Telecom Italia Shareholders’ Club

Weekly Stock Market Report for Telecom Italia Retail Shareholders

February 3rd – February 7th , 2020 Telecom Italia Shareholders’ Club Weekly Performance of Major Worldwide Market Stock Exchanges

1 Telecom Italia Shareholders’ Club Weekly Performance of Major European Sectors

2 Telecom Italia Shareholders’ Club Europe: Stock Performance of Main TLC Operators

3 Telecom Italia Shareholders’ Club Latam: Stock Performance of Main TLC Operators

4 Telecom Italia Shareholders’ Club European Telecoms Sector: Credit Outlook

Moody's S&P Fitch Fitch (da sito web società) rating outlook rating outlook rating outlook TELECOM ITALIA Ba1 NEG BB+ STABLE BB+ STABLE ALTICE n.a. n.a. B NEG n.a. n.a. BT GROUP n.a. n.a. BBB STABLE BBB STABLE DEUTSCHE TELEKOM Baa1 NEG BBB+ *- n.a. BBB+ STABLE KPN Baa3 STABLE BBB STABLE BBB STABLE ORANGE Baa1 STABLE BBB+ STABLE BBB+ STABLE PROXIMUS A1 STABLE A STABLE n.a. n.a. SWISSCOM A2 STABLE A STABLE n.a. n.a. TELEFONICA Baa3 STABLE BBB STABLE BBB STABLE TELEKOM AUSTRIA Baa1 STABLE BBB+ STABLE n.a. n.a. TELENOR A3 STABLE A- STABLE NR n.a. TELIASONERA Baa1 STABLE BBB+ STABLE WD n.a. VODAFONE GROUP Baa2 NEG BBB STABLE BBB STABLE WIND TELECOMUNICAZIONI n.a. n.a. NR n.a. B+ STABLE OI GROUP WR n.a. B NEG B- STABLE Telecom Italia Shareholders’ Club Telecom Italia Group – Weekly Performance: Price (€) and Volumes (mln) Telecom Italia Shareholders’ Club Relative Spread (TI Savs /TI Ords): Evolution over the Last 12 Months

Absolute Spread (TI Ords – TI Savs): Evolution over the Last 12 Months

7 Telecom Italia Shareholders’ Club Performance Summary of Main European TLC Operators

8 Telecom Italia Shareholders’ Club Stock Performance Summary of FTSE MIB

Cl. Price € Performance (∆%)* Last 52 weeks Daily average volume Market** 1 1 3 6 1 from Low High 1 1 Cap. 07-Feb-20 week month month months year Jan. '19 Price Price week month mil. Euro Index FTSE MIB (Milan) 24.478 5,3% 3,2% 4,1% 19,2% 25,7% 4,1% 19.268 24.523 499.371.855 388.873.374 547.883 FTSE Italia All-Share (Milan) 26.554 5,0% 2,9% 4,0% 18,2% 23,9% 3,6% 21.192 26.615 720.150.144 634.282.450 668.735 Stocks FTSE MIB Index Spa 1,83 1,3% 10,2% 3,0% 14,0% 18,2% 9,2% 1,43 1,85 10.543.800 8.747.206 5.722 Spa 22,77 2,7% 10,5% 0,7% 0,3% 9,8% 9,5% 19,47 24,95 2.227.578 2.093.224 18.803 Spa 23,07 4,0% 5,3% 12,3% 40,8% 113,5% 8,4% 10,68 24,70 1.700.876 1.762.038 3.305 Spa 8,31 2,0% -3,4% 0,6% 26,5% 55,9% -6,2% 5,24 9,38 818.629 851.614 6.156 Banco Bpm Spa 2,10 13,2% 6,5% -1,8% 18,1% 19,4% 3,3% 1,58 2,22 34.762.760 26.062.320 3.174 Bper Banca 4,34 4,5% -3,9% 1,6% 24,8% 43,9% -3,3% 2,99 4,67 4.419.066 2.856.784 2.257 Brembo Spa 10,41 0,9% -4,1% -2,6% 19,4% 8,3% -5,9% 8,14 11,88 738.213 557.023 3.476 Spa 22,71 7,6% 2,8% 2,3% 24,1% 38,9% 1,2% 16,14 23,66 577.634 479.224 4.309 Davide Campari-Milano Spa 9,02 3,3% 12,0% 9,7% 13,5% 14,6% 10,8% 7,65 9,31 2.678.157 2.388.517 10.478 Cnh Industrial Nv 8,63 0,0% -12,4% -14,1% 6,1% -4,2% -11,9% 7,68 10,51 3.970.814 2.992.508 11.733 Spa 8,18 4,1% 13,1% 21,1% 33,3% 59,3% 15,6% 5,08 8,27 33.067.000 26.700.340 83.133 Spa 12,91 2,0% -9,9% -9,0% -2,2% -11,2% -6,8% 12,52 16,06 18.702.840 12.571.110 46.903 Nv 70,18 5,3% 1,9% -0,3% 18,6% 29,1% 1,6% 53,24 73,60 430.149 383.305 16.913 Nv 153,15 0,4% 2,9% 2,0% 9,2% 40,5% 3,5% 108,30 158,70 761.404 456.780 28.532 Fiat Chrysler Automobiles Nv 12,21 4,1% -5,8% -15,8% 4,3% 1,1% -7,5% 10,93 14,78 11.846.580 8.351.759 19.064 Finecobank Spa 11,74 11,0% 7,0% 6,2% 31,8% 21,6% 9,8% 8,42 12,56 3.024.290 2.509.921 7.149 18,36 4,3% -0,3% -4,6% 12,5% 22,0% -0,2% 14,85 19,63 4.448.455 3.212.269 28.813 2,48 10,3% 5,6% 5,1% 29,6% 24,8% 5,4% 1,80 2,51 166.401.300 91.983.480 43.354 Spa 6,07 1,2% 10,9% n.a. n.a. n.a. 11,5% 5,09 6,28 2.891.186 2.762.685 4.911 Leonardo Spa 11,82 5,7% 7,3% 5,3% 14,4% 38,6% 13,1% 8,35 11,89 3.742.039 2.326.515 6.834 Luxottica Group Spa Spa 2,37 -0,5% -11,7% -12,5% -10,3% -9,4% -10,8% 2,36 3,09 1.826.896 1.406.437 2.804 Spa 9,68 7,4% -1,8% -8,6% 11,8% 25,4% -1,4% 7,64 10,99 5.159.817 3.427.671 8.587 Spa 38,71 -0,7% -3,9% 4,3% 13,6% 16,0% -3,4% 31,58 43,61 1.130.981 944.705 9.999 Spa 10,91 5,4% 6,5% 0,4% 15,0% 46,3% 7,8% 7,42 11,27 3.109.081 2.774.437 14.243 Prysmian Spa 22,02 9,7% 4,2% 2,7% 17,7% 22,2% 2,5% 14,69 22,61 1.643.738 1.187.396 5.905 Recordati Spa 40,19 4,0% 5,9% 8,9% 1,2% 24,5% 7,0% 31,48 41,06 322.486 305.025 8.405 Spa 3,75 0,1% -15,7% -16,2% -6,5% -3,9% -13,9% 3,67 5,05 13.119.200 8.894.582 3.792 Salvatore Ferragamo Spa 16,62 -0,4% -10,7% -4,8% -8,6% -5,3% -11,4% 15,82 21,72 562.397 467.513 2.804 Spa 5,07 4,9% 7,9% 10,5% 14,5% 24,5% 8,3% 4,06 5,09 10.261.890 8.987.691 17.225 Stmicroelectronics Nv 27,22 7,7% 10,5% 26,1% 80,3% 96,6% 13,6% 12,72 27,87 4.752.861 3.980.512 24.802 Telecom Italia Spa 0,49 1,6% -9,6% -7,0% 2,7% 1,4% -11,1% 0,43 0,59 86.248.250 74.759.540 10.451 Sa 9,40 0,7% -10,6% -6,5% -7,3% -14,3% -6,5% 8,95 13,54 4.215.705 3.899.123 11.092 Terna Spa 6,47 2,8% 9,9% 10,7% 17,8% 23,8% 8,7% 5,20 6,56 6.239.620 4.666.642 13.013 Ubi Banca Spa 2,98 9,9% 4,8% 2,9% 32,5% 33,8% 2,2% 2,04 3,09 11.000.570 7.814.554 3.404 Spa 13,91 15,1% 5,7% 8,6% 42,4% 37,2% 6,8% 9,07 13,97 23.509.160 15.318.570 31.057 Gruppo Spa 4,76 3,5% -7,1% -9,7% 8,0% 19,7% -6,8% 3,72 5,44 1.947.387 1.562.404 3.417

* performance calculated on closing prices, ** for FTSE MIB stocks, market cap here reported on overall shares oustanding 9