At the meeting of the Board of Directors held on February 19, 2016, the Independent Director Laura Gualtieri resigned from the posts she held, effective immediately, due to newly arisen professional commitments. The Board of Directors then appointed Elena Vasco and NicolO Dubini to the post of Company Director, pursuant to Article 2386 of the Italian Civil Code and Article 11 of the Company Bylaws, as replacements for Paolo Lazzati and Laura Gualtieri, who resigned, after verifying that they met the independence requirements of Article 3 of the Corporate Governance Code of Borsa Italiana and Article 147-ter, Section 4, of the TUF. The term of office of the newly appointed Directors, who were drawn from a slate filed by the shareholder Sofil S.a.s. at the Shareholders' Meeting of April 17, 2014, will end with next Shareholders' Meeting.