3Q'17 Results November 10, 2017

3Q'17 Results TELECOM ITALIA GROUP

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, estimates regarding future growth in the different business lines and the global business, financial results and other aspects of the activities and situation relating to the TIM 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, TIM makes no representation, whether expressed or implied, as to the conformity of the actual result2s 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. TIM 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 TIM 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 financial and operating data have been extracted or derived, with the exception of some data, from the Condensed Consolidated Financial Statements at 30 September 2017, which have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the European Union (designated as IFRS). Please note that the Condensed Consolidated Financial Statements at 30 September 2017 have not been audited.

The accounting policies adopted in the preparation of the Condensed Consolidated Financial Statements at 30 September 2017 are the same as those adopted in the TIM Group consolidated financial statements at 31 December 2016, to which reference can be made. Furthermore, the Sofora - Telecom Argentina group, which was disposed of on 8 March 2016, is classified as Discontinued operations. We hereby point out that in this document some Organic «Like for Like» items have been recalculated having a solely management purpose to allow for a better understanding of the current business trend and single out non-linear and/or non-repetitive outcomes either currently and/or in the timeframe hereby taken into account. Such information must not be considered as a replacement of any financial information they may refer to and interpret, are not subject to any auditing, and are included for explanation purposes only.

Agenda

TIM Group Results

Financial Highlights

3Q'17 Closing Remarks

Appendixes

TIM Group 3Q'17 Highlights

TIM Group 3Q'17: Revenue & Ebitda "Like for Like" Trends Show Continued Growth

€mln, Organic data, YoY Performance

Service Revenues

Highlights

Organic «Like for Like» analysis points to continued positive momentum, both in Revenues and in Ebitda
Positive growth on all Retail Service Revenues of the Group. Domestic Wholesale Service Revenues were down by 2.5% in 3Q'17

Telecom Italia Group Results – 3Q'17

• "Reversal of Annual 2015 Bonus Payment"

Details of methodology behind "like for like" organic representation are available at pages 21, 22, 23 and 24 of this presentation.

September 2017 YTD TIM Group Total Revenues Breakdown

€mln, %YoY, Organic Performance

⁹M'¹⁷ Retail Top Line across all Business Units shows lowto-mid single digit growth YoY
National Wholesale YoY underperformance is mainly driven by 3Q comparison effect for the "Wholesale IRU Transaction" and from Regulatory changes.
Acceleration in Mobile Revenues (9M'17 +3.4% YoY) is supported by increased "recurrent" profile in CB
Fixed posts +5.2% growth YoY in the period, with 9M'17 Fixed Broadband Residential Business (TIM Live) up 41%

September 3Q'17 TIM Group Total Revenues Breakdown

€mln, %YoY, Organic Performance

³Q'¹⁷ Retail Top Line across all Business Units shows low-tomid single digit growth YoY
National Wholesale YoY underperformance is mainly driven by 3Q comparison effect for the "Wholesale IRU Transaction" and from Regulatory changes.
Acceleration in Mobile Revenues (3Q'17 +4.6% YoY) is supported by increased "recurrent" profile in CB
Fixed posts +6.7% growth YoY in the period, with 3Q'17 Fixed Broadband Residential Business (TIM Live) up 54%

Domestic 3Q'17: Focus on Revenues

€mln, Organic data, YoY Performance

(2) Includes "Shift from modem rent to sale" and "Wholesale IRU Transaction"

Telecom Italia Group Results – 3Q'17 (3-4) Includes "EU Roam-like-at-home" and "Last Technical support payment relating to the Telecom Argentina sale". For more details, see charts 21, 22, 23 and 24

(5) Excluding Inwit

(6) Gross Contribution to the Domestic for Inwit & Sparkle

Domestic Mobile 3Q'17: Growth in Data Demand drives Customer Growth €mln

Positive trend in Total Revenues growth (+2.6% YoY) confirmed
Organic Service revenues at +1.6% YoY; on a «Like for Like» basis growth stands at +3.1% YoY
Reported ARPU stable vs 3Q'16: -0.1% YoY at 12.7€
Human ARPU at 16.4€ (+2.8% YoY)

Mobile

Third consecutive quarter of total CB growth (+333k QoQ)
Active customer penetration increases: 87.8% in 3Q'17 vs 86.9% in 2Q'17
Mobile BroadBand CB growth reaches ~13 mln users (+460k).
Growing penetration of 4G users on Mobile BB, reaching 72% in 3Q'17 (+21pp YoY)

Domestic Fixed 3Q'17: Strong Operational Performance Supports Top Line €mln

Fixed

Total Revenues at -0.5.% YoY; on a «Like for Like» basis they post a +3% growth

Stable Service Revenues performance (-0.1% YoY); "Like for Like" analysis allows a better reading of the trend, as its +0.3% performance points to continued YoY growth, driven by positive performance in ARPU and lines

BB ARPU grows +9.5% YoY, and is broadly stable QoQ, at

24.5€ vs 24.9€ in 2Q'17

(1) Estimated

(1) Includes "Shift from modem rent to sale", "Wholesale IRU Transaction"and "Last Technical support payment relating to the Telecom Argentina sale" (2) Incluses "Last Technical support payment relating to the Telecom Argentina sale". For more details, see charts 21, 22, 23 and 24

Organic «Like for Like» Organic

Fixed ARPU Consumer (€/month)

Domestic 3Q'17: Focus on Ebitda

(2) Excluding Inwit

(3) Gross Contribution to the Domestic for Inwit & Sparkle

For more details, see charts 21, 22, 23 and 24

Double-digit growth supported by increased cositing and by ground-lease renegotiation performance

Performance impacted by 10-Yrs IRU renewals at current market prices. Actions for recovery are in place

Telecom Italia Group Results – 3Q'17

3Q'17 TIM Brazil Highlights: Solid Trends in All Fronts

Customer Experience Supported by Leadership in 4G

Cities covered with 4G Pure Postpaid Customer Satisfaction Survey¹

Continued positive performance supported introduction of Payment of Interest on Capital from Tim Participaçoes for 190 mlnR\$

(1) Source: Customer Satisfaction Index (CSI) model by University of Michigan, survey conducted by CFI Group as of Jun/17

TIM Group Results

Financial Highlights

3Q'17 Closing Remarks

Appendixes

Domestic 2017 Organic «Like for Like» Opex Breakdown

The "non linear items" in the Opex Organic "Like for Like" figures are allocated as follows:

in the Labour Costs, the "Reversal of Annual 2015 Bonus Payment " occurred in 2Q'16
In the Process Driven & Other Costs, the "Purchasing Incentives recognized as Opex Reductions / Income"

• In the Volume Driven Costs, the "Wholesale IRU Transaction", "EU Roam-like-at-home" and "Shift from modem rent to sale"

• Details are available at pages 23 of this presentation.

9M'17 Group & Domestic Capex

€mln, % YoY

Group Capex increase derives from acceleration in Domestic UBB effort, both on Fixed and Mobile
In Italy, GSM License renewal until 2029 occurred in 3Q'17
Domestic Capex performance explained by:
Continuous push on UBB fixed & mobile access related as a consequence of countinous push on Fttx & LTE deployment
Constant reduction in IT & Other Investments such as Manteinance & Delivery Capex

TIM Group 9M'17 Ex-Spectrum OpFCF Shows Stable YoY Performance € mln, Reported

OpFCF

-1 171

+172

TIM Group 9M'17 Net Financial Position Up due to Spectrum and Taxes € mln

TIM Brazil: Solid Growth Drives Strong Improvement in Bottom line and Cash Generation

+1.1 bln +736 +320 +186 9M'16 OpFCF 9M'17 (YoY) D Capex (YoY) D WC (YoY)

TIM Group Results

Financial Highlights

3Q'17 Closing Remarks

Appendixes

3Q'17 Closing Remarks

TIM Group: Performance Momentum is confirmed across all of our Markets

Group Revenues €4.9Bn Group Ebitda €2.2Bn Both growing YoY

Main 2017 Targets confirmed

Domestic: Low Single-digit Ebitda Organic YoY Growth

Brazil: Continued Positive Quarterly Growth for Revenues and Ebitda

New Industrial Plan 2018-2020 under preparation

It will be presented in 1st Quarter 2018, together with FY 2017 Results, incorporating the main pillars of DigiTIM program:

Best in class Customer Experience
Convergent, flexible and scalable offers
UBB-Centric Customer Base
Digitalization and Data Analytics as Core Enablers
Smart Efficiency and Capex Allocation
Performance-based and Digital culture

Agenda

TIM Group Results

Financial Highlights

3Q'17 Closing Remarks

Appendixes

Organic «Like for Like»

Financial Details & Operating Information

TIM Group & Domestic: Reported, Organic & «Like for Like» Performance

			TIM Group						Domestic
		I Quarter	II Quarter			III Quarter		I Quarter		II Quarter		III Quarter
Total Revenues	2017A	2016A	2017A	2016A	2017A	2016A	2017A	2016A	2017A	2016A	2017A	2016A
REPORTED	+8.5%	-12.1%	+6.4%	-7.7%	+1.3%	+1.4%	+2.8%	-2.3%	+4.0%	-1.2%	+0.8%	+1.0%
ORGANIC	+2.6%	-5.6%	+3.7%	-4.3%	+1.8%	-1.2%	+2.7%	-2.3%	+3.9%	-1.1%	+0.9%	+1.0%
ORGANIC «LIKE for LIKE»	+1.3%	-5.6%	+3.0%	-4.8%	+3.9%	-3.8%	+1.0%	-2.3%	+3.0%	-1.8%	+3.6%	-2.5%
Service Revenues
REPORTED	+6.4%	-10.4%	+4.4%	-6.1%	+1.6%	+0.9%	-0.3%	-2.4%	+0.9%	-1.1%	+0.7%	-0.4%
ORGANIC	+0.6%	-4.2%	+1.8%	-2.7%	+2.0%	-1.3%	-0.4%	-2.5%	+0.8%	-1.0%	+0.8%	-0.4%
ORGANIC «LIKE for LIKE»	+0.6%	-4.2%	+2.4%	-3.3%	+3.1%	-1.9%	-0.4%	-2.5%	+1.6%	-1.7%	+2.2%	-1.3%
Ebitda
REPORTED	+16.2%	-15.8%	+5.5%	+25.4%	-2.5%	+8.5%	+11.0%	-9.3%	+1.0%	+39.4%	-6.5%	+7.9%
ORGANIC	+8.1%	-7.5%	+6.1%	+4.0%	+0.7%	+6.6%	+7.6%	-5.2%	+4.1%	+6.9%	-2.4%	+7.8%
ORGANIC «LIKE for LIKE»	+5.0%	-7.4%	+7.3%	-1.3%	+6.5%	+0.9%	+3.8%	-5.1%	+5.4%	+0.6%	+4.3%	+0.8%

Organic "Like for Like" is the Organic performance including certain "non linear items", defined as follows:

"EU Roam-like-at-home", "Shift from modem rent to sale", "Wholesale IRU transaction", "Purchasing incentive recognized as opex reduction/income", "Reversal for 2016 annual bonus provision" and "Last technical support payment relating to Argentina sale"

Details on the "non linear items" are available at slide 22, 23 and 24

€mln

«Like for Like» Adjustments on Domestic Total & Service Revenues

		2016			2017			Delta % YoY
(mln€)	1Q'16	2Q'16	3Q'16	1Q'17	2Q'17	3Q'17	1Q	2Q	3Q
1. REPORTED	3,548	3,699	3,789	3,647	3,847	3,818	+2.8%	+4.0%	+0.8%
+ XRate Impact	3	2	-4
2. ORGANIC	3,551	3,701	3,785	3,647	3,847	3,818	+2.7%	+3.9%	+0.9%
- Non Linear Items	0	26	128	61	63	31
EU Roam-like-at-home						-18
Shift from modem rent to sale			11	61	63	49
Wholesale IRU transaction			90
Purchasing incentive recognized as opex reduction/income Last technical support payment relating to		26
Argentina sale			27
3. ORGANIC LIKE for LIKE	3,551	3,675	3,657	3,586	3,784	3,787	+1.0%	+3.0%	+3.6%
(mln€)	1Q'16	2Q'16	3Q'16	1Q'17	2Q'17	3Q'17	1Q	2Q	3Q
1. REPORTED	3,352	3,468	3,526	3,342	3,500	3,551	-0.3%	+0.9%	+0.7%
+ XRate Impact	3	2	-4
2. ORGANIC	3,355	3,470	3,522	3,342	3,500	3,551	-0.4%	+0.8%	+0.8%
- Non Linear Items	0	26	27	0	0	-18
EU Roam-like-at-home						-18
Purchasing incentive recognized as opex reduction/income		26
Last technical support payment relating to			27
Argentina sale

Telecom Italia Group Results – 3Q'17

«Like for Like» Adjustments on Domestic Opex

		2016			2017			Delta % YoY
(mln€)	IQ	IIQ	IIIQ	IQ	IIQ	IIIQ	IQ	IIQ	IIIQ
1. REPORTED	2,087	1,976	1,978	2,026	2,107	2,124	-2.9%	+6.6%	+7.4%
+ XRate & non recurring items	65	15	58	24	71	126
Labour Cost: restructuring and rationalization	65	2	47	5	5	9
Xrate Impact & Other operating expenses/provisions	0	13	11	19	66	117
2. ORGANIC	2,022	1,961	1,920	2,002	2,036	1,998	-1.0%	+3.8%	+4.1%
- Non Linear Items	0	-82	4	3	-28	26
EU Roam-like-at-home						18
Shift from modem rent to sale			5	22	22	18
Wholesale IRU transaction			4
Purchasing incentive recognized as opex reduction/income		-16	-5	-19	-50	-9
Reversal of Annual 2015 Bonus Payment		-66
3. ORGANIC LIKE for LIKE	2,022	2,043	1,916	1,999	2,064	1,972	-1.0%	+1.0%	+2.9%

«Like for Like» Adjustments on Domestic Ebitda

	2016		2017			Delta % YoY
(mln€)	1Q'16	2Q'16	3Q'16	1Q'17	2Q'17	3Q'17	1Q	2Q	3Q
1. REPORTED	1,461	1,723	1,811	1,621	1,740	1,694	+11.0%	+1.0%	-6.5%
+ XRate & non recurring items	68	17	54	24	71	126
Labour Cost: restructuring and rationalization	65	2	47	5	5	9
Xrate Impact & Other operating expenses/provisions	3	15	7	19	66	117
2. ORGANIC	1,529	1,740	1,865	1,645	1,811	1,820	+7.6%	+4.1%	-2.4%
- Non Linear Items	0	108	124	58	91	5
EU Roam-like-at-home						-36
Shift from modem rent to sale			6	39	41	32
Wholesale IRU transaction			86
Purchasing incentive recognized as opex reduction/income		42	5	19	50	9
Last technical support payment relating to Argentina sale			27
Reversal of Annual 2015 Bonus Payment		66
3. ORGANIC LIKE for LIKE	1,529	1,632	1,741	1,587	1,720	1,815	+3.8%	+5.4%	+4.3%

Agenda

TIM Group Results

Financial Highlights

3Q'17 Closing Remarks

Appendixes

Organic «Like for Like»

Financial Details & Operating Information

3Q'17 and 9M'17 TIM Group Profit & Loss

		III Quarter				9M
(mln€, %)	2017	2016	Δ abs	Δ %	2017	2016	Δ abs	Δ %
REVENUES	4,907	4,843	+64	+1.3	14,679	13,939	+740	+5.3
Opex	-2,135	-1,939	(196)	(10.1)	-6,263	-5,758	(505)	(8.8)
Personnel	-673	-752	+79	+10.5	-2,203	-2,303	+100	+4.3
EBITDA	2,099	2,152	(53)	(2.5)	6,213	5,878	+335	+5.7
Depreciation and Amortization	-1,109	-1,069	(40)	(3.7)	-3,358	-3,116	(242)	(7.8)
Gains/Losses and Writedown	-27	-2	(25)	#####	-21	6	(27)	(450.0)
EBIT	963	1,081	(118)	(10.9)	2,834	2,768	+66	+2.4
Net Financial Income/Expenses	-386	-365	(21)	(5.8)	-1,126	-510	(616)	(120.8)
o/w MCB	0	-9	+9	+100.0	0	611	(611)	(100.0)
Income/Loss from Equity Invest.	1	-1	+2	+200.0	-19	4	(23)	(575.0)
Profit/Loss before Tax and Disc. Ops.	578	715	(137)	(19.2)	1,689	2,262	(573)	(25.3)
Discontinued Operations	0	0	+0		0	47	(47)	(100.0)
Taxes	-102	-210	+108	+51.4	-559	-699	+140	+20.0
Net Income Ante Minorities	476	505	(29)	(5.7)	1,130	1,610	(480)	(29.8)
Minorities	-39	-28	(11)	(39.3)	-97	-115	+18	+15.7
Net Income Post Minorities	437	477	(40)	(8.4)	1,033	1,495	(462)	(30.9)
o/w MCB	0	-7	+7	+100.0	0	443	(443)	(100.0)
MCB	0	-2.475	2	100	0	168	(168)	(100.0)
BBB	0	-2.2	2	100	0	-2	+2	+100.0

3Q'17 and 9M'17 TIM Group: Cashflow

		III Quarter				9M
(organic data mln€, %)	2017	2016	Δ abs	Δ %	2017	2016	Δ abs
Opening Net Financial Position Adjusted	25,104	27,514	(2,410)	(9)	25,119	27,278	(2,159)
Final Net Financial Position Adjusted	26,228	26,735	(507)	(1.9)	26,228	26,735	(507)
Net Cash Flow	-1,124	779	(1,903)	(244.3)	-1,109	543	(1,652)
Operating Free Cash Flow	40	1,237	(1,197)	(97)	998	1,908	(910)
EBITDA	2,099	2,152	(53)	(2)	6,213	5,878	+335
CAPEX	-1,825	-1,124	(701)	(62)	-3,881	-3,107	(774)
Change in Net Operating WC and Other	-234	209	(443)	(212)	-1,334	-863	(471)
Change in Net Operating WC	-297	248	(545)	(220)	-1,427	-830	(597)
Inventories	-20	-31	+11	+35	-64	-71	+7
Trade Receivable	61	99	(38)	(38)	9	-31	+40
Trade Payable	-306	210	(516)	(246)	-998	-425	(573)
Other Operating Receivables/Payables	-32	-30	(2)	(7)	-374	-303	(71)
Change in Severance Indemnities	-27	-28	+1	+4	-34	12	(46)
Change in Reserves for ordinary risk and charges	98	-6	+104	+1,733	149	-29	+178
Other	-8	-5	(3)	(60)	-22	-16	(6)
Financial Investment	0	-2	+2	+100	-1	-11	+10
Proceeds from Disposals	17	5	+12	+218	26	737	(711)
Financial Expenses Taxes and Other	-1,175	-405	(770)	(190)	-1,884	-1,654	(230)
Financial Expenses (cash impact+Fin. Accruals)	-293	-343	+50	+15	-893	-992	+99
Taxes	-777	-13	(764)	(5,972)	-804	-117	(687)
Other	-104	-49	(55)	(112)	-186	-545	+359
Discontinued Operations	0	-0	+0	+100	0	-38	+38
Change in Equity	10	0	+10		16	0	+16
Dividends	-1	-0	(0)	(336)	-219	-227	+9
IAS17	-15	-56	+40	+72	-45	-172	+126
IAS17 Domestic - Leaseback	-13	-53	+40	+75	-35	-151	+115
IAS17 Brasil - Leaseback	-2	-3	+0	+15	-10	-21	+11

9M'17 TIM Group: Balance Sheet

		9M
(reported data mln€, %)	2017	2016	Δ abs
Total net assets	54,420	53,208	+1,212
Goodwill	29,520	29,548	(28)
Other intangible assets	7,123	6,733	+390
Tangible assets	16,266	15,591	+675
Equity investments	66	81	(15)
Other L/T investments	740	676	+64
Deferred tax assets	705	579	+126
Working Capital	-184	-801	+617
Net trade accounts receivable	3,934	3,714	+220
Trade accounts payable	-3,852	-3,944	+92
Other current assets/liabilities	-266	-571	+305
Funds	-3,219	-3,359	+140
Provisions for deferred taxes	-313	-436	+123
Severance indemnities	-1,340	-1,610	+270
Ordinary provisions for risk and charges	-1,126	-941	(185)
Other provisions	-440	-372	(68)
Net Invested Capital	51,017	49,048	+1,969
Shareholders Equity	24,059	21,637	+2,422
Parent Company	21,781	19,414	+2,367
Minoriry Interest	2,278	2,223	+55
Net Financial Position Reported	26,958	27,411	(453)
Interest Rate Component of Derivates MtoM	730	676	+54
Net Financial Position (adjusted)	26,228	26,735	(507)

Maturities and Liquidity Margin

€mln

(1) 29,557€mln is the nominal amount of outstanding medium-long term debt. By adding the balance of IAS adjustments and reverse fair value valuations (942€mln) and current financial liabilities (674 €mln), the gross debt figure of 31,173€mln is reached.

Telecom Italia Group Results – 3Q'17

Well Diversified and Hedged Debt

Net financial position 26,228

Maturities and Risk Management

Average m/l term maturity: 7.65 years (bond only 7.92 years)

Fixed rate portion on gross debt approximately 70.4%

Around 38% of outstanding bonds (nominal amount) denominated in USD and GBP and fully hedged

Cost of debt: ~4.9 %

N.B. The figures are net of the adjustment due to the fair value measurement of derivatives and related financial liabilities/assets, as follows:

the impact on Gross Financial Debt is equal to 1,726 €mln (of which 218 €mln on bonds)
the impact on Financial Assets is equal to 996 €mln.

Therefore, the Net Financial Indebtedness is adjusted by 730 €mln.

N.B. The difference between total financial assets (4,945 €mln) and C&CE and marketable securities (3,562€mln) is equal to 1,383 €mln and refers to positive MTM derivatives (accrued interests and exchange rate) for 1,001 €mln, financial receivables for lease for 120 €mln, deposits beyond 3 months for 50 €mln and other credits for 212 €mln.

Telecom Italia Group Results – 3Q'17

Fiber and 4G Coverage Moves Ahead

Current Figures

~73% households covered to-date
~104,5 k cabinets passed
~208 k FTTH OTB installed
~17.6mln HH passed FTTC
~1.8 mln HH connected FTTH
~98% LTE outdoor coverage to-date
>17,500 LTE nodes
7,178 cities covered:
1,380 cities 4Gplus
- 1,290 cities speed up to 225 Mbit/s
- 90 cities speed up to 300 Mbit/s
12 cities 4.5G
- 5 cities speed up to 500 Mbit/s
- 7 cities speed up to 700 Mbit/s

TIM Brasil: 3Q'17 Results

R\$mln, % YoY

	Organic* EBITDA
EBITDA Margin	33.1%	+3.9pp	37.0%
	1,292	+17.0%	1,512

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Telecom Italia Rsp

4448_rns_2017-11-10_84da1737-b196-484e-af62-334fa97dea82.pdf

3Q'17 Results TELECOM ITALIA GROUP

Safe Harbour

Agenda

TIM Group Results

TIM Group 3Q'17 Highlights

TIM Group 3Q'17: Revenue & Ebitda "Like for Like" Trends Show Continued Growth

Service Revenues

Highlights

September 2017 YTD TIM Group Total Revenues Breakdown

September 3Q'17 TIM Group Total Revenues Breakdown

Domestic 3Q'17: Focus on Revenues

Domestic Mobile 3Q'17: Growth in Data Demand drives Customer Growth €mln

Mobile

Domestic Fixed 3Q'17: Strong Operational Performance Supports Top Line €mln

Domestic 3Q'17: Focus on Ebitda

3Q'17 TIM Brazil Highlights: Solid Trends in All Fronts

Domestic 2017 Organic «Like for Like» Opex Breakdown

9M'17 Group & Domestic Capex

TIM Group 9M'17 Ex-Spectrum OpFCF Shows Stable YoY Performance € mln, Reported

TIM Group 9M'17 Net Financial Position Up due to Spectrum and Taxes € mln

TIM Brazil: Solid Growth Drives Strong Improvement in Bottom line and Cash Generation

+1.1 bln +736 +320 +186 9M'16 OpFCF 9M'17 (YoY) D Capex (YoY) D WC (YoY)

3Q'17 Closing Remarks

TIM Group: Performance Momentum is confirmed across all of our Markets

Main 2017 Targets confirmed

New Industrial Plan 2018-2020 under preparation

Agenda

TIM Group & Domestic: Reported, Organic & «Like for Like» Performance

«Like for Like» Adjustments on Domestic Total & Service Revenues

«Like for Like» Adjustments on Domestic Opex

«Like for Like» Adjustments on Domestic Ebitda

Agenda

Appendixes

3Q'17 and 9M'17 TIM Group Profit & Loss

3Q'17 and 9M'17 TIM Group: Cashflow

9M'17 TIM Group: Balance Sheet

Maturities and Liquidity Margin

Well Diversified and Hedged Debt

Net financial position 26,228

Maturities and Risk Management

Fixed rate portion on gross debt approximately 70.4%

Fiber and 4G Coverage Moves Ahead

Current Figures

TIM Brasil: 3Q'17 Results

Focus on Mobile Service Revenues YoY

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