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Telecom Italia Rsp

Investor Presentation • Feb 16, 2016

4448_rns_2016-02-16_b03e3159-0e70-4990-821c-9fc3663004c4.pdf

Investor Presentation

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TELECOM ITALIA GROUPLondon, February 16th, 2016

Telecom Italia Group

FY 2015 Preliminary Results & 2016-2018 Plan Update

Agenda

  • • Giuseppe Recchi – TI Chairman Opening Overview
  • • Marco Patuano – TI CEOFY 2015 Preliminary Results & 2016-2018 Plan Update
  • • Piergiorgio Peluso – TI CFO Financial Outlook
  • • Rodrigo Abreu – TIM Brasil CEO 2016-2018 TIM Brasil Plan
  • •Q&A

Safe Harbour

This presentation contains statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Telecom Italia Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward looking statements as a result of various factors. Consequently, Telecom Italia makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statements.

Forward-looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telecom Italia undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events. Analysts and investors should consult the Company's Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities and Exchange Commission which may identify factors that affect the forward looking statements included herein.

The 2015 preliminary financial results of the Telecom Italia Group and the data of the previous years provided for comparison were drafted in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the European Union (designated as "IFRS").

The accounting policies and consolidation principles adopted in the preparation of the preliminary financial results for the 2015 FY and the 2016-2018 Industrial Plan have been applied on a basis consistent with those adopted in the Annual Financial Statements at 31 December 2014, to which reference should be made, except for the new standards and interpretations adopted by the Telecom Italia Group starting from 1 January 2015 which had no effects on the 2015 preliminary financial results and 2016-2018 Industrial Plan. Therefore, the latter financial information doesn't take into account the new following standards that, among other things, are not yet endorsed by the European Union: IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments and IFRS 16 Leases.

In addition, the 2015 preliminary financial results have not been verified by the independent auditors.

Starting from the fourth quarter 2013, the Sofora - Telecom Argentina group is classified as a disposal group (Discontinued operations/Non-current assets held for sale) and therefore the Sofora - Telecom Argentina group is no longer separately presented as a business unit.

Agenda

•FY 2015 Preliminary Results

  • •2016 - 2018 Plan Update
  • •Financial Outlook
  • •2016 - 2018 TIM Brasil Plan
  • •Appendix

2015 Group Figures and KPIs

(1) Before non recurring items (2) +25.1% YoY net of spectrum acquisitions in 2014 and in 2015 (3) +27.7% net of 2015 license acquisitions (4) net of spectrum acquisitions in 2014 and in 2015 (5) urban population

In 2015 TI continued to Lead Innovation in Italy and Brazil

(1) Figure does not include 115k SULL (2) Urban population

FY 2015 Preliminary Results & 2016-2018 Plan Update

Italy: Service Revenues Performance supported by LTE and Fiber

…keeping a strong YoY uptrend

Mobile hit parity in the last Quarter… …while 4Q Fixed was affected by comparison items

(1) YoY performance incorporates Dec. 2015 wholesale prices revision & Nov. 2014 monthly rental fee increase

Marco Patuano FY 2015 Preliminary Results & 2016-2018 Plan Update

Mobile Parity and Beyond: a Quantum Leap since 2014

YoY Innovative - Traditional Service

Mobile Total Revenues Mobile Service Revenues

FY 2015 Preliminary Results & 2016-2018 Plan Update

Fixed: Progressive Build-Up of BB Net Adds Sets the Tone

Fixed Service Revenues

-196 -204-173 -165 1Q'15 2Q'15 3Q'15 4Q'15Fixed Access Total BroadBand Net Adds-14-4+2+12Quarterly change in line losses 2015 vs 2014

CB12,283 12,080 11,907 11,742

FY 2015 Preliminary Results & 2016-2018 Plan Update

9Marco Patuano

Fixed: Focus on Consumer BB Performance

BB CB Net Adds Benchmark - FY'15 YoY

(1) TIM Consumer

+46+71+44+86Total2015Fiber2015FY'15 +247k, +5.4% YoY +48+70+48+861Q'15 2Q'15 3Q'15 4Q'15Total2014+41+29 +8 +9

TIM BB Flat Customer Base Growth

  • • Constant QoQ improvement in Fixed New Lines trend
  • • Sound net adds performance in flat BroadBand segment mirrored by a strong fiber take-up (FY'15 +252k vs '14)
  • • The Fiber-Building Advantage: TIM overperformed the Total of Other Licensed Operators in 2015

Convergence & Video Content Update

'000223 269 284 3755656 58 1551Q'15 2Q'15 3Q'15 4Q'15+107%YoYTIM Vision Fixed TIM Vision Mobile+SKY279 325 341 530TV Customer Base

  • • From Sept. '15 to YE, 130k convergent clients opted for Video Content
  • • TIM SKY sharply up in December (+18k), standing at 42K at YE
  • •Total TV Customer base at YE: 530k users

(1) «Smart Mobile» (adsl flat, pricing voice pay-per-use, sim mobile with traffic and data included) (2) «Smart Casa» (adsl flat, flat voice f-f & f-m, sim mobile with traffic and data included)

Business Segment: Data, Cloud and IT Growth continues

Service Revenues, Reported data, YoY

Infrastructure Management, IT Device Management IT Application, Trust, Parallels

Fixed Voice, Mobile Voice, SMS. Monthly Rental Fee Fixed & Mobile Data Transmission, IT Network Management

Domestic Capex

FY 2015 Preliminary Results & 2016-2018 Plan Update

Agenda

  • •FY 2015 Preliminary Results
  • •2016 - 2018 Plan Update
  • •Financial Outlook
  • •2016 - 2018 TIM Brasil Plan
  • •Appendix

Improving Group Operating and Financial Profile

The Italian TLC Market 2016-'18 Expected Evolution

Bln€

The Italian TLC Services Market is set to progressively improve in the next years, going back to growth in 2018

2015 pre-closing Source: SIRMI, internal estimates

-Mobile: More of the Same

  • Drivers run on Existing Tracks Grasp Data Growth and strengthen our Calling Customer base profile leveraging on our Network Quality Work to further combine our unique Network / Sales Channel assets: 1. More Convergence 2. Less Churn 3. More Data Exposure = Less Revenue volatility & more ARPU assurance Maintain/Calibrate Pull - Push Commercial model to ensure market leadership

Smartphone penetration on Consumer Calling CB

Goals

  • •Revenue Future-Proofing
  • •Improve Total ARPU
  • •Service Revenues Growth from 2016

-Fixed is the Game Changer

  • • Growing BroadBand penetration: catching the upside
  • • Data Demand is booming due to:
  • 1.Video

Opportunities

  • 2. Changing Household Habits
  • 3. Business Requirements evolution
  • • Building and Turning-on NGAN: we are the Market Shaper both in Offer and Infrastructure

Consumer

  • • Pursue the Data Surge:
  • • TI in Attack-Mode to Grow in Lines / Customer Base
  • •Better Connectivity and More Video
  • •Streamline Delivery
  • • Act on Network / Channel to:
  • •Increase convergent Clients
  • •X – Sell F-M / M-F

Business

  • •Invest to deliver superior Data Quality
  • •Commercial-driven defense of Traditional
  • •Organic Growth and Alliances on Cloud / ICT
  • • Push on Multisided Platform Strategy, opening to Developers

Goals

  • •Fixed Line Losses reduction from 2016, moving towards parity
  • •2018 BB Retail lines > 8 mln
  • •Total 2018 Fiber Customers (Retail + NGN Wh.) ~ 5mln ( >7x YE'15)
  • •2018 Convergent clients with content: ~1.5 mln (3x YE'15)

Priorities

Video drives Data Traffic Growth

Expected Fiber CB Evolution: 1mln more Fiber Customers vs 2015-'17 Plan

  • • Strong growth in data traffic in Fixed (+37% YoY) & Mobile (+45% YoY)
  • • Fixed represents 95% of total data traffic in 2015
  • • Video service demand is the key driver of consumption growth
  • • Mobile networks will be less & less able to support this expansion

Completing the Picture: stronger in ICT, more International, turnaround in Wholesale

Marco Patuano

Domestic: Accelerating, not Increasing Capex

TI Capex acceleration – to be reversed after 2018 - is limited in time with near-term tangible results:

  • •Complete the future-proofing of our Networks, opening to material long-running efficiencies
  • •Repositioning our Company to address new global digital strategy / full IP infrastructure platform
  • •Further increase TI's competitive edge against peers
  • • Capex investment carefully selected with returns above TI's minimum hurdle rate /return on investment criteria, supporting EBITDA and EBITDA-Capex performance

(1) Net of spectrum acquisition equivalent to 347 mln€

The Detail of our Innovative Capex Acceleration

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Making the transition to a Platform Company happen: TI is the Gateway to a Digital Italy

(1) Net of One-Offs Capex

LTE: Further Revenue Traction from 98% Coverage

2015 2018

** « » + « « + « « « + refarming

*** « « + « « + « « « + « « « + L- Band

* 800 + 1.800 + 2.600 MHz

= carrier aggregation:

LTE Population Coverage by Speed Peak

Marco PatuanoFY 2015 Preliminary Results & 2016-2018 Plan Update

2015 2018

NGN Coverage moves up to 84%

NGN Coverage Evolution(1)

• Speed up our NGN Plan: TI is the referencecompany for Fiber in Italy and defends its strong access leadership

• 100% of «Cluster A» and «Cluster B» citiesand towns will be covered with TI Fiberby 2018

Support platformbased new services(Entertainment & ICT)

(1) Passed

•

Group Operating and Financial Outlook

Organic data

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(2) On Reported Ebitda; Average and YE €\Real 2018: 4.6. Ratio includes Mandatory Convertible equity strengthening effect for 1.3€Bln in November 2016, Argentina Disposal, Inwit Valorisation

Note: Organic data exclude impact from change in scope of consolidation and FX, and are based on 2015 average exchange rates

25Marco PatuanoFY 2015 Preliminary Results & 2016-2018 Plan Update

Agenda

  • •FY 2015 Preliminary Results
  • •2016 - 2018 Plan Update
  • •Financial Outlook
  • •2016 - 2018 TIM Brasil Plan
  • •Appendix

Domestic 2015 Ebitda performance

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Mln€

110% of FY 2015 Efficiency Target Reached

Mln€

Speeding-up Investments while safeguarding OFCF Generation

(1) TI Group figures include TI Media & other subs. (2) includes 29 mln€ for spectrum clean up in Brazil

Piergiorgio Peluso FY 2015 Preliminary Results & 2016-2018 Plan Update

Net Debt Evolution

(1) Includes: 1,478 mln€ from Financial Leasing (IAS 17) of Domestic Real Estate trasformation project and Brazilian towers lease-back; (186) mln€ unsecured Equity-link bond and (34) mln€ financial accruals

Piergiorgio Peluso FY 2015 Preliminary Results & 2016-2018 Plan Update

Refinancing at Lower Rates

Mln€

Debt Maturities and liquidity Margin

2011-2016 Bond Issuance Yields

Highlights

  • • TI's funding costs on the bond markets have significantly lowered since 2013
  • • In January 2015 and 2016 TI has printed its two lowest coupon ever with two 8-year issuances, January 2015 @ 3.25% and January 2016 @ 3.679% respectively
  • • ECB QE plans further support favourable funding environment
  • • This context will continue offering TI significant refinancing opportunities

€ 30.593 mln is the nominal amount of outstanding medium-long term debt. By adding Mandatory Convertible Bond (€ 1.300 mln), discontinued operations (€ 348 mln), IAS adjustments (€ 1.454 mln) and current financial liabilities (€ 908 mln), the gross debt figure of € 34.602 mln is reached.

FY 2015 Preliminary Results & 2016-2018 Plan Update

Efficiencies to be sought beyond Targets

Mln€

Piergiorgio Peluso FY 2015 Preliminary Results & 2016-2018 Plan Update

Labour Cost Evolution 2018 vs 2015

Net impact of the reversal to the Income statement of prepaid expenses related to personnel costs. These prepaid expenses are related to activities that generate long-term benefits (eg. Network Delivery). The Prepaid costs deferred over the 3-year Plan are decreasing due to efficiency in delivery, while the amount subject to reversal to income statement derived from the costs incurred in previous years remains relatively stable, with a negative net impact on personnel costs

Piergiorgio Peluso FY 2015 Preliminary Results & 2016-2018 Plan Update

Net Debt Evolution: Temporary Capex Acceleration is combined with an Appropriate 2016 -2018 Free Cash Flow 2014 - 2015 Plan 2016 – 2018

Bln€

Agenda

  • •FY 2015 Preliminary Results
  • •2016 - 2018 Plan Update
  • •Financial Outlook
  • •2016 - 2018 TIM Brasil Plan
  • •Appendix

Brazil 2016-18: Meeting the Challenges

Protecting results in a tougher Macroeconomic Scenario…

Source: latest IMF estimates for GDP; Internal Estimates for Exchange Rates forecast, Inflation, MTR Value, SIM/user and market revenues trend

... and adapting fast to capture opportunities in a reshaped industry context

Highlights of the 2016-2018 Plan

Context changes Key strategic priorities

  • 1. Reset positioning - Network Quality / Offer
  • Innovation / Customer Experience
  • 2. Protect value of Prepaid base - From Mkt Share to Revenue Share
  • 3. Increase share of Mid/High Value customers - focus on higher value
  • 4. Stabilize Corporate - accelerate Top /Enterprise and turnaround SMB
  • 5. Sustain Network investment with prioritized approach and focus on 4G
  • 6. Focus on Efficiency as a structural element

Market Dynamics leading to slower growth in Customer Base with better quality and ARPU

Changing customer profile: increasing value

FY 2015 Preliminary Results & 2016-2018 Plan Update

38Rodrigo Abreu

Broadening our Data Opportunity

4G coverage leadership

Data adoption drives change of revenue profile

² Data = Data connectivity, Content, Other VAS, SMS

¹ Coverage calculated by Teleco website (www.teleco.com.br)

FY 2015 Preliminary Results & 2016-2018 Plan Update

Capex Cycle: accelerating 3G and 4G data coverage

* Excluding Spectrum

FY 2015 Preliminary Results & 2016-2018 Plan Update Rodrigo Abreu

Growing support from Cost Efficiency

2015-17 Efficiency Plan + Network Efficiencies

Guidance Summary

Targets reaffirm commitment to long-term value creation for all shareholders

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* Excluding Spectrum

FY 2015 Preliminary Results & 2016-2018 Plan Update Rodrigo Abreu

Agenda

•FY 2015 Preliminary Results

  • •2016 - 2018 Plan Update
  • •Financial Outlook
  • •2016 - 2018 TIM Brasil Plan
  • •Appendix

Focus on FY'15 Opex Efficiency

Focus on Volume Driven & Labour Costs

Domestic Mobile KPIs

'000, YoY, mln€

Mobile BB Users

Innovative Revenues

FY 2015 Preliminary Results & 2016-2018 Plan Update

46Marco Patuano - Piergiorgio Peluso – Rodrigo Abreu

CB Stabilization and Competitive Dynamics

FY 2015 Preliminary Results & 2016-2018 Plan Update

Marco Patuano - Piergiorgio Peluso – Rodrigo Abreu

TI Group 2016-2018: The Framework

More Convergence and N-Play Penetration to speed up and retain BB & UBB Customer Base

  • •Leverage on our leading convergent Network Infrastructure
  • • Defend TIM Premium Price while attracting customers in a competitive environment, upselling to larger and wider bundles
  • • Differentiate and enrich our Video offering with a distinctive branded Service Platform and through partnerships with the best content providers
  • •Gain Loyalty from our Convergent/N-Play Customers
  • • Deploy our content platform strategy maintaining a provider-agnostic position; pursue new content distribution opportunities at "arm's length" terms with all partners

Annual Churn Rate

FY 2015 Preliminary Results & 2016-2018 Plan Update Marco Patuano - Piergiorgio Peluso – Rodrigo Abreu

Delivering the TIM Digital Multimedia Entertaiment Offer

Telco Differentiation vs OTT

(1) Premium Users

2016-'18: Focus on Efficiency Area – Process Driven

Bln€

2016-'18: Focus on Efficiency Area – Market Driven

Bln€

Focus on Domestic non-recurring Items

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IQ IIQ IIIQ IVQ FY IQ IIQ IIIQ IVQ FY IQ IIQ IIIQ IVQ FY
Re
R
ed
ort
ve
nu
es
ep		 3.
72
8		 3.
80
3		 3.
80
5		 3.
96
7		 15
.30
3		 3.
63
1		 3.
74
4		 3.
75
2		 3.
87
4		 15
.00
1		 -2,
6%		 -1,
6%		 -1,
4%		 -2,
3%		 -2,
0%
Se
rvi
ce		 3.5
54		 3.5
67		 3.5
94		 3.6
19		 14
.33
4		 3.4
35		 3.5
05		 3.5
39		 3.5
78		 14
.05
8		 -3,3
%		 -1,7
%		 -1,5
%		 -1,1
%		 -1,9
%
Eq
uip
nt
me		 17
4		 23
6		 21
1		 34
8		 96
9		 19
6		 23
9		 21
3		 29
6		 94
3		 12
,3%		 1,3
%		 0,7
%		 -15
,0%		 -2,7
%
Op
R
ed
ort
ex
ep		 (
1.9
36
)		 (
2.0
94
)		 (
2.0
10
)		 (
2.2
65
)		 (
8.3
05
)		 (
2.0
21
)		 (
2.5
08
)		 (
2.0
73
)		 (
2.8
32
)		 (
9.4
34
)		 -4,
4%		 -19
,8%		 -3,
1%		 -25
,0%		 -13
,6%
E
B
I
T
D
A
Re
d
te
p
or		 1.
9
2
7		 1.
0
9
7		 1.
9
7
5		 1.
0
2
7		 6.
9
9
8		 1.
6
1
0		 1.
2
3
6		 1.
6
9
7		 1.
0
4
2		 6
5.
5
7		 -10
,2%		 -27
,7%		 -6,
5%		 -38
,8%		 -20
,4%
Re
O
nic
rga
ve
nu
es		 3.
74
2		 3.
81
9		 3.
81
9		 3.
97
9		 15
.35
9		 3.
63
1		 3.
74
4		 3.
75
2		 3.
87
4		 15
.00
1		 -3,
0%		 -2,
0%		 -1,
8%		 -2,
6%		 -2,
3%
Op
Or
nic
rin
g i
ex
t n
tem
ga
ne
on
re
cur
s		 (
1.9
45
)		 (
2.1
76
)		 (
2.0
19
)		 (
2.2
81
)		 (
8.4
21
)		 (
2.0
21
)		 (
2.1
15
)		 (
2.0
20
)		 (
2.2
50
)		 (
8.4
06
)		 -3,
9%		 2,8
%		 0,0
%		 1,4
%		 0,2
%
E
B
I
T
D
A
Or
ic
t n
g
an
ne
on
in
i
te
g
re
cu
rr
m
s		 1.
7
9
7		 1.
6
4
3		 1.
8
0
0		 1.
6
9
8		 6.
9
3
8		 1.
6
1
0		 1.
6
2
9		 1.
7
3
2		 1.
6
2
4		 6.
5
9
5		 -10
,4%		 -0,
9%		 -3,
8%		 -4,
4%		 -4,
9%
o/
No
n R
rin
Ite
g
w
ec
ur
ms		 (
5)		 66 (
5)		 4 60 - (
39
3)		 (
53
)		 (
58
2)		 (
1.0
28
)
Exc
han
Rat
e F
luct
uat
ion
ge		 (5) (5) (5) (4) (19
)
Rel
e T
IS/
OLI
vis
ion
ing
eas
pro		 72 2 14 88
Em
plo
red
uct
ion
pla
yee
n		 (1) (12
)		 (13
)		 - (24
)		 (19
)		 (38
6)		 (42
9)
Pro
vis
ion
s fo
r ris
ks
and
oth
nd
ost
er c
s a
set
tlem
ent
s		 - (1) (1) 6 4 - (36
9)		 (34
)		 (19
6)		 (59
9)
Ot
he
r D
isc
tin
uit
ies
on		 60 (
41
)		 (
27
)		 (
27
)		 (
35
)		 (
43
)		 (
9)		 (
38
)		 (
68
)		 (
15
8)		 (
12
3)
Lab
st d
isco
ntin
uiti
our
co
es		 19 - - 18 37 (23
)		 (18
)		 (38
)		 (37
)		 (11
6)		 (15
4)
Oth
off
item
er o
ne-
s		 41 (41
)		 (27
)		 (45
)		 (72
)		 (20
)		 9 - (31
)		 (42
)
E
B
I
T
D
A
Or
ic
g
an
Un
de
ly
in
g
r		 1.
7
3
6,
7		 1.
6
8
4		 1.
8
2
7		 1.
7
2
5		 6.
9
7
3		 1.
6
5
2,
8		 1.
6
3
8		 1.
7
7
0		 1.
6
9
2		 6.
7
5
3		 -4,
8%		 -2,
7%		 -3,
1%		 -1,
9%		 -3,
2%

Straight bond: the new TI 8-year priced on January 13, 2016

Investor Type Distribution Issue Details

Geographic Distribution Deal Highlights

  • On January 13th, TI returned to the market with a €750m, 8yr, fixed-rate senior unsecured offering
  • • On the back of positive market opening, the Company decided to announce the transaction with IPTs of MS+320bps area; within the first hour, investors showed interest in excess of €1.0bn
  • • The quality and size of the orderbook allowed TI to announce the official price guidance at MS+305/310)
  • • The book closed with a size exceeding EUR 2.2bn which allowed for the final spread to be set at MS+305bps and the final size at EUR 750m

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