The Board of Directors of Telecom Italia Spa has unanimously approved the voluntary total public offer of purchase and exchange (OPAS) launched by Poste Italiane Spa on TIM ordinary shares. The consideration offered is equal to 1.67 euros and 0.218 newly issued Poste Italiane ordinary shares listed on Euronext Milan for each TIM ordinary share tendered to the Offer. The Board, based on analyses conducted by management with the support of a document prepared by Kearney, assessed positively the rationale and industrial prospects of the transaction, as well as its consistency with the path undertaken by TIM. From a financial perspective, the Board expressed a reasoned assessment on the fairness of the consideration. The offer document was approved by Consob on July 15, 2026, with resolution number 24080. For its assessments, the Board also took into account the fairness opinions issued by Evercore Partners International LLP and Goldman Sachs Bank Europe SE, Italian branch, in their capacity as financial advisors appointed by the Board. TIM further communicates that the industrial plan will not be updated pending the completion of the Offer and the scenarios that will emerge from its outcome. Accordingly, on July 29 only the consolidated financial results for the second quarter and first half of 2026 will be communicated, followed by a presentation to the market during the conference call on July 30.