Buy-back of shares

04/03/2009 - 09:33 PM

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DISCLOSED IN ACCORDANCE WITH ARTICLES 87-BIS AND 144-BIS OF THE ISSUERS’ REGULATIONS
(CONSOB resolution No. 11971 of 14 May 1999)

Telecom Italia S.p.A. announces that it has purchased the maximum number of treasury shares authorized by the Shareholders’ Meeting on 14 April 2008, concluding the second tranche of the buy-back Plan announced on 8 August 2008 in service of the stock option plan reserved for the Executive Directors of Telecom Italia S.p.A. (cf. the Prospectus published on 28 March 2008, updated on 16 April 2008).

The 11,400,000 ordinary shares in Telecom Italia S.p.A. were purchased through an intermediary on the regulated Italian electronic share market MTA, operated by Borsa Italiana, in accordance with the “Rules of the Markets Organized and Managed by Borsa Italiana S.p.A.” and the associated instructions, as detailed in the following table:

Date of
purchase

Settlement date

Number of shares purchased

Average price of purchase

Official
price

Reference price

17/03/2009

20/03/2009

1,200,000

0.9048

0.9069

0.9175

18/03/2009

23/03/2009

2,000,000

0.9037

0.9060

0.8985

19/03/2009

24/03/2009

1,400,000

0.8942

0.8920

0.8936

20/03/2009

25/03/2009

1,400,000

0.9000

0.9000

0.9060

25/03/2009

30/03/2009

500,000

0.9686

0.9565

0,9730

26/03/2009

31/03/2009

1,250,000

0.9633

0.9702

0.9785

27/03/2009

01/04/2009

1,250,000

0.9646

0.9643

0.9630

30/03/2009

02/04/2009

1,200,000

0.9520

0.9531

0.9415

31/03/2009

03/04/2009

1,200,000

0.9587

0.9616

0.9710

Total

 

11,400,000

0.92913

The purchase volumes did not exceed 25% of the average daily volume of shares of Telecom Italia S.p.A. traded on the Mercato Telematico Azionario, calculated according to the daily average volume of trades during the 20 days of trading preceding the date of purchase.

The price per share was between a minimum and maximum corresponding to the weighted average of the official prices of the shares being purchased recorded by Borsa Italiana S.p.A. during the last ten days of trading prior to the date of purchase, decreased or increased by 10%, respectively. Financial coverage of the entire buy-back plan (for a total value of €10,592,055,00, plus commissions) did not require recourse to additional gross financial debt.

The transactions summarized above completed the authorization to buy back treasury shares granted by resolution of the Shareholders’ Meeting on 14 April 2008, the expiration date for which was set on 14 October 2009. This document should therefore be considered notice pursuant to article 144-bis of the Rules for Issuers.

When the Plan was announced (8 August 2008), Telecom Italia S.p.A. held 1,272,014 ordinary treasury shares (corresponding to 0.01% of the share class). At the conclusion of the first tranche of the Plan, as announced on 26 September 2008, it held 26,272,014 (corresponding to 0.20% of the share class); as a result of these operations and at the conclusion of the second and final tranche of the Plan, it now holds 37,672,041 (corresponding to 0.28% of the share class). The Luxembourg-based Telecom Italia Finance S.A., fully owned by Telecom Italia S.p.A., holds a further 124,544,373 ordinary shares in the Parent Company (corresponding to 0.93% of the share class).