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TELECOM ITALIA/RAMO DI AZIENDA DI PAGINE ITALIA


PRESS RELEASE



PRESS RELEASE

TELECOM ITALIA/PAGINE ITALIA: THE AUTHORITY HAS COMMENCED AN INVESTIGATION


At its meeting on 5 December 2002 the Competition Authority resolved to open an investigation into the Telecom Italia and Pagine Italia companies.

Telecom Italia's planned acquisition of Pagine Utili (controlled by Pagine Italia) appears likely to strengthen Telecom Italia's dominant position on the national advertising market for annual trade directories and telephone directories.

The investigation will be completed within 45 days of commencement.

Rome, 6 December 2002