Rai Way

Investor Presentation • Sep 8, 2015

Rai Way: company presentation

Italian Infrastructure Day 2015

08 September, 2015 – Milan

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.

Company profile & business model•

Financials & 2015 Outlook•

Rai Way at a glance

Leading broadcasting tower operator

Ownership of passive and active infrastructure

New exclusive contract with Rai signed in July 2014

€207,4m 2014 PF core revenues – c.83% from Rai

€105,1m 2014 PF Adj. EBITDA

€33,6m 2014 PF net income

c.80% 2014 PF cash conversion(1)

637 employees(2)

(2) As of June 2015

Broadcasting value chain

•

•

•

A Smarter Tower Company…

Leading broadcasting tower network with strong capillarity and population coverage

Unique network capillarity

Legend: Rai Way's sites.

• • The only terrestrial network capable of covering over 99% of the population
• •c.2,300 sites across the country
• •Unique capillarity in rural areas

•Rai Way owns some major sites, which are not easily replicable by competitors

Roma M. Mario

• Only large site within the city •

Covers metropolitan area and most of Rome province

Monte Venda

Monte Penice

• • Located in Veneto region
• Covers most of Veneto and surrounding regions with a single site

Key site covering Lombardia and eastern Piemonte

Key and non-replicable large sites State-of-the-art broadcasting equipment

Satellite reception FM radio transmitter Microwave

DAB transmitter Combiner DVB-T transmitter

• • Rai Way owns state-of-the art TV and radio broadcasting equipment
• • Investment in digital TV broadcasting switch-over completed in 2012
• • €215m(1) cumulative investments since 2011

(1) Including investments made in 1H 2015. Capex includes IFRS capex and network investments

Strategically positioned with significant spare capacity

Rai Way full service offering

• • • • l iv l i t 's t l i i t t j t i d i l b i l i ty f t C l t i d t h i D I P e e r s c e n e e v s o n n e r c o n n e c s m a o r e v e n r o v e s a v a a o o w e r o n s u n g a n e c n c d d i i l t d i t h C l i t ' i f t tu f d i t i a n r a o s g n a s o e n v e nu e s w e n s n r a s ru c r e s o r r a o s u p p o r s e rv c e s i f i d f f i t i t t u s e r s u s n g r e q u e n c e s n e w s r o o m s a n o c e s r a n s m e r s i d t t h b d t a s s g n e o e r o a c a s e r s • l • C i lu d l Ex t t a m p e s : u s o m e r s n c e e c o • i i t l t t i l d t l l i t t b l i D g a e r r e s r a a n s a e e o p e r a o r s, p u c b d t i d i i t t i d r o a c a s n g a m n s r a o n s a n h i i l t iv l T V F F e e n c e m e s a − b d t d t h r o a c a s e r s a n o e r i i t a r o s c o r p o r a o n s v u • S i t l l, t i l e rv c e s a o c a n a o n a i i I t l N t l F t b l l a a n a o n a o o a − i i d t t l l l a n n e r n a o n a e v e L e a g e u • k lu t i f Tu r n e y s o o n s o r l d F I F A w o r c u p − t i i d r a n s m s s o n a n b d t i tw k r o a c a s n g n e o r s	d d i T V R a n a o b d t i r o a c a s n g	T i i r a n s m s s o n	T r h o w e t i o s n g	k N t e w o r i s e r v c e s
				l a

Resilient business model, based on highly visible longterm revenues and strong cash flow generation

Long service agreements with high profile customers

• • Significant third party revenues(1)

• Based on c. 1,900 equipments located on c. 850 Rai Way sites(2)

• •High switching costs for customers

• • Mainly 6 year contracts
• Majority of revenues are indexed to CPI
• • High profitability and strong cash flow generationThird-party

Third party revenues in €m

(1) Based on IFRS reported figures. Third party IFRS revenues are not affected by pro forma adjustments.(2) As of 31 Dec 2014

One-stop shop leveraging on active and passive infrastructure ownership

•Local broadcasters

• Capillarity
• −Local offices

•National broadcasters

− One stop shop for broadcasting network needs

•MNO and wireless

− Strategic sites for coverage deployment and backbone creation

Long-term contractual relationships with prime customers

	C l i t e n	S c o p e	T e n o r	R e v e n u e s	2 0 4 % 1 P F c o r e r e e nu e s v
i a R h it w t c a r t n o C		• ic Ne tw k s or er v es Bro dc t ing d a as a n − tra iss io f T V / Ra d io ns m n o ig ls u ing ig d M U Xe s na s s a ss ne i to Ra iv i fo i Fu l l e lus ty Ra W xc r ay − • Se ic Ne rv es w fro d Re ve nu es m n ew a n − d d i io l se ic t a na rv es	• ic 7 y to t l ly ea rs; a u m a a fo d t he 7 y re ne we r a no r ea rs ( to 2 1 y ) up m ax ea rs • 2 hs ina io ic 1 t te t t m on rm n no e, fro he d f y t 7 m e n o ea r ds on w ar	• fo € 8 5. 5m H 2 2 0 1 4 r • € fo 2 0 1 7 5m F Y 1 5 r • 2 0 6, in in l in i h Fro 1 t m cr ea se e w ia I ta l C P I n • i io Co de t do t ns ra n es n o inc lu de fro re ve nu es m n ew d d d i t io l se ic an a na rv es	8 3 % c.
s e c i v r e s y t r a p - d ir h T	T V d d io an ra br dc te oa as rs	• To ho t in ic we r s g se rv es i de i la b i l i ty f to Pr ov s a va o er w − in fra tru tu fo d io s c re s r r a i tra t te ns m rs Ne tw k ins ta l la t io d or n a n − t su p p or • O he l ie ize d t t c to r c n us m i ic l la an c ry se rv es	• Ty ic l 6- tra ts i t h p a y ea r c on c w b i le to m o op er a rs hr f t he fo in T ee o ur m a − tra ts t ly co n c re ce n ia t te d re ne g o • d- ho i h he A tra ts t t c co n c w ing le br dc te s oa as rs	• Pr ic in de ds ty f g p en o n p e o l ie t a d ic c n n se rv e l ly in Re ve nu es g en er a g ro w − ine i in f io l t h la t w n	1 7 % c.
	Pu b l ic dm in is tra t io & a n t he te o r c or p or a to cu s m er s	• Co im i la b i le tra ts to n c ar e s r m o • ic ing f ixe ia Pr ba d d lus se on p v ar	' a to ts op er a rs g re em en b le ts co m p on en
				8 S tem be 20 15 ep r,	0 1

Company Presentation

Provider of mission critical broad range of services to Rai

• •Critical position of Rai Way within value chain
• •Provides mission critical services to Rai

Attractive Italian broadcasting and telecom markets

• … with limited competition due to lack of cable and low broadband penetration / FTTx coverage…

Rai Way is a leading player in a concentrated broadcasting infrastructure market

(# of sites)Leading broadcasting infrastructure owners

• … with potential growth from new MUX allocations and frequency readjustments

• (4) Source: GSMA European mobile economy 2013, Mediobanca.
• (5) Sources: VOD presentation May 2014, TIM 2014-2016 LTE plan.(6) Source: AGCOM Annual report 2014 "il settore delle
• comunicazioni in italia".

•One of the highest mobile penetrations in Europe(4)

Mobile networks data traffic volume (in Petabytes)(6) • >95% coverage by 2017• >90% coverage by 2016 Growth in data and on-going 4G rollout(5) ^{2012 2013 2014} 258 ³⁴³ 501+33%+46%

8 September, 2015 12Company Presentation

⁽¹⁾ Source: Auditel; calculations based on the total number of households. Because certain households have access to more then one platform, the total number of platforms is higher then the total number of households.(2) Source: AGCOM , "Osservatorio sulle Comunicazioni" – December 2014 (3) Source: EI Towers Roadshow Presentation March 2014.

Rai Way's key strategic pillars

Summary

Company profile & business model•

Financials & 2015 Outlook•

IPO as a starting point

i i 2 0 1 4 M h t a n a c e e m e n s v	2 0 1 5 t k o n r a c
I P O f l l l d t s u c c e s s u y c o m p e e	M l d t t t a n a g e m e n e a m c o m p e e
N l i i i h R A I i d i J l t t t e w e x c u s v e s e r v c e c o n r a c w s g n e n u y 2 0 1 4	N i i f i R A I d t t t e g o a o n s o r n e s e r c e s o n e r a w v u w y
T T l d t t w o e c o c o n r a c s r e n e w e	L T l l d t t t a s e c o c o n r a c r e n e w a u n e r w a y
N f i i i l e w n a n c n g n p a c e	P i i 5 l k t 2 0 1 t o s v e o u o o

Financial Highlights

²⁰¹³ and ²⁰¹⁴ pro-forma figures assume the impact of the new service contracts with RAI as effective from ¹st January ²⁰¹³ and ²⁰¹⁴ respectively

	F	l l Y u e a r			i t l f F H r s a
ln, % Eu M r	2 0 3 1 F Y P F	2 0 4 1 F Y P F	% Yo Y	2 0 4 1 H 1 P F	2 0 1 H 1 5	% Yo Y
Co Re re ve nu es	2 0 8, 4	2 0 4 7,	-0 % 5 ,	0 3, 1 5	0 0 1 5,	4 % 1,
A d j te d E B I T D A us % in m ar g	1 0 8, 0 5 1, 8 %	1 0 5, 1 5 0, 7 %	-2 7 % ,	5 3, 1 5 1, 3 %	5 3, 9 5 1, 4 %	1, 5 %
Ne t In co m e	3 0, 8	3 3, 6	8, 9 %	8, 0 1	9, 8 1	0, 0 % 1
( 1) Ca p ex % on c or e re ve nu es	2 3, 0 1 1, 0 %	2 0 1, 1 0, 1 %	-8 % 7 ,	6, 5 6, 2 %	7, 1 6, 7 %
( 2) Ca h io s co nv er s n	7 8, 7 %	8 0, 0 %		8 7, 9 %	8 6, 9 %
( 3) t b t Ne De Ne t De b t / 1 Y r l l ing A d j. E B I T D A o	8, 6 5 0, 5 4x	6 5, 5 0, 6 2x	9 % 1 1,		2, 7 5 0, 6 9x

Dividend distribution of 12,34 €cent/share (paid inMay 2015), with a pay-out ratio of 100% of 2014 Net Income on a pro-forma basis

(1) In ²⁰¹³ and 2014, Capex include 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 – 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 reflect the terms of the new service contract (step-up in the fixed consideration from € 171m in ²⁰¹⁴ to € 175m in 2015)
• •Third Party performance mainly impacted by:
• sites optimization operated by mobile operators in 2014
• lower Tower Rental revenues, mainly from non-MNOcustomers, and lower Network Services revenues in 1H2015negligible benefit from inflation in ²⁰¹⁴ and ²⁰¹⁵ ---
• •Contracts with MNOs provide good visibility:
• ³ out of ⁴ long term contracts already renewed, last renewal under way link to inflation --

Third Party Revenues breakdown

Eur Mln; %

•Tower Hosting stable at 94,0% of Third Party revenues

Opex

Eur Mln; %

• Personnel costs rose 3,3% in 1H15 vs. 1H14 mainly driven by completion of organizational structure after IPO•
• ²⁰¹⁴ increase in Other Operating costs fully driven by lower level of prior year adjustments compared to ²⁰¹³ •
• In 1H15 Other Operating costs declined by 3,8%vs. 1H14 mainly driven by maintenance, utilities and ICT intercompany services •

Profit and Loss

		l l F Y u e a r			i t l f F H r s a
Ml n, % Eur	2 0 1 3 F Y P F	2 0 1 4 F Y P F	% Yo Y	1 H 2 0 1 4 P F	1 H 2 0 1 5	% Yo Y
Co Re re ve nu es	2 0 8, 4	2 0 7, 4	-0, 5 %	1 0 3, 5	1 0 5, 0	1, 4 %
O t he r re ve nu es	2, 5	3, 9	5 7, 0 %	1, 5	0, 5	-6 7, 1 %
Op ex	-1 0 2, 8	-1 0 6, 2	% 3, 3	-5 1, 9	-5 1, 6	% -0, 6
A d j. E B I T D A % in ma rg	1 0 8, 0 % 5 1, 8	1 0 5, 1 % 5 0, 7	-2, 7 %	5 3, 1 % 5 1, 3	5 3, 9 % 5 1, 4	1, 5 %
On f f e- o	-3, 6	-0, 5		0, 0	-0, 1
E B I T D A	0 4, 1 5	0 4, 6 1	0, 2 %	3, 5 1	3, 8 5	2 % 1,
% in ma rg	% 5 0, 1	% 5 0, 4		% 5 1, 3	% 5 1, 2
(1) D A &	-5 3, 3	-5 0, 5	% -5, 4	-2 4, 8	-2 3, 3	% -5, 9
E B I T	5 1, 1	5 4, 2	6, 0 %	2 8, 3	3 0, 5	7, 5 %
F ina ia l e nc xp en se s	-3, 1	-2, 0	-3 5, 1 %	-0, 9	-1, 0	1 9, 7 %
f i Pre Ta Pro t x	4 8, 0	5 2, 1	% 8, 6	2 7, 5	2 9, 4	% 7, 1
Ta xe s % tax te ra	2 -1 7, % 3 5, 8	8, 6 -1 % 3 5, 6	8, 2 %	-9, 5 % 3 4, 5	-9, 6 % 3 2, 8	% 1, 7
Ne t Inc om e	3 0, 8	3 3, 6	% 8, 9	1 8, 0	1 9, 8	% 1 0, 0
(2) E P S	0, 1 1 3 3	0, 1 2 3 4		0, 0 6 6 1	0, 0 7 2 7

i l f F t H r s a

•

• Focusing on core items only (excluding change in Other revenues and prior period adjustments), ²⁰¹⁴ PF Adjusted EBITDA broadly flat vs. ²⁰¹³ with costs optimization almost fully offsetting reduction of Core revenues •
• 1H15 Adjusted EBITDA margin impacted by lower level of Other Revenues
• Declining D&A mainly resulting from reduction of Capex vs. "switch-off period" •
• 1H15 Tax rate at 32,8%, with improvement mainly driven by higher deductibility of personnel costs from IRAP-taxable income •

Capex

Eur Mln; %

2014 Capex breakdown by asset category

• •²⁰¹⁴ Capex at € 21,0m, 10,1% of PF Core revenues
• •After few years of heavy investments for DTT roll-out, capex back at maintenance level in 2013-14
• •Capex level in the first half reflects typical distribution throughout the year

Cash Flow generation

Capex Taxes(1) Financial charges(2) + other2014YE new pricingpro-forma adjustmentsAdj EBITDA Pro FormaRAI trade payables2013YECF generation1H2015

• •Positive cash flow generation in ²⁰¹⁴ (excluding change in RAI trade payables)
• •1H2015 Cash generation pre-dividend payment of ca. € 26,7m
• •Strong cash conversion(4) at 80% in ²⁰¹⁴

(1) P&L taxes

(2) P&L financial charges excluding interests on the employee benefit liability

(3) Excluding change in RAI trade payables

(4) Cash conversion= (Adj. EBITDA – Capex) / Adj. EBITDA

Net Debt/1y rolling Adj. EBITDA

2015 Outlook

Main market trend

• •Continuing low-inflation environment
• •DTT confirmed as leading platform in Italy:
• •Stabilization of TV and radio advertising market
• •Possible redefinition of local TV frequencies to solve interferences issuemarket (Abertis following Wind deal) - Sky Italia entered DTT with its All-news channel - Agon Channel on air since November ²⁰¹⁴ - Discovery Italia securing one additional channel - Cairo confirming launch of new channels on the recently awarded MUX
• •Growing customers/end-users' demand for new technologies (HD, DAB+)
• •4G network roll-out outside main cities
• •Entry of a new player in the italian TLC tower

Rai Way

•EBITDA

• ²⁰¹⁵ EBITDA expected to increase by ^∼ € 2mcompared 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

2015-2019 Industrial Plan to be presented in September

Contacts

i U p c o m n g e v e n	t s
D t a e	E t e n v
S t b 2 0 1 5 e p e m e r	i 2 0 1 5- 1 9 I d t l P l n s r a a n u
0 3 / / 2 0 1 1 1 5	3 Q l 1 5 t r e s u s

Appendix

Detailed summary of Income Statement

€m % ) ;	2Q 14	2Q 14 PF	2Q 15	1H 14	1H 14 PF
re rev en ue s	28 .1	51 .7	52 .6	63 .4	10 3.5
he r re ve nu es	1.3	1.3	0.3	1.5	1.5
rch of ble ase co nsu ma s	( 0.3 )	( 0.3 )	( 0.3 )	( 0.8 )	( 0.8 )
rvi sts ce co	( 13 .1)	( 12 .3)	( 12 .4)	( 28 .0)	( 26 .4)
el sts rso nn co	( 11 .4)	( 11 .4)	( 11 .5)	( 23 .1)	( 23 .1)
he ost r c s	( ) 0.9	( ) 0.9	( ) 0.9	( ) 1.6	( ) 1.6
Op ex	( .8) 25	( .9) 24	( .2) 25	( .5) 53	( .9) 51
A	( 0.1 )	( 12 .1)	( .6) 11	( 0.3 )	( 24 .8)
vis ion s	0.0	0.0	0.0	0.0	0.0
t O rat ing ofi t pe pr	3.6	.9 15	16 .1	.2 11	28 .3
t F ina e i nc nc om e	1.6	( 0.4 )	( 0.6 )	3.2	( 0.9 )
fit b efo inc e t re om ax es	5.2	15 .5	15 .5	14 .4	27 .5
e t om ax es	( 1.9 )	( 5.1 )	( 5.1 )	( 5.4 )	( 9.5 )
fit f the or ye ar	3.3	10 .4	10 .5	9.0	18 .0
TD A	3.6	28 .1	27 .7	11 .4	53 .1
in TD A m arg	9% 12.	.3% 54	.7% 52	0% 18.	.3% 51
ing n r ec urr ex pe nse s	0.0	0.0	( 0.1 )	0.0	0.0
jus ted EB ITD A	3.6	28 .1	27 .9	.4 11	53 .1
jus ted in EB ITD A m arg	12. 9%	54 .3%	53 .0%	18. 0%	.3% 51

Summary of Balance Sheet

( €m )	2 0 1 4 F Y	1 H 2 0 1 5
No t a ts n c urr en sse
Ta i b le ts ng ass e	2 4 3. 1	2 2 7. 0
In ta i b le ts ng ass e	0. 6	0. 6
f ina ia No t l a ts n-c urr en nc sse	0. 6	0. 5
No t tax ts n-c urr en as se	5. 4	5. 3
To ta l n t a ts on cu rre n sse	2 4 9. 8	2 3 3. 5
Cu t a ts rre n sse
to ies Inv en r	0. 9	0 1.
de iva b les Tra re ce	6 4. 4	6 5. 5
O t he iva b les d c t r re ce an urr en	4. 4	5.
ts ass e		1
Cu t f ina ia l a ts rre n nc sse	0. 7	0. 5
Ca h s	1 4. 7	4 7. 8
Tax ts as se	0. 3	0. 3
ta l c t a ts To urr en sse	8 3 5.	2 0. 2 1
T O T A L A S S E T S	3 3 5. 1	3 5 3. 7

( ) €m	2 0 1 4 F Y	1 H 2 0 1 5
t a ts No i ty Eq n c urr en sse u
S ha i ta l re ca p	7 0. 2	7 0. 2
l re Le g a se rve s	6. 9	8. 1
O t he r re se rve s	3 7. 1	3 7. 1
ine d e ing Re ta arn s	3 9. 6	2 0 5.
To ta l e i ty q u	1 5 3. 8	1 4 0. 4
t l ia b i l i t ies No
n-c urr en f ina ia ia i i ies No t l l b l t	8 0. 6	1 0 5.
n-c urr en nc be f i ts Em	2 3	6 2 0.
loy p ee ne	1.	6
Pro is ion for is ks d c ha / v s r an rg es	8. 6 1	8. 1 1
l low A an ce s
O t he t l ia b i l i t ies r n on -cu rre n	0. 0	0. 0
ia i i ies No t tax l b l t n-c urr en	0. 0	0. 0
To ta l n t l ia b i l i t ies on -cu rre n	1 2 0. 5	1 4 4. 3
Cu t l ia b i l i t ies rre n
ia Co l de b t mm erc	3 6. 0	3 0. 4
O t he de b t a d c t l ia b i l i t ies r n urr en	2 1. 7	2 0. 9
Cu t f ina ia l l ia b i l i t ies rre n nc	0. 3	1 5. 3
ia i i ies Tax l b l t	2. 9	2. 4
To ta l c t l ia b i l i t ies urr en	6 0. 8	6 9. 0
T O T A L N E T E Q U I T Y A N D L I A B I L I T I E S	3 3 5. 1	3 5 3. 7

Summary of Cash Flow Statement

(€m )	2Q 201 4	2Q 201 5	1H2	014 1H2	015
nin efo Ear gs b re t axe s	5.2	15.5	14.4	29.	4
D& A	0.1	11.6	0.3		23. 3
Pro visi d o the ons an rs	(0.7 )	(1.3 )	(0.1	)	(1.3 )
fin ial Net Inc anc om e	(1.6 )	0.6	(3.2	)	1.0
ite Oth net er n on- mo ary ms	(0.6 )	0.0	(0.6	)	0.0
ting fore Net CF be ch e W C op era ang	2.4	26. 4	10. 7	52.	5
Cha in inv orie ent nge s	(0.0 )	(0.1 )	0.0		(0.1 )
in cei Cha t re ble nge acc oun va s	2.3	19.9	(8.9	)	(1.2 )
Cha in t pa yab les nge acc oun	(43 .5)	(4.8 )	(46	.1)	(5.6 )
Cha in oth ts nge er a sse	(4.7 )	0.3	(8.7	)	(0.7 )
Cha in oth er l iab iliti nge es	(11 .8)	(7.5 )	1.8		2.0
Use of fun ds	(0.0 )	(0.1 )	(0.1	)	(0.1 )
Pay nt o f em plo be nef its me yee	(0.6 )	0.8	(1.4	)	0.5
Cha in t dit/ liab iliti nge ax cre es	0.0	0.4	(0.9	)	(0.5 )
Tax aid es p	(5.2 )	(12 .4)	(5.2	) (12	.4)
Net ting sh f low op era ca	(61 .1)	22. 8	(58 .7)	34.	3
est nt i n ta ngi ble ets Inv me ass	(0.0 )	(4.0 )	(0.0	)	(6.9 )
Sal f ta ngi ble ets e o ass	0.0	0.1	0.0		0.1
Inv est nt i n in tan gib le a ts me sse	(0.0 )	(0.1 )	(0.0	)	(0.1 )
Sal f in tan gib le a ts e o sse	0.0	0.0	0.0		0.0
Fina nci al l ash t eas e c -ou	(4.6 )	0.0	(6.4	)	0.0
Fina nci al l ash -in eas e c	19. 1	0.0	31. 1		0.0
Cha in t fin ial ets nge non -cu rren anc ass	(0.0 )	0.0	0.0		0.0
Inte t re cei ved res	2.0	0.0	3.9		0.1
Inv esti h flo ng cas w	16.4	(4.0 )	28. 6		(6.9 )
(De )/in in lon g-t de bt cre ase cre ase erm	(0.1 )	(0.0 )	(0.1	)	25. 0
(De )/in in t lia bilit ies cre ase cre ase cur ren	56. 1	0.3	41.	8	15.0
Cha in t fin ial ets nge cur ren anc ass	0.0	(0.3 )	0.0		0.2
id Inte t pa res	(0.2 )	(0.5 )	(0.5	)	(0.9 )
Div ide nds id pa	(11 .2)	(33 .6)	(11	.2) (33	.6)
Fina nci h flo ng cas w	44. 6	(34 .0)	30. 1		5.8
Cha in h a nd h e qui val ent nge cas cas	0.0	(15 .1)	0.0		33. 2
(*) Ca sh a nd h e q (B of Per iod ) cas eg.	0.0	63. 0	0.0		14.7
(*) Ca sh a nd h e q (E nd of P erio d) cas	0.0	47. 8	0.0		47. 8

(1) In 1H2014, financial lease cash-out represents network capex, due to the old service agreement with RAI being treated as a financial lease

(2) In 1H2014, cash-pooling agreement with RAI