Shareholders meeting called for 12th June 2001

05/18/2001 - 02:00 PM

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Registered Office in Turin,Via Bertola, 34 Corporate Headquarters and Secondary Office in Rome, Corso d'Italia, 41 Capital Stock L. 7,426,157,226,000 fully paid in Code and Tax I.D. and entered under of the Company Register of Turin N°. 00471850016


All Shareholders owning ordinary shares are called to the Ordinary and Extraordinary Meeting to be held in Turin at the Registered Office of Telecom Italia S.p.A. in Via Bertola, 34, on 12th June 2001 at 10.00 am, and if necessary on second call on 13th June 2001, at the same time and place, to discuss and vote on the following:

Agenda

Ordinary part
- Financial statements and appropriation of net income for 2000; pertinent and related resolutions.- Appointment of a Director.- Re-determining the remuneration due to Directors and Auditors; pertinent and related resolutions.- Appointing the independent audit firm; revocation and conferral of a new assignment.

Extraordinary part

Giving the Board of Directors the power to increase the share capital in support of stock option initiatives; amending article 6 of the Bylaws; pertinent and related resolutions.Amending article 9, paragraph 2, of the Bylaws, following the withdrawal of the previous authorisation and the delegation of renewed powers to the Board of Directors to issue debentures pursuant to Article 2420 ter of the Italian Civil Code; amending article 12, paragraph 4 (procedures regulating the holding of board meetings) and article 17 (appointment of the Auditors´ Committee) of the Bylaws; pertinent and related 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. The depositing of documents for shareholders´ meetings envisaged by current rules - the documents of the 2000 financial statements and the illustrative reports of Board of Directors on proposed resolutions - will be carried out within the prescribed deadlines at the Registered Office and at the Corporate Headquarters and Secondary Office, and also in Milan at the head office of Borsa Italiana S.p.A.Shareholders have the right to request a copy of such documents. Illustrative documents for the Meeting will be available on the Company´s Internet site at the following address:http://www.telecomitalia.it.The list of shareholders who are members of the Shareholders Associations foreseen by article 141 of Italian Legislative Decree 58/1998, containing the information according to article 132 of Consob Regulation n°. 11971/99 and which will be sent to the Company to this end by the Shareholders Associations, will be made available at theRegistered Office and the Corporate Headquarters and Secondary Office, for public consultation.

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 28th May 2001 at the Company´s Registered Office and at the Company´s 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 the relevant documentation proving that the person signing the ballot has the right to do so should 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 on 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.

on behalf of of The Board of Directors (Roberto Colaninno)
The Chairman and Chief Executive Officer

Shareholders are invited to arrive before the starting 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 above-mentioned 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:Toll free numbers
- 800020220
from Italy
- 08000569030
from the United Kingdom
- 18886892286
from the United States of Americaor
- +39-068415895/068415911/068416043

from other countriesor e-mail- affarisocietari@telecomitalia.it