Telecom Italia Rsp

Quarterly Report • Aug 7, 2015

Dear Madam/Sir,

Please find attached the Telecom Italia Group press release on 2Q'15 Results and the related File with Financial Data and Key Performance Indicators.

We also provide you with a set of bullet points summarizing business and financial highlights aiming at providing a snapshot comment on TI results.

Domestic, Fixed and Mobile Domestic Revenues, have been reclassified since 1Q'15 to separately indicate Traditional and Innovative services, thus leaving the old layout of Fixed (Voice, Internet and Business Data) and Mobile (Business Generated/Received) Revenues behind.

To facilitate data reconciliation, until the end of 2015, in the annexed "Financial and Operating data" file, we will keep three tables titled "Old View" with the previous view of such items

DOMESTIC FIXED: Remarkable signs of improvement

momentum in Fiber take-up: +84k lines vs 1Q'15

Total domestic fixed service revenues in 2Q'15 -1.9% YoY: +2.5pp vs 1Q'15 YoY Innovative fixed revenues in 2Q'15 +7.8% YoY: +3.2pp vs 1Q'15 YoY BB ARPU growing thanks to the increase penetration of flat and fiber offers: 20.9 € in 2Q'15 +6.7% YoY: +0.7pp vs 1Q'15 YoY "Flat" BB users reached to 6,479k: +68k vs 1Q'15 and drove positive BB net adds (+27k QoQ). Good

DOMESTIC MOBILE: Continuous improvement on Service Revenues for all clusters

Total domestic mobile service revenues in 2Q'15 -2.5% YoY: +1.7pp vs 1Q'15 YoY Innovative mobile revenues in 2Q'15 +21.8% YoY: +7.4pp vs 1Q'15 YoY Customer Base stabilization thanks to a better competitive positioning +43K QoQ and MNP strong balance improvement: +97K in 2Q'15 ARPU improves QoQ from € 11.3 to € 11.9, trending par YoY (+0.2% in 2Q'15 YoY)

Total BB users in continuous development: LTE increased by +860k QoQ, now at 2.7 mln users

DOMESTIC EBITDA:

Reported Domestic Ebitda: 1,236mln € in 2Q'15 (-27.7% YoY).

Adjustments to bridge 2Q'15 Y-o-Y Underlying EBITDA performance to the Reported EBITDA one are:

for 2Q'15:

-369 mln € for Charges and Provisions for risks -24 mln € for Employee reduction plan

-9 mln € for Discontinuities

for 2Q'14:

• +71 mln € for Release of TIS provision & Charges and Provisions for risks
• 41 mln € for Discontinuities
• 5 mln euro for Exchange rate fluctuation

"Domestic Underlying EBITDA trend"(1) shows a performance of -2.7% YoY

		2014			2015			A % YoY
	ĸО	IKO)	I Half	KO.	11Q	I Half	ю	IIQ	IH
EBITDA Reported				1,792 1,709 3,501 1,610 1,236 2,846			$-10.2%$	$-27.7%$	48.7%
Erchange Rate Fluctuation	ஞ	டு	(10)
Non Recurring kerns	$\sim$	71	71	a.	(393)	(393)
Release TIS provisioning		72	72
Employee reduction plan		$\sim$			(24)	(24)
Charges and Rovisions for risks		(1)	(1)		(369)	(369)
EBITDA Organic net non recurring				1,797 1,643 3,440 1,610 1,629 3,239			$-10.4%$	$-0.996$	$-5.8%$
item s
Discontinuities	60	(41)	19	(45)	(9)	(54)
Labour cost discontinuities	21	$\sim$	21	(23)	(18)	(41)
Other discontinuities	39	(41)	(2)	(22)	9	(1.3)
EBITDA Underlying				1,737 1,684 3,421 1,655 1,638 3,293			$-4.8%$	$-27%$	$-3.8%$

(1) The "Domestic Underlying EBITDA trend" is based on the Adjusted Reported Domestic EBITDA. This representation is provided as additional information to our Reported EBITDA that represents Operating profit before depreciation and amortization, capital gains (losses) and impairment reversals (losses) on non-current assets.

DOMESTIC CAPEX

Continued Growth on Innovative at 0.4 bln in 2Q'15: +80% YoY

• NGN Capex increase in 2Q'15 +97% YoY, allowing to reach a coverage of 37% of households
• LTE Capex increase in 2Q'15 +59% YoY, with a coverage of 83% of the population

IN BRAZIL, HIGHER FOCUS ON DATA AND POSTPAID OFFSETTING THE EROSION IN TRADITIONAL

Positive performance on Mobile Business Generated Revenues (2Q'15 +1.1% YoY), supported by very strong boost in Innovative VAS (2Q'15 +44% YoY), more than offsetting Traditional Service decline (2Q'15 -13.9% YoY)

Solid postpaid CB growth: +11% YoY in 2Q'15 with +525k net adds

Fixed revenues growth (+14% YoY in 2Q15) thanks to Intelig's business repositioning and positive Fiber Live contribution

Network investments (capex +12% YoY in 2Q'15) driving better quality to support a solid position in data: 157 cities now covered with MBB project.

EBITDA margin progression at +28.9% in 2Q'15 (+1.1pp YoY) supported by cost cutting Initiatives

PROFIT FOR THE PERIOD

Net Profit: +29 € mln in 1H'15

Normalized Net Profit would result above 650 € mln, netting the impact of Mandatory Convertible Bond and Bond Buy Back (~+0.45 € bln), Provisions for Risks and other (~+ 0.3 € bln) and Gain on Brazilian Towers (~-0.13 € bln)

GROUP 26.992 BLN € NET DEBT

Net Financial Position Adjusted at June 30, 2015: 26.992 € bln (-0.4 € bln vs 1Q'15)

2Q'15 Financial and operating data

Index click on the links below Disclaimer P&L Group YTD P&L Group Q Key fin data by BU YTD Key Financial data by BU quarter Net Debt & Cashflow Balance Sheet Contacts Domestic Business Results Domestic Wireline Results Domestic Mobile Results investor_relations@telecomitalia.it TIM Brasil Results Website link: Rep&Org Telecom Italia Group

TELECOM ITALIA INVESTOR RELATIONS

Telecom Italia Investor Relations

Disclaimer

The financial and operating data have been extracted or derived, with the exception of some data, from the Half-year Condensed Consolidated Financial Statements as of and for the six months ended 30 June 2015 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).

The accounting policies adopted in the preparation of the Half-Year Condensed Consolidated Financial Statements as of and for the six months ended 30 June 2015 have been applied on a basis consistent with those adopted in the Annual Consolidated 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 Half-Year Condensed Consolidated Financial Statements as of and for the six months ended 30 June 2015.

€ mln 1Q14 1H14 9M14 FY14 1Q15 1H15 REVENUES 5,188 10,551 15,972 21,573 5,053 10,097 Other Income 84 183 275 401 53 131 TOTAL OPERATING REVENUES AND OTHER INCOME 5,272 10,734 16,247 21,974 5,106 10,228 Acquisition of goods and services (2,179) (4,557) (6,887) (9,430) (2,172) (4,374) Employee benefits expenses (775) (1,596) (2,320) (3,119) (833) (1,705) Other operating expenses (267) (559) (855) (1,175) (265) (888) Internally generated assests and Others 149 323 403 536 195 372 EBITDA 2,200 4,345 6,588 8,786 2,031 3,633 EBITDA Margin +42.4% +41.2% +41.2% +40.7% +40.2% +36.0% Depreciation and amortization (1,070) (2,154) (3,229) (4,284) (1,052) (2,130) Impairment reversals (losses) on non-current assets (1) (1) (1) - Gains (losses) on disposals of non-current assets 37 35 35 29 279 EBIT 1,167 2,225 3,393 4,530 979 1,782 EBIT Margin +22.5% +21.1% +21.2% +21.0% +19.4% +17.6% Income (loss) equity invest. valued equity method 6 10 10 11 2 4 P&L Group

Attributable to:

Net Financial Income / (Expenses) (685) (1,246) (1,737) (2,194) (818) (1,484) Profit (loss) before tax from continuing operations 488 989 1,666 2,347 163 302 Income tax expense (254) (417) (637) (928) (74) (193) Profit (loss) from continuing operations 234 572 1,029 1,419 89 109 Profit (loss) from Discontinued operations/Non-current assets held for sale 133 260 386 541 169 330 Profit (loss) for the year 367 832 1,415 1,960 258 439

Owners of the Parent 222 543 985 1,350 80 29 Non-controlling interests 145 289 430 610 178 410

UNAUDITED FIGURES

P&L Group
					UNAUDITED FIGURES
€ mln	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15
REVENUES	5,188	5,363	5,421	5,601	5,053	5,044
Other Income	84	99	92	126	53	78
TOTAL OPERATING REVENUES AND OTHER INCOME	5,272	5,462	5,513	5,727	5,106	5,122
Acquisition of goods and services	(2,179)	(2,378)	(2,330)	(2,543)	(2,172)	(2,202)
Employee benefits expenses	(775)	(821)	(724)	(799)	(833)	(872)
Other operating expenses	(267)	(292)	(296)	(320)	(265)	(623)
Internally generated assests and Others	149	174	80	133	195	177
EBITDA	2,200	2,145	2,243	2,198	2,031	1,602
EBITDA Margin	+42.4%	+40.0%	+41.4%	+39.2%	+40.2%	+31.8%
Depreciation and amortization	(1,070)	(1,084)	(1,075)	(1,055)	(1,052)	(1,078)
Impairment reversals (losses) on non-current assets		(1)
Gains (losses) on disposals of non-current assets	37	(2)		(6)		279
EBIT	1,167	1,058	1,168	1,137	979	803
EBIT Margin	+22.5%	+19.7%	+21.5%	+20.3%	+19.4%	+15.9%
Income (loss) equity invest. valued equity method	6	4		1	2	2
Net Financial Income / (Expenses)	(685)	(561)	(491)	(457)	(818)	(666)
Profit (loss) before tax from continuing operations	488	501	677	681	163	139
Income tax expense	(254)	(163)	(220)	(291)	(74)	(119)
Profit (loss) from continuing operations	234	338	457	390	89	20
Profit (loss) from Discontinued operations/Non-current assets held for sale	133	127	126	155	169	161
Prifit (loss) for the year	367	465	583	545	258	181
Attributable to:
Owners of the Parent	222	321	442	365	80	(51)
Non-controlling interests	145	144	141	180	178	232

Key financial data by Business Unit YTD

REVENUES (€ mln)	1Q14	1H14	9M14	FY14	1Q15	1H15
Domestic	3,728	7,531	11,336	15,303	3,631	7,375
o/w Wireline Domestic	2,771	5,508	8,226	10,999	2,657	5,345
o/w Mobile Domestic	1,175	2,439	3,723	5,091	1,151	2,387
Brazil	1,451	3,009	4,617	6,244	1,411	2,688
TI Media	15	31	51	71	21	42
Other activities & Elim.	(6)	(20)	(32)	(45)	(10)	(8)
TI Group	5,188	10,551	15,972	21,573	5,053	10,097
EBITDA Reported (€ mln)
Domestic	1,792	3,501	5,296	6,998	1,610	2,846
Brazil	406	840	1,281	1,774	415	784
TI Media	6	11	19	25	9	20
Other activities & Elim.	(4)	(7)	(8)	(11)	-3	-17
TI Group	2,200	4,345	6,588	8,786	2,031	3,633
EBIT Reported (€ mln)
Domestic	990	1,863	2,845	3,738	814	1,222
Brazil	181	369	557	795	163	568
TI Media	(1)	(2)	(2)	6	3	9
Other activities & Elim.	(3)	(5)	(7)	(9)	(1)	(17)
TI Group	1,167	2,225	3,393	4,530	979	1,782
CAPEX (€ mln)
Domestic	493	1,177	1,792	2,783	676	1,506
Brazil	189	526	843	2,195	287	637
TI Media	2	4	5	6	1	3
Other, Elim & Adj	0	0	0	0	0	0
TI Group	684	1,707	2,640	4,984	964	2,146
CAPEX ON SALES (%)
Domestic	+13.2%	+15.6%	+15.8%	+18.2%	+18.6%	+20.4%
Brazil	+13.0%	+17.5%	+18.3%	+35.2%	+20.3%	+23.7%
TI Media	+13.3%	+12.9%	+9.8%	+8.5%	+4.8%	+7.1%
TI Group	+13.2%	+16.2%	+16.5%	+23.1%	+19.1%	+21.3%

UNAUDITED FIGURES

						UNAUDITED FIGURES
REVENUES (€ mln)	1Q14	2Q14	3Q14	4Q14	FY14	1Q15	2Q15
Domestic	3,728	3,803	3,805	3,967	15,303	3,631	3,744
o/w Wireline Domestic	2,771	2,737	2,718	2,773	10,999	2,657	2,688
o/w Mobile Domestic	1,175	1,264	1,284	1,368	5,091	1,151	1,236
Brasile	1,451	1,558	1,608	1,627	6,244	1,411	1,277
TI Media	15	16	20	20	71	21	21
Other activities & Elim.	(6)	(14)	(12)	(13)	(45)	(10)	2
TI Group	5,188	5,363	5,421	5,601	21,573	5,053	5,044
EBITDA Reported (€ mln)
Domestic	1,792	1,709	1,795	1,702	6,998	1,610	1,236
Brasile	406	434	441	493	1,774	415	369
TI Media	6	5	8	6	25	9	11
Other activities & Elim.	(4)	(3)	(1)	(3)	(11)	(3)	(14)
TI Group	2,200	2,145	2,243	2,198	8,786	2,031	1,602
EBITDA Margin Reported
	+48.1%	+44.9%	+47.2%	+42.9%	+45.7%	+44.3%	+33.0%
Domestic	+28.0%	+27.9%	+27.4%	+30.3%	+28.4%	+29.4%	+28.9%
Brasile	+40.0%	+31.3%	+40.0%	+30.0%	+35.2%	+42.9%	+52.4%
TI Media TI Group	+42.4%	+40.0%	+41.4%	+39.2%	+40.7%	+40.2%	+31.8%
EBIT Reported (€ mln)
Domestic	990	873	982	893	3,738	814	408
Brasile	181	188	188	238	795	163	405
TI Media	(1)	(1)	-	8	6	3
Other activities & Elim.	(3)	(2)	(2)	(2)	(9)	(1)	6 (16)
TI Group	1,167	1,058	1,168	1,137	4,530	979	803
EBIT Margin Reported
Domestic	+26.6%	+23.0%	+25.8%	+22.5%	+24.4%	+22.4%	+10.9%
Brasile	+12.5%	+12.1%	+11.7%	+14.6%	+12.7%	+11.6%	+31.7%
TI Media	-6.7%	-6.3%		+40.0%	+8.5%	+14.3%	+28.6%
TI Group	+22.5%	+19.7%	+21.5%	+20.3%	+21.0%	+19.4%	+15.9%
CAPEX (€ mln)
Domestic	493	684	615	991	2,783	676	830
Brasile	189	337	317	1,352	2,195	287	350
TI Media	2	2	1	1	6	1	2
Elim & Adj	0	0	0	0	0	0	0
TI Group	684	1,023	933	2,344	4,984	964	1,182
CAPEX ON SALES (%)
Domestic	+13.2%	+18.0%	+16.2%	+25.0%	+18.2%	+18.6%	+22.2%
Brasile	+13.0%	+21.6%	+19.7%	+83.1%	+35.2%	+20.3%	+27.4%
TI Media	+13.3%	+12.5%	+5.0%	+5.0%	+8.5%	+4.8%	+9.5%
TI Group	+13.2%	+19.1%	+17.2%	+41.8%	+23.1%	+19.1%	+23.4%

Net Cash Flow & Net Debt Dynamics (mln euro)						UNAUDITED FIGURES
	1Q14	1H14	9M14	FY14	1Q15	2Q15
EBITDA	2,200	4,345	6,588	8,786	2,031	3,633
CAPEX	(684)	(1,707)	(2,640)	(4,984)	(964)	(2,146)
Change in net operating working capital:	(1,502)	(1,584)	(1,604)	(464)	(1,500)	(1,119)
Change in inventories	(27)	(50)	11	55	(40)	(54)
Change in trade receivables and net amounts due from customers on construction contracts	(77)	(465)	(314)	(125)	(345)	(128)
Change in trade payables (*)	(1,065)	(886)	(1,039)	72	(980)	(911)
Other changes in operating receivables/payables	(333)	(183)	(262)	(466)	(135)	(26)
Change in provisions for employee benefits	(5)	(16)	(33)	(59)	(6)	19
Change in operating provisions and Other changes	(23)	6	(39)	(105)	(16)	314
Net operating Free Cash Flow	(14)	1,044	2,272	3,174	(455)	701
Sale of investments and other disposals flow	74	76	78	238	3	1,379
Share capital increases/reimbursements, including incidental costs			11	14	186	186
Financial investments flow	(9)	(31)	(31)	(32)		(24)
Dividends payment		(208)	(252)	(252)	(3)	(204)
Change in finance lease contracts						(984)
Finance expenses, income taxes and other net non-operating requirements flow	(624)	(1,179)	(1,609)	(2,478)	(486)	(1,217)
Reduction/(Increase) in adjusted net financial debt from continuing operations	(573)	(298)	469	664	(755)	(163)
Reduction/(Increase) in net financial debt from Discontinued operations/Non-current assets held for sale	(149)	(253)	(234)	(508)	(24)	(178)
Reduction/(Increase) in adjusted net financial debt	(722)	(551)	235	156	(779)	(341)
OPENING NET FINANCIAL DEBT (Adjusted)	26,807	26,807	26,807	26,807	26,651	26,651
Net cash flow	(722)	(551)	235	156	(779)	(341)
ENDING NET FINANCIAL DEBT (Adjusted)	27,529	27,358	26,572	26,651	27,430	26,992
Adj for fair value valuation of derivatives and related underlyings	1,281	1,479	1,489	1,370	1,573	1,366
ENDING NET FINANCIAL DEBT (Reported)	28,810	28,837	28,061	28,021	29,003	28,358

Consolidated Balance Sheet
€ mln	FY13	1Q14	1H14	9M14	FY14	1Q15	1H15
ASSETS NON-CURRENT ASSETS
Intangible assets
Goodwill Intangible assets with a finite useful life	29,932 6,280	29,984 6,180	30,062 6,109	30,023 5,941	29,943 6,827	29,847 6,669	29,839 6,648
	36,212	36,164	36,171	35,964	36,770	36,516	36,487
Tangible assets
Property, plant and equipment owned Assets held under finance leases	12,299 920	12,182 887	12,356 862	12,320 838	12,544 843	12,293 813	12,314 1,756
	13,219	13,069	13,218	13,158	13,387	13,106	14,070
Other non-current assets
Investments in associates and joint ventures accounted for using the equity method	65	35	35	35	36	36	59
Other investments	42	46	44	43	43	48	48
Securities, financial receivables and other non-current financial assets Miscellaneous receivables and other non-current assets	1,256 1,607	1,340 1,697	1,603 1,769	1,998 1,534	2,445 1,571	3,613 1,594	2,793 1,663
Deferred tax assets	1,039	983	962	1,001	1,118	1,195	1,035
	4,009	4,101	4,413	4,611	5,213	6,486	5,598
TOTAL NON-CURRENT ASSETS (A)	53,440	53,334	53,802	53,733	55,370	56,108	56,155
CURRENT ASSETS
Inventories	365	392	416	354	313	353	365
Trade and miscellaneous receivables and other current assets	5,389	5,921	6,271	5,979	5,615	6,361	6,028
Current income tax receivables Other investments	123	36	45	26	101	32	34
Securities other than investments, financial receivables and other current financial assets	1,631	1,646	1,618	1,561	1,611	2,142	1,975
Cash and cash equivalents Current assets sub-total	5,744 13,252	3,945 11,940	4,983 13,333	4,106 12,026	4,812 12,452	5,507 14,395	4,752 13,154
Discontinued operations/assets held for sale of a financial nature	657	508	405	424	165	217	294
of a non-financial nature	2,871	2,500	2,636	2,940	3,564	3,995	4,122
	3,528	3,008	3,041	3,364	3,729	4,212	4,416
TOTAL CURRENT ASSETS (B)	16,780	14,948	16,374	15,390	16,181	18,607	17,570
TOTAL ASSETS (A+B)	70,220	68,282	70,176	69,123	71,551	74,715	73,725
EQUITY AND LIABILITIES
EQUITY
Equity attributable to equity holders of the Parent	17,061	17,343	17,475	17,882	18,145	18,282	18,411
Equity attributable to Minority Interests TOTAL EQUITY (C)	3,125	3,038	3,157	3,326	3,554	3,768	4,281
	20,186	20,381	20,632	21,208	21,699	22,050	22,692
NON-CURRENT LIABILITIES
Non-current financial liabilities	31,084	31,040	32,505	33,027	32,325	34,327	30,973
Employee benefits Deferred tax liabilities	889 234	894 281	1,026 315	978 372	1,056 438	1,059 530	1,020 460
Provisions	699	706	720	711	720	628	608
Miscellaneous payables and other non-current liabilities	779	766	755	747	697	793	1,005
TOTAL NON-CURRENT LIABILITIES (D)	33,685	33,687	35,321	35,835	35,236	37,337	34,066
CURRENT LIABILITIES
Current financial liabilities	6,119	5,182	4,913	3,095	4,686	6,036	6,849
Trade and miscellaneous payables and other current liabilities	8,649	7,699	8,004	7,584	8,376	7,604	8,061
Current income tax payables Current liabilities sub-total (E)	20 14,788	52 12,933	48 12,965	28 10,707	36 13,098	21 13,661	101 15,011
Liabilities directly associated with Discontinued operations/Non-current assets held for sale
of a financial nature	27	27	28	28	43	119	350
of a non-financial nature	1,534 1,561	1,254 1,281	1,230 1,258	1,345 1,373	1,475 1,518	1,548 1,667	1,606 1,956
TOTAL CURRENT LIABILITIES (E)	16,349	14,214	14,223	12,080	14,616	15,328	16,967
TOTAL LIABILITIES (F=D+E)	50,034	47,901	49,544	47,915	49,852	52,665	51,033
TOTAL EQUITY AND LIABILITIES (C+F)	70,220	68,282	70,176	69,123	71,551	74,715	73,725

	Domestic Business Results - Reported Figures
													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's ('000)
Wireline
Physical accesses	13,027	-5.4%	12,828	-5.4%	12,656	-5.4%	12,480	-5.5%	12,480	-5.5%	12,283	-5.7%	12,080	-5.8%
Broadband (retail+wholesale)	8,761	-1.3%	8,757	-0.4%	8,743	+0.1%	8,750	+0.1%	8,750	+0.1%	8,784	+0.3%	8,821	+0.7%
Mobile
Total lines	30,996	-2.7%	30,660	-3.3%	30,374	-3.7%	30,350	-2.8%	30,350	-2.8%	30,140	-2.8%	30,075	-1.9%
€ mln	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
REVENUES	3,728	-8.3%	3,803	-8.2%	3,805	-5.0%	3,967	-5.0%	15,303	-6.6%	3,631	-2.6%	3,744	-1.6%
o/w Services	3,554	-8.8%	3,567	-8.9%	3,594	-6.2%	3,619	-4.4%	14,334	-7.1%	3,435	-3.3%	3,506	-1.7%
o/w Equipments (1)	174	+1.9%	236	+3.9%	211	+21.6%	348	-10.6%	969	+0.9%	196	+12.3%	238	+1.3%
o/w Domestic Mobile Services	1,099	-14.9%	1,138	-13.3%	1,189	-7.1%	1,183	-5.7%	4,608	-10.3%	1,053	-4.2%	1,110	-2.5%
o/w Traditional	713	-24.1%	726	-21.9%	727	-16.7%	695	-16.1%	2,861	-19.9%	621	-12.9%	622	-14.3%
o/w Innovative	328	+9.9%	342	+8.4%	390	+16.6%	404	+13.1%	1,464	+12.1%	375	+14.4%	416	+21.8%
o/w Wholesale	58	+8.7%	69	+5.5%	72	-0.5%	83	+23.0%	283	+9.1%	57	-1.6%	71	+2.1%
o/w Domestic Wireline Services	2,715	-7.4%	2,664	-8.6%	2,639	-7.2%	2,655	-5.3%	10,672	-7.1%	2,595	-4.4%	2,614	-1.9%
o/w Traditional Services	1,303	-10.3%	1,263	-12.8%	1,228	-9.8%	1,226	-7.6%	5,021	-10.2%	1,193	-8.4%	1,185	-6.2%
o/w Innovative Services	533	+0.3%	541	+1.9%	550	+3.1%	574	+5.1%	2,199	+2.6%	558	+4.6%	583	+7.8%
o/w Domestic Wholesale	606 301	-13.5% +6.4%	586 300	-10.2% -4.2%	583 304	-9.2% -10.3%	540 339	-14.7% +3.4%	2,316 1,244	-11.9% -1.5%	560 310	-7.7% +3.0%	549 325	-6.4% +8.3%
o/wTIS Group	-29	+21.7%	-27	+17.7%	-27	+17.0%	-25	+21.3%	-108	+19.5%	-26	+12.2%	-28	-3.3%
o/w Subs. Adj. and Other Elimination & Other	-260	+20.5%	-234	+24.6%	-234	+19.6%	-219	+19.9%	-946	+21.2%	-213	+18.0%	-218	+6.8%
EBITDA	1,792	-8.2%	1,709	-7.5%	1,795	-11.6%	1,702	-10.9%	6,998	-9.6%	1,610	-10.2%	1,236	-27.7%
EBITDA Margin	48.1%		44.9%		47.2%		42.9%		45.7%		44.3%		33.0%
Capex	493	-14.9%	684	-10.9%	615	-9.3%	991	-1.5%	2,783	-8.2%	676	+37.1%	830	+21.3%
% on revenues	13.2%		18.0%		+16.2%		25.0%		18.2%		18.6%		+22.2%
Headcount at period-end ('000)	53,302	-1.1%	53,224	-0.9%	53,249	-0.7%	53,076	-0.6%	53,076	-0.6%	52,965	-0.6%	52,825	-0.7%

(1) Olivetti included

Domestic Wireline Results - Reported Figures

													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's
Physical accesses ('000)	13,027	-5.4%	12,828	-5.4%	12,656	-5.4%	12,480	-5.5%	12,480	-5.5%	12,283	-5.7%	12,080	-5.8%
OLO Access (on TI infrastructure)	7,211	-0.4%	7,258	+0.3%	7,167	+0.0%	7,224	+0.8%	7,224	+0.8%	7,297	+1.2%	7,375	+1.6%
o/w ULL	5,394	+1.5%	5,461	+2.1%	5,363	+0.7%	5,404	+0.9%	5,404	+0.9%	5,460	+1.2%	5,511	+0.9%
o/w Virtual ULL	28	-14.3%	27	-13.1%	25	-17.3%	24	-14.7%	24	-14.7%	26	-6.5%	27	+1.4%
o/w Wholesale Line Rental	660	-14.4%	634	-14.3%	609	-13.5%	588	-12.4%	588	-12.4%	565	-14.4%	547	-13.7%
o/w Naked	1,125	+0.3%	1,128	+1.3%	1,156	+4.8%	1,185	+6.4%	1,185	+6.4%	1,207	+7.3%	1,213	+7.5%
o/w NGN	4	-	8	-	14	-	24	-	24	-	39	-	76	-
TI Retail Broadband Accesses ('000)	6,933	-0.7%	6,939	+0.1%	6,932	+0.6%	6,921	+0.1%	6,921	+0.1%	6,945	+0.2%	6,971	+0.5%
o/w Business	1,544	-0.7%	1,545	+0.7%	1,552	+1.5%	1,551	+1.0%	1,551	+1.0%	1,544	+0.0%	1,522	-1.5%
o/w Consumer	5,389	-0.8%	5,393	-0.1%	5,379	+0.3%	5,370	-0.2%	5,370	-0.2%	5,401	+0.2%	5,450	+1.0%
o/w NGN	45	-	103	-	151	-	231	-	231	-	290	-	374	-
% flat offers on TI total portfolio (Consumer+Business)	91%	+1.5pp	91%	+1.6pp	91%	+1.7pp	92%	+1.7pp	92%	+1.7pp	92%	+1.8pp	93%	+1.9pp
BroadBand Accesses Wholesale ('000)	1,828	-3.4%	1,819	-2.3%	1,811	-1.6%	1,829	+0.2%	1,829	+0.2%	1,839	+0.6%	1,850	+1.7%
BB Arpu (euro/mese)	19.2	+1.8%	19.6	+2.3%	20.0	+3.9%	20.2	+4.8%	19.8	+3.2%	20.4	+6.0%	20.9	+6.7%
REVENUES(€ mln)	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
TOTAL	2,771	-6.9%	2,737	-8.3%	2,718	-6.2%	2,773	-5.5%	10,999	-6.7%	2,657	-4.1%	2,688	-1.8%
o/w Services	2,715	-7.4%	2,664	-8.6%	2,639	-7.2%	2,655	-5.3%	10,672	-7.1%	2,595	-4.4%	2,614	-1.9%
o/w Equipments	56	+23.8%	73	+1.9%	79	+47.8%	118	-10.6%	327	+7.9%	62	+9.1%	74	+1.4%
TRADITIONAL SERVICES	1,303	-10.3%	1,263	-12.8%	1,228	-9.8%	1,226	-7.6%	5,021	-10.2%	1,193	-8.4%	1,185	-6.2%
o/w Voice	1,123	-10.8%	1,093	-12.4%	1,055	-10.5%	1,072	-8.7%	4,342	-10.6%	1,038	-7.6%	1,015	-7.1%
o/w Traffic	377	-21.7%	366	-21.4%	342	-16.1%	375	-8.9%	1,460	-17.3%	353	-6.3%	359	-1.9%
o/w Access	665	-4.9%	646	-8.5%	631	-9.3%	620	-9.0%	2,562	-7.9%	612	-8.0%	586	-9.3%
o/w Voice VAS	32	-4.0%	33	+2.0%	34	+5.3%	33	-5.4%	133	-0.6%	30	-6.7%	29	-12.9%
o/w Rental & other	48	+9.6%	47	+10.8%	48	+11.3%	44	-3.6%	187	+6.9%	43	-12.1%	41	-14.3%
o/w Business Data	180	-6.9%	171	-15.5%	174	-5.6%	155	+0.8%	679	-7.3%	155	-13.9%	170	-0.5%
o/w Data Services	126	-4.8%	125	-4.2%	122	-9.8%	123	-4.9%	497	-6.0%	118	-6.8%	120	-4.3%
o/w Rental & other	54	-11.5%	45	-36.3%	51	+6.4%	31	+31.7%	182	-10.9%	37	-30.4%	50	+10.0%
INNOVATIVE SERVICES	533	+0.3%	541	+1.9%	550	+3.1%	574	+5.1%	2,199	+2.6%	558	+4.6%	583	+7.8%
o/w Broadband	395	-0.0%	403	+1.3%	411	+3.9%	413	+4.9%	1,622	+2.5%	418	+5.7%	430	+6.8%
o/w Access	367	+0.4%	374	+1.7%	381	+4.2%	384	+5.3%	1,506	+2.9%	389	+6.1%	403	+7.7%
o/w Bundles Services	10	+12.0%	10	+5.6%	10	+2.2%	10	+1.5%	40	+5.1%	10	+2.1%	10	-2.1%
o/w Others	19	-12.0%	19	-7.2%	20	-0.7%	19	-1.5%	77	-5.5%	19	-0.8%	18	-5.0%
o/w Content	5	+10.8%	5	+8.5%	4	+0.2%	5	+8.6%	19	+7.0%	5	+12.7%	5	+4.8%
o/w ICT Service	133	+1.1%	134	+3.7%	135	+0.9%	156	+5.6%	558	+2.9%	135	+1.1%	148	+10.7%
DOMESTIC WHOLESALE	606	-13.5%	586	-10.2%	583	-9.2%	540	-14.7%	2,316	-11.9%	560	-7.7%	549	-6.4%
TIS GROUP	301	+6.4%	300	-4.2%	304	-10.3%	339	+3.4%	1,244	-1.5%	310	+3.0%	325	+8.3%
SUBS. ADJ. and OTHER	-29	+21.7%	-27	+17.7%	-27	+17.0%	-25	+21.3%	-108	+19.5%	-26	+12.2%	-28	-3.3%

	Domestic Mobile Results - Reported Figures
													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's
Total number of lines ('000)	30,996	-2.7%	30,660	-3.3%	30,374	-3.7%	30,350	-2.8%	30,350	-2.8%	30,140	-2.8%	30,075	-1.9%
Churn Rate %	+6.1%	-1.0pp	+5.9%	-1.4pp	+6.3%	-2.3pp	+5.9%	-1.4pp	+24.2%	-6.2pp	+6.4%	0.3pp	+5.5%	-0.4pp
Total User Broadband (mln of users)	8.7	+26.6%	9.2	+27.7%	9.6	+19.6%	10.1	+19.3%	10.1	+19.3%	10.5	+20.8%	10.8	+17.5%
Total User LTE (mln of users)	0.4	-	0.6	-	0.8	-	1.3	-	1.3	-	1.8	-	2.7	-
Volumes of traffic (mln of minutes) (1)	14,964	+7.7%	15,595	+10.2%	15,542	+8.2%	16,556	+9.5%	62,658	+8.9%	16,155	+8.0%	16,630	+6.6%
o/w Outgoing traffic volumes (mln of minutes) (2)	10,355	+1.8%	10,635	+5.0%	10,509	+3.9%	11,181	+6.1%	42,680	+4.2%	10,821	+4.5%	10,983	+3.3%
o/w Incoming traffic volumes (mln of minutes)	4,610	+24.1%	4,960	+23.3%	5,032	+18.4%	5,376	+17.4%	19,978	+20.6%	5,335	+15.7%	5,647	+13.9%
Usage (min/line/month)(3)	189	+13.5%	200	+15.8%	202	+14.4%	218	+15.2%	202	+14.7%	214	+13.0%	223	+11.5%
ARPU(3)	11.5	-12.6%	11.9	-10.6%	12.5	-3.0%	12.7	-2.2%	12.1	-7.2%	11.3	-1.3%	11.9	+0.2%
REVENUES (€ mln), Reported figures	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
TOTAL	1,175	-14.4%	1,264	-10.0%	1,284	-5.6%	1,368	-5.1%	5,091	-8.7%	1,151	-2.0%	1,236	-2.2%
SERVICES	1,099	-14.9%	1,138	-13.3%	1,189	-7.1%	1,183	-5.7%	4,608	-10.3%	1,053	-4.2%	1,110	-2.5%
Traditional Services	713	-24.1%	726	-21.9%	727	-16.7%	695	-16.1%	2,861	-19.9%	621	-12.9%	622	-14.3%
o/w Outgoing voice (4)	530	-24.9%	531	-23.5%	536	-18.6%	501	-18.3%	2,098	-21.5%	463	-12.6%	455	-14.3%
o/w Incoming voice	52	-17.7%	56	-16.6%	57	+18.2%	59	+15.6%	224	-2.4%	58	+12.3%	62	+9.9%
o/w Messaging	132	-23.3%	139	-17.4%	134	-19.6%	135	-18.2%	540	-19.7%	100	-24.2%	106	-24.0%
Innovative Services	328	+9.9%	342	+8.4%	390	+16.6%	404	+13.1%	1,464	+12.1%	375	+14.4%	416	+21.8%
o/w Browsing	264	+12.9%	281	+11.5%	301	+11.7%	326	+10.9%	1,171	+11.7%	306	+16.0%	339	+20.7%
o/w Internet Content	64	-1.1%	61	-3.9%	90	+36.7%	78	+22.9%	293	+13.8%	69	+8.1%	77	+27.3%
Wholesale Services	58	+8.7%	69	+5.5%	72	-0.5%	83	+23.0%	283	+9.1%	57	-1.6%	71	+2.1%
Handsets	76	-5.7%	126	+35.1%	95	+18.8%	185	-1.2%	483	+9.3%	98	+29.0%	126	+0.1%

(1) Incoming+Outgoing Mobile Retail + Wholesale excluding Visitors

(2) Roaming volumes not included

(3) Net of visitors

(4) Outgoing voice revenues include roaming revenues

TIM Brasil Results - Reported Figures

KPI's - Mobile only	1Q14	Δ% yoy	2Q14	Δ% yoy	3Q14	Δ% yoy	4Q14	Δ% yoy	FY14	Δ% yoy	1Q15	Δ% yoy	2Q15	Δ% yoy
Estimated Total Penetration (%) (1)	+135.3%		+136.1%		+137.1%		+138.0%		+138.0%		+139.0%		+138.2%
(1) Market Share on total lines(%)	+27.0%	+0.0pp	+26.9%	-0.3pp	+26.9%	-0.3pp	+27.0%	-0.1pp	+27.0%	-0.1pp	+26.7%		+26.4%	-0.5pp
Total Lines ('000) (1) (2)	73,917	+3.8%	74,203	+2.8%	74,877	+2.7%	75,721	+3.1%	75,721	+3.1%	75,749	+2.5%	74,600	+0.5%
TOTAL ARPU (3)	18.0	-2.7%	17.3	-4.5%	17,4	-6.3%	18.0	-6.3%	17.7	-4.8%	16.7	-7.2%	16.1	-7.2%
TOTAL MOU net of visitors	140	-3.0%	137	-6.9%	136	-9.5%	130	-12.5%	136	-8.1%	120	-14.0%	119	-13.6%
MAIN RESULTS (IAS/IFRS, R\$ mln)	1Q14	Δ% yoy	2Q14	Δ% yoy	3Q14	Δ% yoy	4Q14	Δ% yoy	FY14	Δ% yoy	1Q15	Δ% yoy	2Q15	Δ% yoy
REVENUES Reported	4,702	-0.2%	4,775	-3.4%	4,853	-4.5%	5,168	-0.3%	19,498	-2.1%	4,547	-3.3%	4,353	-8.8%
of which services	4,099	+0.3%	3,985	-2.0%	4,045	-3.9%	4,196	-3.4%	16,325	-2.3%	3,940	-3.9%	3,784	-5.0%
of which handsets	603	-3.4%	790	-10.1%	808	-7.8%	972	+15.6%	3,173	-1.5%	607	+0.7%	569	-28.0%
EBITDA Reported	1,316	+7.8%	1,329	+8.0%	1,330	+6.5%	1,566	+4.6%	5,541	+6.6%	1,337	+1.6%	1,260	-5.2%
EBITDA margin	+28.0%	+2.1pp	+27.8%	2.9pp	+27.4%	+2.8pp	+30.3%	+1.4pp	+28.4%	+2.3pp	+29.4%	+1.4pp	+28.9%	+1.1pp
Capex Reported	613	+30.4%	1,044	-7.0%	960	-18.4%	4,237	+284.0%	6,854	+77.1%	924	+50.7%	1,184	+13.4%
% on revenues	+13.0%	+3.0pp	+21.9%	-0.8pp	+19.8%	-3.3pp	+82.0%	+60.7pp	+35.2%	+15.8pp	+20.3%	+7.3pp	+27.2%	+5.3pp
	1Q14		1H14		9M14		FY14		FY14		1Q15		1H15
Exchange rate AVG (R\$ vs. euro)	3.23981		3.14956		3.10365		3.12280		3.12280		3.22251		3.31144

(2) Includes company lines; the data of the periods under comparison have been appropriately restated.

(3) Gross of visitors

							UNAUDITED FIGURES
	2Q14				2Q15		Δ% yoy reported	Δ% yoy organic
Reported Figures (a)			Non Organic elements (b)	Organic figures (c=a+b)	Reported figures (d)		(d/a-1)	(d/c-1)
€ mln		Change in consolid. area	Exchange rate impact
REVENUES					REVENUES
Domestic	3,803		16	3,819	Domestic	3,744	(1.6)	(2.0)
o/w Wireline Domestic	2,737		16	2,753	o/w Wireline Domestic	2,688	(1.8)	(2.4)
o/w Mobile Domestic	1,264 1,558		(155)	1,264 1,403	o/w Mobile Domestic	1,236	(2.2)	(2.2)
Brasile	16	4		20	Brasile	1,277	(18.0)	(8.8)
TI Media Other Activities & Eliminations	(14)			(14)	TI Media Other Activities & Eliminations	21 2	31.3 -	5.0
TI Group	5,363	4	-139	5,228	TI Group	5,044	(5.9)	(3.5)
EBITDA					EBITDA
Domestic	1,709		5	1,714	Domestic	1,236	(27.7)	(27.9)
Brasile	434		(43)	391	Brasile	369	(15.0)	(5.2)
TI Media	5			5	TI Media	11	120.0	120.0
Other Activities & Eliminations	(3)			(3)	Other Activities & Eliminations	(14)	-
TI Group	2,145	0	-38	2,107	TI Group	1,602	(25.3)	(24.0)
EBITDA Margin					EBITDA Margin
Domestic	+44.9%			+44.9%	Domestic	+33.0%	-11.9pp	-11.9pp
Brasile	+27.9%			+27.8%	Brasile	+28.9%	+1.0pp	+1.1pp
TI Media	+31.3%			+25.0%	TI Media	+52.4%	+21.1pp	+27.4pp
TI Group	+40.0%			+40.3%	TI Group	+31.8%	-8.2pp	-8.5pp
EBIT					EBIT
Domestic Brasile	873 188		3 (19)	876 169	Domestic Brasile	408 405	(53.3) 115.4	(53.4) 136.5
TI Media	(1)			(1)	TI Media	6	-
Other Activities & Eliminations	(2)			(2)	Other Activities & Eliminations	(16)	-
TI Group	1,058	0	-16	1,042	TI Group	803	(24.1)	(22.9)
EBIT Margin					EBIT Margin
Domestic	+23.0%			+22.9%	Domestic	+10.9%	-12.1pp	-12.0pp
Brasile	+12.1%			+12.0%	Brasile	+31.7%	+19.6pp	+19.1pp
TI Media	-6.3%			-5.0%	TI Media	+28.6%	+34.9pp	+33.6pp
TI Group	+19.7%			+19.9%	TI Group	+15.9%	-3.8pp	-4.0pp

	Domestic Business Results - Reported Figures
													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's ('000)
Wireline
Physical accesses	13,027	-5.4%	12,828	-5.4%	12,656	-5.4%	12,480	-5.5%	12,480	-5.5%	12,283	-5.7%	12,080	-5.8%
Broadband (retail+wholesale)	8,761	-1.3%	8,757	-0.4%	8,743	+0.1%	8,750	0.1%	8,750	+0.1%	8,784	+0.3%	8,821	+0.7%
Mobile
Total lines	30,996	-2.7%	30,660	-3.3%	30,374	-3.7%	30,350	-2.8%	30,350	-2.8%	30,140	-2.8%	30,075	-1.9%
€ mln	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
REVENUES	3,728	-8.3%	3,803	-8.2%	3,805	-5.0%	3,967	-5.0%	15,303	-6.6%	3,631	-2.6%	3,744	-1.6%
o/w Services	3,554	-8.8%	3,567	-8.9%	3,594	-6.2%	3,619	-4.4%	14,334	-7.1%	3,435	-3.3%	3,506	-1.7%
o/w Equipments (1)	174	+1.9%	236	+3.9%	211	+21.6%	348	-10.6%	969	+0.9%	196	+12.3%	238	+1.0%
o/w Domestic Wireline	2,771	-6.9%	2,737	-8.3%	2,718	-6.2%	2,773	-5.5%	10,999	-6.7%	2,657	-4.1%	2,688	-1.8%
o/w Services	2,715	-7.4%	2,664	-8.6%	2,639	-7.2%	2,655	-5.3%	10,672	-7.1%	2,595	-4.4%	2,614	-1.9%
o/w Equipments	56	+23.7%	73	+1.9%	79	+47.6%	118	-10.6%	327	+7.8%	62	+9.1%	74	+1.4%
o/w Domestic Mobile	1,175	-14.4%	1,264	-10.0%	1,284	-5.6%	1,368	-5.1%	5,091	-8.7%	1,151	-2.0%	1,236	-2.2%
o/w Services	1,099	-14.9%	1,138	-13.3%	1,189	-7.1%	1,183	-5.7%	4,608	-10.3%	1,053	-4.2%	1,109	-2.5%
o/w Equipments	76	-5.7%	126	+35.1%	95	+18.9%	185	-1.2%	483	+9.3%	98	+29.0%	127	+0.1%
EBITDA	1,792	-8.2%	1,709	-7.5%	1,795	-11.6%	1,702	-10.9%	6,998	-9.6%	1,610	-10.2%	1,236	-27.7%
EBITDA Margin	+48.1%		+44.9%		+47.2%		+42.9%		+45.7%		+44.3%		+33.0%
Capex	493	-14.9%	684	-10.9%	615	-9.3%	991	-1.5%	2,783	-8.2%	676	+37.1%	830	+21.3%
% on revenues	+13.2%		+18.0%		+16.2%		+25.0%		+18.2%		+18.6%		+22.2%
Headcount at period-end ('000)	53,302	-1.1%	53,224	-0.9%	53,249	-0.7%	53,076	-0.6%	53,076	-0.6%	52,965	-0.6%	52,825	-0.7%

(1) Olivetti included

	Domestic Wireline Results - Reported Figures
													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's
Physical accesses ('000)	13,027	-5.4%	12,828	-5.4%	12,656	-5.4%	12,480	-5.5%	12,480	-5.5%	12,283	-5.7%	12,080	-5.8%
OLO Access (on TI infrastructure)	7,211	-0.4%	7,258	+0.3%	7,167	+0.0%	7,224	+0.8%	7,224	+0.8%	7,297	+1.2%	7,375	+1.6%
o/w ULL	5,394	+1.5%	5,461	+2.1%	5,363	+0.7%	5,404	+0.9%	5,404	+0.9%	5,460	+1.2%	5,511	+0.9%
o/w Virtual ULL	28	-14.3%	27	-13.1%	25	-17.3%	24	-14.7%	24	-14.7%	26	-6.5%	27	+1.4%
o/w Wholesale Line Rental	660	-14.4%	634	-14.3%	609	-13.5%	588	-12.4%	588	-12.4%	565	-14.4%	547	-13.7%
o/w Naked	1,125	+0.3%	1,128	+1.3%	1,156	+4.8%	1,185	+6.4%	1,185	+6.4%	1,207	+7.3%	1,213	+7.5%
o/w NGN	4	-	8	-	14	-	24	-	24	-	39	-	76	-
TI Retail Broadband Accesses ('000)	6,933	-0.7%	6,939	+0.1%	6,932	+0.6%	6,921	+0.1%	6,921	+0.1%	6,945	+0.2%	6,971	+0.5%
o/w Business	1,544	-0.7%	1,545	+0.7%	1,552	+1.5%	1,551	+1.0%	1,551	+1.0%	1,544	+0.0%	1,522	-1.5%
o/w Consumer	5,389	-0.8%	5,393	-0.1%	5,379	+0.3%	5,370	-0.2%	5,370	-0.2%	5,401	+0.2%	5,450	+1.0%
o/w NGN	45	-	103	-	151	-	231	-	231	-	290	-	374	-
% flat offers on TI total portfolio (Consumer+Business)	+90.6%	+1.5pp	+91.0%	+1.6pp	+91.4%	+1.7pp	+91.8%	+1.7pp	+91.8%	+1.7pp	+92.3%	+1.8pp	+92.9%	+1.9pp
BroadBand Accesses Wholesale ('000)	1,828	-3.4%	1,819	-2.3%	1,811	-1.6%	1,829	+0.2%	1,829	+0.2%	1,839	+0.6%	1,850	+1.7%
BB Arpu (euro/mese)	19.2	+1.9%	19.6	+2.5%	20.0	+4.1%	20.2	+5.2%	19.8	+3.4%	20.4	+6.0%	20.9	+6.7%
REVENUES(€ mln)	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
TOTAL	2,771	-6.9%	2,737	-8.3%	2,718	-6.2%	2,773	-5.5%	10,999	-6.7%	2,657	-4.1%	2,688	-1.8%
o/w Services	2,715	-7.4%	2,664	-8.6%	2,639	-7.2%	2,655	-5.3%	10,672	-7.1%	2,595	-4.4%	2,614	-1.9%
o/w Equipments	56	+23.7%	73	+1.9%	79	+47.8%	118	-10.6%	327	+7.8%	62	+9.1%	74	+1.4%
Voice	1,128	-10.9%	1,100	-12.5%	1,062	-10.2%	1,083	-8.6%	4,373	-10.6%	1,045	-7.4%	1,024	-6.9%
o/w Traffic	377	-21.7%	366	-21.4%	342	-16.1%	375	-8.9%	1,460	-17.3%	353	-6.3%	359	-1.9%
o/w Access	665	-4.9%	646	-8.5%	631	-9.3%	620	-9.0%	2,562	-7.9%	612	-8.0%	586	-9.3%
o/w voice VAS	32	-4.0%	33	+2.0%	34	+5.3%	33	-5.4%	133	-0.6%	30	-6.7%	29	-12.9%
o/w Handsets	53	+5.6%	54	+3.7%	55	+15.2%	55	-3.2%	218	+4.9%	49	-7.8%	50	-8.2%
Internet	405	-0.1%	412	+1.3%	420	+3.7%	423	+4.6%	1,659	+2.4%	426	+5.3%	438	+6.4%
o/w BroadBand	398	+0.2%	406	+1.5%	413	+3.9%	416	+4.6%	1,633	+2.6%	420	+5.4%	432	+6.6%
o/w Internet Content	5	-8.1%	5	-4.3%	5	-1.9%	6	+9.8%	22	-1.3%	6	+5.9%	5	-5.3%
o/w Narrowband	1	-36.4%	1	-34.3%	1	-29.9%	1	-25.2%	4	-31.9%	1	-21.2%	1	-19.7%
Business Data	314	+0.0%	323	-2.0%	330	+3.2%	383	-3.5%	1,350	-0.7%	314	-0.3%	344	+6.3%
o/w ICT	170	+4.6%	178	-1.0%	187	+15.3%	226	-2.0%	761	+3.5%	176	+3.7%	188	+5.5%
o/w data transmission	102	-4.4%	100	-1.6%	99	-8.4%	98	-6.1%	399	-5.1%	95	-6.9%	97	-2.7%
o/w Leased lines & other	42	-6.1%	45	-6.3%	44	-11.5%	59	-4.3%	190	-6.9%	42	-0.0%	59	+29.7%
Domestic Wholesale	606	-13.5%	586	-10.2%	583	-9.2%	540	-14.7%	2,316	-11.9%	560	-7.7%	549	-6.4%
International Wholesale	227	+11.5%	228	-3.1%	230	-11.7%	258	+5.0%	943	-0.2%	231	+1.6%	242	+6.0%
Subs. Adj. and Other	90	+4.2%	88	-15.2%	93	+6.1%	87	+22.0%	359	+2.6%	81	-9.7%	92	+4.0%

	Domestic Mobile Results - Reported Figures
													UNAUDITED FIGURES
	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
KPI's
Total number of lines ('000) (1)	30,996	-2.7%	30,660	-3.3%	30,374	-3.7%	30,350	-2.8%	30,350	-2.8%	30,140	-2.8%	30,075	-1.9%
Churn Rate %	+6.1%	-1.0pp	+5.9%	-1.4pp	+6.3%	-2.3pp	+5.9%	-1.4pp	+24.2%	-6.2pp	+6.4%	0.3pp	+5.5%	-0.4pp
Total User Broadband (mln of users)	8.7	+26.6%	9.2	+27.7%	9.6	+19.6%	10.1	+19.3%	10.1	+19.3%	10.5	20.8%	10.8	+17.5%
Total User LTE (mln of users)	0.4	-	0.6	-	0.8	-	1.3	-	1.3	-	1.8	-	2.7	-
Volumes of traffic (mln of minutes) (2)	14,964	+7.7%	15,595	+10.2%	15,542	+8.2%	16,556	+9.5%	62,658	+8.9%	16,155	8.0%	16,630	+6.6%
o/w Outgoing traffic volumes (mln of minutes) (3)	10,355	+1.8%	10,635	+5.0%	10,509	+3.9%	11,181	+6.1%	42,680	+4.2%	10,821	4.5%	10,983	+3.3%
o/w Incoming traffic volumes (mln of minutes)	4,610	+24.1%	4,960	+23.3%	5,032	+18.4%	5,376	+17.4%	19,978	+20.6%	5,335	15.7%	5,647	+13.9%
Usage (min/line/month)(4)	189	+13.5%	200	+15.8%	202	+14.4%	218	+15.2%	202	+14.7%	214	13.0%	223	+11.5%
ARPU(4)	11.5	-12.6%	11.9	-10.6%	12.5	-3.0%	12.7	-2.2%	12.1	-7.2%	11.3	-1.3%	11.9	+0.2%
REVENUES (€ mln), Reported figures	1Q14	D% yoy	2Q14	D% yoy	3Q14	D% yoy	4Q14	D% yoy	FY14	D% yoy	1Q15	D% yoy	2Q15	D% yoy
TOTAL	1,175	-14.4%	1,264	-10.0%	1,284	-5.6%	1,368	-5.1%	5,091	-8.7%	1,151	-2.0%	1,236	-2.2%
Service Revenues	1,099	-14.9%	1,138	-13.3%	1,189	-7.1%	1,183	-5.7%	4,608	-10.3%	1,053	-4.2%	1,110	-2.5%
o/w Business Generated	989	-15.8%	1,012	-14.1%	1,060	-8.6%	1,040	-8.4%	4,101	-11.8%	938	-5.2%	977	-3.5%
o/w Outgoing voice (5)	530	-24.9%	531	-23.5%	536	-18.5%	501	-18.3%	2,098	-21.5%	463	-12.6%	455	-14.3%
o/w VAS (6)	460	-2.3%	481	-0.6%	524	+4.6%	539	+3.2%	2,003	+1.3%	475	+3.4%	522	+8.5%
o/w messaging	132	-23.3%	139	-17.4%	134	-19.6%	135	-18.2%	540	-19.7%	100	-24.2%	106	-24.0%
o/w interactive	328	+9.9%	342	+8.4%	390	+16.5%	404	+13.1%	1,464	+12.1%	375	+14.4%	416	+21.8%
o/w Browsing	264	+12.9%	281	+11.5%	301	+11.8%	326	+10.9%	1,171	+11.7%	306	+16.0%	339	+20.7%
o/w Internet Content	64	-1.1%	61	-3.9%	90	+35.7%	78	+22.9%	293	+13.8%	69	+8.1%	77	+27.3%
o/w Business Received	110	-5.5%	125	-5.6%	129	+7.3%	143	+19.8%	507	+3.7%	115	+5.0%	132	+5.6%
o/w Incoming voice	52	-17.7%	56	-16.6%	57	+18.2%	59	+15.6%	224	-2.4%	58	+12.3%	62	+9.9%
o/w Visitors and others	58	+8.7%	69	+5.6%	72	+0.0%	83	+22.9%	283	+9.1%	57	-1.6%	71	+2.1%
Handsets	76	-5.7%	126	+35.1%	95	+18.9%	185	-1.2%	483	+9.3%	98	+29.0%	126	+0.1%
VAS on Service revenues (%)	+41.8%	+5.4pp	+42.3%	+5.4pp	+44.1%	+4.9pp	+45.5%	+3.9pp	+43.5%	+5.0pp	+45.1%	+3.3pp	+47.1%	+4.8pp

(2) Incoming+Outgoing Mobile Retail + Wholesale excluding Visitors

(3) Roaming volumes not included

(4) Net of visitors

(5) Outgoing voice revenues include roaming revenues

(6) Includes other wholesale revenues