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Telecom Italia Conference Call 2010 Results & Plan Update Revenues & Ebitda Outlook Consolidated ARS, BIn Revenues per Product & per Business VAS+data+ ADSL as % 35% 38% of Revenues >+21% >17.7 14.6 2.2 >+32% 5,1 1,8 5,5 2010 2011 Volce ITX VAS+data+ADSL Others EBITDA ARS, BIn TELECOM ITALIA FRANCO BERTONE >+21% >17.7 14.6 >+24% 10 >+12% 4,6 2010 2011 Fixed Mobile Cost Structure ■ITX Costs 14% >5.5 ■Marketing 25% and sales 4.8 "Taxes 28% 20% Labor Costs ■ Others 13% 2010 2011 2010 Focus on efficiency: ▸ Leaner cost structure through unified operation ➤ Lower incidence of ITX costs ▸ Growth in labor related costs 12

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