All the members of the Board of Directors are domiciled for the office at the Issuer's registered office. Below a short CV of the members of the Board of Directors.

Riccardo Bruno graduated with honours in Electrical Engineering at the University of Naples in 1982, and earned a Master in Business Administration at the American University of Washington D.C. in 1985, specializing in finance. He started his professional career in the Finance Area of Banca Nazionale del Lavoro (1985-2000), where he was Head of Capital Market and Corporate Finance. He was Joint General Manager of the Cofiri Group for ten years (1990-2000), coordinating the Group's activities in the Capital Market, Corporate Finance, Private Equity and Corporate Financial Services areas towards the Investment Bank model, participating first hand in the implementation of the major restructuring and privatization transactions undertaken by the IRI Group. From 2000 to 2008, he was Managing Director and Member of the European Management Committee (2000-2004) of Deutsche Bank AG and Country Head of Corporate and Investment Banking in Italy. He was Senior Partner and Executive Director of Clessidra SGR from December 2008 to February 2017, contributing significantly in this position to the investment strategy and management of the Clessidra Capital Fund I, II and III investment portfolio. He currently sits on the board of Atlantia S.p.A., Credito Emiliano S.p.A. and Evinrude S.r.l., and is Sole Director of Capital Insight Partners S.r.l.. He is also lecturer on the Structured Finance course (Master's Degree in Management, specialist area of Corporate Finance) at the LUISS Guido Carli University of Rome, where he was previously adjunct professor on the Capital Markets course (Master's Degree in Economics and Business Management).

Graduated in Business Administration at the University of Bergamo in 1987, in 1990 he obtained an MBA at the Bocconi University in Milan.
In the past he held different roles at the subsidiaries of Banca Agricola Milanese and Credito Bergamasco. In the 90s he joined the world of furniture in multinational companies: in particular from January 1991 until March 1997 he was Managing Director and General Manager of Nicolini Cucine S.p.A. and Ernestomeda S.p.A. and from April 1997 to August 2005 he was General Manager of the Kitchen Division of Poliform S.p.A..

Graduated in Law at the Sapienza University of Rome in 1996 and 2 years later he obtained an MBA at LUISS University in Rome.
After a brief experience in law offices, he started an advisory firm. In 2002 he joined the paper mill industry with roles in the management control division. He was a director of the Fiuggi Cooperative Credit Bank’s Administration from 2006 to 2009 and President of the Fil.Cart Consortium from 2009 until 2014.
In 2003 he became a member of the Group, where he was CFO in CDG, later becoming Executive Director.
At the Date of the Admission Document, he is CEO of CDG and BEG’s Single Administrator.
He is also President of Unindustria Roma-Frosinone-Latina-Rieti-Viterbo for the graphic and printed paper industry.

Paolo Pietrogrande graduated in Chemical Engineering at the “La Sapienza” University of Rome in 1981. He then furthered his education in management at the California Institute of Technology (USA), Insead (France) and lastly at the GE Learning Center in Crottonville (USA). Author of numerous publications, he was also Scientific Director of the Executive Master in Business Administration at the former Alma Graduate School, University of Bologna, and taught leadership, management and marketing at universities such as the Bologna Business School, Columbia University (USA), Istituto Superiore per Imprenditori e Dirigenti di Azienda (Palermo) and LUISS Guido Carli (Rome). He has held operational positions and roles on the board of directors of various European and international companies, including Pirelli S.p.A., Ducati Motor Holding S.p.A., IREN S.p.A. and Ryanair plc. From 1999 to 2001 he was, in particular, CEO of Enel Green Power. He currently sits on the board of directors of Maps S.p.A. and Falck Renewables S.p.A. and is Managing Partner at Netplan Management Consulting LLC.

Laura Calini graduated in Law at the Catholic University of Milan in 1994, and in 1998 passed the qualifying exam to practise law at the Court of Appeal of Milan. From 2000 to today, she has headed the legal departments of numerous companies, including Polaris Real Estate SGR S.p.A., Fabrica Immobiliare SGR S.p.A., Tank SGR S.p.A., RREEF Italia (i.e., the division of Deutsche Bank S.p.A. that handles investments and real-estate management on behalf of third parties), and Deutsche Bank Fondimmobiliari SGR S.p.A.. She is currently Head of Corporate Affairs and Regulatory at InvestiRE SGR S.p.A..

Paola Carrara graduated with honours in Business Administration at the University of Bergamo in 2000, and in 2015 obtained the Master in “Board Members and Statutory Auditors of private and public companies” from the Business School of Il Sole 24 Ore. From 2000 to 2015, she was Senior Manager at KPMG S.p.A.. Since 2015, she has been listed in the Register of Public Accountants and Statutory Auditors. She is currently Chairman of the Board of Statutory Auditors and independent director of a number of listed companies and partner of Studio Rescigno Carrara. She is a scholar in the subject at the Faculty of Economics of the University of Bergamo on the General and Applied Accounting course