This option agreement (the “Agreement”) is entered into on 11th January 2010 BY AND BETWEEN
Exhibit
99.21
This option agreement (the “Agreement”) is entered into on
11th January 2010
BY AND BETWEEN
| (1) | INTESA SANPAOLO S.P.A., a bank incorporated under the laws of the Republic of Italy, whose
registered office is at ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇. ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇, registered with the
Companies’ Registry of Turin under No. 00799960158, in its quality as lender under the
facility agreement entered into on even date hereof with Telco S.p.A. (“Intesa Sanpaolo”), |
| (2) | MEDIOBANCA — BANCA DI CREDITO FINANZIARIO S.P.A., a bank incorporated under the laws of the
Republic of Italy, whose registered office is at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇, ▇▇▇▇▇▇, ▇▇▇▇▇,
registered with the Companies’ Registry of Milan under No. 00714490158, in its quality as
lender under the facility agreement entered into on even date hereof with Telco S.p.A.
(“Mediobanca”); |
| (3) | UNICREDIT CORPORATE BANKING S.P.A. Società per Azioni, with Sede Legale e Direzione generale
in Verona, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇, Share Capital euro 6,604,173,696.00 registered with the Companies’
Registry of Verona, Tax Code and VAT Number n° 03656170960 — Cod. ABI 03226.8, a company with
a sole shareholders enrolled in the register of banks and belonging to the Gruppo Bancario
UniCredito Italian enrolled in the registered of the banking groups under n. 3135.1, member of
the Fondo Interbancario ▇▇ ▇▇▇▇▇▇ dei Depositi (“UCB”); |
| (4) | SOCIÉTÉ GÉNÉRALE, a company incorporated under the laws of France, with registered office in
Paris, Boulevard Haussmann 29, acting through its Milan branch, with its offices at ▇▇▇ ▇▇▇▇▇
▇, ▇▇▇▇▇, registered with the Companies Registry of Milan under number ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
number 748666, registered with the Banks Registry of the Bank of Italy under number 4858
(“SG”) |
|
(Intesa Sanpaolo, Mediobanca, UCB and SG hereinafter collectively referred as the “Lenders”); |
AND
| (5) | TELEFÓNICA, S.A., a Spanish company with registered office at 28013, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇ ▇. ▇▇,
▇▇▇▇▇ (“TE”); |
| (6) | ASSICURAZIONI GENERALI S.p.A., an Italian company with registered office at ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇; |
|
| (7) | ALLEANZA TORO S.p.A., an Italian company with registered office at Torino, via Mazzini n. 53; |
| (8) | INA ASSITALIA S.p.A., an Italian company with registered office at Roma, Corso d’Italia n.
33; |
| (9) | GENERALI LEBENSVERSICHERUNG A.G., a German company with registered office at Hamburg
(Germany), an der Besenbinderhof n. 43; |
|
| (10) | GENERALI VIE S.A., a French company with registered office at Paris, Bld ▇▇▇▇▇▇▇▇ 11; |
| (11) | ASSICURAZIONI GENERALI S.p.A. (hereinafter “Generali”), for its own account and in the name
and on behalf of the following Generali’s subsidiaries GENERALI VIE S.A., ALLEANZA TORO
S.p.A., INA ASSITALIA S.p.A., GENERALI LEBENSVERSICHERUNG A.G., (hereinafter the “Generali
Subsidiaries” and together with Generali collectively “AG”); |
| (12) | INTESA SANPAOLO S.p.A, an Italian company with registered office at ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇,
▇▇▇▇▇▇, ▇▇▇▇▇, in its quality as shareholder of Telco S.p.A. (“IS”); |
| (13) | MEDIOBANCA- BANCA DI CREDITO FINANZIARIO S.p.A.- Banca di Credito Finanziario, an Italian
company with registered office at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇, ▇▇▇▇▇▇, ▇▇▇▇▇, in its quality as
shareholder of Telco S.p.A (“MB”); |
|
(TE, AG, IS and MB hereinafter collectively referred as the “Shareholders”); |
(the “Parties).
BETWEEN THE PARTIES IT IS AGREED as follows:
1.1 The Facility Agent (as defined below) undertakes to copy the Shareholders in any of the
communications to be given to the Borrower in relation to Clause 19.12 (Acceleration) of the
facility agreement entered into on even date hereof between inter alia the Lenders and Telco S.p.A.
and Unicredit Corporate Banking S.p.A. — the “Facility
Agent”- (the “New Banking Facility
Agreement”),
1.2 Without prejudice to 1.1 above, should the Lenders decide to enforce the share pledge created
over Telecom Italia S.p.A. ordinary shares pursuant to the provision of the pledge agreement to be
entered into pursuant to the New Banking Facility Agreement (the “Share
Pledge” and the “Share Pledge Agreement” respectively) (a form of which is attached hereto as
Schedule 1) following an acceleration pursuant to and in accordance with Clause 19.12 of the New
Banking Facility Agreement, the following shall apply.
-2-
1.2.1 The Facility Agent shall copy the shareholders of Telco (each a “Shareholder”) in the
notice enforcing the Share Pledge to be given to Telco pursuant to Clause 6.1 of the Share
Pledge Agreement (the “Enforcement Notice”). Together with the Enforcement Notice, the
Facility Agent will also deliver to the Shareholders a calculation notice (the “Calculation
Notice”) stating (i) the aggregate amount outstanding under the New Banking Facility
Agreement plus interest accrued and to accrue thereunder and all other costs and expenses,
including enforcement costs, up to the Transfer Date (as defined below); (ii) the price at
which the Lenders can appropriate the pledged shares pursuant to Clause 6.3 of the Share
Pledge Agreement; and consequently (iii) the number of pledged shares that the Lenders may
have the right to appropriate pursuant to the Share Pledge Agreement (the “Appropriation
Shares”). It is agreed and understood that, if Clause 6.3(i)(c) and/or Clause 6.3(ii)(c) of
the Share Pledge Agreement apply, the Calculation Notice shall be sent after the Facility
Agent having obtained the appraisal referred to thereunder. If notwithstanding the good
faith efforts of the Facility Agent and the appointment of a second investment bank pursuant
to Clauses 6.3(i)(c) and 6.3(ii)(c) no appraisal is obtained within 65 Business Days from
the Enforcement Notice the Shareholders shall no longer have any right to purchase
Appropriation Shares under this Agreement and the Lenders shall have the right to enforce
the Share Pledge at their discretion, provided in such case that upon enforcement of the
pledge in accordance with the Share Pledge Agreement the Lenders shall ensure, to the
maximum extent allowed by applicable laws, that the Shareholders are allowed to participate,
pari passu with any other potential acquirer, in any sale process of the Appropriation
Shares.
1.2.2 Each Shareholder shall be entitled to call and acquire from the Lenders (the “Right
to Call”) Appropriation Shares at the terms and conditions referred to herein and at a price
per Appropriation Share (the “Purchase Price”) equal to the higher of (i) the price
indicated in Clause 1.2.1 (ii), and (ii) the amount indicated in Clause 1.2.1 (i) divided by
the aggregate total number of the Appropriation Shares. The Facility Agent shall include the
Purchase Price in the Calculation Notice.
1.2.3 In order to exercise its Right to Call, each relevant Shareholder(s) shall deliver to
the Facility Agent and the other Shareholders a written notice (the “Exercise Notice”), no
later than 5 Business Days (the “Exercise Deadline”) after receipt of the Calculation
Notice, stating (i) its unconditional and irrevocable offer to purchase from the Lenders all
or part of the Appropriation Shares at a price per share equal to the Purchase Price and
(ii) that the Exercise Notice complies with the shareholders agreement in force between the
Shareholders, as amended (the “Shareholders Agreement”)..
1.2.4 The Exercise Notices shall be given to Unicredit Corporate Banking S.p.A. in its
capacity as Facility Agent (or to any of its successors pursuant to the provisions of Clause
20.13 of the New Banking Facility Agreement), copy to all the other Shareholders.
-3-
1.2.5 The Exercise Notices shall be valid and effective only if and to the extent they
contain in aggregate offers to purchase the exact amount of the Appropriation Shares. If,
instead, the Exercise Notices contain in aggregate offers to purchase a number of
Appropriation Shares which is greater or lower than the number of Appropriation Shares,
then, the Exercise Notices shall be deemed ineffective and the Shareholders shall no longer
have any right to purchase the Appropriation Shares under this Agreement and the Lenders
shall have the right to enforce the Share Pledge at their discretion. Provided
further that, in the event the Exercise Notice/s contain/s in aggregate offers to purchase
not the exact amount of the Appropriation Shares, the Facility Agent shall allow the
Shareholders who have delivered valid Exercise Notice(s) 1 Business Day to cure the mistake
by sending a further joint notice signed by all Shareholders that have delivered the
Exercise Notice, stating the exact allocation of Appropriation Shares among Shareholders.
1.2.6 The Shareholders acknowledge that the Facility Agent shall:
| (aa) | verify that the Exercise Notices comply with Clauses 1.2.2 and 1.2.3 above, |
||
| (bb) | proceed with the allocation of the Appropriation Shares to the Shareholders who
have delivered a valid Exercise Notice (the “Exercising Shareholders”) as per the
indication provided in the relevant Exercise Notices only if and to the extent the
overall number of the Appropriation Shares indicated in the Exercise Notice(s) received
is equal to the overall number of Appropriation Shares in accordance with the
provisions of preceding Clause 1.2.5. |
1.2.7 If the conditions under Clauses 1.2.5 and 1.2.6 above are satisfied, the Lenders shall
appropriate the Appropriation Shares at a price per share equal to the Purchase Price under
the Share Pledge Agreement on the 8th Business Days from the date of the
Calculation Notice and shall then sell and transfer on the same day (the “Transfer Date”)
all the Appropriation Shares to the Exercising Shareholders as per the indications received
in the Exercise Notices, provided that the transfer of all Appropriation Shares shall occur
simultaneously and be conditional upon (i) receipt of a legal opinion issued by reputable
legal counsel (at the request of any Exercising Shareholder) confirming valid delivery of
the Exercise Notice based on the Shareholders Agreement, validity and enforceability of the
relevant transfer deed, no conflict with applicable law and capacity and authority of the
Exercising Shareholder(s), and (ii) receipt in full of the Purchase Price multiplied by the
number of the Appropriation Shares. If for any reason whatsoever (including for the
avoidance of doubt, any order of authority, attachment, seizure or precautionary measure)
appropriation under the Share Pledge Agreement or transfer to Exercising Shareholders cannot
take place, then the Exercise Notices shall be deemed ineffective and the Shareholders shall
no longer have any right to purchase the Appropriation Shares under this Agreement and the
Lenders shall have the right to enforce the Share Pledge at their discretion, provided
however in such case that (a) should the relevant order of authority, attachment, seizure,
precautionary measure consist in an impediment to enforce the pledge (and consequently
appropriation and transfer of the Appropriation Shares under this Agreement) (i) should it
be removed or cured within 60 days, then the Lenders shall remain bound to this Agreement
and shall deliver to the Shareholders a new Enforcement Notice and a new Calculation Notice
and each Shareholder shall be entitled to exercised its Right to Call by delivering its
Exercise Notice in accordance with this Agreement, (ii) should it NOT be removed or cured
-4-
within 60 days, then the Lenders shall ensure, to the maximum extent allowed by applicable
laws, that the Shareholders are allowed to participate, pari passu with any other potential
acquirer, in any subsequent sale process of the Appropriation Shares; and (b) should the
relevant order of authority, attachment, seizure, precautionary measure impede appropriation
and/or transfer of the Appropriation Shares under this Agreement but NOT enforcement of the
pledge through other means, then the Exercise Notices shall be deemed ineffective and the
Shareholders shall no longer have any right to purchase the Appropriation Shares under this
Agreement and the Lenders shall have the right to enforce the Share Pledge at their
discretion but the Lenders shall ensure, to the maximum extent allowed by applicable laws,
that the Shareholders are allowed to participate, pari passu with any other potential
acquirer, in any subsequent sale process of the Appropriation Shares.
In the event an Exercising Shareholder is also a Lender and transfer of the Appropriation
Shares is to occur in respect of all Exercising Shareholders in accordance with this Clause
1.2.7, then such Lender / Exercising Shareholder (a) shall only purchase a number of
Appropriation Shares equal to the positive difference between (i) the number of
Appropriation Shares for which it has delivered a valid Exercise Notice; and (ii) the number
of Appropriation Shares corresponding to its quota in the Facility Agreement; or (b) shall
only sell a number of Appropriation Shares equal to the positive difference between (i) the
number of Appropriation Shares corresponding to its quota in the Facility Agreement; and
(ii) the number of Appropriation Shares for which it has delivered a valid Exercise Notice.
1.2.8 If, as a result of the procedure set out in paragraphs 1.2.2 to 1.2.6 above, the
Lenders have not received valid and effective Exercise Notices for all and no more or no
less than the Appropriation Shares, the Shareholders shall no longer have any right to
purchase the Appropriation Shares under this Agreement and the Lenders shall have the right
to enforce the Share Pledge at their discretion.
1.2.9 Any obligation assumed by a Shareholder under this Agreement or the Exercise Notice
shall be assumed on a several basis (senza vincolo di solidarietà) with the other
Shareholders. It remains understood and agreed that if on the Transfer Date any of
Exercising Shareholder(s) does (do) not pay the purchase price pursuant to the relevant
Exercise Notice, then the Lenders shall have no obligation to transfer Appropriation Shares
to that or to any other Exercising Shareholder(s), the Exercise Notices shall be deemed
ineffective, the Shareholders shall no longer have any right to purchase the Appropriation
Shares under this Agreement and the Lenders shall have the right to enforce the Share Pledge
at their discretion, provided that the Facility Agent shall allow the Shareholder(s) who
have/has not paid the purchase price 1 Business Day to cure its default and shall allow the
Shareholder(s) to purchase their corresponding Appropriation Shares, in which case all
transfers of Appropriation Shares shall take place one Business Day after the intended
Transfer Date and after full payment for all Appropriation Shares has been received in full.
The Parties agree that any cost, taxes and expense of the transfer of Appropriation Shares
to any Exercising Shareholders in accordance with this Agreement shall be borne by the
Exercising Shareholders in proportion of the Appropriation Shares acquired by each of them.
-5-
1.2.10 The obligations assumed by the Lenders under this Agreement shall be assumed by each
Lender severally from the other Lender (senza vincolo di solidarietà) in proportion to each
respective loans and commitments under the New Banking Facility at the time of the Transfer
Date.
1.2.11 For the avoidance of doubt any sale and purchase of Appropriation Shares made
pursuant to this Agreement shall be deemed to be permitted under the Shareholders’ Agreement
and each Shareholder commits to the other Shareholders to take any step and carry out all
actions required to give full implementation to the rights and obligations set out in
this Agreement.
1.2.12 The Parties agree that, for the sake of completeness, this Agreement shall be
disclosed and made public in accordance to applicable laws.
1.2.13 Each Shareholder, to the maximum extent permitted by applicable laws and regulations
and to the extent the Lenders and the Facility Agent have complied with their obligations
under this Agreement, waives any and all rights, claims, objections and remedies it may have
against the Facility Agent and the Lenders now or in the future in relation to the delivery
and transfer of the Appropriation Shares pursuant to the Exercise Notices, the joint
correction notice under Clause 1.2.5, the criteria and price on the basis of which the
appropriation referred to in Clause 1.2.7 and the Purchase Price have or will be determined.
1.2.14 Each Exercising Shareholder, severally and not jointly and pro-quota in proportion to
the percentage of the Appropriation Shares acquired, further undertakes to indemnify and
keep harmless each Lender and the Facility Agent and their respective directors and
employees (each an “Indemnified Party”), from any prejudices, expenses and damages or
liabilities incurred or suffered as a result of an action or lawsuit or claim brought by
Telco, any of the Shareholders and/or any third party in connection with the delivery and
transfer of the Appropriation Shares pursuant to the Exercise Notices and the appropriation
of the Appropriation Shares pursuant to Clause 1.2.7. To this purpose (i) the Indemnified
Party shall deliver to the Exercising Shareholders notice of the relevant action, claim or
lawsuit, specifying reasonable details thereto, (ii) before making any payment or
settlement, the Indemnified Party shall consult in good faith with the Exercising
Shareholders for at least 10 Business Days, including taking advice from reputable
international legal counsel, provided that if the payment is to be made earlier than 10
Business Days the consultation period shall be shortened accordingly (iii) after the
Indemnified Party having fulfilled its obligations under (i) and (ii) above, payment of the
indemnity hereunder shall be made 1 Business Day prior to the date on which the relevant
Indemnified Party declares that it is under an obligation to make a payment or post a
collateral in favor of a third party, without raising any objection (solve et repete), (iv)
the Indemnified Party shall keep informed the Exercising Shareholders of the relevant
action, lawsuit or claim and will consult and cooperate in good faith with the relevant
Exercising Shareholders in pursuing any legal defense, against said action, lawsuit or
claim, and (v) after payment by the Exercising Shareholders the Indemnified Party shall
return to the relevant Exercising Shareholders any money paid by such Exercising
Shareholders and recovered by the Indemnified Party from the third party or released from a
collateral.
-6-
The Parties agree that (x) the above provisions will only apply to any indemnification which
has an overall aggregate amount not exceeding Euro 260 million, while (y) in the event of an
indemnification for an overall aggregate amount exceeding Euro 260 million the above
provisions (including the “solve and repete” principle) would still apply, but no payment
shall be demanded by the Indemnified Party unless such Indemnified Party has received a
judgment or order of an authority (even if not final and conclusive) ordering it to pay such
third party claim or requiring it to post a collateral.
Without prejudice to the solve et repete provision set forth above, no indemnity shall
be payable to an Indemnified Party under this Clause 1.2.14 in relation to prejudices,
expenses and damages or liabilities incurred or suffered as a result of such Indemnified
Party gross negligence or willful misconduct (dolo o colpa grave), provided for the sake of
clarity that the solve et repete will only apply to the extent the legal advice under (ii)
above has been obtained.
If an Exercising Shareholder who is under an obligation to indemnify pursuant to this Clause
1.2.14 is also an Indemnified Party, then its indemnity obligation as Exercising Shareholder
will be extinguished by way of confusione (pursuant to Article 1253 of the Civil Code) for
an amount equal to the amount that it is entitled to receive as Indemnified Party.
1.2.15 The Parties acknowledge and agree that obligations under this Agreement are
undertaken by each Party also by way of alea, pursuant to article 1469 of the Italian Civil
Code.
1.2.16 The Parties acknowledge and agree that in case of a transfer or assignment from an
Existing Lender to a New Lender pursuant to and in accordance with Clause 26.2 (Assignments
and transfer by Lenders) of the New Banking Facility Agreement, the transferring Lender
shall procure that the New Lender assumes all rights and obligations of the transferring
Lender under this Agreement, by executing a letter of accession to this Agreement
concurrently with the assignment or transfer pursuant to the New Banking Facility Agreement.
The Parties grant the consent to such assumption of rights and obligation by the New Lender
pursuant to article 1406 of the Italian Civil Code, with release pursuant to Article 1408 of
the Italian Civil Code of the transferring Lender with respect to the portion of obligations
hereunder which is assigned or transferred.
1.2.17 All notices under this Agreement shall be sent by registered letter anticipated
via fax and email at the following addresses:
To the Unicredit Corporate Banking S.p.A.
Filiale Multinational Nord
▇▇▇ ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇▇▇▇▇▇▇ or 57138146
To the attention of: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇/▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇/▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Filiale Multinational Nord
▇▇▇ ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇▇▇▇▇▇▇ or 57138146
To the attention of: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇/▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇/▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-7-
E-mail:▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇, ▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇,
▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇,▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇
▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇,▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇
To Assicurazioni Generali:
Assicurazioni Generali S.p.A.
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇▇ ▇▇▇▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇▇▇ Pessi
E-mail: ▇▇▇▇▇▇▇▇_▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇ and
▇▇▇▇▇▇▇▇_▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
Assicurazioni Generali S.p.A.
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇▇ ▇▇▇▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇▇▇ Pessi
E-mail: ▇▇▇▇▇▇▇▇_▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇ and
▇▇▇▇▇▇▇▇_▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
To Intesa:
Intesa Sanpaolo S.p.A.
▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇
E-mail: ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ and
▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Intesa Sanpaolo S.p.A.
▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇
E-mail: ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ and
▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
To Mediobanca:
Mediobanca — Banca di Credito Finanziario S.p.A.
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇▇ Rebecchini and ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
E-mail: mailto:▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇ and
▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇
Mediobanca — Banca di Credito Finanziario S.p.A.
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇
To the attention of: ▇▇. ▇▇▇▇▇▇▇▇ Rebecchini and ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
E-mail: mailto:▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇ and
▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇
To Telefonica:
Telefonica S.A.
C/▇▇▇▇▇ de la Comunicacion, s/n, ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ and ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇
To the attention of: Group General Counsel (▇▇▇▇▇▇ ▇▇▇▇▇▇▇ de Lerín) and ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
E-mail: ▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇ and
▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇
Telefonica S.A.
C/▇▇▇▇▇ de la Comunicacion, s/n, ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇
Fax: ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ and ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇
To the attention of: Group General Counsel (▇▇▇▇▇▇ ▇▇▇▇▇▇▇ de Lerín) and ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
E-mail: ▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇ and
▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇
1.2.18 This Agreement shall be governed by, and interpreted in accordance with, the laws of
the Republic of Italy. Any disputes arising out of or in connection with this Amendment
Agreement shall be submitted by the Parties to arbitration. The venue of the arbitration
shall be Milan. The arbitration shall be conducted in the English language and in accordance
with ICC Rules.
* * * * *
-8-
INTESA SANPAOLO S.p.A. (in its quality as Lender)
_________________
MEDIOBANCA S.p.A. (in its quality as Lender)
_________________
UNICREDIT CORPORATE BANKING S.P.A.
_________________
SOCIÉTÉ GÉNÉRALE, Milan Branch
_________________
TELEFÓNICA, S.A.
_________________
ASSICURAZIONI GENERALI S.p.A. (for its own account and in the name and on behalf of the Generali
Subsidiaries)
_________________
INTESA SANPAOLO S.p.A. (in its quality as Shareholder)
_________________
MEDIOBANCA S.p.A. (in its quality as Shareholder)
_________________
-9-