata, Sicily and
Sardinia.
Based on the agreements signed on 29 July of this year, each of the three
Turismo&Immobiliare’s founders and current shareholders (Banca Intesa,
Ifil Group and Marcegaglia Group) will sell Pirelli RE an 8.3% stake in the
company for a price of €1.135m.
In return for a total outlay of €3.405m, Pirelli RE will hold a 25% stake in
Turismo&Immobiliare, equivalent to the holdings of the other three
shareholders.
The new shareholder structure will enable Turismo&Immobiliare to exploit
its expertise to the full in supporting Italia Turismo in the implementation
of its current development plan. 

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