Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update CAPEX Plan Capex (ARS, in billions) 2.6 2,0 ~3.2 2011 18% Key Drivers ▸ Expand backhaul IP deployment to improve mobile broadband footprint and user experience ▸ Improve mobile coverage to reduce domestic roaming cost ▸ Expand, secure and integrate backbone networks and IT platforms. ▸ Upgrade fixed access network to increase bandwith ▸ Deploy content delivery capabilities ‣ Update IT solutions to improve customer care, provisioning business operations and 0,6 2010 ■Commercial* Industrial Capex as % of 17% Revenues *Include SAC Mobile & Internet TELECOM ITALIA FRANCO BERTONE 13

View entire presentation