9M2015 Results Presentation

Rome, 4th November 2015

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements regarding future events and the future results of Rai Way that are based on current expectations, estimates, forecasts, and projections about the industries in which Rai Way operates, as well as the beliefs and assumptions of Rai Way's management. In particular, certain statements with regard to management objectives, trends in results, margins, costs, rate of return and competition tend to be forward-looking in nature. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," and "estimates," variations of such words, and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Rai Way's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. They are neither statements of historical fact nor guarantees of future performance. Rai Way therefore cautions against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political, economic and regulatory developments in Italy. Any forward-looking statements made by or on behalf of Rai Way speak only as of the date they are made. Rai Way undertakes no obligation to update any forward-looking statements to reflect any changes in Rai Way's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Rai Way Participants

•Camillo Rossotto, Chairman

•Stefano Ciccotti, Chief Executive Officer
•Adalberto Pellegrino, Chief Financial Officer
•Giancarlo Benucci, Head of Investor Relations

9M2015 Financial Highlights

i i l i h l i h F H t n a n c a g g s
n, % Eur Ml	3 Q 2 0 4 1	3 Q 2 0 1 5	% Yo Y	9 2 0 4 M 1 P F	9 2 0 M 1 5	% Yo Y
Co Re re ve nu es	5 1, 7	3, 2 5	3, 0 %	2 1 5 5,	8, 3 1 5	2, 0 %
O t he Re r ve nu es	1, 4	0, 1		2, 9	0, 6
A d j te d E B I T D A us % in ma rg	2 7, 2 2, % 5 7	2 8, 6 3, 6 % 5	4, 8 %	8 0, 4 8 % 5 1,	8 2, 5 2, % 5 1	2, 6 %
Ne t Inc om e	8, 9	1 0, 4	% 1 6, 7	2 6, 9	3 0, 2	% 1 2, 2
(1) Ca p ex	4, 9	6, 9		1 1, 4	1 4, 0
in M te a na nc e	4, 9	2, 0		4 1 1,	9, 1
% on c or e r ev en ue s	9, 5 %	3, 8 %		7, 3 %	5, 7 %
lop De t ve me n	0, 0	4, 9		0, 0	4, 9
(2) Ca h c ion s on ve rs	% 8 2, 0	% 9 2, 9		% 8 5, 9	% 8 9, 0
				2 0 1 4 F Y P F	9 M 2 0 1 5
(3) Ne t De b t Ne t D eb t/ 1Y rol ling A dj. EB ITD A				6 5, 5 0, 6 2x	4 9, 6 0, 4 6x

In 9M2014, Pro Forma figures assume the impact of the new service contracts with RAI as effective from ¹st January ²⁰¹⁴

•9M15 Core revenues at € 158,3m, up 2,0% vs. 9M14

•9M15 Adjusted EBITDA at € 82,5m, with EBITDA margin of 52,1% (vs. 51,8% in 9M14, despite lower level of Other Revenues)

9M15 Net Income at € 30,2m, up 12,2% vs. 9M14
•Investments at € 14,0m, including € 4,9mdevelopment capex for new services to RAI (cash conversion at 89,0%)
•Net Debt at € 49,6m, with Net Debt/1Y rolling Adj. EBITDA at 0,46x

(1) 9M14 Capex includes investments in tangible and intangible assets and financial lease cash-out, representing network capex according to the old service agreemen^t with RAI (being treated as ^a financial lease)

(2) Cash conversion= (Adj. EBITDA – Maintenance Capex) / Adj. EBITDA

(3) 2014FY PF Net debt consists of the Net Financial Position (determined in compliance with paragrap^h ¹²⁷ of the recommendations contained in the document prepared by ESMA, no. ³¹⁹ of 2013, implementing Regulation 2004/809/EC) excluding the current financial receivables relating to the financial leasing with RAI

Core Revenues

Eur Mln; %

Revenues from RAI driven by the step-up in the fixed consideration included in the service contract (from € 171m in ²⁰¹⁴ to € 175m in 2015, on ^a yearly basis) and first contribution from new initiatives
9M15 Third Party performance impacted by lower Tower Rental revenues, mainly from non-MNOcustomers, and lower Network Services revenues
Improvement vs. previous quarters mainly driven by recovery of one lost broadcasting customer

Opex

Eur Mln; %

Personnel costs up 2,0% vs. 9M14 driven by completion of organizational structure after IPO•
Other Operating costs declined by 4,7% vs. 9M14, mainly driven by utilities and maintenance

From Adjusted EBITDA to Net Income

P & L
% Eur Ml n,	3 Q 2 0 1 4	3 Q 2 0 1 5	% Yo Y	9 M 2 0 1 4 P F	9 M 2 0 1 5	% Yo Y
A d j. E B I T D A % in ma rg	2 7, 2 2, % 5 7	2 8, 6 3, 6 % 5	4, 8 %	8 0, 4 8 % 5 1,	8 2, 5 2, % 5 1	2, 6 %
On f f e- o	0, 0	0, 0		0, 0	-0, 1
E B I T D A % in ma rg	2 2 7, 5 2, 7 %	2 8, 6 5 3, 6 %	4, 8 %	8 0, 4 5 1, 8 %	8 2, 4 5 2, 0 %	2, 4 %
(1) D A &	-1 2, 8	-1 1, 7		-3 7, 6	-3 5, 1
E B I T	4, 1 5	6, 8 1	6, 2 % 1	4 2, 8	4 3 7,	0, % 1 5
ina ia l e F nc xp en se s	-0, 6	-0, 6		4 -1,	6 -1,
f i Pre Ta Pro t x	1 3, 9	1 6, 3	% 1 7, 0	4 1, 4	4 5, 7	% 1 0, 5
Ta xe s % tax te ra	-5, 0 3 9 % 5,	-5, 9 3 6, % 1		-1 4, 5 3 0 % 5,	-1 5, 5 3 4, 0 %
Ne t Inc om e (2) E P S	8, 9 0, 0 3 2 8	1 0, 4 0, 0 3 8 2	1 6, 7 %	2 6, 9 0, 0 9 8 9	3 0, 2 0, 1 1 1 0	1 2, 2 %

•9M15 EBITDA at € 82,4m, up 2,4% vs. 9M14, with ^a margin of 52,0%

•9M15 EBITDA including non recurring expenses of € 0,1m
•Declining D&A (€ -2,5m vs. 9M14) mainly resulting from reduction of Capex vs. "switch-off period"
•9M15 Net Income at € 30,2m, up 12,2% vs. 9M14

Cash Flow generation

Net Debt/1y rolling Adj. EBITDA

Eur Mln; %

•9M15 cash generation pre-dividend payment of ca. € 49m
•Capex level reflects typical distribution of maintenance activities throughout the year

Balance Sheet

Eur Mln

• Conservative capital structure with € 49,6mNet Debt as of September 2015:
0,46x Net Debt/1y-rolling Adj. EBITDA

2015 Outlook confirmed

•EBITDA

²⁰¹⁵ EBITDA expected to increase by ∼€ 2m compared to ²⁰¹⁴ level

•Capex

²⁰¹⁵ Capex expected at ∼ € 40m, including maintenance and first tranche of development capex for new services to RAI

•Net Debt

2015YE Net Debt targeted at ∼€ 50m

Q & A session

Contacts

Appendix

Detailed summary of Income Statement

Adjusted EBITDA

( €m % ) ;	3Q 14	3Q 15	9M 14	9M 14 PF	9M
Co re rev en ue s	51 .7	53 .2	11 5.1	15 5.2	15 8.3
Ot he r re ve nu es	1.4	0.1	2.9	2.9
Pu rch f c ab les ase o on sum	( 0.4 )	( 0.3 )	( 1.2 )	( 1.2 )	(
Se rvi sts ce co	( 14 .9 )	( 13 .7 )	( 42 .8 )	( 41 .2 )	( 39
Pe el sts rso nn co	( 10 .0 )	( 9.9 )	( 33 .1 )	( 33 .1 )	( 33
Ot he ost r c s	( 0.6 )	( 0.8 )	( 2.2 )	( 2.2 )	(
Op ex	( 25 .8 )	( 24 .7 )	( 79 .3 )	( 77 .8 )	( 76
iat ion rtiz ion De d a at pre c an mo	( ) 12 .8	( ) 11 .7	( ) 13 .0	( ) 37 .6	( 35
vis ion Pro s	0.0	0.0	0.0	0.0	0.0
Ne t O rat ing fit pe pr o	14 .5	16 .8	25 .7	42 .8	47
ina inc Ne t F nc e om e	( ) 0.6	( ) 0.6	2.6	( ) 1.4	(
fit b for inc Pro e t e e om ax es	13 .9	16 .3	28 .3	41 .4	45
Inc e t om ax es	( 5.0 )	( 5.9 )	( 10 .4 )	( 14 .5 )	( 15
Pro fit f the or ye ar	8.9	10 .4	17 .9	26 .9	30


EB ITD A	27 .2	28 .6	38 .7	80 .4	82
EB ITD A m in arg	52 .7 %	53 .6 %	33 .6 %	51 .8 %	52 .0
ing No n r ec urr ex pe nse s	0.0	0.0	0.0	0.0

27.2 28.6 38.7 80.4 82.5

Adjusted EBITDA m argin 52.7% 53.6% 33.6% 51.8% 52.1%

4 November 2015 9M2015 Results

Summary of Balance Sheet

( €m )	20 14 FY	9M 20 15
No t a ts n c urr en sse
Ta ibl ts ng e a sse	24 3.1	22 2.1
Int ibl ts an g e a sse	0.6	0.7
No t fi ial ts n-c urr en na nc as se	0.6	0.5
No t t ts n-c urr en ax as se	5.4	4.8
To tal t a ts no n-c urr en sse	24 9.8	22 8.1

Cu nt ts rre as se
rie Inv to en s	0.9	1.0
de iva ble Tra re ce s	64 .4	.9 75
Ot he iva ble nd nt ts r re ce s a cu rre as se	4.4	5.4
Cu nt fin cia l a ts rre an sse	0.7	0.4
Ca sh	14 .7	71 .2
Ta ts x a sse	0.3	0.3
To tal nt ts cu rre as se	85 .3	15 4.2
TO TA L A SS ETS	33 5.1	38 2.3

( €m )	20 14 FY	9M 20 15
No t a ts Eq uity n c urr en sse
ita Sh l are ca p	70 .2	70 .2
Le l re ga se rve s	6.9	8.1
Ot he r re se rve s	37 .1	37 .1
Re ta ine d e ing arn s	39 .6	35 .4
To tal uity eq	15 3.8	15 0.8
t lia bil itie No n-c urr en s
No t fi ial lia bil itie n-c urr en na nc s	80 .6	90 .6
loy be fits Em p ee ne	21 .3	20 .6
vis ion s fo r ri sks d c ha s / llo Pro A an rge wa nc es	18 .6	18 .1
Ot he nt lia bil itie r n on -cu rre s	0.0	0.0
No t t lia bil itie n-c urr en ax s	0.0	0.0
To tal t lia bil itie no n-c urr en s	12 0.5	12 9.4
Cu lia bil itie nt rre s
Co ial de bt mm erc	36 .0	35 .9
lia bil itie Ot he r d eb t a nd nt cu rre s	21 .7	33 .1
Cu fin cia l lia bil itie nt rre an s	0.3	30 .6
x l iab ilit ies Ta	2.9	2.5
tal lia bil itie To nt cu rre s	60 .8	10 2.2
TO TA L N ET EQ UIT Y A ND LIA BIL ITI ES	33 5.1	38 2.3

Summary of Cash Flow Statement

( €m )	3Q 20 14	3Q 20 15	9M 20 14	9M 20 15
nin be for Ear e ta gs xe s	13. 9	16. 3	28 .3	45 .7
De cia tio nd ort iza tio pre n a am n	12. 8	11. 7	13. 0	35 .1
vis ion nd oth Pro s a ers	( 0.3 )	0.0	( 0.4 )	( 1.2 )
Ne t fi ial Inc na nc om e	0.6	0.6	( 2.5 )	1.6
Ot he eta ite r no n-m on ry ms	0.4	0.0	( 0.2 )	0.0
Ne t o rat ing CF be for ha e i n W C pe e c ng	27 .4	28 .6	38 .2	81 .1
in inv ies Ch tor an ge en	( ) 0.0	0.0	0.0	( ) 0.1
Ch in unt iva ble an ge ac co s re ce	( 11. 6)	( 10. 4)	( 20 .6)	( 11. 6)
Ch in unt ble an ge ac co s p aya	2.9	5.5	( 43 .2)	( 0.1 )
Ch in oth ets an ge er ass	7.8	( 0.2 )	( 0.9 )	( 1.0 )
Ch in oth liab iliti an ge er es	7.0	7.5	8.8	9.5
of fu nd Use s	( 0.1 )	( 0.1 )	( 0.2 )	( 0.2 )
Pay nt of loy be fits me em p ee ne	( 0.5 )	( 0.1 )	( 1.8 )	0.4
Ch in tax ed it/ liab iliti an ge cr es	0.1	( 0.6 )	( 0.8 )	( ) 1.1
id Tax es pa	( ) 0.1	0.0	( ) 5.3	( 4) 12.
Ne t o rat ing sh flow pe ca	32 .9	30 .3	( 25 .8)	64. 6
Inv est nt in t ible set me an g as s	( 4.7 )	( 6.8 )	( 4.7 )	( 13. 7)
Sa le o f ta ible set ng as s	0.0	0.0	0.0	0.1
est nt in i nta ible set Inv me ng as s	( 0.2 )	( 0.2 )	( 0.2 )	( 0.3 )
f in ibl Sa le o tan ts g e a sse	0.0	0.0	0.0	0.0
1 Fin cia l le sh- t an ase ca ou	0.0	0.0	( 6.4 )	0.0
Fin cia l le sh- in an ase ca	0.0	0.0	31 .1	0.0
Ch in t fi ial ets an ge no n-c urr en na nc ass	( 0.1 )	0.0	( 0.1 )	0.0
Int st r eiv ed ere ec	0.2	0.0	4.1	0.1
ing flow Inv est sh ca	( ) 4.9	( ) 6.9	23 .7	( 8) 13.
( ) / inc in l ter m d eb t De cre ase rea se on g-	0.0	( 14. 9)	( 0.1 )	10. 1
( De ) / inc in c t lia bili tie cre ase rea se urr en s	( 27 .4)	15. 3	14. 5	30 .3
Ch in nt fina ial ets an ge cu rre nc ass	0.0	0.1	0.0	0.3
aid Int st p ere	( 0.6 )	( 0.5 )	( ) 1.1	( 1.3 )
Div ide nd aid s p	0.0	0.0	( 11. 2)	( 33 .6)
Fin cin ash flo an g c w	( 28 .0)	0.0	2.1	5.8
Ch in sh d c ash uiv ale nt an ge ca an eq	( 0.0 )	23 .4	0.0	56 .6
2 (*) ( f Pe rio d) Ca sh d c ash Be an eq g. o	0.0	47 .8	0.0	14. 7
2 (*) ( of rio d) Ca sh d c ash End Pe an eq	0.0	71. 2	0.0	71. 2

(1) In 9M2014, financial lease cash-out represents network capex, due to the old service agreement with RAI being treated as a financial lease (2) In 3Q2014 and 9M2014, cash-pooling agreement with RAI