Investor Presentaiton

NAP Closes OpFCF* Gap of Approx. EUR 130 mn Between Guidance and Consensus New guidance 2012: approx. EUR 750 mn EUR 760 mn EUR 788.4 mn EUR 710 mn 2011 reported 2012 2013 Consensus** New Ambition Program effect Capital Market Day 2010: approx. EUR 800 mn per annum * New Ambition Program ensures operating Free Cash Flows of at least EUR 800 mn per annum until 2013 Operating Free Cash Flow = EBITDA comparable - CAPEX (excluding investments for licenses and spectrum acquisitions) ** Consensus as of 23.02.2012 17

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