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.

Luca Peli graduated in Electrical Engineering at the University of Bologna in 1976. After a three-year experience as product engineer, he started his entrepreneurial career in 1979 by establishing HS Elettronica Progetti S.p.A., specialized in process automation. In 1989, he sold the majority of HS Elettronica Progetti S.p.A. to FORNARA S.p.A, a private holding company listed on the Milan Stock Exchange, in order to set up an automation hub with other companies from the Fornara Group, retaining his position as Chief Executive Officer. In the same year, he established Paritel S.p.A., based in Bologna, specialized in turnarounds associated with M&A operations; in more than 25 years of activity, he carried out numerous acquisition/restructuring/sale or consolidation transactions for established brands in the industry. In 2015, following the severe crisis affecting the machine tool industry where Paritel S.p.A. held its largest stakes, the company was admitted to the Extraordinary Administration procedure and Luca Peli participated in the successful closure of the liquidation plan. Subsequently, Luca Peli turned to consulting services for entrepreneurs and private investors, dedicating himself to change management activities, aimed both at reorganization and recovery processes, as well as the prep stage in M&A transactions, also in the role of Senior Advisor of EY and assistant to the bankruptcy section of the Milan Court.

Luigi Cologni graduated in Economics at the University of Bergamo in 1987, and earned an MBA at Bocconi University of Milan in 1990. After holding various positions at the branches of Banca Agricola Milanese and Credito Bergamasco, from January 1991 until March 1997, Luigi Cologni was Chief Executive Officer and General Manager of Nicolini Cucine S.p.A. and Ernestomeda S.p.A..
From April 1997 to August 2005, he was General Manager of the kitchen division of Poliform S.p.A..
In September 2005, he joined the Neodecortech Group, where he is currently Chief Executive Officer of the Issuer and Chairman of the Board of Directors of the subsidiary Cartiere di Guarcino S.p.A..

Massimo Giorgilli graduated in Law at La Sapienza University of Rome in 1996, and earned an MBA from LUISS Guido Carli University of Rome in 1998.
After a short stint with a law firm, he worked as a consultant in the field of business creation and development. In 2002, he started his own business in the paper manufacturing industry, dealing with management control. He was a member of the Board of Directors of Banca di Credito Cooperativo di Fiuggi from 2006 to 2009, and President of the Consortium of the Local Production System of the Lazio paper supply chain (Fil. Cart) from 2009 to 2014.
In 2003, he joined the Group, holding the position of CFO of Cartiere di Guarcino S.p.A., subsequently becoming Chief Executive Officer. Massimo Giorgilli is also Executive Director of the Issuer and Chief Executive Officer of the subsidiary Bio Energia Guarcino S.r.l., as well as Vice-President of Unindustria Rome-Frosinone-Latina-Rieti-Viterbo for the graphic and printed paper segment.

Gianluca Valentini graduated in Philosophy at the University of Bologna in 1988, and earned a Master in Philosophy M.A. from Indiana University in 1989 and an MBA from Bocconi University in 1991.
Subsequently, he was member of the Board of Directors and Attorney, among others, of Finanziaria Valentini S.p.A., Valfina S.r.l. and Industrie Valentini S.p.A..

Adriano Bianchi graduated cum laude in business administration at the Luigi Bocconi University of Milan in 1981, and earned a master degree in international finance cum laude from the New York University Stern School of Business in New York in 1987, where he was also research assistant to Prof. Edward I. Altman in the field of High Yield Bonds.
From 2007 to 2021, he was Managing Partner and head of the Italian practice of Alvarez & Marsal and, from May 2021, member of the European management committee of Alvarez & Marsal Restructuring (A&M) in London; he boasts over 35 years of managerial experience as Chief Executive Officer, General Manager, Chief Financial Officer, Chief Restructuring Officer, Finance Director and board member in listed and unlisted companies, industrial multinationals, financial institutions and service companies.
Before joining A&M, and until 2007, Adriano Bianchi was Chief Executive Officer of Impregilo International NV (The Netherlands), the holding company of Impregilo S.p.A.'s concessions business (now part of the WeBuild Group).
From 2001 to 2005, he was Chief Executive Officer of Mirant Italia as well as member of the Executive Committee and of the Board of Directors of Mirant Europe (Netherlands), the European holding company of the eponymous US group, listed in New York, active in the energy production and trading field.
From 1981 to 1995 and from 1998 to 2001, he was General Manager and Chief Financial Officer of Techint Finanziaria in Milan, the holding company of the Techint Group, a plant engineering and industrial group at the head of Tenaris and Ternium, both listed on the New York Stock Exchange. He was also Finance Director of Techint International Construction Corp. in Buenos Aires, a company operating in large infrastructure works at international level.
From 1995 to 1997, he worked in London as Executive Director of WestMerchant Bank (later acquired and merged into WestLB Group), where he headed the Project and Export Finance department for Latin America.

Sara Bertolini graduated in Economics at the University of Parma and at the University of Wales College of Cardiff in 1995. In 2022, she earned an MBA from the Milan Polytechnic.
From 1996 to 1997, she developed the "Max&Co" branded franchise network in Europe and worldwide as a member of the business development team of the franchise division of Max Mara Fashion Group. In 1998, she joined Ernst&Young, covering roles of increasing responsibility as Senior Manager of the Audit&Assurance and Transaction Advisory Services practices, until becoming Partner of the Turnaround and Restructuring business line in 2007.
Since 2018, she has worked with DeA Capital Alternative Funds SGR S.p.A., where she is Managing Director of Corporate Credit Recovery - Investment Fund II (CCR II).

Vittoria Giustiniani graduated magna cum laude in Law at the University of Milan in 1989, and then qualified as a lawyer in 1993, ranking first among the candidates promoted at the Court of Appeal of Milan.
A lawyer specialized in Corporate Law, Debt Restructuring, Capital Markets and Corporate Restructuring, she is an Equity Partner at Bonelli Erede Lombardi Pappalardo Law Firm and practices at the Milan office.
She joined Cera Cappelletti Bianchi in 1994 and followed it through its subsequent mergers: in 1995 into Erede e Associati, and in 1999 into BonelliErede. She became a partner of the firm on 1 January 2000.
She advises listed companies on specific matters of corporate governance and compliance with the regulations and best practices of public companies, and assists in IPOs, public purchase and/or exchange offers, placements of financial instruments and public M&As.

After working extensively with Bayer S.p.A. from 1974 to 2001 in roles of increasing responsibility, such as Product Manager and Head of Controlling, Ida Altimare became in 2002 Chief Executive Officer of Polymer Latex S.r.l. and director of the German parent company. Following the sale of the company to the Synthomer Group in 2011, Ida Altimare kept her position of Chief Executive Officer of the Italian subsidiary Synthomer S.r.l. and took on the role of Vice President of Global Human Resources as well as member of the Executive Board of the parent company Synthomer plc. in London.
In 2015, in addition to the positions already held, Ida Altimare was appointed Chief Executive Officer of the German Head Office Synthomer Deutschland GmbH, as well as Human Resources Director EMEA. Following several acquisitions from 2016, she was also appointed Chief Executive Officer of Synthomer Speciality Resins Srl (in the province of Cuneo) and Synthomer Leuna, GmbH, in Germany.
Following her retirement in 2017, Ida Altimare continued to serve as a consultant and was appointed Lead Independent Director of Caleffi S.p.A. in 2020.

Cinzia Morelli graduated in Modern Languages at the University of Milan, and from 1985 to 2004 built up significant experience in marketing with various Italian and foreign companies. In 2004, she joined Heineken (Amsterdam) in roles of increasing responsibility, until becoming Senior Director Global Marketing and member of the Global Commerce Board in 2015.
In 2016, she founded "The Marketing Capability Academy", advising multinational companies on marketing, with a focus on strengthening the effectiveness of marketing strategies and investment profitability. Concurrently, in 2017 she became Senior Advisor with Kearney and the Cannes Lions International Festival of Creativity, and in 2018 was appointed member of the Board of Directors of Safilo Group S.p.A., where she is Chairman of the Remuneration and Appointments Committee and member of the Related Party Transactions Committee.