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subscribed to within that period, the share capital shall be increased for an amount equal to the
subscriptions received up to the end of that period.
On July 7, 2011, the board of directors, by the power granted to it by the special shareholders’ meeting
held on April 12, 2011, approved the start of the “Long Term Incentive Plan 2011” and conferred
mandates for its implementation, defining the regulation and contractual documentation, identifying the
Plan beneficiaries and establishing the total maximum amount of the capital increases for the Selected
Management (4,894,650 euros for the capital increase in cash and 4,894,650 euros for the bonus
capital increase) and for Top Management (3,256,200 euros for the bonus capital increase).
In reference to the “Broad-based Employee Share Ownership Plan 2010-2014”, on July 7, 2011, the
board of directors, by the power granted to it by the special shareholders’ meeting held on
April 29, 2010, passed a resolution for a bonus increase in share capital, pursuant to articles 2443 and
2349 of the Italian Civil Code, for a maximum par value of 4,903,493.10 euros with the issue of a
maximum 8,915,442 ordinary shares of par value 0.55 euros each, with normal dividend rights, to be
granted under the “Broad-based Employee Share Ownership Plan 2010-2014” by the latest date of
September 15, 2011.
On August 2, 2011, the capital increase was set in motion with the grant of 8,876,296 bonus ordinary
shares to those entitled, for a total par value of 4,881,962.80 euros.
Further details are provided in the Note “Equity compensation plans”.
Telecom Italia Group
Consolidated Financial Statements
Note 37 – Earnings per share 266