Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update Regulatory Environment Fixed Business Current Regulatory Framework ▸ Fixed voice tariffs frozen since Jan 2002 ‣ BB unregulated prices ‣ Universal Service implemented as incumbent: no cash contribution required ▸ Triple play currently not allowed to Telcos Expectations over the next three years ▸ Number Portability ▸ Video incorporated into VAS licences ▸ Growing interest of federal and local Government in the telecommunications infrastructure Mobile Business Current Regulatory Framework ▸ Number Portability by YE 2011 ‣ Unregulated prices ▸ 50 MHz frequency cap ► Limited MVNO participation ▸ Universal Service partly contributed with shared mobile access infrastructure Expectations over the next three years ▸850-1.900MHz spectrum auction with current frequency cap ▸ AWS (Advanced Wireless Service) 1.700 - 2.100Mhz spectrum auction with separate frequency cap ▸ Shift from CPP F2M to mobile termination rates TELECOM ITALIA FRANCO BERTONE 9

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