Dear Shareholder,

The Telecom Italia individual shareholders’ club is pleased to announce ZOOM, a new monthly analysis publication that dovetails neatly into those already available online or via text messages. ZOOM was hatched with a view to supplying club members with a “closer” view not only of issues of an economic and financial nature, but also as regards marketing, trade and technology.

Precisely as regards the trade features, shareholders who are also customers or who, at any rate, are sensitive to novelties in the business world, will be provided with an overview of the latest products and special offers for fixed-line and mobile telephony.

Furthermore, to throw greater light onto Group activity abroad, Telecom Italia supplies an information sheet on the most significant fixed Broadband offers in Europe and mobile offers in Brazil.

Finally, since the telecommunications sector is very much propped up by technological research and innovation, in this issue we focus on two recent studies being conducted in Telecom Italia and around the world. First of all we have an article on Push-to-X, a type of technology which allows end users to communicate by exchanging files, auto-messages and video using the mobile in place of the PC, just like a walkie-talkie. In the Technology section, on the other hand, we take "A stroll ... into the television of the future ", i.e. among future contents and platforms designed to make the television ever more “novel and captivating".

Enjoy the issue!

How many TI shareholders are there? What is their make-up, and in what way is it possible to understand the variations in the composition of the retail shareholding body (made up, that is, of individual shareholders) from one year to the next? To answer these questions the first issue of Zoom dedicates its financial analysis column to the Italian retail shareholder, putting together a profile that has been updated as of 2007.