The Board of Directors of Ferretti S.p.A. approved the co-option of Director Mr. Jiang Kui, the appointment of the new Chairman of the Board of Directors and the new composition of internal board committees.

Following the resignation of Director Mr. Tan Xuguang (Chairman of the Board of Directors, Non-Executive and Non-Independent Director), due to the reason of age, effective today, the Board of Directors appointed by co-option Mr. Jiang Kui, as Non-Executive and NonIndependent Director, pursuant to Article 2386 of the Civil Code. The Board of Directors, on the basis of the statements made and the information available to the Company, has ascertained that Mr. Jiang Kui meets the good standing requirements set out in Article 147-quinquies of the CFA and that none of the legally established grounds for ineligibility apply to him.

The newly-appointed Director Mr. Jiang Kui - who will remain in office until the next Shareholders' Meeting - is granted the same emoluments as the other Directors, in addition of course to the reimbursement of expenses incurred for the execution of the role. Director Mr. Jiang Kui has declared not to take the emoluments.

Mr. Jiang Kui has declared that he currently does not hold any stake in the Company and the Group, including under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). nor does the resigned Director Mr. Tan Xuguang.

With Director Mr. Tan Xuguang resigning from the Board, the Board of Directors has appointed Mr. Jiang Kui as the new Chairman of the Board of Directors. The curriculum vitae of Director Mr. Jiang Kui is available on the Company’s website www.ferrettigroup.com, section “Corporate Governance”.

The Board of Director is therefore composed as follows: Mr. Jiang Kui (Chairman, NonExecutive Director), Mr. Xu Xinyu (Executive Director), Mr. Piero Ferrari (Non-Executive Director), Mr. Alberto Galassi (Executive Director), Mr. Stefano Domenicali (Independent NonExecutive Director), Mr. Zhang Quan (Non-Executive Director), Ms. Jiang Lan (Non Executive Director), Ms. Zhu Yi (Independent Non-Executive Director), and Mr. Patrick Sun (Independent Non-Executive Director).

Considering that Mr. Tan Xuguang has resigned from Chairman of the Nomination Committee, Chairman of the Strategic Committee and Chairman of the Environmental, Social and Governance Committee, the Board of Directors has revised the composition of the committees as follows: Nomination Committee: Mr. Jiang Kui (Chairman, Non-Executive Director), Mr. Stefano Domenicali (Independent Non-Executive Director), Mr. Alberto Galassi (Executive Director), Ms. Zhu Yi (Independent Non-Executive Director), and Mr. Patrick Sun (Independent Non-Executive Director).

Strategic Committee: Mr. Jiang Kui (Chairman, Non-Executive Director), Mr. Xu Xinyu (Executive Director), Mr. Alberto Galassi (Executive Director), Mr. Piero Ferrari (Non-Executive Director), Mr. Zhang Quan (Non-Executive Director), Mr. Patrick Sun (Independent NonExecutive Director). Environment, Social and Governance Committee: Mr. Jiang Kui (Chairman, Non-Executive Director), Mr. Xu Xinyu (Executive Director), Mr. Alberto Galassi (Executive Director), Mr. Piero Ferrari (Non-Executive Director), Mr. Zhang Quan (Non-Executive Director), Ms. Jiang Lan (Non-Executive Director), and Ms. Zhu Yi (Independent Non-Executive Director).