2. 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.
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.
MARCO PATUANO 2
3. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 3
4. Italian Market Evolution ‘08-’12
Market by Technology Market by Customer Segment
Bln € Bln €
+ 1.5% + 1.5%
Total 58 Total 57 58
57 55 55
Open Market 2 2 2
Media Products
11 13 + 6%
11
Media 11 11 13 + 6%
ICT
10 9 9 Stable
Total TLC 36 35 35 Broadly Stable Top 13 12 12 Slight decrease
Products 5 4 4 Stable
Business 9 9 8 Broadly stable
Mobile 17 17 18 ~ + 2%
Fixed
Consumer 22 22 22 ~ + 1%
14 14 13 ~ - 3%
2008 2009 2012 2008 2009 2012
CAGR ’09-’12
MARCO PATUANO 4
5. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 5
6. Domestic Revenues: Trend Reversal
Euro bln, Organic Data
change CAGR
‘09-’12
yoy Model
Change Improve Back Broadly stable
Trend Stabilize to Growth
23.3
21.7
Mobile
Fixed
2008 2009 2010 2011 2012
2010: Paving the way to Growth
change % yoy
2009 2010
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
-5% -5%
-7%
-11%
FY09 FY10
-7% -4% / -5%
MARCO PATUANO 6
7. Domestic Market: the Repositioning Path
2008 2009 2010-2012
“Value for Money” Proposition
Repositioning Market Share Recovery
impaired by Repricing
Focus on volumes Competitive pressure increase Market share recovery
Mobile
Strong leverage on handsets “Cost Conscious” Customer Base erosion Best value for Money
Push Strategy based on Handsets subsidy New handsets strategy Focus on “cost conscious” customers
and “high spenders”
Weaker brand perception (“Expensive”) New advertising & communication
after consumer tariff repricing format Pull strategy through Advertising
Pricing Strategy: focus on Community Distribution Network – Strength and
Develop
Distribution Network Refocus
Market Positioning
Restore Regulatory Dialogue Leverage on Flexibility
Consolidation
Strong competitive asymmetry Retail & LLU monthly fee increase Line losses reduction
Fixed
Large line losses (~1.9 mln) Progressive asymmetry reduction Full symmetry on winback
Good performance on BB acquisitions Slowdown in line losses trend New LRIC model introduction
Push on free to flat migration in BB Increase value of BB offers Increase market share and reduce
Gain market share on ICT churn on BB
Launch of new over-the-top
services
Customer Centric Approach Lead ICT evolution
MARCO PATUANO 7
8. Domestic “Retail” Service Revenues
Euro bln, Organic Data, %
17.3* 9.8 7.9
Business - TOP 18% 10%
25%
16%
Business - SME 21%
24%
74%
Consumer 61% 51%
Total o/w o/w
2009 Fixed + ICT Mobile
Weight on Total Retail
Service Revenues* 56% 44%
* Net of Fixed-Mobile interdivisional sales elimination (0.4B€ in 2009)
MARCO PATUANO 8
9. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 9
10. Task #1 Speed-up Mobile Turnaround
Objectives Actions KPIs
Simplified Portfolio offering and strengthened Customer Base Calling
(mln, %) CB
Gross Adds and MNP tactics Recover
30.9 35.4
Advertising pressure with focus on product key-
benefits
Market Share 76% 85% 85% 85%
increase Ethnic segment vertical offering
2008 2009 2010 2012
Completing Consumer Sales Network
restructuring: focus on Franchising & Dealer Gross Adds Rebound in 2010
(mln SIM) 9.8
Multibrand, restyle PoS, New sales commissions
>8.0
model 8.0
6.3
Best Value for Money Proposition both for 2008 2009 2010 2012
“Community users” and for “Off-net users” with the
aim to reduce Churn, increase lock-in Value Consumer Outgoing Calling ARPU
Customer
Customers and boost usage (€/month)
Base value 14.5
14.0
protection Confirm leadership on customer care adopting
multichannel approach to keep quality while BROADLY
STABLE
reducing costs
2008 2009 2012
Pre-retention on high end customers
MARCO PATUANO 10
11. Mobile – Offer: Best Value for Money in the Consumer Segment
Community Offer (U speak with friends?) Off net Offer (U speak with everybody?)
Size of Many How long
community One
& location ? Many friends In my you speak?
friend friends also on country
fixed line 270 500 1000 1500
min/month min/month min/month min/month
UNLIMITED TRAFFIC (60week)
1€/week + 17€/
2€/week 3€/week 4€/week best price
ITZ month 29€/ month 49€/ month 69€/ month
(4€/week)
29 49 69
HANDSET MONTHLY INSTALLMENTS
Unlimited SMS 1€/week 60 SMS for 2€/week
SMS usage?
Light usage Heavy usage
Mobile INTERNET 40: 9€/month INTERNET 100: 19€/month
Internet?
Sometimes
40h/month 100h/month
INTERNET PACK 40: 99€ INTERNET PACK 100: 159€
Often 40h/month x 12 months + Dongle 100h/month x 12 months + Dongle
MARCO PATUANO 11
12. Task #1 Mobile – Re-design Sales Channels
Changing Mix & Size PoS productivity *
2009 2012 Delta
Mar ’10 YoY %
Own Stores
Average 25.3 +24.6%
Franchising
Own Stores &
62.0 +59.0%
Franchising
Monobrand &
Monobrand & 31.3 +34.3%
Dealer
Dealer
Multibrand 14.5 +16.0%
Multibrand 16.0%
GDO 13.3 -8.3%
TOTAL ~4,500 ~6,100
(*) Weekly Gross Adds /PoS
MARCO PATUANO 12
13. Task #1 Mobile BB - Consolidating Leadership
Italian Mobile BB Market (Value) TI Mobile BB users
(Bn €) (mln)
CAGR
’09-’12
2.3 +14.5%
10.3
1.8
+40% 6.6
1.6
4.6
1.4 3.4
72% 75%
71%
% Web Users 69%
2008 2009 2010 2012 2008 2009 2010 2012
Structural Advantages Lever to Reinforce Leadership
Marketing approach
Internet
Network coverage Focus on medium users to:
Keys
defend price per MB
Network capacity stabilize yearly consumption
Services
Complete and competitive prepaid offer portfolio
Leadership in Smartphone market share (TIM market Internet Pack (new annual bundle device+service)
phones
Smart
share FY09 ~37%) New postpaid “all-inclusive” offers (Internet Key +pc+service)
Device portfolio simplification
Devices
Efficient pricing in order to avoid network overload
Widest product portfolio, best design, materials and colors
MARCO PATUANO 13
14. Task #1 Mobile - Handsets Strategy
Sell in Volumes Consumer Strategy and Impact
Handset
(mln)
USB dongle
More volumes, mores costs, less profitability
PC 8.6
Approx 8 mln p.a. of handset volume sold (with SIM
0.02 embedded)
7.7
Since 2008
0.1 0.2 Strong push on handsets resulting into a “long
wave” of silent lines lasting until in 1H10
0.6 Almost 800 mln euro of handset sold per year with
4.5 negative impact on profitability
0.05
0.9
8.5 Grow Less volumes, higher profitability
From 2009 onwards
6.9 Focus on advanced data enabled devices to drive
data growth
3.5
Massive increase on USB dongle sale
Reduce
Smartphones at competitive price
2G 56% 40% 39% 26% Significant improvement in revenues mix with
positive impact on SAC and margins
2007 2008 2009 2010
MARCO PATUANO 14
15. Task #1 Mobile – Early Evidence
Objectives KPI’s
Customer Base Calling - Change yoy (‘000) TIMX Users
1Q09 2Q09 3Q09 4Q09 1Q10
CB Value 1.3 mln
Stabilized
protection -401
-537
-544
-762 Sept09 Dec09 Mar10
Consumer Gross Adds (‘000) Outgoing traffic Trend – Change yoy
+15%
477 +2%
Market Share 422
378 394
450 1Q09 2Q09 3Q09 4Q09 Feb10 March10
& Usage 2009 371
+2%
flat
increase 2010
-4.6%
Jan Feb Mar
Consumer Mobile BB Users (mln) Consumer BB Revenues (€ mln)
+0.9 +31
3.2 112
Mobile BB 2.3
+38%
81
+38%
leadership
consolidation
1Q09 1Q10 1Q09 1Q10
MARCO PATUANO 15
16. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 16
17. Task #2 Consolidate Positive Fixed Momentum
Objectives Actions KPIs
Portfolio simplification and flat offers Line Losses Evolution (mln)
2008 2009 2010 2012
deployment to increase value for money
perception and reduce impact of traffic
0.5
erosion
<1.0 >70%
-1.3 Market Share
-1.9 On access
Differentiated caring approach based on
Defend segments and needs ULL Win-back (‘000)
>400
Customer
Base Value Continuous quality improvement (fault rate 182
and minimize and repair time) to sustain loyalty 163
lines loss
reduction 2008 2009 2012
Retention/pre-retention inbound and
outbound (churn predictive models) with Market Share - Access Calling (%)
customized offers on specific targets 67.6% 64.7% ~64% ~62%
Distinctive communication format with stable
presence in the media
2008 2009 2010 2012
MARCO PATUANO 17
18. Task #2 Consolidate Positive Fixed Momentum
Objectives Actions KPIs
Target Customer Base BB (mln)
Launch of BB entry fee tariff and bundle
package with PC and push on flat offers BB Churn ~21% ~18% ~17% ~17%
rate
7.4 8.0
6.8 7.0
Increase BB
Customer Develop strong high value customers % Flat
Offers
77% 83% 91% 97%
Penetration retention through multimedia innovative
and Value devices (Cubovision) enabling flexible 2008 2009 2010 2012
provisioning of TV services according to
BB ARPU (euro/month)
available bandwidth (IPTV / OTTV)
~20
18.0 18.3
Push on ULL win-backs leveraging on
symmetrical regulation (from April ‘10)
2008 2009 2012
Improve sales effectiveness through channel
Improve specialization (eg agent sales on win back), Adsl Sales – Customer Care (mln)
quality target on inbound and outbound 1.3
1.2
Go-to-Market acquisitions 1.1
Success
>5% Rate
4.5%
Re-launch of web sales channel 3.4%
2008 2009 2010
MARCO PATUANO 18
19. Task #2 Fixed – Early Evidence
Objectives KPI’s
Line Losses (‘000)
1Q09 4Q09 1Q10
Defend
Customer -190
-260
Base Value
-380
BB Customers (‘000 access)
+89 6,843 +157 7,000 +71 7,071
6,754
Increase Free
BB Customer
Value Flat 77% +176 79% +398 83% +89
FY08 1Q09 4Q09 1Q10
ADSL Sales – Customer Care (‘000) ~10% excluding
calls from
BB customers
Improve 98 112 101
% Redemption 5.3% 5.4%
Go-to-Market On inbound 4.5%
calls
1Q09 4Q09 1Q10
MARCO PATUANO 19
20. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated
Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 20
21. Task #3 Integrated Approach:
Focus on the Business Segment
Offering Sales Customer Operations
“Impresa Semplice” new Sales network is already F/M Integrated Customer
Business concept integrated, with differentiated Operations with single
channels segmentation for fixed and
Tra Noi”, first convergent mobile customers
offer High End customers “Portfolio”
(200k), that generate 40% of tot Same segmentation as Sales
“Leverage on fixed revenues, have a dedicated Sales
customer base exploiting representatives and few2few
convergent offering and Customer Operations team
communication
Sales Customer care
Fixed Only:
1.6 mn Potential
Sales Reps
Portfolio Few 2 Few
Fixed + Mobile (~200k)
0.3 mn
Business Associations
Partners
Shops
SME/Soho Standard
“Ready to use basic ICT (~1.900k)
Call caring
offering centers
MARCO PATUANO 21
22. Task #3 Integrated Approach: Up / Cross Selling for
Business Segment
Objectives Actions KPIs
Mobile Human - Net Adds (‘000)
Leverage on integration to:
Increase mobile penetration on fixed +160
Boost mobile customer base 79
customer base
Improve loyalty and reduce churn -37
-161
Leverage on cross selling opportunities 2008 2009 2010 2012
Fixed Line Net Adds (‘000)
Fixed Losses (‘000)
Strengthen win back and customers’ lock-in
Stop losses of and loyalty thanks to convergence (fixed-
fixed mobile integration, single billing, single caring) -42
-194
-235
customers -266
2008 2009 2010 2012
Stabilize revenues by:
ARPU (€/month/SIM)
Shifting competition from price to innovation 46 ~ -3%
and quality of service Voice*
Stabilize
revenues Increasing share of wallet on integrated 2009 2012
customers BB**
23 ~ -11%
2009 2012
(*) Revenues net VAS and Handsets /Avg SIM Human
CAGR ’09-’12
MARCO PATUANO (**) Revenues VAS Browsing /Avg Users BB (Web+Wap) 22
23. Task #3 Business Segment – Early Evidence
Objectives KPI’s
Mobile Human Gross Adds (‘000) Mobile Human Net Adds (‘000)
+12%
+12%
129
Boost mobile 115
125 -53 -24
customer base -52 -50
+54%
+54%
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Fixed Access Net Adds (‘000)
1Q09 4Q09 1Q10
Stop losses of
fixed -25
customers -78
-44
+68%
+68%
Broad Band Net Adds (‘000)
+125%
+125%
Develop +27
BroadBand +12 +10
1Q09 4Q09 1Q10
MARCO PATUANO 23
24. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain Growth
MARCO PATUANO 24
25. Task #4 Continue to Attack Adjacent Services –
Especially on TOP Clients
Objectives Actions KPIs
Extension of Data center proposition to fully support the ICT Revenues
Become the Virtualization model (Server, Networking, Storage, IP (€ mln)
leader in PABX, Desktop)
extended
infrastructure Selective innovation regarding SaaS
~+17%
services
Bundling of TLC, infrastructure services and new offers 1,342
831
ICT
Rationalization of the partners program to improve TI 2009 2012
Rationalize the positioning on Net Centric solutions (Virtualization,
partnership SaaS) ICT Market Share*
model and
develop the ~11% ~17%
vertical markets Vertical emerging markets (eg.: e-gov, e-health, finance,
security, automotive ..)
* Addressable market Top Client
Matrix – Revenues
Reinforce Virgilio leadership in the digital advertising (€ mln)
Focalize Matrix through vertical communities and customizable ~+13%
editorial offering ~200
Digital mission towards 154
137
ADV an Information Develop profiling assets and capabilities in IP/Network,
Provider role Web and Positioning profiling
2009 2010 2012
CAGR ’09-’12
MARCO PATUANO 25
26. Domestic Take-away: Where does the “Reverse Revenues
Trend” come from?
Customer Centric Approach: different strategies for different Market Segments
MOBILE FIX
CONSUMER
Increase the number of calling lines being the Reduce LINE LOSSES
“BEST VALUE FOR MONEY”option Minimize impact of TRAFFIC decrease
Keep ARPU erosion from voice prices under Keep growing in XDSL BB
control Leverage on CONTENT DELIVERY
Balance voice ARPU with BB ARPU PLATFORMS in order to enrich the offering
Keep leadership in Mobile BB and increase BB ARPU
FIX & MOBILE
Protect market share and leverage on cross selling between F&M
BUSINESS
ICT
customer base
Create a “READY TO USE”
Develop convergent offer in order to boost TOTAL REVENUES per
offer for basic ICT services
customer
Segment of the customer base in order to serve each cluster with the
most appropriate go-to-market model
VOICE & TRADITIONAL DATA
ICT
Protect market share
Enhance value chain: from pure
Control price erosion on Mobile Voice
TOP
NETWORK services to IaaS and SaaS
Boost Mobile BB and Mobile VAS
Develop vertical services on horizontal
Minimize impact of fix VOIP
platforms
Delay price pressure on traditional data
MARCO PATUANO 26
27. Agenda
TI Group 2010-2012 Strategic Plan Update
Italian Market Overview
Telecom Italia Domestic Strategy and Goals
Task #1 Speed-up Mobile Turnaround
Task #2 Consolidate Positive Fixed Momentum
Task #3 Fully Exploit Integrated Approach Opportunities
Task #4 Continue to Attack Adjacent Services
Task #5 Further Cash Cost Efficiencies to Sustain
Growth
MARCO PATUANO 27
28. Task #5 Cash Cost Rationalization and Efficiency Plan
Euro bln, Organic Data
Cash Cost 2012 vs 2009 Efficiency YoY
-1.8 bln €
17%
30%
53% 58% Opex
Cash Cost on
69.8% ~65%
Revenues 42% Capex
’10 vs ‘09 ’11 vs ‘10 ’12 vs ‘11 Cum. ’09-’12
+1.2
Efficiency by Programs (2009-12)
15.1
Total 1.8
Capex 3.5
<14.0 1 Network
Operations 0.2
-0.6
<3.0 MKT &
2 0.4
-1.8 bln € Distribution
3 Organization &
Support process 0.2
Opex 11.6 <11.0
4 Information
> -1.1 bln € Technology 0.5
Customer
5 Operations 0.1
Volume Delivery
2009 ITX
driven
Efficiency 2012 6 & Assurance 0.2
Cum 09-12 Efficiency 2.7 bln € 7 Buildings and
Energy Mng 0.2
MARCO PATUANO 28
29. Task #5 Domestic: Focus on Efficiency Plan 2009-2012
Euro bln, Organic Data, %
Delta Cash Cost Netwk Mktg & Org. & Delivery Building
ITX Vol. Efficiency Ops Distrib. Support IT COP &
& Assur. Energy
2012 vs 2009 Driven
Abs
FY09 ’12 vs ‘09
Total Opex 11.6 -0.6 -0.6 +1.0 -1.0 -0.4 -0.2 -0.1 -0.1 -0.1 -0.1
ITX 3.1 -0.6 -0.6 - -
Mktg & 3.2 - +0.5 -0.4
Sales +0.1
Industrial 1.1 Flat - +0.1 -0.1
Personnel 3.3 -0.1 - +0.3 -0.4
G&A & 0.9 - +0.1 -0.2
Other -0.1
Total Capex 3.5 -0.5 - +0.2 >-0.7 -0.2 -0.4 -0.1 -0.1
- - - - - - -
Total Cash Cost >-1.1 -0.6 +1.2 -1.8 -0.2
0.2
-0.4
0.4
-0.2
0.2
-0.5
0.5
-0.1
0.1
-0.2
0.2
-0.2
0.1
MARCO PATUANO 29
32. DMO – Market by Segments
TOP - Public sector TOP - Private sector Italian Market
800 customers PA Top 540 customers Business Wireline
- 350 central government Top -Large Corporations Market (mln)
Top Clients - 450 key local government
First 20,000
-Financial Institutions
0.8 0.5 4.4
authorities
customers (LA and PA) PA Enterprise
Portfolio managed by Large 3.1
Direct Sales force 3.3 k customers 15.5 k customers
(managed at regional (managed at Fixed Fixed No Total
level) regional level) BU CO Fixed
Contract contract line
Business
Needs based segmentation: Business Mobile Market (mln)
Business 30% Shops 0.8
2.1 mln customers Single/Multiple 43% 2.2
(enterprices with 1- location firms 4.4
499 employees) TI Customers
2.1 mn 1.4
managed by Indirect
Professionals
Sales force, high end Mobile Mobile No Total
17% BU CO
customers (200K) Nomadic 10%
contract
Mobile
Contract
managed at Portfolio
Consumer
Households with Fixed Access 17.3
Fixed Customer Base Mobile Customer Base
Consumer Tot 12.3 mln Tot 25.1 mln
mln Families with Broadband 56%
Fixed: All Households Value Based Ethnic;
Teens; 3,9
Segmentation 3,9
Mobile: Individuals Young; 4,2
Privilege Premium
that use phone both BB+IPTV
Senior;
for private and Gold 11,1
Prospect BB Silver Higher
professional purposes Massive;
Standing
with a consumer offer Standard Standard 9,0 23,9
MARCO PATUANO 32
33. Task #5 Efficiency Programs Extension and New Operating Model
Delta Cash Cost 2012 vs 2009 End of asymmetry on Fixed (July ’10) and
Mobile (July ’12) termination rate leading to
Euro bln, Organic Data ITX net savings on interconnection expenses
FY09 D Abs
’12 vs ‘09 Tangible impact of TIM push on communities
Total Opex 11.6 -0.6 Speed-up and complete sales channels
Marketing turnaround (Consumer and Business)
& Sales New business model for Handsets and Content
ITX 3.1 -0.6
Network Platform decommissioning (ATM, single
RAN) and “one touch” network approach
Mktg & Industrial Ful deployment of TIM-Vodafone site sharing
Sales 3.2 +0.1
agreement
Industrial 1.1 Flat Rightsizing trough a Lean Company concept on
Personnel organization and processes
Staff functions re-sizing
Personnel 3.3 -0.1
Real Estate rationalization
G&A & G&A Tight cost control on consultancies expenses
Other 0.9 -0.1
Refarming 900 MHz for UMTS indoor coverage
Total Capex 3.5 -0.5 CAPEX Rightsizing and restructuring of IT
infrastructure
MARCO PATUANO 33