Our relations with shareholders

We develop and manage relations with all our shareholders:
- institutional investors (including SRI);
- retail investrors (including small shareholders' associations);
- bondholders;
- equity and credit analysts.

Their shared expectations - together with the certainty of a prompt and comprehensive response to their requests for information - relate to:

confirming the objectives reported to the financial market through the strategic plan;
strengthening the Group's position in the markets in which it operates.

The Investor Relations team also considers the expectations expressed by each stakeholder category, and in particular:

Stakeholders	Need
Institutional and retail investors	Positive financial and operational performance by the company Positive total shareholder return (stock market performance of the shares and dividends distributed) Good reputation of the Group's brands Involvement in the Group's activities and initiatives
Socially responsible investors	Attention paid to the social and environmental impacts of the company's business and to the Group's governance Positive total shareholder return Good reputation of the Group's brand
Bondholders and credit analysts	Stability of the yield from the investment Certainty of repayment of the debt at maturity Improvement of creditworthiness
Financial analysts	Positive financial and operational performance by the company Direct contact with Investor Relations in order to obtain detailed information promptly Contact with the Group's Top Management as an opportunity for a more detailed examination of matters relevant to the Group's business