Ferrari N : Address from the Chairman and CEO

FERRARI N.V.

ANNUAL GENERAL MEETING

ADDRESS FROM

CHAIRMAN JOHN ELKANN

AND

CEO BENEDETTO VIGNA

APRIL 14, 2023

John Elkann, Chairman of Ferrari N.V.:

Good morning, Shareholders,

and welcome to this Annual General Meeting of Ferrari.

It is my pleasure to present to you the Company's outstanding financial performance, and its main achievements in 2022.

Results that are even more impressive in the face of the challenges our industry is facing. The automotive sector is at a crossroads, the challenges are many, but so are the opportunities - We have the chance to accelerate Ferrari's ability to lead on the delivery of next-generation technologies at the top end of the luxury industry and we relish it.

In this evolving landscape, I believe that the single quality which will help companies succeed is agility: the ability to "read" events and respond to them with action… to identify priorities and at the same time be open to change... to be flexible and adjust quickly.

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Once again, Ferrari is proving not only its resilience but also its agility. In the current macroeconomic scenario, the responsiveness of this Company and the strength of its business model are making the difference.

Let me take this opportunity to thank Benedetto, the Leadership Team, and all our Ferrari employees - because it's them who are making this difference a reality.

We owe our exceptional financial results to their dedication and commitment. Results that last year met and exceeded our guidance and grew double-digit across all metrics: we set new records in terms of shipments, revenues and profitability.

I also thank them for their constant innovation of our products and processes, that continue to offer unique experiences to our customers.

Allow me to remind you of some of the main highlights of this extraordinary year across our three pillars: Racing, Sports Cars and Lifestyle.

Let's start with racing. We closed the World Endurance Championship season winning both Pilots' and Constructors' Titles and we unveiled the 296 GT3, the V6 that will replace the outgoing 488 GT3, a car that has delivered over 500 wins and takes its place in history as the most successful racing Ferrari so far.

In October we unveiled the 499P, our Le Mans Hypercar. This March at the 1000 miles of Sebring it led Ferrari's return - after 50 years - to the top class of the FIA World Endurance Championship and we all eagerly await our return to Le Mans in June.

In Formula 1, the last World Championship saw an improvement in our competitiveness. Nevertheless, our target is - as it always will be - to win the Championship and Fred and all the team at the Scuderia are fully focussed on achieving this objective.

Coming to our Sport Cars, the launches of 296 GTS and the Purosangue, added to the most diverse, complete and internationally acclaimed product portfolio in our history, delivering a record number of orders well into 2024.

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2022 was also a significant year for the further development of the electrification of our sports cars, a great opportunity for us going forward. We started our electrification journey in Formula 1 fourteen years ago, in 2009, and what we learned on track was first adopted in our sports cars in 2013 by the LaFerrari. From there, we further developed our hybrid technology and offering, scaling it, and in the last 4 years we launched 4 hybrid models, all of which have been met with amazing market traction.

From this racing heritage and broad technical reservoir, we are building our first full electric Ferrari - a milestone of our history which will be unveiled in 2025.

Electrification is not the only step which we are taking towards our target of carbon neutrality by the end of the decade: which is involving not only our colleagues but also our partrners and our suppliers for what is more than objective, it is a strong commitement.

Whinin the wider luxury landscape, 2022 was important for the increased expression of our brand into lifestyle, the highlights of which were two collections launched at Milano Fashion Week and very encouraging new products like our watch, jumpsuit and the Ferrari handbag. All these are remarkable signals of the vitality of our Company.

Additionally, among our many ESG achievements and milestones, I am particularly proud of the record levels of training that we have provided to our employees. A total of over 79,000 hours of training were delivered to our employees in 2022, covering many key areas, including digitalization, globalization, sustainability and continuous improvement. This is fundamental to help them achieve their potential: at Ferrari, we truly believe that innovation starts with our people.

We take our role as an active member of society extremely seriously, and we have continued our contribution to educational initiatives. This is the primary focus of a series of activities, mainly through collaborations with local universities and schools, that provide the next generation with access to quality education and nurtures their love for learning. For example, in 2022 we have inaugurated "e.DO Learning Center", an innovative educational project born of the synergy between

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Ferrari and the local area of Modena and we have continued to raise more proceeds from the auctions held at our most exclusive event, the Cavalcade, for this important purpose.

In fact, in 2022 we had an unprecedented number of unrivalled client events- another highlight of the past 12 months. Among these, three Cavalcades and the Finali Mondiali in Imola that also brought more than 40 thousand fans together - where they shared their passion for driving on road and on track.

This is, of course, only a short summary of the constant drive for innovation, exclusivity and excellence that has been at the centre of Ferrari's activities in 2022.

I would like to conclude by thanking you, our valued shareholders, for believing in us, in Ferrari.

I now hand over to Benedetto, who will take you through our outstanding results of 2022 and our progress on our "pushing the boundaries" which was presented last June in Maranello.

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