Update: I Grandi Viaggi S.p.A.

The research contained in this web page regarding the company listed on Euronext Milan or Euronext Growth Milan (the “Research”) has been prepared solely for internal informational and illustrative purposes concerning the strategy of Hoop Club S.p.A. (“Hoop”) and does not in any way constitute or form part of an offer to the public of financial products in Italy, as defined under Article 1, paragraph 1, letter t), of the Italian Legislative Decree No. 58 of 24 February 1998 (“TUF”), nor a solicitation of offers to purchase financial products pursuant to Articles 94-bis et seq. of the TUF and the Consob Regulation No. 11971/1999, and no offer or sale of such products will be made in any jurisdiction where such offer or sale would be unlawful.

This document does not constitute an offer of securities for sale in the United States of America, Australia, Canada, Japan, or in any other jurisdiction where such offer or sale is prohibited. It may not be published or distributed, directly or indirectly, in any such jurisdiction. Any financial products eventually mentioned herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The Research and any information contained herein do not and are not intended to constitute investment advice, legal advice, tax advice, or any other form of professional advice. No information contained in this document shall be considered as a recommendation or suggestion to make any investment decision within the meaning of Directive 2014/65/EU (MiFID II) and Delegated Regulation (EU) 2017/565.

All information, valuations, estimates, projections, and opinions contained in the Research are based on publicly available information and represent solely the subjective opinions of Hoop and as such shall be considered. Such information, valuations, estimates, projections, and opinions do not constitute professional appraisals, have not been independently verified, and should not be relied upon as a basis for making investment decisions. Anyone who/which may read or use the Research is expressly warned not to rely on such information, valuations, estimates, projections, and opinions for any purpose and to conduct its own independent analyses with the support of qualified experts.

All sources used have been expressly cited and are clearly identifiable in the document through footnotes and direct references. The information is derived from sources deemed reliable to the best of Hoop’s ability and belief, but its accuracy, completeness, timeliness, and representativeness cannot be guaranteed. Moreover, the information, valuations, estimates, projections, and opinions contained in this Research is of a partial nature and does not purport to provide a complete or exhaustive representation of the Company’s economic and/or financial condition, results of operations, or the Company’s financial instruments value. Accordingly, no reliance should be placed on this Research as the sole basis for any investment decision.

All information contained herein is either public or does not constitute inside information within the meaning of Regulation (EU) No. 596/2014 (“MAR”). This document does not contain, nor is it intended to disseminate, any inside information.

Investments in financial products involve significant risks, including the potential total loss of invested capital. Recipients of this document are expected to conduct their own independent, comprehensive evaluations using appropriate and statistically significant methodologies, consult with their own qualified legal, tax, and financial advisors, obtain independent appraisals from certified experts, and assess their financial position and risk tolerance. No investment decision should be made solely or primarily on the basis of the information contained herein.

Hoop Club S.p.A. and its directors, employees, and advisors expressly disclaim any liability for losses or damages of any nature arising from the use of the Research, the reliance on any information contained herein, or any acknowledged methodological limitations.

The information contained herein is current as of the date of preparation and may not reflect subsequent developments. This document will not be updated to reflect changes in market conditions, the availability of new data, or other circumstances occurring after the date of preparation.

Anyone who/which may read or use the Research should assume that as of the publication date of this Research, Hoop – indirectly through a controlled subsidiary – holds a significant stake in the company subject of the Research.