Weekly Stock Market Report for Telecom Italia Retail Shareholders

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1 Weekly Stock Market Report for Telecom Italia Retail Shareholders January 20 th, 204 January 24 th, 204

2 Telecom Italia and the Italian Stock Exchange Cl. Price Daily average volume Market** from Low High 24-Jan-4 s year Jan. '4 Price Price mil. Euro Index FTSE MIB (Milan) ,% 2,% 7,9% 9,2% 2,% FTSE Italia All-Share (Milan) ,0% 2,0% 8,0% 0,0%,9% Media TI Media ord. 0,35-2,3% 5,4% 2,7% -3,0%,7% 0,07 0, TI Media risp. 0,8-2,4% 3,5% 7,2% -9,5% 3,5% 0,5 0, Mondadori,3-3,4% -2,4% 4,3% 9,5% -3,5% 0,82, Mediaset 3,57 -,7% 3,% 0,5% 82,0% 3,%,45 4, L'Espresso,5 5,8% 20,% 98,9% 7,0% 2,3% 0,9, RCS,55 -,% 5,5% 22,4% -3,% 7,7%,08 4, Stocks FTSE MIB A2A SPA 0,79-4,7% -5,3% 24,% 75,0% -,8% 0,39 0, ANSALDO STS SPA 8,30-0,2% 7,4% 9,4% 2,9% 5,7% 5,88 8, ASSICURAZIONI GENERALI,34-3,8% -3,2% 2,% 5,8% -4,4%,79 7, ATLANTIA SPA 7,0 -,8%,% 20,% 2,5% 4,3%,82 7, AUTOGRILL SPA,73-0,5%,0% 35,4% 3,8% 9,% 3,92 7, AZIMUT HOLDING SPA 20,7-4,4%,7% 27,4% 7,5% 4,2%,5 22, BANCA MONTE DEI PASCHI SIENA 0,8-4,2%,% -8,2% -30,8% 2,5% 0,5 0, BANCA POPOL EMILIA ROMAGNA 7,48-5,9% 0,2% 50,5% 20,% 7,7% 4,7 8, BANCA POPOLARE DI MILANO 0,48-0,% 5,3% 22,8% -4,3%,9% 0,30 0, BANCO POPOLARE SCARL,52-9,% 9,3% 50,9% 0,2% 8,7% 0,8, BUZZI UNICEM SPA 3,0-5,5% 8,2% 20,4% 23,% 3,7% 0,3 4, CNH INDUSTRIAL NV 8,8 -,% 0,9% n.a. n.a. -,3% 7,33 9, DAVIDE CAMPARI-MILANO SPA,07-2,5%,3% 7,% 2,4% -0,2% 5,43, ENEL GREEN POWER SPA,88-4,0% 3,8% 4,9% 22,4% 2,5%,35, ENEL SPA 3,38 0,4% 8,8% 34,%,9%,5% 2,28 3, ENI SPA,9 -,9% -2,2%,% -2,0% -3,3% 5, 9, EXOR SPA 29,54-4,3% 4,7% 20,% 32,8% 2,2% 20,8 30, FIAT SPA 7,3 -,% 25,8% 20,5% 59,4% 23,8% 3,90 7, FINMECCANICA SPA,37 0,% 7,%,5% 27,% 5,7% 3,49, UNIPOLSAI SPA 2,22-5,% -3,4% 42,2% 8,8% -5,3%,2 2, GTECH SPA 22,48-3,0% 4,% 8,0% 2,4%,4% 7,20 23, INTESA SANPAOLO,93 -,4% 8,5% 38,% 29,9% 7,%,09 2, LUXOTTICA GROUP SPA 38,0,7% 0,8% -4,5% 3,4% -2,3% 32,88 42, MEDIASET SPA 3,57 -,7% 3,% 0,5% 82,0% 3,%,45 4, MEDIOBANCA SPA, -5,2% 5,5% 42,5% 2,3% 4,7% 3,78 7, MEDIOLANUM SPA,23 -,% -0,3% 4,2% 38,% -,% 3,90, PIRELLI & C. 2,24-3,% -0,% 2,9% 32,7% -2,7% 7,09 2, PRYSMIAN SPA 8,2-7,3% -2,3% 5,0%,5% -3,2% 3,98 9, SAIPEM SPA,77-3,3% 0,8% 7,% -4,7% 7,8% 2,3 3, SALVATORE FERRAGAMO SPA 22,9 -,2% -,% -0,% 8,8% -7,0% 8,39 29, SNAM SPA 4,07 0,0% 2,8% 5,9% 0,8% 0,% 3,30 4, STMICROELECTRONICS NV 5,2-2,3% -,9% -4,3% -2,5% -2,8% 5,2 7, TELECOM ITALIA SPA 0,795-7,3% 3,4% 4,3% 9,9% 0,3% 0,4 0, TENARIS SA,28-0,8% 3,2% -0,9% 3,4% 2,5% 4, 8, TERNA SPA 3,59-0,2% -0,4% 9,3% 5,5% -,3% 3,02 3, TOD'S SPA 09,0 -,0% -9,3% -9,0% 5,9% -0,% 99,0 45, UNICREDIT SPA 5,58 -,2% 4,3% 3,0% 9,4% 3,7% 3,, UBI BANCA SCPA 5,35-5,% 0,4% 4,% 37,5% 8,4% 2,4 5, WORLD DUTY FREE SPA 0,0-0,8%,5% n.a. n.a.,0%,80, YOOX SPA 27,58-0,0% -3,% 40,7% 02,% -5,4% 3,29 35, ** for FTSE MIB stocks, market cap here reported on overall shares oustanding Source: Bloomberg LP

3 Telecom Italia Group - Last 5 market sessions trends for Price ( ) and Volumes (mln)

4 European Telecoms Sector: Credit Outlook Long-term Credit Ratings Moody's S&P Fitch rating outlook rating outlook rating outlook 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 Baa2 NEG BBB- STABLE BBB- STABLE Portugal Telecom BA2 *+ *CW POS BB * *CW POS BBB- NEG Swisscom A2 STABLE A STABLE n.a. n.a. Telefonica Baa2 NEG BBB NEG BBB+ NEG Telekom Austria Baa2 STABLE BBB- STABLE n.a. n.a. Telenor A3 STABLE A- POS n.a. n.a. Telia Sonera A3 STABLE A- STABLE A- STABLE Vodafone A3 STABLE A- STABLE A- *- *CW NEG Wind Telecomunicazioni SpA B NEG BB- STABLE BB- NEG Vimpelcom Ba3 STABLE BB STABLE n.a. n.a. Evolution of the spread between Telecom Italia shares (TI Savs / TI Ords ) in the last 2 s

5 Telecom Italia and the Telecom European Sector Cl. Price (local currency) 24-Jan-4 s year from Jan. '4 Low Price High Price Daily average volume ** Market (all in mln) EUROPE Index DJStoxx Telecom 297,78-3,2% 0,0% 20,9% 2,% 0,% 28,9 308, TLC Operators Telecom Italia Ord. 0,795-7,3% 3,4% 4,3% 9,9% 0,3% 0,4 0, Telecom Italia Sav. 0,25 -,5%,3% 47,3% -0,5% 9,8% 0,372 0, Belgacom 2,53 -,8% 0,2% 7,4% -4,7% 0,% 5,930 22, British Telecom 380,20-0,8% 0,5% 2,9% 50,2% 0,2% 244, , Cable & Wireless Communications 5,90 -,8% -,% 28,3% 29,8% -7,7% 37,940 58, Deutsche Telekom 2,59,0%,2% 3,8% 4,4%,3% 7,97 2, Elisa 8,95-2,8% -,5% 7,7% 9,5% -,% 3,370 9, Freenet 22,54 -,4% 4,2% 30,% 55,4% 3,5% 4,548 23, Orange 9,8-5,% 3,% 2,8% 8,% 2,0% 7,033 0, OTE 0,30-9,% 4,3% 54,4% 55,%,5% 4,20, Inmarsat 727,00-2,4% -4,0% 3,5%,3% -3,8% 599, , Jazztel 8,83,8% 3,2% 3,3% 5,2% 3,5% 5,05 9, KPN 2,70-0,%,3% 42,4% 4,8% 5,%,377 2, Telefonica Deutschland Holding,03-2,9% 0,4% 9,5%,7% 0,4% 4,895, Portugal Telecom 3,38-4,9% 4,5% 3,7% -8,9%,8% 2,573 4, Swisscom 493,90 0,4% 5,% 2,5% 23,5% 4,9% 390, , Talk Talk 38,50,0% 5,8% 30,% 32,7% 4,% 20, , TDC 50,55-0,7% -3,% 2,% 20,% -3,9% 39,500 53, Telefonica,55-7,5% -,7% 9,4%,0% -2,4% 9,4 3, Telenor 40,90-3,3% -3,5% 9,2% 5,% -2,%,200 53, Tele2 73,5-2,7% 0,8% -0,9% -3,5%,% 9,900 87, Telekom Austria,43 -,3% 7,9% 22,%,%,8% 4,735, Teliasonera 5,45-2,0% -3,3% 9,9% 2,% -3,9% 4,800 54, Vodafone Group 232,55-3,% -,% 20,8% 3,% -,9% 59,800 24, Ziggo 33,25 -,% 0,5% 9,0% 4,8% 0,2% 22,350 34, * performance calculated on closing price ** n. of traded shares Source: Bloomberg LP NB: Weekly performances are referred to last 5 open market sessions.

6 Telecom European Sector vs. Other Sectors Index Point as of Daily average volume ** Market from Low High 24-Jan-4 s year Jan. '4 Price Price (mln. local cur.) Index DJ Stoxx ,75-3,3% -0,9% 8,% 2,% -,% 274,97 337, ,50 Sectors DJS Telecom 297,78-3,2% 0,0% 20,9% 2,% 0,% 28,9 308, ,22 DJS Auto 482,5-4,7% -0,%,9% 30,5% 0,% 37,87 507, ,47 DJS Banks 97,47-4,%,9%,4% 0,8%,7% 55,98 209, ,00 DJS Basic Resources 393,42-5,0% -,2% 7,5% -3,0% -,8% 329,24 42, ,44 DJS Chemicals 729,84-3,3% -3,8% 7,5% 5,8% -3,% 47,44 72, ,44 DJS Oil&Gas 329,04-3,% -,4% 2,7% -2,0% -,8% 299,5 342, ,3 DJS Financials 329,53-4,% -3,5% 0,5% 22,3% -4,% 24,94 350, ,3 DJS Goods&Services 40,83-4,3% -,5% 0,3% 7,% -,7% 338,4 425, ,38 DJS Insurance 22,9-5,2% -2,8%,% 22,8% -2,9% 74,55 234, ,34 DJS Media 247,2-3,% -2,3% 2,0% 28,2% -2,7% 9,33 258, ,92 DJS Tech 274,72-4,0% -5,% 8,8% 3,8% -5,4% 232,2 292, ,42 DJS Utilities 278,9 -,2% 0,2% 8,0% 9,2% -0,% 24,93 285, ,50 DJS Retail 37,94-2,9% -2,7% 5,% 4,% -2,2% 28,82 333, ,25 DJS Real Estate 38,2-2,0% 2,9% 4,9% 9,3%,5% 20,7 44, ,83 * performance calculated on closing price Source: Bloomberg LP ** n. of traded shares NB: Weekly performances are referred to last 5 open market sessions.

7 Worldwide Market Stock Exchanges Index Point as of Daily average volume ** Market from Low High 24-Jan-4 s year Jan. '4 Price Price (mln. local cur.) Europe FTSE MIB (Milan) ,% 2,% 7,9% 9,2% 2,% FTSE 00 (London).4-2,4% -,3%,7%,0% -,3% DAX (Frankfurt) ,% -2,% 3,9% 9,5% -,7% CAC 40 (Paris) 4. -3,8% -2,7% 4,9% 0,% -3,% IBEX35 (Madrid) ,7% -0,3% 8,% 3,% -0,5% America DOW JONES INDUS. AVG (USD) ,3% -3,% 2,% 4,3% -4,2% S&P 500 (USD).790-3,0% -2,8% 5,8% 9,% -3,% NASDAQ COMPOSITE (USD) ,% -0,7% 4,3% 3,% -,2% MEXICO BOLSA (MXN) ,2% -4,% -0,2% -0,% -4,% MERVAL (ARG) ,4% 2,7% 2,0%,0% 2,9% BRAZIL BOVESPA (BRL) ,8% -,8% -3,3% -2,9% -7,2% Asia NIKKEI 225 (JPG) ,2% -4,9% 8,9% 40,9% -5,5% HAN SENG (HONG KONG) ,0% -3,4% 2,2% -4,8% -3,7% * performance calculated on closing price Source: Bloomberg LP ** n. of traded shares NB: Weekly performances are referred to last 5 open market sessions.

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