| Message from the Chairman of the Board of Directors and the Chief Executive Officer | 2 |
| 1. Information about the Universal Registration Document | 5 |
| 1.1 Person responsible for the Universal Registration Document | 6 |
| 1.2 Responsibility statement | 6 |
| 1.3 Auditors | 6 |
| 1.4 Person responsible for the information | 6 |
| 2. Presentation of the Group | 7 |
| 2.1 History of the Group | 8 |
| 2.2 Simplifi ed organization chart of the EXEL Industries group at September 30, 2020 | 9 |
| 2.3 Business overview of the EXEL Industries group | 10 |
| 2.3.1 Group businesses and products | 10 |
| 2.3.2 Customers – suppliers | 15 |
| 2.3.3 Plant and machinery | 16 |
| 2.3.4 Investments | 18 |
| 3. Management report | 19 |
| 3.1 Annual highlights | 20 |
| 3.2 Events after the reporting period and outlook | 20 |
| 3.3 Research and development | 21 |
| 3.3.1 A culture of innovation | 21 |
| 3.3.2 Trademarks and patents | 23 |
| 3.4 Company operations, consolidated and parent company financial statements | 24 |
| 3.4.1 Consolidated financial statements – Main consolidated data | 24 |
| 3.4.2 Separate financial statements | 25 |
| 3.4.3 Analysis of trade payables and trade receivables | 26 |
| 3.5 Risk factors | 26 |
| 3.5.1 Risks related to the business sector | 27 |
| 3.5.2 Operational risks | 28 |
| 3.5.3 Financial risks | 28 |
| 3.5.4 Other risks | 29 |
| 3.6 Insurance | 30 |
| 3.7 Exceptional items and litigation | 31 |
| 3.8 Current agreements entered into on an arm’s length basis and related-party agreements | 31 |
| 3.9 Change in accounting method | 31 |
| 3.10 Statement of fees for Statutory Auditors and auditing services | 31 |
| 3.11 Parent company results and fi ve-year financial summary | 32 |
| 4. Statement of Non-Financial Performance | 33 |
| 4.1 Methodology | 34 |
| 4.1.1 CSR governance and reporting tools | 34 |
| 4.1.2 Scope of data reporting | 34 |
| 4.2 Our business model | 35 |
| 4.2.1 Strategic thrusts of our development | 35 |
| 4.2.2 Non-financial resources of the Group | 35 |
| 4.3 Our non-financial risks | 36 |
| 4.3.1 Employment and society | 36 |
| 4.3.2 The environment | 36 |
| 4.3.3 Anti-corruption | 37 |
| 4.3.4 Human rights | 37 |
| 4.3.5 Tax evasion | 37 |
| 4.4 Actions undertaken | 38 |
| 4.4.1 Employment and society | 38 |
| 4.4.2 The environment | 43 |
| 4.4.3 Anti-corruption | 46 |
| 4.4.4 Human rights | 47 |
| 4.4.5 Food waste, food scarcity, animal welfare, and responsible, fair and sustainable food policy | 48 |
| 4.5 Outcomes and performance indicators, tracked monthly | 48 |
| 4.6 Report of one of the Statutory Auditors appointed as independent third party on the consolidated statement of non-financial performance | 49 |
| 5. Consolidated financial statements | 51 |
| 5.1 Consolidated balance sheet at September 30, 2020 | 52 |
| 5.2 Consolidated Profit and loss, fiscal year ended September 30, 2020 | 54 |
| 5.3 Consolidated statement of changes in shareholders’ equity | 55 |
| 5.4 Consolidated statement of cash flows | 56 |
| 5.5 Notes to the consolidated financial statements | 57 |
| 5.6 Statutory Auditors’ report on the consolidated financial statements | 83 |
| 6. Separate financial statements | 87 |
| 6.1 Balance sheet at September 30, 2020 | 88 |
| 6.2 Income statement | 89 |
| 6.3 Notes to the parent company financial statements | 90 |
| 6.4 Proposed appropriation of net income | 98 |
| 6.5 Statutory Auditors’ report on the Company financial statements | 99 |
| 6.6 Statutory Auditors’ special report on regulated agreements | 102 |
| 7. Report on Corporate Governance | 103 |
| 7.1 Board of Directors | 104 |
| 7.1.1 Composition of the Board of Directors | 104 |
| 7.1.2 Diversity policy of the Board of Directors | 105 |
| 7.1.3 Analysis of the independence of the members of the Board of Directors | 105 |
| 7.1.4 Other information on the directors | 106 |
| 7.1.5 Framework governing the work of the Board of Directors | 106 |
| 7.1.6 Internal Rules of the Board of Directors | 107 |
| 7.1.7 Tasks of the Board of Directors | 107 |
| 7.1.8 Board of Directors’ assessment | 107 |
| 7.1.9 Evaluation charter for related-party agreements and agreements relating to day-to-day transactions entered into on an arm’s length basis | 107 |
| 7.2 Committees of the Board of Directors | 108 |
| 7.2.1 The Audit Committee | 108 |
| 7.2.2 The Remuneration and Appointments Committee | 109 |
| 7.3 Group management | 109 |
| 7.3.1 Executive Management | 109 |
| 7.3.2 Committee of Top Managers | 110 |
| 7.4 Remuneration of the Company’s corporate officers | 110 |
| 7.4.1 Remuneration policy for corporate officers (ex-ante vote) | 110 |
| 7.4.2 Remuneration of corporate officers paid or allocated during the 2019/2020 fiscal year (ex-post vote) | 111 |
| 7.5 Salary gap ratio | 114 |
| 8. Information on the Company and its share capital | 115 |
| 8.1 General information on EXEL Industries | 116 |
| 8.2 Capital and shareholders | 117 |
| 8.2.1 Stock market data | 117 |
| 8.2.2 Relations with the financial community | 118 |
| 8.2.3 Dividends distributed | 119 |
| 8.2.4 Shareholders | 120 |
| 8.2.5 Share repurchase program | 121 |
| 8.2.6 Summary table of authorizations/delegations granted by the General Meeting to the Board of Directors | 122 |
| 8.2.7 Additional information regarding the share capital | 122 |
| 8.3 Information that could have an impact in the event of a takeover bid | 123 |
| 9. Ordinary General Meeting of February 9, 2021 | 125 |
| 9.1 Report of the Board of Directors on the resolutions submitted to the Ordinary General Meeting of February 9, 2021 | 126 |
| 9.2 Text of the resolutions submitted to the Ordinary General Meeting of February 9, 2021 | 127 |
| Cross-reference table | 132 |