Registration: Reg S Only; Registration: Reg S Only; Registration: Reg S Only;

Fibercop Spa (FIBCOP) EUR2.8bn Reg S sr sec notes 3-part. Ba1/BB+/ BB+ (negative/negative/stable). Via JPM (B&D)/KKR jt glocos/BNP/CA/MUFG jt active books/Akros/BBVA/BPER/Mediobanca/Natixis/SMBC/SocGen jt books, Abu Dhabi Commercial Bank as co-manager. Settles 06/27. - EUR900m (from benchmark size) fixed due 06/30/32 (7y). NCL (6mo (12/30/31) par call). Pays Jan 15 and July 15, starting 01/15/26. ISIN: XS3104481414. IPT 5.50% area. Price talk 5.25% area. Final terms: EUR900m at 5.125%. Priced: 5.125% at 100. +276bp vs DBR 0% 05/15/32. - EUR1.2bn (from benchmark size) fixed due 06/30/30 (5y). NCL (6mo (12/30/29) par call). Pays Jan 15 and July 15, starting 01/15/26. ISIN: XS3104481257. IPT: 5.00%-5.25%. Price talk 4.75%-5.00%. Final terms: EUR1.2bn at 4.75%. Priced: 4.75% at 100. +262bp vs OBL 2.40% 04/18/30. - EUR700m (up from EUR400m) FRN due 06/30/31 (6y). NC1 (06/27/26), then at 100. Pays Jan 15, Apr 15, July 15, Oct 15, starting 10/15/25. ISIN: XS3104483113. IPT: 3mE+325bp at 99.50-100.00. Price talk: 3mE+300-325bp at par. Final terms: EUR700m E+300bp at par. Priced: 3mE+300bp at 100. Roadshow (small virtual group meetings) 06/16-17 (investor call at 11:30am UKT 06/16). Books closed at 11am UKT 06/18. Reconfirms were due by 1:30pm UKT 06/18. UOP: fund cash to the B/S, GCP, which may include capex and potential refinancing of upcoming maturities. Equity sponsor: KKR (37.8%), ADIA (17.5%), CPPIB (17.5%), the Italian Ministry of Economy and Finance (16%), F2i (11.2%). Biz: Italy's national digital infrastructure (wholesale) provider with a unique and extensive fixed-line network in Italy (Telecom Itallia sold its fixed network and wholesale business to the KKR-led investor group 07/01/24). HQ: Milan, Italy.