Star7 S p A : - Separate and Consolidated Financial Statements at 31 december 2021

FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2021

2021 Annual Report

Dear shareholders,

2021 was an extraordinary year for the STAR7 Group, which recorded an important growth momentum. This growth is the result of the synergy of several factors: a solid organic development, strategic acquisitions at international level - which accelerated business development - and the listing of STAR7 shares on the Euronext Growth Milan market.

The value of this success, for us, lies not so much in the performance itself, but with a view to the future. In fact, the figures of the 2021 Annual Report clearly show that the growth strategy we have shaped, are following and will pursue, is the right one, because it allows us to achieve a significant increase in revenues, with important results also in organic terms, while at the same time improving operating profitability, as demonstrated by the pro forma EBITDA Margin, which reached 18.2%.

Despite the huge financial commitment related to acquisitions made during the financial year, we closed 2021 with a Debt/EBITDA ratio calculated on pro-forma data that has already fallen to the more than normal level of 2x, a sign that we can count on a solid and balanced financial structure to look confidently ahead to the next external growth opportunities. Last but not least, the seamless integration of LocalEyes has made us aware that we have a well-organised structure on which to build new skills and professional resources, encouraging us to continue to explore aspects that can further boost the Group's development.

It is not only the quantity, but also the quality of results that confirm STAR7's reliability and vocation for growth, backed up by an important and constant commitment to innovation. And it is this very drive that has made the digital transformation of our services and developments in our offering possible, in contexts that were previously unimaginable, but have evolved even faster due to the pandemic - such as remote operation, Web3 and extended reality, enabling us to not only accompany customers in their development, but also anticipate their needs.

These are the cornerstones on which we are confidently laying the foundations for today's growth and tomorrow's development, towards ambitious but possible goals, certain that we will be accompanied by the people, who have always believed in this project, who have worked and are working to make it real and concrete, and who we have met and will meet along our journey, such as the shareholders who

have decided to invest in STAR7's capital.

It is these people that I would like to most sincerely thank.

Lorenzo Mondo

Chairman and Chief Executive Officer of STAR7 S.p.A.

Letter to shareholders

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2021 Annual Report

Corporate Governance

On 4 May 2021, the Board of Directors and the Board of Statutory Auditors were appointed, and will remain in office until the shareholders' meeting to approve the Financial Statements as at 31 December 2023.

The independent auditors will remain in office until the approval of the Financial

Statements as at 31/12/2023.

Board of Directors

Lorenzo Mondo: Chairman of the Board of Directors and Chief Executive Officer

Josef Zibung: Director

Isabella Mondo: Director

Maria Luisa Vada: Director

Andrea Farina: Director

Roberto Manzoni: Director

Paolo Rebaudengo: Independent director

Board of Statutory Auditors

Fabio Venegoni: Chairman of the Board of Statutory Auditors

Alberto Bodiglio: Standing auditor

Vincenzo Gambaruto: Standing auditor

Cristiano Lenti: Alternate auditor

Stefano Cernuschi: Alternate Auditor

Independent Auditors

BDO Italia S.p.A.

Supervisory Board

pursuant to Legislative Decree 231/2001

Giordano Balossi

Paolo Sarzanini

Vincenzo Gambaruto

Corporate Governance

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