TIM Group Investor Presentation — November 2022

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This presentation contains statements that constitute forward looking statements regarding the intent, belief orcurrent expectations offuture

growth inthedifferent business lines and theglobal business, financial results and other aspects oftheactivities and situation relating totheTIM

Group .Such forward looking statements arenotguarantees offuture performance and involve risks and uncertainties, and actual results may differ

materially from those projected orimplied intheforward -looking statements asaresult ofvarious factors .

The financial results ofthe TIM Group areprepared inaccordance with International Financial Reporting Standards issued bythe International

Accounting Standards Board and endorsed bytheEU(designated as“IFRS ”).

The accounting policies and consolidation principles adopted inthepreparation ofthefinancial results forQ3‘22and 9M‘22oftheTIM Group arethe

same asthose adopted intheTIM Group Annual Audited Consolidated Financial Statements asofDecember 31st,2021 ,towhich reference can be

made, except fortheamendments tothestandards issued byIASB and adopted starting from January 1st,2022 .

Please note that thefinancial results forQ3‘22and 9M‘22oftheTIM Group areunaudited .

Alternative Performance Measures

The TIM Group, inaddition totheconventional financial performance measures established byIFRS, uses certain alternative performance measures

forthepurposes ofenabling abetter understanding oftheperformance ofoperations and thefinancial position oftheTIM Group .Inparticular, such

alternative performance measures include :EBITDA, EBIT, Organic change and impact ofnon-recurring items onrevenue, EBITDA and EBIT ;EBITDA

margin and EBIT margin ;netfinancial debt (carrying and adjusted amount) and Equity Free Cash Flow .Moreover, following theadoption ofIFRS 16,

theTIM Group uses thefollowing additional alternative performance indicators :EBITDA After Lease ("EBITDA -AL"),Adjusted Net Financial Debt

After Lease and Equity Free Cash Flow After Lease .Such alternative performance measures areunaudited .

Asdescribed inthe2021 TIM Group Consolidated Financial Statements, during thefourth quarter of2021 ,TIM refined some aspects ofthebooking of

certain commercial agreements concerning thesale ofgoods with deferred delivery .This refinement entailed, forthefirst, second and third quarters

of2021 ,theredetermination ofthedistribution over time ofrevenues and purchases ofmaterials and services .Inconnection with theforegoing, the

economic data ofthefirst nine months and ofthethird quarter of2021 ,hasbeen recalculated .Operations update#1

Financial and operating results#2