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ELLIOTT-ADVISORS

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Elliott Statement on Telecom Italia

Elliott Advisors (UK) Limited (“Elliott”) welcomes Vivendi’s decision to withdraw its request to shareholders to revoke five of Telecom Italia’s (“TIM”) Directors, a clear sign that Vivendi understands that there is broad support for TIM’s existing independent Board. This outcome is a victory for the Company and paves the way for stability and sustained value creation for all of TIM’s stakeholders. Elliott remains fully supportive of CEO Luigi Gubitosi, the Company’s management team and the existing independent Board, and looks forward to constructive dialogue with all stakeholders to pursue a value maximising path forward for the Company.

About Elliott

Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

Contact:

Media Contacts London Sarah Rajani CFA Elliott Advisors (UK) Limited +44 (0) 20 3009 1475 srajani@elliottadvisors.co.uk

Milan Marcella Verini Verini & Associates +39 (02) 4539 5500 mverini@verinieassociati.com

Paris Daphné Claude / Dominic Riding Steele & Holt +33 (0) 6 66 58 81 92 / +33 (0) 6 48 57 83 24 daphne@steeleandholt.com / dominic@steeleandholt.com

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