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Medium-term note issue of Euros 1.5 billion

01/11/2002 - 12:00 PM

Telecom Italia announces that it intends to proceed with a medium-term note issue of e1.5 billion. The issue will consist of two tranches of five- and ten-year fixed rate notes, respectively. The notes will be issued under Telecom Italia Group´s Global Note Program. On December 18, 2001, Telecom Italia´s Board of Directors authorized an increase in the amount of the Global Note Program from US$10 to US$12 billion.

The proceeds of this issue will be used to refinance Telecom Italia S.p.A.´s short term debt, without effecting its overall size.

This transaction is part of the Company´s strategy of lengthening the average maturity of its debt by reducing reliance on short-term credit facilities.

The closing of the transaction is expected to occur in the second week of February 2002. Application for listing of the notes to the Luxembourg Stock Exchange will be made.

JPMorgan Securities Ltd., Lehman Brothers International (Europe), Mediobanca - Banca di Credito Finanziario S.p.A. and Merril Lynch International will be joint lead managers and joint bookrunners.