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ELLIOTT-MANAGEMENT

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Elliott Discloses Increased Shareholding in Telecom Italia

Elliott Advisors (UK) Limited, which advises funds (together “Elliott”) disclosed today that it has worked with J.P. Morgan Securities plc to build its position in the ordinary shares of Telecom Italia (the “Company” or “TIM”) to approximately 9%.

Elliott also released an investor presentation outlining its case for change at the Company that can be viewed at: www.transformingTIM.com

The presentation includes the following key takeaways:

  • TIM is uniquely positioned in the Italian market and operates an outstanding collection of assets that, if properly managed, should produce substantial, consistent returns for its shareholders while enhancing a nationally strategic infrastructure asset.
  • However, poor stewardship under the Vivendi-controlled Board has resulted in deeply troubling corporate governance issues, a valuation discount and no clear strategic path forward.
  • Elliott believes a Board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM.
  • Shareholders have the opportunity to unlock significant value at the Company by supporting our proposal, of which the principal pillar is the full independence of TIM’s Board so that the Company can start focusing on creating value for all shareholders.

About Elliott

Founded in 1977, Elliott Management Corporation is one of the oldest private investment firms of its kind under continuous management. The firm’s investors include pension funds, private endowments, charitable foundations, family offices, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.

Our approach to TIM is consistent with our approach to many of our current and previous investments. We have invested a significant amount of time and resources into understanding TIM, including hiring numerous advisors and consultants with whom we have worked closely together with our business associates. We believe strongly in the value conclusions that we have drawn as a result of this effort.

For more information, please visit our dedicated website www.transformingTIM.com .

Contact:

Media:
Elliott Management Corporation
Michael O’Looney, +1-212-478-2687
mOlooney@elliottmgmt.com
or
Verini & Associati
Marcella Verini, +39 02 45395500
mverini@verinieassociati.com
or
Shareholders:
Georgeson
Stefano Marini
+39 (06) 42171 201
+34 (91) 7012170
s.marini@georgeson.com

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