Telecom Italia Shareholders’ Club

Weekly Stock Market Report forTelecom Italia Retail Shareholders

July 6th – July 10th, 2015

Telecom Italia Shareholders’ Club

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Weekly Performance of Major Worldwide Market Stock Exchanges

Index Point as ofPerformance (∆%)* Last 52 weeks Daily average volume ** Market

1 week

1month

6months

1year

fromJan. '15

LowPrice

HighPrice

1 week

1month

Cap.

10-Jul-15 (mln. local cur.)

EuropeFTSE MIB (Milan) 22,937 1.9% 0.3% 22.6% 11.3% 20.6% 17,556 24,082 878,022,886 732,544,992 476,244FTSE 100 (London) 6,673 1.3% -1.6% 2.0% -0.3% 1.6% 6,073 7,123 782,150,246 766,448,413 1,833,157DAX (Frankfurt) 11,316 2.3% 1.1% 13.8% 17.1% 15.4% 8,355 12,391 98,922,656 99,987,384 1,093,139CAC 40 (Paris) 4,903 2.0% 0.0% 14.3% 13.6% 14.8% 3,789 5,284 145,398,048 134,077,817 1,321,065IBEX35 (Madrid) 11,036 2.4% 0.1% 10.7% 4.7% 7.4% 9,371 11,885 539,089,498 432,484,581 630,217

AmericaDOW JONES INDUS. AVG (USD) 17,760 0.2% -0.8% 0.8% 4.8% -0.4% 15,855 18,351 90,471,235 99,404,495 5,384,112S&P 500 (USD) 2,077 0.0% -0.8% 2.6% 5.5% 0.9% 1,821 2,135 524,866,496 558,347,046 19,036,126NASDAQ COMPOSITE (USD) 4,998 -0.2% -1.1% 7.2% 13.2% 5.5% 4,117 5,164 448,355,392 472,838,989 7,601,021MEXICO BOLSA (MXN) 44,916 -0.3% 0.5% 8.3% 3.3% 4.1% 39,581 46,554 191,323,264 184,643,453 2,192,413MERVAL (ARG) 11,690 -1.0% 2.9% 42.1% 32.5% 36.3% 7,276 12,611 5,158,317 7,148,032 11,689BRAZIL BOVESPA (BRL) 52,591 -1.0% -1.4% 9.5% -4.0% 5.2% 45,853 62,305 271,539,565 304,111,683 1,773,399

AsiaNIKKEI 225 (JPG) 19,780 -3.7% -3.1% 15.8% 30.4% 13.3% 14,529 20,953 1,913,115,341 1,609,429,069 362,115,808HAN SENG (HONG KONG) 24,901 -4.5% -8.7% 2.8% 7.2% 5.5% 22,530 28,589 4,015,203,021 2,451,279,275 15,222,751

* performance calculated on closing price Source: Bloomberg LP

** n. of traded shares

-4.5%-3.7%

-1.0% -1.0%-0.3% -0.2% 0.0%

0.2%

1.3% 1.9% 2.0% 2.3% 2.4%

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Telecom Italia Shareholders’ Club

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Weekly Performance of Major European Sectors

NB: Weekly performances are referred to last 5 open market sessions.

Index Point as ofPerformance (∆%)* Last 52 weeks Daily average volume ** Market

1 week

1month

6months

1year

fromJan. '15

LowPrice

HighPrice

1 week

1month

Cap.

10-Jul-15 (mln. local cur.)

Index

DJ Stoxx 600 388.8 1.4% -0.1% 12.8% 15.4% 13.5% 302.48 415.18 3,262,801,715 2,977,179,238 10,030,216.00

SectorsDJS Telecom 374.61 1.7% 1.7% 14.9% 28.4% 17.0% 265.32 388.43 268,696,653 305,232,630 524,401.38

DJS Auto 606.57 -1.7% -3.4% 17.2% 19.9% 21.0% 407.83 694.29 43,446,569 37,905,660 348,920.91

DJS Banks 214.93 0.7% -0.9% 18.0% 14.2% 13.9% 173.86 223.93 1,673,854,259 1,364,200,284 1,353,300.63

DJS Basic Resources 360.98 -2.7% -8.9% -1.0% -14.7% -4.0% 331.68 455.43 122,744,253 98,194,437 253,635.72

DJS Chemicals 925.59 2.3% 1.8% 14.7% 21.6% 17.7% 677.03 999.46 20,700,046 21,908,753 473,683.22

DJS Oil&Gas 306.48 -0.9% -2.2% 11.8% -15.0% 7.7% 252.95 366.59 135,972,717 127,174,949 576,785.94

DJS Financials 453.27 1.5% 0.7% 19.9% 29.4% 20.1% 307.16 477.05 34,105,456 39,316,631 187,501.61

DJS Goods&Services 451.46 0.6% -2.6% 10.3% 12.7% 11.2% 351.98 494.3 172,049,251 167,023,635 1,032,700.69

DJS Insurance 281.38 2.3% 1.8% 11.2% 22.6% 12.3% 214.07 308.93 111,361,579 130,996,910 560,527.88

DJS Media 318.2 1.6% 0.8% 14.8% 32.2% 16.8% 226.72 339.86 52,499,283 53,386,743 300,149.75

DJS Tech 343.57 1.1% -2.8% 10.2% 23.7% 10.1% 260.2 379.24 70,744,205 69,852,327 322,746.09

DJS Utilities 319.4 2.1% 0.1% 4.1% 1.3% 1.3% 285.98 342.48 236,631,232 231,757,701 452,552.53

DJS Retail 353.88 0.4% -1.9% 10.6% 14.6% 13.5% 259.46 383.51 104,410,067 103,030,900 379,620.47

DJS Real Estate 182.95 2.1% 1.0% 8.0% 20.3% 11.9% 139.11 201.27 21,326,908 24,721,267 161,647.92

* performance calculated on closing price Source: Bloomberg LP

** n. of traded shares

-2.7%

-1.7%

-0.9%

0.4% 0.6% 0.7%1.1% 1.5% 1.6% 1.7%

2.1% 2.1% 2.3% 2.3%DJ Stoxx 600 1.4%

DJS

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Telecom Italia Shareholders’ Club

NB: Weekly performances are referred to last 5 open market sessions.

Europe: Stock Performance of Main TLC Operators

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Telecom Italia Shareholders’ Club

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Latam: Stock Performance of Main TLC Operators

NB: Weekly performances are referred to last 5 open market sessions.

Telecom Italia Shareholders’ Club

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European Telecoms Sector: Credit Outlook

Telecom Italia Shareholders’ Club

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Telecom Italia Group – Weekly Performance: Price (€) and Volumes (mln)

Telecom Italia Shareholders’ Club

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Relative Performance Last 6 Months of TI Shares vs TLC Sector

Evolution of the spread (TI Savs /TI Ords ) over the last 12 months

-5pp

0

5pp

10pp

15pp

20pp

25pp

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15

TI ord. vs DJ Stoxx TLC Index TI sav. vs DJ Stoxx TLC Index

21.2%

20.1%

19.5%19.7%

17%

18%

19%

20%

21%

22%

23%

24%

10-Jul-14 10-Aug-14 10-Sep-14 10-Oct-14 10-Nov-14 10-Dec-14 10-Jan-15 10-Feb-15 10-Mar-15 10-Apr-15 10-May-15 10-Jun-15 10-Jul-15

TI Savs / TI Ords discount Avg Last 12 Months Avg Last 6 Months Avg Last 1 Month

Telecom Italia Shareholders’ Club

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Performance Summary of Main European TLC Operators

NB: Weekly performances are referred to last 5 open market sessions.

Telecom Italia Shareholders’ Club

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Performance Summary of FTSE MIB

NB: Weekly performances are referred to last 5 open market sessions.