On June 6, 2011, Ferdinando Beccalli Falco resigned from the post of director and member of executive committee.

The Executive Committee consists of the executive directors (who ensure its coordination with the Group management) and selected non-executive directors.

During 2011, the Committee held five meetings, with an average duration of approximately 1.3 hours. The percentage of attendance was 97.14% (100% for independent Directors).

The Chairman of the Executive Committee is the Chairman of the Board of Directors.

The Committee has the following tasks:

• to monitor the management of the company and the Group
• to approve the macro organizational arrangements of the Company
• to provide the Board with opinions on the budget and strategic, business and financial plans of the Company and the Group.

In addition, the Board of Directors on April 13 2011 attributed to the Executive Committee the task of producing a preliminary opinion on the “strategic” operations (pursuant to point 3.2 of the Self Regulatory Code) submitted for the approval of the same Board of Directors because of their major impact on the business of the Company and of the Group.

The Committee reports on its activities to the Board at the first possible meeting.

Director Julio Linares (appointed by Telefonica) has undertaken not to participate in the discussion or voting of the Executive Committee when the proposals or topics involve the activities of Telecom Italia or Group Companies in the Brazilian or Argentine telecommunications markets.