Not for distribution in or into or to any person located or resident in the United States, its territories and possessions, any state of the United States or the District of Columbia (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands) or in or into or to any person located or resident in any other jurisdiction where it is unlawful to distribute this document.

Telecom Italia S.p.A. (the Company) hereby announces the results and pricing of its invitations to eligible Noteholders of its €750,000,000 4.625 per cent. Notes due 2015 (the 2015 Notes); €1,000,000,000 5.125 per cent. Notes due 2016 (the 2016 Notes); €1,000,000,000 7.00 per cent. Notes due 2017 (the

January 2017 Notes); and €1,000,000,000 4.500 per cent. Notes due 2017 (the September 2017 Notes and, together with the 2015 Notes, the January 2016 Notes and the January 2017 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (such invitations, the Offers and each an Offer).

The Offers were announced on 12 January 2015 and were made on the terms and subject to the conditions set out in the tender offer memorandum dated 12 January 2015 (the Tender Offer Memorandum). Capitalised terms used in this announcement and not otherwise defined have the meanings ascribed to them in the Tender Offer Memorandum.

On 13 January 2015, the Company announced that the Maximum Acceptance Amount was €600,000,000. As at the Expiration Deadline of 5.00 p.m. (CET) on 20 January 2015, an aggregate nominal amount of €810,312,000 of Notes has been validly tendered in the Offers.

As a result, the Company hereby confirms that (i) the New Issue Condition has been satisfied, (ii) the Maximum Acceptance Amount will be increased to €810,312,000 and (iii) it intends to accept for purchase all Notes validly tendered pursuant to the Offers with no pro-rata scaling, as set out below.

The Purchase Price in respect of the 2016 Notes, the January 2017 Notes and the September 2017 Notes accepted for purchase was determined at or around 11.00 a.m. (CET) today in the manner described in the Tender Offer Memorandum by reference to the sum of the relevant Purchase Spread and the relevant Benchmark Rate for each Series, as follows: 

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