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TELECOM ITALIA S.P.A. TELECOM ITALIA FINANCE S.A

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TELECOM ITALIA S.P.A. TELECOM ITALIA FINANCE S.A EMTN PROGRAMME PROSPECTUS This document constitutes two base prospectuses: (i) the base prospectus of Telecom Italia S.p.A. and (ii) the base prospectus of Telecom Italia Finance S.A. (together, the “EMTN Programme Prospectus”). TELECOM ITALIA S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) TELECOM ITALIA FINANCE S.A. (incorporated with limited liability under the laws of the Grand-Duchy of Luxembourg) €20,000,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed in respect of Notes issued by Telecom Italia Finance S.A. by TELECOM ITALIA S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) Under this €20,000,000,000 Euro Medium Term Note Programme (the Programme), Telecom Italia S.p.A. (Telecom Italia) and Telecom Italia Finance S.A. (TI Finance and, together with Telecom Italia in its capacity as an issuer, the Issuers and each an Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed with the relevant Dealer (as defined below). Payment of all amounts owing in respect of the Notes issued by TI Finance will be unconditionally and irrevocably guaranteed by Telecom Italia (in such capacity, the Guarantor). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement), subject to increase as described herein. In addition, the minimum denomination for any Notes issued under the Programme shall be €1,000, or a denomination in another currency provided that the value of such denomination when converted into euro amounts to at least €1,000. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Summary of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuers (each a Dealer and, together, the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this EMTN Programme Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to the Lead Manager(s) acting on behalf of all Dealers agreeing to subscribe such Notes. Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July, 2005 on prospectuses for securities to approve this document as two base prospectuses, the base prospectus of Telecom Italia and the base prospectus of TI Finance. Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange’s regulated market and to be listed on the official list of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC). Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined under “Terms and Conditions of the Notes”) of Notes will be set out in a Final Terms document (the Final Terms) which, with respect to Notes to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the official list of the Luxembourg Stock Exchange, will be filed with the CSSF. The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchange(s) or markets as may be agreed between the relevant Issuer, the Guarantor (in the case of Notes issued by TI Finance) and the relevant Dealer. The Issuers may also issue unlisted Notes. Subject to and as set out in “Terms and Conditions of the Notes — Taxation”, Telecom Italia shall not be liable to pay any additional amounts to holders of the Notes in relation to any withholding or deduction required pursuant to Italian Legislative Decree No. 239 of 1 April, 1996 (as the same may be amended or supplemented from time to time) where the Notes are held by a Noteholder resident for tax purposes in a country which does not allow for a satisfactory exchange of information with Italy and otherwise in the circumstances described in “Terms and Conditions of the Notes — Taxation”. TI Finance has a right of substitution as set out in “Terms and Conditions of the Notes — Meeting of Noteholders, Modification, Waiver, Authorisation, Determination and Substitution”. The Trustee may at any time agree, without the consent of the Noteholders, Receiptholders or Couponholders (all as defined in “Terms and Conditions of the Notes”), to the substitution, in place of TI Finance, of Telecom Italia or any Subsidiary (as defined in “Terms and Conditions of the Notes”) of Telecom Italia as principal debtor under the Notes, the Receipts and the Coupons (all as defined in “Terms and Conditions of the Notes”). Telecom Italia shall indemnify each Noteholder, Receiptholder and Couponholder against (A) any tax, assessment or governmental charge which is imposed on such Noteholder, Receiptholder or Couponholder by (or by any authority in or of) the Republic of Italy (Italy) with respect to any Note, Receipt or Coupon and which would not have been so imposed had the substitution not been made and (B) any tax, assessment or governmental charge, and any cost or expense relating to the substitution, except that Telecom Italia shall not be liable under such indemnity to pay any additional amounts either on account of “imposta sostitutiva” or on account of any other withholding or deduction in the event of payment of interest or other amounts paid to a non-Italian resident legal entity or a non-Italian resident individual which is resident in a country which does not allow for a satisfactory exchange of information with Italy. As long as the Notes are admitted to trading on the Luxembourg Stock Exchange’s regulated market and/or listed on the official list of the Luxembourg Stock Exchange, in the case of such substitution, Telecom Italia will advise the Luxembourg Stock Exchange, a supplement to this EMTN Programme Prospectus will be prepared and the Noteholders will be notified in accordance with the provisions of “Terms and Conditions of the Notes - Notices”. Tranches of Notes to be issued under the Programme will be rated or unrated. Where a Tranche of Notes is to be rated, such rating will not necessarily be the same as the rating assigned to the Programme. Whether or not a rating in relation to any Tranche of Notes will be treated as having been issued by a credit rating agency established in the European Union and registered under Regulation (EC) No 1060/2009 on credit rating agencies (the CRA Regulation) will be disclosed in the relevant Final Terms. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Prospective investors should have regard to the factors described under the section headed “Risk Factors” in this EMTN Programme Prospectus and in particular, the risk factor relating to the investigation of Telecom Italia Sparkle. Arranger J.P. MORGAN Dealers BANCA IMI BARCLAYS CAPITAL BNP PARIBAS CITI CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK DEUTSCHE BANK J.P. MORGAN MEDIOBANCA S.p.A. SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING UNICREDIT BANK The date of this EMTN Programme Prospectus is 22 July, 2011. 2 This EMTN Programme Prospectus comprises two base prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC (the Prospectus Directive) as amended (which includes the amendments made by Directive 2010/73/EU (the 2010 PD Amending Directive) to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area): (i) the base prospectus of Telecom Italia; and (ii) the base prospectus of TI Finance. The Issuers and the Guarantor (the Responsible Persons) accept responsibility for the information contained in this EMTN Programme Prospectus. To the best of the knowledge and belief of the Issuer and the Guarantor (each having taken all reasonable care to ensure that such is the case) the information contained in this EMTN Programme Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Subject as provided in the applicable Final Terms, the only persons authorised to use this EMTN Programme Prospectus in connection with an offer of Notes are the persons named in the applicable Final Terms as the relevant Dealer or the Managers and the persons named in or identifiable following the applicable Final Terms, as the case may be. Copies of the Final Terms and the EMTN Programme Prospectus will be available free of charge from the registered office of the Issuers and the specified office set out below of each of the Paying Agents (as defined below), and on the website of the Luxembourg Stock Exchange (www.bourse.lu). This EMTN Programme Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see “Documents Incorporated by Reference” below). This EMTN Programme Prospectus shall be read and construed on the basis that such documents are so incorporated and form part of this EMTN Programme Prospectus. Save for the Issuer, no other party has separately verified the information contained herein.
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