In 2019 Juventus shareholders’ meeting has approved an amendment to the By-law in order to introduce the increased voting right (i.e. loyalty shares), whose purpose is to reward, through an increase of the right to vote (double vote), those shareholders that, by investing on a long-term commitment, can contribute towards a profitable and long-term sustainable growth of the enterprise. Pursuant to Article 6 of the Juventus By-law each Juventus Share entitles to one voting right, save for the acquisition of the double voting right when one share has been held by the same person (on the basis of a right in rem entitling to the exercise of the right to vote) for an uninterrupted period of time, not shorter than 24 months from the registration of such share in a special list. The full text of the By-law can be found under section “Articles of Association” of Juventus website (juventus.com). Further information on loyalty shares can be found in the “Increasing voting right regulations”, available under section “Voting rights and loyalty shares” of Juventus website (juventus.com). Please note that there are no restrictions on shares’ trading once they have been registered to be loyalty shares. Please further note that, in any event, in case of transfer of Juventus Shares, the seller will lose the double voting right (when accrued). In this regard, shareholders shall promptly notify the Company any circumstance and/or event, including the transfer of Juventus Shares, which causes the loss of eligibility for increased voting, in order to allow timely update of the special list.