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Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline




    Telecom Italia – TIM Brasil
    Full‐Year 2011 and 2012‐14 Plan Outline




           LUCA LUCIANI
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Safe Harbour
These presentations contain statements that constitute forward‐looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include
statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth
in the different business lines and the global business, market share, financial results and other aspects of the activities
and situation relating to the Company and the Group.
Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and
actual results may differ materially from those projected or implied in the forward looking statements as a result of
various factors.
Forward‐looking information is based on certain key assumptions which we believe to be reasonable as of the date
hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and
could significantly affect expected results.
Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date
of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the results of any revisions to these
forward looking statements which may be made to reflect events and circumstances after the date of this presentation,
including, without limitation, changes in Telecom Italia S.p.A. business or acquisition strategy or planned capital
expenditures or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the
Company's Annual Report on Form 20‐F as well as periodic filings made on Form 6‐K, which are on file with the United
States Securities and Exchange Commission.



                          LUCA LUCIANI                                                                                     1
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Agenda




                  TIM Brasil 2011 Results

                  TIM Brasil Plan

                  Take-Aways




                          LUCA LUCIANI                        2
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Three Years in Few: Accelerating Growth and Profitability
                   Customer Base Expansion                                                Revenues growth
Mln Lines                                                          R$ Bln
                              3x                                                                            +18%
                                          13.1
 Net Adds                                                                                         +5%                    Fastest
                              9.9                                                 0%                                     growing
                                                                    Revenues                                            Company
               4.7                                                 Growth YoY
                                             64.1                                                            17.1
                             51.0                                               13.7             14.5
              41.1
Customer                                                                Total
                             +56%                                                                +25%
    Base                                                            Revenues

            2009             2010         2011                                  2009             2010       2011


                        Market share                                            EBITDA , EBIT , EBITDA-CAPEX
% lines                                                            R$ Bln
                                 34%         33%      Leading                                     4x
Incremental                                          growth for
                                                                                                                  2,1
     market     20%                                 the 2nd year                                  1.2
      share                                                                                                 1.64
                                          26.5%                         EBIT      0.5
                                                                                                  1.36
   Market                   25.1%                                                  0.82
                                                    Back to #2
    share                                                          EBITDA-CAPEX
              23.6%                                                                               2x

                                                                                  2009           2010        2011
              2009           2010         2011
                                                                     EBITDA         3.5           4.2       4.6


                           LUCA LUCIANI                                                                                  3
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Two Markets, One approach: Simplicity
                      “Voice is Good”                                                                  “Internet for All”
Total Voice Traffic Volume                                                    Example: Infinity Web
Billion Minutes
                                                             Push on          Daily Internet unique
                                                                                                                        >15mln unique users per
                                                              FMS             users - Pre paid (Mln)                       month (Pre+Post)

                                  2x                 86.7
                                                                                                              9x              2.7
                                62.5

             38.1
                                                                                             0.3

             2009               2010                  2011                                 Aug 10                               Dec 11
                                                                “Ride the
                      Voice Revenues                           Simplicity”                             Data Revenues
Voice Outgoing Revenues                                                       Data Revenues                                           +49% data
R$ Billion                                                                    R$ Billion                                             growth in Q4
                                +34%                 13.4                                                    +67%           3.2
                                11.3                                                                          2.2

             10.0                                                                           1.9


             2009               2010                  2011                                  2009             2010             2011


                             Leading the Voice Market with just 2 concepts: Infinity and Liberty (voice and internet)

                              LUCA LUCIANI                                                                                                4
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Efficiency in Go 2 Market (i.e.: Post-paid)
                     Customer Base Post-Paid                                                                  Bad Debt and SAC/ARPU
Mln lines                                                                                  % Revenues, months
                                                                        0.6         0.7
                                                                                                  2.00% 1.83%
                   0.3         0.3                             0.3
 Net                                     0.2         0.2                                   Bad                      1.34%                     1.08% 0.95%
          0.2                                                                                                                1.04%    0.77%                  0,92%
Adds                                                                                       debt
                                                              8,005     8,636 9,291
                               7,222    7,465        7,688                                          3,1
         6,602    6,944                                                                                      2,6      2,3
                                                                                                                              1,5      1,8     1,6     1,7
                                                                                                                                                               1,3
                                                              +24.5%                       SAC/
  CB                                                           YoY
                                                                                           ARPU
        1Q10      2Q10         3Q10     4Q10        1Q11      2Q11      3Q11        4Q11          1Q10      2Q10     3Q10    4Q10     1Q11    2Q11    3Q11    4Q11




                    Anatel’s SMP 11 Indicator*                                                    Product Revenues and Capitalized Subsidy
Care/1.000 Bills                                                                           R$ Mln


                                                                                                                                                732    712
                                                                                                                                                             664
                                      1,85          1,91                                                               424      468     433
          1,61          1,55                                                                                   380
                                                                 1,17        1,11            Product 286
                 1,53          1,47          1,69      1,63                                 Revenues
                                                                      1,10                             115
                                                                                    0,76   Capitalized         85
                                                                                                                        64      26       8      0      0
                                                                                              Subsidy                                                         0

            Jan’11              May’11                       Sep’11          Dic’11                  1Q10    2Q10     3Q10    4Q10     1Q11   2Q11    3Q11   4Q11


*Care relative to billing problems


                                         LUCA LUCIANI                                                                                                                5
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Agenda




                  TIM Brasil 2011 Results

                  TIM Brasil Plan

                  Take-Aways




                          LUCA LUCIANI                        6
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Continuous Reshaping of the Brazilian TLC Market
                                 Market Transformation
 R$ Billion     106               115               126               134      Pure Mobile Advantage
                                                     55                 53
       Fixed
                 59                 60
                                                   (43%)              (40%)   Mobile over Fixed” :
               (56%)              (52%)                                         towards 60/40 split
                                                                              Force Fixed-Mobile
                                                     71                 81      substitution (voice)
                 47                 55                                (60%)
     Mobile                                        (57%)
               (44%)              (48%)                                       Mobile Internet
                                                                                competitive vs <2 Mbps
               2009              2011              2014           2016
                                                                                wireline BB accesses

                                                       96
                                                                 82             Capital Allocation
                                          Fixed        51        29
                  Voice is Good                                                2G Capacity
                 (Push the FMS)           Mobile    45           53
                                                                               Intelig Acquisition
                                                   2009         2016
                                                                 52

                                                                 24            3G Coverage
                  Internet for All                                             TIM Fiber Acquisition
                                          Fixed        10        28             (AES Atimus)
                                          Mobile   2        8
                                                   2009         2016                                   7
                          LUCA LUCIANI
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Limited BB capabilities from incumbents create 3 opportunities
for TIM
                                                                % of fixed accesses

                                                                                                       1. FMS Voice
                                                                                          Price per minute                 Fixed
                               100%


                                                                                                                           Mobile
                                                     ~70%


                                                                30%


                                                                80%           24%~
                                                                                                ~6%
                                                                20%
                           Total wireline          Voice only    BB         <2Mbps            >2Mbps
                          market accesses                                 nominal speed    nominal speed




                        2. FMS Data                                                                    3. TIM Fiber
         Mln clients                        13,2
                                                                                                Selective attack of the Adsl
         TIM monthly        6,7
                                                                                           incumbents via Naked VDSL ultra BB
         unique users
         (Pre-paid)                                                                       powered by the 5.500km Optical Fiber

                           Dic/10      Dic/11                                                              in RJ/SP
          Smartphone
          penetration       10%         27%



                              LUCA LUCIANI                                                                                          8
Telecom Italia Conference Call
 Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

 Internet Booming (“Internet for All”)
          A large potential market                                                  With high willingness to use/to buy                             Huge frustration from fixed lines
Mln of Brazilian Internet Users          195       Brazilian Households                                                                     Mln Subscribers
                                                                                                                                                   Exposed to                 15.5




                                                 % of Households that Don’t Have
               Fresh                                                                          Best fit to               Broadband C+D              FMS even
               Market                                                              100%        Mobile
                                                                                                                                                    on Data
                             117
                                                                                   80%
    Existing                                                                                                                                                       80%
                                                                                                              Fix C+D
    Market
                                                                                   60%

                 24                                                                40%
                                                                                                     Mobile C+D
                                                                                                                        Broadband
     54                                                                                                                    A+B                          20%
                                                                                   20%                                            Concentrated
                                                                                                                                  in main cities
                                                                                                                                     (RJ+SP)          BroadBand Narrowband     Total
   Posses       Use but     Not use      Total
    own
                                                                                         0%    5%      10%   15%    20%     25%     30%               (>2 Mbps) (< 2Mbps)    Wireline
                  not        (up to      Users
   access                                                                                 % of Households that Have Intention To Buy                                         Accesses
                posses        now)


  AES Atimus acquisition allows TIM to offer a “Internet for All” experience:
 … the Ultimate Mobile Data                                                                                                                    … Ultra BB experience for
                                                                            …Internet Café Substitution
  Experience (powered by                                                                                                                       Residential and Corporate
                                                                            to target Class C Potential
            FTTS)                                                                                                                                       (Fixed)
                 Liberty Web                                                                        Infinity Web                                                 TIM Fiber




                                  LUCA LUCIANI                                                                                                                                          9
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline
The New Integrate Network Approach
(“Leveraging AES Atimus Fiber Optic based”)

Fiber To The Site/Antenna (3G+ Evolution)                                                        MBB Overlay
                                                                                          3 Carriers per antenna
 Fiber to the Site in top 42 Cities (high                                                3 sub-carriers of 21 MB
                                                                                          each*
  capacity)                                                                               Total Available = 360MB
 3 Carriers per antenna (spectrum
  optimization)
 Upgrade to 21 Mbps (HSPA+) of existing
  Node-B
                                 Liberty Web                              SIM Based
                                                                     Identification/Billing
                                                                     Single SIM to identify
                                                                                                         Copper or
                                                                     and bill
                                                                                                           Fiber
                                                                                                           Drop

                                                                         WiFi Underlay
        Wi-Fi offload (e.g. Rocinha)                     300 Mb             100MB                  200
                                                                                                       ports


 10 thousand hot spots semi public                                             50 Mb
 Rocinha example and 5 main airports
 Roadmap to extend over 10,000 hot
  spots by YE 2012 and 25,000 by ‘14                                              <R$500/Household

                                 Infinity Web
                                                                   High Capillarity of the aerial fiber based
                                                                    network (~250 meters to the Home)
                                                                   Flexibility: fast drop at the building
                                                                   Use of existing internal network

                                                                                                                TIM Fiber
                          LUCA LUCIANI                                                                                      10
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

WiFi Off-load supporting the “Internet for All” - Rocinha results
 Option 1: Add One Additional Base Station                                                 Option 2: Cover With WiFi

                                                  One additional BTS                                            25 Access points
                                                  Throughout : 201 Mbps                                         Average distance:
                                                                                                                  200m
                        TIM BTS       TIM BTS                                                                    Throughput: 5Ghz
                                                                                                                 Performances: 5,000
                                                                                                       TIM BTS    simultaneous
           TIM BTS
                                                                                                                  connections
                                                                                 TIM BTS                         1-2 Mbps per user


                                  Capex                                                        Results Achieved
 R$ and R$ per MBps

                                                               ~ 1’500 Mbps
    ~ 300 K            ‐54%                                                      Reduced capex
                                                                                 Reduced time to market
                                                                                 Reduced operating costs
                                                        7X                       Increased customer experience/speed
                      ~ 137 K
                                                                                 Executed Internet for All – LAN Houses
                                                                                  already reduced by 25%
                                                ~ 200 Mbps
                                                                                 Gained company brand image with local
                                                                                  and federal government
  Alternative 1: BTS      Alternative 2: WiFi   Alternative 1: Alternative 2:
                                                     BTS           WiFi

                                  LUCA LUCIANI                                                                                       11
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Agenda




                  TIM Brasil 2011 Results

                  TIM Brasil Plan

                  Take-Aways




                          LUCA LUCIANI                        12
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

2012-14 Drivers of Growth                                                                                                                               CAGR ‘11 – ’14


                        3 Ways of Growth                                                                          Revenue Growth
                                                                                      R$ Billion
                                                                                                                                                              Double
                                                                                                                          17.1                                Digit %
                                                                                      Total               13.8   14.5
                                                                                      Revenue

                                                                                                                 13.6
                                                                                                                          15.3                                Fixed
                                                                                                          12.8
                                                                                                                  0.7      0.8
                                                                                                          0.6
                                                                                      Services
                                                                                      Revenues            12.2   12.9     14.5                                Mobile
              90                                    25% VAS
                                200 mou
            mln lines                               Incidence
                                                                                                      2009       2010     2011     2012      2013     2014
    Community Expansion              FMS (Voice)     Internet for All

           Mobile Customer Base                                  FMS – Voice (MOU)                                       Internet for All (Mobile Data)
Million of lines                                   Minute of usage per line                                      Data as % of Service Revenue
                                                                                                   ~200                                                       ~25%


                                          90
                                                                        129                                                            14%
                                                                116
                   64                                                                                                   11%      12%
                                                        83
             51            Double                                                Double
      41                   Digit %                                               Digit %                                                            Double
                                                         Outgoing Voice Revenues                                                                    Digit %


    2009 2010 2011 2012 2013 2014                     2009      2010    2011   2012    2013        2014                 2009 2010 2011 2012 2013 2014



                             LUCA LUCIANI                                                                                                                        13
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Network Continuous Evolution
              Network roadmap                                 2G (TRX Installed)                                                    3G roll out
                                              000 TRX                                                        Pop %
     2G         Managing the growth                                                           253                                                    >80%

                                                        157
                                                                                                                      64%
                Speed up the roll-out in
     3G
                    HSPA mode

                                                       2011                                   2014                2011                                2014
    WiFi        >10,000 hot spots by YE2012
                                                                          FTTS                                                      Backbone
    FTTS        Deployment in Top 42 cities   % of total traffic                                             000 km
                                                                                                                                                      49.0
                                                                   50%
                                                                                                                                          24.0
    FTTH        ~1 Mln households by 2015                                                  42 Cities

                                                                                           14 Cities
                                                                                                                            25.0

 Efficiency     ~50,000 km in fiber optic                                                                                   2011      Swap +         2014
                                                   2012            2014                                                               built out


              2G (TRX Installed)                                                TIM Fiber – non capital intensive
                                                           Metropolitan            Street                                      Internal
                                                                                                       Installation                               Modem
   Tim Fiber: a “no Capex intensive”                        network              equipment                                     network
 approach to offer Residential Ultra BB                 Aerial
                                                                   ~500                                                                                        ~2,400
                in SP/RJ                              network
                                                 Underground
                                                                   ~1,700
                                                                            +       ~250        +          ~125        +           ~200     +      ~125    =   ~500
                                                     network

                           LUCA LUCIANI                                                                                                                   14
Telecom Italia Conference Call
Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline

Take-aways on main TIM Brasil trends
         Revenues (New vs Old Plan)
Bln R$

                                                        New
                                                                         MTR glide path (-20% real term) as of feb’12
                                                        Old               impacts approx. 250 bp in Revenues and EBITDA
              17.1                                                       Growth resulting from further CB, voice MOU and
                                                              Revenues    internet browsing
   14.5                                                                  For 2012, revenues growth at >10% YoY (vs.
              15.5
   14.5                                                                   R$17.1Bn in 2011)
                            1yr in advance

    2010      2011         2012     2013         2014
                                                                         Network sinergies from AES Integration
                                                                         Continuous efficiency in Go2Market (no subsidy,
                                                                          SAC/bad debt)
    Organic CAPEX (as % of Sales)                              Ebitda    Absorbing MTR cut and TIM Fiber start-up
Bln R$                                                                   For 2012, Ebitda growth at >10% YoY (vs.
            19.6                                                          R$4.6Bn in 2011)
    % of             17.5
Revenues                                   ˜14%



                     3.0    3.0     3.0    3.0                            Expanding 2G capacity and 3G coverage
            2.8                                                           Accelerate FTTS in Top 42 Cities and Wi-fi
  CAPEX
                                                                           offloading
                                                               Capex      Tim Fiber start-up
           2010    2011     2012    2013   2014
                                                                          CAPEX flat at 3 bn/year; R$9bn in 3 Years




                                  LUCA LUCIANI                                                                          15

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TIM Brasil Full Year 2011 Preliminary Results & 2012-14 Plan Outline - L. Luciani

  • 1. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Telecom Italia – TIM Brasil Full‐Year 2011 and 2012‐14 Plan Outline LUCA LUCIANI
  • 2. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Safe Harbour These presentations contain statements that constitute forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company and the Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward looking statements as a result of various factors. Forward‐looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia S.p.A. business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report on Form 20‐F as well as periodic filings made on Form 6‐K, which are on file with the United States Securities and Exchange Commission. LUCA LUCIANI 1
  • 3. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Agenda  TIM Brasil 2011 Results  TIM Brasil Plan  Take-Aways LUCA LUCIANI 2
  • 4. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Three Years in Few: Accelerating Growth and Profitability Customer Base Expansion Revenues growth Mln Lines R$ Bln 3x +18% 13.1 Net Adds +5% Fastest 9.9 0% growing Revenues Company 4.7 Growth YoY 64.1 17.1 51.0 13.7 14.5 41.1 Customer Total +56% +25% Base Revenues 2009 2010 2011 2009 2010 2011 Market share EBITDA , EBIT , EBITDA-CAPEX % lines R$ Bln 34% 33% Leading 4x Incremental growth for 2,1 market 20% the 2nd year 1.2 share 1.64 26.5% EBIT 0.5 1.36 Market 25.1% 0.82 Back to #2 share EBITDA-CAPEX 23.6% 2x 2009 2010 2011 2009 2010 2011 EBITDA 3.5 4.2 4.6 LUCA LUCIANI 3
  • 5. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Two Markets, One approach: Simplicity “Voice is Good” “Internet for All” Total Voice Traffic Volume Example: Infinity Web Billion Minutes Push on Daily Internet unique >15mln unique users per FMS users - Pre paid (Mln) month (Pre+Post) 2x 86.7 9x 2.7 62.5 38.1 0.3 2009 2010 2011 Aug 10 Dec 11 “Ride the Voice Revenues Simplicity” Data Revenues Voice Outgoing Revenues Data Revenues +49% data R$ Billion R$ Billion growth in Q4 +34% 13.4 +67% 3.2 11.3 2.2 10.0 1.9 2009 2010 2011 2009 2010 2011 Leading the Voice Market with just 2 concepts: Infinity and Liberty (voice and internet) LUCA LUCIANI 4
  • 6. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Efficiency in Go 2 Market (i.e.: Post-paid) Customer Base Post-Paid Bad Debt and SAC/ARPU Mln lines % Revenues, months 0.6 0.7 2.00% 1.83% 0.3 0.3 0.3 Net 0.2 0.2 Bad 1.34% 1.08% 0.95% 0.2 1.04% 0.77% 0,92% Adds debt 8,005 8,636 9,291 7,222 7,465 7,688 3,1 6,602 6,944 2,6 2,3 1,5 1,8 1,6 1,7 1,3 +24.5% SAC/ CB YoY ARPU 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Anatel’s SMP 11 Indicator* Product Revenues and Capitalized Subsidy Care/1.000 Bills R$ Mln 732 712 664 1,85 1,91 424 468 433 1,61 1,55 380 1,17 1,11 Product 286 1,53 1,47 1,69 1,63 Revenues 1,10 115 0,76 Capitalized 85 64 26 8 0 0 Subsidy 0 Jan’11 May’11 Sep’11 Dic’11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 *Care relative to billing problems LUCA LUCIANI 5
  • 7. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Agenda  TIM Brasil 2011 Results  TIM Brasil Plan  Take-Aways LUCA LUCIANI 6
  • 8. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Continuous Reshaping of the Brazilian TLC Market Market Transformation R$ Billion 106 115 126 134 Pure Mobile Advantage 55 53 Fixed 59 60 (43%) (40%) Mobile over Fixed” : (56%) (52%) towards 60/40 split Force Fixed-Mobile 71 81 substitution (voice) 47 55 (60%) Mobile (57%) (44%) (48%) Mobile Internet competitive vs <2 Mbps 2009 2011 2014 2016 wireline BB accesses 96 82 Capital Allocation Fixed 51 29 Voice is Good  2G Capacity (Push the FMS) Mobile 45 53  Intelig Acquisition 2009 2016 52 24  3G Coverage Internet for All  TIM Fiber Acquisition Fixed 10 28 (AES Atimus) Mobile 2 8 2009 2016 7 LUCA LUCIANI
  • 9. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Limited BB capabilities from incumbents create 3 opportunities for TIM % of fixed accesses 1. FMS Voice Price per minute Fixed 100% Mobile ~70% 30% 80% 24%~ ~6% 20% Total wireline Voice only BB <2Mbps >2Mbps market accesses nominal speed nominal speed 2. FMS Data 3. TIM Fiber Mln clients 13,2 Selective attack of the Adsl TIM monthly 6,7 incumbents via Naked VDSL ultra BB unique users (Pre-paid) powered by the 5.500km Optical Fiber Dic/10 Dic/11 in RJ/SP Smartphone penetration 10% 27% LUCA LUCIANI 8
  • 10. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Internet Booming (“Internet for All”) A large potential market With high willingness to use/to buy Huge frustration from fixed lines Mln of Brazilian Internet Users 195 Brazilian Households Mln Subscribers Exposed to 15.5 % of Households that Don’t Have Fresh Best fit to Broadband C+D FMS even Market 100% Mobile on Data 117 80% Existing 80% Fix C+D Market 60% 24 40% Mobile C+D Broadband 54 A+B 20% 20% Concentrated in main cities (RJ+SP) BroadBand Narrowband Total Posses Use but Not use Total own 0% 5% 10% 15% 20% 25% 30% (>2 Mbps) (< 2Mbps) Wireline not (up to Users access % of Households that Have Intention To Buy Accesses posses now) AES Atimus acquisition allows TIM to offer a “Internet for All” experience: … the Ultimate Mobile Data … Ultra BB experience for …Internet Café Substitution Experience (powered by Residential and Corporate to target Class C Potential FTTS) (Fixed) Liberty Web Infinity Web TIM Fiber LUCA LUCIANI 9
  • 11. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline The New Integrate Network Approach (“Leveraging AES Atimus Fiber Optic based”) Fiber To The Site/Antenna (3G+ Evolution) MBB Overlay  3 Carriers per antenna  Fiber to the Site in top 42 Cities (high  3 sub-carriers of 21 MB each* capacity)  Total Available = 360MB  3 Carriers per antenna (spectrum optimization)  Upgrade to 21 Mbps (HSPA+) of existing Node-B Liberty Web SIM Based Identification/Billing  Single SIM to identify Copper or and bill Fiber Drop WiFi Underlay Wi-Fi offload (e.g. Rocinha) 300 Mb  100MB 200 ports  10 thousand hot spots semi public 50 Mb  Rocinha example and 5 main airports  Roadmap to extend over 10,000 hot spots by YE 2012 and 25,000 by ‘14 <R$500/Household Infinity Web  High Capillarity of the aerial fiber based network (~250 meters to the Home)  Flexibility: fast drop at the building  Use of existing internal network TIM Fiber LUCA LUCIANI 10
  • 12. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline WiFi Off-load supporting the “Internet for All” - Rocinha results Option 1: Add One Additional Base Station Option 2: Cover With WiFi One additional BTS 25 Access points Throughout : 201 Mbps Average distance: 200m TIM BTS TIM BTS Throughput: 5Ghz Performances: 5,000 TIM BTS simultaneous TIM BTS connections TIM BTS 1-2 Mbps per user Capex Results Achieved R$ and R$ per MBps ~ 1’500 Mbps ~ 300 K ‐54%  Reduced capex  Reduced time to market  Reduced operating costs 7X    Increased customer experience/speed ~ 137 K  Executed Internet for All – LAN Houses already reduced by 25% ~ 200 Mbps  Gained company brand image with local and federal government Alternative 1: BTS Alternative 2: WiFi Alternative 1: Alternative 2: BTS WiFi LUCA LUCIANI 11
  • 13. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Agenda  TIM Brasil 2011 Results  TIM Brasil Plan  Take-Aways LUCA LUCIANI 12
  • 14. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline 2012-14 Drivers of Growth CAGR ‘11 – ’14 3 Ways of Growth Revenue Growth R$ Billion Double 17.1 Digit % Total 13.8 14.5 Revenue 13.6 15.3 Fixed 12.8 0.7 0.8 0.6 Services Revenues 12.2 12.9 14.5 Mobile 90 25% VAS 200 mou mln lines Incidence 2009 2010 2011 2012 2013 2014 Community Expansion FMS (Voice) Internet for All Mobile Customer Base FMS – Voice (MOU) Internet for All (Mobile Data) Million of lines Minute of usage per line Data as % of Service Revenue ~200 ~25% 90 129 14% 116 64 11% 12% 83 51 Double Double 41 Digit % Digit % Double Outgoing Voice Revenues Digit % 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 LUCA LUCIANI 13
  • 15. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Network Continuous Evolution Network roadmap 2G (TRX Installed) 3G roll out 000 TRX Pop % 2G Managing the growth 253 >80% 157 64% Speed up the roll-out in 3G HSPA mode 2011 2014 2011 2014 WiFi >10,000 hot spots by YE2012 FTTS Backbone FTTS Deployment in Top 42 cities % of total traffic 000 km 49.0 50% 24.0 FTTH ~1 Mln households by 2015 42 Cities 14 Cities 25.0 Efficiency ~50,000 km in fiber optic 2011 Swap + 2014 2012 2014 built out 2G (TRX Installed) TIM Fiber – non capital intensive Metropolitan Street Internal Installation Modem Tim Fiber: a “no Capex intensive” network equipment network approach to offer Residential Ultra BB Aerial ~500 ~2,400 in SP/RJ network Underground ~1,700 + ~250 + ~125 + ~200 + ~125 = ~500 network LUCA LUCIANI 14
  • 16. Telecom Italia Conference Call Full‐Year 2011 Preliminary Results and 2012‐14 Plan Outline Take-aways on main TIM Brasil trends Revenues (New vs Old Plan) Bln R$ New MTR glide path (-20% real term) as of feb’12 Old impacts approx. 250 bp in Revenues and EBITDA 17.1 Growth resulting from further CB, voice MOU and Revenues internet browsing 14.5 For 2012, revenues growth at >10% YoY (vs. 15.5 14.5 R$17.1Bn in 2011) 1yr in advance 2010 2011 2012 2013 2014 Network sinergies from AES Integration Continuous efficiency in Go2Market (no subsidy, SAC/bad debt) Organic CAPEX (as % of Sales) Ebitda Absorbing MTR cut and TIM Fiber start-up Bln R$ For 2012, Ebitda growth at >10% YoY (vs. 19.6 R$4.6Bn in 2011) % of 17.5 Revenues ˜14% 3.0 3.0 3.0 3.0  Expanding 2G capacity and 3G coverage 2.8  Accelerate FTTS in Top 42 Cities and Wi-fi CAPEX offloading Capex  Tim Fiber start-up 2010 2011 2012 2013 2014  CAPEX flat at 3 bn/year; R$9bn in 3 Years LUCA LUCIANI 15