INWIT: BOARD OF DIRECTORS EXAMINES AND APPROVES THE HALFYEAR FINANCIAL REPORT AT 30 JUNE 2017

Press Release

► REVENUES: 173.8 MILLION EURO (+5.4% COMPARED TO THE FIRST HALF OF 2016)

► REVENUES FROM OTHER OPERATORS: 43.0 MILLION EURO (+14.3% COMPARED TO THE SAME PERIOD OF 2016)

► EBITDA: 90.6 MILLION EURO (+13.7% COMPARED TO THE FIRST HALF OF 2016)

► EBITDA MARGIN: 52.1% WITH AN INCREASE OF 3.8% COMPARED TO THE SAME PERIOD OF 2016

► PROFITS: 59.1 MILLION EURO (+21.6% COMPARED TO THE FIRST HALF OF 2016)

Milan, 25 July 2017

The Board of Directors of Infrastrutture Wireless Italiane S.p.A. (INWIT), which met today under the chairmanship of Francesco Profumo, examined and approved the Half-Year Report at 30 June 2017.

Main Results at 30 June 2017

In the first half of the year, the results confirm the steady increase in both turnover from the leading mobile radio operators and in the profitability of the company'sinfrastructure, with the co-tenancy ratio further increasing and the passive rental cost-cutting activity continuing.

In the first half of 2017, revenues totalled 173.8 million euro, (up 5.4% from the same period of 2016), of which:

• 129.0 million euro from the TIM Master Service Agreement;

• 43.0 million euro from other customers, including Italy's leading mobile and other radio network operators;

• 1.8 million euro from hosting on new sites.

EBITDA totalled90.6 million euro, with a 52.1% margin on revenues reflecting the increase in the number of tenants on sites and the reduction in leasing costs. In the first half of 2017, the EBITDA growth , was approximately 10.9 million euro (+ 13.7%) compared to the same period of 2016.

Operating profit (EBIT) was 84.6 million euro(a 15.7% increase compared to the first half of 2016).

The net profit for the half-year totalled 59.1million euro (21.6% higher than in the same period of 2016).

In the half-year 2017, capital expenditure totalled 14.7million euro (up 3.1 million euro vs the same period in 2016) and included the acquisition of land and building rights, as well as the creation of new infrastructure, both traditional (new sites) and new generation (small cells).

Net financial debt at the end of the half-year totalled57.6 million euro (24.7 million euro less than the debt at 30 June 2016), equalling 0.3 times the annualised EBITDA.

"This half-year's results confirm the soundness of our business and the viability of our growthpath" - commented Oscar Cicchetti, Chief Executive Officer of INWIT. "We are convinced that in the transition from 4G to 5G, operators will increasingly need traditional and innovative wireless infrastructures, and INWIT wants to seize all present and future opportunities to support operators as they develop radio networks and to invest in the construction of new sites, micro- cell coverage systems, and fibreconnections".

Outlook for Financial Year 2017

The mobile radio infrastructure market is undergoing a major transformation, triggered by the growth in broadband connections, as a result of the increasingly widespread use of images and videos in both communications and personal and professional applications. This increase in demand requires 4G coverage expansion, and an evolution in the architecture of the mobile radio networks that, to deliver high speeds and low latencies, will require a high number of cells and microcells.

In that context, as well as implementing the planned growth in hosting contracts, and continuing the process of rationalising and releasing value from its assets, INWIT intends to invest in the development of its infrastructure and, in particular, in the creation of new sites, micro-coverage, land acquisition and fibre backhauling.

Against such a backdrop and consistently with the trend described in the 2017-2019 Plan, we envisage a step-wise improvement in operational performance as a result of the actions illustrated above.

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Corporate Governance Issues

The Board of Directors has approved:

• the new "Insideinformation and insider dealing Policy"to replace the previous "Policyfor the internal management and public disclosure of inside information"- which sets out the principles and rules governing INWIT'sinternal management and public disclosure of - inside information, as defined by the law, and governs the list of people having access to it. It also regulates the Company'sactivities with respect to its obligations concerning internal dealing;

• some amendments to the Policy regulating transactions with related parties regarding operational aspects.

Finally, the Board of Directors has acknowledged that as of 31 July 2017 the Head of the Business Support Department, Mrs Silvia Ponzoni, a Key Manager of the Company, will terminate her employment at INWIT based on a consensual agreement. The Company would like to thank Mrs Ponzoni - who does not hold shares in INWIT - for her professional contribution.

Starting from 1 August 2017, the new Head of the Business Support Department will be Mr Andrea Balzarini who has been identified as a Key Manager of the Company by the Board of Directors. The curriculum vitae of Mr Balzarini - who has stated that he does not own shares in INWIT- is attached to this press release.

The Inside information and insider dealing Policy and the updated version of the Policy regulating transactions with related parties will be made available on the Company website at www.inwit.it, in the Governance/Governance System section.

The consolidated economic and financial results of the INWIT Group at 30 June 2017 will be illustrated to the financial community during a conference call scheduled for today at 5.30 pm (CET). Journalists may listen in to the presentation, without asking questions, by calling: +39 06 33168.

The presentation supporting the conference call will be made available in advance in the Investors section of the company website www.inwit.it.

Pursuant to subsection 2, Article 154-bis of the Consolidated Law on Finance, the Manager responsible for preparing the company's accounting documents, Mr Rafael Giorgio Perrino, has declared that the accounting disclosures contained in this press release correspond to the documentary evidence and the accounting books and records.

Disclaimer

This press release contains forward-looking information on INWIT events and results, based on the industry current expectations, estimates and projections and on its management current views. By its very nature, such information entails risks and uncertainties as it depends on the occurrence of future events. Actual results might significantly differ from those announced due to multiple factors, including: global economic trends, competitive scenarios and political, economic and regulatory developments in Italy.

Infrastrutture Wireless Italiane S.p.A.

ATTACHMENTS TO THE PRESS RELEASE

The Separate Income Statements, Statements of Financial Position and the Statements of Cash Flows as well as the Net Financial Debt of INWIT, herewith presented, are the same as those included in the financial statements of the Company for the period from January 1, 2017 to June 30, 2017.

To such extent, please note that the audit work (Limited Review) by our independent auditors on the 2017 Interim Financial Statements for the period ended June 30, 2017 have not yet been completed.

SEPARATE INCOME STATEMENT