Telecom Italia Shareholders’ Club

Weekly Stock Market Report for Telecom Italia Retail Shareholders

November 25th – November 29th , 2019 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. 29-Nov-19 week month month months year Jan. '19 Price Price week month mil. Euro Index FTSE MIB () 23.259 0,0% 2,6% 8,7% 16,3% 21,4% 26,9% 17.914 23.828 342.705.684 388.149.170 527.706 FTSE Italia All-Share (Milan) 25.464 0,5% 3,2% 9,5% 16,3% 21,1% 26,4% 19.700 25.889 495.696.700 529.746.038 648.137 Stocks FTSE MIB Index Spa 1,71 -0,3% -2,3% 6,5% 17,4% 15,5% 8,6% 1,43 1,82 9.134.545 10.816.810 5.349 Spa 20,12 -6,4% -8,3% -11,6% -10,3% 9,7% 11,3% 17,33 24,95 1.919.881 1.477.986 16.615 Spa 22,90 -0,5% 23,6% 40,7% 56,0% 112,6% 144,5% 9,09 23,96 2.303.354 2.581.569 3.281 Spa 9,22 1,1% 19,9% 38,5% 53,6% 73,9% 81,0% 4,75 9,36 1.325.937 1.165.802 6.826 Banco Bpm Spa 2,02 -2,7% -3,6% 6,8% 23,2% -3,8% 2,7% 1,58 2,26 22.577.340 23.382.300 3.062 Bper Banca 4,40 -1,7% 8,0% 35,3% 28,3% 23,9% 30,6% 2,87 4,62 3.257.697 4.098.729 2.260 Brembo Spa 11,24 4,0% 13,9% 35,1% 16,4% 12,9% 26,4% 8,14 11,88 843.739 1.029.658 3.753 Spa 22,48 -1,0% 1,7% 19,2% 28,1% 35,0% 49,6% 14,69 23,66 613.600 531.283 4.282 Davide Campari-Milano Spa 8,29 0,1% 0,1% -3,3% -7,0% 13,3% 12,2% 7,27 9,31 2.130.443 2.325.510 9.624 Cnh Industrial Nv 9,73 -1,3% -1,7% 9,3% 24,0% 15,1% 24,0% 7,63 10,51 2.993.684 3.109.980 13.166 Spa 6,86 1,6% -0,2% 3,4% 21,6% 44,1% 35,9% 4,71 7,01 27.662.570 24.157.280 69.703 Spa 13,71 -2,0% -0,8% 0,7% -0,1% -3,5% -0,2% 12,92 16,06 9.388.029 10.885.110 49.839 Nv 69,44 0,2% 11,7% 14,4% 18,3% 33,9% 46,9% 45,45 72,52 374.497 403.693 16.735 Nv 153,40 2,6% 8,0% 6,7% 20,5% 59,7% 76,8% 84,08 156,35 344.982 422.715 28.432 Fiat Chrysler Automobiles Nv 13,42 0,4% 14,2% 14,3% 10,8% 0,9% 17,2% 10,93 14,78 6.980.903 14.149.620 21.006 Finecobank Spa 11,26 -1,9% 8,3% 17,8% 21,7% 18,5% 28,3% 8,36 12,56 3.308.157 3.511.869 6.856 18,53 -0,7% 0,9% 12,9% 17,2% 25,6% 26,9% 14,02 19,63 3.607.192 4.377.458 29.088 2,30 -1,8% 1,3% 14,3% 23,3% 13,2% 18,6% 1,80 2,39 67.714.100 101.672.200 40.281 Spa 5,70 0,0% 0,3% n.a. n.a. n.a. 14,2% 4,67 6,28 1.448.605 1.810.221 4.615 Leonardo Spa 10,62 -2,6% 0,3% -5,1% 12,6% 22,6% 38,3% 7,45 11,89 2.008.199 2.529.663 6.137 Luxottica Group Spa Spa 2,74 0,7% 0,3% -3,4% 5,5% -0,1% 0,0% 2,43 3,09 4.150.556 2.509.964 3.241 Spa 10,15 -1,3% -6,7% 11,9% 21,1% 30,0% 37,6% 7,14 10,99 3.259.558 5.523.649 9.005 Spa 39,77 6,6% 13,3% 17,2% 19,1% 34,8% 37,5% 26,07 41,40 1.176.851 1.284.560 10.259 Spa 10,59 -3,1% -2,8% 7,6% 22,4% 57,9% 51,6% 6,47 11,27 2.188.272 2.648.893 13.832 Prysmian Spa 20,69 4,4% 0,0% 4,1% 34,8% 29,4% 22,6% 14,69 22,01 1.936.522 1.747.863 5.548 Recordati Spa 38,07 1,7% 3,3% -5,4% 3,3% 36,4% 25,7% 27,78 41,06 344.387 375.275 7.961 Spa 4,15 -3,1% -2,9% -4,5% 5,7% 7,8% 27,1% 3,09 5,05 6.619.247 9.343.615 4.196 Salvatore Ferragamo Spa 18,10 4,8% 9,0% 2,0% -9,3% -13,3% 2,5% 15,82 21,72 541.572 681.641 3.054 Spa 4,51 0,1% -1,4% -3,3% -1,0% 17,7% 18,1% 3,78 4,86 14.089.710 8.980.288 15.318 Stmicroelectronics Nv 22,30 2,5% 6,3% 38,3% 65,1% 71,6% 82,3% 10,63 22,79 2.757.208 3.827.860 20.319 Telecom Italia Spa 0,57 -2,7% 7,0% 17,3% 28,4% 0,6% 17,6% 0,43 0,59 82.661.800 80.783.110 12.008 Sa 9,65 -2,1% 0,1% -3,3% -12,4% -10,9% 2,2% 8,95 13,54 4.391.308 5.290.338 11.395 Terna Spa 5,83 1,7% -1,2% 0,3% 5,3% 19,4% 17,7% 4,86 6,04 5.311.573 5.907.440 11.718 Ubi Banca Spa 2,93 -1,6% 5,8% 22,9% 27,0% 3,5% 15,8% 2,04 3,09 12.818.580 11.394.650 3.356 Spa 12,56 1,0% 7,3% 23,4% 23,2% 9,1% 27,0% 9,07 13,07 15.047.500 17.927.790 28.056 Gruppo Spa 5,32 0,4% 5,0% 15,7% 30,5% 47,8% 51,2% 3,32 5,44 1.439.080 1.715.858 3.817

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

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