Ferretti S.p.A. announced that, with effect from February 19, 2024:- Mr. Li Xinghao has tendered his resignation as a non-executive Director, a member of the audit committee of the Board (the "Audit Committee"), and the secretary of the Board as he wishes to devote more time to other work and his personal commitments; and Mr. Hua Fengmao has tendered his resignation as an independent non-executive Director, a member of each of the Audit Committee, the nomination committee of the Board (the "Nomination Committee"), the remuneration committee of the Board (the "Remuneration Committee") and the environmental, social and governance committee of the Board (the "Environmental, Social and Governance Committee") as he wishes to devote more time to other work and his personal commitments. The Board announced that, with effect from February 19, 2024:- Mr. Zhang Quan has been appointed as a non-executive Director and a member of the Environmental, Social and Governance Committee; and Ms. Zhu Yi has been appointed as an independent non-executive Director and a member of each of the Audit Committee, Nomination Committee, Remuneration Committee and the Environmental, Social and Governance Committee. The biographical details of Mr. Zhang and Ms. Zhu are set out below: Mr. Zhang, aged 60, is the vice chairman of Weichai Power Co.

Ltd. a company listed on the Stock Exchange (stock code: 02338) and the Shenzhen Stock Exchange (stock code: 000338). Mr. Zhang joined Weifang Diesel Engine Factory in 1986 and had successively served as the director of the quality department and the marketing department, the general manager of the marketing department and the general manager of the sales and marketing company of WDE Factory from September 1997 to October 2007. From April 2019 to present, Mr. Zhang served as a director of XCMG Construction Machinery Co.

Ltd., a company listed on the Shenzhen Stock Exchange (stock code: 000425). From July 2015 to present, Mr. Zhang served as the director of Weichai Heavy Machinery Co., Ltd, a company listed on the Shenzhen Stock Exchange (stock code: 000880). From December 2014 to present, Mr. Zhang served as the director of Beiqi Foton Motor Co.

Ltd., a company listed on the Shanghai Stock Exchange (stock code: 600166). From December 2022 to April 2023, he served as the director of Shantui Construction Machinery Co. Ltd., a company listed on the Shenzhen Stock Exchange (stock code: 000680).

From August 2019 to present, Mr. Zhang served as the director of Weichai Lovol Smart Agriculture Technology Co. Ltd. From May 2021 to present, Mr. Zhang served as the director of Weichai Intelligent Technology Co. Ltd. From June 2021 to present, Mr. Zhang served as the chairman of Weichai Westport New Energy Power Co.

Ltd. Mr. Zhang is a senior economist and holds the bachelor's degree in internal combustion engines from Shandong Polytechnical University and master's degree in business administration from Fudan University in July 1986 and July 2007, respectively. Ms. Zhu, aged 47, is a partner of Shanghai Huasheng Youge Equity Investment Management Co., Ltd, which is a subsidiary of China Renaissance Holdings Limited, a company listed on the Stock Exchange (stock code: 01911). Ms. Zhu has over 20 years' of experience in the investment banking industry.

From May 2002 to February 2020, Ms. Zhu had served Morgan Stanley, with her last position as the managing director, where she focused on the automotive, industrial and infrastructure sectors. Since 2020, Ms. Zhu has served as a partner of Shanghai HS. Ms. Zhu holds the bachelor's degree in economics and master's degree in finance from Shanghai University of Finance and Economics in June 1998 and February 2001, respectively.

The Board has also resolved to appoint Ms. Jiang Lan, a non-executive Director and a member of the Environmental, Social and Governance Committee, as a member of the Audit Committee with effect from February 19, 2024.