Letter from the Chairman

Campodarsego, March 29, 2018

Enrico Carraro

The publication of our first Sustainability Report coincides with the Group's return to strong economic and financial performance at the conclusion of one of the most complex periods ever.

The 2017 financial year registered a turnover of Euro 606 million, an EBITDA of Euro 55 million and a Net Financial Position of Euro 145.9 million, laying the foundations for a new phase of growth and looking to the future with renewed energy.

At each stage of the industrial life of the Group, and particularly during complex periods, our decisions have always been guided by the same values that have enabled us to grow since our foundation in 1932.

Our entrepreneurial family has always interpreted business growth in its broadest sense, including within this definition the growth of our employees and the region. So it is with great pleasure that I introduce our first Sustainability Report, remembering those historic principles which in 2011 were formalised in a Code of Conduct for every single person in the Group, with no exceptions.

We are responsible

We guarantee quality at all levels through responsible, respectful and transparent conduct towards every person who interacts with us or works within the Group. We respect the environment in which we operate, adopting compatible and sustainable practices and systems. We protect our collaborators by implementing the highest safety levels, defined at global level, in each of the Group's plants, and maintain the same high standards in every country in which we operate. We offer our stakeholders and shareholders the opportunity to be an active part of a successful business.

We create value

The quality of our products generates value. We work constantly to offer our clients the most advanced and competitive technological solutions, generating value for our collaborators and shareholders to guarantee business continuity. We balance economic efficiency with effective processes to ensure the future development of our organisation. We optimise and reward performance that generates value at all levels.

We develop talent

We develop talent without barriers, working with interdepartmental, transversal and international groups to facilitate relations at each level, promoting integration to resolve problems and generate results. We develop shared knowledge and skills. We are active listeners, paying attention to the needs and valuing the contribution of all of our stakeholders. We develop talent with commitment, working continuously and systematically to enable our employees to grow within the Group, including through transversal, interdepartmental transfers. We value their ideas and differences, celebrating and promoting success as part of a stimulating corporate environment.

We stimulate innovation

We promote innovation and the exchange of ideas with our clients, suppliers, technicians, collaborators and research centres. We always implement innovative working methodologies, adopting a long-term approach to anticipate business trends in all areas and seizing future opportunities to ensure the continued success of our Group. We know how to adapt quickly to new requirements and strive to develop innovation and knowledge.

We work as a team

We want to develop long-term collaborative relations based on mutual trust and respect, developing synergies that reinforce the competitive position of the Group and our clients on reference markets. We work with clients and suppliers to develop Carraro products to provide a consistently high-quality service. We want to be recognised as a trustworthy partner by all of our stakeholders. These are the principles that drive our approach to business. This is the path we have chosen as our contribution to building a better future.

Enrico Carraro

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