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This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails. Dear Shareholders,2017 was a watershed year for TIM. It was a year which saw the election of a new Board, a new Executive Chairman and a new CEO. It was a year during which our focus turned from recovery to growth and the foundations were laid for the DigiTIM strategy, which was unveiled in March 2018 alongside the 2017 economic climate was certainly easier. Having put the difficult years of severe economic crisis behind it, Italy gained ground. GDP grew , over the year, and although growth still lags behind Europe overall (where GDP growth averaged ), Italy s key economic indicators allow us to look to the future with confidence.

This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails.

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