Telecom Italia Mobile SpA IWF Changes In The S&P European Indices

Standard & Poor’s will make the following changes in the S&P Europe 350, S&P Euro Plus, S&P Euro indices effective after the close of trading Tuesday, January 25, 2005:

• Telecom Italia Mobile SpA (Italy, SEDOL: 4876746, GICS: Telecommunication Services, GICS Code: 50102010), a member of the S&P Europe 350, S&P Euro Plus and S&P Euro indices, Investable Weight Factor will change from 0.4387 to 0.146. This is following the acquisition of ordinary shares by Telecom Italia SPA, which has increased its holding to 85.4% of shares outstanding.

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