Approval of the Offer Document concerning the voluntary tender offer for shares of NEXT RE SIIQ S.p.A. - Seite 2

Consideration. As consideration for the Offer, the Offeror will pay Next RE shareholders a cash consideration of Euro 3.00 for each Share Subject to the Offer tendered in acceptance of the Offer; this consideration will be paid to those accepting the Offer on the fifth trading day following the close of the Acceptance Period, and therefore on 22 May 2026 (unless extended), upon the simultaneous transfer of ownership of the shares tendered under the Offer. In the event of full acceptance of the Offer, the maximum total outlay will therefore amount to Euro 13,240,758.

Acceptance Period. Pursuant to Article 40(2) of Consob Regulation 11971/1999, as subsequently amended and supplemented (the "Issuers' Regulation"), the acceptance period for the Offer (the "Acceptance Period"), agreed with Borsa Italiana S.p.A., will commence at 8.30 am on 20 April 2026 and end at 5.30 pm on 15 May 2026 (both dates inclusive), unless the Acceptance Period is extended. 15 May 2026 will therefore be the last day on which the Offer may be accepted, unless extended.

Should the relevant conditions be met, pursuant to Article 40-bis, paragraph 1, letter a) of the Issuers' Regulation the Acceptance Period will be reopened for five consecutive open trading days, specifically for the sessions of 25, 26, 27, 28 and 29 May 2026, subject to any extension of the Acceptance Period (the "Reopening of the Terms"). In such case, 29 May 2026 will therefore represent the last day to tender into the Offer. In the event of a Reopening of the Terms, payment of the Consideration for the shares tendered into the Offer during the Reopening of the Terms period will take place on the fifth open trading day following the close of the Reopening of the Terms period, i.e. on 5 June 2026, subject to any extension of the Acceptance Period.

The Offer represents the means by which the Offeror intends to acquire all of the Next RE shares and, consequently, to obtain the delisting of the listed shares from Euronext Milan (the "Delisting"). Therefore – upon the occurrence of the relevant conditions – the Offeror does not intend to restore a sufficient free float to ensure the regular trading of the listed shares. The Offer is therefore aimed at the Delisting and is addressed indiscriminately and on equal terms to all holders of the Shares Subject to the Offer, and is promoted exclusively in Italy.

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