Press release on Pagine Gialle

08/16/2000 - 00:00 PM

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With regard to the Public Tender Offer launched for Seat Pagine Gialle ordinary and nonconvertible savings shares, Telecom Italia announces that fulfillment has been achieved of the last condition necessary for the offer to become effective (see point 2c under Notices and point Ec in the offer prospectus), namely that, up to and including the second calendar day preceding the settlement date, situations prejudicial to Seat PG have not come to pass of a nature as to substantially alter the assets and/or financial profile of the group led by Seat PG, as compared to the situation outlined in the consolidated financial statements at 31 December 1999, and approved by the Seat PG shareholders´ assembly on 13 April 2000.

By consequence, Telecom Italia confirms its purchase of Seat PG shares tendered during the Public Tender Offer. As previously announced to the market on 12 August 2000, payment is set for 18 August 2000.