In relation to press reports published today and last week regarding operations connected with Telecom Italia and TI Media, Telecom Italia states that it is studying a possible reorganization of the Group’s internet activities but that it is still to be defined. Clearly, the modality, conditions and terms of eventual operations in this direction can only be communicated to the market, as the rules of corporate governance require, when the relevant company organs have reached a decision, and have been formerly called. It should be noted that the smooth functioning of the market is ensured by the distribution of specific and determined items of news which are sourced exclusively to company organs and which are communicated only when these bodies have reached their decisions. The Telecom Group will therefore refrain from commenting on future press speculation on the matter.
Milan, 29 March 2005