Italtel reports improved results in 2002 regardless of the industry`s recession

Milan, April 30, 2003

Despite the market’s 40% downfall, Italtel’s profit decline is limited to 15.8%. Net financial debt is improving. Revenue totaled 691.2 million euro, Ebitda equal to 93 million (13.4% of sales, increased from 10.7% in 2001), Ebita is 63.2 million (from 7.1 to 9.1%): these are the main points of Italtel’s 2002 financial statement. Greater research investments, to 109 million, bringing the incidence on revenues to 15.7%.