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Definitions of terms used

Excellence 360º Plan: estimated efficiency savings for the 2019-2023 period

Operating Working Capital: Inventories + trade receivables – trade payables

Net Financial Debt: Bank borrowings + bond issuance - cash

Net Financial Debt / EBITDA: Net financial debt / annualised EBITDA

EBIT: Operating income

Adjusted EBIT: EBIT, stripping out material extraordinary items

EBITDA: Operating income + depreciation and amortisation + variation of current provisions

Adjusted EBITDA: EBITDA, stripping out material extraordinary items

Debt Ratio: Net financial debt / equity

Net financial result: Financial income – financial expenses ± exchange rate variations

ROCE: Net operating income / (equity + net financial debt)

ROE: Profit/(Loss) after tax and non-controlling interests / equity

ICR (interest coverage ratio): EBIT / financial expenses