Slides Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso

1. TELECOM ITALIA GROUP
9M 2012 Results
Milan, November 9th, 2012
Telecom Italia
9M 2012 Results
FRANCO BERNABE’ - PIERGIORGIO PELUSO

2. 1
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Safe Harbour
These presentations contain statements that constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in
this presentation and include statements regarding the intent, belief or current expectations of the
customer base, estimates regarding future growth in the different business lines and the global business,
market share, financial results and other aspects of the activities and situation relating to the Company
and the Group.
Such forward looking statements are not guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those projected or implied in the forward
looking statements as a result of various factors. Consequently, Telecom Italia S.p.A. makes no
representation, whether expressed or implied, as to the conformity of the actual results with those
projected in the forward looking statement.
Forward-looking information is based on certain key assumptions which we believe to be reasonable as of
the date hereof, but forward looking information by its nature involves risks and uncertainties, which are
outside our control, and could significantly affect expected results.
Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only
as of the date of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the
results of any revisions to these forward looking statements which may be made to reflect events and
circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia
S.p.A. business or acquisition strategy or planned capital expenditures or to reflect the occurrence of
unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report on
Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities
and Exchange Commission.
Some data for the 2011 financial year used in comparisons included into this presentation are restated as
a result of the early adoption of the revised IAS 19 (Employee Benefits) version and the reclassification of
Matrix from the Business Unit Domestic–Core Domestic to the Business Unit Other Activities
- PIERGIORGIO PELUSO

3. 2
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 TI Group 9M 2012 Results
 Telecom Italia Core Markets Results
Italy
Brazil
Argentina
 Wrap-up
Agenda
- PIERGIORGIO PELUSO

4. 3
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Euro mln, %
TI Group: Revenues & EBITDA trends
7,073 7,392
7,470 7,401
7,516 7,268
9M11 9M12
Reported Revenues
+2 M€
+0.0%
-69
-0.9%
+319
+4.5%
22,059 22,061
2Q
1Q
3Q
-248
-3.3%
7,019 7,392
7,340 7,410
7,368
7,268
9M11 9M12
Organic Revenues
+343 M€
+1.6%
+70
+1.0%
+373
+5.3%
21,727
22,070
-100
-1.4%
2Q
1Q
3Q
2,939 2,973
3,017 2,886
3,181 3,001
9M11 9M12
Reported EBITDA
41.4%
40.2%
% on
Revenues -1.2p.p.
9,137 8,860
-131
-4.3%
+34
+1.2%
-180
-5.7%
-277 M€
-3.0%
2Q
1Q
3Q
2,961 2,976
2,991 2,917
3,159 3,031
9M11 9M12
Organic EBITDA
% on
Revenues
41.9%
40.4%-1.5p.p.
9,111 8,924
-74
-2.5%
+15
+0.5%
-128
-4.1%
2Q
1Q
3Q
-187 M€
-2.1%

5. 4
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Revenues
EBITDA
Weight on
TI Group*
38.0%
25.8%
Euro mln, Organic Data
TI Group
9M12
22,070
8,924
% yoy
+1.6%
-2.1%
9M12
5,595
1,477
% yoy
+11.0%
+9.2%
25.3%
16.6%
Brazil
9M12
2,804
825
% yoy
+20.0%
+8.0%
12.7%
9.2%
Argentina
9M12
13,422
6,713
% yoy
-4.7%
-4.6%
60.5%
75.2%
Domestic
TI Group Key Results by Core Markets
* Revenues based on net contributions.

6. 5
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
(1,256)
3,182 1,926
+335 2,261 (91) +94 (30) +11 2,245 (319)
1,926
Net Income
9M11
GW write-down
9M11
Net Income
excl. GW write-
down 9M11
Minorities
9M11
Income ante
Min & Disc.
Ops. exc. GW
write-down
Delta EBIT excl.
GW write-down
Delta Interest
& Net
Income/Equity
Delta Taxes Delta Net
Income of
assets
disposed
Income/(Loss)
ante Min &
Disc. Ops.
9M12
Minorities
9M12
Net Income
9M12
Net Income Evolution
Euro mln
 Equity +15
 Income from inv. (17)
o/w Cuba (17)
 Net Fin. Charges +96
Flat
o/w
 Brazil (35)
 Argentina (9)
 TI Media +16
o/w
 Brazil (136)
 Argentina (199)
 TI Media +16

7. 6
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
1,224
907
296
22
9M11 9M12
Euro mln, Reported Data
Operating Free Cash Flow Net Cash Flow
Revenues
Opex
Capex
 WC
OFCF
22,061+2
(190)
(279)
1,520
929
Normalized
Free Cash Flow Generation
(591)
Cuba: 398
Loquendo 53
Economics
Interest TA (155)
Etecsa Cuba: 38
TIM Fiber: (9)
HanseNet (7)
(317)
9M (383)
3Q (114)
2Q +181
1Q (450)
22,059
+84
(383)

8. 7
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Focus on Net Debt Performance
Euro mln
Adj. Net Financial Position
29,948
30,414
30,360
29,485
9M11 FY11 1H12 9M12
(463)
(929)
(875)

9. 8
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Deleverage Plan on Track
OpFCF: ~2.5€bln (in line with 4Q11 excl. LTE)
Cash Tax & Fin. Expenses: ~1.1€bln
Net CF before Disposals: ~1.4/1.5€bln
Final Delta to FY 12 Debt target will come
from Disposals, as per our Plan
Net Cash Flow 4Q12E
29.5
9M12 2012
27.5
2013
25
Inside 2x Net Debt/
EBITDA
Δ ~2€bln
in 4Q12
2014
& Onwards
Euro bln
Current Dividend Confirmed
as Floor for ’12 - ’14

10. 9
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Recent Bond Issue / Maturities and Risk Management
On September 13, 2012 a 1 Billion euro fixed rate bond
was offered to institutional investors
TI benefited from a reduction of 258 basis points YoY
(143bp credit and 115bp interest rate) in all-in yield vs
same tenor offer in Oct. 2011
Bond Details:
- 5Y Maturity
- Coupon 4.5%
- Issue Price 99.693%
- Spread vs swap rate 355
- Yield 4.57%
Average debt maturity: 7.10 years (bond-only
8.05 years)
Fixed rate portion on gross debt:
approximately 73.9%
About 46% of outstanding bonds (nominal
amount) is denominated in USD, GBP and YEN
and is fully hedged
Cost of debt: 5.4%
The figures are net of the following adjustments due to the fair value measurement of derivatives and related financial liabilities/assets:
- the impact on Gross Financial Debt is equal to 2,546 Euro/mln (of which 695 €/mln bonds)
- the impact on Financial Assets is equal to 2,060 Euro/mln
Therefore, Net Financial Indebtedness is adjusted by 486 Euro/mln.
Well Diversified and Hedged Debt
3.7%
5.7%
70.9%
Bonds
27,197
Total Gross Debt Net of Adjustment: Euro 38,372 mln
 Gross debt
 Financial assets
of which C & CE and marketable securities
- C & CE
- Marketable securities
- Italian Government Securities
- Other
38,372
(8,887)
Bank Facility
1,959
Bank & EIB
5,589
Op. Leases and long rent
1,427
Other
2,200
14.6%
5.1%
Euro mln
Net Financial Position 29,485
(7,385)
(6,755)
(630)
(447)
(183)
PIERGIORGIO PELUSO

11. 10
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Bonds Loans (of which long-term rent, financial and operating lease payable Euro 1,412 mln) Drawn bank facility
Robust Liquidity Margin and Well-Distributed Debt Maturities
Euro mln
€ 7.39 bln
Group Liquidity Position
+
€ 7.45 bln
Undrawn Portion of
Facility/Committed
=
€ 14.84 bln
Group Liquidity Margin
PIERGIORGIO PELUSO
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
,
, ,
,
(1) Euro 36,344 mln is the normal amount of outstanding medium-long term debt by adding IAS adjustments (Euro 1,301 mln) and current liabilities (Euro 726 mln), the gross debt figure of
Euro 38,372 mln is reached.
N.B. Debt maturities are net of Euro 1,246 mln (face value) of repurchased own bonds (of which Euro 1,031 mln related to bonds due in the next 24 months)
,

12. 11
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Progress on TI Media Disposal
Revenues
EBIT
EBITDA
CAPEX
Net Debt
Net Income
Euro mln
Action Plan
Info memos sent to selected bidders at the end
of August
Non-binding offers received at the end of
September, for TI Media as a whole and for TV
Business (La7 S.r.l**) only
Due diligence underway with admitted bidders:
 Virtual Data Room started beginning of
October
 Management Presentation concluded
end of October
 Focused Management meetings in
progress
Binding offers expected by the 1st week of
December
9M 12
161
(72)
41
(26)
224
(54)
9M 11
170
(16)*
33
27*
133
(15)
*Includes 20.5 Euro mln paid by Telecom Italia to Telecom Italia Media in 2011 as compensation for the early
resolution of the “Competence Center” agreement.
**La7 S.r.l. owns the brands La7 and La7d and holds 51% of MTV Italia S.r.l.
PIERGIORGIO PELUSO

13. 12
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 TI Group 9M 12 Results
 Telecom Italia Core Markets Results
Italy
Brazil
Argentina
 Wrap-up
Agenda

14. 13
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
-1.5%
-2.6%
-2.9%
-2.4%
-1.6%
-0.5%
0.2%
0.8%
1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E
Real GDP - YoY trend
Households Spending - YoY trend
Industrial Production - YoY Trend
Italy: Macro Indicators have not improved
Source: Prometeia
-5.4%
-7.8% -7.7%
-5.5%
-3.1%
-1.0%
0.9%
2.0%
1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E
-2.8%
-3.6% -3.9%
-3.5%
-2.5%
-1.5%
-0.6%
0.2%
1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E

15. 14
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Euro mln, Organic Data
 Still double-digit performance in Mobile Small Screen
Browsing
 TI Retail BB line loss evolution under control (-7k in 3Q12),
with a stable Market Share at approximately 52%
 Value-oriented approach on Fixed BB with a constant
increase in Retail ARPU
 Fixed 3Q results affected by tough comparison with last year
 Mobile Top Line negatively affected by MTR cut, price cap on
EU Roaming and tougher competitive environment
 Sound and stable marginality in 9M at 50%
Developing Innovation
BB Achievements
Resilient Performance in Core Markets
 Success of SuperInternet offer continues
 LTE Services launched in Turin, Milan, Rome and Naples on
Nov. 7th
 Innovative F-M data bundles launched on a trial basis
Italy: Revenues & Ebitda Trend
4,586 4,477
4,753 4,580
4,739 4,365
9M11 9M12
-374
-7.9%
-109
-2.4%
-173
-3.6%
Revenues
-656 M€
-4.7%14,078 13,422
2Q
1Q
3Q
2,283 2,218
2,291 2,206
2,460 2,289
9M11 9M12
-171
-7.0%
7,034
-321 M€
-4.6%
50% 50%0.0 p.p.
6,713
-85
-3.7%
-65
-2.8%
EBITDA
2Q
1Q
3Q
% on
Revenues

16. 15
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 TI Group 9M 12 Results
 Telecom Italia Core Markets Results
Italy
Brazil
Argentina
 Wrap-up
Agenda

17. 16
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Euro mln, Organic Data
Brazil: Revenues & EBITDA Trends
1,619 1,928
1,695
1,805
1,726
1,862
9M11 9M12
Revenues
+555M€
+11.0%
2Q
1Q
+110
+7.0%
+309
+19.1%
5,040
5,595
3Q
+136
+8.0%
445 505
453 482
455
490
9M11 9M12
EBITDA
+124 M€
+9.2%
+29
+6.8%
+60
+13.5%
1,353
1,477
26.8% -0.4 p.p. 26.4%% on
Revenues
2Q
1Q
3Q
+35
+7.9%
Value Creation
Revenue Growth
Size & Market
 TIM net adds: 9M still #1 in spite of sales ban. Customer
Base: 69.4 mln lines, +17% YoY (#1 operator in growth)
 #1 in prepaid segment and closing overall gap with #1
operator
 Leader in Handset market despite unique No Subsidy
approach
 EBITDA organic performance in progress in 3Q: +7.9%YoY
 Organic trends plus TIM Fiber related cost improvements and
efficiencies in 4Q, confirm commitment to FY12 guidance
 Voice Outgoing Revenues supported by new acceleration in
MOU, Voice Incoming affected by MTR cut (14% last March)
 VAS gross revenues +34.6% YoY, driven by continued
smart/web phone penetration increase (now at 39%, up
from 19.5% in 3Q11)
 VAS gross revenues 19.4% of total gross mobile service
revenues against 15.7% in 3Q11

18. 17
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 TI Group 9M 12 Results
 Telecom Italia Core Markets Results
Italy
Brazil
Argentina
 Wrap-up
Agenda

19. 18
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Euro mln, Organic Data
Argentina: Revenues & EBITDA Trends
727 901
781
922
829
981
9M11 9M12
Revenues
+467 M€
+20.0%
+141
+18.1%
+174
+24.0%
2,337
2,804
2Q
1Q
3Q
+152
+18.2%
248 289
257 261
258 275
9M11 9M12
EBITDA
+62 M€
+8.0%
+4
+1.4%
+41
+16.6%
763 825
32.7% -3.3 p.p. 29.4%
+17
+6.5%
2Q
1Q
3Q
% on
Revenues
Value Creation Going Forward
 Postpaid and Mobile VAS drive consistent growth in value KPIs: 3
of 4 ports-in are high value, ARPU +12% YoY 9M
 Internet +70% YoY and VAS (SMS) +29% YoY in 9M, VAS/Service
Revenues at 52% (vs. 47% 9M11)
 Broadband ARPU growth: +16% YoY in 9M, growing value
through bundling and video streaming
 Fixed Voice ARBU +5% YoY 9M despite tariff freeze
 Mobile Price positive adjustments in 4Q
 Room to improve cost structure and sustain margins in
inflationary environment:
 Leverage on positive MNP momentum to rationalize
commercial efforts (lower unitary sub/SAC&SRC)
 Positive wage negotiation outcome gives YoY support
 Infrastructure development improves interconnection cost
trend
 Capex freed due to cancelled spectrum auction, reassigned to
additional access network deployment
 18.9 mln mobile lines with 33.3% market share, leading MNP
and service revenue performance
 Solid market performance in fixed BB, Accesses +7% vs Sept
11, stable at ~34%* market share among top 3 operators
Revenue Growth
Size & Market
*Estimates

20. 19
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 TI Group 9M 12 Results
 Telecom Italia Core Markets Results
Italy
Brazil
Argentina
 Wrap-up
Agenda

21. 20
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
** excluding Latam spectrum licences
TI Group – FY 2012 Key Guidance
Revenues
EBITDA
NFP Adj.**
Stable
Broadly Stable
 27.5 € bln
Organic Data*
*exchange rates 2011 (R$/€ 2.33; ARS/€5.74), excluding impact from non-organic items
Telecom Italia Group FY 2012 Key Guidance Confirmed

22. 21
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Appendix
- PIERGIORGIO PELUSO

23. 22
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
22,059 21,727 22,070 22,061(8) (324) 0 (656) +555 +467 (9) (25) +11 (9)
9M11 Change in
consolid. area
Exchange
rate impact
Other non-
organic items
9M11
Organic
Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12
Organic
Other non-
organic items
9M12
Litigation &
Settlement (9)
Domestic (8)
Olivetti (17)
Other & Elim. +17
Euro mln
+2 M€ (flat)
* Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011
Organic Variation
+343 M€ (+1.6%)
TI Group – Revenues Evolution
Domestic +17
Brazil (355)
Argentina (13)
Olivetti +1
- PIERGIORGIO PELUSO

24. 23
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
9,137 9,111 8,924 8,860
(1) (84) +59 (321)
+124 +62 (32) +9 (29) (64)
9M11 Change in
consolid. area
Exchange
rate impact
Other non-
organic items
9M11
Organic
Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12
Organic
Other non-
organic items
9M12
Litigations & Settlement (10)
Restructuring charges (30)
Other net charges (24)
-277 M€ (-3.0%)
Organic Variation
-187 M€ (-2.1%)
41.4% 41.9% 40.4% 40.2%
Euro mln
TI Group – EBITDA Evolution
Domestic +6
Brazil (94)
Argentina +4
* Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011
Litigations & Settlement +15
Restructuring charges +2
Other net charges +42
- PIERGIORGIO PELUSO

25. 24
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
1,809
4,976 4,945 4,900
0 (38)
+3,205 (44) +65 (3) (35) +8 (22) (45)
9M11 Change in
consolid. area
Exchange
rate impact
Other non-
organic items
9M11
Organic
Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12
Organic
Other non-
organic items
9M12
GW Writedown +3,182
Other net charges +23
TI Group – Ebit Evolution
Euro mln
Organic Variation
-31 M€ (-0.6%)
+3,091 M€ (+170.9%)
22.4% 22.2%
* Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011
22.9%
Domestic +4
Brazil (45)
Argentina +3
Litigations & Settlement (10)
Restructuring charges (30)
Net capital gains +21
Other net charges (26)
- PIERGIORGIO PELUSO

26. 25
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
 Equity +15
 Income from inv. (17)
o/w Cuba (17)
 Net Fin. Charges +96
Net Income Evolution
o/w
 Brazil (35)
 Argentina (9)
 TI Media +16
+0M€ (flat)
o/w
 Argentina (199)
 Brazil (136)
 TI Media +16
Net Income
excl. GW
write-down
9M11

EBIT excl.
GW
writedown

Net Interest
&
Net Income
/Equity

Taxes
Minorities
9M11
Income ante
Min & Disc.
Ops.
excl. GW write-
down
Minorities
9M12
Income
/(Loss)
ante
Min & Disc. Ops.
9M12
Net Income
9M12

Net Income
of assets
disposed
Net Income
9M11
GW
Writedown
9M11
1,926
2,245335 2,261 (91) +94 (30)
1,926
+11 (319)
(1,256)
+3,182
- PIERGIORGIO PELUSO
Euro mln

27. 26
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
Free Cash Flow Generation and ΔOWC Dynamics
Euro mln, Reported Data
Operating Free Cash Flow
Revenues
Opex
Capex
 WC
OFCF
22,059
22,061+2
-190
+ 84
- 383
-279
 Brazil: - 227 (capex acceleration for network upgrades and
increased cashout from TLC fees)
 Domestic: +61
 Argentina: - 145
 TI Media & Other: -72
4,524 4,141
1,423 1,339
3,190 3,380
12,922 13,201
9M11 9M12
Δ Severance
Indemnities,
Funds &
Other
Net Other
Receivables
/
Payables
Trade
ReceivablesInventories
Δ OWC
& Other
9M12
(1,339)
(94)
674
(1,460)
(452) (7)
+84+30 +543* (428)* (159)* +98
Δ Operating Working Capital
Trade
Payables
 Abs YoY
9M +84
3Q +24
2Q +495
1Q (435)
- PIERGIORGIO PELUSO
Euro mln, Reported Data
* The variation includes the effect of settlement with OLO.

28. 27
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
30,414 29,485(4,141)
1,027 (32)
2,217
2011YE
Adjusted
Operating FCF Dividends Disposals & Fin.
Investment
Cash Fin./ Taxes &
other Impacts
9M12
Adjusted
Euro mln, Reported Data
Net Debt Dynamics
(929)
EBITDA
CAPEX
 WC & Others
Operating FCF
(8,860)
+3,380
+1,339
(4,141)
Net Debt Evolution
- PIERGIORGIO PELUSO

29. 28
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
2012 2011  Abs. %
REVENUES 22,061 22,059 2 0.0
Other Operating Income 169 167
TOTAL REVENUES & OTHER INCOME 22,230 22,226 4 0.0
Total Purchases of materials and external services -9,676 -9,442 -234
Personnel -2,901 -2,922 21
of which payroll -2,846 -2,866 20
Other operating costs -1.339 -1.271 -68
Change in inventories 112 135 -23
EBITDA 8,860 9,137 -277 -3.0
% on Revenues 40.2% 41.4%
Depreciation & Amortization -3,967 -4,169 202
Writedowns and revaluations of non current assets -3,182 3,179
Gains/ losses of non current assets realization 10 23 -13
EBIT 4,900 1,809 3,091
% on Revenues 22.2% 8.2%
Income (loss) equity invest. valued equity method -4 -19 15
Other income ( expenses ) from investments 15 -17
Net Financial Income / (Expenses) -1.400 -1.496 96
Income before Taxes & Disc. Ops. 3,494 309 3,185
% on Revenues 15.8% 1.4%
Taxes -1.249 -1,219 -30
Income before Disc. Ops. 2,245 -910 3,155
Net income (loss) of assets disposed 0 -11 11
Net Income (ante Minorities) 2,245 -921 3,166
% on Revenues 10.2% -4.2%
Minorities -319 -335 16
Net Income (post Minorities) 1,926 -1,256 3,182
% on Revenues 8.7% -5.7%
9M

TI Group 9M12 – P&L
Capitalized Cost and Others 434
-3
-2
411
2
23
1.2
2.5
-0.7
-0.7
5.4
17.0
-5.6
-4.8
-99.9
-56.5
170.9
- PIERGIORGIO PELUSO

30. 29
TELECOM ITALIA GROUP
9M 2012 Results
FRANCO BERNABE’
TI Group 9M12 – Main Results by BU
Reported
9M
REVENUES
2012 2011  Abs.  %
Domestic 13,413 14,069 -656 (4.7)
Wireline Domestic 9,604 10,002 -398 (4.0)
Tim Domestic 4,960 5,286 -326 (6.2)
Brazil 5,595 5,395 200 3.7
Argentina 2,804 2,324 480 20.7
Media 161 170 -9 (5.3)
Olivetti 185 226 -41 (18.1)
Other Activities & Elim. -97 -125 28 -
24.5
TI Group 22,061 22,059 2 0.0
Organic
9M
REVENUES
2012 2011  Abs.  %
Domestic 13,422 14,078 -656 (4.7)
Wireline Domestic 9,613 10,011 -398 (4.0)
Tim Domestic 4,960 5,286 -326 (6.2)
Brazil 5,595 5,040 555 11.0
Argentina 2,804 2,337 467 20.0
Media 161 170 -9 (5.3)
Olivetti 185 210 (11,9)-25
Other Activities & Elim. -97 -108 11 -
TI Group 22,070 21,727 343 1,6
9M
EBITDA
2012 2011  Abs.  %
Domestic 6,713 7,034 -321 (4.6)
Brazil 1,477 1,353 124 9.2
Argentina 825 763 62 8.0
Media -26 6 -32 -
Olivetti -28 -37 9 24.3
Other Activities & Elim. -37 -8 -29 -
TI Group 8,924 9,111 -187 (2.1)
EBITDA MARGIN 40.4% 41.9% -1.5 pp
9M
EBITDA
2012 2011  Abs.  %
Domestic 6,696 6,953 -257 (3.7)
Brazil 1,460 1,444 16 1.1
Argentina 825 759 66 8.7
Media -26 27 -53 -
Olivetti --58 -37 -21 (56.8)
Other Activities & Elim. -37 -9 -28 -
TI Group 8,860 9,137 -277 (3.0)
EBITDA MARGIN 40.2% 41.4% --1.2 pp
Euro mln
- PIERGIORGIO PELUSO