Dear All

Two years after the creation of Giofex, the two shareholding families have decided to reinforce their collaboration and Romain Ferrari has been appointed as Board Member.

The dynamic at Giofex is impressive and a number of important events took place:

• New people joined us and have reinforced the teams
• The product offering has been clarified and extended
• A new IT system has been implemented
• Milton company has been acquired
• Giofex Poland has been created
• …. And much more are in the pipe.

Thanks to the involvement of all the teams, the sales have been growing as per our expectation and this is giving us a lot of confidence for the future.

We feel it is now time to accelerate Giofex development and to really empower an autonomous management team under the responsibility of Giovanni Giamminola.

We are therefore very pleased to announce that Giovanni will be appointed as CEO of Giofex Group as of today.

Giovanni will build a management team and together with this team they will be fully responsible to operate the business. It will be their responsibility to build, propose and execute a strategy to achieve the objectives given by the shareholders.

We wish Giovanni a lot of success and his mission and remain all available to support him whenever he wants.

We thank you to inform your team.

Carlo GIOVANARDI, Sébastien FERRARI, Romain FERRARI, Daniela GIOVANARDI, Philippe BRUN