Listed companies - Major shareholdings

DECLARATIONS OF MAJOR SHAREHOLDINGS
PURSUANT TO ARTICLE 120 OF LEGISLATIVE DECREE NO.58/98
PUBLISHED ON25/11/2008



HOLDINGS IN SHARES
DATE OF TRANSACTION DECLARANT OR SUBJECT AT THE TOP OF INVESTMENT CHAIN INVESTEE COMPANY PERCENTAGE AND DEED OF POSSESSION DIRECT SHAREHOLDER PREVIOUS SITUATION
18/11/2008 MORGAN STANLEY CORP ATLANTIA SPA 2.212% -INDIRETTA PROPRIETA' PRESTATARIO ** 0.546% MORGAN STANLEY & CO INTERNATIONAL PLC ** 0.012% MORGAN STANLEY CAPITAL LUXEMBOURG SA ** 0.037% MORGAN STANLEY & CO INCORPORATED ** 1.617% MSDW EQUITY FINANCE SERVICES I CAYMAN LTD
17/11/2008 DEUTSCHE BANK AG PIAGGIO & C. SPA RIDUZIONE ENTRO IL 2% 08/10/2008 2.444% DI CUI: - IL 0.356% SENZA VOTO
18/11/2008 MORGAN STANLEY CORP PIRELLI & C. REAL ESTATE SPA RIDUZIONE ENTRO IL 2% 09/10/2008 2.711%


HOLDINGS IN COMPANIES WITH SHARES LISTED ON OTHER MARKETS
DATE OF TRANSACTION DECLARANT OR SUBJECT AT THE TOP OF INVESTMENT CHAIN INVESTEE COMPANY PERCENTAGE AND TYPE OF POSSESSION DIRECT SHAREHOLDER PREVIOUS HOLDING
20/11/2008 ZENIT MULTISTRATEGY SICAV BOUTY HEALTHCARE SPA 2.072% -DIRETTA PROPRIETA'