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<TYPE>EX-99
<SEQUENCE>3
<FILENAME>jd10-17ex_55.txt
<DESCRIPTION>55
<TEXT>
                                                                      EXHIBIT 55

                            PRESS RELEASE OLIMPIA SPA


Milan, 15 October 2003 - Olimpia SpA today completed the purchase of 266.3
MILLION Telecom Italia ordinary shares, equivalent to 2.6% of Telecom Italia
ordinary share capital, at a unit price of 2.24 EUROS.

This purchase was carried out at the same time as the sale of 504.8 MILLION
convertible bonds "Telecom Italia 2001-2010", at a unit price of 1.17 EUROS.

The entire operation was carried out with JP Morgan.

Following this transaction, Olimpia owns approx. 1,457 MILLION Telecom Italia
ordinary shares, equivalent to approx. 14.16% of Telecom Italia ordinary share
capital.

The operation further strengthens the economic and financial structure of
Olimpia, while leaving substantially unchanged the Company's net financial
position.


                                       7

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