NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, INWHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITSTERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE
DISTRICT OF COLUMBIA), CANADA, JAPAN, AUSTRALIA OR ANY OTHER JURISDICTION IN
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
This announcement is an advertisement and not a prospectus and not an offer of securities forsale in or into the United States, Canada, Japan or Australia, or any other jurisdiction where it isunlawful to do so.
PRESS RELEASESELLE ROYAL GROUP S.p.A. ANNOUNCES ITS INTENTION TO FLOAT ON THE EURONEXTMILAN.
THE GROUP OPERATES INTERNATIONALLY IN THE MARKETS OF SADDLES,COMPONENTS AND ACCESSORIES FOR BIKE AND CYCLIST

Pozzoleone (Vicenza), January 12, 2022 – Selle Royal Group S.p.A. (“Selle Royal” or the“Company”) announces its intention to proceed with the listing of its ordinary shares (the “Shares”)
on the Euronext Milan market organized and managed by Borsa Italiana S.p.A. (the “Listing”) and,should the specific requirements be met, on the Euronext STAR Milan segment.
It is envisaged that the free float required for the purposes of the Listing will be achieved through a
private placement (the “Offering”) reserved for qualified investors in Italy and abroad pursuant toRegulation S of the United States Securities Act of 1933, as amended (the “Securities Act”), and,in the United States of America limited to Qualified Institutional Buyers pursuant to Rule 144A of theSecurities Act, with the exclusion of those countries in which the Offering is not permitted without
specific authorization of the relevant authorities, in accordance with applicable laws or regulations,or by way of exception to such provisions.
It is also envisaged that the Offering will comprise: (i) newly issued ordinary shares of the Company
resulting from a share capital increase, with the exclusion of pre-emptive rights, and (ii) the sale ofordinary shares of the Company by the current shareholders, Dec. 28, 1928 Holding S.p.A. andWise Equity SGR S.p.A, in its capacity as asset management company of the alternative closedend investment fund named “Wisequity V” (the “Selling Shareholders”), which jointly hold the entire
share capital of the Company, with the aim of achieving the Borsa Italiana free float requirements.
It is also expected that the current controlling shareholder Dec. 28, 1928 Holding S.p.A. will retain
control of the Company following the Offering, including through the adoption of an increased voting
rights mechanism.
The final structure of the Offering together with the other relevant terms will be determined in
proximity to its launch and will be communicated immediately prior to the commencement of theOffering.
A greenshoe option is also expected to be granted by the Selling Shareholders in connection withthe Offering.
Each of the Company and the Selling Shareholders are expected to agree to lock-up arrangementswith respect to their respective holdings in the Company for a specific period of time following the1Offering, in line with market practice. In connection with the Listing, the Company will prepare aprospectus to be approved by CONSOB.
The commencement of the Offering will be subject to market conditions and to the obtainment of therequired approvals and authorizations from Borsa Italiana and CONSOB.
In connection with the Offering, Equita SIM S.p.A. and UBS Europe SE act as Joint GlobalCoordinators. Equita SIM S.p.A. is also acting as Sponsor of the admission to listing of the Shares.
Fieldfisher and Shearman & Sterling act as legal advisors for the Company, while Simmons &Simmons acts as legal advisor for the Joint Global Coordinators.
Capital For Progress Advisory S.r.l. is the Company’s financial advisor.
Once approved by CONSOB, the prospectus will be published and made available free of charge atthe beginning of the offer period on the Company’s corporate website (www.selleroyalgroup.com),subject to the legal restrictions applicable in certain jurisdictions.
Further details of the Offering and the Listing will be announced at a later date.

CONTACTS
www.selleroyalgroup.com

Media Contacts

Investor Relations

Close To Media
Nicola Guglielmi+39 366-6190711
nicola.guglielmi@closetomedia.it
Lorenza Delucchi+39 337-1064754
lorenza.delucchi@closetomedia.it

Selle Royal Group S.p.A.
Alberto Pat+39 0444461100
alberto.pat@selleroyalgroup.com***

Selle Royal Group
With consolidated revenues of 205.1 million Euro, EBITDA of 36.4 million and a net profitof 18.5 million as at 30 June 2021, the Selle Royal Group operates internationally on themarkets of saddles, accessories and components for bicycles and cyclists. For over 65years, the Selle Royal Group has been working on bicycle as a connection with the outside
world. It is a unique global case of a company of accessories and components for thebicycle and its users that owns several brands - Selle Royal, Fizik, Crankbrothers, Brooks
England, PEdALED – each one targeting a different tribe of cyclists. The Group is presentin over 80 countries worldwide through its direct distribution network (Italy, France, Austria,Switzerland, USA, Canada and Brazil) and commercial partnerships.

2***DISCLAIMER
This document is an announcement and not a prospectus for the purposes of Regulation (EU) 2017/1129 (the“Prospectus Regulation”), and as such does not constitute an offer to sell or the solicitation of an offer topurchase securities of Selle Royal Group S.p.A. (the “Company”). A prospectus prepared pursuant to theProspectus Regulation, Commission Delegated Regulation (EU) 2019/980, the Commission DelegatedRegulation (EU) 2019/979 (the “Delegated Regulations”), Legislative Decree no. 58/1998 of 24 February
1998, as subsequently amended (the “Consolidated Financial Law”) and Regulation adopted by CONSOB
with Resolution no. 11971 of 14 May 1999, as subsequently amended (the “Issuers’ Regulation”), is expected
to be approved by CONSOB and be made available in accordance with the requirements of the Prospectus
Regulation, the Delegated Regulations, the Consolidated Financial Law and the Issuers’ Regulation. Any offerof securities to the public that may be deemed to be made pursuant to this communication in any EU Member
State is addressed solely to qualified investors (within the meaning of Article 2(1)(e) of the Prospectus
Regulation) in that Member State.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitationof any offer to purchase or subscribe for any shares or any other securities, nor shall it (or any part of it) or thefact of its distribution form the basis of, or be relied on in connection with, any contract therefor. The Offeringand the distribution of this announcement and other information in connection with the Offering in certain
jurisdictions may be restricted by law and persons into whose possession this announcement or any document
or other information referred to herein comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any suchjurisdiction.
The communication is directed only at persons (a) in member states of the European Economic Area (“EEA”)
who are “qualified investors” (“Qualified Investors”) within the meaning of the Prospectus Regulation, or (b) inthe United Kingdom who (i) are “qualified investors” within the meaning of Article 2 of the Prospectus Regulation
as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”) (the “UKProspectus Regulation”); and (ii) have professional experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”)
falling within Article 49(2)(a) to (d) of the Order (and only where the conditions contained in those Articles havebeen, or will at the relevant time be, satisfied) (all such persons referred to in (b) being “Relevant Persons”).
The Information must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant
Persons, and (ii) in any member state of the European Economic Area, by persons who are not Qualified
Investors. Any investment or investment activity to which the Information relates is available only to or will beengaged in only with, (i) Relevant Persons in the United Kingdom, and (ii) Qualified Investors in any member
state of the European Economic Area. Any investment activity to which this communication relates will only beavailable to and will only be engaged in with, relevant persons. Any person who is not a relevant person should
not act or rely on this document or any of its contents.
Neither this announcement, nor any copy of it may be taken, transmitted or distributed, directly or indirectly,
into Australia, Canada, Japan, or to any persons in any of those jurisdictions or any other jurisdictions whereto do so would constitute a violation of the laws of such jurisdiction. The securities referred to herein have notbeen and will not be qualified under the applicable securities laws of Australia, Canada, Japan and, subject tocertain exceptions, may not be offered or sold within Australia, Canada, Japan or to any resident or citizen ofAustralia, Canada, Japan.
This announcement does not constitute an offer for sale of, or a solicitation of an offer to purchase or subscribe
for, any securities in the United States. No securities of the Company have been registered under the U.S.
Securities Act of 1933, as amended, and the Company does not intend to register any of the securities in theUnited States or to conduct a public offering of the securities in the United States. There will be no public
offering of the securities in the United States or elsewhere.
This announcement does not constitute a recommendation concerning the Offering or the shares of theCompany. The price and value of securities can go down as well as up. Past performance is not a guide to3

future performance. Information in this announcement or any of the documents relating to the Offering cannot
be relied upon as a guide to future performance. Potential investors should consult, to the extent they deemnecessary, a professional investment, business, tax, and/or legal advisor as to the suitability of the Offering forthe person concerned.
Any purchase of shares of the Company in the proposed Offering should be made solely on the basis of theinformation contained in the offering documents and the prospectus to be approved by CONSOB for thepurposes of the admission to trading on the Euronext Milan. The approval of the prospectus by CONSOB shallnot constitute an evaluation of the economic and financial soundness of the transaction and the quality orsolvency of the Company. No reliance may or should be placed by any person for any purpose whatsoever on
the information contained in this announcement or on its completeness, accuracy or fairness. The informationin this announcement is subject to change.
Certain figures contained in this document, including financial information, have been subject to rounding
adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in thisdocument may not conform exactly with the total figure given.
None of the banks acting as joint global coordinators and joint bookrunners in the contest of the potential initialpublic offering (the “Managers”) or any of their respective directors, officers, employees, advisers or agents
accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or
implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any
information has been omitted from the announcement) or any other information relating to the Company, its
subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoevertransmitted or made available or for any loss howsoever arising from any use of this announcement or its
contents or otherwise arising in connection therewith. Nothing contained herein is, or shall be relied upon as,
a promise or representation by the Managers or any of their respective directors, officers, employees, advisers
or agents in this respect, whether as to the past or future.
None of the Managers or any of their respective directors, officers, employees, advisers or agents assumes
any responsibility for its accuracy, completeness or verification and accordingly the Managers and each of theirrespective directors, officers, employees, advisers or agents disclaim, to the fullest extent permitted byapplicable law, any and all liability whether arising in tort, contract or otherwise which they might otherwise befound to have in respect of this announcement or any such statement. The Managers are each acting
exclusively for the Company and the Selling Shareholders in the transaction referred to in this announcement
and for no-one else in connection with any transaction mentioned in this announcement and will not regard anyother person (whether or not a recipient of this announcement) as a client in relation to any such transaction
and will not be responsible to any other person for providing the protections afforded to their respective clients,
or for advising any such person on the contents of this announcement or in connection with any transactionreferred to in this announcement.
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU
on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission DelegatedDirective (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II
Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract orotherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may
otherwise have with respect thereto, the Shares have been subject to a product approval process, which has
determined that such Shares are: (i) compatible with an end target market of retail investors and investors whomeet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligiblefor distribution through all distribution channels as are permitted by MiFID II to such target market (the “TargetMarket Assessment”). Notwithstanding the Target Market Assessment, distributors should note that: the priceof the Shares may decline, and investors could lose all or part of their investment; the Shares offer noguaranteed income and no capital protection; and an investment in the Shares is compatible only with investors
who do not need a guaranteed income or capital protection, who (either alone or in conjunction with anappropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment andwho have sufficient resources to be able to bear any losses that may result therefrom. The Target Market
Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions
in relation to the offering.

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Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Managers will only procure
investors who meet the criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability
or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors
to invest in, or purchase, or take any other action whatsoever with respect to the Shares. Each distributor is
responsible for undertaking its own target market assessment in respect of the Shares and determining
appropriate distribution channels.

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