13D Filing: Elliott Associates, L.P. and Telecom Italia S.p.A (TI)

Elliott and Elliott International
are the holders of, 54,249,422 and 115,280,022 of the Issuer’s savings shares, respectively.

Elliott and Elliott
International have entered into (i) cash settled European style short call options (the “Call
Options”) relating to 240,000,000 and 510,000,000 Ordinary Shares of the Issuer, respectively and (ii) cash
settled European style put options (the “Put Options”) relating to 240,000,000 and 510,000,000
Ordinary Shares of the Issuer, respectively. The Call Options have a strike price of EUR 0.89586 and the Put Options
have a strike price of EUR 0.81054. The Call Options and Put Options have expiration dates ranging from February 5,
2019 to June 6, 2019. The counterparty to the Call Options and the Put Options is JPMorgan Chase Bank, N.A., London
Branch.

On April 9, 2018, Elliott,
Elliott International and EICA entered into a Joint Filing Agreement (the “Joint Filing Agreement”) in which
the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of
the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached as Exhibit 99.1 hereto and is
incorporated herein by reference.

Except as described above in this Item 6, none of the Reporting
Persons has any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer.