Telecom Italia Shareholders’ Club

Weekly Stock Market Report for Telecom Italia Retail Shareholders

February 24th – February 28st , 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. 28-Feb-20 week month month months year Jan. '19 Price Price week month mil. Euro Index FTSE MIB () 21.984 -11,3% -8,5% -5,8% 4,7% 6,4% -6,5% 19.536 25.483 759.937.508 483.102.200 510.190 FTSE Italia All-Share (Milan) 23.907 -11,2% -8,5% -6,4% 4,7% 5,4% -6,7% 21.439 27.679 1.043.775.591 736.714.946 622.172 Stocks FTSE MIB Index Spa 1,57 -14,9% -15,1% -7,8% -1,6% 1,1% -5,8% 1,43 1,90 17.198.120 11.425.410 4.933 Spa 19,39 -12,3% -13,2% -5,4% -13,0% -9,3% -6,8% 19,01 24,95 1.980.975 1.886.786 16.008 Spa 19,20 -13,8% -17,9% -17,0% 21,6% 52,0% -9,8% 12,10 24,70 4.241.213 2.132.134 2.750 Spa 7,36 -11,3% -13,6% -20,9% 11,6% 20,1% -16,9% 5,90 9,38 1.717.747 1.146.764 5.452 Banco Bpm Spa 1,98 -16,7% -0,4% -2,1% 7,9% -7,0% -2,2% 1,58 2,59 41.914.810 37.235.920 3.004 Bper Banca 3,60 -11,6% -20,4% -18,0% 13,0% -3,1% -19,7% 2,99 4,67 8.289.073 6.246.460 1.874 Brembo Spa 9,04 -12,8% -15,2% -18,9% 10,2% -15,0% -18,3% 8,14 11,88 1.039.342 719.357 3.019 Spa 19,77 -10,1% -9,1% -14,8% 6,9% 14,9% -12,0% 16,67 23,66 1.199.300 661.089 3.757 Davide Campari-Milano Spa 7,54 -11,8% -13,9% -10,2% -10,8% -10,1% -7,4% 7,40 9,31 4.869.960 2.899.254 8.758 Cnh Industrial Nv 8,35 -4,6% -8,1% -13,8% -1,3% -12,3% -14,7% 7,68 10,51 6.660.070 4.487.590 11.372 Spa 7,58 -10,3% -4,1% 10,3% 16,5% 42,4% 7,1% 5,27 8,61 50.259.570 32.903.910 77.023 Spa 11,16 -12,6% -16,7% -19,1% -16,7% -26,4% -19,4% 11,05 16,06 28.113.870 16.983.900 40.550 Nv 64,08 -11,1% -10,9% -8,0% 7,0% 18,4% -7,2% 53,24 75,76 616.545 483.435 15.443 Nv 141,55 -11,4% -9,5% -7,7% -0,8% 25,1% -4,3% 112,05 169,05 1.021.309 631.812 26.352 Fiat Chrysler Automobiles Nv 11,24 -6,9% -6,4% -16,7% -3,4% -4,1% -14,8% 10,93 14,78 18.265.930 10.672.560 17.631 Finecobank Spa 9,49 -11,5% -13,6% -17,5% 1,8% -13,1% -11,2% 8,42 12,56 5.412.701 4.196.216 5.785 16,26 -11,8% -10,5% -12,6% 0,0% 3,6% -11,6% 15,46 19,63 8.270.065 4.452.194 25.525 2,20 -12,8% -4,6% -4,8% 11,7% 1,4% -6,4% 1,80 2,63 224.049.200 134.086.000 38.495 Spa 5,53 -10,0% -9,3% n.a. n.a. n.a. 1,6% 5,24 6,29 3.416.312 2.670.091 4.476 Leonardo Spa 9,24 -16,2% -14,7% -14,0% -13,9% 4,2% -11,6% 8,35 11,89 4.272.969 2.698.210 5.341 Luxottica Group Spa Spa 2,11 -7,8% -14,6% -24,2% -26,6% -24,5% -20,6% 1,99 3,09 4.051.842 2.151.681 2.496 Spa 8,19 -13,0% -14,5% -20,1% -7,8% -7,2% -16,5% 8,10 10,99 5.998.363 4.352.088 7.266 Spa 35,22 -5,2% -12,1% -12,3% 3,6% 4,4% -12,1% 31,58 43,61 1.955.101 1.452.178 9.098 Spa 9,61 -14,9% -13,2% -9,6% 2,3% 21,2% -5,0% 7,76 11,64 5.175.976 3.593.023 12.557 Prysmian Spa 21,38 -7,6% 3,3% 2,5% 12,5% 19,1% -0,5% 14,69 25,18 2.160.528 1.567.679 5.733 Recordati Spa 38,68 -4,8% -4,0% 3,6% -3,1% 17,0% 3,0% 32,73 42,22 629.946 373.392 8.089 Spa 3,42 -9,1% -14,6% -20,0% -20,3% -25,2% -21,6% 3,30 5,05 17.339.140 12.065.380 3.453 Salvatore Ferragamo Spa 14,29 -10,5% -16,6% -20,8% -19,0% -23,5% -23,8% 13,65 21,72 1.148.687 704.279 2.412 Spa 4,47 -10,7% -9,7% -0,2% -1,9% 2,9% -4,6% 4,26 5,11 16.398.390 10.527.860 15.178 Stmicroelectronics Nv 24,38 -13,8% -9,9% 8,5% 56,2% 69,5% 1,7% 12,72 29,44 8.161.626 5.285.699 22.215 Telecom Italia Spa 0,50 -6,4% -1,0% -12,0% 5,8% -6,7% -10,1% 0,43 0,59 161.435.000 92.443.360 10.640 Sa 8,17 -12,9% -17,3% -16,4% -18,7% -30,4% -18,7% 7,71 13,54 7.810.120 4.595.465 9.643 Terna Spa 5,99 -9,9% -7,3% 3,9% 4,7% 9,5% 0,6% 5,29 6,81 7.801.484 5.630.742 12.040 Ubi Banca Spa 3,72 -11,8% 29,6% 25,8% 59,1% 41,8% 27,6% 2,04 4,51 18.903.040 17.042.770 4.253 Spa 11,54 -12,5% -8,7% -7,9% 16,7% -3,6% -11,4% 9,07 14,44 29.716.640 19.843.720 25.769 Gruppo Spa 4,48 -15,0% -7,4% -15,9% -0,8% 11,7% -12,4% 3,99 5,51 3.797.994 2.695.678 3.212

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

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