Company Profile

COMPANY Auditing company ISIN IT0003497168 TELECOM ITALIA PricewaterhouseCoopers S.p.A. BLOOMBERG TIT IM via G. Negri 1 REUTERS TLIT.MI 20123 Milano TIM is the single brand name for the whole Telecom Italia Group, which Investor relations Industry operates in the market through a strategy of shared value for the company Tel.: + 39 02 85951 TELECOMMUNICATIONS and the community, offering fixed and mobile telephony, Internet, digital Alex Bolis content and cloud services. As the enabler of the most innovative Fax: +39 02 81004 E-mail:[email protected] Super sector information and communication technologies, TIM is supporting Italy on its http://www.telecomitalia.co Tel.:+39 02 8595 1 - Fax:+39 02 8595 4132 TELECOMMUNICATIONS journey towards achieving the goal of full digitisation, by creating m ultrabroadband network infrastructure and disseminating latest generation Market Segment services. At June 30, 2016, TIM has almost 11.5 mln retail physical Long term rating MTA accesses in Italy and a broadband portfolio equal to 9 mln accesses (7.1 Moody's: Ba1 Fitch: BBB- S&P: BB+ mln retail and 1.9 mln wholesale). In the Italian mobile market, TIM has over 29.7 million lines. In Brazil, TIM Brasil is one of the largest telecommunications companies in the country, with 64 mln lines. CORPORATE GOVERNANCE (CG) KEY FIGURES €m First-Half Results Var % Annual Results 30/06/16 30/06/15 '16 vs '15 31/12/15 31/12/14

Executive Non executive Independent C.C.I.(1) C.R.(2) C.N.(3) TOP BOARD MEMBERS Total Sales 9,096.00 10,101.00 -9.95% 19,718.00 21,573.00 MANAGEMENT Ebitda 3,726.00 3,639.00 2.39% 7,004.00 8,786.00 Giuseppe Recchi Chairman Giuseppe Recchi Executive Chairman Ebitda margin 40.96% 36.03% 35.52% 40.73% Flavio Cattaneo Ebit 1,687.00 1,788.00 -5.65% 2,961.00 4,530.00 Chief Executive Officer Flavio Cattaneo CEO Tarak Ben Ammar Ebit Margin 18.55% 17.70% 15.02% 21.00% Board member Piergiorgio Peluso CFO Ebt 1,547.00 310.00 399.03% 447.00 2,347.00 Davide Benello Board member Ebt margin 17.01% 3.07% 2.27% 10.88% Lucia Calvosa Net Result 1,105.00 445.00 148.32% 657.00 1,960.00 Board member E-Margin 12.15% 4.41% 3.33% 9.08% Laura Cioli Board member First-Half Results Var % Annual Results Francesca Cornelli Board member 30/06/16 30/06/15 '16 vs '15 31/12/15 31/12/14 Arnaud Roy De Net Financial Debt / (Cash) 27,514.00 26,992.00 1.93% 27,278.00 26,651.00 Puyfontaine Vice-Chairman Net Equity 21,327.00 22,692.00 -6.02% 21,333.00 21,699.00 Jean Paul Fitoussi Capital Employed 48,841.00 49,684.00 -1.70% 48,611.00 48,350.00 Board member Source: company data. The year-end closing is at December, 31. Values are expressed in Million Euro.The NFD is adjusted. 2015 Data revised. Giorgina Gallo Board member Félicité Herzog Board member SHARE ANALYSIS Denise Patricia Byrne Quantity Capitalis. (€ m) Kingsmill Board member Number of shares outstanding 19,527,703,470 13,764.11 Luca Marzotto Ordinary 13,499,911,771 10,115.48 Board member Shares Not Conv 6,027,791,699 3,648.62 Hervé Philippe Board member Nominal value (€) --.-- Stéphane Roussel Last Divid. (€) Detach Date Board member Ordinary 0.020 22/04/2013 Giorgio Valerio Lead Indipendent Director Shares Not Conv 0.028 20/06/2016 (1): Internal Control Committee (2): Compensation Committee (3): Nomination Committee (CG) Corporate Governance: Traditional Model Last price Ord NotConv Performance Ord NotConv INDEX FTSEMIB Relative perf. SHAREHOLDERS 02/08/2016 0.75 0.61 -2Y -12.84% -12.49% -2Y -20.94% 8.10% PEOPLE'S BANK OF CHINA: 2.07% VIVENDI S.A. : 24.68% Price range (-2y) Ord NotConv -1Y -37.82% -35.72% -1Y -31.61% -6.22% OTHERS <2%: 73.25% MAX 1.29 1.10 -3M -11.92% -11.80% -3M -12.60% 0.68% MIN 0.64 0.51 -1M 1.86% 4.15% -1M -1.21% 3.07%

TURNOVER AND VOLATILITY - STATISTICS FROM 04/01/2016 TO02/08/2016

Update: 02/08/2016 Turn over Total(€) 14,805,553,373 Daily average(€) 98,703,689 Number of shares traded Total 17,110,021,414 Daily average 114,066,809 Number of trades Total 1,482,254 Daily average 9,882

A Volatility 45.65%

A Turnover velocity 216.31%

Source: Borsa Italiana. Data refer to the ordinary shares.

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