to download Telecom Italia Annual Report 2011 - Company Reporting

On August 2, 2011 the second phase was completed, involving the allocation of one free share for every
three shares purchased to those who complied with the conditions set by the plan, i.e. retained
ownership of the shares purchased for one year and remained employees of one of the Group
companies.
The plan complies with the conditions for access to the fiscal benefits of article 51 of the consolidated
law on income tax. Employees who decide to retain full ownership of the shares, bought at a discount
and assigned free of charge, for three years from the respective dates of purchase/assignment, will be
entitled to an exemption from tax and contributions on the benefit paid by the company in terms of
discount and bonus shares.
Report of Operations Sustainability Section 135