TITR Telecom Italia

PRESS RELEASE
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: ANNOUNCES RESULTS AND PRICING OF ITS TENDER OFFERS
Rome, 14 march 2014 Telecom Italia S.p.A. (the Company) hereby announces the results and pricing of its invitation to eligible Noteholders of its 750,000,000 4.75 per cent. Notes due 2014 (the 2014 Notes); 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 January 2016 Notes); and 850,000,000 8.25 per cent. Notes due 2016 (the March 2016 Notes and, together with the 2014 Notes, the 2015 Notes, and the January 2016 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (such invitations together, the Offers). The Offers were announced on 7 March 2014 and were made on the terms and subject to the conditions set out in the tender offer memorandum dated 7 March 2014 (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. As at the Expiration Deadline of 5.00 p.m. (CET) on 13 March 2014, an aggregate nominal amount of 614,939,000 of Notes has been validly tendered in the Offers. The Company intends to (i) increase the Target Acceptance Amount to 598,919,000 and the March 2016 Notes Target Acceptance Amount to 142,020,000; and (ii) accept for purchase Notes validly tendered pursuant to the Offers as set out below. The Purchase Price in respect of the 2015 Notes, the January 2016 Notes and the March 2016 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 as follows:


2014 Notes ISIN Outstanding Nominal Amount Reference Benchmark XS0254905846 556,800,000 N/A

2015 Notes XS0794393040 750,000,000 2015 Notes Interpolated MidSwap Rate 0.416% 65 bps N/A 1.066% 104.370% 3.497% 172,299,000 577,701,000

January 2016 Notes XS0583059448 1,000,000,000 January 2016 Notes Interpolated MidSwap Rate 0.450% 105 bps N/A 1.500% 106.587% 0.730% 228,450,000 771,550,000

March 2016 Notes XS0418508924 850,000,000 March 2016 Notes Interpolated MidSwap Rate 0.459% 120 bps 130 bps 1.659% 112.913% 8.182% 142,020,000 707,980,000

Benchmark Rate Purchase Spread Maximum Purchase Spread Purchase Yield Purchase Price Accrued Interest Series Acceptance Amount Nominal Amount outstanding after the Settlement Date

N/A N/A N/A N/A 100.7% 3.943% 56,150,000 500,650,000

The applicable Purchase Price together with Accrued Interest will be paid to Noteholders whose Notes have been accepted for purchase by the Company. Settlement is expected to occur on 18 March 2014. BNP Paribas, Commerzbank Aktiengesellschaft and UniCredit Bank AG acted as the Dealer Managers for the Offers and Citibank, N.A., London Branch acted as the Tender Agent. Questions and requests for assistance in connection with the Offers may be directed to: SOLE STRUCTURING ADVISOR BNP Paribas 10 Harewood Avenue London NW1 6AA United Kingdom Attention: Liability Management Group Telephone: +44 (0) 20 7595 8668 Email: liability.management@bnpparibas.com THE DEALER MANAGERS BNP Paribas 10 Harewood Avenue London NW1 6AA United Kingdom Commerzbank Aktiengesellschaft Mainzer Landstrasse 153 DLZ-Geb. 2, Händlerhaus 60327 Frankfurt am Main Germany

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Attention: Liability Management Group Telephone: +44 (0) 20 7595 8668 Email: liability.management@bnpparibas.com

Attention: Liability Management Group Telephone: +49 69 136 59920 Email: Liability.Management@Commerzbank.com

UniCredit Bank AG Arabellastrasse, 12 81925 Munich Germany Attention: Debt Capital Markets, Italy; Liability Management Telephone: +39 02 8862 0581; +49 89 378 17425 Email: dcmitaly@unicredit.eu; corporate.lm@unicredit.de THE TENDER AGENT Citibank N.A., London Branch 13th Floor Citigroup Centre Canary Wharf London E14 5LB United Kingdom Telephone: +44 (0)20 7508 3867 Attention: Exchange Team ­ Agency & Trust Email: exchange.gats@citi.com

Disclaimer This announcement must be read in conjunction with the Tender Offer Memorandum. Neither this announcement nor the Tender Offer Memorandum constitutes an invitation to participate in the Offers in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession either this announcement or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

Telecom Italia Press Office +39 06 3688 2610 www.telecomitalia.com/media

Telecom Italia Investor Relations +39 02 8595 4131 www.telecomitalia.com/investorrelations

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