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Telecom Italia: TIM PARTICIPAÇÕES withdraws partial offering of preferred shares

07/03/2006 - 12:00 PM

As a consequence of the negative performance and increased volatility of the international equity markets and of the emerging markets in particular, Telecom Italia has decided not to proceed with the partial offering of the preferred shares of TIM Participações S.A., held through subsidiary TIM Brasil. The preliminary documentation for the partial offering, which had been deposited with the Comissão de Valores Mobiliários (the Brazilian stock market regulator) on 15 May 2006, has been withdrawn.
As announced on 16 May 2006, the partial secondary offering would have exclusively involved the preferred shares of TIM Participações and would have taken place both in Brazil and the United States of America, in the form  of ADS (American Depositary Shares) listed on the New York Stock Exchange, while it would not have been extended to Italy.
The offering would have had no effect on the control of TIM Participações by the Telecom Italia Group, secured through its possession of 81.19% of the ordinary shares, with voting rights, in the Brazilian operator.

Milan, 3 July 2006