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TI Financial and Operating - Telecom Italia

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					                                   Financial and operating data

                           Index
click on the links below

P&L Group YTD
P&L Group by quarter
Key Financial data by BU YTD
Key Financial data by BU quarter                                          Contacts
Net Debt & Cashflow                                                     TELECOM ITALIA INVESTOR RELATIONS
Balance Sheet
Domestic Business Results
Domestic Wireline Results                                         investor_relations@telecomitalia.it
Domestic Mobile Results                                           Website link:
TIM Brasil Results                                                Telecom Italia Group
TA Results                                                        Telecom Italia Investor Relations
2010 Rep & Org
                                                          P&L Group


(€ mln)                                                               1Q10     1H10     9M10     2010 with TA   1Q11     1H11     9M11
                                                                                                  (3 months)

REVENUES                                                              6,413    13,223   19,899      27,571      7,073    14,543   22,059
Other Operating Income                                                 53       104      160         255         48       108      167
TOTAL REVENUES & OTHER INCOME                                         6,466    13,327   20,059      27,826      7,121    14,651   22,226
Total Purchases of materials and external services                    -2,498   -5,368   -8,097      -11,383     -2,995   -6,232   -9,442
Personel                                                              -938     -1,845   -2,911      -4,021      -990     -1,964   -2,884
Other operating costs                                                 -265      -570     -862       -1,422      -398      -844    -1,271
Capitalized Cost and Others                                             61      189      286         412         191      366      546
EBITDA                                                                2,826    5,733    8,475       11,412      2,929    5,977    9,175
EBITDA Margin                                                         44.1%    43.4%    42.6%       41.4%       41.4%    41.1%    41.6%
Depreciation & Amortization                                           -1,412   -2,845   -4,173      -5,542      -1,425   -2,833   -4,169
Writedowns and revaluations of non current assets                       -5       -5      -12          -63         1      -3,182   -3,182
Gains / losses of non current assets realization                        -1       -2      14           11          0        -3      23
EBIT                                                                  1,408    2,881    4,304        5,818      1,505     -41     1,847
EBIT Margin                                                           22.0%    21.8%    21.6%       21.1%       21.3%    -0.3%    8.4%
Income (loss) equity invest. Valued equity method                      25       39       48           99          -4      -12      -19
Net Financial Income / (Expenses)                                     -472      -996    -1,549      -1,785      -453      -946    -1,451
Income before Taxes & Disc.ops.                                        961     1,924    2,803        4,132      1,048     -999     377
% on Revenues                                                         15.0%    14.6%    14.1%       15.0%       14.8%    -6.9%    1.7%
Taxes                                                                 -355      -682     -899        -550       -396      -781    -1,237
Tax Rate                                                              36.9%    35.4%    32.1%       13.3%       37.8%    35.8%    34.8%
Income before Disc.ops.                                                606     1,242    1,904        3,582       652     -1,780    -860
Net Income (loss) of assets disposed                                    0        -2       -2          -7          0       -11      -11
Net Income (ante Minorities)                                           606     1,240    1,902        3,575       652     -1,791    -871
% on Revenues                                                         9.4%     9.4%     9.6%        13.0%       9.2%     -12.3%   -3.9%
Minorities                                                              -5      -29      -83         -454       -103      -222     -335
Net Income (post Minorities)                                           601     1,211    1,819        3,121       549     -2,013   -1,206
% on Revenues                                                         9.4%     9.2%     9.1%        11.3%       7.8%     -13.8%   -5.5%



Other non organic items on REVENUES (Exceptional items)                 0       -35      -35          -28         0        0        0
REVENUES b/other non organic items (Exceptional items)                6,413    13,188   19,864      27,543      7,073    14,543   22,059


Other non organic items on EBITDA (Exceptional items)                  10       -19      237         354         37       44       59
EBITDA b/other non organic items (Exceptional items)                  2,836    5,714    8,712       11,766      2,966    6,021    9,234
EBITDA Margin                                                         44.2%    43.2%    43.8%       42.7%       41.9%    41.4%    41.9%


Other non organic items on EBIT (Exceptional items)                    10       -19      220         383         37      3,225    3,205
EBIT b/other non organic items (Exceptional items)                    1,418    2,862    4,524        6,201      1,542    3,184    5,052
EBIT Margin                                                           22.1%    21.6%    22.7%       22.5%       21.8%    21.9%    22.9%
                           Index
click on the links below

P&L Group by quarter
Key Financial data by BU YTD
Key Financial data by BU quarter
Net Debt & Cashflow
Balance Sheet
Domestic Business Results
Domestic Wireline Results
Domestic Mobile Results
TIM Brasil Results
TA Results
2010 Rep & Org
                                                          P&L Group


(€ mln)                                                      1Q10           2Q10           3Q10           4Q10 with        1Q11     2Q11     3Q11
                                                                                                             TA
REVENUES                                                     6,413          6,810          6,676            7,672          7,073    7,470    7,516                                     Index
Other Operating Income                                        53             51             56               95             48       60       59            click on the links below

TOTAL REVENUES & OTHER INCOME                                6,466          6,861          6,732            7,767          7,121    7,530    7,575          P&L Group YTD
Total Purchases of materials and external services           -2,498         -2,870         -2,760           -3,286         -2,995   -3,237   -3,241         Key Financial data by BU YTD
Personel                                                      -938          -907           -1,066           -1,110         -990      -974    -920           Key Financial data by BU quarter
Other operating costs                                         -265          -305           -292              -560          -398      -446    -427           Net Debt & Cashflow
Capitalized Cost and Others                                    61            128            128              126            191      175      211           Balance Sheet
EBITDA                                                       2,826          2,907          2,742            2,937          2,929    3,048    3,198          Domestic Business Results
EBITDA Margin                                                44.1%          42.7%          41.1%            38.3%          41.4%    40.8%    42.5%          Domestic Wireline Results
Depreciation & Amortization                                  -1,412         -1,433         -1,328           -1,369         -1,425   -1,408   -1,336         Domestic Mobile Results
Writedowns and revaluations of non current assets              -5             0              -7              -51             1      -3,183     0            TIM Brasil Results
Gains / losses of non current assets realization               -1             -1            16                -3             0        -3      26            TA Results
EBIT                                                         1,408          1,473          1,423            1,514          1,505    -1,546   1,888          2010 Rep & Org
EBIT Margin                                                  22.0%          21.6%          21.3%            19.7%          21.3%    -20.7%   25.1%
Income (loss) equity invest. Valued equity method             25             14              9               51              -4       -8       -7
Net Financial Income / (Expenses)                             -472          -524           -553              -236          -453      -493    -505
Income before Taxes & Disc.ops.                               961            963            879             1,329          1,048    -2,047   1,376
% on Revenues                                                15.0%          14.1%          13.2%            17.3%          14.8%    -27.4%   18.3%
Taxes                                                         -355          -327           -217              349           -396      -385    -456
Tax Rate                                                     36.9%          34.0%          24.7%            -26.3%         37.8%    -18.8%   33.1%
Income before Disc.ops.                                       606            636            662             1,678           652     -2,432    920
Net Income (loss) of assets disposed                           0              -2             0                -5             0       -11       0
Net Income (ante Minorities)                                  606            634            662             1,673           652     -2,443    920
% on Revenues                                                9.4%           9.3%           9.9%             21.8%          9.2%     -32.7%   12.2%
Minorities                                                     -5            -24            -54              -371          -103      -119    -113
Net Income (post Minorities)                                  601            610            608             1,302           549     -2,562    807
% on Revenues                                                9.4%           9.0%           9.1%             17.0%          7.8%     -34.3%   10.7%



Other non organic items on REVENUES (Exceptional items)        0             -35             0                7              0        0        0
REVENUES b/other non organic items (Exceptional items)              6,413          6,775          6,676            7,679   7,073    7,470           7,516


Other non organic items on EBITDA (Exceptional items)         10             -29            256              117            37        7       15
EBITDA b/other non organic items (Exceptional items)         2,836          2,878          2,998            3,054          2,966    3,055    3,213
EBITDA Margin                                                44.2%          42.3%          44.9%            39.8%          41.9%    40.9%    42.7%


Other non organic items on EBIT (Exceptional items)           10             -29            239              163            37      3,188     -20
EBIT b/other non organic items (Exceptional items)           1,418          1,444          1,662            1,677          1,542    1,642    1,868
EBIT Margin                                                  22.1%          21.2%          24.9%            21.9%          21.8%    22.0%    24.9%
                                                     Key financial data by Business Unit



REVENUES           (€ mln)                                                                    1Q10           1H10            9M10            2010               1Q11       1H11     9M11     9M10 Pro-
                                                                                                                                                                                             Forma with
                                                                                                                                                                                                TA*
Domestic                                                                                      4,974           10,091         15,032          20,068             4,596      9,356    14,098     15,032                                Index
      o/w Wireline Domestic                                                                   3,498           7,058          10,516          14,116             3,331      6,691    10,040     10,516     click on the links below
      o/w Mobile Domestic                                                                     1,907           3,908           5,822           7,692             1,679      3,496    5,286       5,822     P&L Group YTD
Brasile                                                                                       1,323           2,875           4,498           6,199             1,646      3,499    5,395       4,498     P&L Group by quarter
Argentina                                                                                                                                     798                753       1,511    2,324       2,049     Key Financial data by BU quarter
TI Media                                                                                        57             127             177            258                    52     118      170        177       Net Debt & Cashflow
Olivetti                                                                                        73             176             259            391                    78     161      226        259       Balance Sheet
Other activities                                                                                21              43             64              64                    1       1        2          64       Domestic Business Results
Elim & Adj                                                                                     -35             -89            -131            -207                   -53    -103     -156       -157      Domestic Wireline Results
TI Group                                                                                      6,413           13,223         19,899          27,571             7,073      14,543   22,059     21,922     Domestic Mobile Results
                                                                                                                                                                                                          TIM Brasil Results
other non organic items (exceptional items)                                                     0              -35             -35             -28                   0       0        0          -35      TA Results
                                                                                                                                                                                                          2010 Rep & Org
EBITDA Reported              (€ mln)
Domestic                                                                                      2,451           4,920           7,210           9,393             2,236      4,547    6,993       7,210
Brasile                                                                                        381             823            1,281           1,801              452        948     1,444       1,281
Argentina                                                                                                                                     245                257        506      759        689
TI Media                                                                                        2               9              10              13                    2       9       27          10
Olivetti                                                                                       -10             -16             -24             -19                   -14    -24      -36         -24
Other activities                                                                                -2              -4              -3             -21                   -2      -9      -11         -3
Elim & Adj                                                                                      4               1               1               0                    -2      0        -1         -1
TI Group                                                                                      2,826           5,733           8,475          11,412             2,929      5,977    9,175       9,162


EBITDA Margin Reported
Domestic                                                                                      49.3%           48.8%           48.0%          46.8%              48.7%      48.6%    49.6%       48.0%
Brasile                                                                                       28.8%           28.6%           28.5%          29.1%              27.5%      27.1%    26.8%       28.5%
Argentina                                                                                                                                    30.7%              34.1%      33.5%    32.7%       33.6%
TI Media                                                                                       3.5%           7.1%            5.6%            5.0%               3.8%      7.6%     15.9%       5.6%
Olivetti                                                                                      -13.7%          -9.1%           -9.3%           -4.9%             -17.9%     -14.9%   -15.9%      -9.3%
TI Group                                                                                      44.1%           43.4%           42.6%          41.4%              41.4%      41.1%    41.6%       41.8%


Other non organic items on EBITDA (Exceptional items)       (€ mln)
Domestic                                                                                        10             -19             237            346                    37     44       76         237
Brasile                                                                                         0               0               0               0                    0       0        3          0
Argentina                                                                                                                                       0                    0       0        0          0
TI Group                                                                                        10             -19             237            354                    37     44       59         237


EBITDA before other non organic items (exceptional tems)          (€ mln)
Domestic                                                                                      2,461           4,901           7,447           9,739             2,273      4,591    7,069       7,447
Brasile                                                                                        381             823            1,281           1,801              452        948     1,447       1,281
Argentina                                                                                                                                     245                257        506      759        689
TI Group                                                                                      2,836           5,714           8,712          11,766             2,966      6,021    9,234       9,399


EBIT Reported (€ mln)                                                                         1Q10           1H10            9M10            2010               1Q11       1H11     9M11     9M10 Pro-
                                                                                                                                                                                             Forma with
                                                                                                                                                                                                TA*
Domestic                                                                                      1,366           2,758           4,038           5,162             1,222       -686     850        4,038
Brasile                                                                                         65             165             332            685                184        440      683        332
Argentina                                                                                                                                     110                130        257      378        449
TI Media                                                                                       -13             -21             -35             -92                   -13    -20      -16         -35
Olivetti                                                                                       -11             -18             -27             -24                   -15    -27      -40         -27
Other activities                                                                                -8             -14             -19             -38                   -2      -9      -11         -19
Elim & Adj                                                                                      9               11             15              15                    -1      4        3          15
TI Group                                                                                      1,408           2,881           4,304           5,818             1,505       -41     1,847       4,753


EBIT Margin Reported
Domestic                                                                                      27.5%           27.3%           26.9%          25.7%              26.6%      -7.3%    6.0%        26.9%
Brasile                                                                                        4.9%           5.7%            7.4%           11.1%              11.2%      12.6%    12.7%       7.4%
Argentina                                                                                                                                    13.8%               7.9%      7.3%     7.0%        10.0%
TI Media                                                                                      -22.8%         -16.5%          -19.8%          -35.7%             -25.0%     -16.9%   -9.4%      -19.8%
Olivetti                                                                                      -15.1%         -10.2%          -10.4%           -6.1%             -19.2%     -16.8%   -17.7%     -10.4%
TI Group                                                                                      22.0%           21.8%           21.6%          21.1%              21.3%      -0.3%    8.4%        21.7%


Other non organic items on EBIT (Exceptional items)     (€ mln)
Domestic                                                                                        10             -19             218            328                    37    3,225    3,222       218
Brasile                                                                                         0               0               0               0                    0       0        3          0
TI Group                                                                                        10             -19             220            383                    37    3,225    3,205       218


CAPEX (€ mln)
Domestic                                                                                       752            1,487           2,153           3,106              663       1,358    2,015       2,153
Brasile                                                                                        277             507             741            1,216              130        444      807        741
Argentina                                                                                                                                     188                    91     205      331        309
TI Media                                                                                        11              21             37              67                    14     26       33          37
Olivetti                                                                                        1               3               4               5                    2       3        4          4
Other, Elim & Adj                                                                               1               3               3               1                    0       1        0          4
TI Group                                                                                      1,042           2,021           2,938           4,583              901       2,037    3,190       3,248


CAPEX ON SALES (%)
Domestic                                                                                      15.1%           14.7%           14.3%          15.5%              14.4%      14.5%    14.3%       14.3%
Brasile                                                                                       20.9%           17.6%           16.5%          19.6%               7.9%      12.7%    15.0%       16.5%
Argentina                                                                                                                                    23.6%               5.5%      5.9%     6.1%        15.1%
TI Media                                                                                      19.3%           16.5%           20.9%          26.0%              26.9%      22.0%    19.4%       20.9%
Olivetti                                                                                       1.4%           1.7%            1.5%            1.3%               2.6%      1.9%     1.8%        1.5%
TI Group                                                                                      16.2%           15.3%           14.8%          16.6%              12.7%      14.0%    14.5%       14.8%



*Unaudited and reprocessed data supllied only for information (comparison and description) puorposes. Such data are not included into Telecom Italia Group results
                                              Key financial data by Business Unit



REVENUES           (€ mln)                                                1Q10     2Q10     3Q10     4Q10     1Q11     2Q11     3Q11
Domestic                                                                  4,974    5,117    4,941    5,036    4,596    4,760    4,742                               Index
    o/w Wireline Domestic                                                 3,498    3,560    3,458    3,600    3,331    3,360    3,349    click on the links below

    o/w Mobile Domestic                                                   1,907    2,001    1,914    1,870    1,679    1,817    1,790    P&L Group YTD
Brasile                                                                   1,323    1,552    1,623    1,701    1,646    1,853    1,896    P&L Group by quarter
Argentina                                                                                             798      753      758      813     Key Financial data by BU YTD
TI Media                                                                   57       70       50       81       52       66       52      Net Debt & Cashflow
Olivetti                                                                   73       103      83       132      78       83       65      Balance Sheet
Other activities                                                           21       22       21        0        1        0        1      Domestic Business Results
Elim & Adj                                                                 -35      -54      -42      -76      -53      -50      -53     Domestic Wireline Results
TI Group                                                                  6,413    6,810    6,676    7,672    7,073    7,470    7,516    Domestic Mobile Results
                                                                                                                                         TIM Brasil Results
other non organic items (exceptional items)                                 0       -35       0        7        0        0        0      TA Results
                                                                                                                                         2010 Rep & Org
EBITDA Reported              (€ mln)
Domestic                                                                  2,451    2,469    2,290    2,183    2,236    2,311    2,446
Brasile                                                                    381      442      458      520      452      496      496
Argentina                                                                                             245      257      249      253
TI Media                                                                    2        7        1        3        2        7       18
Olivetti                                                                   -10       -6       -8       5       -14      -10      -12
Other activities                                                            -2       -2       1       -18       -2       -7       -2
Elim & Adj                                                                  4        -3       0        -1       -2       2        -1
TI Group                                                                  2,826    2,907    2,742    2,937    2,929    3,048    3,198


EBITDA Margin Reported
Domestic                                                                  49.3%    48.3%    46.3%    43.3%    48.7%    48.6%    51.6%
Brasile                                                                   28.8%    28.5%    28.2%    30.6%    27.5%    26.8%    26.2%
Argentina                                                                                            30.7%    34.1%    32.8%    31.1%
TI Media                                                                  3.5%     10.0%    2.0%     3.7%     3.8%     10.6%    34.6%
Olivetti                                                                  -13.7%   -5.8%    -9.6%    3.8%     -17.9%   -12.0%   -18.5%
TI Group                                                                  44.1%    42.7%    41.1%    38.3%    41.4%    40.8%    42.5%


Other non organic items on EBITDA (Exceptional items)     (€ mln)
Domestic                                                                   10       -29      256      109      37        7       32
Brasile                                                                     0        0        0        0        0        0        3
Argentina                                                                                              0        0        0        0
TI Group                                                                   10       -29      256      117      37        7       15


EBITDA before other non organic items (exceptional tems)        (€ mln)
Domestic                                                                  2,461    2,440    2,546    2,292    2,273    2,318    2,478
Brasile                                                                    381      442      458      520      452      496      499
Argentina                                                                                             245      257      249      253
TI Group                                                                  2,836    2,878    2,998    3,054    2,966    3,055    3,213


EBIT Reported (€ mln)                                                     1Q10     2Q10     3Q10     4Q10     1Q11     2Q11     3Q11
Domestic                                                                  1,366    1,392    1,280    1,124    1,222    -1,908   1,536
Brasile                                                                    65       100      167      353      184      256      243
Argentina                                                                                             110      130      127      121
TI Media                                                                   -13       -8      -14      -57      -13       -7       4
Olivetti                                                                   -11       -7       -9       3       -15      -12      -13
Other activities                                                            -8       -6       -5      -19       -2       -7       -2
Elim & Adj                                                                  9        2        4        0        -1       5        -1
TI Group                                                                  1,408    1,473    1,423    1,514    1,505    -1,546   1,888


EBIT Margin Reported
Domestic                                                                  27.5%    27.2%    25.9%    22.3%    26.6%    -40.1%   32.4%
Brasile                                                                   4.9%     6.4%     10.3%    20.8%    11.2%    13.8%    12.8%
Argentina                                                                                            13.8%    17.3%    16.8%    14.9%
TI Media                                                                  -22.8%   -11.4%   -28.0%   -70.4%   -25.0%   -10.6%   7.7%
Olivetti                                                                  -15.1%   -6.8%    -10.8%   2.3%     -19.2%   -14.5%   -20.0%
TI Group                                                                  22.0%    21.6%    21.3%    19.7%    21.3%    -20.7%   25.1%


Other non organic items on EBIT (Exceptional items)   (€ mln)
Domestic                                                                   10       -29      237      110      37      3,188      -3
Brasile                                                                     0        0        0        0        0        0        3
TI Group                                                                   10       -29      239      163      37      3,188     -20


CAPEX (€ mln)
Domestic                                                                   752      735      666      953      663      695      657
Brasile                                                                    277      230      234      475      130      314      363
Argentina                                                                                             188      91       114      126
TI Media                                                                   11       10       16       30       14       12        7
Olivetti                                                                    1        2        1        1        2        1        1
Elim & Adj                                                                  1        2        0        -2       0        1        -1
TI Group                                                                  1,042     979      917     1,645     901     1,137    1,153


CAPEX ON SALES (%)
Domestic                                                                  15.1%    14.4%    13.5%    18.9%    14.4%    14.6%    13.9%
Brasile                                                                   20.9%    14.8%    14.4%    27.9%    7.9%     16.9%    19.1%
Argentina                                                                                            23.6%    12.1%    15.0%    15.5%
TI Media                                                                  19.3%    14.3%    32.0%    37.0%    26.9%    18.2%    13.5%
Olivetti                                                                  1.4%     1.9%     1.2%     0.8%     2.6%     1.2%     1.5%
TI Group                                                                  16.2%    14.4%    13.7%    21.4%    12.7%    15.2%    15.3%
                                    Net Cash Flow & Net Debt Dynamics (mln euro)

                                                                                                                                                                  2010 With
                                                                                                                      IQ10           1H10           9M10                         1Q11           1H11           9M11
                                                                                                                                                                     TA


EBIT DA                                                                                                              2,826           5,733          8,475          11,412        2,929          5,977          9,175                                     Index
CAPEX                                                                                                                -1,042          -2,021         -2,938         -4,583        -901           -2,037         -3,190         click on the links below
D Working Capital & others (1)                                                                                       -1,030          -1,560         -2,086          -616         -952           -1,428         -1,461         P&L Group YTD
 - of w hich TI Sparkle settlement                                                                                                                   -389           -389                                                      P&L Group by quarter
                                                                                                                                                                                                                              Key Financial data by BU YTD
Operating Free Cash Flow                                                                                               754           2,152          3,451           6,213        1,076          2,512          4,524          Key Financial data by BU quarter
                                                                                                                                                                                                                              Balance Sheet
Cash Financial Expenses & financial accruals                                                                          -433             -897         -1,378         -1,854        -439             -879         -1,319         Domestic Business Results
 - of w hich cash financial expenses                                                                                  -637           -1,177         -1,501         -1,903        -633           -1,160         -1,428         Domestic Wireline Results
 - of w hich financial accruals                                                                                       204              280            123            49          194              281            109          Domestic Mobile Results
                                                                                                                                                                                                                              TIM Brasil Results
Cash taxes                                                                                                             -12            -49            -683          -1,392         -57            -208           -701          TA Results
                                                                                                                                                                                                                              2010 Rep & Org
Other impacts                                                                                                          379            224            635            607           266            249            342
 - of w hich ETECSA disposal                                                                                                                                                      374            386            398
 - of w hich TA stake increase                                                                                                                                                   -155           -155           -155
 - of w hich Hansenet disposal                                                                                        853            853             810            810
 - of w hich seized amount for Sparkle case                                                                           -282           -282            -10            -10

Dividends                                                                                                              -1            -1,060         -1,061         -1,093          0            -1,325         -1,326

Net cash flow                                                                                                          687            370            964            2,481         846            349           1,520

OPENING NET DEBT (Adj usted)                                                                                         33,949          33,949         33,949         33,949        31,468         31,468         31,468

Net cash flow                                                                                                          687            370            964            2,481         846            349           1,520

ENDING NET DEBT (Adj usted)                                                                                          33,262          33,579         32,985         31,468        30,622         31,119         29,948

Adj for fair value valuation of derivatives and related underlyings                                                    872            450            788            619           350            386            302

ENDING NET DEBT (Reported)                                                                                           34,134          34,029         33,773         32,087        30,972         31,505         30,250

(1) D Working Capital & others is the sum of items caractherized by the element (1) in the below reported cash flow statement



                                     Consolidated Cash Flow Statement (mln euro)


€ mln                                                                                                                 IQ10           1H10           9M10          2010 With      1Q11           1H11           9M11
                                                                                                                                                                     TA

CASH FLOWS FROM OPERATING ACTIVITIES:
Profit from continuing operations                                                                                           606
                                                                                                                                        1,242          1,904          3,582             652       (1,780)          (860)
Adjustments for:
       Depreciation and amortization                                                                                    1,412
                                                                                                                                        2,845          4,173          5,542         1,425          2,833          4,169
       Impairment losses (reversals) of non-current assets (including investments)                                         -
                                                                                                                                            52             71          (116)             2         3,189          3,196
       Net change in deferred tax assets and liabilities                                                                  338
                                                                                                                                          618            383           (749)          260            516            583
       Losses (gains) realized on disposals of non-current assets (including investments)                                  -
                                                                                                                                              1           (15)           (41)          (17)           (11)           (37)
       Share of losses (profits) of associates and joint ventures accounted for using the equity method                    (25)
                                                                                                                                           (39)           (48)           (99)            4             12             19
       Change in employee benefits (1)                                                                                       (2)
                                                                                                                                             (5)         204              73             1            (55)           (95)
       Change in inventories (1)                                                                                            78
                                                                                                                                          109            107              96           (39)           (73)         (124)
       Change in trade receivables and net receivables on construction contracts (1)                                        67
                                                                                                                                         (598)          (335)             13          161           (278)           131
       Change in trade payables (1)                                                                                      (568)
                                                                                                                                         (621)          (808)          (278)         (270)          (258)          (496)
        Net change in current income tax receivables/payables                                                                (6)
                                                                                                                                             (4)        (190)          (170)            30            (53)           (30)
        Net change in miscellaneous receivables/payables and other assets/liabilities                                    (690)
                                                                                                                                         (626)          (889)          (980)           (98)             (1)        (166)
         of w hich
          - other changes in operating receivables/payables (1)
                                                                                                                         (248)                (4)       (154)          (157)        (258)          (187)           (293)
          - change in operating provisions and other changes (1)
                                                                                                                           (40)             (37)        (467)          (466)           (1)            8              (48)
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
                                                                                                                         1,210          2,974          4,557          6,873         2,111          4,041          6,290
CASH FLOWS FROM INVESTING ACTIVITIES:
      Purchase of intangible assets on an accrual basis
                                                                                                                          (482)           (896)       (1,249)        (1,781)         (404)           (853)       (1,309)
      Purchase of tangible assets on an accrual basis
                                                                                                                          (560)        (1,125)        (1,689)        (2,802)         (497)        (1,184)        (1,881)
      T otal purchases of intangible and tangible assets on an accrual basis
                                                                                                                        (1,042)         (2,021)        (2,938)        (4,583)         (901)        (2,037)        (3,190)
      Change in amounts due to fixed asset suppliers (1)
                                                                                                                          (317)           (404)          (633)           103         (546)           (585)          (536)
      T otal purchase of intangible and tangible assets on a cash basis
                                                                                                                        (1,359)         (2,425)        (3,571)        (4,480)      (1,447)         (2,622)        (3,726)
      Acquisitions of subsidiaries and businesses, net of cash acquired
                                                                                                                              -              (3)            (3)            (4)            -              -            (20)
      Net cash and cash equivalents arising from the acquisition of the control of the Sofora group - Argentina
                                                                                                                              -                                           392             -
      Acquisitions/disposals of other investments
                                                                                                                              -             -             (35)             35            (1)           (1)            (1)
      Change in financial receivables and other financial assets
                                                                                                                            721          (339)            (86)            502          546           516           (471)
      Proceeds from sale of subsidiaries, net of cash disposed of
                                                                                                                            151           141            142              180            (1)           (2)           51
      Proceeds from sale/repayment of intangible, tangible and other non-current assets                                       7            12              47              56          378           394            412
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES                                                                             (480)       (2,614)        (3,506)         (3,319)         (525)       (1,715)        (3,755)

CASH FLOWS FROM FINANCING ACTIVITIES:
      Change in current financial liabilities and other
                                                                                                                            75          1,281          1,245             957         (838)          (874)           448
      Proceeds from non-current financial liabilities (including current portion)
                                                                                                                         1,256          1,457          1,659           2,007        1,130          2,058          2,445
      Repayments of non-current financial liabilities (including current portion)
                                                                                                                        (3,236)        (4,323)        (4,915)         (5,842)      (1,470)        (3,514)        (4,986)
      Proceeds from equity instruments
                                                                                                                              -             -                              -            -              -
      Considerations paid for equity instruments
                                                                                                                              -             -                              -            -              -
      Proceeds from increase/refund of share capital
                                                                                                                              -            44             67              67            -              -
      Dividends paid
                                                                                                                             (1)       (1,060)        (1,061)         (1,093)           -         (1,325)        (1,326)
      Changes in ownership interests in consolidated subsidiaries
                                                                                                                              -             -                              -         (155)          (155)          (155)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
                                                                                                                        (1,906)        (2,601)        (3,005)         (3,904)      (1,333)        (3,810)        (3,574)

CASH FLOWS FROM (USED IN) DISCONTINUED OPERATIONS/ NON-CURRENT ASSETS HELD FOR SALE                                             -              -                            -              -              -

AGGREGATE CASH FLOWS
                                                                                                                        (1,176)        (2,241)        (1,954)          (350)            253       (1,484)        (1,039)
NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
                                                                                                                         5,484          5,484          5,484          5,484         5,282          5,282          5,282

Net effect of exchange differences on net cash and cash equiv alents
                                                                                                                              35            117              83           148           (65)            (54)       (132)

NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                                                                   4,343          3,360          3,613          5,282         5,470          3,744          4,111

ADDITIONAL CASH FLOW INFORMATION (MLN €):                                                                                                                         2010 With
                                                                                                                      IQ10           1H10           9M10                         1Q11           1H11           9M11
                                                                                                                                                                     TA


        Income taxes (paid) received
                                                                                                                              (12)         (49)         (683)         (1,392)            (57)       (208)          (701)
        Interest expense paid
                                                                                                                            (880)      (1,795)        (2,338)         (3,079)          (947)      (1,792)        (2,273)
        Interest income received
                                                                                                                             257          618            837           1,176            314          632            845
        Dividends received
                                                                                                                                -            1             2               3               -           1              1




ANALYSIS OF NET CASH AND CASH EQUIVALENTS:                                                                                                                        2010 With
                                                                                                                      IQ10           1H10           9M10                         1Q11           1H11           9M11
                                                                                                                                                                     TA

NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD:
      Cash and cash equivalents - from continuing operations
                                                                                                                         5,504          5,504          5,504          5,504         5,526          5,526          5,526
      Bank overdraft repayable on demand – from continuing operations
                                                                                                                          (101)          (101)          (101)          (101)         (244)          (244)          (244)
      Cash and cash equivalents - from discontinued operations/non-current assets held for sale
                                                                                                                            81             81             81             81             -              -
      Bank overdraft repayable on demand – from discontinued operations/non-current assets held for sale
                                                                                                                                            -                             -
                                                                                                                         5,484          5,484          5,484          5,484         5,282          5,282          5,282

NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD:
      Cash and cash equivalents - from continuing operations
                                                                                                                         4,560          3,507          3,818          5,526         5,487          3,760          4,142
        Bank overdraft repayable on demand – from continuing operations
                                                                                                                          (217)          (166)          (206)          (244)          (17)           (16)              (31)
        Cash and cash equivalents - from discontinued operations/non-current assets held for sale
                                                                                                                             -             19              1              -             -              -
        Bank overdraft repayable on demand – from discontinued operations/non-current assets held for sale
                                                                                                                             -              -                             -             -              -              -
                                                                                                                         4,343          3,360          3,613          5,282         5,470          3,744          4,111
        UNAUDITED FIGURES
                                        Consolidated Balance Sheet


                                                                                              FY10 with
€ mln                                                                            FY09                          1Q11            1H11            9M11
                                                                                                 TA
ASSETS                                                                                                                                                                                    Index
NON-CURRENT ASSETS                                                                                                                                             click on the links below

Intangible assets                                                                                                                                              P&L Group YTD
Goodwill                                                                           43,615          43,923        43,848          40,701          40,565        P&L Group by quarter
Intangible assets with a finite useful life                                         6,284           7,936         7,575           7,487           7,260        Key Financial data by BU YTD
                                                                                   49,899          51,859        51,423          48,188          47,825        Key Financial data by BU quarter
Tangible assets                                                                                                                                                Net Debt & Cashflow
Property, plant and equipment owned                                                13,717          15,238        14,650          14,478          14,260        Domestic Business Results
Assets held under finance leases                                                    1,296           1,177         1,151           1,124           1,112        Domestic Wireline Results
                                                                                   15,013          16,415        15,801          15,602          15,372        Domestic Mobile Results
Other non-current assets                                                                                                                                       TIM Brasil Results
Investments in associates and joint ventures accounted for using the equity
                                                                                        435               85              81              73              66   TA Results
method
Other investments                                                                      53              43            45              44              42        2010 Rep & Org
Securities, financial receivables and other non-current financial assets            1,119           1,863         1,433           1,542           2,737
Miscellaneous receivables and other non-current assets                                893             934         1,078           1,131           1,116
Deferred tax assets                                                                 1,199           1,863         1,416           1,141           1,218
                                                                                    3,699           4,788         4,053           3,931           5,179


TOTAL NON-CURRENT ASSETS (A)                                                       68,611          73,062        71,277          67,721          68,376


CURRENT ASSETS
Inventories                                                                           408             387           425             460             527
Trade and miscellaneous receivables and other current assets                        7,447           7,790         7,937           8,474           7,813
Current income tax receivables                                                         79             132             66            131             122
Other investments                                                                      39             -             -               -               -
Investments                                                                         1,843           1,316         1,310           1,301           1,030
Financial receivables and other current financial assets                            1,103             438           386             386             571
Cash and cash equivalents                                                           5,504           5,526         5,487           3,760           4,142
Current assets sub-total                                                           16,423          15,589        15,611          14,512          14,205


Discontinued operations/assets held for sale
of a financial nature                                                                  81            -                -               -
of a non-financial nature                                                           1,152            389              -               -
                                                                                    1,233            389              -               -

TOTAL CURRENT ASSETS (B)                                                           17,656          15,978        15,611          14,512          14,205

TOTAL ASSETS (A+B)                                                                 86,267          89,040        86,888          82,233          82,581

EQUITY AND LIABILITIES
EQUITY
Equity attributable to equity holders of the Parent                                25,952          28,819        29,412          25,760          26,268
Equity attributable to Minority Interests                                           1,168           3,736         3,516           3,550           3,550
TOTAL EQUITY (C)                                                                   27,120          32,555        32,928          29,310          29,818

NON-CURRENT LIABILITIES
Non-current financial liabilities                                                  36,797          34,348        32,948          33,086          34,255
Employee benefits                                                                   1,075           1,129         1,132           1,068           1,041
Deferred tax liabilities                                                              198             991           888             866           1,047
Provisions                                                                            782             860           850             825             827
Miscellaneous payables and other non-current liabilities                            1,084           1,086         1,080           1,059           1,080
TOTAL NON-CURRENT LIABILITIES (D)                                                  39,936          38,414        36,898          36,904          38,250

CURRENT LIABILITIES
Current financial liabilities                                                       6,941           6,882         6,640           5,408           4,475
Trade and miscellaneous payables and other current liabilities                     11,020          10,954        10,220          10,409           9,831
Current income tax payables                                                           283             235           202             202             207
Current liabilities sub-total (E)                                                  18,244          18,071        17,062          16,019          14,513

Liabilities directly associated with Discontinued operations/Non-current
assets held for sale
of a financial nature                                                                   659           -               -               -               -
of a non-financial nature                                                               308           -               -               -               -
                                                                                        967           -               -               -               -

TOTAL CURRENT LIABILITIES (E)                                                      19,211          18,071        17,062          16,019          14,513

TOTAL LIABILITIES (F=D+E)                                                          59,147          56,485        53,960          52,923          52,763

TOTAL EQUITY AND LIABILITIES (C+F)                                                 86,267          89,040        86,888          82,233          82,581

                                                                              UNAUDITED FIGURES
                            Domestic Business Results - Reported Figures

                                                                                                                  1Q10      D% yoy     2Q10      D% yoy   3Q10      D% yoy      4Q10      D% yoy    FY10      D% yoy    1Q11      D%   yoy   2Q11       D%   yoy   3Q11      D%   yoy

KPI's ('000)                                                                                                                                                                                                                                                                                                       Index
Wireline                                                                                                                                                                                                                                                                                click on the links below

    Fixed network connections                                                                                      18,254    -6.8%      18,062    -5.8%    17,881     -5.2%      17,609    -4.9%     17,609    -4.9%     17,367   -4.9%       17,124     -5.2%      16,959    -5.2%     P&L Group YTD
    Physical accesses                                                                                              15,901    -6.3%      15,741    -5.3%    15,584     -4.7%      15,351    -4.6%     15,351    -4.6%     15,145   -4.8%       14,962     -4.9%      14,827    -4.9%     P&L Group by quarter
    Broadband (retail+wholesale)                                                                                    8,859    6.4%        8,958    6.1%      9,033     5.4%        9,058    3.6%       9,058    3.6%       9,131   3.1%         9,117     1.8%        9,072    0.4%      Key Financial data by BU YTD
Mobile                                                                                                                                                                                                                                                                                  Key Financial data by BU quarter
    Total lines                                                                                                    30,393   -11.0%      30,545    -6.4%    30,632     -4.0%      31,018    0.5%      31,018    0.5%      31,038   2.1%        31,260     2.3%       31,679    3.4%      Net Debt & Cashflow
                                                                                                                                                                                                                                                                                        Balance Sheet
€ mln                                                                                                                                                                                                                                                                                   Domestic Wireline Results
REVENUES                                                                                                          4,974      -7.1%     5,117      -7.6%   4,941       -7.5%     5,036      -7.2%    20,068     -7.4%    4,596     -7.6%      4,760       -7.0%     4,742      -4.0%     Domestic Mobile Results
    o/w Domestic Wireline                                                                                         3,498      -4.9%     3,560      -4.4%   3,458       -2.9%     3,600      -4.6%    14,116     -4.2%    3,331     -4.8%      3,360       -5.6%     3,349      -3.2%     TIM Brasil Results
    o/w Domestic Mobile                                                                                           1,907      -7.4%     2,001     -11.2%   1,914      -12.3%     1,870     -11.0%    7,692     -10.5%    1,679     -12.0%     1,817       -9.2%     1,790      -6.5%     TA Results
Other non organic items (exceptional items)                                                                         0        n.m.       -35       n.m.      0         n.m.        7        n.m.      -28       n.m.       0        n.m.        0         n.m.        0        n.m.      2010 Rep & Org
REVENUES before other non organic items (exceptional items)                                                       4,974      -7.1%     5,082      -7.6%   4,941       -7.6%     5,043      -7.3%    20,040     -7.4%    4,596     -7.6%      4,760       -6.3%     4,742      -4.0%


EBITDA                                                                                                            2,451      -2.9%     2,469      -1.8%   2,290      -14.1%     2,183      0.1%     9,393      -5.0%    2,236     -8.8%      2,311       -6.4%     2,446      6.8%
    EBITDA Margin                                                                                                 49.3%      2.2pp     48.3%      2.8pp   46.3%       6.2pp     43.3%      3.2pp    46.8%      1.2pp    48.7%     -0.6pp     48.6%       0.3pp     51.6%      5.2pp
Other non organic items (exceptional items)                                                                         10      -37.5%      -29      -81.3%    256      3100.0%      109      -11.4%     346      112.8%      37      270.0%       7        -124.1%      32      -87.5%
EBITDA before other non organic items (exceptional items)                                                         2,461      -3.1%     2,440      -2.8%   2,546       -4.8%     2,292      -0.5%    9,739      -2.9%    2,273     -7.6%      2,318       -5.0%     2,478      -2.7%
   EBITDA Margin before other non organic items (exceptional items)                                               49.5%      2.1pp     47.7%      2.4pp   51.5%       9.1pp     45.5%      3.1pp    48.5%      2.3pp    49.5%     0.0pp      48.7%       1.0pp     52.3%      0.7pp
Depreciation & Amortization & others (1)                                                                          1,085      -3.2%     1,077      -9.9%   1,010       -6.4%     1,059      -2.3%    4,231      -5.8%    1,014     -6.5%      4,219      291.7%      910       -9.9%
EBIT                                                                                                              1,366      -1.9%     1,392      5.5%    1,280      -19.3%     1,124      2.6%     5,162      -4.3%    1,222     -10.5%     -1,908     -237.1%    1,536     20.0%
    EBIT Margin                                                                                                   27.5%      1.5pp     27.2%      3.4pp   25.9%       5.7pp     22.3%      2.1pp    25.7%      0.8pp    26.6%     -0.9pp     -40.1%     -67.3pp    32.4%      6.5pp
Other non organic items (exceptional items)                                                                         10      -37.5%      -29      -92.6%    237      -11950.0%    110       -9.8%     328       67.3%      37      270.0%     3,188     -11093.1%     -3      -101.3%
EBIT before other non organic items (exceptional items)                                                           1,376      -2.3%     1,363      -0.1%   1,517       -4.2%     1,234      1.3%     5,490      -1.5%    1,259     -8.5%      1,280       -6.1%     1,533      1.1%
    EBIT Margin before other non organic items (exceptional items)                                                27.7%      1.4pp     26.6%      2.0pp   30.7%       8.3pp     24.5%      2.1pp    27.4%      1.6pp    27.4%     -0.3pp     26.9%       0.3pp     32.3%      1.6pp
Capex                                                                                                              752       -9.7%      735       -4.7%    666       -17.5%      953      -13.7%    3,106     -11.6%     663      -11.8%      695        -5.4%      657       -1.4%
   % on revenues                                                                                                  15.1%      -0.4pp    14.4%      0.4pp   13.5%      -6.9pp     18.9%      -1.4pp   15.5%      -0.7pp   14.4%     -0.7pp     14.6%       0.2pp     13.9%      0.4pp
Headcount at period-end ('000)                                                                                    59,243     -4.8%     58,899     -4.4%   58,317      -4.3%     56,530     -4.8%    56,530     -4.8%    56,469    -4.7%      56,309      -4.4%     56,700     -2.8%




(1)
    Others includes Gains (losses) on disposals of non-current assets and Impairment reversals (losses) on non-
current assets
                                                                                                                                      UNAUDITED FIGURES
                                                                                           Domestic Wireline Results - Reported Figures

                                                          1Q10     D% yoy    2Q10     D% yoy    3Q10     D% yoy    4Q10     D% yoy    FY10     D% yoy    1Q11     D% yoy    2Q11     D% yoy    3Q11     D% yoy
KPI's                                                                                                                                                                                                                                        Index
          Fixed network connections ('000)                18,254    -6.8%    18,062    -5.8%    17,881    -5.2%    17,609    -4.9%    17,609    -4.9%    17,367    -4.9%    17,124    -5.2%    16,959    -5.2%    click on the links below

          Physical accesses ('000)                        15,901    -6.3%    15,741    -5.3%    15,584    -4.7%    15,351    -4.6%    15,351    -4.6%    15,145    -4.8%    14,962    -4.9%    14,827    -4.9%    P&L Group YTD
          OLO Access (on TI infrastructure)               6,471     17.2%    6,582     12.3%    6,703     11.0%    6,885     9.3%     6,885     9.3%     7,057     9.1%     7,103     7.9%     7,057     5.3%     P&L Group by quarter
                o/w ULL                                   4,370     12.9%    4,459     10.7%    4,545     10.2%    4,703     10.1%    4,703     10.1%    4,826     10.4%    4,880     9.4%     4,862     7.0%     Key Financial data by BU YTD
                o/w Virtual ULL                            97      -29.7%     86      -25.2%     83      -21.0%     79      -22.5%     79      -22.5%     64      -34.0%     60      -30.2%     62      -25.3%    Key Financial data by BU quarter
                o/w Shared Access (ADSL)(1)                137     -27.9%     127     -29.4%     123     -18.5%     114     -20.3%     114     -20.3%     105     -23.4%     100     -21.3%     96      -22.0%    Net Debt & Cashflow
                o/w Wholesale Line Rental                  870      35.9%     882      18.1%     916      14.1%     954      12.9%     954      12.9%    1,013     16.4%    1,015     15.1%     974      6.3%     Balance Sheet
                o/w Naked                                  996      45.6%    1,029     30.4%    1,038     21.1%    1,036     10.3%    1,036     10.3%    1,048     5.2%     1,047     1.7%     1,065     2.6%     Domestic Business Results
BroadBand Accesses Wholesale ('000)                       1,788     20.3%    1,825     15.2%    1,847     12.2%    1,883     8.2%     1,883     8.2%     1,937     8.3%     1,948     6.7%     1,931     4.5%     Domestic Mobile Results
TI Retail Broadband Accesses ('000)                       7,071     3.3%     7,134     4.0%     7,186     3.8%     7,175     2.5%     7,175     2.5%     7,194     1.7%     7,169     0.5%     7,141     -0.6%    TIM Brasil Results
o/w Business                                              1,535     3.6%     1,552     4.4%     1,574     4.7%     1,579     3.9%     1,579     3.9%     1,610     4.9%     1,615     4.1%     1,603     1.8%     TA Results
o/w Consumer                                              5,536     3.3%     5,582     3.9%     5,612     3.6%     5,596     2.1%     5,596     2.1%     5,584     0.9%     5,554     -0.5%    5,537     -1.3%    2010 Rep & Org
% flat offers on TI total portfolio (Consumer+Business)    84%      5.0pp     85%      4.4pp     86%      3.8pp     86%      3.1pp     86%      3.1pp     87%      3.0pp     87%      2.0pp     87%      1.4pp
Voip portfolio ('000)                                     2,433     -3.6%    2,297     -5.2%    2,172    -17.6%    2,016    -22.2%    2,016    -22.2%    1,888    -22.4%    1,761    -23.3%    1,651    -24.0%
% on BB retail lines                                      34.4%     -2.5pp   32.2%     -3.1pp   30.2%     -7.9pp   28.1%     -8.9pp   28.1%     -8.9pp   26.2%     -8.2pp   24.6%     -7.6pp   23.1%     -7.1pp
IPTV ('000)                                                395      8.2%      395      -0.5%     391      -3.7%     374      -6.7%     374      -6.7%     350     -11.4%     328     -17.0%     296     -24.3%
BB Arpu (euro/mese)                                        18.7     2.2%      18.7     3.9%      18.6     2.2%      18.5     -1.1%     18.6     1.6%      18.4     -1.6%     18.3     -2.1%     18.6     0.0%


REVENUES(€ mln)
TOTAL                                                     3,498     -4.9%    3,560     -4.4%    3,458     -2.9%    3,600     -4.6%    14,116    -4.2%    3,331     -4.8%    3,360     -5.6%    3,349     -3.2%
Voice                                                     1,569    -11.5%    1,555    -10.1%    1,490     -9.0%    1,520     -8.7%    6,133     -9.8%    1,437     -8.4%    1,426     -8.3%    1,397     -6.2%
o/w traffic                                                612     -15.1%     602     -14.1%     560     -12.1%     584     -12.4%    2,358    -13.5%     539     -11.9%     540     -10.3%     518      -7.5%
o/w access                                                 830      -7.3%     822      -7.0%     810      -6.1%     799      -6.0%    3,262     -6.6%     785      -5.4%     774      -5.8%     775      -4.3%
o/w handsets                                               47      -17.5%     44      -13.7%     43      -10.4%     44      -12.0%     177     -14.5%     41      -12.8%     39      -11.4%     38      -11.6%
o/w voice VAS                                              80      -19.2%     86       -9.5%     77      -14.4%     92       -4.2%     336     -11.6%     72      -10.0%     72      -16.3%     66      -14.3%
Internet                                                   450      6.9%      437      4.0%      430      1.9%      434      -2.3%    1,751     2.6%      422      -6.2%     425      -2.7%     421      -2.1%
o/w narrowband                                              5      -50.0%      6      -25.0%      5      -28.6%      5      -16.7%     22      -26.7%      4      -20.0%      4      -33.3%      3      -40.0%
o/w BroadBand                                              445      8.0%      431      4.6%      425      2.4%      429      -2.3%    1,729     3.0%      418      -6.1%     421      -2.3%     418      -1.6%
Business Data                                              351     -13.1%     408      -3.3%     387      -2.3%     509      0.2%     1,655     -4.3%     364      3.7%      399      -2.2%     380      -1.8%
o/w leased lines                                           42      -10.6%     41      -18.0%     41       -4.7%     39      -22.0%     163     -14.2%     36      -14.3%     36      -12.2%     34      -17.1%
o/w traditional data                                       15      -11.8%     15       0.0%      14      -12.5%     19       11.8%     64       -1.5%     13      -13.3%     13      -13.3%     12      -14.3%
o/w BroadBand data                                         104     -14.8%     103      -1.9%     103      2.0%      100     -10.7%     410      -6.8%     105      1.0%      103      0.0%      104      1.0%
o/w Equipments                                             32      -25.6%     50       -3.8%     47       4.4%      72       12.5%     201      -1.5%     31       -3.1%     37      -26.0%     34      -27.7%
o/w ICT                                                    158      -9.2%     199      -0.5%     182      -4.2%     279      4.9%      818      -1.6%     179      13.3%     210      5.5%      196      7.7%
Wholesale                                                 1,035     2.8%     1,057     1.7%     1,044     3.2%     1,035     -2.4%    4,171     1.3%     1,015     -1.9%    1,023     -3.2%    1,052     0.8%
Subs. Adj. and Other                                       93       25.7%     103      -8.8%     107      11.5%     103      4.0%      406      6.6%      93       0.0%      87      -15.5%     98       -8.4%



(1)
      Included on TI Retail Access
                                                                       Domestic Mobile Results - Reported Figures
                                                                            1Q09      D% yoy      2Q09     D% yoy   3Q09     D% yoy   4Q09     D% yoy   FY09     D% yoy   1Q10     D% yoy    2Q10     D% yoy   3Q10     D% yoy   4Q10     D% yoy   FY10     D% yoy   1Q11     D% yoy   2Q11     D% yoy   3Q11     D% yoy
KPI's                                                                                                                                                                                                                                                                                                                                                 Index
Total number of lines ('000)                                                34,163     -4.9%      32,630    -8.8%   31,921    -9.5%   30,856   -11.3%   30,856   -11.3%   30,393    -11.0%   30,545    -6.4%   30,632    -4.0%   31,018    0.5%    31,018    0.5%    31,038    2.1%    31,260    2.3%    31,679    3.4%    click on the links below
Volumes of traffic (mln of minutes) (1)                                     11,819     -4.4%      12,272    -2.4%   12,025    -3.2%   12,453    0.8%    48,569    -2.3%   12,104    2.4%     12,805    4.3%    13,188    9.7%    13,847    11.2%   51,945    6.9%    13,310    10.0%   13,962    9.0%    13,735    4.1%    P&L Group YTD
        o/w Outgoing traffic volumes (mln of minutes) (2)                   8,412      -4.6%       8,740    -2.5%   8,504     -4.1%   8,617     -1.6%   34,272    -3.2%   8,547     1.6%     9,194     5.2%    9,633     13.3%   10,348    20.1%   37,722    10.1%   10,117    18.4%   10,612    15.4%   10,394    7.9%    P&L Group by quarter
        o/w Incoming traffic volumes (mln of minutes)                       3,408      -3.8%       3,532    -2.2%   3,522     -0.9%   3,836     6.4%    14,297    -0.1%   3,557     4.4%     3,611     2.2%    3,555     0.9%    3,499     -8.8%   14,223    -0.5%   3,193    -10.2%   3,350     -7.2%   3,341     -6.0%   Key Financial data by BU YTD
Handsets sold ('000)                                                         544       -38.5%      1,442   -35.7%   1,275    -24.9%   1,554    -49.4%   4,815    -39.0%    743      36.5%     925     -35.9%    630     -50.6%   1,306    -15.9%   3,604    -25.2%    898      20.9%   1,191     28.8%   1,031     63.7%   Key Financial data by BU quarter
Usage (min/line/month)(5)                                                    122        2.7%        132     7.0%     135      9.1%     144      15.3%    133      8.3%     145      18.7%     155      16.8%    159      18.4%    167      15.7%    156      17.5%    159      10.1%    167      8.0%     163      2.1%    Net Debt & Cashflow
ARPU(5)                                                                      18.6      -2.1%        20.2    1.0%     20.7     1.5%     20.3     -1.9%    20.0     -0.1%    19.7     5.6%      20.6     1.8%     19.6     -5.3%    18.8     -7.4%    19.7     -1.5%    17.0    -13.7%    18.0    -12.6%    17.5    -10.7%   Balance Sheet
REVENUES (€ mln), Reported figures                                                                                                                                                                                                                                                                                         Domestic Business Results
TOTAL                                                                       2,059      -7.1%       2,253    -7.1%   2,184    -10.6%   2,101    -19.3%   8,597    -11.3%   1,907     -7.4%    2,001    -11.2%   1,914    -12.4%   1,870    -11.0%   7,692    -10.5%   1,679    -12.0%   1,817     -9.2%   1,790     -6.5%   Domestic Wireline Results
        Service Revenues                                                    1,993      -5.9%       2,092    -4.9%   2,072     -8.4%   1,959    -12.9%   8,116     -8.1%   1,850     -7.2%    1,936     -7.5%   1,867     -9.9%   1,784     -8.9%   7,436     -8.4%   1,634    -11.7%   1,735    -10.4%   1,727     -7.5%   TIM Brasil Results
            o/w Outgoing voice (3)                                          1,154      -2.2%       1,186    -4.2%   1,168     -9.7%   1,075    -14.6%   4,583     -7.8%    991      -14.1%   1,057    -10.9%   1,020    -12.7%    965     -10.2%   4,033    -12.0%    876     -11.6%    923     -12.7%    924      -9.4%   TA Results
              o/w Incoming voice                                             304       -13.6%       315    -13.2%    290      -8.2%    306      -5.6%   1,214    -10.5%    287      -5.6%     291      -7.6%    243     -16.2%    240     -21.6%   1,061    -12.6%    219     -23.7%    231     -20.6%    183     -24.7%   2010 Rep & Org
              o/w Visitors and others                                        64        -5.9%         94     20.5%    86      -16.5%    53      -33.8%    298      -9.4%    61       -4.7%     76      -19.1%    89       3.5%     70       32.1%    296      -0.7%    63       3.3%     79       3.9%     95       6.7%
              o/w VAS (4)                                                    471       -9.1%        498     -4.0%    528      -3.8%    525     -10.6%   2,022     -6.9%    510      8.3%      512      2.8%     514      -2.7%    509      -3.0%   2,045     1.1%     475      -6.9%    503      -1.8%    524      1.9%
                   o/w messaging                                             239       -8.4%        236     -5.6%    242      -7.6%    235     -12.0%    951      -8.6%    210      -12.1%    225      -4.7%    222      -8.3%    228      -3.0%    885      -6.9%    208      -1.0%    211      -6.2%    212      -4.5%
                   o/w interactive                                           232       -9.7%        262     -2.2%    286      -0.3%    290      -9.4%   1,070     -5.6%    300      29.3%     286      9.2%     293      2.4%     281      -3.1%   1,160     8.4%     267     -11.0%    292      2.1%     312      6.5%
              VAS on Service revenues (%)                                   23.6%      -0.8pp      23.8%    0.2pp   25.5%     1.2pp   26.8%     0.7pp   24.9%     0.3pp   27.6%     3.9pp    26.4%     2.6pp   27.5%     2.0pp   28.5%     1.7pp   27.5%     2.6pp   29.1%     1.5pp   29.0%     2.6pp   30.3%     2.8pp
        Handsets                                                             66        -34.0%       161    -28.4%    112     -38.8%    143     -59.4%    482     -44.0%    58       -12.1%    65      -59.6%    47      -58.0%    86      -39.9%    256     -46.9%    45      -22.4%    82       26.2%    63       34.0%

(1)
      Incoming+Outgoing Mobile Retail + Wholesale excluding Visitors
(2)
    Roaming volumes not included                                                     Unaudited figures
(3)
    Outgoing voice revenues include roaming revenues
(4)
    Includes other wholesale reveneus
(5)
    Retail                                                                                                                                                                         UNAUDITED FIGURES
                                                     TIM Brasil Results - Organic figures
                                                 1Q10      D% yoy    2Q10     D% yoy    3Q10       D% yoy   4Q10     D% yoy   FY10     D% yoy   1Q11     D% yoy    2Q11     D% yoy   3Q11     D% yoy
KPI's - Mobile only                                                                                                                                                                                                               Index
Estimated Total Penetration (%) (1)              92.9%      13.2pp   95.8%    12.3pp    99.8%      13.2pp   105.6%   15.1pp   105.6%   15.1pp   108.3%   15.4pp    111.5%   15.7pp   115.1%   15.3pp   click on the links below
                                   (1)
Market Share on total lines (%)                  23.6%      0.1pp    24.0%    0.3pp     24.5%      0.7pp    25.1%    1.5pp    25.1%    1.5pp    25.1%    1.5pp     25.5%    1.5pp    26.0%    1.5pp    P&L Group YTD
Total Lines ('000)                               42,356     17.3%    44,413   17.4%     46,934     18.5%    51,015   24.1%    51,015   24.1%    52,836   24.7%     55,512   25.0%    59,197   26.1%    P&L Group by quarter
      -of which Prepaid                          35,754     19.5%    37,469   18.5%     39,712     19.3%    43,550   25.7%    43,550   25.7%    45,148   26.3%     47,507   26.8%    50,561   27.3%    Key Financial data by BU YTD
      -of which Postpaid                         6,602      6.9%     6,944    11.7%     7,222      14.6%    7,465    15.7%    7,465    15.7%    7,688    16.4%     8,005    15.3%    8,636    19.6%    Key Financial data by BU quarter
                    (2)
TOTAL ARPU                                        24.0      -8.4%     24.2    -9.4%         23.5   -11.7%    23.3    -13.7%    23.7    -10.9%    20.8    -13.3%     21.6    -10.7%    21.2    -9.8%    Net Debt & Cashflow
                    (1)
TOTAL MOU                                         100       42.9%     110     50.8%         123    36.7%     129     30.0%     116     39.8%     126     26.0%      127     15.1%     130      5.5%    Balance Sheet
                                                                                                                                                                                                       Domestic Business Results
MAIN RESULTS (IAS/IFRS, R$ mln)                                                                                                                                                                        Domestic Wireline Results
REVENUES Reported                                3,296      3.1%     3,559     1.3%     3,677       6.1%    3,925     9.9%    14,457    5.1%    3,752    13.8%     4,252    19.5%    4,371    18.9%    Domestic Mobile Results
       o/w Voice (Excluding visitors & others)   2,595      3.7%     2,707     5.1%     2,750       4.6%    2,931     3.7%    10,983    4.3%    2,790     7.5%     2,978    10.0%    3,034    10.3%    TA Results
       o/w VAS                                    392       12.0%     438     13.8%         453    13.5%     507     28.0%     c c     17.0%     502     28.1%      563     28.5%     644     42.2%    2010 Rep & Org
       o/w Handsets                               120      -34.4%     209     -42.1%        258     5.3%     299     116.7%    886     -4.4%     289     140.8%     508     143.1%    485     88.0%


EBITDA Reported                                   949       34.4%    1,012    16.1%     1,038      17.7%    1,202    13.3%    4,201    19.3%    1,031     8.6%     1,138    12.5%    1,144    10.2%
       EBITDA margin                             28.8%      6.7pp    28.4%    3.6pp     28.2%      2.8pp    30.6%    0.9pp    29.1%    3.5pp    27.5%    -1.3pp    26.8%    -1.7pp   26.2%    -2.1pp


EBITDA Organic                                    949       23.2%    1,012    15.1%     1,038      17.3%    1,202    12.5%    4,201    16.6%    1,031     8.6%     1,138    12.5%    1,152    11.0%
       EBITDA margin                             28.8%      4.7pp    28.4%    3.4pp     28.2%      2.7pp    30.6%    0.7pp    29.1%    2.9pp    27.5%    -1.3pp    26.8%    -1.7pp   26.4%    -1.9pp

Capex Reported                                    689      114.0%     521     -2.6%         526    -24.0%   1,100    -4.7%    2,836     5.0%     297     -56.9%     718     37.8%     837     59.1%
       % on revenues                             20.9%      10.8pp   14.6%    -0.6pp    14.3%      -5.7pp   28.0%    -4.3pp   19.6%    0.0pp    7.9%     -13.0pp   16.9%    2.2pp    19.1%    4.8pp


                                                 1Q10                1H10               9M10                FY10              FY10              1Q11               1H11              9M11
Exchange rate AVG (R$ vs. euro)                  2.4917              2.3843             2.3413              2.3322            2.3322            2.2800             2.2878            2.2900

(1)
      Source ANATEL
(2)
      Gross of Visitors
                                                          UNAUDITED FIGURES
                            Telecom Argentina Results
                                                     1Q10        2Q10        3Q10        1Q11        D% yoy      2Q11        D% yoy          3Q11     D% yoy
KPI's                                                                                                                                                                                     Index
Mobile (Argentinian operation only)                                                                                                                            click on the links below
Total Lines ('000)                                   14,948      15,334      15,988      16,882      12.9%       17,392      13.4%           17,786   11.2%    P&L Group YTD
TOTAL ARPU (ARS,) YTD                                 40.9        41.7        45.0        47.4       15.9%        48.3       15.8%            52.7    17.1%    P&L Group by quarter
TOTAL MOU YTD                                          99         100         102          96         -3.0%        97         -3.0%           101     -1.0%    Key Financial data by BU YTD
Fixed                                                                                                                                                          Key Financial data by BU quarter
Total Lines ('000)                                   4,058        4,066       4,087       4,110       1.3%        4,119       1.3%           4,132     1.1%    Net Debt & Cashflow
BB accesses                                          1,232        1,274       1,330       1,407      14.2%        1,457      14.4%           1,505    13.2%    Balance Sheet
BB ARPU (ARS, Argentine GAAP)*                         73          74          78          82        12.0%         86        16.8%            88      13.7%    Domestic Business Results
                                                                                                                                                               Domestic Wireline Results
MAIN RESULTS (IAS/IFRS, ARS mln)                                                                                                                               Domestic Mobile Results
REVENUES Reported                                    3,251        3,466       3,768       4,134      27.2%        4,449      28.4%           4,774    26.7%    2010 Rep & Org
  o/w Services                                       3,055        3,214       3,456       3,795      24.2%        4,068      26.6%           4,369    26.4%
  o/w Handsets                                        196         252         312         339        73.0%         381       51.2%            405     29.8%


EBITDA Reported                                      1,150        1,172       1,202       1,410      22.6%        1,466      25.1%           1,487    23.7%
  EBITDA margin                                      35.4%       33.8%       31.9%       34.1%       -1.3pp       33.0%      -0.9pp          31.1%    -0.8pp


EBITDA organic                                       1,151        1,171       1,202       1,410      22.5%        1,466      25.2%           1,487    23.7%
  EBITDA margin                                      35.4%       33.8%       31.9%       34.1%       -1.3pp       33.0%      -0.8pp          31.1%    -0.8pp


Capex Reported                                        509         496         578         502         -1.4%        665       34.1%            737     27.5%
  % on revenues                                      15.7%       14.3%       15.3%       12.1%       -3.5pp       14.9%       4.4%           15.4%     0.6%



                                                     1Q10        1H10        9M10        1Q11                    1H11                        9M11     D% yoy
Exchange rate AVG (ARS vs. euro)                     5.3083      5.1342      5.1177      5.4899                  5.6794                      5.7476


                                                  UNAUDITED FIGURES

* From 2011 it was adjusted in order to exclude from the subscriber base the dongles of customers that already had fixed broadband access.
                                                                                                      Quarterly Reported & Organic Figures: yoy trends



                                                                                                                                                                                                  3Q11
                                                                                                                                                                                                                                                              D% yoy               D% yoy
                                                             3Q10                                                                                                                                                                                                 rep.              org.
                                                                                                                      Organic Figures                                                                                    (1)          Organic Figuers
                        Reported Figures (a)                             Non Organic elements (b)                                                          Reported figures (f)                    Other non organic items     (g)                                (f/a-1)           (h/c-1)
                                                                                                                         (c=a+b)                                                                                                          (h=f+g)

€ mln                                                          Change in        Exchange rate        Other non
                                                                                                                (1)
                                                             consolid. area        impact         organic items
REVENUES                                                                                                                                    REVENUES
Domestic                                            4,941                 (9)               (5)                   0                4,927    Domestic                                     4,742                                                     4,742                   (4.0)          (3.8)
    o/w Wireline Domestic                           3,458                 (9)               (5)                                    3,444        o/w Wireline Domestic                    3,349                                                     3,349                   (3.2)          (2.8)
    o/w Mobile Domestic                             1,914                                                                          1,914        o/w Mobile Domestic                      1,790                                                     1,790                   (6.5)          (6.5)
Brasile                                             1,623                                  (28)                                    1,595    Brasile                                      1,896                                                     1,896                    16.8           18.9
Argentina                                                                641                                                         641    Argentina                                      813                                                       813                       -           26.8
TI Media                                                50                                                                            50    TI Media                                         52                                                        52                    4.0            4.0
Olivetti                                                83                                                                            83    Olivetti                                         65                                                        65                 (21.7)         (21.7)
Other Activities & Eliminations                       (21)               (29)                                                        -50    Other Activities & Eliminations                (52)                                                      (52)
TI Group                                           6,676                 603               (33)                   0                7,246    TI Group                                    7,516                                                     7,516                     12.6              3.7

EBITDA                                                                                                                                      EBITDA
Domestic                                            2,290                 (2)               (2)                256                 2,542    Domestic                                     2,446                                  32                 2,478                   6.8            (2.5)
Brasile                                               458                                   (7)                                      451    Brasile                                        496                                   3                   499                   8.3              8.6
Argentina                                                                204                                                         204    Argentina                                      253                                                       253                     -             22.5
TI Media                                                 1                                                                              1   TI Media                                         18                                (21)                   (3)             1,700.0                 -
Olivetti                                               (8)                                                                            (8)   Olivetti                                       (12)                                                      (12)               (50.0)           (50.0)
Other Activities & Eliminations                          1                (5)                                                         (4)   Other Activities & Eliminations                 (3)                                  1                    (2)
TI Group                                            2,742                197                (9)                256                 3,186    TI Group                                     3,198                                 15                  3,213                    16.6              0.8

EBITDA Margin                                                                                                                               EBITDA Margin
Domestic                                           46.3%                                                                          51.6%     Domestic                                    51.6%                                                      52.3%               5,3 pp            0,7 pp
Brasile                                            28.2%                                                                          28.3%     Brasile                                     26.2%                                                      26.3%                -2 pp             -2 pp
Argentina                                                                                                                         12.8%     Argentina                                   31.1%                                                      30.6%                    -           17,8 pp
TI Media                                            2.0%                                                                           2.0%     TI Media                                    34.6%                                                      -5.8%              32,6 pp           -7,8 pp
Olivetti                                           -9.6%                                                                          -9.6%     Olivetti                                   -18.5%                                                     -18.5%              -8,9 pp           -8,9 pp
TI Group                                           41.1%                                                                          44.0%     TI Group                                    42.5%                                                      42.7%               1,4 pp           -1,3 pp
EBIT                                                                                                                                        EBIT
Domestic                                            1,280                 (2)               (1)                237                 1,514    Domestic                                     1,536                                  (3)                1,533                    20.0            1.3
Brasile                                               167                                                                            167    Brasile                                        243                                    3                  246                    45.5         158.0
Argentina                                                                 97                                                           97   Argentina                                      121                                                       121                       -           35.4
TI Media                                              (14)                                                                           (14)   TI Media                                          4                                (21)                  (17)                      -         (21.4)
Olivetti                                               (9)                                                       1                    (8)   Olivetti                                       (13)                                                      (13)                 (44.4)         (62.5)
Other Activities & Eliminations                        (1)                                                       1                      0   Other Activities & Eliminations                 (3)                                   1                   (2)
TI Group                                           1,423                  95                (1)                239                 1,756    TI Group                                     1,888                                 (20)               1,868                     32.7              6.4

EBIT Margin                                                                                                                                 EBIT Margin
Domestic                                            25.9%                                                                          30.7%    Domestic                                    32.4%                                                     32.3%                6,5 pp            1,6 pp
Brasile                                             10.3%                                                                          10.5%    Brasile                                     12.8%                                                      5.2%                2,5 pp           -5,3 pp
Argentina                                                -                                                                         15.1%    Argentina                                   14.9%                                                      2.6%                     -          -12,5 pp
TI Media                                           -28.0%                                                                         -28.0%    TI Media                                     7.7%                                                     -0.4%               35,7 pp           27,6 pp
Olivetti                                           -10.8%                                                                          -9.6%    Olivetti                                   -20.0%                                                     -0.3%               -9,2 pp            9,3 pp
TI Group                                            21.3%                                                                          24.2%    TI Group                                    25.1%                                                     24.9%                3,8 pp            0,7 pp




(1) Other non Organic items on EBITDA                                                                   3Q10               3Q11             (1) Other non Organic items on EBIT                                                            3Q10                   3Q11
Provisions for pending legal disputes and Others                                                         16                  7              Provisions for pending legal disputes and Others                                                 1                       7
Other                                                                                                                        6              Other                                                                                           (2)                    (29)
Lay off costs                                                                                           240                  2              Lay off costs                                                                                   240                      2
Total                                                                                                   256                 15              Total                                                                                           239                    (20)
                                                                                                                                                                                                                                                            Unaudited figures


                                                                                                                                            UNAUDITED FIGURES
                           Index
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P&L Group YTD
P&L Group by quarter
Key Financial data by BU YTD
Key Financial data by BU quarter
Net Debt & Cashflow
Balance Sheet
Domestic Business Results
Domestic Wireline Results
Domestic Mobile Results
TIM Brasil Results
TA Results

				
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