Details of the significant shareholdings

The following table shows the major equity holdings (over 3%) in Telecom Italia ordinary shares according to information in the Shareholders’ Register, the notifications made to Consob and the Company pursuant to Art. 120 of Legislative Decree 58 of 24 February 1998, and other information available.  

(^) Poste Italiane has declared its intention to avail itself of the exemption referred to in Article 106, paragraph 5, of Legislative Decree 58/1998 and Article 49, paragraph 1, letter e), of Consob Regulation no.11971/1999. Therefore – in force under the current regulatory framework – Poste Italiane has undertaken to sell to unrelated parties the ordinary shares held in excess of the aforementioned relevant threshold, within 12 months of the completion of the purchase, while refraining, in the meantime, from exercising the voting rights relating to such shares.

(‘) Aggregate interest held through 5 subsidiaries Morgan Stanley & Co. International PLC, Prime Dealer Services Corp., Morgan Stanley & CO. LLC, Morgan Stanley Capital Services LLC, Morgan Stanley Europe SE. Morgan Stanley holds a 6.264% stake in Tim, of which 0% has voting rights.

(*)  Aggregate interest held through 16 subsidiaries [including 6 subsidiaries with potential participation in shares subject to securities lending agreements with the option to redeem at any time without expiration and 4 subsidiaries with long cash-settled positions (“Contracts for Difference” without expiration date)]. BlackRock holds a 4.958% stake in Tim, of which only 3.827% has voting rights.

(°) Holding held through subsidiaries Barclays Capital Securities Limited, Barclays Bank PLC and Barclays Capital Inc. (2) "Right to recall" with no expiry date. (3) "Portfolio Swap" with expiry dates between l'11/01/2027 e il 22/02/2027. Barclays holds a 4.807% stake in Tim, of which only 0.505% has voting rights.

Shareholdings of Telecom Italia ordinary shares held by Telecom Italia S.p.A. itself 

(1) The percentages refer to the total number of ordinary shares which constitute Telecom Italia's share capital, as results from the most recent filing made at the Companies Register, at the date of the present updating. Following the issue, on 27 November 2020 of 126,343,913 ordinary shares resulting from the public offer of subscription by payment reserved to employees in the “2020 Employee Share Ownership Plan", Telecom Italia’s share capital is now equal to 15,329,466,496 ordinary shares and was registered at the Companies Register on 28 December, 2020.