Telecom Italia Rsp

Capital/Financing Update • Jan 11, 2021

The Securities referred to in this press release have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This announcement shall not constitute an offer to sell nor a solicitation of an offer to buy these securities.

Press Release

TIM SUCCESSFULLY ISSUES 8-YEAR INAUGURAL SUSTAINABILITY BOND

The company has collected €1 billion, reopening the Italian market, at half the Group's average cost of debt

Rome, 11 January 2021

TIM has successfully completed the issue of its inaugural €1 billion Sustainability Bond, with 8 year maturity, set to increase the Group's energy efficiency and finance Green and Social projects. Demand was above €4 billion demonstrating TIM's strong positioning on the international markets also in light of the recent presentation to the financial community, in December, of the Sustainability Financing Framework which involved over 40 institutional investors.

TIM priced its bond well below the secondary market of reference, setting the annual coupon at 1.625%, the lowest ever. This transaction also sees TIM extend the average debt maturity and raises new funds in excess of the 2021 maturities.

The proceeds of the new issue will be used to transform the copper network into fibre, which is expected to deliver significant energy efficiency. Moreover, for the first time in Italy a corporation will invest part of the funds collected into projects with social value, as envisaged in the Sustainability Financing Framework.

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Details are: Issuer: TIM S.p.A. Amount: Euro 1 billion Settlement date: 18 January 2021 Maturity: 18 January 2029 Coupon: 1.625% Issue price: 99.074% Redemption price: 100.000%

TIM S.p.A.

Registered Office: Via Gaetano Negri, 1 - 20123 Milan Tax Code/VAT No. and registration with the Milan Business Register: 00488410010 - Registration in the R.A.E.E. (Register of Manufacturers of Electrical and Electronic Equipment) IT08020000000799 Share Capital €11,677,002,855.10 fully paid up Certified e-mail address [Casella PEC]: telecomitalia@pec.telecomitalia.it

The actual yield to maturity of 1.75 %, corresponds to a yield of 205.6 basis points above the reference rate (mid swap).

The notes will be issued under the Group's Euro 20 billion EMTN programme and will be listed on the Luxembourg Stock Exchange.

TIM Press Office +39 06 3688 2610 https://www.gruppotim.it/media Twitter: @TIMnewsroom

TIM Investor Relations +39 06 3688 2807 https://www.gruppotim.it/investor\_relations

Registered Office: Via Gaetano Negri, 1 - 20123 Milan Tax Code/VAT No. and registration with the Milan Business Register: 00488410010 - Registration in the R.A.E.E. (Register of Manufacturers of Electrical and Electronic Equipment) IT08020000000799 Share Capital €11,677,002,855.10 fully paid up Certified e-mail address [Casella PEC]: telecomitalia@pec.telecomitalia.it