DBRS Releases Report on Telecom Italia S.p.A. and Affiliates

Dominion Bond Rating Service (“DBRS”) has today released a report on Telecom Italia S.p.A. and its debt-issuing affiliates (collectively “Telecom Italia” or the “Company”) which provides additional analytical details behind the recent confirmation of Telecom Italia’s long-term rating at BBB (high) with the trend remaining Stable.

Today’s report and the June 20, 2006 press release are all available at www.dbrs.com.

Note:
These ratings are based on public information.