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This document has been prepared solely for information and marketing purposes and does not constitute a recommendation, offer, or solicitation to buy or sell any financial instrument. It is expressly not directed at persons whose nationality or place of residence prohibits access to such information under applicable law, and does not serve as a prospectus for financial instruments offered to the public for subscription.

The information contained in this document is based on sources that TIM Group considers reliable. TIM Group has prepared this document to the best of its knowledge and belief. However, no liability is assumed for the completeness, correctness, accuracy, or timeliness of the information contained herein.

Investors should be aware that the information contained herein may change at any time due to changes in the economic environment.

The past performance of a financial instrument is no guarantee of future results. TIM Group therefore assumes no liability for losses arising from the use of this information. This document may not be reproduced or passed on to third parties without the consent of TIM Group. It contains general information and does not take into account the individual circumstances of the reader. Reading this document does not release the recipient from the obligation to critically examine the information and/or seek professional advice.