FERRARI SHARE REPURCHASE PROGRAM

Rhea-AI Summary

Ferrari N.V. (NYSE: RACE) has announced the restart of its share repurchase program with a fourth tranche of up to €150 million, effective March 12, 2021, until September 30, 2021. The program includes a €120 million execution on the MTA market and €30 million on the NYSE. Since its inception in 2018, Ferrari has repurchased 3,809,334 shares for approximately €513 million. Currently, the company holds 9,175,609 shares in treasury. This move is part of a strategic plan to enhance shareholder value amidst ongoing market fluctuations.

Positive

• Restarting the share repurchase program may enhance shareholder value.
• A total of €150 million allocated in the fourth tranche indicates strong financial health.

Negative

• None.

Maranello (Italy), March 11, 2021 - Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) communicates its intention to restart its multi-year share repurchase program announced on December 28, 2018 (the “Program”) with a fourth tranche of up to Euro 150 million to start on March 12, 2021 (“Fourth Tranche”) and to end no later than September 30, 2021, of which up to Euro 120 million to be executed on the MTA market under a non-discretionary share repurchase agreement with a primary financial institution and up to Euro 30 million to be executed on the NYSE under an additional mandate with a primary financial institution.
According to the Program, to date Ferrari has acquired 3,809,334 common shares for a total consideration of approximately Euro 513 million, with the last purchase having been made on March 30, 2020, when the Program was temporarily suspended at the inception of the pandemic outbreak.
The Fourth Tranche will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders held on April 16, 2020. The repurchases will be made in accordance with applicable laws and regulations.
As of today, the Company holds 9,175,609 common shares in treasury.

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¹ Including the share repurchased by Ferrari according to the standard practice Sell to Cover deriving from the 2019 equity incentive plan

Attachment

• FNV BB Restart PR ENG

FAQ

What is the amount of the new share repurchase tranche announced by Ferrari?

Ferrari announced a new share repurchase tranche of up to €150 million.

When does the fourth tranche of Ferrari's share repurchase program start?

The fourth tranche is set to start on March 12, 2021.

How much has Ferrari spent on share repurchases to date?

To date, Ferrari has spent approximately €513 million on share repurchases.

What percentage of the new tranche will be executed on the NYSE?

Up to €30 million of the new tranche will be executed on the NYSE.

How many shares does Ferrari currently hold in treasury?

Ferrari currently holds 9,175,609 common shares in treasury.