PRESS RELEASE
The Securities referred to in this press release have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement shall not constitute an offer to sell nor a solicitation of an offer to buy these securities.

TELECOM ITALIA ISSUED A 7-YEAR BOND FOR 1 BILLION EURO THE COMPANY IS FUNDING BELOW ITS AVERAGE COST OF DEBT The amount and quality of the orders allowed raising funds at a lower yield than indicated by initial guidance
Milan, 16 January 2014 Telecom Italia successfully issued a Euro 1 billion fixed rate bond offered to institutional investors. The great quality of the orders book confirms the enduring market's positive attitude towards Telecom Italia's credit, allowing the company to price the issue at a lower yield than the initial guidance, increasing at the same time the issue size. The yield of the bond, equal to 4.594%, is largely below the average cost of debt (5.4% at the end of September 2013). The proceeds of this issue will be used to refinance maturing debt. Details are: Issuer: Telecom Italia S.p.A. Amount: Euro 1 billion Settlement date: 23 January 2014 Maturity: 25 January 2021 Coupon: 4.5% Issue price: 99.447% Redemption price: 100% The actual yield to maturity of 4.594%, corresponds to a yield of 300 basis points above the reference rate (mid swap). The notes will be issued under the Group's Euro 20 billion EMTN programme and will be listed on the Luxembourg Stock Exchange. Telecom Italia Ufficio Stampa

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