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2005-04-28

Resolutions of the Shareholders’ Meeting

On April 28, 2005, in Turin, Via Saffi 18, at the secondary office of the Company, the Ordinary and Extraordinary Meetings of SEAT PAGINE GIALLE S.p.A. were held.

The Ordinary Meeting resolved:

to appoint Mr. Pietro Masera as member of the Board of Directors;
to approve the Report on Operations of the Board of Directors, the Balance Sheet, the Statement of Operations and the Notes to the Financial Statements of SEAT PAGINE GIALLE S.p.A. as at December 31, 2004, which presents a loss of € 117,997,344;
to carry out activities in order to hedge the loss of year 2004:
- € 11,697,872 through the entire use of the Revaluation Reserves and, in particular: € 2,808,905 from the Revaluation Reserve Law No. 413/1991; € 8,888,967 from the Revaluation Reserve Law No. 342/2000;
- the remaining € 106,299,472 by using amounts from the Additional Paid in Capital;
to release to the Reserve for Early Depreciation € 1,551,136 as compensation of the reintegration, for the same amount, of the Additional Paid in Capital.

As a consequence of what has been disclosed sub 3), the Extraordinary Shareholders’ Meeting stated to ratify the use of Revaluation Reserves in order to hedge the loss of year 2004 and the subsequent write-off of Revaluation Reserves pursuant to Laws No. 413/1991 and No. 342/2000. This is definitive and without restoration obligation.