Weekly Stock Market Report for Telecom Italia Retail Shareholders

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1 Weekly Stock Market Report for Telecom Italia Retail Shareholders August th August 4 th, 204

2 Weekly Performance of Major Worldwide Market Stock Exchanges 2.7% 2.4% 2.% 2.% 2.%.8%.7%.6%.5%.3%.3% 0.5% -0.7% NASDAQ COMPOSITE (USD) S&P 500 (USD) IBEX35 (Madrid) DOW JONES INDUS. AVG (USD) DAX (Frankfurt) FTSE MIB (Milan) HAN SENG (HONG KONG) MERVAL (ARG) MEXICO BOLSA (MXN) CAC 40 (Paris) FTSE 00 (London) NIKKEI 225 (JPG) BRAZIL BOVESPA (BRL) Point as of Performance ( %)* Last 52 weeks Daily average volume ** Market 6 from Low High Cap. 4-Aug-4 week month months year Jan. '4 Price Price week month (mln. local cur.) Europe FTSE MIB (Milan) 9,48.8% -5.9% -4.7%.6% 2.7% 6,504 22, ,302,49 643,249,38 402,40 FTSE 00 (London) 6,685.3% -0.9% 0.3%.5% -0.9% 6,37 6, ,897,779 59,668,455,824,687 DAX (Frankfurt) 9,225 2.% -5.7% -4.5% 9.3% -3.4% 8,094 0,05 84,233,035 8,43, ,095 CAC 40 (Paris) 4,205.3% -3.3% -3.% 2.2% -2.% 3,928 4,599 99,970,22 0,677,458,30,693 IBEX35 (Madrid) 0,295 2.% -2.9%.6% 7.% 3.8% 8,276,249 24,67,4 355,803, ,97 America DOW JONES INDUS. AVG (USD) 6,74 2.% -2.0% 3.5% 9.0% 0.8% 4,79 7,52 7,62,743 76,405,273 4,829,650 S&P 500 (USD), % -.% 6.3% 6.0% 5.8%,627,99 40,269, ,90,068 7,83,368 NASDAQ COMPOSITE (USD) 4, % 0.3% 4.9% 2.4% 6.6% 3,574 4, ,30, ,389,93 6,74,474 MEXICO BOLSA (MXN) 44,793.5%.9% 0.0% 5.6% 4.8% 37,752 44,975 54,48,000 66,529,222 2,434,22 MERVAL (ARG) 8,374.6% -5.3% 37.9% 5.6% 55.3% 3,764 8,960 7,537,247 0,347,22 8,524 BRAZIL BOVESPA (BRL) 55, % 0.% 5.7% 9.6% 8.3% 44,905 58,38 33,895,54 34,37,474,838,995 Asia NIKKEI 225 (JPG) 5,35 0.5% -0.5% 7.0%.4% -6.0% 3,88 6,320,40,082,688,53,443,669 29,768,640 HAN SENG (HONG KONG) 24,80.7% 5.7%.2% 0.0% 6.4% 2,38 24,964,284,709,082,390,673,90 4,87,350 * performance calculated on closing price Source: Bloomberg LP ** n. of traded shares

3 Weekly Performance of Major European Sectors 3.5% 2.4% 2.0% 2.0% 2.0%.9%.8%.8%.3%.3% 0.8% DJ Stoxx 600.2% 0.4% DJS Real Estate DJS Auto DJS Utilities DJS Banks DJS Chemicals DJS Insurance DJS Financials DJS Goods&Services DJS Retail DJS Media DJS Tech DJS Basic Resources -0.4% DJS Telecom -0.7% DJS Oil&Gas Point as of Performance ( %)* Last 52 weeks Daily average volume ** Market 6 from Low High Cap. 4-Aug-4 week month months year Jan. '4 Price Price week month (mln. local cur.) DJ Stoxx % -2.6% -0.7% 7.3% 0.8% ,469,807,693 2,742,93,57 8,454, Sectors DJS Telecom % -2.7% -2.5% 2.6% -3.8% ,730,80 266,602, , DJS Auto % -8.7% -9.4% 7.3% -3.2% ,558,996 38,908, ,65.47 DJS Banks % -0.4% -6.2% 2.% -2.4% ,247,075,520,49,9,027,24, DJS Basic Resources % 0.8% 0.8% 7.4% 7.6% ,34,749 7,309,965 32,240.8 DJS Chemicals % -4.2% -2.5% 5.6% -2.6% ,0,87 4,736, , DJS Oil&Gas % -5.% 4.6% 7.2% 2.4% ,300,536 94,377,66 659,02.3 DJS Financials % -3.7% 0.5%.7% -0.8% ,967,470 29,858,372 40,843.9 DJS Goods&Services % -2.7% -4.6% 3.3% -4.9% ,545,546 36,740, , DJS Insurance % -.9% -2.0% 9.6% -0.4% ,832,778 09,07, , DJS Media %.2% -5.% 9.0% -3.3% ,937,958 62,69,22 223,43.22 DJS Tech % 0.5% -0.2% 6.5% -2.9% ,398,762 75,233, , DJS Utilities % -2.% 6.6% 8.%.2% ,330,955 39,28, ,92.8 DJS Retail % -4.4% -7.6% -4.3% -8.2% ,850,302 93,227, , DJS Real Estate % 0.2% 6.7% 6.6% 2.5% ,839,977 7,05,673 9, * performance calculated on closing price Source: Bloomberg LP ** n. of traded shares 2

4 Europe: Stock Performance of Main TLC Operators Last Week Performance OTE 9.5% Freenet 5.6% Swisscom 3.6% Portugal Telecom 2.8% Jazztel 2.8% Belgacom 2.% TEF Deutschland 2.0% Tele2.8% Ziggo.8% Talk Talk.7% Orange.2% Telefonica.% Telecom Italia Sav. 0.8% Teliasonera 0.6% Inmarsat 0.4% Telekom Austria 0.2% Vodafone Group 0.2% C&W Comm. 0.% Vivendi 0.0% Elisa 0.0% Telecom Italia Ord. -0.2% DJStoxx Telecom -0.4% Deutsche Telekom -.% Telenor -.% Iliad -.2% KPN -2.% British Telecom -3.0% TDC -6.7% 204 Year-To-Date Performance Telekom Austria 29.9% Orange 23.6% Belgacom 20.4% Telecom Italia Sav. 9.8% Jazztel 8.9% Iliad 4.8% Tele2 3.9% Telecom Italia Ord. 2.3% Swisscom 0.5% Elisa 7.4% OTE 6.5% Vivendi 6.2% KPN 5.5% TEF Deutschland 4.6% Ziggo 3.9% Telefonica -0.7% Talk Talk -0.9% British Telecom -3.0% Telenor -3.3% DJStoxx Telecom -3.8% Teliasonera -6.% Inmarsat -7.% TDC -8.9% Freenet -9.4% Deutsche Telekom -9.6% C&W Comm. -4.6% Vodafone Group -8.6% Portugal Telecom-55.3% Last Year Performance Telecom Italia Sav. 67.7% Telecom Italia Ord. 58.4% OTE 4.9% Orange 40.9% Belgacom 36.5% Jazztel 30.9% Vivendi 25.4% Telekom Austria 24.9% Elisa 24.6% Talk Talk 2.7% Swisscom 20.% TEF Deutschland 9.8% C&W Comm. 8.3% Ziggo 4.% Deutsche Telekom 3.2% British Telecom 2.8% DJStoxx Telecom 2.6% KPN 7.6% Telefonica 7.4% Teliasonera 6.2% Freenet 6.% Telenor 4.4% TDC 0.3% Inmarsat -0.2% Vodafone Group -.2% Tele2-3.8% Iliad -5.3% Portugal Telecom -5.8% 3

5 Performance Summary of Main European TLC Operators Cl. Price (local currency) 4-Aug-4 week Performance ( %)* Last 52 weeks Daily average volume ** Market 6 from Low High Cap. month months year Jan. '4 Price Price week month (all in mln) EUROPE DJStoxx Telecom % -2.7% -2.5% 2.6% -3.8% ,730,80 266,602,444 TLC Operators Telecom Italia Ord % -7.2% -4.5% 58.4% 2.3% ,385,900 0,269,300 0,868 Telecom Italia Sav % -4.3% 3.5% 67.7% 9.8% ,775,60 6,023,390 3,974 Altice % -2.% 5.4% n.a. n.a ,987 02,374,48 Belgacom % 8.0% 6.0% 36.5% 20.4% , ,940 8,75 British Telecom % -4.7% -7.2% 2.8% -3.0% ,933,8 0,5,090 37,36 C&W Comm %.4% -.7% 8.3% -4.6% ,206,403 5,42,503,57 Deutsche Telekom.24 -.% -8.4% -6.8% 3.2% -9.6% ,689,900 8,783,650 50,980 Elisa % -8.4% 3.7% 24.6% 7.4% , ,88 3,460 Freenet % -8.8% -4.8% 6.% -9.4% ,50 904,277 2,527 Orange.2.2% -2.6% 20.5% 40.9% 23.6% ,525,528 6,360,282 29,456 OTE % -2.8% -7.5% 4.9% 6.5% ,090,00 99,504 5,049 Iliad % -8.8% -3.4% -5.3% 4.8% ,857 3,9 9,93 Inmarsat % -6.4% 0.6% -0.2% -7.% , ,77 3,932 Jazztel % -7.% -2.7% 30.9% 8.9% ,978,605 2,89,78 2,372 KPN % 4.3% -4.5% 7.6% 5.5% ,047,570 7,564,030 0,556 TEF Deutschland % -4.5% 2.9% 9.8% 4.6% , ,080 6,479 Portugal Telecom.4 2.8% -24.4% -57.6% -5.8% -55.3% ,963,486 6,,70,267 Swisscom %.5% 3.0% 20.% 0.5% ,088 77,346 22,254 Talk Talk % -3.0% -2.6% 2.7% -0.9% ,000,005,324,884 3,66 TDC % -2.9% -6.% 0.3% -8.9% ,883,65,839,096 5,27 Telefonica.76.% -3.4% 3.6% 7.4% -0.7% ,578,560 7,003,250 53,497 Telenor % -.% 8.4% 4.4% -3.3% ,55,83,260,85 25,527 Tele %.4%.0% -3.8% 3.9% ,309,787,584,768 4,039 Telekom Austria % -0.3% 2.2% 24.9% 29.9% , ,626 3,67 Teliasonera % -.2% 2.4% 6.2% -6.% ,60,82 6,347,355 23,775 Vivendi % 0.4% -0.7% 25.4% 6.2% ,93,267 5,209,68 26,03 Vodafone Group % 2.2% -.6% -.2% -8.6% ,600,260 56,784,860 64,94 Ziggo %.6% 4.9% 4.% 3.9% , ,594 6,899 * performance calculated on closing price ** n. of traded shares Source: Bloomberg LP 4

6 Brazil: Stock Performance of Main TLC Operators Last Week Performance 204 Year-To-Date Performance Last Year Performance Embratel PN.4% NET Servicos PN 5.0% NET Servicos PN 65.7% Telefonica Brasil ON 0.3% Embratel PN 67.6% Embratel PN 6.% NET Servicos PN 0.0% Embratel ON 66.9% Embratel ON 55.6% Telefonica Brasil PN -0.6% Brazilian Equity - Bovespa 8.3% TIM Participaçoes 7.% Brazilian Equity - Bovespa -0.7% Telefonica Brasil PN -6.2% Brazilian Equity - Bovespa 9.6% TIM Participaçoes -2.% Telefonica Brasil ON -7.5% Telefonica Brasil PN -4.5% Embratel ON -7.0% TIM Participaçoes -.6% Telefonica Brasil ON -5.7% Oi ON -7.2% Oi ON -64.3% Oi PN -70.2% Oi PN-8.9% Oi PN -65.7% Oi ON -7.3% 5

7 Performance Summary of Main LatAm TLC Operators Cl. Price 4-Aug-4 week Performance ( %)* Last 52 weeks Daily average volume ** Market 6 from Low High Cap. month months year Jan. '4 Price Price week month (mln)*** BRAZIL Brazilian Equity - Bovespa R$ 55, % 0.% 5.7% 9.6% 8.3% 44, , ,895,54 34,37,474 R$,838,995 Peers TIM Participaçoes R$ % -8.9% -4.0% 7.% -.6% R$ 8.73 R$ 3.8 2,57,080 2,72,093 R$ 26,352 Oi ON R$ % -22.3% -7.8% -7.3% -64.3% R$.29 R$ ,028,820 7,803,60 R$ 3,69 Oi PN R$ % -2.2% -7.3% -70.2% -65.7% R$.23 R$ ,524,700 6,733,460 R$ 7,039 Telefonica Brasil ON R$ % -2.8% -7.6% -5.7% -7.5% R$ R$ ,500 20,720 R$ 4,9 Telefonica Brasil PN R$ % -4.7% -7.6% -4.5% -6.2% R$ 4.66 R$ 5.50,030,720 96,890 R$ 3,286 Embratel ON R$ % -20.0% 9.8% 55.6% 66.9% R$ 6.60 R$ R$ 8,935 Embratel PN R$ % -4.7% 94.6% 6.% 67.6% R$ 6.70 R$ 23.50,800,283 R$ 8,60 NET Servicos PN R$ % -2.3% 96.% 65.7% 5.0% R$ 8.98 R$ ,000 R$,984 ARGENTINA Argentinean Equity - Merval 8, % -5.3% 37.9% 5.6% 55.3% 3, , ,000 ARS,225,025 Integrated Telecom Argentina - "B shares" ARS % -9.0% 24.2% 3.4% 45.0% ARS ARS ,60 69,969 ARS 44,248 Telecom Argentina - ADR $ % -22.0% 2.5% -2.7% 3.5% $3.93 $ , ,554 $3,85 Nortel Inversora B shares - ADR $ % -9.3% 6.% 9.5% 0.3% $5.68 $ ,03 2,873 $2,986 MEXICO Mexican Equity - Mexbol 44, %.9% 0.0% 5.6% 4.8% 37, , ,48,000 66,529,222 MXN 4,892,690 Mobile/Integrated America Movil MXN % 2.7% 9.8% 7.%.6% MXN 2.39 MXN ,58,420 64,276,390 MXN,072,448 TV Grupo Televisa MXN % 5.9% 24.5% 35.4% 22.0% MXN MXN ,788,675 2,592,463 MXN 277,642 CROSS-LATAM OPERATORS Mobile NII Holding US$ % -8.8% -95.3% -97.6% -94.6% US$ 0.2 US$ ,536,788 5,433,639 US$ 26 * performance calculated on closing price ** n. of traded shares *** For Telecom Argentina, reported market capitalization represents estimated market capitalization of all Classes of Shares (A,B,C - of which only Class B is listed). 6

8 European Telecoms Sector: Credit Outlook Long-term Credit Ratings Moody's S&P Fitch rating outlook rating outlook rating outlook Telekom Austria Upgraded at S&P After America Movil Takeover Aug. -- Company s credit rating raised to BBB from BBB- after America Movil increased its stake to 5% in public tender, S&P said. Telekom Austria seen as moderately strategic unit of America Movil. Planned capital increase expected to be primarily used for debt reduction. Operating performance in Austria expected to stabilize. In May 2 nd S&P had placed Telekom Austria s BBB- rating on credit watch positive after Austrian Govt and America Movil pooled their stakes. 5 Years CDS levels 250bps Countries Telecom Italia Ba NEG BB+ NEG BBB- NEG Belgacom A STABLE A STABLE n.a. n.a. British Telecom Baa2 POS BBB STABLE BBB STABLE Deutsche Telekom Baa STABLE BBB+ STABLE BBB+ STABLE Orange Baa STABLE BBB+ NEG BBB+ NEG KPN Baa3 STABLE BBB- STABLE BBB- STABLE Oi Baa3 *- *CW NEG BB+ STABLE BB+ STABLE Swisscom A2 STABLE A STABLE n.a. n.a. Telefonica Baa2 NEG BBB STABLE BBB+ NEG Telekom Austria Baa2 STABLE BBB STABLE n.a. n.a. Telenor A3 STABLE A- POS A- STABLE Telia Sonera A3 STABLE A- STABLE A- STABLE Vodafone Baa STABLE A- NEG BBB+ STABLE Wind Telecomunicazioni SpA B2 STABLE BB- STABLE B+ STABLE Vimpelcom Ba3 STABLE BB POS n.a. n.a. 250bps TLC Operators 200bps 200bps bps 50bps 00bps bps bps 4-May-4 4-Jun-4 4-Jul-4 4-Aug-4 Italy France UK Germany Spain 00bps bps bps 7 4-May-4 4-Jun-4 4-Jul-4 4-Aug-4 Investor Relations TI BT VOD TEF Orange DT 7

9 Telecom Italia Group Weekly Performance: Price ( ) and Volumes (mln) TI Ordinary Shares TI Saving Shares -0.2% +.6% +0.5% -0.7% flat % -.6% +0.8% +2.4% +0.% -0.9% +0.% -0.9% Analysts Recommendations on TI Ords Total Coverage of 26 Active Brokers 54% 34% 2% BUY HOLD SELL 8 8

10 Relative Performance Last 6 Months of TI Shares vs TLC Sector 20pp 5pp 0pp 5pp 0-5pp -0pp Feb-4 Mar-4 Apr-4 May-4 Jun-4 Jul-4 Aug-4 TI ord. vs DJ Stoxx TLC TI sav. vs DJ Stoxx TLC Evolution of the spread (TI Savs /TI Ords ) over the last 2 months 26.0% 25.0% 24.0% 23.0% 22.0% 2.0% 2.3% 2.% 20.0% 9.6% 9.0% 8.0% 8.6% 4-Aug-3 4-Oct-3 4-Dec-3 4-Feb-4 4-Apr-4 4-Jun-4 4-Aug-4 TI Savs / TI Ords discount Avg Last 2 Months Avg Last 6 Months Avg Last Month 9

11 Stock Performance Summary of FTSE MIB Cl. Price Performance ( %)* Last 52 weeks Daily average volume Market** 6 from Low High Cap. 4-Aug-4 week month months year Jan. '4 Price Price week month mil. Euro FTSE MIB (Milan) 9,48.8% -5.9% -4.7%.6% 2.7% 6,504 22, ,302,49 643,249,38 402,40 FTSE Italia All-Share (Milan) 20,665.8% -6.% -4.8%.6% 2.3% 7,585 23,93 867,3,94 99,867, ,093 Stocks FTSE MIB A2A SPA % -4.0% -0.% 9.6% -.2% ,88,00 3,898,940 2,367 ANSALDO STS SPA % -.2% 0.7%.% 2.3% , ,694,445 ASSICURAZIONI GENERALI % -.4% -9.4% -2.2% -.2% ,54,73 6,597,737 23,633 ATLANTIA SPA % -0.2% -.2% 25.6% 0.4% ,989,508 2,253,530 4,864 AUTOGRILL SPA % -0.6% -3.4% 9.3% -4.5% ,057,653,52,53,492 AZIMUT HOLDING SPA % -0.3% -24.0% 5.% -9.4% ,088,540,02,392 2,495 BANCA MONTE DEI PASCHI SIENA % -20.0% -8.5% -27.7% -4.7% ,568,070 7,34,300 5,342 BANCA POPOL EMILIA ROMAGNA % -0.5% -9.8% 5.2% -7.5% ,676,46 4,336,935 2,797 BANCA POPOLARE DI MILANO % -2.7% 24.7% 5.0% 36.4% ,904,550 7,278,800 2,405 BANCO POPOLARE SC.7 2.8% 3.9% 0.0% 27.3% 5.8% ,84,733 4,67,777 4,046 BUZZI UNICEM SPA % -0.6% -24.3% -3.5% -5.5% ,963 84,242 2,2 CNH INDUSTRIAL NV % -6.7% -2.9% n.a % ,554,38 4,67,30 8,648 DAVIDE CAMPARI-MILANO SPA % -6.0% -8.7% -8.5% -6.4% ,365,93,28,052 3,305 ENEL GREEN POWER SPA % -3.3% -.3% 4.9% 7.6% ,534,709 7,04,806 9,855 ENEL SPA % -7.4% 5.2% 46.2% 22.7% ,053,760 33,38,00 36,635 ENI SPA % -6.0% 6.5% 6.4% 5.% ,856,030,885,00 66,796 EXOR SPA % -3.3% -6.6% 3.3% -3.3% , ,457 6,885 FIAT SPA % -2.3% -2.5% 3.8% 23.3% ,266,080 6,986,280 9,70 FINMECCANICA SPA % -8.2% -8.3% 54.4% 20.9% ,26,388 4,390,758 3,848 GTECH SPA % -4.2% -22.9% -20.8% -9.6% ,47,34,69,455 3,6 INTESA SANPAOLO % -5.5% -2.0% 4.% 7.9% ,07,400 50,564,400 34,585 LUXOTTICA GROUP SPA % -2.3% 3.6% -2.8% 3.4% ,24 528,76 9,349 MEDIASET SPA % -.7% -30.2% -4.7% -5.6% ,806,785 0,886,900 3,435 MEDIOBANCA SPA % -2.7% -4.7% 7.% -2.9% ,746,930 5,237,945 5,320 MEDIOLANUM SPA % -7.4% -2.6% -.7% -7.0% ,32,63 2,207,2 3,853 PIRELLI & C..04.2% -4.7% -2.5% 4.2% -2.2% ,059,354 2,07,457 5,380 PRYSMIAN SPA % -4.6% -22.% -5.6% -9.7% ,406,630,208,56 3,223 SAIPEM SPA % -5.0% 8.0% 3.0% 2.4% ,979,837 2,34,082 7,72 SALVATORE FERRAGAMO SPA % -2.7% -5.% -2.8% -27.9% ,79 45,993 3,358 SNAM SPA % -.3% 3.6% 9.2% 4.7% ,334,883 8,426,565 4,392 STMICROELECTRONICS NV % -8.0% -3.0% -7.% 4.2% ,433,20 4,605,578 5,478 TELECOM ITALIA SPA % -7.2% -4.5% 58.4% 2.3% ,385,900 0,269,300 4,842 TENARIS SA % -3.9% -6.% -8.5%.5% ,375,874,652,306 9,030 TERNA SPA 3.76.% -3.2%.0% 2.5% 3.6% ,942,5 6,3,079 7,566 TOD'S SPA % -9.2% -22.3% -44.8% -34.3% ,25 63,64 2,44 UNICREDIT SPA % -5.8% -7.2% 8.8% 3.8% ,308,620 6,57,700 32,766 UBI BANCA SCPA % -9.2% -2.2% 45.9% 9.6% ,05,34 8,52,84 4,878 UNIPOLSAI SPA % -6.6% -0.4% 45.5% -0.5% ,675,940 6,663,93 6,06 WORLD DUTY FREE SPA % -9.5% -26.7% n.a. -3.2% ,09 757,68 2,020 YOOX SPA % -.4% -42.0% -28.3% -44.6% ,64,002,425,069 ** for FTSE MIB stocks, market cap here reported on overall shares oustanding Source: Bloomberg LP 0

Weekly Stock Market Report for Telecom Italia Retail Shareholders

Weekly Stock Market Report for Telecom Italia Retail Shareholders September 8 th September 5 th, 204 Weekly Performance Summary of Major Worldwide Market Stock Exchanges Point as of Performance ( %)* Last