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4125-8116-8668.27 EMTN PROGRAMME PROSPECTUS This EMTN PROGRAMME PROSPECTUS This document constitutes two base prospectuses: (i) the base prospectus of TIM S.p.A. and (ii) the base prospectus of Telecom Italia Finance S.A. (together, the EMTN Programme Prospectus). TIM S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) TELECOM ITALIA FINANCE S.A. (incorporated with limited liability under the laws of the Grand-Duchy of Luxembourg) €20,000,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed in respect of Notes issued by Telecom Italia Finance S.A. by TIM S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) Under this €20,000,000,000 Euro Medium Term Note Programme (the Programme), TIM S.p.A. (TIM) and Telecom Italia Finance S.A. (TI Finance and, together with TIM in its capacity as an issuer, the Issuers and each an Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed with the relevant Dealer (as defined below). Payment of all amounts owing in respect of the Notes issued by TI Finance will be unconditionally and irrevocably guaranteed by TIM (in such capacity, the Guarantor). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Overview of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuers (each a Dealer and, together, the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this EMTN Programme Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to the Lead Manager(s) acting on behalf of all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors". Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg law of 10 July 2005 on prospectuses for securities, as amended (the Prospectus Act 2005) to approve this document as two base prospectuses, the base prospectus of TIM and the base prospectus of TI Finance. The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this EMTN Programme Prospectus or the quality or solvency of either Issuer in accordance with Article 7(7) of the Prospectus Act 2005. Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange’s regulated market and to be listed on the official list of the Luxembourg Stock Exchange. References in the two base prospectuses to Notes being listed (and all related references) shall mean that such Notes have been admitted to trading on the Luxembourg Stock Exchange’s regulated market and have been admitted to the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU). Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is applicable to each Tranche (as defined under “Terms and Conditions of the Notes”) of Notes will be set out in a Final Terms document (the Final Terms) which will be filed with the CSSF. Copies of Final Terms in relation to Notes to be listed on the Luxembourg Stock Exchange will also be published on the website of the Luxembourg Stock Exchange (www.bourse.lu). The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchange(s) or markets as may be agreed between the relevant Issuer, the Guarantor (in the case of Notes issued by TI Finance) and the relevant Dealer. The Issuers may also issue unlisted Notes. Subject to and as set out in “Terms and Conditions of the Notes — Taxation”, TIM shall not be liable to pay any additional amounts to holders of the Notes in relation to any withholding or deduction required pursuant to Italian Legislative Decree No. 239 of 1 April 1996 (as the same may be amended or supplemented from time to time), where the Notes are held by a Noteholder resident for tax purposes in a country which does not allow for a satisfactory exchange of information with Italy and otherwise in the circumstances described in “Terms and Conditions of the Notes — Taxation”. TI Finance has a right of substitution as set out in “Terms and Conditions of the Notes — Meeting of Noteholders, Modification, Waiver, Authorisation, Determination and Substitution”. The Trustee may at any time agree, without the consent of the Noteholders or Couponholders (all as defined in “Terms and Conditions of the Notes”), to the substitution, in place of TI Finance, of TIM or any Subsidiary (as defined in “Terms and Conditions of the Notes”) of TIM as principal debtor under the Notes and the Coupons (all as defined in “Terms and Conditions of the Notes”). TIM shall indemnify each Noteholder and Couponholder against (A) any tax, assessment or governmental charge which is imposed on such Noteholder or Couponholder by (or by any authority in or of) the Republic of Italy (Italy) with respect to any Note or Coupon and which would not have been so imposed had the substitution not been made and (B) any tax, assessment or governmental charge, and any cost or expense relating to the substitution, except that TIM shall not be liable under such indemnity to pay any additional amounts either on account of “imposta sostitutiva” or on account of any other withholding or deduction in the event of payment of interest or other amounts paid to a non-Italian resident legal entity or a non-Italian resident individual which is resident in a country which does not allow for a satisfactory exchange of information with Italy. As long as the Notes are admitted to trading on the Luxembourg Stock Exchange’s regulated market and/or listed on the official list of the Luxembourg Stock Exchange, in the case of such substitution, TIM will advise the Luxembourg Stock Exchange, a new EMTN Programme base prospectus will be prepared and the Noteholders will be notified in accordance with the provisions of “Terms and Conditions of the Notes - Notices”. 4125-8116-8668.27 The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or any U.S. State securities laws, but the Notes are subject to U.S. tax law requirements. The Notes may not be offered or sold in the United States or to, or for the account or the benefit of, U.S. persons as defined in Regulation S under the Securities Act unless an exemption from the registration requirements of the Securities Act is available and in accordance with all applicable securities laws of any state of the United States and any other jurisdiction. Tranches of Notes to be issued under the Programme will be rated or unrated. Whether or not a rating in relation to any Tranche of Notes will be treated as having been issued by a credit rating agency established in the European Union (the EU) and registered under Regulation (EC) 1060/2009 on credit rating agencies (as amended) (the CRA Regulation) will be disclosed in the relevant Final Terms. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Please also refer to “Credit ratings may not reflect all risks” in the “Risk Factors” section of this EMTN Programme Prospectus. Interest amounts payable under the Floating Rate Notes will be calculated by reference to LIBOR or EURIBOR, as specified in the relevant Final Terms. As at the date of this EMTN Programme Prospectus, the ICE Benchmark Administration (as administrator of LIBOR) is included in register of administrators maintained by the European Securities and Markets Authority (ESMA) under Article 36 of the Regulation (EU) No. 2016/1011 (the Benchmarks Regulation). As at the date of this EMTN Programme Prospectus, the European Money Markets Institute (as administrator of EURIBOR) is not included in the ESMA’s register of administrators under Article 36 of the Benchmarks Regulation. As far as the Issuer is aware, the transitional provisions in Article 51 of the Benchmarks Regulation apply, such that European Money Markets Institute (as administrator of EURIBOR) is not currently required to obtain authorisation or registration (or, if located outside the European Union, recognition, endorsement or equivalence). Arranger J.P. MORGAN Dealers BANCA IMI BARCLAYS BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE CIB DEUTSCHE BANK J.P. MORGAN MEDIOBANCA S.p.A. NATWEST MARKETS SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING UNICREDIT BANK The date of this EMTN Programme Prospectus is 25 June 2019. 2 4125-8116-8668.27 IMPORTANT INFORMATION This EMTN Programme Prospectus comprises two base prospectuses for the purposes of Article 5.4 of the Prospectus Directive: (i) the base prospectus of TIM; and (ii) the base prospectus of TI Finance.
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