Definition of Telephonic Operators


Telephonic Operators means entities or persons operating in the telecommunications sector and any entity or person that holds (a) a controlling interest in non-listed entities that operate in the telecommunications sector or (b) more than a 10% interest in the share capital of listed entities that operate in the telecommunications sector, or even if less than a 10% interest in the share capital is held, such holder has the ability to nominate one or more members of the Board of Directors of such listed entity. For the purposes of the By-laws, "Class A Founding Shareholders" means shareholders who are assignees of Class A Shares in the context of the conversion of the Company into a societa per azioni as resolved during the shareholders' meeting held on 25 October, 2007.
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