Notice to shareholders

05/07/2004 - 08:00 AM

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TELECOM ITALIA S.p.A.
Registered Office in Milan, Piazza degli Affari, 2
Corporate Headquarters in Roma, Corso d'Italia, 41
Fully paid-up share capital Euro 8,853,990,644.95
Tax/VAT and Milan Company Register number: 0048840010

Communication in accordance with Articles 83 and 84 of the Regulation
approved by CONSOB resolution 11971 of May 14, 1999
and subsequent modifications and integrations.



NOTICE TO SHAREHOLDERS

We herewith inform you that the Shareholders Meeting held on May 6, 2004 has approved, among others, the Financial Statements of the Company for the year 2003 and has resolved to grant Shareholders an overall dividend calculated on the basis of the following amounts: 0.1041 euro for each ordinary share and 0.1151 euro for each savings share, inclusive of possible withholdings due by law.

As a consequence of the tax reform effective as of January 1, 2004,  the dividends are not entitled to tax credit, except when the dividends are received by companies or commercial entities in the fiscal year not coinciding with the annual year ending at December 31, 2003. In this case, is recognized an ordinary tax credit with refund right of 51.51% of the dividend. The dividend, which is represented by coupon  number 1 for both classes of shares, will be made available for payment through the authorized intermediaries from May 27, 2004, with detachment date on May 24, 2004.

We also remind that:

• in accordance with the Regulation of the Warrant Telecom Italia ex Olivetti 1999-2004 ordinary shares, the right to exercise the Warrant  will resume  on May 25, 2004 (day after the detachment of the dividend);

 • in accordance with the Regulation of  Telecom Italia 1.5% 2001-2010 convertible bonds with premium upon redemption, the request of conversion of the Bonds will resume on May 25, 2004 (day after the detachment of the dividend).

 FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS
 AS AT DECEMBER 31, 2003

As from today, all the financial documents for the year envisaged by Article 77 of Consob Resolution 11971/1999 and subsequent modifications and integrations have been deposited, and are available to the public, at the Registered Office of the Company, as also at Borsa Italiana S.p.A. (www.borsaitalia.it).

The minutes of the Shareholders Meeting will be made available to the public within May 13, 2004.

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Requests for clarifications or information may be made:by calling the toll free number +39 800020220 (if calling within Italy) and + 39 011 4404900 (if calling outside Italy)or sending an e-mail to corporate.affairs@telecomitalia.it.