Nuovo Mercato s Road Show. November 30,2000

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1 Nuovo Mercato s Road Show November 30,2000

2 Agenda Group description and business strategy Operation overview Financial results Slide 1

3 Group and Ownership Structure Orsi Carbone Moratti Merloni Rocca Other Partners (*) Market 30,8% 13,4% 5,6% 5,4% 24,8% 20% eplanet S.p.A. 100% 60% 100% Planetwork S.p.A. Planet ecom S.p.A. Planet Mobile srl Broadband Telecom Services ASP in JV with Andersen Consulting 0,5% IPSE 2000 S.p.A. (*) of which 2.3% owned by management, excluding a further 4% stock option plan awarded to top 50 managers Broadband Mobile Services (UMTS) Slide 2

4 eplanet to Date - Significant Achievements since IPO ~195 km of local access network built/underway and revised target by year end: ~230 km of local access network (+81% vs Plan) Activated and tested the first two optical fibre rings in Padova (km 12,2), and first fibre customers connected. Testing of xdsl in unbundling operational in Milan and Turin More than 1,300 Km of backbone operational and 7 POPs already connected at high speed More than 1 million minute carried every day ~33,000 business customers of which 8,000 in MAN cities. Migration to CPS fully underway Broadband product range designed and sold: first 18 direct customers signed up, 9 already connected of which 3 with own fibre Signed memorandum of understanding with 24ore Business to provide Internet and e- commerce services to portal business customers. 24 hosting customers operational Planet ecom signed agreement with SAP and configure ASP application SAP start up. 3 contracts signed and 1 customer already operational New opportunities following the award of the UMTS licence to IPSE Slide 3

5 Strengthened Top Management Team Recent hire Name Position in in the Group Previous Experience Luigi Orsi Carbone Chairman & CEO McKinsey & Co. Telecom Practice Andrea Rocca Vice Chairman/ Development Director McKinsey & Co. Telecom Practice JP Morgan Investment Banking Gian Marco Nuti CFO Alitalia CFO Olivetti Director International Finance Riccardo Leoni MD & COO Global One Italia CEO Sprint International European CFO Oscar Groet Marketing & Sales Director FIAT Line D Director Dario Tognazzi Customer Relationship Director Ernst &Young Partner & Consultant for CRM Pier Luigi Guerra Technology & IT Director Siemens GSM/SDH Network IBM Automation Projects Enrico Mondo CLEC Director Colt Responsible for Fiber Optic Network Roll-Out Sirti- Design and Technical Manager Alberto Gandini MD Planet ecom Andersen Consulting - Partner Communication Group Giancarlo Berta IT Manager infostrada Michela Cimatoribus Regulatory Affair Manager MCI Worldcom Regulatory Affair Manager Antonio Messina Human Resources Director EDS Italia Northern Italy HR Manager Ettore Cardamellis Marketing Manager Blixer/Infostrada Matteo Corbetta Indirect Sales Director Publitalia Sales Director Marco Davite Finance Director Olivetti Finance Director Marco Fossi Public Relationship Manager Mondadori - Journalist Slide 4

6 The Vision: Become a Premiere Broadband Network Services and Applications Provider in Italy Products / Services Applications Hosting/ Housing Internet/ Data Voice ASP -- Own Customer -- Derive Greater Network Usage VALUE ADDED INTERNET SERVICES -- Increase customer profitability DIRECT ACCESS -Greater Customer Control & Retention -- Higher Quality of of Service -Integrated IP IP Network INDIRECT ACCESS -Brand Promotion -- Customer Base Build-up Narrowband -least cost routing (Telefox) -carrier pre-selection Fiber-to-the-Building ULL (ADSL) LMDS (?) Data Centers Infrastructure / Capabilities SW / IT Capabilities Slide 5

7 A Focused Strategy on Small & Medium Enterprises ( SMEs SMEs ) and Primary Cities and Business Districts Target SMEs,, a sizeable market segment underserved by incumbent operator and with tremendous growth potential Focus initially on 15 primary cities and business districts with high business density Connect customers directly becoming a one-stop-shop provider of telecom services and hosted applications Slide 6

8 Agenda Group description and business strategy Operation overview Financial results Slide 7

9 A Revenue-Driven Approach for Local Network (MAN) Build Out 1. Selection of Key Cities 2. Targeted Geomarketing 3. MANs Design and Last Mile Strategy Cumulative no. of business sites ( 000) Varese Modena Verona Como Bari Padua Reggio Brescia Florence Bologna Genoa Naples Turin Milan Rome Cumulative area (1,000 km 2 ) Business site Telecom Italia exchange Network 15 core MAN cities (currently assessing 3 additional cities) Average MAN: kms 45 additional non-man POPs Powerful geomarketing business site database with almost 1,000,000 businesses All data refers to single sites A 500 sample survey has been conducted to derive spending and revenues Combine geomarketing and physical inspection Minimise expenditure while maximising: Proximity to existing indirect customers Direct connection opportunities xdsl opportunities Effective technology mix Fibre Local loop unbundling (xdsl) Slide 8

10 Rollout of Local Network (MAN) Faster than Planned MAN Roll-out Plan -- km Total km (by 2004) Business Plan Target Year 2000 Completed/ underway Revised Target 2000 Milan 81,8 33,0 29,1 21,0 Rome 136,7 33,0 37,0 74,4 Turin 59,7-29,1 30,1 Naples 53,2-14,6 20,5 Florence 35,5-14,0 - Bologna 39,6-18,9 19,5 Genoa 44, Padua 37,5 33,0 20,8 15,9 Bari 22,2-18,6 - Verona 36, Brescia 29,4 29,4-4,5 Como 9, ,3 Modena 24, ,9 Reggio Emilia 29,3-11,4 23,2 Varese 13, ,0 Total 652,6 128,4 193,5 232,3 168,5 already completed The Path to to Achieve Our Goals Implementation ahead of plan Construction in 11 cities by year end 232 km vs 128 km initially planned for 2000 (+81%). Authorization submitted for additional km 236,5 First ring operational in Padua by October. 6/9 rings operational by year end Reduced execution risk thanks to outsourcing of network rollout to Norsitel, Sirti/Nortel JV (committed schedule) Combine careful planning with opportunistic tactic: Metroferro agreement example: concession to deploy and maintain fiber- optic cables over Rome subway infrastructure Slide 9

11 Connecting Local Network (MANs( MANs) Via State of the Art Backbone Current Backbone Current status Turin Varese Como Bergamo Verona Brescia Milan Reggio Genoa Modena Padua Bologna Florence 15 multimedia POPs operational by year- end in target MAN cities of which 7 already operational Leasing scaleable capacity network from Autostrade to connect local networks (MANs) Rome Naples Bari Up to 3,300 Km of which ~ 1,300 km already operational Up to 2.5 G bps of bandwidth capacity Current reductions in price of long distance bandwidth justify the buy-not- make decision Existing eplanet voice and data switches Slide 10

12 Focus on Acquisition of Direct on-net Business Customers Today Primary Focus Business Indirect & Value Added Voice Alternative Access Telefox EasyPlanet Value Added Planet Verde (800) Planet Blu ( ) Planet Meeting Planet One Hotel Access Off-MAN ISP Connectivity (Dial up up and Dedicated Fast Internet Access) Internet Access Easy Click Planet Flat TurboPlanet Office PC (ADSL) Off-MAN Direct SVCS (Managed Voice/Data/ Video) Planet Broadband Planet IP Lan2Lan VPN Internet On-MAN Value Added Direct Net & ASP SVCS Internet Planet Domains Broadband registration Lan2Lan Planet Mail/ Planet IP Unified VPN Messaging Housing & Hosting E-commerce Platform ASP Star Portal Oracle SAP Start Up Residential Slide 11

13 eplanet Broadband product range designed and being sold to customers 18 customers have signed contracts in 5 MAN cities Based on physical bundling of voice-data and Internet services on one high speed direct connection Sold as flat monthly fee, but in fact exposes eplanet to upside on voice minutes and Internet/data bandwidth (we sell data bandwidth as committed information rate, CIR) Designed to segment the market, with 17 price/performance levels Euro per month Charge for data bandwidth (CIR) ILLUSTRATIVE Charge for excess hours Basic packages N of line/n of terminal connected ARPU Source: Planet Broadband offer (not to scale) Slide 12

14 Planet ecom Is the First ASP Operational in Italy: Its Innovative SAP Start up Well Received in the Market CUSTOMER IT SYSTEM eplanet DATA CENTER USER TERMINALS SERVER/ASP APPLICATION LAN EPLANET BROADBAND MAN/WAN MAIN CUSTOMER BENEFITS: Reduced customer investments for HW & SW (terminals are enough) Reduced personnel costs Best of breed application available from day 1 Centralized fully managed solutions Continuous upgrade of SW & HW free of charge Bypass local providers Fixed monthly fee per customer connected Slide 13

15 Leveraging off Customer Base and Brand Name Stage 1 Resell Voice and VAS Acquire the Customer ~33,000 business customers of which 8,000 in MAN cities Establish well recognised brand name Create relationship with customer Stage 2 Migrate Customer to Direct Connection Control the Customer Provide direct connection to own customers via third party infrastructure 18 direct customers 110 ADSL and 20 HDSL customers Expand range of services from indirect voice to direct voice - data - Internet Stage 3 Own Direct Connection, VAS, ASP Own the Customer Transfer bulk of customer traffic on-net Bundle voice, data, Internet and ASP Slide 14

16 Agenda Group description and business strategy Operation overview Financial results Slide 15

17 Group Summary Profit and Loss Statement Million of euro Total Operating Revenues Direct Costs Gross Margin Selling, General and Administrative EBITDA Depreciation and Amortisation EBIT CAPEX (fixed( assets) 1999 (1) 8,4 7,1 1,3 5,0 (3,7) 0,5 (4,3) 3,7 9 months ,7 20,8 0,9 19,3 (18,4) 4,6 (23,0) 27,9 (1) Statement for Planetwork Slide 16

18 Mix of Service Revenues Changing Rapidly Percentage of total revenue Other Value Addes (Hosting & ASP) Direct Access (on MAN+off MAN MNS+Dedicated ISP) Indirect Voice 7% 28% 21% 68% 65% 11% 2001E 2004E Slide 17

19 Providing Higher Margin Services and Applications Expected Gross Margin (2004E) ~10% ~50% ~60% Expected Contribution Margin Breakdown (2004E) ISP Indirect Voice ~ 13% ~ 5% Direct Access Indirect Access (voice) Direct Access (on MAN+off MAN+Dedicated ISP+xDSL) Hosting & ASP Hosting & ASP ~ 17% ~ 16% Off MAN Managed Network Services 49% Slide 18

20 Key Financials A focused Capex Plan Capex Plan Driven by by Core Local Network Construction Financing Plan Post-IPO 100 = 215m 18% Other Cumulative Funding Requirement Cumulative Capex 7% 13% 12% 4% Voice Platform ATM/IP Platform xdsl Final Drop (FTTB) Other Financing Peak Funding Requirement ~ 300m ~ 215m 46% MANs IPO Proceeds 120 M Cumulative Capex 2000E E Slide 19

21 Investment Highlights The first Italian emerging CLEC fully focused on SMEs: Voice, data and Internet ASP and value added Internet services Experienced and motivated management team Leverage off indirect customer base and brand Effective, smart-build network build-out Slide 20

22 Appendix Slide 21

23 Italian Market Outlook Attractive Italian Telecom Market. Liberalized in 1998, still largely dominated by Telecom Italia. With Great Opportunities in Next Generation Services Italian Fixed Telecom Market Voice Data/Internet VAS/ASP CAGR 4 th biggest telecom market in Europe ( 26bn,( end 1998) 48,9 +11% Fast growing segments will be Data, Internet, VAS EURO BILLION 19,4 12,1 16,5 +33% +17% 0,9 4,0 14,5 20,2 +4% (a) Source: Datamonitor and Eurostat (b) Source: Analysys (b) (b) Slide 22

24 The SME Sector Will Play a Critical Role in This Rapidly Growing Market SME s comprise almost 80% of all businesses in Italy (in 1996), far above the majority of the rest of Europe. The SME sector is underserved by the incumbent and larger telcos and thus represents a significant market opportunity for new entrants such as eplanet % of total business 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Spain Italy France Netherlands Germany UK Belgium Source: Datamonitor, Eurostat Slide 23

25 The Italian Market Limited Competition in the Local Loop to Provide Integrated Services for SMEs CLEC Local Loop Mobile Backbone Service Provider (via (via Interconnection/Leased Lines) Corporations/ Large Businesses Small & Medium Businesses Residential COLT (3 cities) Albacom (2 cities) MCI Worldcom (1 city) eplanet (15 cities) Grapes (6 cities) e.biscom Wind/Infostrada TIM Omnitel Wind Blu Infostrada Wind Albacom Autostrade TLC E-Via Basictel Edisontel Global Crossing GTS Albacom Unisource Wind eplanet RSL Com MCI Worldcom Atlanet Swisscom Infostrada Tele2 Wind Tiscali Company s unique competitive position due due to to its its focused local strategy Focused on one market (Italy) and one segment (SMEs) Advanced implementation in 2 nd tier cities Content and applications through ASP with AC (Planet ecom) Detailed and comprehensive project for network roll-out in 15 cities Slide 24

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