TIM: Open to discussion on network with government, ahead on evaluation of alternative options

Rome – With reference to what announced yesterday by the Presidency of the Council of Ministers and by the Ministry of Enterprise and Made in Italy regarding the project for the creation of a National Network, TIM expresses its openness to discussion in institutional venues.

In particular, in line with the delayering plan presented to the market last 7 July, TIM will continue to evaluate all strategic options, which will allow it to best pursue the objectives of overcoming vertical integration and reducing debt.

Furthermore, the Board of Directors, which met today under the chairmanship of Salvatore Rossi, acknowledged the joint press release issued today by CDP Equity, Macquarie Asset Management, and Open Fiber regarding the Memorandum of Understanding signed on May 29, which can therefore be considered lapsed and of no effect.

Lastly, at today meeting the Board unanimously proceeded to co-opt the Director Giulio Gallazzi to replace Luca De Meo, who resigned on 27 September.

Giulio Gallazzi - whose curriculum vitae is available on the Company's website and attached - qualifies as non-executive and independent. The Director does not hold any TIM shares.

The Board also acknowledged the start of the preliminary activities by the Nomination and Remuneration Committee for the replacement of Director Frank Cadoret, who resigned on 16 November.