Portobello S.p.A. (BIT:POR) commences share repurchases on October 24, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 2, 2022. As per the mandate, the company is authorized to repurchase up to 323,690 shares, representing 10% of its issued share capital. The company is authorized to repurchase shares in a manner such that the company's holding in treasury does not exceed 10% of its issued share capital.

The shares will be repurchased a unit price not more than 15% lower or higher than the official stock exchange price shares registered by Borsa Italiana SpA in the session preceding each individual transaction. The repurchased shares will be used to implement stock incentive plans, or used as an incentive and for payment of emoluments/fees or bonuses to directors, employees and/or collaborators; or to make free assignments to shareholders; or to fulfill obligations deriving from warrants, financial instruments convertible, mandatory conversion or exchangeable for shares; or be used in operations connected with ordinary management or in projects consistent with the strategic lines that the company; or used as an investment object for an efficient use of the liquidity generated from the characteristic activity of the company; or will be disposed. The shares will be repurchased in several tranches.

The program will be valid for a period of 18 months, from the passing of this resolution. As at May 2, 2022, the company had 3,236,902 issued shares and had no shares in treasury.