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Telecom Italia buy back activated over 22 million savings shares purchased

05/24/2000 - 12:00 PM

On 14 January 2000 the Shareholders´ Meeting of Telecom Italia gave mandate to purchase Telecom Italia savings shares, complying with the current regulations and for a period of over 9 months from the conclusion of the public tender offer (that ended on 17 March 2000), up to a maximum amount equal to 742,615,722 shares, representing approximately 10% of the share capital, from which must be subtracted the 0.24% tendered during that public tender offer.

Telecom Italia announces that, in line with that resolution, it has started to execute in these days purchases of Telecom Italia savings shares, through the issuance of purchase orders at 6.5 Euro per share, on the Italian telematic market.

Such purchases are being executed gradually, taking into consideration the volumes traded daily on the market and coherent with the terms of the mandate contained in the abovementioned resolution.

Up through today 22,038,750 Telecom Italia savings shares have been purchased, at an average price per share of 6.46 Euro.