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Business Model

The Company's main sources of revenue are:

1) Revenue from Television and Media Rights:

This revenue originates from the commercialization of audiovisual and media rights, primarily derived from: (a) the centralized negotiation, operated by Lega Serie A according to law, of television (and other platform) broadcasting rights for football matches related to competitions organized by Lega Serie A itself; and (b) proceeds, paid by UEFA and FIFA, resulting from the negotiation and exploitation of commercial rights (television rights and advertising space exploitation) related to participation in their respective competitions.

Additional revenue comes from the commercialization of the club's archive (the "library"), mainly to Italian and foreign broadcasters, as well as from the self-production of home matches.

2) Commercial Revenue and Other Revenue (Sponsorship and Advertising Revenue, Revenue from Product Sales and Licenses, and Other Revenue):

Sponsorship and advertising revenue consists of the economic exploitation of the name, image, trademarks, and visibility spaces associated with the Club's activities. This revenue primarily derives from payments made by the technical sponsor, the main sponsor, and other official partners of the Company (on a global scale or in specific territories); sponsorship revenue also includes the stadium naming rights.

Commercial revenue also includes: proceeds related to royalties generated by licensing activities connected to the sale of Juventus-branded products through physical or digital channels (for product categories excluded from the contract with the technical sponsor), and royalties recognized by the technical sponsor (for sales of co-branded products).

"Other revenue" mainly includes Memberships, Stadium & Museum Tours, other events at the Stadium, Museum activities, and revenue from Academies and summer camps.

3) Matchday Revenue:

This consists essentially of income derived from the sale of tickets and season tickets (with related hospitality services) for matches played by the Men's First Team at the Allianz Stadium, as well as the commercial exploitation of the Men's First Team for tours and/or friendlies in the form of appearance fees. Since September 8, 2011, Juventus has played its home matches at the Allianz Stadium; this innovative, proprietary stadium (which hosts over 41,000 spectators) has allowed the Club, over the past few years, to significantly improve its offering to fans for home matches.

4) Revenue from Player Rights Management:

This revenue is obtained by Juventus through football transfer market activities. This profitable activity has also been promoted by the recent expansion of the club's sporting boundaries, allowing for the growth and development of young players.

STRATEGY

The Development Plan has been defined taking into account the following main objectives: (1) achieving and maintaining sporting competitiveness at Italian and international levels, (2) increasing the visibility of the Juventus brand, (3) achieving and consolidating economic/financial equilibrium, as well as (4) a significant and structural reduction of net financial debt.

1) Achieving and maintaining sporting competitiveness at Italian and international levels:

In order to consolidate the Company's leading position in the Italian and international landscape, the Development Plan foresees the implementation of Transfer Campaigns characterized by careful and disciplined management of investment and divestment operations, with the aim of maintaining an adequate qualitative level of the squad and guaranteeing the necessary generational turnover over time. The ultimate goal is to continue building a high-level technical team that allows for the achievement of significant sporting results both nationally and internationally.

2) Increasing the visibility of the Juventus brand:

The leading brand in Italy for followers on the digital ecosystem, Juventus can be defined as one of the few true global sports franchises: by virtue of this, the Company's objective is to expand its partnerships both globally and regionally in all economic sectors. The Company intends to consolidate and diversify its operating revenue base and improve its profitability, while reducing the impact of its sporting performance.

3) Achieving and consolidating economic/financial equilibrium:

The fundamental objective of the Development Plan is to implement a sustainable growth model that allows for the maintenance of high standards of sporting results, without compromising the economic and financial equilibrium of the Company.

4) Significant and structural reduction of net financial debt:

Thanks also to the progressive economic recovery and the revised strategic approach to player transfer campaigns, the Company aims to significantly improve its annual cash flow. These maneuvers will allow for the reduction of financial debt in the short to long term.