Notice of advanced redemption

01/13/2006 - 08:00 AM

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Registered Office in Milan, Piazza degli Affari, 2
Fully paid-up share capital 10.668.127.907,25
Tax/VAT and Milan Company Register number: 00488410010

NOTICE OF REDEMPTION OF

€1,000,000,000 Floating Rate Notes due 2007

OF

TELECOM ITALIA S.p.A.

To the holders of €1,000,000,000 Floating Rate Notes due 2007 (the “Notes”) of Telecom Italia S.p.A., an Italian joint stock company (the “Company”):

The Company is hereby giving notice of redemption of all of the outstanding Notes, issued on 29 January 2004 pursuant to the terms of the Company’s €10,000,000,000 Euro Medium Term Notes Programme.

The Notes will be redeemed as follows:

  1. The redemption date will be 30 January 2006.
  2. All the outstanding Notes will be redeemed at par at the redemption price of €1,000,000,000.00, representing 100% of the principal amount of all outstanding Notes, together with any accrued and unpaid interest to but excluding 30 January 2006.
  3. On the redemption date, the redemption price, plus interest as provided above, will become due and payable upon each Note to be redeemed.  Interest on the redeemed Notes will cease to accrue on and after the redemption date.
  4. The Common Code with respect to the Notes is: 018437414 and the ISIN Code is: XS0184374147.

Upon redemption of the Notes on the redemption date, the principal paying agent will cause the relevant redemption amounts referred to above to be released to the applicable Noteholders.

Principal Paying Agent
JPMorgan Chase Bank, National Association
Trinity Tower
9 Thomas More Street
London E1W 1YT

Luxembourg Paying Agent
JPMorgan Bank Luxembourg S.A.
5, rue Plaetis
L-2338 Luxembourg