On the morning of November 3, Ferretti announced on the Hong Kong Stock Exchange the restructuring of its marketing and communications structure. As part of this restructuring, the Group has decided to remove the position of Chief Communications Officer and therefore terminated the contractual relationship with Enrico Sgarbi, who currently holds that position. The decision is part of a broader organizational transformation process within the Group, which involves the establishment of a new division that will play a central strategic role in the communication process throughout the customer journey, covering customer analysis and customer interaction, and throughout through brand communication and related brand extensions. The Company hereby clarifies that a non-competition agreement has been concluded between the two parties, and as far as the Company is aware, Enrico Sgarbi did not hold any shares in the Group as of the date of this announcement.

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