Notice to U.S. Investors

The merger described herein relates to the securities of two foreign companies. The merger in which Telecom Italia Media S.p.A. ordinary shares and savings shares will be converted into Telecom Italia S.p.A. ordinary shares and saving shares, respectively, is subject to disclosure and procedural requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since Telecom Italia S.p.A. and Telecom Italia Media S.p.A. are located in Italy, and some or all of their officers and directors may be residents of Italy or other foreign countries. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.

You should be aware that Telecom Italia S.p.A. may purchase securities of Telecom Italia Media S.p.A. otherwise than under the merger offer, such as in open market or privately negotiated purchases.

Telecom Italia Media announces that the special meeting of the holders of savings shares, held today on the initiative of the Common Representative, Mr. Dario Romano Radaelli, and a number of other shareholders in this category, resolved to postpone until 17 July 2015, at 3 p.m., the discussion on items 1 (Transaction pursuant to art. 146, subsection 1, letter d) of Legislative Decree 58/98) and 4 (Request for a report on the use of the Common Fund to be made to the Common Representative of the savings shareholders. Approval, use and related resolutions - art. 146, subsection 1, letter c) of Legislative Decree 58/98) on the agenda. The meeting will take place at the same location in Rozzano, Viale Toscana n. 3.

The meeting also resolved not to increase the fund created for the expenses necessary for the protection of common interests of the category, currently amounting to 200,000 euros.

Rozzano (MI), 03 July 2015

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