Trend of Olivetti shares in the last five years
Number of issued shares
                                                                  Common     Preferred      Savings*        Total* 
December 31, 1988                                            447,445,457    23,784,206    78,629,414   549,859,077 
December 31, 1989                                            502,160,933    23,784,206    78,629,488   604,574,627 
December 31, 1990                                            502,160,933    23,784,206    78,629,488   604,574,627 
December 31, 1991                                            502,160,933    23,784,206    78,629,488   604,574,627 
December 31, 1992                                            502,160,933    23,784,206    78,629,488   604,574,627 
* Including treasury stock reserved for employees.                                                                 
                      Share prices                                                                                 
(in Italian lire) Dec. 31, 1988                            Dec. 31, 1989 Dec. 31, 1990 Dec. 31, 1991 Dec. 31, 1992 
                                     Common shares   9,000         7,415         3,172         2,445         1,790 
                                  Preferred shares   5,300         4,895         2,585         1,910         1,555 
                                    Savings shares   4,062         4,899         2,500         1,875         1,299 
                                                      and shareholders’ equity, as of December 31                  
                                    Capitalization                            1988 1989 1990 1991             1992 
                    Stock exchange capitalization*                                                                 
(in billions of lire)                              4,461.7       4,211.9       1,844.2       1,415.6       1,034.5 
Shareholders’ equity*                                                                                              
(in billions of lire)                              3,371.7       3,617.4       3,487.2       3,083.5       2,361.2 
Stock exchange capitalization/                                                                                     
Shareholders’ equity                                  1.32          1.16          0.53          0.46          0.44 
Excluding treasury stock reserved for employees.
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