With reference to the court case in Turin brought by Elliott Associates, Telecom Italia wishes to restate that all the actions it has taken in the course of the buyback operation have been fully consistent with the relevant mandates received at the Shareholders' Meeting of 14 January 2000

01/24/2001 - 00:00 PM

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In carrying out the mandates that its shareholders approved and in absence of specific provisions applicable to the case in question and with the need to divide the buy orders on the market according to a criterion of reasonableness, Telecom Italia has voluntarily complied with the general principle that it should avoid excessively influencing share price movements.

On the grounds of the aforementioned mandates, Telecom Italia excludes that the related resolutions gave the right to saving shareholders to sell their shares at a price of 6.5 euros outside the Public Tender Offer.

Telecom Italia is confident that the relevant authorities will rule that its actions have been completely consistent with the mandates received from its shareholders.