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Consensus

10/28/2016 - 09:15 PM

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The attached table shows the consensus data calculated as the arithmetic average of the most recent estimates made by certain independent analysts (*) of Telecom Italia‘s key financial data.
The consensus estimates contained in this table are for informational purposes only and constitute neither a recommendation nor a solicitation or invitation to buy, sell or maintain the availability of Telecom Italia or the Group companies financial instruments.
The data set forth below represents forecasts made by these independent analysts and do not represent opinions, forecasts or estimates of Telecom Italia or of its management.
Telecom Italia takes no responsibility for the completeness and reliability of the consensus estimates reported in the table.


(*) Please note that the consensus estimates where provided by only some of the analysts covering Telecom Italia.

Analysts Consensus on TI Group  3Q'16 Key Financial Data  by Business Unit
as of October 28th, 2016

(€ mln)   Revised         Consensus 3Q'16   TIM Brasil   
YoY 
in local currency
REVENUES   1Q'15 2Q'15 3Q'15   1Q'16 YoY 2Q'16 YoY 3Q'16 YoY  
Domestic   3.631 3.744 3.752   3.548 -2,3% 3.699 -1.2% 3.708 -1,2%    
o/w Wireline Domestic   2.657 2.688 2.645   2.553 -3,9% 2.578 -4,1% 2.556 -3,4%    
o/w Mobile Domestic   1.151 1.236 1.303   1.186 3,0% 1.261 2,0% 1.320 1,3%    
o/w Mobile Services   1.053 1.109 1.170   1.059 0,6% 1.117 0,7% 1.184 1,2%    
Brasile   1.412 1.279 1.008   897 -36,5% 961 -24,9% 1.048 4,0%   -6,8%
Other activities & Elim.   11 24 17   (5) - (4)   -1 -    
TI Group   5.054 5.047 4.777   4.440 -12,1% 4.656 -7,7% 4.755 -0,5%    
                           
EBITDA Reported                          
Domestic   1.610 1.236 1.679   1.461 -9,3% 1.723 39,4% 1.767 5,3%    
Brasile   416 374 318   258
-38,0% 298 -20,3% 338 6,3%   -3,2%
Other activities & Elim.   7 (4) (14)   (7) - (7) - (7) -    
TI Group   2.033 1.606 1.983   1.712 -15,8% 2.014 25,4% 2.098 5,8%    
                           
Domestic One-Off Items   1 392 53   67   16   28      
Domestic Organic EBITDA   1.611 1.628 1.732   1.528 -5,2% 1.739 6,8% 1.795 3,6%    
                           
EBITDA Margin                          
Domestic   44,3% 33,0% 44,7%   41,2% -3.1 pp 46,6% 13.6 pp 47,7% 3 pp    
Brasile   29,5% 29,2% 31,5%   28,8% -0.7 pp 31,0% 1.8 pp 32,2% 0.7 pp    
TI Group   40,2% 31,8% 41,5%   38,6% -1.6 pp 43,3% 11.5 pp 44,1% 2.6 pp    
                           
CAPEX                          
Domestic   676 830 791   778
15,1% 797
-4,0% 897 13,4%    
Brasile   287 350 293   166
-42,2% 242
-30,9% 300 2,5%   -4,1%
Elim & Adj   1 2 3   0 - 0 - -11 n.m.    
TI Group   964 1.182 1.087   944 -2,1% 1.039 -12,1% 1.186 9,1%    
                           
CAPEX ON SALES (%)                          
Domestic   18,6% 22,2% 21,1%   21,9% 3.3 pp 21,5% -0.7 pp 24,2% 3.1 pp    
Brasile   20,3% 27,4% 29,1%   18,5% -1.8 pp 25,2% -2.2 pp 28,7% -0.4 pp    
TI Group   19,1% 23,4% 22,8%   21,3% 2.2 pp 22,3% -1.1 pp 24,9% 2.1 pp    
                           
ENDING NET DEBT (Adjusted)   27.430 26.992 26.804   27.139 (291) 27.514 522 27.143 339