Further to the indicative results announcement made earlier today, Telecom Italia S.p.A. (the Company) hereby announces the final results and pricing of its invitation to eligible Noteholders of its €1,250,000,000 5.250 per cent. Notes due February 2022 (the February 2022 Notes), €1,000,000,000 4.500 per cent. Notes due January 2021 (the January 2021 Notes), €1,000,000,000 4.875 per cent. Notes due September 2020 (the September 2020 Notes), €1,000,000,000 4.000 per cent. Notes due January 2020 (the January 2020 Notes), €1,250,000,000 5.375 per cent. Notes due January 2019 (the January 2019 Notes), €750,000,000 6.125 per cent. Notes due December 2018 (the December 2018 Notes), €750,000,000 4.750 per cent. Notes due May 2018 (the May 2018 Notes), €1,000,000,000 4.500 per cent. Notes due September 2017 (the September 2017 Notes) and €1,000,000,000 7.000 per cent. Notes due January 2017 (the January 2017 Notes and, together with the February 2022 Notes, the January 2021 Notes, the September 2020 Notes, the January 2020 Notes, the January 2019 Notes, the December 2018 Notes, the May 2018 Notes and the September 2017 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (such invitation, the Offers and each an Offer) up to €2,000,000,000 in aggregate nominal amount of the Notes (the Maximum Acceptance Amount), in the order of priority and on the terms set out in the tender offer memorandum dated 14 April 2015 (the Tender Offer Memorandum) prepared in connection with the Offers.

The Offers were announced on 14 April 2015 and were made on the terms and subject to the conditions set out in 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.

At the Expiration Deadline of 5.00 p.m. (CET) on 21 April 2015, an aggregate nominal amount of €2,151,847,000 of Notes has been validly tendered in the Offers.

The Company has decided to accept for purchase an aggregate nominal amount of €2,000,000,000 across the following Series of Notes validly tendered pursuant to the Offers, as set out below.

As stated in the indicative results announcement, the Purchase Price for each Series of 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 (each sum the relevant Purchase Yield) of (a) the relevant Purchase Spread and (b)

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