Juventus Football Club S p A : Annual financial report at 30 June 2021

ANNUAL FINANCIAL REPORT AT 30 JUNE 2021

Approved by the Board of Directors' Meeting of 17 September 2021

Letter from the Chairman

Report on Operations

Board of Directors, Board of Statutory Auditors and Independent Auditors Group profile

Corporate Governance Report and Remuneration Report Main risks and uncertainties to which Juventus is exposed Significant events in the 2020/2021 financial year Review of results for the 2020/2021 financial year Significant events after 30 June 2021

Business outlook

Human resources and organisation Responsible and sustainable approach Other information

Proposal to approve the financial statements and cover losses for the year

Consolidated Financial Statements at 30 June 2021

Consolidated statement of financial position

Consolidated income statement

Consolidated statement of comprehensive income

Statement of changes in consolidated shareholders' equity

Consolidated cash flow statement

Notes to the financial statements

Certification pursuant to Article 154-bis of Italian Legislative Decree no. 58/1998 Independent Auditors' Report

Financial Statements at 30 June 2021

Statement of financial position

Income statement

Statement of comprehensive income

Statement of changes in shareholders' equity

Statement of cash flows

Notes to the financial statements

Proposal to approve the financial statements and cover losses for the year Certification pursuant to Article 154-bis of Italian Legislative Decree no. 58/1998 Board of Statutory Auditors' Report

Independent Auditors' Report

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This document is available on the website www.juventus.com

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LETTER FROM THE CHAIRMAN

Dear Shareholders,

The victories of the last 10 years have been accompanied by the Company's extraordinary development in terms of revenues, affirmation of the brand in the global scenario, and in terms of infrastructure (Stadium and Village), sports planning (Women and U23) and staff. I am convinced that today Juventus has the right characteristics to face future challenges. It is fair to underline, however, that at the time of maximum tension towards development, with massive financial means made available to the Company, football and Juventus in particular, have suffered a very severe blow due to the Covid-19 pandemic. The damage caused was enormous. Entire revenue lines disappeared overnight, while the cost base remained unchanged. The system's overall liquidity shortage is estimated to amount to €8.5 billion.

Stadiums standing empty for almost two years are the symbol of what has happened and their reopening must not distract us from the constraint on football this has crudely revealed, exposing all its structural weaknesses.

Accustomed in the last 20 years to double-digits growth in a totally inelastic manner compared to all the crises that hit the economy and society in the same period, football has developed within itself an excessive confidence that has translated into in excessive confidence with risk. The crisis also interrupted the continuous growth in the overall value of transactions for the acquisition and sale of players' services (approximately -50% in 2021 compared to 2019), which for many clubs had become a significant component of the business model for mitigate the sport risk, which in our industry coincides with economic and financial risk.

The overall instability and, therefore, weakness of the football sector cannot, and must not, be attributed exclusively to the pandemic.

The great football institutions, which in the beginning performed the function of independent third parties and guarantors of the correct application of the rules, have gradually added to the role of regulators that of organisers, brokers, distributors of football as a product and, ultimately, the earners and distributors of proceeds.

The sound and credible planning of a Club cannot be based on obsolete scaffolding systems, on pain of the collective sector's decline, which is the least desirable outcome for football, the most popular sport in the world.

Moreover, we have been talking for years about Generation Z, its values, its needs. The post-Covid-19 world belongs to this new generation, which now ranges from 12 to 21 years of age. Football must remain central in their free time, in their interests mix. The opportunities provided by the digital revolution can certainly help bring these young people closer to the sport. In this sense, the debate and criticisms on the use of "live" matches with means other than traditional television are anachronistic and destined to disappear. In the digitalised world, users have an enormous power of choice, which cannot be ignored and, therefore, they will choose according to their own inclinations and the values that represent them.

This is not the right place to go back to the reasons for the start of the Super League, but it is appropriate to take into account the fact that this new competition, which aims to offer the world the best football events, includes in its regulations three values essential for the stability of the football industry: (i) a new shared framework for cost control, which contributes, contrary to what has been stated even in authoritative forums, to the competitive balance of competitions; (ii) a strong commitment to solidarity and mutuality; (iii) a central role for the performance of clubs in European competitions and for their contribution to the development of talents as founding elements of a new concept of sporting "meritocracy" (a concept that cannot be based exclusively on domestic performance in accordance with geopolitical and commercial balances which should remain outside the essence of sport).

In summary: a new merit-based paradigm and a return to fundamentals: cost control and transparency, with

three categories of stakeholders at the heart of the project: (i) fans, who dictate demand for the product; (ii) players, the protagonists of the matches - both for club and national competitions; (iii) investors, who assume all the entrepreneurial risk of the football industry. This is new paradigm that football cannot continue to neglect and on the basis of which political dialogue will have to resume.

Nothing should be taken for granted, everything can be improved, reviewed. As Edoardo Agnelli said almost a century ago: "We must commit ourselves to do well, but remembering that something done well can always

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be done better".

Football is the most popular sport in the world, the black and white colours, like those of many other clubs, have always participated in this show. It is the precise duty of those who represent the Company to guarantee the utmost professionalism, commitment and integrity so that Juventus can keep faith with its history.

Juventus will be there and the support of my family, for almost a century, is the most tangible testimony and the best guarantee to continue to play a leading role in the great spectacle of football: sharing the same passion with hundreds of millions of fans worldwide.

Andrea Agnelli

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BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS

Board of Directors
Chairman	Andrea Agnelli
Vice Chairman	Pavel Nedved
Non-independent Directors	Maurizio Arrivabene (Chief Executive, Football Area)1
	Francesco Roncaglio
	Enrico Vellano
Independent Directors	Paolo Garimberti
	Assia Grazioli Venier
	Caitlin Mary Hughes
	Daniela Marilungo

Remuneration and Appointments Committee

Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Mary Hughes

Control and Risk Committee

Daniela Marilungo (Chairman), Paolo Garimberti and Caitlin Mary Hughes

Board of Statutory Auditors
Chairman	Paolo Piccatti
Auditors	Silvia Lirici
	Nicoletta Paracchini
Deputy Auditors	Roberto Petrignani
	Lorenzo Jona Celesia
Independent Auditors
EY S.p.A.

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Expiry of the terms of office

The terms of office of the Board of Directors and of the Board of Statutory Auditors will expire on the date of the Shareholders' Meeting called to approve the Financial Statements at 30 June 2021.

The appointment of the Independent Auditors will expire on the date of the Shareholders' Meeting called to approve the Financial Statements at 30 June 2021.

1 The Board of Directors of 30 June 2021 resolved to delegate him to manage the Football Area and its related powers.

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