Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update 2010 Main Results Euros, in million Reported Revenues +483M€ +21% 2,820 2,337 798 4Q 640 +25% 9M 2,022 1,697 +19% FY09 EBITDA FY10 +126M€ 926 +16% 800 246 40 4Q 211 +17% 9M 680 589 +15% FY09 TELECOM ITALIA FRANCO BERTONE Key Highlights Increasing revenues and customer base in all businesses ▸ 4Q10 revenues growth acceleration ▸ VAS+Data+BB accounting for 35% of revenues and growing at a 2x the rate ▸ 2010 mobile market leadership with est. 46% of net adds Bundled BB fixed and mobile offer ▸ Strong financial position Net Financial Position Evolution (+Cash/-Debt) -185 -430 231 86 -831 FY10 FY06 FY07 FY08 FY09 FY10 3

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