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REPORT OF THE BOARD OF DIRECTORS ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE

Each year the Company's Board of Directors issues a report on Corporate Governance and Ownership structure. Such report sets out, on a purely voluntary basis and without reference to any specific editorial guidelines - although drawing inspiration from the VIII Edition of the 'Format for Corporate Governance and Ownership Structure Reports' published in January 2019 by Borsa Italiana S.p.A., the Italian Stock Exchange as well as from the Code of Conduct published in July 2018 by Borsa Italiana S.p.A.'s Corporate Governance Committee - the corporate governance model adopted by the company in the light of its current Articles of Association, the aim of which is to establish an efficient and effective set of operating rules. It should also be noted that the abovementioned Corporate Governance Committee issued in January 2020 the contents of a new Corporate Governance Code (previously called Code of Conduct) which will apply from the first financial year that starts after December 31, 2020. Therefore, the Company will adapt to the new principles proposed therein starting from the year 2021, thus proving information in the Corporate Governance and Ownership Structure Reports to be published in 2022.