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Telecom Italia makes groundbreaking 50 year bond issue

Telecom Italia today successfully concluded the bookbuilding and setting of conditions for a fixed-rate benchmark 50-year bond issue, offered to institutional investors, for a total of €850 million.

After inaugurating the 30-year segment on the Euro-denominated bond market in January 2003, Telecom Italia has now carried out the first public placement of corporate bonds with a 50-year maturity on the same market.

The operation aims to refinance group debt, as well as enhance the mix of maturities and cost of financing. Two years after the 30-year placement, this operation confirms the great confidence of capital markets in Telecom Italia credit.

The main features of the issue are as follows:

• Issuer: Telecom Italia

• Amount: €850 million

• Issue date: March 17 2005

• Maturity: March 17 2055

• Tenor: 50 years

• Coupon: 5.25 %

• Issue price: 99.667 %

• Yield to maturity: 5.269 %

This issue is part of Telecom Italia's €10 billion EMTN (Euro Medium Term Note) Programme and was arranged with the support of Deutsche Bank.

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