• During the first nine months of the year, the overall revenues of the Portfolio Companies amounted to 1,308.4 million euro, up by 22.5% compared with the first nine months of last year.
• The EBITDA of the Portfolio Companies comes to 167.9 million euro, down because of pressure on margins linked to higher raw material costs due to the drought that impacted Italgen's hydroelectric production and some of last year's positive contingent factors that did not repeat.
• Looking just at the third quarter of the year, the EBITDA of the Portfolio Companies amounts to 74.1 million euro, a slight increase on 2021, demonstrating the resilience of the investment portfolio even in a difficult macroeconomic context such as the current one.
• Italmobiliare's strategy, increasingly focused on the core portfolio of equity investments with proactive risk management and full ESG integration in the companies' development plans, looks to be very consistent with the current scenario conditioned by extremely elevated levels of uncertainty and volatility of the macroeconomic variables.
• Italmobiliare's strategy of expanding its portfolio and supporting Italian companies of excellence continues, with the acquisition in October of 100% of SIDI Sport, an iconic brand in the world of cycling and motorcycling sport footwear.
• The Net Asset Value of Italmobiliare at September 30 amounts to 1,962.8 million euro, substantially in line with June 30, 2022 (1,975.1 million euro) and down on December 31, 2021 (2,082.1 million euro) following the payment of 59.2 million euro of dividends.
• At September 30, 2022, the net financial position of Italmobiliare S.p.A. is showing a positive balance of 209.6 million euro, down from 337.5 million euro at December 31, 2021 mainly due to 84 million euro of new investments and the 59.2 million euro of dividends paid.

Milan, November 9, 2022 – The Board of Directors of Italmobiliare S.p.A. today approved the quarterly financial results for the nine months ending September 30, 2022.

During the first nine months of the year, the Portfolio Companies' consolidated revenue amounted to 1,308.4 million euro, up by 22.5% on the first nine months of last year, whereas EBITDA has fallen by 15.5% to 167.9 million euro, mainly due to contingent factors, as explained in greater detail below. Looking just at the third quarter, EBITDA is up slightly to 74.1 million euro, demonstrating the resilience of the equity portfolio even in a difficult macroeconomic context like the current one.

With particular reference to the Industrial Portfolio Companies, revenue in the period amounted to 1,285.4 million euro (+21.8%). In the first nine months of 2022, EBITDA, in decline to 160.9 million euro from 198.2 million euro the previous year, was influenced by the macroeconomic context, namely a contraction of the economy, and in particular by the general increase in the price of raw materials and its effect on costs, which are rising.  Contingent factors also affected the performance of certain companies: Italgen's hydroelectric output was affected by the ongoing drought; AGN Energia compares with a 2021 that benefited from the positive impact of the hedges made on the purchase cost of LPG; Tecnica Group's accounts do not yet reflect its excellent order backlog, which is showing significant growth compared with the previous year. 

If we neutralise these three contingent factors relating to Italgen, AGN Energia and Tecnica Group, the decline in EBITDA of the Industrial Portfolio Companies compared with the same period of 2021 comes to 5.4% (-10.3 million euro), which is mainly attributable to pressure on margins due to higher raw material costs. Taking only the third quarter into consideration, EBITDA of the Industrial Portfolio Companies is more or less stable at 71.6 million euro.

Comparing the trend of the Industrial Portfolio Companies with the same period in 2021, both the revenue (+28.6%) and EBITDA (+24%) of Casa della Salute have increased significantly, thanks to better productivity of the individual centres and the new openings made at the end of 2021 and in 2022. In the food sector, Caffè Borbone and Capitelli turned in higher revenues (+3.3% and +13.7% respectively), with a contraction in EBITDA due to the impact of higher raw material costs on industrial margins. In the energy sector, AGN Energia's revenue is up (+35.3%) following the substantial increase in raw material costs in almost all businesses, with a good defence of margins in a very complex energy context; Italgen's revenue, on the other hand, rose due to pass-through revenues (which do not bring additional margins), while the drought that characterised the period is reflected in the lower level of EBITDA, which fell to 3 million euro. Revenue up by 20.7% and EBITDA stable at 50.4 million euro for Tecnica Group, which has not yet fully benefited from the order backlog, which is showing excellent potential for the rest of the year. Iseo's revenue has increased (+7.4%), supported by increases in selling prices, while EBITDA has fallen to 14.6 million euro, partially due to the impact of fixed costs needed for the company's business plan. Higher turnover (+55.6%), mainly thanks to the direct retail results, and higher EBITDA (+2.8%) for Officina Profumo-Farmaceutica di Santa Maria Novella. Revenue is down by 5.6% for Callmewine, but in 2021 it had benefited from the greater domestic consumption induced by Covid restrictions; EBITDA is negative, mainly due to higher fixed costs to support the company's future growth.

Clessidra Holding, a non-industrial portfolio company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of 23 million euro and EBITDA of 7.1 million euro.

At September 30, 2022 the Net Asset Value of Italmobiliare S.p.A. amounted to 1,962.8 million euro, substantially in line with June 30, 2022 (1,975.1 million euro) and down on December 31, 2021 (2,082.1 million euro), after paying 59.2 million euro of dividends and 33.2 million euro of taxes and operating costs. At September 30, 2022, the NAV per share (excluding treasury shares) was 46.4 euro and, considering the distribution of dividends of 1.40 euro per share, it has decreased by around 3% compared with the figure at December 31, 2021.

The net financial position of Italmobiliare S.p.A. is down from 337.5 million euro at December 31, 2021 to 209.6 million euro at the end of September 2022, allocated 51.4% to the Vontobel Fund with a conservative risk profile in line with the Company's investment policies. The main flows include loans net of repayments in private equity funds (-11.3 million euro), the investment as co-investor of the Clessidra Capital Partners 4 fund in the capital of Archimede S.p.A. (parent company of Formula Impresoft) with a stake of 22.99% (-12 million euro), the investment in Bene Assicurazioni S.p.A. with a stake of 19.996% (-40 million euro) and in other equity investments (-32 million euro), as well as the payment of taxes (-21 million euro). Payment of the ordinary and extraordinary dividend was more than offset by the dividends received from subsidiaries and associates.

On October 25, Italmobiliare finalised the agreement – based on an enterprise value of 66 million euro, plus 20 million euro in net cash held by the company – for the acquisition of 100% of SIDI Sport, an iconic Italian brand that specialises in the production and sale of cycling and motorcycling footwear.

PRESENTATION TO ANALYSTS

The presentation for the financial community, updated with the results at September 30, 2022, will be made available on the Company's website in the Investor/Presentations section www.italmobiliare.it/en/investor/presentations) on November 9.

The Financial Reporting Officer of Italmobiliare S.p.A., Mauro Torri, certifies – pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) – that the accounting information contained in this press release agrees with the supporting documentation, books of account and accounting entries.

Davide Rossetti appointed CEO of the company, Davide Cassani joins the Board

Milan, October 25, 2022 – Italmobiliare completed the acquisition of 100% of Sidi Sport S.r.l., an iconic Italian brand specializing in the production and sale of cycling and motorcycling footwear used by the most important professional and amateur athletes all over the world.

Sidi Sport is based in Maser (Treviso), the heart of the Montebelluna sports footwear industrial district. It employs over 250 employees and distributes its products in over 60 countries around the world. The company, which posted Euro 38 million of revenue and Euro 7 million of EBITDA in 2021, has been taken over by Italmobiliare based on an enterprise value of Euro 66 million plus Euro 20 million in net cash held by the company. The overall outlay of Euro 86 million consists of a net payment by Italmobiliare of Euro 53.5 million with the rest of the funds (Euro 32.5 million) borrowed from Banco BPM.

Founded in 1960 by Dino Signori, Sidi established itself as one of the industry leaders by combining tradition and innovation, performance and design, advancing the frontier of sports footwear development and creating cult models such as Shot 2 shoes for cycling and Crossfire boots for motorcycling. In more than sixty years of history, Sidi shoes and boots have trodden the podiums of all the major international sporting events. From Joel Robert, through Giacomo Agostini, Stefan Everts, Loris Capirossi, up to nine-time world champion Tony Cairoli, the Maser company has written indelible pages in motorcycling. The cycling champions of the Sidi team are also very numerous, among them the Italian legends Francesco Moser and Paolo Bettini, the Tokyo 2020 Olympic gold medalist Richard Carapaz and Pauline Ferrand-Prévot, who entered history as the winner of the first edition of the Women's Gravel World Championship in 2022 with four gold medals in four different specialities.

With this acquisition, Italmobiliare continues on its path of supporting and accompanying the industrial excellences of our country. "Sidi means excellent professionals, products of the highest quality, a winning brand that is much appreciated and a sector that is starting to show very interesting growth rates again thanks to an ever wider audience of enthusiasts and practitioners - points out Carlo Pesenti, Chief Executive Officer of Italmobiliare. These are the factors that Italmobiliare aims to enhance globally through sustainable growth based on the creation of value over time. As an entrepreneur and a lover of the world of two wheels, I know the value of tradition and the identity of a brand that has a very strong link with the world of sport and those who practise it, by profession or by passion, and which represents another extraordinary example of the quality of products Made in Italy."

Davide Rossetti has been appointed CEO of SIDI. Rossetti has over 25 years of experience in the world of sporting goods in situations of multinational excellence in Italy and abroad, both wholesale and retail level, including Safilo Group (sport division), 55DSL by Diesel, Cisalfa Sport, Alpinestars and most recently Northwave, a company of technical sports footwear for bikes and snowboards, which he led as general manager developing its business activities.

Also joining the board is Davide Cassani, former professional cyclist and manager of the Italian national cycling team, who led them to victory in two time trial world championships and four European road championships. "The world of two wheels in Italy needs investment, competence and passion” says Cassani "I am thrilled to find these three elements within Italmobiliare's top management and to be part of this new development challenge for Sidi.”

Italmobiliare was advised by KPMG in relation to the M&A aspects of the transaction and on the financial, fiscal, legal and ESG due diligence, by Giliberti Triscornia e Associati on the legal aspects and by OC&C Strategy Consultants on the strategic and business aspects. Allen & Overy advised Banco BPM in relation to the loan granted to the investment vehicle.

Sidi Sport was advised by Banca Generali Private Wealth Management Division, Legalitax Studio Legale e Tributario and by Alessandro Gallina, a long-standing consultant of the Signori family.

Milan, August 4, 2022 - Italmobiliare S.p.A. announces that the Interim Report at June 30, 2022, has been filed, together with the report of the Independent Auditing Firm, with the Company’s registered office in Milan, Via Borgonuovo no. 20, and with the authorized storage platform eMarket Storage at www.emarketstorage.com, and it is available to the public on the Company’s website www.italmobiliare.it, under the Investor/Reports section (https://www.italmobiliare.it/en/investor/reports).

Milan, July 28, 2022 - Italmobiliare's Board of Directors has reviewed and approved the interim report at June 30, 2022. At the end of the half year, Italmobiliare's NAV amounts to 1,975.1 million euro (2,082.1 million euro at December 31, 2021), with the variance related in particular to the distribution of dividends for 59.2 million euro; the payment of taxes of 21 million euro and overheads of 11.4 million euro; the negative performance of listed investments (HeidelbergCement AG -8.9 million euro), trading -12.4 million euro and other equity investments - 9.5 million euro; a positive performance by the Private Equity Funds for 13.6 million euro (including a positive exchange rate delta of 9.6 million euro). On a like-for-like basis compared with the previous year, the value of the Portfolio Companies net of dividend distributions and new investments in the first half (in particular the acquisition of Bene Assicurazioni for 41 million euro) is stable.

Milan, 18 July 2022 - Italmobiliare continues its strategy of expanding its investment portfolio with the acquisition of SIDI Sport, an iconic brand that has been able to revolutionise the world of cycling and motorcycling footwear, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports. SIDI Sport is an Italian success story as its founder, Dino Signori, has led the company to become a globally recognised leader in the production of cycling and motorcycling shoes, with a turnover of almost € 38 million in 2021 and EBITDA of around € 7 million.

Based on the agreements that have been reached, 100% of the capital of SIDI Sport S.r.l. will be taken over by Italmobiliare for an investment of € 66 million, in addition to the net cash held by the company at 31 August 2022, as calculated according to specific contractual clauses established by the parties. Execution of the contract, which is subject to completion of a corporate reorganisation that includes the spin-off of certain properties, is expected to take place in the fourth quarter of the year.

“With this new transaction, Italmobiliare is expanding its presence in the sports and outdoor market, in a sector that features high growth and further development potential - points out Carlo Pesenti, Italmobiliare's CEO - The decision to invest in SIDI is based on the value of a winning brand that is much appreciated, the company's production efficiency and its potential for future growth. For Italmobiliare, this new acquisition is a further step in our strategy of enhancing and strengthening successful Italian brands that are worth accompanying, also in terms of their global development”.

“I am proud of this deal which respects my history as an entrepreneur over the last sixty years or more. It will ensure that the company can grow even stronger and more competitive" adds Dino Signori, founder of the Company and current Chairman: “Italmobiliare - and Carlo Pesenti who I have come to know and respect - will be able to give continuity to the values and ideas that I have always pursued, consolidating and strengthening SIDI's traditions and products. I thank my family and all of our employees for their efforts that have allowed us to achieve such brilliant results”.

Italmobiliare was assisted in the transaction by KPMG for the M&A process and the due diligence that covered financial, fiscal, legal and ESG matters, by Studio Giliberti Triscornia e Associati for the legal aspects, and by OC&C Strategy Consultants on strategic and business aspects.

SIDI Sport was assisted by Banca Generali Private Division Wealth Management, by Legalitax Studio Legale e Tributario, and by Alessandro Gallina, a longtime advisor of the Signori family.

SIDI Sport was founded in 1960 and specialises in the production and sale of cycling and motorcycling footwear. Its products, which are used by the most important professional and amateur athletes all over the world, are synonymous with excellence, quality, a tradition of expert craftsmanship and design.

Italmobiliare is an investment holding company that manages a diversified portfolio of investments with a Net Asset Value of more than 2 billion euro. Since 2017, it has consolidated its strategy of investing in companies with major innovative "Made in Italy" brands, supporting significant rates of growth with its know-how and models of development and governance.

• At a consolidated level, the quarter closed with an increase in revenue to 130.2 million euro (115.6 million in the first quarter of 2021) and with positive gross operating profit (EBITDA) of 29.8 million euro (positive for 39 million euro in March 2021).
• In the first quarter of 2022, marked by a complicated context, positive trends emerge linked to the growth path of the Portfolio Companies, even if hit by a variety of factors such as the increase in raw material prices:
  • Caffè Borbone shows revenue up 2% compared with an excellent first quarter of 2021;
  • Significant growth in revenue for Officina Profumo-Farmaceutica di Santa Maria Novella, also thanks to the resumption of sales in the direct retail channel;
  • Tecnica Group shows a positive outlook with a significant growth in its order backlog compared with the same period of 2021.
• Italmobiliare's Net Asset Value at the end of March was 2,082.1 million euro, in line with December 31, 2021 (2,082.1 million euro).
• The net financial position of Italmobiliare SpA at the end of March was positive for 315.8 million (337.5 million at the end of 2021), down due to the investments as co-investor of the Clessidra Capital Partner 4 fund in Impresoft, private equity funds (-28.6 million euro), the Portfolio Companies and other equity investments (-5.8 million), partially offset by the receipt of dividends from subsidiaries distributed before March 31 (+34 million euro mainly from Sirap Gema after selling its assets). The cash position does not yet include the dividends which will mostly be distributed by the associate companies during the year and the residual proceeds of the sales carried out by Sirap Gema.
• In a context of profound geopolitical and macroeconomic uncertainty, Italmobiliare continues to offer itself as a privileged partner for companies that are being asked to make a strategic change of pace, both with its capacity for direct investment in a logic of a long-term partnership and through the multi-asset platform of the Clessidra Group. In February, the purchase of a further 20% of Callmewine Srl was finalised, at the end of April the investment in Bene Assicurazioni was completed, and at the end of March Italmobiliare in co-investment with Clessidra entered the capital of Archimede SpA (the parent company of Impresoft).

*****

Milan, May 12, 2022 - Today the Board of Directors of Italmobiliare S.p.A. approved the additional periodic financial reporting as of March 31, 2022.
In a context that sees persistent elements of considerable uncertainty - linked in particular to geopolitical risk - Italmobiliare keeps as its priority focus constant support to the Portfolio Companies, in particular the monitoring and management of risks to business continuity, the protection of people, structures and industrial and financial assets, having already started the implementation of measures in all Group companies to ensure operational efficiency, financial flexibility, adaptations and diversification of the production and supply chain and the application of marketing solutions and innovative commercial channels that are consistent with the changes derived from or accelerated by the complex global scenario.

In this context, the industrial Portfolio Companies of Italmobiliare turned in an aggregate EBITDA of 56.2 million euro (74.9 million in the same period of the previous year).

In particular, in the food sector Caffè Borbone achieved a 2% increase in revenue to 66.4 million euro compared with an excellent first quarter of 2021, while Capitelli saw an increase of 20% to 4.9 million, while EBITDA was penalised by the increase in raw material costs. Callmewine had revenue of 3.8 million (4.6 the previous year, which benefited from higher domestic consumption because of the lockdown).

In the energy sector, Italgen posted revenue of 9.0 million euro and a negative EBITDA of 0.6 million, the quarter being hit by a period of extreme drought; AGN Energia's revenue came to 214.6 million (158.3 in the same period of the previous year) with a positive EBITDA of 24.2 million euro (26.8 in 2021).

Officina Profumo-Farmaceutica di Santa Maria Novella shows a marked increase in revenue and EBITDA (+74% and +67% compared with the same period of the previous year), thanks to the recovery of Retail (previously hit by the pandemic) and the positive performance of the Wholesale channel. Casa della Salute continues its growth path, with revenue (8.4 million) and margins (1.4 million) in marked progression compared with the previous year. Tecnica Group posted revenue of 96.7 million euro and EBITDA of 5 million euro (101.4 and 12.0 in the same period of the previous year); the outlook is positive with an order backlog showing excellent potential for the year. Iseo shows growth in revenue and EBITDA compared with an excellent first quarter 2021.

Clessidra, a non-industrial portfolio company, developed as a multi-asset portfolio in the management of alternative investments, posted revenue of around 8 million and EBITDA of 2.9 million.

In light of these trends, the consolidated revenue of the Italmobiliare Group in the first quarter of 2022 (130.2 million) recorded an increase of 14.6 million (+12.6% compared with the corresponding period of 2021), mainly thanks to the Clessidra Group (+4.2 million), Officina Profumo-Farmaceutica di Santa Maria Novella (+4 million), Casa della Salute (+2.8 million) and Caffè Borbone (+1.3 million).

EBITDA (positive for 29.8 million) and the operating result (positive for 22.3 million) are both down, mainly because of lower profit margins on the part of Italgen, Capitelli and Caffè Borbone.

As regards Italmobiliare SpA, the balance sheet shows a net financial position at the end of the quarter (after investments as co-investor of the Clessidra Capital Partners 4 fund in the capital of Impresoft, in private equity funds for approximately 28.6 million and in Portfolio Companies and other equity investments for 5.8 million) that is positive for 315.8 million (337.5 million at the end of 2021).

As of March 31, 2022 the Net Asset Value of Italmobiliare amounted to 2,082.1 million euro, in line with the figure at December 31, 2021 (2,082.1 million euro). NAV per share amounts to 49.2 euro (the same as at December 31, 2021).

VERIFICATION OF THE INDEPENDENCE REQUIREMENTS

The Italmobiliare Board of Directors has ascertained that Valentina Casella - confirmed as Director by the Shareholders' Meeting held on April 21, 2022 - meets the independence requirements set out in the Consolidated Law on Finance and the Corporate Governance Code. Valentina Casella was also confirmed as a member of the Remuneration and Nominations Committee.

Valentina Casella's curriculum vitae is available on the Company's website in the Governance/Board of Directors section.

PRESENTATION TO THE ANALYSTS

The presentation for the financial community, updated with the results at March 31, 2022, will be made available on the Company's website in the Investor/Presentations section (https://www.italmobiliare.it/en/investor/presentations) within May 12, 2022.

The Financial Reporting Officer of Italmobiliare S.p.A., Mauro Torri, certifies - pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) - that the accounting information contained in this press release agrees with the supporting documentation, books of account and accounting entries.

The minutes of the shareholders’ meeting held on April 21, 2022 have been filed with the Company’s registered office in Milan, Via Borgonuovo no. 20, the authorized storage platform eMarket STORAGE (www.emarketstorage.com).

Milan, May 3, 2022

Milan, April 29th, 2022 – Italmobiliare's investment in Bene Assicurazioni was finalised today, as announced on November 17 last year. The entry into this company's share capital involved an outlay of € 40 million, having received authorisation from IVASS, the Supervisory Authority for the Italian Insurance Sector. As a result of this overall deal, Italmobiliare will hold 19.99% of Bene Assicurazioni.

This investment increases even more Italmobiliare's commitment to enhance - alongside well-known Made in Italy brands of excellence - innovative companies capable of intercepting and guiding the transformations currently underway, with excellent growth opportunities thanks to a combination of digital skills and a deep knowledge of sector.

Bene Assicurazioni, founded in 2016 by Andrea Sabìa, represents one of the main innovations on the Italian insurance market. In just five years of operations, Bene Assicurazioni has reached 140 million in gross premiums at the end of 2021. Bene Assicurazioni is characterised by the high level of automation and digitisation of its business processes and the flexibility of the application architecture, pursuing an omnichannel distribution model that combines expansion and enhancement of the network of agents present throughout Italy with direct online sales.

Italmobiliare is an investment holding company that manages a diversified portfolio of investments with a Net Asset Value of over 2 billion euro. Since 2017, it has consolidated its strategy of investing in companies with major innovative "Made in Italy" brands, supporting significant rates of growth with its know-how and models of development and governance.

Milan, April 21, 2022 - The shareholders’ meeting of Italmobiliare S.p.A., held today in Milan, approved the distribution, for each share entitled, of an ordinary dividend of euro 0.70, gross of the withholdings required by law, and of an extraordinary dividend of euro 0,70, gross of the withholdings required by law. The ordinary and extraordinary dividends will be paid in one tranche on May 11, 2022. Shares will be traded ex dividend on May 9, coupon no. 5; the record date will be May 10.
As required by current regulations, shareholders whose shares have not yet been dematerialized shall previously present their shares to an “Intermediary” for introduction into the centralized dematerialization management system.

This notice will be published tomorrow on daily newspapers.

Milan, April 21, 2022 – The Shareholders' Meeting of Italmobiliare S.p.A. met today - in the presence of 79.52% of the share capital with the sole participation of the Designated Representative in accordance with the provisions of art. 106.4 of Decree Law 18 of March 17, 2020, converted into Law 27 of April 24, 2020 and subsequently extended by art. 3.1 of Decree Law 228 of December 30, 2021, converted into Law 15 of February 25, 2022. The Shareholders' Meeting approved the 2021 financial statements, which show a separate profit of 53.1 million (31.5 million in 2020), with a positive net financial position for the Parent Company of Euro 337.5 million (387.2 million in 2020). The Shareholders' Meeting also approved the distribution of an ordinary dividend of 0.70 euro per share and an extraordinary dividend of 0.70 euro per share. The proposed dividend will be distributed using the entire profit of Euro 53,146,430 and retained earnings for an amount of Euro 6,049,672. The dividend and the extraordinary dividend will be paid in one tranche on May 11, 2022, going ex-coupon on May 9, 2022 and with a record date of May 10, 2022).

The Shareholders' Meeting also approved the Remuneration Policy for 2022 and expressed itself in favour of the compensation paid to Directors, Statutory Auditors and Key Management Personnel in 2021.

The shareholders also renewed the authorisation to buy and sell treasury shares for the next 18 months for the usual purposes governed by the law, namely: to set up a portfolio of securities that could be used in place of financial resources, to carry out extraordinary corporate finance transactions or to implement compensation plans based on financial instruments that could be approved in the future; to carry out activities to stabilise and support the liquidity of the Italmobiliare stock, favouring regular trading, including securities lending to support third-party liquidity providers, market makers and specialists. The proposed authorisation concerns a maximum of 1,000,000 shares (representing 2.353% of the shares that currently make up the share capital) for a maximum outlay of 32,000,000 euro. The Company currently has 217,070 treasury shares in its portfolio, equal to 0.511% of the share capital. The Company will be able to buy treasury shares in one or more tranches. Purchases will be made on the market in compliance with art. 144-bis, paragraph 1, letters b), and d-ter) of the Issuers Regulation, so as to allow compliance with the principle of equal treatment of shareholders, as required by article 132 of the CLF, and therefore (i) on regulated markets, according to the operating procedures established in the organisation and management regulations of Borsa Italiana, which do not allow direct matching of purchase proposals with predetermined sale proposals, or (ii) with the methods established by market practices allowed by CONSOB pursuant to article 13 of (EU) regulation no. 596/2014 from time to time in force, and in any case in accordance with the further provisions of the law and regulations applicable to this type of transaction. Purchases will be made - in compliance with the conditions established in article 3 of the (EU) Delegated Regulation 2016/1052 of the Commission dated March 8, 2016 and other applicable rules - at a unit price not exceeding the highest price between the price of the last independent transaction and the price of the current highest independent purchase offer on the Euronext STAR Milan, it being understood that this consideration may not in any case be lower in the minimum and higher in the maximum by 15% (fifteen percent) with respect to the reference price that the Italmobiliare share recorded in the stock market session of the day preceding each transaction. The Company will be able to carry out disposals, also fractionally and without time limitations, of the Italmobiliare shares to be purchased or already purchased on the basis of previous shareholders' authorisations, according to the purposes and methods indicated above, providing the unit selling price (or in any case the unit value established in the context of the sale) is not lower than the average carrying price of the shares bought on the basis of the authorisation.

Furthermore, the Meeting voted to confirm Valentina Casella as Director. Valentina Casella, first non-elected candidate on the majority list presented by Compagnia Fiduciaria Nazionale at the previous Shareholders' Meeting on April 21, 2020, was co-opted onto the Board on July 29, 2021.
Valentina Casella declared to meet the independence requirements of the Consolidated Law on Finance and the Corporate Governance Code. Assessment of the independence requirements by the Board of Directors will take place at the next Board meeting.