• Total revenues reach €4,080 million, up 5.8% over 9M 2007
• EBITDA grows to €1,507 million, up 10.4% over the first nine months of 2007; EBITDA margin at 36.9%, up 1.6 p.p. over 9M 2007
• Strong growth in EBIT reaching €733 million, growing 28% over €573 million recorded in 9M 2007
• Group net profit in first nine months of 2008 of €275 million, vs a loss of €55 million recorded in the first nine months of the previous year
• Third quarter net income of €128 million, up 92% over Q3 2007 net income of €67 million
• Net financial indebtedness declining to €5,975 million from €6,440 million recorded as of December 31, 2007
• 1.7 million direct fixed-line customers, up 27.3% over previous year
• 16.4 million mobile customers (+7.1% over 9M 2007)
• Outlook raised to positive from stable by Fitch, rating on Senior Notes raised to BB- from B by Standard & Poor’s

Results as of September 30, 2008
In the first nine months of 2008, Wind generated total revenues of €4,080 million, up 5.8% over the same period of 2007, driven by further growth in telecommunication service revenues which reached €3,885 million. Mobile service revenues grew to €2,674 million, a 3.1% increase over 9M 2007, notwithstanding the termination rate cut in July 2008 and the recharge fee abolishment from March 2007. Fixed-line and Internet service revenues in the first nine months of 2008 confirmed the strong growth momentum recorded in the previous quarters, increasing 8.0% to €1,211 million.
Wind’s EBITDA in the first nine months of 2008 grew 10.4% reaching €1,507 million from €1,365 million recorded in the first nine months of the previous year, driven by growth in revenues, control on costs and certain non recurring items. The EBITDA margin was a solid 36.9%, a 1.6 percentage points increase over the same period of the previous year.
EBIT in nine months ended September 30 grew 28.0% over the same period of 2007 reaching €733 million.
The consolidated group net profit for the first nine months reached €275 million, vs. a loss of €55 million recorded in the corresponding period of the previous year.

Wind’s net financial indebtedness for the nine months ended September 30, 2008, declined further to €5,975 million from €6,440 million recorded as of December 31, 2007. The strong cash flow generation enabled Wind to repay in advance, on October 22, 2008, the debt maturities scheduled for the end of 2009 and for the end of 2010 for a total amount of €412 million, shifting forward to 2011 the next debt maturity.

Commercial performance

Mobile
In the first nine months of 2008 Wind continued to pursue its value focussed strategy in the mobile market through a further growth of its customer base, which, as of September 30, 2008, exceeded 16.4 million subscribers, up 7.1% over the previous year, driven by Wind’s simple offer structure and tangible benefits for the customer.
Wind’s mobile ARPU in the first nine months of the year decreased slightly to €18.7 from €19.2 recorded in the same period of 2007, mainly as a result of the termination rate cut in July 2008 and recharge fee abolishment in march 2007.
Overall traffic volumes continued to grow sharply, up 10.1% YoY, reaching 23.7 billion minutes while the number of SMSs in the first nine months of the year grew 126.5% to over 10.7 billion messages.
Wind has also continued to focus on high value customer segments and the development of HSDPA Mobile Internet offerings. Wind was the first operator in Italy to introduce time-based bundles for Mobile Internet which provide, for a fixed monthly fee, an amount of hours for internet access.

Fixed-line and Internet
In the first nine months of 2008 Infostrada’s commercial push was increasingly centered around the expansion of its direct subscriber base, both for voice and broadband Internet services. The success of Infostrada’s voice offerings, further enriched by new services, was proven by the performance recorded in the first nine months of the year, in which Infostrada recorded a 10.2% increase in voice customers which now exceed 2.55 million. The success of Infostrada’s direct commercial offerings continued, with 268 thousand net additions in the first nine months of the year, bringing the total direct customer base to 1.7 million subs, up 27.3% over previous year.
In the areas where Infostrada does not provide direct coverage it has successfully introduced Wholesale Line Rental, selected by 258 thousand customers (29% of indirect subs) as of September 30, 2008.
The increased focus on dual-play integrated offerings enabled Infostrada to further expand its broadband Internet customers which reached 1.25 million as of September 30, 2008 growing 33.2% over the previous year. Wind recorded 233 thousand Broadband net adds in the first nine months of the year achieving the highest market share of net adds in both Q2 and Q3 of 2008. Within our broadband customer base 89% of our subscribers have selected our flat rate tariff packages.