bull

bull

bull

bull

bull

bull

So urce Bloomberg Websites of Vivendi Mediaset Mediobanca and Generalisup1 Ca lculated using Vivendi economic stake of 18 in TIM (calculated as market value of Vivendi stake in TIM ordinaries on TIM market capitalisation) and Bolloreacute Group economic stake of 27 in Vivendi (calculated as Bolloreacute s hares in Vivendi as reported on 2018 Vivendi financial statement on Vivendi outstanding shares net of treasuries)sup2 Ca lculated using Bloomberg (BEST_PE_RATIO) as of 03-May-2019

bull

bull

‒

‒

bull

‒

‒

‒

So urce Bloomberg Vivendi annual reportsup1 Ca lculated using Vivendi economic stake of 18 in TIM (calculated as market value of Vivendi stake in TIM ordinaries on TIM market capitalisation) and Bolloreacute Group economic stake of 27 in Vivendi (calculated as Bolloreacute s hares in Vivendi as reported on 2018 Vivendi financial statement on Vivendi outstanding shares net of treasuries)

So urce Bloomberg Vivendi annual reportsup1 Ca lculated using Vivendi economic stake of 18 in TIM (calculated as market value of Vivendi stake in TIM ordinaries on TIM market capitalisation) and Bolloreacute Group economic stake of 27 in Vivendi (calculated as Bolloreacute s hares in Vivendi as reported on 2018 Vivendi financial statement on Vivendi outstanding shares net of treasuries)

bull

bull

bull

bull

bull

bull

Conversion Cash Contribution Lost euro06bn

Annual dividend to Savers Paid euro02bn

Years Passed 3

Total Dividend to Savers Paid euro05bn

Total Missed Deleverage euro11bn

As of TIM Market Cap ~ 10

bull

bull

bull

bull

sup1 Ca lculation shows the impact of the missed cash contribution from a 100 voluntary conversion under the terms proposed by TIMBoard of Directors in 2015 ie saving shareholders contributing euro95cents per saver converted receiving in exchange 1 ordinary share and of the dividends the Company had to pay to saving shareholders in 2016 2017 and 2018 of euro275cents per saver as per Company by-laws given no dividends on ordinary shares have b een distributedsup2 U sing 11 conversion ratio

1 R eport by the Board of Statutory Auditors is available at httpswwwtelecomitaliacomcontentdamtelecomitaliaitarchiviodocumentiInvestitoriAGM_e_assemblee2019Relazione-del-Collegio-Sindacale-ex-art-153-del-d -lgs-5898pdf2 Source Bloomberg Vivo performance refers to 01-May-2015 to 09-Oct-2016 TIM performance from 28-Sep-2017 to 12-Nov-20183 httpswwwlettera43ititarticolieconomia20171114telecom-quello-scandalo-in-brasile-che-imbarazza-lad-genish215575

bull

bull

bull

bull

bull

bull

So urce Bloomberg

So urce Vivendirsquos presentation from February 2019

So urce Vivendirsquos presentation from February 2019sup1ldquoTe lecom De Puyfontaine We Are Totally Against Network Separationrdquo Radiocor March 1 2019

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

1 R eport by the Board of Statutory Auditors is available at httpswwwtelecomitaliacomcontentdamtelecomitaliaitarchiviodocumentiInvestitoriAGM_e_assemblee2019Relazione-del-Collegio-Sindacale-ex-art-153-del-d -lgs-5898pdf2 Source Bloomberg Vivo performance refers to 01-May-2015 to 09-Oct-2016 TIM performance from 28-Sep-2017 to 12-Nov-20183 httpswwwlettera43ititarticolieconomia20171114telecom-quello-scandalo-in-brasile-che-imbarazza-lad-genish215575

bull

bull

bull

bull

bull

bull

So urce Bloomberg

So urce Vivendirsquos presentation from February 2019

So urce Vivendirsquos presentation from February 2019sup1ldquoTe lecom De Puyfontaine We Are Totally Against Network Separationrdquo Radiocor March 1 2019

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

So urce Bloomberg

So urce Vivendirsquos presentation from February 2019

So urce Vivendirsquos presentation from February 2019sup1ldquoTe lecom De Puyfontaine We Are Totally Against Network Separationrdquo Radiocor March 1 2019

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

So urce Vivendirsquos presentation from February 2019

So urce Vivendirsquos presentation from February 2019sup1ldquoTe lecom De Puyfontaine We Are Totally Against Network Separationrdquo Radiocor March 1 2019

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

So urce Vivendirsquos presentation from February 2019sup1ldquoTe lecom De Puyfontaine We Are Totally Against Network Separationrdquo Radiocor March 1 2019

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

bull

1 ldquoCompanies House records show how former Celtic stars invested in film schemes linked to tax dodgerdquo Daily Record October 12 2016 httpswwwdailyrecordcouknewsscottish-newscompanies-house-records-show-how-9028719 2 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomarticleuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

1 So urce Bloomberg December 15 2015 through November 13 2018

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

1 Pro posed as Vivendi director to replace Vincent Bolloreacute 2 Marie-Annick Darmaillac serves as Vivendirsquos Vice President of Corporate Social Responsibility and Compliance She does not sit on the Board of Directors3 Directors as per 2017 Annual Report

bull

bull

bull

bull

bull

bull

bull

bull

minus

minus

bull

bull

bull

bull

bull

1 ldquoReport of the Board of Statutory Auditors to the TIM Supplement at the request of Consobrdquo April 13 2018 httpswwwtelecomitaliacomcontentdamtelecomitaliaenarchivedocumentsinvestorsAGM_and_Meetings2018Richiesta_Consob_0109908_18_13_aprile_2018_20Integrazioni_Relazione_20Collegio_Sindacale_ex_art153_DLgs_58_1998_INGpdf ldquoConsob laquoindagaraquo sul ruolo di Sibony negli acquisti TIMrdquo February 15 2018 Il Sole 24 Ore httpswwwilsole24orecomartfinanza-e-mercati2018-02-14consob-indaga-ruolo-sibony-acquisti-tim-220827shtml2 ldquoConsob contesta Tim-Canal Plusrdquo Il Sole 24 Ore December 22 2017 httpswwwilsole24orecomartfinanza-e-mercati2017-12-22consob-contesta-tim-canal-plus-064239shtml 3 ldquoTelecom svetta a Piazza Affari su accordo con Mediaset e cessione di Persiderardquo La Repubblica December 8 2017 httpswwwrepubblicaiteconomiafinanza20171208newstelecom_svetta_a_piazza_affari_su_accordo_con_mediaset_e_cessione_di_persidera-183465660 4 ldquoBolloreacute Investigated for Market Manipulationrdquo February 24 2017 Corriere Della Sera httpswwwcorriereitenglish17_febbraio_24mediaset-bollore-investigated-for-market-manipulation-2682545c-faaf-11e6-8a8e-992138e983bfshtml 5 ldquoItaly watchdog fines Bolloreacute three million euro for market riggingrdquo Reuters January 27 2014 httpsukreuterscomartic leuk-premafin-bollore-consobitaly-watchdog-fines-bollore-three-million-euro-for-market-rigging-idUKBREA0Q1FQ20140127

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bull

bull

bull

bull

bull

bull

bull

bull

bull