20
23
ANNUALSUSTAINABILITYREPORT

Ferrari Group
Headquarter – Ferrari Group PLC
2 Allen Street, W8 6BH, London - United Kingdom 2 Allen Street, W8
6BH, London - United Kingdom
A company registered in England and Wales | Company nr.
12614552 | VAT reg.nr. 365 190 491

CONTENTS
LETTER TO STAKEHOLDERS

1

ABOUT THIS REPORT3METHODOLOGY

4

GROUP PROFILE

5

1. HIGHLIGHTS OF FERRARI GROUP

6

2. GROUP HISTORY

7

3. SERVICES AND PRODUCTS

9

4. CORPORATE GOVERNANCE

12

5. BUSINESS ETHICS

13

ANTI-HARASSMENT, ANTI-BRIBERY AND EQUAL OPPORTUNITY

15

RESILIENCE AND INTEGRITY

16

6. SUSTAINABILITY STRATEGY

22

MATERIALITY ANALYSIS

25

OUR ENVIRONMENTAL PILLAR

28

7. ENERGY EMISSIONS

30

8. WASTE MANAGEMENT

34

9. GROUP ENVIRONMENTAL INITIATIVES

35

FERRARI GROUP | WWW.FERRARIGROUP.NETOUR SOCIAL PILLAR

40

10. OUR PEOPLE: PASSION DRIVEN VALUE CREATORS

40

DIVERSITY, INCLUSION AND EQUAL OPPORTUNITY46

EMPLOYEES’ DEVELOPMENT, ENGAGEMENT AND WELL-BEING

47

INDUSTRIAL RELATIONS

50

HEALTH AND SAFETY50

OUR RELATIONSHIPS

54

11. OUR CUSTOMERS: WHY WE DO WHAT WE DO

54

CUSTOMER SATISFACTION SURVEY54

CUSTOMER PRIVACY

55

BUSINESS DEVELOPMENT: INNOVATION AND DIGITALIZATION

55

12. OUR SUPPLIERS: ENABLERS OF OUR VALUE CREATION

57

SUPPLIER CODE OF CONDUCT

58

13. OUR COMMUNITIES AND OUR IMPACT ON THEM

61

THE GIORGIO DEIANA FOUNDATION61

IWA FOUNDATION HONG KONG

62

OUR ECONOMIC RESPONSIBILITY

63

14. OUR ECONOMIC PERFORMANCE

63

15. ECONOMIC VALUE GENERATED AND DISTRIBUTED

64

ANNEX

66

GRI STANDARDS CONTENT INDEX

66

INDEPENDENT AUDITOR’S REPORT72

FERRARI GROUP | WWW.FERRARIGROUP.NET

LETTER TO OURSTAKEHOLDERS
Aligned with our longstanding mission of responsibly andresourcefully connecting the luxury world, we are delighted topresent our fifth Corporate Sustainability Report. Despite thechallenges posed by the war, inflation, and energy crisis in 2023, weare proud to announce significant improvements in our performanceand efficiency. Ferrari Group has been publishing the Sustainability
Report since 2019, but this year is undertaking its first audit, covering
the period of 2023.
Ferrari Group is leader in the provision of shipping and logistic
services worldwide, being the one-stop service provider for thelogistic management of high-value merchandise in the luxury
industry, coordinating a network of 105 offices in 69 countries, with
2,006 employees.
As pioneers in the luxury logistics sector, we aspire to deliverconsistently even amidst turbulent times. This commitment haspropelled the Group to initiate our Sustainability Plan 2022-2026,
aimed at delineating sustainability goals and advancing responsible
growth and innovation.
Following the Group sustainability strategy, the targets and objectives
set in the Sustainability Plan contribute to the achievement of the 17
Sustainable Development Goals (SDGs) set forth in the UN Agenda
2030, and corresponding 169 targets, identifying priority topics thatgovernments and companies are encouraged to contribute tothrough concrete strategies and actions for their achievement by2030.
In line with our medium-term commitment on sustainability, in 2023
we have invested into Sustainable Aviation Fuel (SAF) setting
ourselves as pioneers in the contribution to the green transition ofaviation. Additionally, we bolstered our solar electricity production by
installing a new solar plant at our premises in US (Lawrence) andSpain (Madrid) and initiated the process of evaluating French
providers for renewable energy installation in early 2023.

1|FERRARI GROUP | WWW.FERRARIGROUP.NETContinuously enhancing efforts to monitor our greenhouse gas (GHG)
emissions, we've integrated fleet electrification initiatives across Asia
and Europe. Our focus remains on reducing our environmental
footprint through initiatives such as supporting local communities,
enhancing building energy efficiency, and minimising water
consumption.
The sustained growth of our business owes much to our diverse andskilled international teams. Despite ongoing challenges like thepandemic and geopolitical uncertainties, our remarkably low
employee turnover persists. This can be attributed to our steadfast
attention to employee needs, fostering work-life balance, flexibility,
and ample opportunities for personal and professional growth,
including mobility across various Ferrari Group offices worldwide.
Employee well-being and safety are paramount priorities within theGroup. We believe that fostering a supportive and secure work
environment is essential for both individual flourishing and overall
organizational success. To this end, we implement comprehensive
measures to ensure the well-being of our employees. By prioritizing
employee well-being and safety, we not only demonstrate ourcommitment to our workforce but also cultivate a culture of trust,engagement, and productivity within the organization.
We are committed to improving our procedures and practices to fightdiscrimination and inequality and make sure that our supply chain
strictly adheres to our Code of Ethics and Anti-slavery policy. Ourattention to discrimination issues has led us to pay the utmost
attention to the diversity in each of our offices, ensuring that thepresence of women in managerial roles grows more and more.
The Members of the Board of Directors:

Marco Deiana

Corrado Deiana

Alessandro Ugo

Marisella Laforgia

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2

FERRARI GROUP PLC

ABOUT THIS REPORTWELCOME TO FERRARI GROUP’S 2023 ANNUAL SUSTAINABILITY REPORT.
This report aims to share our ongoing endeavours in creating value for our
stakeholders, encompassing our roles as a business partner, an employer, and afacilitator of long-term prosperity and well-being.
Ferrari Group has reported the information cited in the GRI content index for theperiod between January 1st and December 31st, 2023 with reference to the GRI
Standards (for further details, please refer to “Methodology”). The Report covers the
major operations of the Group and is organised in five chapters, focusing on theimpact and value created for Ferrari Group’s stakeholders, and the whole economy,
the environment, and people, including impacts on their human rights and how theorganization manages these impacts.

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METHODOLOGY
Ferrari Group PLC (hereinafter also “Ferrari”) and its fully consolidated subsidiaries (hereinafter also
“Ferrari Group” or the "Group"), with HQ in London (United Kingdom), present its fith Sustainability
Report (hereinafter also "the Report") in which the economic, environmental and social information
are reported, offering an overview of the Group's activities, trends, results and impacts for the period
between January 1st, 2023 and December 31st, 2023.
The content of the Report and the corresponding indicators were selected based on the results of themateriality analysis that allowed to identify the most relevant issues for the Group and its
stakeholder, considering the impacts generated on the economy, environment and people, including
impacts on their human rights. To further details on the identification of impacts and update of thematerial topics, please refer to the paragraph "Materiality analysis".
The reporting scope of the data and information corresponds to that of the Ferrari Group’s
consolidated financial statement as of December 31st, 2023 with the exception of data relating to
Ferrari Protection S.a.S. that are not included in the 2023 reporting scope, as the completion of theacquisition of control took place at the end of September 2022 and in 2023 has been considered notmaterial in relation to the comprehension of the contents of the hereby Report.
Any exceptions to the criteria set out above are detailed in the individual sections of the document in
the form of a footnote.
This Report is developed with reference to the Global Reporting Initiative Sustainability ReportingStandards (below "GRI Standards") issued in 2016 by the Global Reporting Initiative (GRI), and therelative update in 2021 (which became operative for Sustainability Reports published after 1st
January 2023), according to the "GRI Referenced" approach. The detail of the reported indicators isshown in the "GRI Content Index" table at the end of this document.
The process of collecting the qualitative information and the quantitative data necessary for thedrafting of the Report was accomplished according to the principles of balance, comparability,
accuracy, timeliness, clarity and reliability, as expressed by the GRI Standards.
Unless otherwise indicated, the data and information contained in this Report refers to the year 2023
and to the activities developed by Ferrari Group during the year.
This document has been subjected to a limited assurance engagement in accordance with the criteria
set forth in ISAE 3000 Revised, carried out by Deloitte & Touche S.p.A. The audit was carried out
according to the procedures outlined in the 'Independent Auditor's Report' included herein.
Moreover, to give a transparent representation of the Group’s performances and to ensure thereliability of the data, the Report limits the use of estimations as much as possible. In case of any
estimates, these have been clearly identified and the calculation methodologies are appropriately
disclosed.
This document was approved by the Board of Directors on 23/05/2024.
For any information regarding the Sustainability Report, please contact the following email address:
sustainability@ferrarigroup.net
This document is also available to the public on Ferrari’s website, following the address:www.ferrarigroup.net, within the “Download area” in the section Ferrari Group Sustainability Report.

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FERRARI GROUP PLC

GROUP PROFILE
Ferrari Group is a global leader in the worldwide shipment of precious and luxury goods,
operating in 69 countries in Europe, America, Asia and Middle East and Africa, with 105
offices around the world. With over 60 years of experience, vast knowledge of markets andcustoms procedures, and continuous innovation in security systems, Ferrari Group is now an
extensive network of companies with branches and offices throughout the world.
The Group has global expertise in customs procedures and valuable experience with different
courier services, which allowed it to gain increasing recognition within the industry.

Ferrari Group Global Network

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

1. HIGHLIGHTS OF
FERRARI GROUP IN 2023
The Group

105

339M

offices in 69 countries

economic value generated

Governance434%

members of the Board of Directors

entities compliant to ISO 14001

People2,006
employees

60%

85%

employees between
30 and 50 yrs

employees withpermanent contract

Environment~24K
tCO2eqScope 1 and 2
GHG
emissions(market based)

74K GJ
total energy
consumption

16%of wastediverted from
disposal-254t
CO2absorbed
globally with
Treedom forest

54mT
CO2eq savings
with SAF
investment

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

2. GROUP HISTORY
Ferrari Group, founded in 1959 in Alessandria, Italy,
started with the first Customs broker and freight forwarderoffice, providing ad-hoc services in the upcoming Gold
district of Valenza Po in Piedmont. Within a few years,
Ferrari grew thanks to the activity of customs broker,
developing specific skills that will forever distinguish theGroup.
Soon after, the company became the first European
Community Air Courier. At first, customers were mainly
Italian businesses from the “golden triangle of Italian
jewellery” composed by Valenza Po with high-end luxury
jewellery producers and Vicenza and Arezzo with midrange productions. Customers from Milan also represent a
major centre of trade. The Made in Italy jewellery industry,
with Ferrari’s operational support, imports precious metals
and gemstones and exports finished jewellery products to
Europe and the United States.
The joint venture to open Antwerp’s branch, serving the
diamond business, marks the first step towards creating
an ever-growing network of correspondents and affiliatedcompanies in Europe and, later, around the world.
In 1982, Ferrari became a limited stock company (Italian
S.p.A.) and expanded in Europe. Spurred by the jewellery
industry’s growth and by specific demands from majorclients, the company Soon after, the company became thefirst European Community Air Courier. At first, customers
were mainly Italian businesses from the “golden triangle of
Italian jewellery” composed by Valenza Po with high-end
luxury jewellery producers and Vicenza and Arezzo with
mid-range productions.

1960'SFIRST FREIGHTFORWARDER
OFFICE IN
ALESSANDRIA,
ITALY.

1970'SFERRARI
BECOMES THE
FIRST EUROPEAN
COMMUNITY AIR
COURIER.

1980'SFERRARI
BECOMES A
LIMITED STOCKCOMPANY,ITALIAN S.P.A.

1990'SFERRARIEXPANDS TO
FURTHER
INTERNATIONAL
MARKET IN THE
U.S. AND ASIA.

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Group Profile

Our Environmental Pillar

2000'SFERRARI GROUP ‘S
IN-HOUSE ICTDEPARTMENTENGINEERSCUSTOMIZED IT
SOLUTIONS AND
BECOME A KEY
PARTNERSHIP
TOOL.

2010'SFERRARI GROUPLTD.,HEADQUARTERED
IN LONDON, IS
CREATED..

2020'SFERRARIBROADENS ITSGLOBAL PRESENCE,LAUNCHINGFERRARI GROUPPLC ON THE
INTERNATIONAL
MARKETS AND
LANDING TO THE
AFRICAN MARKET.

Our Social Pillar

Our Relationships

Our Economic Responsability

Customers from Milan are a significant trading hub,especially in the Made in Italy jewelry industry. With
operational backing from Ferrari, the industry imports
precious metals and gemstones and exports finishedjewelry items to Europe and the United States.
The venture to establish an Antwerp branch, catering to thediamond trade, represents the initial move in expanding a
growing network of affiliates across Europe and eventuallyworldwide.
By becoming a limited stock company (Italian S.p.A.) in
1982, Ferrari expanded its presence in Europe, driven byindustry growth and client demands.
In the first years of the new century Ferrari strenghtens its
global network with key developments in USA and Asia.
Ferrari starts offering insured services, enhancing global
operations' security and complementing international
freight forwarding services.
The in-house ICT Department has devised tailor-made IT
solutions to improve collaboration with clients, serving as avital partnership tool to enhance service quality.
Around 2010 The presence in Asia and Oceania becomesincreasingly widespread, the presence in Europe isstregthened with several new branches and Ferrari Group
PLC, headquartered in London, is created: the company has
positively
managed the succession process, with the aim of ensuringcontinuity and development,
while maintaining balance and encouraging further
innovation.
Since 2020 Ferrari Group has made a pivotal decision to
perform Sustainability reporting yearly to track andmonitor its progress, in line with the company’s
responsibility to constantly improve, aiming for a positive
contribution to the world, complying with the highest
ethical and environmental standards, while continuously
growing its business worldwide.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

3. SERVICES AND PRODUCTS
Ferrari Group operates in all major international hubs used by producers andexporters of precious goods for their high value-added products, specializing intransporting jewellery, precious gems and high value goods internationally.
The Group is active in 69 countries with 105 offices, hundreds of professionals
chosen for their ability and experience, automated and integrated work procedures,vaults and vehicles that resist any emergency: a system that ensures efficiency,
punctuality and absolute security.
The presence of a capillary network of subsidiaries and correspondents allows it todeliver accurate and customized services in most parts of the world, while retaining ahigh expertise in the peculiarities of each individual country.

105
OFFICES69

COUNTRIES“Ferrari Group is more than a series of offices strategically locatedthroughout the world: it is a specialised logistics system thatmethodically adopts the same quality criteria. As a result, ourcompetitive advantage is shared equitably by all of our customers,
witnesses and partners in our growth.”

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

The Group offers a range of services in the shipping of high-value products:

CUSTOMSSOLUTIONS

Ferrari’s Customs service handles every procedure involved in
the shipping of high-value products anywhere in the world,
providing country-specific technical expertise, customs
consultancy services and state-of-the-art solutions.

FREIGHTFORWARDING

Ferrari arranges fast and secure deliver through different
airfreight carriers for Valuable, General and Vulnerable Cargo.
Tailor-made services and utmost flexibility allo us to cater forany specific requirement.

GROUND
TRANSPORTATION

Line-hauls are provided through Ferrari’s own fleet of armoredand non-armored vehicles, to ensure maximum reliability, speed
and safety.

SECURITY

Ferrari guarantees ultimate security in every step throughout thedelivery process. With world-class security procedures and stateof-the-art equipment, Ferrari’s core business is the safeguard
and delivery of our clients’ precious goods.

ICT TOOLSThe In-house ICT department is a partnership tool between
Ferrari and clients EDI interface with Customer’s ERP From
Customer to Ferrari Group From Ferrari Group to Customers

FISCAL
SOLUTIONS

Ferrari Fiscal Representation provides VAT identification for
non-residents in the EU. The Ferrari Fiscal Representative
handles all operations subjected to VAT on behalf of the foreigncompany, ensuring compliance with all local regulations.

GLOBALEXHIBITIONSSUPPORT

Ferrari is the market leader for transport, Customs solutions andsecurity services for all major jewellery and watches exhibitions
and trade shows worldwide. In any special event that requires
extra care, Ferrari offers responsive services and continuous onsite assistance, freeing your resources so that you canconcentrate entirely on your business.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

PRIVATE EVENTSSUPPORT

High security transportations, customized security solutions withFerrari guards, on-site assistance for logistic needs and lastminute VIP services. Safe transport and on-site security services
for photo shootings of valuable and precious goods

LOGISTICSERVICES

Ferrari can provide tailor-made logistics solutions in several
platforms worldwide, with reserved spaces in vault areas anddedicated manpower for warehousing activities (inventory services,
assembling services, packing services).

SPECIALSERVICES

VIP service for tax free shopping, hand-carry, photo shooting
support, white gloves services

FINE ART

Ferrari provides Quality Control Services in our Logistic Platforms
and in production countries, including jewellery checks andgeneral/functional checks for watches

QUALITY
CONTROL

Ferrari provides Quality Control Services in our Logistic Platforms
and in production countries, including jewellery checks andgeneral/functional checks for watches

AFTER-SALESSERVICES

Ferrari’s innovative model manages the After-Sales workflow fromshop to repair centre, back to shop, optimizing lead times andenhancing the customer experience.

HALLMARKING

In order for customers to comply with local hallmarking
requirements, Ferrari offers hallmarking and assay support inseveral countries, providing improved timescale advantages,
possible synergies with Ferrari’s logistic solutions and thecomprehensive security standards offered by Ferrari procedures(Vaults, warehouses, armored transports etc.)

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

4. CORPORATE GOVERNANCE
Ferrari Group’s headquarter is located at 2 Allen Street, W8 6BH, London (United
Kingdom).

For further details on Ferrari Group’s structure, please refer to the Ferrari Group’s consolidated financial statement as ofDecember 31st, 2023.

Composition of the Board of Directors by age and gender

2023

2022

1

N° of Directors

<30

30-50

>50

<30

30-50

>50

Male

-

2

1

-

2

1

Female

-

1

-

-

1

-

Total

-

3

1

-

3

1

1. Considering a continuous improvement process in the data collection, data regarding the age of Board members in 2022 hasbeen restated.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

5. BUSINESS ETHICS
As a world leader in logistics services, Ferrari Group is aware of its responsibility
towards its clients, stakeholders and employees, and the communities where it
operates. For this reason, the Group complies with the highest ethical standards andvalues when it conducts business, and a common vision of social responsibility andbusiness ethics is shared by the entire Group, although adapted to local realities andpriorities to uphold and respect distinctive identities.
As the Group fully supports the development of the ESG strategies, it is also
committed to periodically review the principles and goals that it believes most
relevant to each specific case.
The Code of Ethics was revised in September 2022 to strengthen the principles andcommitments to which the Group adheres to when pursuing its goals and carryingout its business activities. The key areas addressed by the previous version of theCode (management of human resources and environmental sustainability) are now
sided by management transparency, careful distribution of management
responsibilities, and a risk management system in line with best practices.
All recipients of the Code of Ethics, including all employees and more generally who
collaborates with the Group, are required to acknowledge, respect and share theprinciples established in the updated version of the Code. To this end, Ferrari Group
undertakes to guarantee the diffusion of the Code and its amendments and ensure
adequate training and awareness programs regarding its contents.
The Suppliers’ Code of Conduct was updated as well in September 2022 to set new
minimum standards of conduct and business practices for its suppliers, vendors,
agents and business partners, once again, inspired by the respect for human rights
and working conditions.
The provisions in the Code of Conduct do not supersede but supplement specificobligations defined in any contract entered by the Group with a third party. Before
entering a contract agreement, the Group requires the third party to accept andacknowledge, through the signing of the Code itself, the principles contained in the
document, which include, amongst others, compliance with laws and regulation, therespect of labour and human rights and environmental protection. Any violation ofthis Code of Conduct by a supplier or its subcontractors will result in a review andpossible termination of the business relationship.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

Through the Code of Ethics, the Suppliers’ Code of Conduct and the Anti-slavery
Statement 2 (according to section 54(1) of the Modern Slavery Act 2015), Ferrari Group
commits to improving its practices to combat slavery and human trafficking, The
Group provides training to the management and encourages employees to shareconcerns about modern slavery. Moreover, continuous assessments and due
diligences are carried out within business operations and towards suppliers.
In line with the provisions of the Italian Legislative Decree 231/2001 and considering
the Guidelines published by Confindustria on the proper and transparent conduct ofbusiness, some of the Group’s subsidiaries adopted an “Organizational, Management
and Control Model” (i.e. Organizational Model).3 The Model aims to set out rules ofconduct, control schemes, procedures and measures to prevent the perpetration of
unlawful acts and practices. The Code of Ethics is an integral part of the 231 Model.
With the adoption of the 231 Model, these legal entities have also introduced awhistleblowing system. This platform allows all employees, third parties and moregenerally, all recipients of the Organizational Model to report any alleged violation of
the 231 Model and of the Code of Ethics, seek advice on the implementation oforganization’s policies and practices for responsible business conduct and raise
concerns about the organization’s business conduct. All employees have several
options to submit their concerns. In 2023 and 2022, no relevant claims were received
through the whistleblowing system that covers the Italian premises.
During 2021, the Board of Directors has approved an update of the Model toacknowledge the new legal provisions for the use of non-cash means of payment, as
well as the revision of the internal system of delegated and proxy powers and the
new appointed composition of the Supervisory Board.
Furthermore, during 2023 and 2022 no cases of non-compliance with laws andregulations occurred.

2. To access Ferrari Group’s Anti-slavery statement please refer to the following link: Modern Slavery statement 2023.
3. The 231 Model of Ferrari S.p.A., SW Systems S.r.l. and Ferrari Divisione Vigilanza Speciale S.r.l. is available atwww.ferrarigroup.net, under the download section.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

ANTI-HARASSMENT, ANTI-BRIBERY AND EQUAL OPPORTUNITY
The Group Code of Ethics and Suppliers’ Code of Conduct clearly states Ferrari’s
commitment to prohibit and prevent any form of harassment, corruption andbribery in all
business transactions and to promote equal opportunity among all the2internal functions.
1) Anti-Harassment and Bullying Policy
The Group adopts a zero-tolerance approach and is committed to ensuring faircompetition and preventing, detecting and resolving potential illicit activities as
quickly as possible. In addition, the Group expects its work environment to be freefrom all forms of discrimination, harassment or intimidation and does therefore nottolerate any prejudice, whether based on race, colour, age, religion, gender, sexual
3
orientation, national origin or otherwise.
2) Equal Opportunity Policy
This policy underlines the fact that it is in the best interest of the Group to takedecisions with professional rigor and impartiality and to apply the most objective andneutral criteria. The same criteria are applied to recruit the best talents and topromote a diverse workforce and build relationships based on collaboration,
integrity and mutual respect.
3) Anti-Bribery & Anti-Corruption Policy
This policy includes, among others, rules related to anti-bribery, anti-corruption,competitive behavior and conflicts of interest. Ferrari Group considers conflicts ofinterest as a standard part of management that can arise in various situations. To
prevent, minimize and identify in advance the risk of incurring any conflict of interest,
Ferrari Group has developed an action plan and promulgated specific policies tooptimize internal controls, transparency of accounting habits, compliance with hiring
procedures, prompt disclosure and notification of any actual and potential conflict ofinterest and policies concerning the treatment of third parties.
In 2023 and in 2022 no confirmed incidents of corruption were registered in theGroup, neither concerning employees nor contracts with business partners andpublic legal cases.

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic Responsability

RESILIENCE AND INTEGRITY
Ferrari observes all applicable international laws and regulations, constantly
applying the highest ethical values globally, and allocates responsibility to
implement the Group policy commitments for responsible business conduct
throughout its activities and business relationships from the Board of Directors of
the Group through all local directors and managers.
As stated in the Code of Ethics and as the culture of the Group itself, values such as
integrity and transparency are pillars when conducting business activities. Adopting
these values and a robust management system ensures the growth and resilienceof the Group for the long-term.
In this regard, no cases of non-compliance with laws and regulations regarding anticompetitive, antitrust and monopolist behaviours occurred in 2023 and 2022.

Brand Ambassador
Elsie Cheuk“As Compliance Manager at Ferrari, my expertise lies in overseeing legal
and compliance matters in the APAC region, implementing key projects tofacilitate corporate compliance and enforce secure internal processes
within the organization. I joined Ferrari Hong Kong in 2016 as a paralegal
and I was appointed as APAC Compliance Officer in the same year, andfurther promoted to become Compliance Manager in late 2017.
Ferrari promotes a positive workplace culture, identifies talents swiftly, utilizes resources wisely,emphasizes on team spirits and rewards employees fairly. Throughout my time at Ferrari, I wasable to develop my skills beyond expectations, led to become a much better team player andacquire new leadership skills. At Ferrari, I see sharp vision, strong leadership and culture ofrecognition, dedication and motivation. Under this environment, the Group and the employees,with their hearts synced and connected, always work towards the same goals and shine together
as one strong team.”

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Group Profile

Our Environmental Pillar

Our Social Pillar

Our Relationships

Our Economic ResponsabilityGroup risk management
The Group’s Risk Management designed and implemented an overall risk
management process for the organization. Management analysed current risks andidentified potential risks affecting Ferrari Group.
By evaluating the Group’s previous management and comparing potential risks
2
with criteria set out by the Group, such as costs and legal requirements, itestablished the level of risk Ferrari Group is willing to take by means of its captive
insurance company, which is going to obtain the license to operate soon. The
Group implemented health and safety measures and purchased insurance,
maintaining records of insurance policies and claims and building risk awarenessamong staff by providing support and training within the Group.
Risk management with a focus on ESG risks
3
Ferrari Group takes a proactive stance to identify and prevent sustainability risks.
The Group aims to improve its ability to respond and anticipate disruptions byidentifying and managing potential risks through established resilience measures.
The organization is committed to cooperate or provide remediation in case ofnegative impacts generated by its activities; the Group manages negative impacts
through a risk Register, where both potential risks and opportunities are evaluatedtaking into consideration its level of impact and potential actions to be undertaken
in order to mitigate and control its impact.
To identify and address grievances, Ferrari Group has defined a formal internal
procedure which gives transparency on how grievances will be managed internallywithin the Group premises and its operations, with the aim to reduce conflict andstrengthen relationships with stakeholders.
External stakeholders are encouraged to lodge grievances that will be recorded intoa Grievance Register. Ferrari Group identifies the level of risk associated withgrievances which will be used to assign responsibility and define the type of
response required. Once responsibility is assigned, it is then investigated andresolved.
The Grievance Register must be completed detailing actions and resolutions
discussed and agreed with the party(ies) in question, actions implemented(including dates), follow up monitoring requirements and the outcome of theactions implemented.
Stakeholders and intended users of the grievance mechanism are involved in thedesign, review, operation and improvement of these mechanisms through internal
meetings.

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Group Profile

Our Environmental Pillar

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Our Relationships

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The Grievance Management Procedure must be available and accessible to all
stakeholders, both internal and external. Therefore, once established, theprocedure has been communicated and publicised, for example through employee
induction and internal meetings as well as meetings and newsletters with external
stakeholders, which all have been documented as evidence of communication.
The following steps outline the process that all sites shall implement to manage
risks associated with the planned changes:
1. Identify the scope of the operations that will be impacted by the change as aprompt; impacts shall be considered throughout the entire project life cycle;
2. Conduct a risk assessment to identify and evaluate social risks and related
impacts;
3. Determine the required controls to be implemented to mitigate identified risks,
including consideration of alternatives to avoid/eliminate identified risks.
4. Define a plan to implement the controls, including updates which may include
3
updates to procedures, programmes training plan, inspections and others.
5. Plan and conduct a review of the change once implemented to assess thefollowing:a.whether controls are effective in managing the identified risks; andb.whether there are additional risks that had not been initially identified.
6. Develop an action plan to remedy gaps.
It follows an overview of the procedures and activities undertake to manage andmitigate the main ESG risks identified by the Group:
Environmental and climate change risks
The Group’s worldwide transportation activities are subject to specificenvironmental regulations. The increasing attention to the effects of climate change
and updates of these legal frameworks tend to impose stricter requirements tobusinesses, thus increasing the cost and actions required to avoid a risk of noncompliance.
During 2023, the Group rolled out ESG e-learning courses dedicated toenvironmental and climate change aiming to increase awareness among all
employees regarding environmental sustainability. Moreover, given the widespread
number of offices and considering the number of kilometres that are inevitably
carried out as a logistics company, Ferrari Group has a higher probability ofenvironmental consequences, such as high emissions and energy consumption. For
this reason, the Group is structuring itself to increase the number of electric vansand cars in the Group’s fleet

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For further details, please refer to chapter 9 “Our Environmental Pillar – Groupenvironmental initiatives”, section “Environmentally aware mobility”.
Please also refer to the new Environmental policy 4 , adopted in 2023 by the Group.
This policy identifies the main fundamental activities of the sustainability approachand aims to help the Group to identify its sustainability risks and opportunities.
Supply chain risks
As a Group that operates worldwide, Ferrari Group enters business relationships
with numerous suppliers located in different countries and can be exposed tosignificant image and reputational risks if it employs suppliers that do not comply
with international and national standards.
For this reason, the Group developed a comprehensive approach to effectively
manage the risks associated with its supply chain and adopted a Supplier Code of3
Conduct. This Code of Conduct further strengthens the supplier selection process,carefully considering numerous standards when selecting new suppliers.
For further details, please refer to chapter 12 “Our Relationships – Our Suppliers:
enablers of our value creation”, section “Supplier Code of Conduct”.
Occupational health and safety risks
The Group is committed to minimising risks and raising awareness concerning thephysical and psychological health and safety and wellbeing of its employees. For
this reason, the Group prioritizes occupational health and safety within its
operations, with particular focus on security personnel in countries deemed at risk.
Aware that training is essential, throughout an employees’ career, he or she
receives continuous training, increasing their readiness in case of any emergency.
For further details, please refer to chapter 10 “Social pillar - Our people: passion
driven value creators”, section “Health and Safety”.
Data security risks
Information Security and Data protection remain top priorities for Ferrari Group as
we manage large volumes of personal client data related to shipments, customs
documents, and logistics operations. We recognize the critical importance of
safeguarding this information against cyber threats and potential data breaches.

4. To access Ferrari Group’s Environmental Policy please refer to the following link: Ferrari Group Environmental Policy

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In 2023, we continued to mature and expand our cybersecurity program to keep
pace with the evolving threat landscape. Key initiatives included:
Achieving ISO 27001:2022 Certification - in October 2023, Sw System S.r.l
successfully certified our Information Security Management System (ISMS) to
the latest ISO 27001:2022 standard.
Expanding the Cybersecurity Team - To support our growing business, we
reinforced our Information Security team. Under the leadership of our CISO
Andreas Succi, we have increased our expertise within the cybersecurity
organization to strengthen our defensive capabilities.
Enhancing Employee Awareness and Vigilance - Recognizing that employees are a
critical line of defence against cyber-attacks, we rolled out a comprehensive
security awareness initiative in 2023 consisting of training on identifying andreporting phishing attempts, and cybersecurity best practices. We also
3
conducted periodic phishing simulations to assess employee readiness.
Improving Threat Detection and Response - To proactively identify and mitigate
potential security incidents, we performed regular vulnerability scanning,
penetration testing, and security assessments of our IT environment and key
logistics platforms. We also have deployed an Extended Detection Response(XDR) solution to improve the detection of anomalous activity in real-time. Our
incident response processes are under review to improve timeliness incontainment and recovery in the event of a breach.
Integrating Threat Intelligence - To stay ahead of emerging cyber risks, weenhanced our threat intelligence capabilities. By integrating actionable threat
information into our protection processes, we are better positioned toproactively defend against the latest attack vectors and adversary tactics.
Strengthening Data Resilience - Safeguarding the availability and integrity of client
information is paramount for our logistics operations. In 2023, we implemented
a robust data backup and recovery solution to protect against data loss or
corruption due to cyber-attacks or other disruptive events. This system enables
rapid restoration of critical data to minimize any operational downtime.
Upholding Data Privacy Compliance - We continuously adapt our data protection
practices to keep pace with evolving privacy regulations in the regions where we
operate. Our policies and procedures, overseen by the Data Protection Officer,
ensure responsible handling of personal information in accordance with GDPR
and other applicable laws.

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Maturing Incident and Risk Management Processes - Effective cybersecurity
requires robust processes for managing incidents and risks. In 2023, welaunched initiatives to further improve our incident response and risk
management capabilities that will be finished in 2024. By refining our
methodologies, leveraging industry best practices, and conducting regularprocess testing, we can minimize the impact of potential security events andmake informed risk decisions.
Launching a Multi-Year Cybersecurity Program - To ensure continuous
improvement of our cyber defences, we established a multi-year program toadvance our cybersecurity maturity. Focus areas for 2024 and beyond include:
Deepening our culture of cybersecurity through expanded awareness,training and accountability measures
Enhancing our security assurance activities to proactively identify andremediate gaps
3
Strengthening our third-party risk management practices to address supply
chain and vendor risks
Looking ahead, Ferrari Group will continue investing in cutting-edge cybersecurity
defences to protect our client data and digital ecosystem. We are committed to
upholding the trust placed in us as a global logistics partner.
For further details, please refer to chapter 11 “Our Relationships – Our customers:
why we do what we do”, section “Customer Privacy”.
Risk of violation of anti-corruption regulations
As a global business player, Ferrari Group operates in a wide range of countries
with different political systems and legal frameworks. Nevertheless, significant
efforts have been made in the fight against corruption, holding companies
accountable for their business conduct, including that of employees, and that of
their business partners.
Ferrari Group observes all applicable international anti-corruption standards andregulations. Moreover, as previously mentioned, the Code of Ethics upholds theGroup zero tolerance approach and helps its recipients to identify situations inwhich the integrity of the Group might be called into question.
During 2023 the Group has designed a ESG e-learning course dedicated to conflictof interests, to be implemented throughout 2023 and 2024 to all employees.
For further details, please refer to chapter 5 “Business ethics”, section “Antiharassment, anti-bribery and Equal Opportunity”.

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6.OUR
SUSTAINABILITYSTRATEGY
Ferrari Group places utmost importance on sustainability, striving forongoing enhancements in its environmental, social, and economic
footprint within local communities and on a global scale. Upholding
the highest ethical standards is integral to this commitment.
The Group is dedicated to cultivating enduring relationships withstakeholders, prioritizing their needs and aspirations. This approach
fosters long-term growth and ensures employment opportunities
worldwide.
The Group is committed to developing a long trusting relationship with
its stakeholders, addressing their needs and meeting their
expectations while promoting long-term growth and securing jobs
worldwide.
In light of stakeholders’ interests and expectations, in 2022 the Grouphas formalized the areas of focus and the sustainability strategy on
which the Group is already working and which it intends to pursue inthe future. In 2023 we conducted an extensive assessment of ouroperating environment, allowing us to identify our value creating
topics, where we believe Ferrari Group has potential to create themost value for its stakeholders (for further information: Materiality
analysis). In 2024 we will be working on continuously improving theway we monitor our progress and increasing our environmental
efforts to ensure sustainable value creation.
This process has allowed us to update the Sustainability Plan 20222026, defining Ferrari Group’s sustainability objectives for the next 5
years and making a step forward on the path of responsible growthand innovation of the Group.
Each macro-area of the Sustainability Plan is linked to specific SDGs
that the company has the ambition to directly impact on.

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In particular, the Plan contributes to the achievement of nine of the seventeen SDGs
defined, including: good health and well-being; gender equality; affordable and clean
energy; decent work and economic growth; industry, innovation and infrastructure;
reduced inequalities; responsible consumption and production; climate action;
peace, justice and strong institutions.
The nine SDGs have been linked to 3 Pillars that represent the macro-areas on which
Ferrari Group has planned to impact on through the definition of specific goals andobjectives.

ENVIRONMENTAL
Reduction of environmental impacts, in terms of energy consumption andwaste generated, through structures' monitoring and efficiency increase.
Obtainment of environmental certifications, formalization of procedures andimplementation of digitized systems aimed at reducing paper usage.
Goal 1 – Enhancement of paperless and dematerialization within theorganization;
Goal 2 – Enhancement of the sustainability and environmental impact of
the Group's premises worldwide;
Goal 3 – Improvement of the environmental management system within
the Group;
Goal 4 – Reduction of carbon footprint and emissions.

SOCIAL
Investments in well-being, diversity and inclusion, employees' health and safetywith the aim to attract and retaining talent.
Goal 5 – Enhancement of employees’ well-being and work-life balance;
Goal 6 – Enhancement of the health and safety of the employees in theworkplace.

GOVERNANCE
Foster a corporate culture aimed to promote ethical behavior, with respect ofpeople and shared norms of behavior, and reduce the risks related to potential
corruption episodes.
Goal 7 – Increase the widespread orientation towards
sustainability.

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Stakeholder engagement
Ferrari considers fundamental, and at the root of its sustainability strategy, thecontinuous dialogue and engagement with its stakeholders, in order to understandtheir needs, interests and expectations whilst pursuing its business goals.
To identify the various categories of stakeholders, a documentation analysis aimed
at defining the degree of influence and dependence of each stakeholder was
carried out during 2019; in light of the main events and strategic actions
undertaken in 2023, the aforementioned analysis has been revised to consider themain trends in the industry and benchmarking analysis in the field of sustainability.
As a result, the categories of stakeholders have been confirmed, considering theanalysis consistent with a correct and up-to-date representation of the most
relevant stakeholders to Ferrari Group.
The resulting categories are represented in the map below:

Ferrari Group engages on a regular basis with its stakeholders, highlighting theimportance of a direct relationship and a two-way communication for the Group. In
2023, given the importance of being transparent and establishing a dialogue withstakeholders, a new section dedicated to ESG appeared on the website. It aims toserve as an informative hub, where we aim to transparently share our progresswith key figures and present our key initiatives and achievements in terms ofsustainability, and where they will easily find the most recent Sustainability Report.
To further improve two-way communication with stakeholders, a call-to-action has
been proposed, helping the reader write a direct email to the sustainability team.
Another effective communication channel is the “News” section on the Group’s
website, where it constantly updates its stakeholders, in particular its global
customers, on any news, initiatives and activities in the economic, social andenvironmental field. Such updates range from regional announcements, such as for
instance the acquisition of new branches, to the development of the green mobility
project, partnerships announcements, and directives and communications on
Ferrari’s operations.

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Materiality analysis
Starting from 2019, Ferrari Group engaged in a materiality analysis, a process
aimed at identifying topics deemed as significant from an economic, environmental
and social perspective, for both the Group and its stakeholders. The material
aspects were defined starting from a desk analysis on the global trends andrecognised best practices in the sector, followed by a workshop where themanagement evaluated each topic with a score ranging from 1 (not relevant) to 5
(very relevant), resulting in the identification and validation of the material topics by
the management.
In 2023, following the update of the GRI Reporting standards, the Group has taken
into consideration the impacts generated on the economy, environment andpeople, including impacts on their human rights and, as a result, has defined 9
sustainability-related material topics, categorized in three macro areas:
Governance and economic responsibility;
Social responsibility;
Environmental responsibility.
It follows in the table below the description of each material topic and related
positive and negative, actual and potential, impacts generated by the Group.

Environmental Pillar
Value creating
topic

Desciption

ImpactContribution to climate change due to generation of direct and indirect GHG
emissions (Scope 1 and 2) and failure to meet the demands and requirementsof the green energy transition.

ClimateStrategyContribution to climate change due to generation of other indirect GHG
emissions related to business travel and supply chain energy consumption(Scope 3).
Contribution to air pollution with related negative impacts on biodiversity andgreen mobility.
Contribution to pollution resulting from the production of waste from daily
activities.

Waste
Management

Contribution to pollution resulting from the failure to contribute to therecycling chains of secondary raw materials from waste materials (e.g., plastic
and packaging).

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Social Pillar
Value creating
topic

Human Rights,
Diversity andnondiscrimination

Desciption

ImpactDiversity, inclusion and non-discrimination

Occurrence of episodes of violation of human rights (including forced
and/or child labor) either directly involving the Group or along the supply
chain.

Occupational
health andsafetyOccupational injuries and diseases with negative consequences on workers'
health, including the failure to monitor and enforce health and safety
management systems.

Supply chain's
responsible
management

Contribution to the improvement of suppliers' ESG performance throughthe screening of suppliers who adhere to principles of equity, nondiscrimination, fairness, legality, and anti-corruption (e.g. ESG due diligence,
supplier screening based on certified management systems, etc.).

Work
environment
andprofessional
development

Promotion of work environments based on ethics and meritocracy, capableof enhancing and developing skills and capabilities through professional
training of employees and facilitating the expression of everyone's talentand uniqueness within the Group

Innovation anddigitalization

Contribution to the innovation and digitalisation of the industry by offering
advanced IT system for logistics with positive impacts on clients, company
operations and the environment.

Customers'
satisfaction
and privacy

Inefficient customer relationship management and failure to meet customer
expectations due to failure to guarantee privacy and data security for its
customers (e.g. from data breaches).

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Economical Pillar
Value creating
topic

Business
continuity andinvestors'
relation

Desciption

ImpactDevelopment of fair, transparent and constructive relationships withinvestors and stakeholders, with direct effects on continuous ESG
performance improvements and economic value generation anddistribution
Worsening of socio-environmental conditions due to failure to adapt
operational practices to the physical and transitional risks associated withthe climate crisis.
Events of corruption, anti-competitive behaviour, and non-compliance withindustry regulations, laws and standards

Ethics andintegrity

Failure to comply and oblige to money laundering and fiscal evasion rules
and laws by creating and supporting non-operational entities in identified
tax havens to avoid taxes and by engaging in tax planning to move revenue
from high-tax to low-tax countries to minimise tax payments.

positive impact

negative impact

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OUR
ENVIRONMENTALPILLAR
Ferrari Group strives to have a positive impact on environmental
sustainability, pursuing the objective of contributing positively andsafeguarding the environment in all of its business activities.

16%

Proportion ofgenerated waste
diverted from
disposal in 2023

44%

of Group’s totalenergy consumption
located in European
subsidiaries

The Group, as expressed in its Code of Ethics, strives to operate inaccordance with applicable statutory and international standards onenvironmental protection and to minimize its environmental impacts
through the efficient and effective use of resources and environmental
management systems.
In particular, the Group undertakes the following:

Impact assessment

Assess essential environmental needs andimpacts of all Group’s activities and processes
to track, record and manage minimize thenegative impacts that these can produce on
the environment.

Environmental
protection initiatives

Promote activities and processes that are ascompatible as possible with the environment,
focusing on continuous improvement and on
optimizing processes using advanced criteria
and technologies in matters of environmental
protection, energy efficiency and sustainable
use of resources.

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Collaboration withstakeholders

Collaborate with stakeholders, internal (e.g.
employees) and external (e.g. clients), to
improve the management of environmental
issues.

Environmental
management systems

Implement
adequate
management
andmonitoring
systems.
At
present,
theenvironmental management system has been
extended to incorporate all stages of thebusiness. This implies that all employees
receive proper training to recognize theimportance of its implementation, monitoringand enforcement.

Aiming to continuously improve our efforts, Ferrari Group has certified
its environmental management system according to the internationalof Group’s
total
standard ISO 14001; in particular, in 2023,
the companies
that areenergy consumption
certified ISO 14001 standard are Ferrari Logistics Middle East, Ferrari
located in European
Hecny Logistics Shanghai, Ferrari Expeditions
S.A., Ferrari Express S.L.,
subsidiaries
Ferrari Expeditions France S.A., Ferrari Securitè France, Ferrari
Logistics (Asia) Ltd, Ferrari S.p.A, Ferrari Divisione Vigilanza Speciale
S.r.l., Ferrari Logistics Japan K.K, Ferrari Singapore Pte Ltd., and Ferrari
Express INC. This provides an additional guarantee of the expertiseand commitment of Ferrari Group in monitoring its activities withrespect to environmental sustainability.
The Italian subsidiaries (Ferrari S.p.A. and Ferrari Divisione VigilanzaSpeciale S.r.l. and Ferrari Express S.L.) and the Group level entity havedeveloped an integrated quality management system in accordancewith international standards ISO 9001, while the Italian subsidiaries
have also achieved a safety management system in accordance with
ISO 45001. In the upcoming years the Group will be working onstrengthening and extending its Integrated Management System
globally.

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7. ENERGY AND EMISSIONS
Ferrari Group uses direct energy (natural gas, diesel and petrol fuel) and indirect energy(electricity) during its business activities. The diesel fuel used for the Group’s fleet andelectricity represent the main source of energy used by the Group, and thus accountfor most of the total energy consumption. In 2023, the Group consumed approximately
2.3 million litres of fuel (38% more than in 2022) and around 3.5 thousand MWh ofelectricity (37% increase compared to the previous year).
Total energy consumption (GJ)5
2023

2022

Non-renewable energy consumed 7

61,49060,259Renewable energy consumed

695

1,828

Electricity purchased for consumption 8

12,286

10,493Self-generated electricity 9

139

97

Electricity sold

0

0

Total

74,42072,677

Type of consumption6

5. The following conversion factors(‘c.f.’) (DEFRA 2023) were used: “Non-renewable and renewable energy consumed” includes
Natural gas (m3), c.f., 0.039 GJ, Consumption from firm fleet (l), c.f.,0.031 GJ and Electricity (kWh) c.f.,0.0036 GJ.
6. The boundary of the data regarding the year 2023 does not include Ferrari Logistics Australia PTY, Ferrari Express Logistica e
Transporte do Brazil, Ferrari BPM Sarl, Ferrari Group Portugal.
7. “Non-renewable energy consumption” and in particular fuel and diesel usage, which is part of this category, values are estimatedby Ferrari Expeditions SA and Ferrari Express Inc. The data estimated within these regions is based on real figures recorded for atleast a month in 2023 and then projected for 12 months. Estimates were used due to the lack of accurate and complete data for all
12 months, mainly linked to the absence of bills for a few months. A continuous improvement process in the data collection has
been put in place to ensure greater representativeness and consolidation consistency for 2024 data.
8. Values displayed in “Electricity purchased for consumption” are estimated by various entities in Europe Ferrari Expeditions SA
and Ferrari Express Inc. The data estimated within these regions is based on real figures recorded for at least a month in 2023 andthen projected for 12 months. A continuous improvement process in the data collection has been put in place to ensure greater
representativeness and consolidation consistency for 2024 data.
9. Self-generated electricity consumed mainly comes from the energy produced through our solar panels installed in our premises
in Italy. We expect this figure to grow in the upcoming years given our increasing effort in implementing sustainable practices within
the structural aspects of our facilities.

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Distribution of energy consumption in 2023

America29%

Europe
44%

Asia
20%
Middle East & Africa
7%

At the Group level, most of the energy consumption (44%) is located in Europe,
followed by America (29%), Asia (20%), Middle East and Africa (7%).
As Ferrari Group is aware of the adverse impact of climate change, it monitors andquantifies the direct and indirect greenhouse gas (GHG) emissions related to its
business activities:10
Direct GHG emissions (Scope 1): GHG emissions from sources that are owned orcontrolled by an organization. These can include CO2 emissions from fuelconsumption;
Indirect GHG emissions (Scope 2): GHG emissions that result from the generation ofpurchased or acquired electricity, heating, cooling, and steam consumed by anorganization. The GRI Standards require an organization to provide two distinct
Scope 2 values: a Location-Based and a Market-Based value. The former reflects theaverage GHG emissions intensity of grids on which energy consumption occurs,
using mostly grid-average emission factor data. This approach uses the conversion
factor of energy of the country where it was purchased. The latter derives emission
factors from contractual agreements with a chosen electricity supplier;

10. The definitions of the GHG scopes are those provided in the GRI Sustainability Reporting Standards 2018.

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Other indirect GHG emissions (Scope 3): all indirect GHG emissions not included inenergy indirect (Scope 2) that occur outside of the organization, including both
upstream and downstream emissions.

Direct (Scope 1) and indirect (Scope 2) GHG emissions (Ton CO2eq)11
2023

2022

Scope 1

16,511

5,580

Scope 2 – Location Based

1,559

1,257

Scope 2 – Market Based

6,973

1,147

Total (with Location-Based)

18,0705,289

Total (with Market-Based)

23,484

5,416

Emissions (Ton CO2eq)

An improvement process has allowed for a significant increase in the quality of the datacollected for 2023. This has allowed the organization to track, trace and report the dataon GHG emissions in a more accurate and reliable way. The significant increase of total
Scope 1 and 2 emissions (with Market Based approach) in 2023 (+351%) is due to thenew more robust processes put in place to map its GHG emissions in 2023. The process
has allowed the Group to collect more precise and information on energy
consumption. Most of all this process has allowed the Group to collect information on
the environmental footprint of its vehicle fleet and the core activities linked to it.12
Compared to the previous years, this has enabled the Group to collect a morecomprehensive view of its environmental impact. The Group’s GHG emissions
amounted to 18,070 ton CO2eq with the Location-Based approach and 23,484 ton
CO2eq with the Market-Based approach.

11. CO2 emissions were calculated using the company's consumption data and emission factors researched by Climate Partners.
Wherever possible, primary data were used. If no primary data were available, secondary data from highly credible sources wereused. Emission factors were taken from scientifically recognized databases such as Ecoinvent 3.8, 2021, AIB, 2022 and DEFRA, 2023.
12. This data was not included within previous reports. This year this data was available due to a more precise data collection
process that has been carried out to set environmental targets, supported by academic experts and consultants.

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The emissions generated by the transportation of organization’s workforce members
for business reasons accounted for 1,428 ton CO2eq in 2023. The significant increase(+1,186%) compared to 2022 is mainly due to data quality improvement efforts
implemented that have allowed a better and more complete collection of data, alongwith a more accurate representation. Airplanes and road transportation are the keymeans of transport used for business travels and reflect the yearly increase in the totalof kilometres travelled both by airplanes (short haul and medium-long haul) and trains.
Other indirect (Scope 3) GHG emissions (Ton CO2eq)13
2023

2022

Airplanes

888

67

Trains

14

0

Road

526

44

Total

1,428

111

14

Mean of transportation (Ton CO2eq)

FREIGHT CARBON FOOTPRINT
Ferrari Group monitors the GHG emissions of the freight, as it believes that it is fundamental to beable to calculate the impact that shipments have on the environment in terms of CO2 emissions.
The Track and Trace platform provides tracking information about the shipments departing fromFerrari offices. Thanks to the collaboration with EcoTransIT World that started three years ago in
2019, the Group is able to calculate the total CO2 emissions of each delivery, according to the modeof transport, the weight and distance of the delivery, making this information also available tocustomers. From the platform, the Group can easily extract an Excel report reporting thesenumbers for every delivery. For our customers, it is becoming more and more important to trackthe emissions on a monthly, quarterly or annual basis.
The collaboration with EcoTransIT World allows Ferrari to keep track of its
impact on the environment and comply with any requirements on this subject.

13. To calculate Scope 3 GHG emissions linked to business travel only, the approach used was the distance-based method as
described in the Technical Guidance for Calculating Scope 3 of the GHG Protocol whereas the emission factors used were UK
Government GHG Conversion Factors (DEFRA, 2023) for Company Reporting 2023 and 2022. The Group is working on
complementing its calculation of Scope 3 with additional figures linked to the other data points included in Scope 3 calculations. The
following conversion factors were used: Airplanes (short haul 0.27; medium haul 0.32, long haul 0.32); Trains (0.035), Road (0.173).
14. Considering a continuous improvement process in the data collection, data regarding Scope 3 Based emissions in 2022 hasbeen restated for the following entities due to a more robust process put in place to retrieve the data: Ferrari Logistics Middle East,
Ferrari Hecny Logistics Shanghai, Ferrari Expeditions SA, Ferrari Express Logistica e Transporte do Brazil, Ferrari Logistics Ireland
Limited, Ferrari Expeditions France SA, Ferrari Logistics (Asia) Ltd, Ferrari Logistics Japan K.K, Ferrari Group Netherlands BV, Ferrari
Logistics Netherlands BV, Ferrari Logistics Asia (Thailand) Ltd, Ferrari S.p.A., Ferrari Divisione Vigilanza Speciale S.r.l. has been
restated.

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8. WASTE MANAGEMENTThe Group promotes the responsible management and disposal of waste. Separate
waste collection is in fact applied in all offices and Ferrari is committed to increasing thelevels of recycling and reuse of products. Starting from January 2024, the Group will
introduce a waste management model designed to meticulously track waste generation
across all entities. This innovative approach is rooted in the annual purchase data ofmaterials and goods by each entity. By implementing this model, both the Group andits entities can holistically monitor waste management practices, identifying areas for
improvement and fostering opportunities for enhanced performance. As a result of the
new waste management model, Ferrari Group has been able to improve the data
quality on waste management. This improvement has led to a significant increase in
the detected waste generated, 349 tons of waste, of which about 16% was diverted
6
from disposal.15
Waste by composition, in metric tons (Ton) 16
Waste generated

Waste diverted
from disposal

Waste directed
to disposal

2023

2022

2023

2022

2023

2022

Plastic

49

58

3

9

45

49

Wood

28

11

3

0

24

11

Paper

168

77

15

43

152

34

Residual waste

37

2

35

0

2

2

Other

68

39

0

1

66

37

Total

349

187

58

53

291

133

Waste composition (Ton)

15. In light of a continuous improvement process in the data collection, data regarding 2022 for Ferrari Expeditions SA has been
restated.
16. The boundary of the data regarding the year 2023 does not include Ferrari Logistics Australia PTY, , Ferrari Express Logistica e
Transporte do Brazil, Ferrari BPM Sarl, Ferrari Group Portugal and Ferrari Group PLC.

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9. GROUP ENVIRONMENTALINITIATIVES
Ferrari Group is committed to reducing the environmental impacts of its offices andactivities. To do so, Ferrari has implemented different initiatives, both at the Group andlocal level.

GOING PAPERLESS
In the past three years, the Group has focused its efforts in reducing drastically theusage of paper, mainly through the promotion of paperless practices across all its
offices, with the aim of spreading among employees the culture of digitalization andsignificantly reducing paper consumption and related emissions.
The paperless policy is based on actions and behaviours that each employee and officecan easily adopt such as reducing unnecessary colour printing, adopting an electronicsystem for filing and documentation, using e-communications and e-bulletin boards
and FSC or PEFC certified paper for promotion leaflets.
The pilot project was first implemented in Asia andsubsequently in Europe. The future objective is toexpand this vision in every subsidiary of the Group
worldwide, using only one digital platform.
Ferrari also adopted a new system called Electronic
Proof of Delivery, also known as E-POD, to reduce
paper consumption both within the Group offices
and for customers.
In addition, the Group has implemented the usage ofDocusign: a digital tool that allows organizations tomanage electronic agreements. By using the eSignature, a technology offered by Docusign to sign
electronically on different devices, Ferrari has not
only reduced the usage and waste of paper but alsosignificantly decreased its footprint in terms ofadoption of mail couriers.
For further details, please refer to chapter 11 “Our
Relationships – Our customers: why we do what we do”,
section “Business Development: Innovation and
Digitalization”.

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Brand Ambassador
Jae Kyu Kang
Since I have started worked in Ferrari, five years ago, my role is Country
Manager at Ferrari Logistics Korea and my expertise lies in import, export,
domestic transportation and warehouse for valuables. Ferrari Group has
supported me not only to understand extensively about the luxury market
but also to other valuable markets like D&J, commodities through the jobs.
As well, I learnt that how well-organized and systemized Group Ferrari is. Big efforts and decisive
investments are being made for making the Group more sustainable not only for internal mattersof the Group but also for catching up with global issues such as environment responsibility.

ENVIRONMENTALLY AWARE MOBILITY
Having the unique opportunity to reduce the environmental impacts of the supply
chains of many businesses, including the most famous luxury brands, the shift to agreener mobility is a pillar in the strategy of Ferrari Group.
In August 2018, Ferrari Logistics (Asia) Ltd was selected to be part of the “Pilot Green
Transport Fund” and received for trial two electric vans and the related charging
stations. The so-called Green Van has less carbon emissions compared to vehicles
running on fuel. The project was met with such great success that between 2020 and
2023 the Group kept enforcing both its Asian and European premises with thesemeasures.
At present, the Group’s freight counts a. total of
39 electric vehicles all over the world in the
countries we work in. The challenges ofmaintaining full high-security features in thearmouring within an electric vehicle have been
overcome thanks to the cooperation with major
players in the automotive and armouringindustries.

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Challenges adopting electric vehicles for longer routes still remain. Electricvehicle technology does not yet fully accommodate the weight demands ofarmoured trucks, making it difficult to fully transition to electric alternatives.
Furthermore, constraints of electric vehicle batteries do not provide the necessary
range or endurance required for longer routes, limiting their suitability for thelevel of security assured within the Group's operations.
These challenges underscore the complexities involved in transitioning to electricvehicles for longer-distance transportation within the Group's industry context.
Overcoming them will require advancements in battery technology andinnovative solutions tailored to the specific needs of armoured truck operations.
In addition, the Group carries out specific activities when dealing with intra-European
transports. For example:
Identification of logistic routes most efficient (i) and least impacting on theenvironment (ii): a direct solution so that products do not have to pass through a
distribution centre. The EU network offers easy, flexible storage and quick distribution,
to suit all suppliers of luxury goods;
Extensive usage of recycled materials for goods packaging and for offices (boxes andpallets are entirely made from premium recycled materials). The Group buys EPAL
certificates and, when possible, reuses the pallets received (second hand pallets);
Use of environmentally friendly fuels such as biodiesel for trucks and natural gas
for vehicles;
Periodic and methodical maintenance of the vehicles used to transport goods;
Use of electric vehicles for the movement of materials within the Group's warehouses;
Clean electrical energy thanks to the installation of photovoltaic panels.

The Group also aims at reducing theimpact of fuel on the environment byimproving the quality of vehicle fleet
monitoring on our internal system, byalways being up to date on new engines,
machineries and burning gas methods,
increasing the number of photovoltaic
systems within Europe and incentivizing
other actors in the distribution chain touse only recycled and recyclable
packaging.

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ENVIRONMENTALLY CONSCIOUS OFFICES
Apart from the initiatives implemented at the Group level, many actions were taken
locally in order to reduce the environmental impact of the business activity, inparticular of offices. The concept of “greening” the offices is part of a bigger ambition totransform office spaces into places where the culture of sustainability is taught andspread. By practising green management in the office, it is possible to achieve a more
efficient use of resources and reduce waste, saving energy and money and improving
the working environment.
Particularly, Ferrari Logistics (Asia) Ltd implemented different actions and promoted
sustainable behaviours among its employees, such as:
Certifying its offices according to the ISO 14001 certification; Greening the officespace, for example by cleaning the air and reducing noise levels so to help reducestress and boost creativity;
Reducing energy and water consumption by maximizing daylight usage, replacing
fluorescent lamps with LED lights, reusing water for irrigation and incentivizing
employees to turn off unnecessary lights and water taps when not in use;
Preferring green procurement, for example through the purchase of recycled
packaging materials or the accurate selection of green suppliers (for further details,
please refer to chapter 12 “Our Relationships – Our Suppliers enablers of our value
creation”, section “Responsible Supply Chain”);
Where possible, reusing office equipment;
Educating and motivating employees on how to collaborate to make the Group moresustainable.
A spotlight on our approach to new facilities:
Starting from January 2024, we will make sure that all of our new construction efforts
for our premises are aligned to our environmental approach. Our Group’s sustainability
team works with local teams to ensure that our ESG approach is taken into due
consideration whilst building or renovating infrastructures.
One of the premises in which we operate is partially LEED platinum certified.17
We expect an increasing number of facilities to be LEED certified in theupcoming years, this will allow us to intangibly reflect our commitment tomore integrated decision-making in our business development strategy.
17. Goodman Pudong airport logistics park warehouse 2 in Shanghai China has fulfilled the requirements of the LEED green
building rating system v4.1 (Operations and Maintenance) certification established by the US Green Building Council and verified by
Green Business Certification INC.

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SUSTAINABLE AVIATION FUEL CARGO PROGRAMME
Ferrari Group is proud to have signed an agreement with Air France KLM Martinair
19
Cargo in support of the Sustainable Aviation Fuel (SAF) Cargo program, which allows
shippers and freight forwarders to reduce their CO2 emissions by encouraging them toplay an active role in the future of aviation sustainability.
The Cargo SAF program allows fuelling the Air France and KLM flights with a percentage
of sustainable fuel. By participating in the Cargo SAF program, Ferrari Group not only
reduces the impact of carbon dioxide emissions but confirms its commitment to leadthe industry towards a more sustainable future by supporting and contributing to amore circular economy and by helping future generations to inherit a world in which
they can thrive.
Air France and KLM invest all contributionsin the supply and use of sustainableaviation fuel. This will support the creationof a sustainable fuel industry capable ofmakingaviationincreasingly
ecoresponsible. By investing in this program,
Ferrari Group has taken concrete action to
reduce CO2 emissions and contribute to
the green transition of aviation.
Ferrari Group Limited has made afinancial contribution to the Air France
KLM Martinair Cargo SAF Programme in
2023. The sustainable aviation fuelsourced for the Air France KLM Martinair
Cargo SAF Programme reduced carbon
emissions by 91,6% across the product life
cycle, as compared to regular fossil
kerosene.

18 For more information about the SAF Cargo program, please refer to the following link:
https://www.afklcargo.com/WW/en/common/products_and_solutions/sustainableaviationfuel.jsp

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OUR SOCIALPILLAR
10. OUR PEOPLE: PURPOS DRIVEN VALUECREATORS

16%

Personnel growthwith respect to
2022

95%

Employees with fulltime contracts

The Group is committed to promoting and guaranteeing equal
opportunities and treatment to its employees, so to build long-lasting
relationships while promoting their professional growth. The people
working in Ferrari are foundational to the Group’s success and, for thisreason, the Group Code of Ethics embeds the commitment ofrespecting the personal dignity and labour rights of each employee, tomaintain a safe work environment.
Ferrari’s approach is based on four pillars:
PREVENTION OF DISCIMINATIONWORKPLACE WELL-BEING AND QUALITY WORKING CONDITIONSSUPPORT LOCAL COMMUNITIESTALENTS’ DEVELOPMENTFERRARI GROUP | WWW.FERRARIGROUP.NET| 40

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In particular, the Group has implemented the following actions:
Storage and transmission of acquired knowledge and traditional skills;
Training and apprenticeship programs;
Hiring procedures. For example, Ferrari Group Asia implemented two separate
Recruitment Procedures, one for all staff and the other for security guards anddrivers, defining the appropriate conduct and steps for hiring new employees;
Commitment to diversity;
Conservation of Group’s archives and their opening to scholars;
Prevention of human rights discrimination as well as corruptive behaviour.
We believe in innovating the role of workers and that a skilled, valued and engaged
workforce is key for growth and sustainability. We rely on a source base that is highperforming, resilient and agile, with workers that are motivated and fairly
compensated to deliver high productivity and world-class product.

Brand Ambassador
Noreen Lal
I work at Ferrari as HR and Administration Manger. It has been six years
working with Ferrari, when I joined the team as an Administration
Manager and within the probation period, I was promoted to Human
Resource Manager. Last year, I was announced as“ the Vault charge for the
DMCC facility.
From day one, Ferrari has been very supportive both in professional and personal development
paths. I have learned to be more adaptable to unique situations of changing scope and happiereven with fluctuating tasks and circumstances, thanks also to the great teamwork, which always
motivate me to be more productive. The client interest and trust are the most distinguishingaspect of working at Ferrari. The group maintains high standards for client service, preserving theclient’s support and confidence, and utilizing the global network to deliver the best of the firm to
all clients

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As of December 31st, 2023 Ferrari Group employs 2,006 employees worldwide,
comprising 1,466 males and 540 females (including 16 non-guaranteed hours
employees), with an overall increase of 16% compared to December 31st, 2022. Most
employees (46%) are located in Europe, followed by Asia (37%), America (11%) andMiddle East and Africa (6%). Moreover, the Group also has employed 1,877 external
19
workers in 2023 and 4,357[1]in 2022 (57% decrease with respect to 2022), such as
consultants, agency staff members, trainees and supervised workers. The highnumber of external workers in 2022 was mainly linked to a residual effect of thepandemic. The post pandemic labor market in the APAC region was affected withseveral challenges which required hiring external workers to ensure business
continuity.
In 2023, blue collars constituted the majority of the workforce (48%), followed bywhite collars (42%) and managers (10%).
Around 85% of the employees at Group level have a permanent contract,
portraying the importance that Ferrari Group gives to establishing stable and longlasting relationships with its employees. In addition, 1,896 employees have a fulltime contract (95% over the total of employees), whereas 110 employees have apart-time contract.
Distribution of employees worldwide
Middle East and Africa
6%

America
11%

Europe
46%

Asia
37%

19. This figure has been restated compared to the previous Sustainability Report 2022 (133) as a result of continuous efforts toimprove the quality of the data disclosed.

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Total number of employees by employment contract (permanent/temporary), gender and region
2023

2022

N° of persons

Male

Female

Total

Male

Female

Total

Permanent

643

223

866

542

205

747

Fixed term contract

38

25

63

40

23

63

Sub-total: Europe

681

248

929

582

228

810

Permanent

358

138

496

333

114

447

Fixed term contract

153

81

234

141

88

229

Sub-total: Asia

511

219

730

474

202

676

Permanent

164

57

221

110

39

149

Fixed term contract

0

2

2

1

0

1

Sub-total: America

164

59

223

111

39

150

Permanent

110

14

124

88

12

100

Fixed term contract

-

-

-

0

0

0

Sub-total: Middle East
and Africa

110

14

124

88

12

100

Total

1,466

540

2,006

1,255

481

1,736

Asia

America

Middle East and Africa

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Total number of employees by employment contract (full-time/part-time), gender
2023

2022

N° of persons

Male

Female

Total

Male

FemaleTotal

Full-time

1,433

463

1,896

1,235

428

1,663

Part-time

33

77

110

20

53

73

Total

1,466

540

2,006

1,255

481

1,736

For all professional categories, the age of employees is mainly concentrated in the range
between 30 and 50 years old (60% on total employees’ number). 50% of young employees(under 30) are white collars, whereas 47% are blue-collars position and 3% are in a managing
role position.
At the Group level, in 2023, the rate of new hires was respectively 31% for men and 30% forwomen, while the termination rate was 19% for men and 26% for women.

Total number and rate of new employee hires during the reporting period, by age group, genderand region
<30

30-50

>50

Total

Turnover%N° of persons
as of 31st
December,
2023

M

F

M

F

M

F

M

F

M

F

Europe

62

35

106

20

23

1

191

56

28%

23%

Asia

51

25

104

50

17

9

172

84

34%

38%

America

23

2

25

8

5

4

53

14

32%

24%

Middle East
and Africa

10

1

19

0

1

0

30

1

27%

7%

Total

146

63

254

78

46

14

446

155

30%

29%

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Total number and rate of terminations during the reporting period, by age group, gender andregion
<30

30-50

>50

Total

Turnover%N° of persons
as of 31st
December,
2023

M

F

M

F

M

F

M

F

M

F

Europe

24

10

74

20

24

6

122

36

21%

16%

Asia

0

15

80

50

14

8

94

73

20%

37%

America

0

4

17

8

2

1

19

13

17%

33%

Middle East
and Africa

4

0

5

0

0

0

9

0

10%

0%

Total

28

29

176

78

40

15

244

122

19%

26%

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DIVERSITY, INCLUSION AND EQUAL OPPORTUNITY
Ferrari Group considers and promotes diversity
as one of the main strengths for a successful
business. The Group is committed to eliminating
any type of discrimination and strives to ensure
equal opportunities for all employees in allorganization’s activities, regardless of age,disability, gender, sexual orientation marital orcivil partner status, respecting the wide range ofrace, ethnicities, colour, religion or belief,
nationality and cultural backgrounds present in
the Group, as stated in the Equal Opportunities
20
and Anti-harassment policy approved by the
Board of Directors during September 2022.
Women make up 27% of Ferrari Group’s
employees, with the highest percentage in thewhite-collar professional category (66% over the
total of female employees). In 2023, the region
with the highest percentage of female
employees (46%) is Europe, followed by Asia(40%), America (11%) and Middle East and Africa
(3%).

Women
27%

Men
73%

Percentage of employees per employee category by gender
2023

2022

% of persons

Male

Female

Total

Male

FemaleTotal

Managers

70%

30%

100%

70%

30%

100%

White collars

56%

44%

100%

57%

43%

100%

Blue collars

89%

11%

100%

87%

13%

100%

Total

73%

27%

100%

72%

28%

100%

20. The policy, which refers to the United Nations International Bill of Human rights, is available for all stakeholders (including its
workers) on Ferrari Group’s website, or at the following link: Equal Opportunities Policy

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Furthermore, the Group has declared in its Code of Ethics that it aims at providing
fair remuneration, guaranteeing the applicable national statutory minimum wage
and complying with the maximum number of working hours laid down in theapplicable laws. The Group’s remuneration approach, which takes into consideration
both professional skills as well as employee category, is developed to attract,19
recognise and retain talent.
As reported in the previous section “Business Ethics” the Group’s anti-harassment
and bullying policy reflects our zero-tolerance approach towards any actions thathave been defined in our policy as “harassment” (section 4. What is harassment) and“bullying” (section 5. What is bullying). In 2023, no episodes of harassment wererecorded in all entities globally.
In 2018, there was one episode of discrimination in Ferrari Express INC in the USA; in
particular, the case of harassment has been reported and reviewed by the EEOC (U.S.
Equal Employment Opportunity Commission).
According to the formal internal policies, the Group has undertaken an investigation
procedure. Interviews have been conducted with the complainant, the accused andany witness to the incident, which have then been formalized in collectedstatements. All parties were informed of the investigation and provided withinvestigation closure notices (where applicable). The case has not yet been closed.
Any reports of harassment, complaints or grievances are stored in an electronic filefor compliance and recording-keeping purposes.
Lastly, to manage and minimize any possible effects in case of future possible eventsof discrimination, training on the relevant topic was provided to all staff in 2022, witha specific focus on harassments.

EMPLOYEES’ DEVELOPMENT, ENGAGEMENT AND WELL-BEING
At the centre of Ferrari’s interest is the well-being of its employees, including theirpersonal development and satisfaction with the Group. The Group promotes thework-life balance of its employees and guarantees a healthy environment where
employees can demonstrate their abilities.
The Group guarantees a work environment that allows employees to fully express
their talent and increase their skills, so to build and strengthen their personal
competences. This ensures that each person’s individuality is respected andenriched, preserving the exceptional operational know-how that characterizes theGroup and continuing to enrich Ferrari’s network.

19. This figure has been restated compared to the previous Sustainability Report 2022 (133) as a result of continuous efforts toimprove the quality of the data disclosed.

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Brand Ambassador
Alessandra Viviani
I am a Project Manager in the Global Account Office in Geneva. I started
working in the Global Account Office learning about the business, theclients and in particular, the GAO tasks and projects. Since the beginning,
the team and the training allowed me to quickly get on board and feel
comfortable.
Ferrari looks after its own employees and supports you in your professional and personal
development path. For example, it gave me the opportunity to get time off work to be able to doa Specializing Master in Supply Chain. The main feature of Ferrari is being a “family Group”.
Another distinctive characteristic of the Group is flexibility and the work-life balance that every
employee can reach. It is an alternation of long and hard days of work, to more relaxing days.
The Group empowers its employees to make decision individually and as a team. Last aspect tounderline is the teamwork, in fact, we work hard together but then we also enjoy playing
volleyball and having dinners outside office hours

We are focusing on creating world-class managers who can lead, coach and inspire
their teams work every day, constantly striving for maximum performanceachievement.
Ferrari Group believes in the importance of offering its employees concrete careeradvancement opportunities and investing in the personal and professional growth of
every employee. In this view, Ferrari Logistics (Asia) Ltd has put in place an
Organizational Career Development Plan and a Competency Model, which
processes typically follow different steps:
Recognizing staff performance bysalary review exercise, provision of
performance bonus and promotion
opportunity

REWARDEVALUATION
Implementing KPIs,
short-term andlong-term goals

PLAN IMPLEMENTATIONCAREER PLAN
DEVELOPMENT
Identifying employees careergoals in order to achievebusiness objectives

Conducting regular review
meeting with employees andyearly performance appraisal

Developing a careerplan based on career
goals

GOALS IDENTIFICATIONEMPLOYEE ASSESSMENT

Assessing personal abilities,
potential skills and career
aspirations

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In 2023, 86% of the total workforce (1,284 males and 439 females) received formal
performance and career development reviews, a 31% increase with respect to 2022.
The competency model and key performance indicators are represented in thegraphs below.

Ferrari Logistics (Asia) Ltd Competency Model

Individual contribution
Showing initiative
Activity management
Delegating
Managing collective dynamic

LeadingInnovation
Adaptability

Efficiency
Organizational ability

IPersonal resources

Collective contribution
Motivation
Conflict management
Learning
Stress management
Flexibility

Listening

Positive attitude
Self-confidenceInteracting

Listening
Interacting

Interpersonal
contribution
Communication andability to awake interest
in others

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Staff appraisal is carried out on a wide range of items:
Customer services, which focuses on the level of customer satisfaction in service
provided to customers;
Quality of work, focused on meeting work quality requirements anddemonstrating detailed job knowledge and technical expertise;
Productivity, focused on the timely management and completion of assignments;
Sales, revenue, financial target, focused on meeting agreed financial targets andmanaging costs and resources effectively;
Employee development, focused on meeting the requirements agreed previouslywith the supervisor.
For each item, objectives, measures and targets are set. Results are then assessed
through the appraisal form and a final score is given to the employee. This evaluation
process helps Ferrari to identify strengths and areas of development, to allocate
salary increases and performance bonuses as well as to identify any areas ofdevelopment and training activities required.
This process recognizes key factors and expectations to guarantee the development
and growth of each member of the staff, as well as increase personnel retention andthe contribution of each to the Group’s mission and business goals

INDUSTRIAL RELATIONS
Ferrari aims at establishing employee relations that are based on a spirit of mutual
trust, respect and loyalty. Thus, along with the professional development, the Groupis committed to safeguarding the right of employees to freedom of association andcollective bargaining. In 2023 and 2022 , respectively 31% and 34% of employees
were covered by collective bargaining agreements.21
Ferrari operates in conformity with the labour laws in the countries in which it
operates and commits to neither favouring nor discriminating against members of
employee organizations or trade unions.

HEALTH AND SAFETY
The Group is committed to ensuring a safe work environment to its employees and,as stated in the Code of Ethics, it takes responsibility for the health and safety of its
employees and commits to controlling hazards and taking the best reasonably
possible precautionary measures against accidents and occupational diseases.
The safety of the workplace is of paramount importance to Ferrari Group, in every
area of business and in each country of operation. The Group strategy for promoting
and safeguarding employees’ health and safety at the workspace is divided into
different areas of intervention, and it includes the belief that the highest levels of
health and safety are necessary to perform perfectly all operations.
20.Considering a continuous improvement process in the data collection, data regarding collective bargaining agreements in 2022
has been restated.

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In particular, in 2023 the Italian subsidiaries (Ferrari S.p.A. and Ferrari Divisione
Vigilanza Speciale S.r.l.) have continued to apply an integrated quality, environmental
and safety management system certified in accordance with international standards
ISO 9001, ISO 14001 and ISO 45001.
At a general level, the Group makes investments in constant improvement ofworking conditions through comprehensive risk analysis and assessments,
formulation and implementation of corrective and preventive action plans, andcontinuous monitoring of health and safety activities and risk factors that may arise
from the introduction of new substances, materials, or technologies, such as
hazardous substances and nanomaterials. All workers are expected to actively
participate in the improvement process by receiving thorough education andfocused training to advance the workplace safety and prevention culture.
In addition to the employees of the Group, suppliers, service providers, and thenearby communities are also subject to the Group's dedication to health and safety.
In particular, the principles to which the Group adheres are the following:
Uniform procedures for identifying and assessing risks;Application of robust safety and ergonomic standards in the plant andequipment design;
Promotion of safe behaviours through training initiatives and awarenesscampaigns;
Striving to guarantee a healthy work environment;
Promotion of a healthy lifestyle.
Work-related injuries are mainly correlated to the daily work of the staff orconnected to the office environment, such as chronic back or neck problems causedby an incorrect posture or permanent eye damage due to the computer screen. In
some offices, the identification of these hazards results from the elaboration of a risk
assessment in cooperation with an external specialist and the Group’s internal safety
officers. It is important to highlight that none of these hazards have caused orcontributed to high-consequence injuries during the reporting period. Moreover, toguarantee a safe working environment and to maintain the risk of ill health as low as
possible, Ferrari works closely with the employers’ liability insurance association,
which advises the Group on how to deal with regulatory updates and changing legal
requirements, and how to implement them within the business.
Temporal data for 2023 shows a substantial increase of 370% compared to 2022.
This spike is attributed to the implementation of enhanced measurement systems
that better track the hours worked by each employee in 2023. It is important to notethat this increase does not reflect any unfair labor practices.

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Number of injuries and injury rates among employees22
2023

2022

N° of persons
Recordable work-related injuries

30

20

of which fatalities

00of which injuries with serious
consequences00of which injuries with low
consequences

30

20

2023

2022

N° of persons
N° of hours worked23

15,142,673

3,221,786

Multiplier for the calculation

1,000,000

1,000,000

2023

2022

Injury rates
Rate of worked-related injuries

2.0

6.2

Rate of fatalities

0.0

0.0

Rate of high-consequence injuries

0.0

0.0

Rate of low-consequence injuries

2.0

6.2

22. Accident indicators are calculated as follows:
Recordable work-related injuries rate: no. recordable work-related injuries /hours worked *1,000,000;
Fatalities rate: no. deaths due to workplace/hours worked *1,000,000;
Rate of injuries with serious consequences (excluding deaths): no. injuries with serious consequences (excluding deaths)/hours worked*1,000,000.
In case of absence of accurate data, the number of hours worked has been estimated on the basis of normal or standard hours of work
provided by contract, taking into account entitlements to periods paid leave and absence from work.
23. Considering a continuous improvement process in the data collection, data regarding the total number of hours worked in 2022 hasbeen restated for the following entities Ferrari Logistics Middle East, Ferrari Expeditions SA, Ferrari Logistics Germany, Ferrari Expeditions
France, Ferrari Logistics (Asia) Ltd, Ferrari S.p.A., Ferrari Divisione Vigilanza Speciale S.r.l., Ferrari Group Netherlands BV, Ferrari Logistics
Netherlands BV

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In 2023, 30 injuries occurred in the workplace. The highest number of accidents
occurred in Europe (17), the remaining were registered in Asia (6) and in America (7).
For both years, 1 injury occurred among external and supervised workers, in light of
105,812 worked in 2023 hours, resulting in an injury rate of 9.5, whereas no injuries
among external and supervised workers occurred in 2022.
In 2023 and 2022, no cases of work-related ill health were registered in the Groupamong employees and external workers.
Due to its extensive global network, Ferrari Group is able to provide a comprehensive
service in almost every country in the globe. It operates considering and respecting
country peculiarities thanks to its subsidiaries and correspondents. The Group has todemonstrate a high level of professionalism and expertise as it collaborates closelywith international luxury brands, producers, and exporters of valuable goods;
customers and fulfilling their needs and demands as effectively as possible are at thecentre of the Group’s activities.

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OUR
RELATIONSHIPS
11. OUR CUSTOMERS: WHY WE DO WHATWE DO
Customers have always been at the centre of Ferrari Group’s
corporate development. Since the beginning, the Group has tailoredits innovative offerings to meet the needs and requests of its clients.
The Group’s adaptability, expertise, and passion have propelled it to
the top of the market for secure international shipments, customs
consulting, and cutting-edge logistic services for luxury goods. The
Group’s service is customized with the utmost attention to precision,
responsiveness, and security.
The Group is aware of its responsibilities towards customers, theenvironment, workers and other stakeholders. In 2023 the Group has
developed an integrated quality, environmental and safety
management system certified in accordance with the standard ISO
9001, ISO 14001 and ISO 45001 for the subsidiaries in Italy (Ferrari
S.p.A., Ferrari Divisione Vigilanza Speciale S.r.l.), in respect also of thetarget set out in the previous years.

CUSTOMER SATISFACTION SURVEY
Customer satisfaction and having a clear understanding of customer
expectations is essential to building strong relationships with existingcustomers and appealing to new ones.
To this aim, Ferrari Logistics (Asia) Ltd implemented a satisfaction
survey in 2022 to assess the overall satisfaction of its customers. The
survey was not rolled out again in 2023 but will be shared again in
2024.
The survey, which is shared with customers annually, assessed thecustomers’ satisfaction on the use of new environmental conscious
mobility (e.g. electric vehicles to perform daily services) green anddigitized services (e.g., the e-System Services (e-POD, e-Orders, eReport Generator and e-Invoice)).

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Regarding the environmental conscious mobility, the survey assesses satisfaction
with:the service broadly;
the level of security;
the level of acceptance.
Regarding the digitized systems, in particular e-System Services, the survey assesses
satisfaction with:the service broadly;
the levels of data security, acceptance, stabilization and levels of convenience.
Overall, both surveys received positive feedback from the customers.

CUSTOMER PRIVACYAs Ferrari works in a globalized environment, the Group must ensure data security
and protection while preserving privacy rights to strengthen its image as atrustworthy and dependable business partner. To this end, the Group continuously
updates its strategy and evaluates the effectiveness of its data privacy management
system's effectiveness through various efforts to reduce risks. Furthermore, thecompany SW System S.r.l. has certified its information security management systemwith the international standard ISO 27001.
Ferrari Group complies with international data privacy laws, including the European
Union’s General Data Protection Regulation (GDPR). The Group’s European
subsidiaries, Switzerland and Hong Kong are included in the perimeter of the GDPR
and each one of them has developed its own organizational model. Other non-EU
countries, where the GDPR does not apply directly, have signed an Intercompany
transfer agreement with the holding Ferrari Group based on the standard
contractual clauses approved by the European Union and linked to the managementof data transfer in non-EU countries.
During 2023 and 2022 no cases of breaches of customer privacy and losses customer
data occurred.

BUSINESS DEVELOPMENT: INNOVATION AND DIGITALIZATION
To adopt increasingly efficient solutions, both for the Group and its clients, and to
reduce the environmental impact of its operations, Ferrari has embarked on thedigitalization of its processes and operations.
The in-house ICT department can create tailor-made solutions based on the clients’needs and can serve as an instrument of partnership between Ferrari and its clients,
developing value added solutions without additional costs. For example, the ICTteam developed a web shipping order, to book pick-ups for international anddomestic shipments, and a track and trace system, to provide tracking information
about the shipments departing from Ferrari offices.

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ince 2019, Ferrari Group has implemented an innovative digitalized system, e-Systemservices, for the management of a wide range of logistic operations, which until thatmoment were only available through paper documentation.
The e-System Services consist of four main technologies:
e-POD: electronic Proof of Delivery (POD), which consists in the performance ofthe pick-up and delivery through an electronic device. The e-POD has multiple
benefits including the faster delivery of multiple shipments to a single delivery
point, the possibility to pre-set authorized delivery contacts, lives status
traceability on the online platform and immediate access for the client to thedigital Proof of Delivery;
e-Orders, which allow to pre-set authorized delivery contacts;
e-Report Generator, which allows live status traceability on Ferrari’s online
24
platform;
e-Invoices, which allows on spot printing of the pickup and delivery receipt.
Furthermore, starting from 2020 the Headquarter in London has fully implemented
e-Signature through the adoption of the platform Docusign. Thanks to thisplatform, the consumption of paper, water, the generation of waste and carbon
emissions are consistently reduced.

24. For more information about the platform please refer to: https://www.docusign.com/

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12. OUR SUPPLIERS: WHY WE DO WHATWE DO
Ferrari Group adopts a responsible approach to manage its procurement practices
and related risks. To ensure the respect of the values and principles of integrity bothinternally and externally, the Group formalized and adopted the Code of Ethics andthe Supplier Code of Conduct.
Through the Code of Ethics, the Group is committed to use reasonable efforts topromote compliance among its suppliers with its Code of Conduct and to comply
with the principles of non-discrimination regarding supplier selection and treatment.
Supplier Code of Conduct
With a view of promoting a virtuous conduct along its entire supply chain, FerrariGroup promotes and disseminates the principles formalized in its Supplier Code of
Conduct. The Code of Conduct covers minimum standards for conduct and businesspractices, developed around 4 main areas and along 16 principles, and is applicableto suppliers, vendors, agents, subcontractors and business partners.
Suppliers and third parties who enter into a business relationship with the Group are
required to formally accept and acknowledge the Supplier Code of Conduct. Any
violation of the Code of Conduct by the supplier or its subcontractors will result in areview and possible termination of the business relationship with the Group. Both
Code of Ethics and Supplier Code of Conduct have been updated during 2023, asdetailed in section 5 “Business Ethics”.

GENERAL REQUIREMENTS

SUPPLIERS’CODE OFCONDUCT

SECURITY & RISKMANAGEMENT

Compliance with laws and regulations
International and global business practiceAnti-corruption
Anti-money laundering
Freedom of competition
Confidentiality
Protection of personal data
Risk management
Identification of personnel and vehicles
Security personnel
Capability to meet liabilities

ENVIRONMENTAL
PROTECTION

Environmental protection

LABOR & HUMAN RIGHTSHuman rights
Prevention of discrimination
Wages and working conditions
Occupational health and safety

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Principles included in the General Requirements section cover mainly compliancewith international laws and regulations, anti-corruption and anti-money laundering
behaviours, confidentiality and personal data protection. In addition, Ferrari
demands the respect of the international and global business practices, in terms of
permits and certification obtained for the import and export of goods.
The section Labour and Human Rights refers to minimum working conditions
standards, such as respect of labour rights, prevention of discrimination. It is crucial
that suppliers provide safe and healthy working conditions for their personnel incompliance with the applicable laws, regulations, and implement appropriate
measures to prevent accidents, injury and health problems arising from or linked tothe course of work.
Security and Risk Management refers to the risk management system of suppliers
and the implementation of robust plans for emergency, incident and crisis response,
business continuity and recovery. Moreover, suppliers and contractors shallguarantee sufficient financial capacity at all times to meet reasonably anticipatedcommercial liabilities for personal injury, death, loss of or damage to property.
Moreover, Environmental Protection represents a fundamental principle to work
accordingly with Ferrari’s values and requirements and it refers in particular to thecommitment to reduce the use of natural resources and to the implementation ofpolicies and initiatives to reduce emissions and the generation of waste.

GENERAL REQUIREMENTS
Principle 1 – Compliance with laws and regulations
Compliance with applicable laws, regulations and international Conventions and Treaties.
Principle 2 – International and global business practice
Permits and certificates obtained for the import and export of items entrusted by the FerrariGroup.
Principle 3 – Anti-corruption
Prohibition of bribery and corruption in all business transactions.
Principle 4 – Anti-money laundering
Compliance with the applicable national and international accounting and banking standards
and processes, as well as laws with respect to money laundering, financing of terrorism,
fraud and other illegal activities.
Principle 5 – Freedom of competition
Prohibition of unlawful agreements, notably through understandings, projects,
arrangements or behaviours, which have been coordinated between competitors concerning
prices, territories, market shares or customers.

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Principle 6 – Confidentiality
Prohibition of use and disclosure of confidential information obtained from the FerrariGroup.
Principle 7 – Protection of Personal Data
Collection, process and use of personal data only insofar as permitted by the relevant laws.

LABOUR & HUMAN RIGHTS
Principle 8 – Human Rights
Respect of the fundamental human rights and dignity of the individual, as according to theUnited Nations Guiding Principles on Business and Human Rights.
Principle 9 – Prevention of Discrimination
Prohibition of any form of discrimination on grounds of race, colour, sex, religion, social
origin, social status, indigenous status, disability or sexual orientation.
Principle 10 – Wages and Working Conditions
Respect of industry standard with regard to personnel salaries and working conditions andcompliance with the applicable statutory minimum wages legislations and/or union
agreements.
Principle 11 – Occupational Health and Safety
Provision of safe and healthy working conditions for their personnel in compliance with theapplicable laws, regulations, and implementation of appropriate measures to prevent
accidents, injury and health problems arising from or linked to the course of work.

SECURITY & RISK MANAGEMENT
Principle 12 – Risk Management
Guarantee of physical integrity and security of items entrusted by the Ferrari Group in theiroperations and during transportation to or from their operations to avoid theencouragement of fraud, crime and related anti-social behaviour. Implementation of robust
plans for emergency, incident and crisis response, business continuity and recovery.
Principle 13 – Identification of Personnel and Vehicles
Ensuring all personnel and vehicles deployed for the execution of duties are individually
identifiable.
Principle 14 – Security Personnel
Maintaining a formal-process regarding screening, vetting and licensing of their personnel
and ensuring professional
regarding the use of force and all applicable international and local legislations.
Principle 15 – Capability to meet liabilities
Guarantee of sufficient financial capacity in place at all times to meet reasonably anticipatedcommercial liabilities for personal injury, death, loss of or damage to property.

ENVIRONMENTAL PROTECTION
Principle 16 – Environmental Protection
Commitment to reduce the consumption of resources, emissions and waste.

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Moreover, as part of the effort to contribute to sustainability, improve its
environmental performance and due to the implementation of the Environmental
Management System in compliance with ISO 14001, Ferrari Logistics (Asia) Ltd.
requires all suppliers and contractors to observe the following environmental
requirements:
Compliance with environmental legislation;
Prevention of pollution ad minimization of resources consumption;
Devote efforts to review environmental objectives and targets;Continuous improvement of environmental performance.
Said requirements are assessed through a survey through which each supplier andcontractor confirms its awareness of Ferrari’s Environmental Management System
and its willingness to work with the Group in compliance with the policy
requirements.
24
Sustainability is a journey built upon small yet constant efforts toimprove. We takegreat care in planning, internally discussing, piloting and executing actions that foster
our sustainability journey and help us create positive impact. In fact, together withthird-party experts on sustainable chain transparency coming from the academic
and consultancy realm, in 2024 we will improve our sustainable procurement
approach. The new approach is due to be executed by the beginning of 2025 andincludes several actions, such as:
Finalizing our adherence to standards and definition of sustainable procurement
policies;
Supplier evaluation with reference to ESG matters;
Multi-dimensional supplier monitoring.

Brand Ambassador
Elisa Proverbio
I have been part of Ferrari Group since October 2008. After working inmany international environments, such as Miami and New York, I moved
to Hong Kong where I was given the opportunity to strengthen myknowledge and today I am the head of Service Center department, which
oversees the related areas among our APAC structure.
My career path within the Group gave me the opportunity to cover different aspects of the job
and its processes and I have gained solid experience and know how within the dynamic of thegroup. I am thankful for the opportunity and trust that the group has given to me through allthese years, the experience is not limited to a professional side but also on a personal point ofview. Ferrari Group values its employees as real assets and gives the opportunity to growprofessionally to everyone that is willing to push him/herself.”

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12. OUR COMMUNITIES AND OUR
IMPACT ON THEM
One of the drivers of Ferrari Group’s sustainability strategy is to create value for thecommunities in which it operates. As Ferrari’s network continues to spread aroundthe world, so does the importance of supporting and valuing the local communities
in which Group operations are growing. Ferrari uses the opportunity of a global
presence to make a difference at the local level, fully engaging its employees andparticipating in many international initiatives.
The Giorgio Deiana Foundation25

In 2018, the Deiana Family established the Giorgio Deiana Foundation , to honour the
memory of Giorgio Deiana and his legacy. The mission of the Foundation is to give achance and hope to the weakest and most underprivileged people in society. Giorgio
believed in their skills, character and tenacity.
In 2023 the Foundation has raised 284,000 EUR thanks to the donations of its
subsidiaries and private contributors allowing the support of several international
charity projects visible on Giorgio Deiana Foundation’s website, some of which aredescribed below: 26▪ Cooperation with OFTAL Alessandria - active since 1932 in the province of
Alessandria, OFTAL (Opera Federativa Trasporto Ammalati a Lourdes) is an
ecclesiastical association that organizes Pilgrimages, mainly to Lourdes but also toother Marian shrines. The Foundation has decided to support OFTAL in a new projectthat aims at expanding the number of potential beneficiaries of transport services
and at extending the offer of free transport beyond ordinary needs, leading to thenecessity of increasing the number of available vehicles and volunteers available asdrivers. The Foundation has thus supported OFTAL with the purchase of a newvehicle equipped for people with disabilities and mobility difficulties and by financing
the creation of training courses for volunteers aimed at raising awareness about theneeds and safety of the people who will use the service.
▪ Foundation Provvida Madre - active in Switzerland since 1970, the Provvida Madre
Foundation operates facilities and services for disabled minors and adults. The
Foundation welcomes

25. For more information about the Foundation please refer to the following link: https://giorgiodeianafoundation.ch/en/home-en/
26. Please note that these are just a few of the projects supported by the Foundation. Visit the link for a full overview.

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children and adults with severe physical and/or mental disabilities. Ferrari Group has
contributed to the Mirtillo project, a pedagogical activity that involves a horsing
experience for a group of disabled adults through the purchase of a lifter andfinancial support for the management of the horse at the stable to allow thepedagogical activity to continue.
▪ Continued support for the Avventuno Association: the Foundation has been
supporting the activities of the Foundation and in 2023 it has supported it specifically27
in its Bimodal Communication project, DADO project and Summer Camp Project.
Spotlight on the DADO project - the project includes outings and meetings with agroup of adolescents and young adults with Down syndrome. The meetings are
regular and a path towards autonomy is also planned for each boy/girl, which yesdevelops with meetings with the family and the choice of specific autonomy
objectives (use of money, use of public transport, etc.). Awareness-raising meetings
are also in the works, however this group, on the theme of affection and friendships,
including moments of reflection on the use of the telephone and social media in a
prevention perspective.

When exceptional and unfortunate events have occurred leading to the loss of
individuals dear to the Foundation and the Group28, the Foundation has provided
support to the families affected attempting to bring relief in their loss.
IWA Foundation Hong Kong
Ferrari Logistics (Asia) Ltd. has long engaged in a partnership with the IWA
Association. Every December, an annual charity event takes place at Sandy Bay, HongKong. The event consists of two main attractions: the “Market”, a charity bazaar withproducts donated by the sponsors, and the “Gourmet Corner”, where people can sit
and enjoy tasty Italian snacks and meal. This charity event aims at raising funds forthe projects of the paediatric hospital ‘Duchess of Kent ‘, specialized in thetreatment of orthopaedic, neurological and degenerative diseases. On top of being ofgreat help to the Paediatric Hospital, the funds raised during this event also benefit
other needy charity in Hong Kong and Macau.
This important annual event aims at reuniting the Italian and local community andwith it, all the people, companies and institutions who see in the “Italian Day at Sandy
Bay” an important opportunity to contribute to the success of this charity event.
In November 2023, with the support of Ferrari, over 560,000 HKD were raised at theCharity Bazaar. The precious contribution of Ferrari will enable IWA to sponsor
projects for the Society for the Relief of Disabled Children and other Charities locatedin Hong Kong, China, Cambodia and Mongolia, on top of the projects and charities
selected by Operation Santa Claus.
27. Bimodal communication (sign+word) is a communication system that involves the use of signs together with verbal language. It does
not replace verbal language, it is a tool that acts as a bridge between the preverbal period and the development of a verbal language
sufficiently elaborate for quality interactions.
28. These events have occurred exclusively in circumstances beyond the scope of work. This report will not disclose further information anddetails on these type of reliefs due to privacy reasons.

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OUR ECONOMICRESPONSIBILITY
14. OUR ECONOMIC PERFORMANCE
Ferrari Group performed in an excellent way during all the year 2023,
confirming 2022 margins and increasing its volume of activities andturnover. Furthermore, for the first time in its history, it exceeded 333
million in turnover, with a huge increase compared to the turnoverrecorded in 2022.
The growth is due to the Ferrari's ability to increase the volumes of its
business with both existing and new customers in all the geographicalareas in which it operates (please refer to the segment information in
Ferrari Group’s consolidated financial statement as of 31st December
2023 for further information).
In particular, the Group has achieved this positive result thanks to theadoption of disciplined growth strategy, already adopted in 2022,
which is based on four pillars:

BOOSTING RESILIENCE TO OVERCOME
CHALLENGES AND CRISISPARTNERING WITH CUSTOMERS TO CREATEFLEXIBILITY AND EMBRACE EVOLVINGPRIORITIESENGAGING EMPLOYEES TO HELP THEM
ADAPTING TO NEW WORK CONDITIONSACCELERATING CAPABILITIES TO MEET NEEDS
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15. ECONOMIC VALUE GENERATED AND
DISTRIBUTED

Thanks to the execution andgrowth of its business activity,
the Ferrari Group contributes
to developing the territory
where it operates, both insocial and economic terms.
The capability to generate
wealth and distribute it with
who contributes to the activity
can be estimated by
calculating the direct economic
value generated anddistributed to stakeholders.

Economic value
generated ofabout Euro 339
million+7%

with respect to2022

The direct economic value generated by the Group, according to the consolidated
income statement as of December 31st 2023, is approximately Euro 339 million,
increased by around 7% with respect to 2022.
The economic value distributed to stakeholders is approximately Euro 287 million,
whose main share is allocated to suppliers, representing 53% of the value.

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The distributed economic value can be broken down as follows:
Economic value (Euro/000)

2023

2022

Direct economic value generated

338,620

317,844

Economic value distributed

287,588261,718

to suppliers

152,108

144,863

to employees

97,29985,089to the Public Administration

14,927

17,088to the financial community

2,314

1,273

to Shareholders

20,00010,000to Minority Shareholders

692

3,187

to communities

246

217

Economic value retained by the Group

51,03256,12629

Economic value distributed as of December 31st, 2023
Economic value distributed

2023

2022

to suppliers

52.9%

55.4%

to employees

33.8%

32.5%

to the Public Administration

5.2%

6.5%

to the financial community

0.8%

0.5%

to Shareholders

7.0%

3.8%

to Minority Shareholders

0.2%

1.2%

to communities

0.1%

0.1%

29. The difference between the dividends disclosed in this Sustainability Report and those disclosed in the Consolidated Financial
Statement is due to the allocation of dividends on an accrual basis with respect to the profits generated. In particular, the 13 mln ofdividends attributed to the economic value distributed in 2021 were resolved and paid in 2022. Therefore, for the purpose ofmatching the dividends reported in the Sustainability Report 2022 and those reported in the Consolidated Financial Statement
2022, it is necessary to add the dividends distributed to shareholders in the two years (23 mln).

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ANNEXGRI Standards Content Index
The Sustainability Report 2023 of Ferrari Group PLC references the following GRI Standards:
Ferrari Group PLC reported with reference to
GRI Standards for the period starting fromJanuary 1st, 2023 to December 31st, 2023.

Declaration of use:

GRI 1 used

GRI 1 - Foundation 2021

Relevant GRI industry standard

Not applicable

GRI 2: GENERAL DISCLOSURES (2021)

GRI INDICATORPAGENOTES ANDOMISSIONSThe organization and its reporting practices

GRI 2-1

Organization details

4; 6-12

GRI 2-2

Entities included in the organization’ssustainability reporting

4;12

GRI 2-3

Reporting period, frequency and contact
point

3-4

GRI 2-4

Restatements of information

4; 30;32-33;42;47;50
52

GRI 2-5External assurance

4; 72-74

Activities and workers

GRI 2-6

Activities, value chain and other business
relationships

7-11

GRI 2-7

Employees

40-44

GRI 2-8

Workers who are not employees

40-42

Governance

GRI 2-9

Governance structure and composition

12

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Strategy, policies and practices

GRI 2-22

Statement on sustainable development strategy

1-2

GRI 2-23

Policy commitments

13-15; 47

GRI 2-24

Embedding policy commitments

18-19; 20; 22

GRI 2-25

Processes to remediate negative impacts

16-21

GRI 2-26

Mechanisms for seeking advice and raisingconcerns

13-14; 17-19

GRI 2-27

Compliance with laws and regulations

16

Stakeholder engagement

GRI 2-29

Approach to stakeholder engagement

24-25

GRI 2-30

Collective bargaining agreements

50

SPECIFIC STANDARD DISCLOSUREGRI Indicator

Page

Notes and omissions

GRI 3: Material Topics (2021)

GRI 3-1

Process to determine material topics

25

GRI 3-2

List of material topics

25-27

Business continuity and investors' relation

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

17-21;
58-59; 63

GRI 201: Economic Performance (2016)

GRI 201-1

Direct economic value generated and distributed

6; 63-65

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Ethics and integrity

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

13-17; 21; 58-59

GRI 205: Anti-corruption (2016)

GRI 205-3

Confirmed incidents of corruption andactions taken

15

GRI 206: Anti-competitive behavior (2016)

GRI 206-1

Legal actions foranti-competitive behavior, anti-trust,and monopoly practices

16

Climate Strategy

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

28-33; 36-39

GRI 302: Energy (2016)

GRI 302-1

Energy consumption within theorganization

6; 30-31

GRI 305: Emissions (2016)

GRI 305-1

Direct (Scope 1) GHG emissions

6; 31-32

GRI 305-2

Energy indirect (Scope 2) GHG emissions

6; 31-32

GRI 305-3

Other indirect (Scope 3) GHG emissions

33

Waste Management

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

34-35; 38

GRI 306: Waste Management (2016)

GRI 306-1

Waste generation and significant wasterelated impacts

34-35; 38

GRI 306-2

Management of significant impacts
related to waste

34-35; 38

GRI 306-3

Waste generated

6; 34

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Human Rights, Diversity and non-discrimination

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

13-15; 40-42

GRI 401: Employment (2016)

GRI 401-1

New employee hires and employee turnover

44-45

GRI 405: Diversity and Equal Opportunity (2016)

GRI 405-1

Diversity of governance bodies and employees

15; 46-47

GRI 406: Non-discrimination (2016)

GRI 406-1

Incidents of discrimination and corrective
actions taken

47; 57-59

Occupational health and safety

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

19; 50-53

69|FERRARI GROUP | WWW.FERRARIGROUP.NETGRI 403: Occupational Health and Safety (2018)

GRI 403-1

Occupational health and safety management
system

50-52

GRI 403-2

Hazard identification, risk assessment, andincident investigation

19; 52-53

GRI 403-3

Occupational health services

50-52

GRI 403-4

Workers’ participation, consultation, andcommunication on occupational health andsafety50-51; 57-59

GRI 403-5

Workers training on occupational health andsafety19; 51

GRI 403-6

Promotion of worker health21; 57-59

GRI 403-7

Prevention and mitigation of occupational
health and safety impacts directly linked bybusiness relationships

19; 50-52

GRI 403-9

Work-related injuries

51-53

GRI 403-10

Work-related ill health

51-53

Work environment and professional development

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

48-49

GRI 404: Training and Education (2016)

GRI 404-3

Percentage of employees receiving regularperformance and career development reviews

48-49

Customer satisfaction and privacy

GRI 3: Material Topics (2021)

GRI 3-3

54-56

Management of material topics

GRI 418: Customer Privacy (2016)

GRI 418-1

Substantiated complaints concerning breachesof customer privacy and losses of customer
data

55

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Material topics not GRI

Supply chain's responsible management

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

57-60

Innovation and digitalization

GRI 3: Material Topics (2021)

GRI 3-3Management of material topics

33; 55-56

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