Shareholders' Meeting called for 18 April 2001

03/19/2001 - 00:00 PM

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Registered Office in Turin,Via Bertola 34Corporate Headquarters and Secondary Office in Rome, Corso d'Italia 41, Capital Stock L. 7.426.157.226.000 fully paid-in, Entered under N° 286/33 in the Ordinary Section of the Company Register of Turin VAT Code and Tax I.D. N° 00471850016

All Shareholders owning ordinary shares are called to the Extraordinary Meeting, to be held also as Special Meeting in accordance with article 2376 of the Italian Civil Code, which will take place at the Registered Office of Telecom Italia in Via Bertola, 34, on 18th April 2001 on first call at 10.00 am, and if necessary on second call on 3rd May 2001 at the same time and place, to discuss and vote on the following

AGENDA- Conversion of the share capital into Euros, by means of redenomination of the par value of ordinary and savings shares and rounding up of the same from 1,000 lire (corresponding to 0.5165 Euros) to 0.55 Euros, to be achieved in part by the cancellation of own shares held and for the remainder by the conferment to capital of part of the monetary revaluation reserve ex Law no. 72 dated 19th March 1983, with corresponding increase of the share capital; amendment of article 6 of the company´s Bylaws; any inherent and consequent resolutions.- Amendment of the mandate attributed by resolution of the Extraordinary Meeting of 15th December 1998, as amended by resolution of the Extraordinary Meeting of 10th August 2000, save the acts decided by the Board of Directors in exercising the same; adjustment of the mandate and the acts of exercising the same, as a result of conversion of the share capital into Euros and of the modified par value of the shares; amendment of article 6 of the company´s Bylaws; any inherent and consequent resolutions.- Voluntary conversion of savings shares into ordinary shares, with a conversion premium to be paid in cash and consequent amendment of article 6 of the company´s Bylaws by introduction of the relative servicing paragraph; inherent and consequent resolutions.

Shareholders holding ordinary shares who submit the special certification issued by an authorised intermediary in accordance with current regulations are entitled to participate in the Meeting.In order to take part in the Meeting, Shareholders holding shares that have not yet been dematerialised must consign the shares in question to an authorised intermediary for them to be input into the centralised system of management (Monte Titoli S.p.A. system), with the consequent issue of the required certification.Deposits of documents envisaged in accordance with current rules will be made, within the prescribed deadlines, at the Company´s Registered Office and at Corporate Headquarters and Secondary Office and at Borsa Italiana S.p.A. in Milan.

Shareholders have the right to obtain a copy of such documents.

VOTE BY MAIL

Shareholders are reminded that, as foreseen by article 21 of the Bylaws, the right to vote can also be exercised by mail in accordance with the regulations in force.The documentation for exercising the vote by mail will be made available from 3rd April 2001 at the Company´s Registered Office and at Corporate Headquarters and Secondary Office and can also be requested through authorised depositaries.The envelope containing the ballot, the certification of the right to vote and any relevant documentation proving that the person signing the ballot has the right to do so shall be sent to the following address:

TELECOM ITALIA S.p.A.
Corporate Affairs
Via Bertola, n. 34
10122 TORINO - ITALY

no later than forty-eight hours before the Meeting.

Shareholders are reminded that the vote by mail cannot be made by proxy and must be exercised directly by the holder of the right to vote. As usual, the owners of ADRs listed at the New York Stock Exchange and representing ordinary shares of Telecom Italia, must contact Morgan Guaranty Trust Company of New York, 60,Wall Street N.Y. 10260, issuer of said ADRs.

For THE BOARD OF DIRECTORS
THE CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
(Roberto COLANINNO)

Shareholders are invited to arrive before the time scheduled for the Meeting in order to facilitate registration formalities. Registration of participants will begin at 9.00 am.The Registered Office and the Corporate Headquarters and Secondary Office will be open to the public for the consultation and/or consignment of the abovementioned documentation from Monday to Friday from 9.00 am to 5.00 pm.Interested parties can contact the following numbers for any requests and further information:

Tool free numbers

- 800020220 from Italy

- 08000569030 from the United Kingdom

- 18886892286 from the United States of Americaor

- +39-0636001273/0636001274/0636001275 from other countriesor

e-mail: affarisocietari@telecomitalia.it