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Based on the criteria in the Code of Conduct issued by Borsa Italiana, as well as the criteria envisaged by the Consolidated Law on Finance, the Board of Directors has determined that the following four directors meet the independence requirements:

The Board of Directors confirmed the independent status of the directors Marco Spadacini and Martina Mondadori, despite their lacking one of the requirements laid down in the Code, namely a term in office that may not be more than nine years out of the last twelve years.
The satisfaction of the independence requirements on the part of the above-mentioned directors was confirmed nonetheless, in recognition of the specific expertise and unbiased opinion that they bring to the Board and, in the case of Marco Spadacini, to the Committees set up by the Board as well; furthermore, these directors satisfy all other independence requirements as established by the Code.