F.C.

INTERNAZIONALE MILANO GROUP

EXPLANATION ADDED FOR TRANSLATION TO ENGLISH

The consolidated financial statements has been translated into English from the original version in Italian. It
have been prepared in accordance with the accounting principles established by the Italian law related to
consolidated financial statements, which may be not conform with generally accepted accounting principles in
other countries

Management Report on operations July 1, 2021 - June 30, 2022

The Parent Company F.C. Internazionale Milano S.p.A (hereafter “F.C. Inter” or “the Parent Company") is a share capital
company, incorporated and domiciled in Italy, having its registered office in Milan, Viale della Liberazione 16/18, whose
Leading Shareholder, as of June 28, 2016, is Suning Holdings Group Co., Ltd. (“Suning Group"), a Chinese multinational
company operating in the retail market of consumer electronics.
As of this date, the Parent Company was shown as follows:

- Great Horizon S.à.r.l 68.55% (entirely controlled by Suning Holdings Group Co., Ltd.);
- International Sport Capital S.p.A. 31,05% (hereafter, alternatively, “ISC”);
- Other minority shareholders 0.4%.

In the context of the financing operation which concerned the Leading Shareholder during the fiscal year ended on June
30, 2021, Grand Tower S.à.r.l., entirely controlled by Great Horizon S.à.r.l. was set up and, following the transfer of the
shares previously held by Great Horizon S.à.r.l., on May 15, 2021, it became the new direct parent company of the parent
company F.C. Internazionale Milano S.p.A. (hereinafter the latter, together with its subsidiaries, alternatively "the F.C.
Internazionale Milano Group").

The entry of the Suning Group, which occurred in June 2016, has continuously made financial resources available to the
Company and to the F.C. Internazionale Milano Group for its relaunch at national and international level. Finally, the
aforementioned new parent company Grand Tower S.à.r.l. - in the context of a financing operation of the Leading
Shareholder mentioned above - in the fiscal year ended on June 30, 2021 proceeded to disburse new shareholder loans
interest-bearing at a net fixed rate of 8% per annum for Euro 75 million, of which Euro 50 million on May 20, 2021 and
Euro 25 million on June 28, 2021, converted into capital for Euro 15 million on 31 May 2021.

The mission of Suning Group has always been to affirm the Group F.C. Intemazionale Milano as one of the most
important football clubs in the world, reaching important sporting results, achieving important sporting results, increasing
its global commercial presence and implementing and maintaining strict financial discipline.

For further considerations on the assessment of the going concern assumption, reference should be made to the section
below entitled "Going concern".

On February 9, 2022, the subsidiary Inter Media completed the refinancing operation, through the issue of a New senior
Bond Loan guaranteed by the same collateral that supported the previous Bond Loan, non-convertible and non-
subordinated, for a total principal amount of Euro 415 million, with an annual interest rate of 6.75% and maturity on
February 9, 2027, mainly aimed at the early refinancing of the Group's financial debt, whose maturity date was set for
December 31, 2022. For more information on,refinancing transactions, please refer to the section “Other Information -
Debt refinancing" in the Explanatory Notes.

It should be noted that the Parent Company, together with A.C. Milan S.p.A., presented on July 10, 2019 to the Milan City
Council the "Proposal of Technical and Economic Feasibility for the enhancement of the San Siro area" which includes the
construction of the Milan Stadium and the related multifunctional district, according to the so-called "Legge Stadi” (Law
147/2013).
The ambitious project aims to build, in the San Siro area, an urban district, modem, sustainable and accessible, which
revolves around an innovative sports facility of the highest international standards.
In particular, the project involves the construction of a new stadium to replace the existing San Siro, which would be
partially demolished and replaced by a sports and leisure district, with green areas, parks, new commercial and office
buildings, new road networks and related infrastructure.
On September 26, 2019, Inter and A.C. Milan presented two potential projects for the new stadium next to the original
stadium, provisionally called New Stadium for Milan, designed by Populous and Manica/Sportium respectively.

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On October 28, 2019, the City of Milan recognized and declared the project of public interest with the City Council
Resolution n. 1905 of November 8, 2019, while making the approval of the project subject to certain changes and
conditions. On May 7, 2020 Inter and A.C. Milan presented the two revised projects (respectively by Populous and
Manica/Sportium), the result of a constant and fruitful dialogue with the administration, carried out in accordance with the
conditions indicated, in November 2019, by the Council and the City Council, filing on November 6, 2020 the project for
the San Siro Sport and Entertainment District, revised in accordance with the City Council resolution of November 2019,
was submitted to the City of Milan.
On November 5, 2021, the City Council approved the resolution confirming the declaration of public interest for the new
facility. Finally, on December 21, 2021, the Company, jointly with A.C. Milan S.p.A., announced that the concept
presented by the Populous studio, known as "la Cattedrale", turned out to be the project chosen by the two clubs.
By the end of September 2022, after the preparation phase in July and August 2022, the public debate on the project for
the construction of the new stadium, jointly proposed by the Parent Company and A.C. Milan S.p.A., will begin, with the
conclusion expected in October 2022, to finalise the details to define the terms and development of the design of the new
As of today, however, there are no commitments made by the Group F.C. Intemazionale Milano with regard to this project.

Activity of the Team

The 2021/2022 sports season began in July 2021 under the management of the new First Team coach Simone
Inzaghi. The team made the first part of the summer training in Appiano Gentile, renouncing participation in the "Florida
Cup" summer tour, following concerns related to the continuation of the coronavirus pandemic ("Covid-19"), a tour that
would have seen the Inter First Team play against Arsenal on July 25, 2021 and against Everton or, alternatively, against
the Millonarios on July 28, 2021.

On January 12, 2022, the Inter First Team won the first seasonal trophy, the Italian Super Cup, defeating Juventus F.C. in
the final.

In the other national competition, the Coppa Italia, on May 11, 2022 the First Team won the second trophy of the season,
defeating Juventus in the final.

With reference to the Serie A championship, the First Team achieved the second place, two points behind the first placed
team.

Finally, in the other official event, the UEFA Champions League, the First Team reached the second place in the Group
Stage, qualifying for the round of 16th in November 2021, However, F.C. Intemazionale Milano was eliminated by
Liverpool in March 2022 during the knockout phase.

2021/2022 Transfer Campaign

During the summer transfer window for the 2021/2022 football season, investments were made in player registration rights
for a total amount of Euro 120.2 million, with disposals of rights amounting to Euro 187.9 million, generating net gains on
disposal for Euro 105.2 million. The reduction in the historical cost of players' registration rights, deriving from both
disposals and certain contractual terminations with registered personnel no longer involved in the technical project,
amounts to Euro 238.8 million.

The summer transfer market in July and August 2021 was mainly characterised by:

The definitive acquisition of the football registration rights of the players Denzel Dumfries from PSV and Edin
Dzeko from Roma;

The temporary acquisition of the football registration rights of the player Carlos Joaquin Correa from Lazio; the
agreement, valid for the sports season 2021/2022, provided for the obligation to purchase at the first point of the
First Team after the date of February 2, 2022;

The definitive acquisition of the football registration rights of the player Zinho Vanheusden from Standard Liege
with the temporary transfer of the same player to Genoa for the 2021/2022 season;

The definitive transfer of the football registration rights of the players Achraf Hakimi to Paris Saint Germain and
Romelu Lukaku to Chelsea;

Temporary transfer of the football registration rights of the player Andrea Pinamonti to Empoli;

The temporary transfer of the football registration rights of the player Sebastiano Esposito to Basilea with a
purchase option to be finalized within the end of the 2021/2022 season;

The temporary transfer of the football registration rights of the player Darian Males to Basilea for the 2021/2022
and 2022/2023 seasons with a purchase option to be finalized within the end of the 2022/2023 season;

The temporary transfer of the football registration rights of the player Chagas Estevao Dalbert Enrique to Cagliari
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 with a purchase option to be finalized within the end of the 2021/2022 season;

Temporary transfer of the football registration rights of the player Andreaw Gravillon to Stade Reims; the
agreement valid for the 2021/2022 season provided for Stade Reims' obligation to purchase the player on the
basis of the player's sporting results and an option to purchase by May 31, 2022 if the conditions for the
obligation to buy him back did not materialise; the conditions for the obligation to purchase matured during the
2021/2022 season;

Free transfer of the player Aleksandar Kolarov, already registered to the Company until June 30, 2021 ;

The winter transfer market of January 2022 has been characterized mainly by:

Temporary acquisition of the football registration rights of the player Robin Gosens from Atalanta; the agreement,
valid for the 2021/2022 sports season, provided for the obligation to purchase definitively at the first point of the
Club after the date of February 2, 2022;

Temporary acquisition of the football registration rights of the player Felipe Caicedo from Genoa for the
2021/2022 season;

Temporary transfer of the football registration rights of the player Martin Satinano to Stade Brestois and Stefano
Sensi to Sampdoria.

The summer transfer market of June 2022, was mainly characterized by:

Temporary acquisition of the football registration rights of the player Asllani Kristjan from Empoli; the agreement,
valid for the 2022/2023 sports season, provides for the obligation to purchase definitively at the first point of the
Company after the date of 2 February 2023;

Temporary acquisition of the football registration rights of the player Romelu Lukaku from Chelsea for the
2022/2023 season;

Registration of the players Henrikh Mkhitaryan and André Onana.

In July 2021 the Group terminated the economic contract of the player Naval Da Costa Eduardo Joao Mario and in August
2021 of the player Radja Nainggolan, both no longer employed in the technical project. The recognition of this economic
effect is noted during the period ending on June 30, 2021.

In July and August 2022, the Group terminated the economic contracts of the players Arturo Vidal and Alexis Sanchez,
expiring on June 30, 2023, with recognition of the economic effect in these financial statements.

Finally, it should be noted that, in some cases, the contractual reference fees provided for the purchase and sale,
including those relating to contracts that require the redemption of players already mentioned, may be subject to
adjustments, not determinable at the moment, due to the occurrence of certain future events.

Youth Programme Activities

The youth sector has recorded the usual excellent and satisfactory sports results; all the teams participating in their
respective championships have achieved important successes and important placements. In particular, in their respective
category championships, the Primavera Team won the championship, the U18 Team reached the semi-final while the U17
Team reached the final being defeated by Bologna.
All the technical staff employed by the club have once again confirmed they are among the best in the country,
contributing their profuse commitment and professionalism to the constant development of the entire youth programme.

Financial Fair Play

F.C. Intemazionale Milano, as all the other clubs qualified to European competitions, has to respect the Financial Fair Play
rules (hereafter, alternatively, “FFP”), the monitoring rules and criteria introduced by UEFA of which the main financial
criteria are based on the going concern assumption, on the achievement of a balanced budget and on the absence of
overdue debits to other clubs, registered players and social or tax authorities. Due to the Covid-19 pandemic, during this
emergency phase the UEFA Executive Committee approved the following amendments to the UEFA Club Licensing and
Financial Fair Play Regulations, which will come into force as of the fiscal years ended June 30, 2020:
- the evaluation of the 2020 fiscal year has been postponed by one season and is evaluated together with the 2021 fiscal
year as a single period;
- the monitoring period 2020/2021 has been shortened and covers only two reporting periods, i.e. only the fiscal years
ending in 2018 and 2019;
- the monitoring period for 2021/2022 has been extended and covers four reporting periods, i.e. exercises ending in 2018,
2019, 2020 and 2021;

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- the negative impact of the pandemic is mitigated by averaging the combined deficit of the years 2020 and 2021 allowing
for other specific adjustments.
With reference to the general forecasts of the Financial Fair Play, during October 2021, the F.C. Intemazionale Milano
Group submitted to UEFA the calculations related to the break-even requirement of the Financial Fair Play as at June 30,
2021. On December 17, 2021, UEFA informed the F.C. Intemazionale Milano Group that the review earned out by the
Club Financial Control Body ("CFCB") First Chamber on the basis of the information provided showed a significant
aggregate deficit for the monitoring period covering the reporting periods 2018, 2019, 2020 and 2021, and consequently
requested further information from the F.C. Internazionale Milano Group, including forecast data relating to break-even for
the fiscal year ending June 30, 2022. Following the information provided by the Group, on February 14 and 16, 2022,
UEFA respectively: (i) communicated the decision of the CFCB First Chamber to initiate proceedings against the F.C.
Group. Intemazionale Milano, inviting the representatives of the same to a meeting at UEFA's headquarters in Nyon
(Switzerland) on March 11, 2022; and (ii) requested additional information, including, the update of the break-even
information expected for the fiscal year ending June 30, 2022, as a result of the transfers of the last winter campaign
2021/2022, the business plan covering the reporting periods 2023, 2024 and 2025, with the relevant underlying
assumptions, as well as the concrete measures to improve the economic and financial situation of Gruppo F. C.
Intemazionale Milano Group.
Following further discussions, a Settlement Agreement was signed between the parties on August 23, 2022. The
agreement will be applied not only for the football season ending on June 30, 2022, but also for the following seasons up
to and including the 2026/2027 season and provides for the “Football Earnings” indicator, i.e. the operating result from the
consolidated financial statements adjusted by certain components (e.g. costs incurred for the youth sector, women's
football, etc.). The agreement provides for a certain and unconditional penalty of Euro 4 million, recorded in the financial
statements for the fiscal year ended on June 30, 2022 in the item "Provision for risks and charges", and a further potential
penalty of a maximum of Euro 22 million suspended depending on the observance of "Football Earnings" target values in
the years in which the agreement is in force. These potential penalties will be withheld by UEFA to offset the premiums
recognised for the First Team's participation in European competitions.
In light of the most recent economic-financial projections elaborated by the Directors for the 2023/2027 time horizon,
updated taking into account events that occurred after the date on which the forecasts were shared with UEFA for the
purposes of signing the Settlement Agreement, the Group has therefore proceeded to set aside the additional amount,
equal to Euro 4.8 million, in the item "Provision for risks and charges", as the best estimate of the potential penalty due as
a result of the Settlement Agreement stipulated.
The forecasts on which the value of the sanction was determined are characterised by inherent uncertainty as they are
influenced by factors beyond Management's control and could therefore be realised to a different extent than expected,
leading to adjustments to the value of the sanctions allocated to date in the consolidated financial statements.
From a sports point of view, moreover, the Group F.C. Internazionale, already for the 2022/2023 and 2023/2024 fiscal
years, will be subject to restrictions in terms of limitations on the registration of new players in the UEFA lists, in addition to
potential future restrictions for the following seasons in the event of non-compliance with "Football Earnings" target values.

Other assets
Season ticket campaign, website and thematic channel
Due to the Covid-19 pandemic, the Authorities have planned to play this season's matches behind closed doors or with
access limited to 1.000 spectators; therefore, the season ticket campaign for the 2021/2022 football season has not taken
place.
With reference the website of the Company, it shows once again the devotion of our fans to the club’s colours making it
one of the most visited club website in Italy and Europe.

Shareholders' meeting
The Parent Company ordinary shareholders’ meeting, held on October 28, 2021, approved the financial statements for the
year ended June 30, 2021, which showed a loss of 214,412,630 thousand, and resolved to defer the settlement of this
loss until the fifth fiscal year following the one in progress as of December 31, 2020 (or, for the Parent Company, the
fiscal year ending June 30, 2026), as provided for in article 1, paragraph 266, of Law no. 178 of December 30, 2020.
For more information on this, please refer to the Explanatory Notes.

Going concern
The present consolidated financial statements is prepared according to the principle of going concern in accordance with
the considerations set out below and events described below.

During the fiscal year, the club recorded a significant loss of Euro 140.1 million, an improvement on the loss made in the
2021/2022 season (Euro 245.6 million), thanks both to capital gains from the sale of certain players and to the easing of
restrictive measures against the Covid-19 pandemic, which, although it still had a negative impact on the 2021/2022
season, allowed a gradual return of spectators to the stadium and the achievement of ticket revenues that had been zero
in the previous season.

As a result of the loss realised during the fiscal year, from an equity point of view, the net equity of the Parent Company
was negative for Euro 36.3 million as of June 30, 2022. In this regard, it should be noted that the Company's
Shareholders' Meeting of October 28, 2021 had approved the financial statements for the fiscal year ended on June 30,
2021 with a final loss of Euro 214,412,630, resolving to postpone the replenishment of this loss by the fifth fiscal year
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following the one in progress as of December 31,2020 (i.e., for the Parent Company, to the fiscal year closing on June 30,
2026), as provided for in Article 1, paragraph 266, of Law No. 178 of December 30, 2020, allowing the Parent Company's
equity to comply with the minimum capitalisation limits provided for in Articles 2446 and 2447 of the Code. It should also
be noted that Decree Milleproroghe no. 228/2021 (effective as of December 31, 2021) converted with amendments into
Law no. 15 25 February 25, 2022, in Article 3, paragraph 1 -ter (extension of terms on economic and financial matters)
extended to losses that emerged in the fiscal year underway as of December 31, 2021 the "sterilisation" discipline
originally provided for by Decree-Law no. 23 of April 8, 2020, converted with amendments by Law no. 40, thus recognising
the possibility for the Shareholders' Meeting to postpone the replenishment of this loss until the fifth fiscal year following
the one in progress as at December 31, 2021 (i.e., for the Parent Company, the fiscal year ending June 30, 2027). When
approving the annual financial statements for the 2021/2022 season, the Parent Company intends to use this option to
defer the immediate adoption of the obligations set forth in Articles 2446 and 2447 of the Italian Civil Code, deferring the
loss of Euro 127,308,418 for the fiscal year ended on June 30, 2022 in accordance with the aforementioned legal
provisions and thus operating with negative shareholders' equity to which losses that can be written off in five years
amounting to approximately Euro 342 million will contribute.

From a financial point of view, the transfer during the 2021/2022 season of players at significant values has more than
offset the cash absorption of the core business as a result of the losses in the Income Statement and, together with the
refinancing of the financial debt, has not determined the need for the Leading Shareholder to contribute additional financial
resources during the fiscal year.
More specifically, it should be noted that on February 9, 2022, the subsidiary Inter Media and Communication S.p.A.
(hereinafter also referred to as “Inter Media") completed the issue of a guaranteed, non-convertible, non-subordinated
senior Bond Loan for a total principal amount of Euro 415 million, with an annual interest rate of 6.75% and maturity on
February 9, 2027, mainly aimed at the early refinancing of its financial debt, whose maturity date was set for December
31, 2022. For more information on the refinancing transaction, please refer to the section “Other Information - Debt
refinancing".
In addition, in order to contain financial outlays, in July 2022 the Parent Company, through Generali Italia S.p.A., extended
the insurance guarantee policy by a further Euro 19.1 million, reaching the amount of Euro 45 million to guarantee the
debit balances of the Group's transfer account in favour of the Lega Nazionale Professionisti Serie A, as provided for by
the regulations issued by the FIGC on the subject of players' registration and transfers (in particular, by the Official Notice
of the FIGC no. 251/A, published on May 19, 2022).
In addition, during the fiscal year, installments were paid and renegotiated for certain debt items, in particular of a fiscal
nature, in accordance with the regulations granted by the various decrees supporting companies in the context of the
crisis caused by the Covid-19 pandemic.
As a result of the above, the Group had cash and cash equivalents of Euro 139.2 million at June 30, 2022.

In this context, despite the fact that forecasts show, in the foreseeable future, the emergence of losses and consequent
cash absorption, especially with reference to ordinary operations, characterised by high operating and financial cash
requirements, the Directors have prepared these financial statements on a going concern basis, considering both the
financial resources available to the Company and the contribution of additional financial resources expected from the
Leading Shareholder (Suning), through Grand Tower S. à r.l., which is the direct parent company of the Group and with
which adequate liquidity is available, and which has already expressed its formal commitment to provide financial support
to the Parent Company and the Group for at least twelve months from the date of approval of these financial statements
or, if a change of control of the Parent Company occurs before twelve months, until the date on which control of the
Company is maintained.

It should be noted, however, that the Group's activities are closely linked to the sporting performance of the First Team
and the regular running of the Serie A Championship and the European competitions in which the First Team takes part,
and could therefore be affected by further potential impacts, which are not foreseeable at present, in relation to a
revamping of the Covid-19 pandemic, which, together with the climate of general instability also connected to the conflict
in Ukraine, as well as the inflationary context, rising interest rates and general volatility, could in turn influence the
activities and results of the Parent Company and the Group in a worse way than what is currently expected. With
reference to the conflict between Russia and Ukraine, where the Group do not have a presence, which broke out in
February 2022, at the time of preparing these financial statements the Directors do not expect any significant direct effect,
as also confirmed by the season ticket campaign and stadium attendance. The Parent Company and the Group are,
moreover, active in applying the guidelines and directives of the European Union, in order to comply with sanctions and
safeguard the operation of its business and the safety of its operators.

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The Group Structure
The structure of the F.C. Internazionale Milano Group as of June 30, 2022 is as follows:

The company Inter Brand China Co., Ltd. in liquidation, an indirect subsidiary of the Parent Company through Inter Brand
S.r.l., was not included in the corporate organisation chart set forth above because it no longer represents a long-lasting
investment for the Group. The above company, together with Shanghai Inter Brand Trad. Co Ltd. (that will be liquidate in
the next year) has not been considered, since it currently does not have globally significant values in accordance with
Article 28 of Legislative Decree 127/91.

Analysis of the economic results of fiscal year ended June 30, 2022
The consolidated financial statements end with a loss of Euro 140,056 thousand, with revenues and financial income for
the fiscal year equal to Euro 441,310 thousand and costs, financial expenses and impairment of assets equal to Euro
577,913 thousand, in addition to negative tax of Euro 3,454 thousand.

Before proceeding to the analysis of the individual revenue and cost items, for the sake of clarity it should be noted that,
following the suspension of competitive activities, which took place in March 2020, and the subsequent resumption of the
same in June 2020 with the conclusion of the 2019/2020 football season on August 31, 2020, the fiscal year ended on
June 30, 2021 was characterised by a zero balance in ticketing revenues and season ticket revenues for home matches,
following their being played behind closed doors or with access limited to 1.000 spectators, due to the restrictive measures
imposed by the Federal Institutions and Authorities due to the continuation of the Covid-19 pandemic. However, this
zeroing was offset by the recognition of revenues from TV rights and sponsorships, previously deferred to June 30, 2020
and recognised, following the postponement and conclusion of both national and international competitions for the
2019/2020 football season, in the fiscal year ended on June 30, 2021, together with a portion of the costs of FIGC
registered personnel. This postponement therefore affects the comparability of certain revenue and cost items of the fiscal
year ended on June 30, 2022 with the previous fiscal year. In addition, with reference to the cost of FIGC registered
personnel of the First Team, in the fiscal year ended on June 30, 2021, the cost of FIGC registered personnel of the First
Team also included part of the cost relative to the 2019/2020 season, for Euro 18,120 thousand, deferred to June 30,
2020, following the spread of the Covid-19 pandemic in February 2020 and the concomitant restrictive measures
implemented by Institutions and Federal Authorities, aimed at containing it, including the suspension of competitive
activities, which took place in March 2020, and the subsequent resumption of the same, which took place in June 2020,
with the end of the 2019/2020 football season on August 31,2020.

The breakdown of Production Value for the fiscal year, compared to the same period of the previous fiscal year, was as
follows:

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 Euro thousand 12 months as of June 30, 2022 12 months as of June 30, 2021
Categories Amount % Amount %
Revenues from home matches 34.486 7,84% - 0,00%

Revenues from away matches 1.600 0,36% - 0,00%

Season Tickets 1.570 0,36% - 0,00%

Other revenues 43.695 9,94% 74.458 20,42%

Changes in inventories of work in progress, semi­
281 0,06% 0 0,00%
finished and finished products
Capitalization of youth programme costs 8.900 2,02% 8.850 2,43%
Grants and contributions 16.613 3,78% 8.524 2,34%
Sponsorships 43.497 9,89% 41.605 11,41%
Advertising 4.039 0,92% 7 0,00%
Commercial income and royalties 6.472 1,47% 4.210 1,15%
Television revenues 84.239 19,16% 125.413 34,39%
Television income from UEFA competition 62.304 14,17% 64.324 17,64%
Revenue from temporary loans of players 1.246 0,28% 5.061 1,39%
Gains on sale of player registration 105.232 23,94% 2.288 0,63%
Other income from player management 2.469 0,56% 1.006 0,28%
Sundry revenues and income 22.999 5,23% 28.966 7,94%
Total 439.643 100% 364.712 100% |

Specifically:

"Revenues from home matches", "Revenues from away matches" and "Season Tickets", highlight the effect of
the reopening of stadiums to the public for the 2021/2022 football season, albeit with a still limited capacity and
with strict restrictions imposed by Institutions and Federal Authorities for participation in such events, including
the possession of the "green-pass", the use of masks and compliance with social distancing measures inside the
stadiums. Indeed, it should be recalled that the previous 2020/2021 football season was entirely played behind
closed doors or with limited access up to a maximum limit of 1,000 spectators per match;

the item "Other revenues" mainly includes revenues from sponsorships and records a significant decrease mainly
due to (i) the significant decrease in revenues from Regional Sponsorship, following the termination of revenues
from the iMedia contract, terminated in advance at June 30, 2021, as well as the reduction in the fees related to
the Naming Rights contract, (ii) the reduction in revenues from the Rai/lnfront Archive, following the natural
termination of the contract with Infront Italy S.r.l. on June 30, 2021, which provided for annual fees of Euro 10
million for the marketing of the television archive, training images, interviews, press conferences and media
packages, and the simultaneous stipulation for the 2021/2022, 2022/2023 and 2023/2024 football seasons of a
new contract for the licensing of archive images and access, filming and broadcasting rights, excluding certain
territories (Italy, Vatican City, San Marino, the United States, the Middle East and North Africa) for a total annual
amount of Euro 1,250 thousand for each of the aforementioned football seasons. This reduction was partially
offset by the agreement entered into with Dazn Limited, a global broadcaster in the live streaming sports market,
for the 2021/2022, 2022/2023 and 2023/2024 football seasons, in relation to the digitalisation and marketing in
certain territories (Italy, Vatican City and San Marino), of archive content of matches played by the First Team
(men's and women's) of Serie A and Inter Tv, for an annual fee of Euro 5 million, and (iii) the reduction, for Euro
2,988 thousand, in revenues from Inter Tv, mainly due to the natural expiration on June 30, 2021 - and the
simultaneous non-renewal - of the contract for the concession of broadcasting rights of the Inter Tv thematic
channel in China with Great Mercury Limited;

the change in inventories of work-in-progress, semi-finished and finished products, positive for Euro 281,000,
refers to inventory movements related to products intended for sale through the new e-commerce platform
launched in July 2022;

capitalised youth costs amounted to Euro 8,900 thousand, in line with the previous comparative period. For
further details, please refer to the section " Capitalization of Youth Programme costs" of the Explanatory Notes;

grants and Contributions of Euro 16,337 thousand include contributions which will be paid by the Lega di Serie A
with reference to collective revenues excluding audiovisual rights, collective revenues excluding audiovisual
rights, as well as the prizes of the Coppa Italia and the Supercoppa italiana, increasing compared to the previous

7
fiscal year competitions;

revenues from "Sponsorships" mainly refer to fixed and variable fees paid by Socios.com (Official Sponsor) -
which replaced Pirelli from the 2021/2022 football season - by Nike (Technical Sponsor), by Lenovo (Jersey
Sponsor - back) and Zytara (Jersey Sponsor - sleeves). These fees also include performance bonuses, if any,
accrued in the fiscal year ended on June 30, 2022 in relation to the sports results achieved by the Parent
Company's First Team. With reference to the comparative fiscal year ended on June 30, 2021, on the other hand,
this amount included bonuses for qualifying for the 2019/2020 and 2020/2021 UEFA Champions League, for the
sporting results achieved in the final phase of the 2019/2020 UEFA Europa League, following the conclusion of
the 2019/2020 football season on August 31,2020, as well as for winning the 2020/2021 Serie A championship;

“Advertising" mainly include revenues from promotional-advertising activities in corporate hospitality season
tickets and show a significant increase compared to the comparative fiscal year in the amount of Euro 4,032
thousand, an effect deriving from the reopening of stadiums to the public for the 2021/2022 football season, as
better described above in the commentary on the section match and season ticket revenues;

“Commercial income and royalties", amounting to Euro 6,472 thousand, refer to revenues related to
merchandising and licensing activities, activities that as of November 1, 2019 have been internalised and
managed directly by the Parent Company;

income from the sale of television rights of home matches of the Serie A, equal to Euro 84,239 thousand, showed
a decrease compared to the previous fiscal year equal to Euro 41,174 thousand, manily attributable to the
recognition of part of the income from television rights of the 2019/2020 football season in the 2020/2021 fiscal
year, for Euro 24,913 thousand. It should be remembered in fact that, following the spread of the Covid-19
pandemic in February 2020 and the concomitant restrictive measures put in place by Institutions and Federal
Authorities, aimed at containing it, the 2019/20 football season was first suspended in March 2020, and then
proceeded with the continuation of the championship and competitive activities only from June 2020 until August
2020;

television revenues from UEFA competitions, amounting to Euro 62,304 thousand at June 30, 2022, are
substantially in line with those of the same previous comparative period, in relation to the recognition of part of
the television rights revenues of the 2019/2020 football season in the 2020/2021 fiscal year, for Euro 15,856
thousand, similarly to what has been stated in the previous paragraph in relation to the item income from the
licensing of broadcasting rights of Serie A championship matches; this effect is partially offset by the higher
revenues of the 2021/2022 fiscal year related to the First Team reaching the round of 16th of the UEFA
Champions League

revenues from temporary loans of players is mainly related to players Lorenzo Pirola, Michele Di Gregorio and
Valentino Lazaro;

the "Gains from the sale of players' registration rights" amounting to Euro 105,232 thousand at June 30, 2022,
mainly relate to the sale of the players Achraf Hakimi to Paris Saint Germain for a consideration of Euro 66.5
million (already net of the FIFA Solidarity Contribution due) and Romelu Lukaku to Chelsea for a consideration of
Euro 113 million (already net of the FIFA Solidarity Contribution due);

other income from player management, in the amount of Euro 2,469 thousand, are related (i) to Euro 1,849
thousand for bonus matured for the players Stefano Sensi, Achraf Hakimi, Matteo Politane, Lucien Agoumè and
Michele Di Gregorio, (ii) for Euro 369 thousand in UEFA earnings linked to the participation 2021 in the
respective National Teams during the European Football Championship of the First Team players in July 2021
and (iii) for Euro 251 thousand in solidarity contributions accrued as a result of transfers of players to
international clubs;

“Sundry revenues and income” of Euro 22,999 thousand mainly include (i) Euro 4,707 thousand relative to the
distribution by the LNPA of compensation for damages following the settlement with the television broadcaster
MediaPro, (ii) revenues from insurance reimbursements related to injuries suffered by First Team players for Euro
4,214 thousand, (iii) revenues from Inter Academies for Euro 897 thousand and (iv) revenues from services
provided to affiliated companies for Euro 725 thousand. The item also includes contingent assets and non­
existent liabilities for Euro 11,984 thousand, mainly related to (i) the release of provisions prudentially set aside in
the previous fiscal year, for Euro 3,091 thousand, against two credit positions with LNPA and Sky Italia, with
reference to the sixth and final instalment of TV rights for the 2019/2020 football season; (ii) the Group's
contribution for the participation of registered football players of the First Team in Euro 2020, equal to Euro 1,960
thousand; (iii) the release of the provision made as of June 30, 2021 related to the management incentive plan
("Long Term Incentive"), which will not be paid as the targets included in the aforesaid plans were not reached,
amounting to Euro 1,190 thousand; (iv) the release of IRPEF withholdings not paid following the application of
the tax regime for so-called "impatriated" workers for Euro 1,168 thousand; (v) to the estimated prudential
reduction in rental expenses, equal to Euro 870 thousand, of the Giuseppe Meazza Stadium for the 2019/2020
 and 2020/2021 seasons owed by the Group; (vi) to the recognition of non-existence of liabilities towards iMedia
for Euro 820 thousand following the contextual write-down of the receivable; and (vii) to the final balance of UEFA
Champions League proceeds for the 2020/2021 season, equal to Euro 273 thousand.

The following is the composition of the production costs of the current fiscal year, compared with those of the previous
fiscal year:

Euro thousand 12 months as of June 30, 2022 12 months as of June 30, 2021
Categories Amount % Amount %
Cost of raw materials, supplies and consumables 5.210 0,99% 2,249 0,40%
Cost of services 64.374 12,19% 51.688 9,09%
Cost of rents and leases 12.765 2,42% 12.597 2,21%
Personnel costs 248.434 47,06% 261.578 45,99%
Amortization, depreciation and write-downs 168.736 31,96% 209.559 36,84%
Provision for risks 27 0,01% 8 0,00%
Other provision 12.007 2,27% 20.457 3,60%
Losses from the sale of player registrations 51 0,01% 2042 0,36%
Other operating expenses 16.308 3,09% 8.604 1,51%
Total 527.912 100% 568.782 100%|

Production costs, amounting to Euro 527,912 thousand (Euro 568,782 thousand as at June 30, 2021) recorded an overall
increase of Euro 40,870 thousand mainly due to the following effects:

(i) the decrease in "Personnel costs" for Euro 13,144 thousand, mainly due to the fact that, as previously
mentioned, in the fiscal year ended on June 30, 2021, the cost of registered personnel of the First Team also
included part of the cost relating to the 2019/2020 season, for Euro 18,120 thousand, deferred to June 30,
2020, following the spread of the Covid-19 pandemic in February 2020 and the concomitant restrictive
measures put in place by Institutions and Federal Authorities, aimed at containing it, including the
suspension of competitive activity in March 2020 and its subsequent resumption in June 2020, with the end
of the 2019/2020 football season on August 31, 2020;

(ii) the decrease in "Amortization, depreciation and write-downs" for Euro 40,823 thousand, essentially due to
lower amortisation calculated in the fiscal year, directly related to the reduction in the value of the First Team
players' registration rights, as well as to the allocation of lower provisions for the write-down of specific
receivables positions, compared to the same comparative period of the previous fiscal year. For further
details, please refer to the comments in the Explanatory Notes in the paragraphs "Intangible fixed assets"
and "Bad debt provision";

(iii) a reduction in the costs set aside for provision for risks and charges, for Euro 8,431 thousand, mainly
attributable to lower allocations made during the fiscal year ended on June 30, 2022, related to the
recognition of the charge for unpaid IRPEF withholdings following the application of the tax regime for so-
called "impatriate" workers pursuant to Article 16, paragraph 5-quater, Legislative Decree No. 147 of 14
September 2015, for employment income taxable from the 2020 tax period. For further details, please refer
to what is set forth in the Explanatory Notes in the comment on the item "Provision for risks and charges";

(iv) lower losses from the sale of players registrations, for Euro 1,991 thousand, directly related to the trend of
player transfer markets occurred in the present fiscal year, as better commented in the Explanatory Notes.

These effects are partially offset by:

(i) by the increase in the items "Cost of raw materials, supplies and consumables" and "Other operating
expenses" for Euro 10,665 thousand, mainly due to the effect of the relaxation of the restrictions imposed by
the spread of the Covid-19 pandemic;

(ii) the increase in the item "Costs for services" for € 12,686 thousand, mainly attributable to the item 'Transfer
market agent fees" as a result of the higher fees paid to FIFA Agents charged to the Income Statement
during the fiscal year and directly related to the football market movements occurred during the 2021/2022
football season, in addition to the fees accrued during the fiscal year and due to FIFA agents for the
continued registration of certain First Team players.

9
The difference between the value of production and production costs is negative for Euro 88,269 thousand, with an
improvement of Euro 115,802 thousand compared to the same period of the previous fiscal year, mainly due to the results
of the combined effects as better described above.

The result for the fiscal year, in addition to the operating trend mentioned above, was influenced by the worsening of the
result of financial management for Euro 15,424 thousand, resulting in net financial expenses of Euro 48,855 thousand
(Euro 33,431 thousand at June 30, 2021). This effect, as better commented in the Explanatory Notes and to which
reference should be made for further details, is mainly attributable to (i) the costs applied by the factor following the non­
recourse assignment of receivables arising from the sale of the players Romelu Lukaku to Chelsea and Achraft Hakimi to
Paris Saint Germain (ii) to interest expenses on the New Bond Loan as a result of the increase in the principal and the
higher fixed interest rate applied with respect to the previous Bond Loan; and (iii) to accessory charges on loans as a
result of the debiting to the Income Statement of the residual value of the accessory charges capitalised in relation to the
previous Bond Loan, which was repaid in advance during the fiscal year following the issue of the New Bond Loan.

Revaluation of equity investments (entirely attributable to the 50% interest in M-l Stadio S.r.l.) are recorded for Euro 521
thousand (impairment for Euro 521 thousand at June 30, 2021), contributing to the loss before taxes of Euro 136,603
thousand (Euro 239,474 thousand at June 30, 2021 ).

Finally, the consolidated loss for the fiscal year, amounting to Euro 140,056 thousand (Euro 245,579 thousand as of June
30, 2021) was further worsened due to net current, deferred and prepaid taxes, amounting to Euro 3,454 thousand, of
which Euro 3,747 thousand related to current taxes, as a result of the I RAP tax charge pertaining to the fiscal year
2021/2022, amounting to Euro 7,617 thousand, partially offset by the lower IRAP tax charge recognised and pertaining to
previous fiscal years, amounting to Euro 2,674 thousand.

The cash flow trend is fully reviewed in the Cash Flow Statement, to which reference is made.

Investments
During the fiscal year net investments were made for a total of Euro 126,833 thousand. Investments regarded the
following areas:

Euro thousand
Categories Amount
Player registration rights 115.729
Capitalised youth programme costs 8.900

Other intangible assets 1.162

Property, plant and equipment 1.042

Performance of subsidiaries and associated companies

Inter Brand S.r.l.

Following the contribution of its activities to Inter Media, the subsidiary carries out, starting from the fiscal year ended June
30, 2015, very limited activities mainly related to the collection of residual receivables. The financial statements as of June
30, 2022 show a gain, net of tax, of Euro 6,973 thousand.

Inter Media and Communication S.p.A.

The subsidiary Inter Media and Communications S.p.A. (“Inter Media”) has been established on May 6, 2014 and it is fully
operative since June 5, 2014 (date of the contribution in kind).
On December 21,2017, after the change from a limited company into a joint-stock company, the subsidiary company Inter
Media and Communication, issued and placed a senior institutional secured bond for an amount of Euro 300 million, with
a maturity date December 31,2022 and fixed rate at 4.875% (hereinafter also referred to as 'Bond Loan' together with the
new Euro 75 million issue tranche discussed below) and the Company has signed a revolving loan facility for a maximum
amount of Euro 50 million; the transaction led to i) full repayment of the amount due under the existing loan to Goldman
Sachs and Unicredit amounting to Euro 204 million at the date the Bond Loan was signed in connection with the previous
loan agreement, ii) generation of new financial resources to be used for the ordinary activities of the Inter Group.
To cope with the impact of recent events relating to the Covid-19 pandemic on the economic and financial results of the
F.C. Intemazionale Milano Group, on July 31, 2020 Inter Media issued and placed with institutional investors a new
tranche of senior secured bonds for an amount of Euro 75 million at an issue price of 93%, with maturity and fixed rate
aligned to the previous issue and placement.
Such Bond Loan was secured by cash flows deriving from the sponsorship agreements and media contracts signed by the
subsidiary company Inter Media and Communication S.p.A. as well as the flows deriving from the UEFA rights and the
Serie A television rights, similar to the provisions of the previous loan contract described above.
It should also be noted that, as part of the conditions for the issue of the Bond Loan by Inter Media, the Company has
granted a pledge on the shares it holds in Inter Media, which is therefore recorded for an amount equal to the value at

10
which the investment was recorded in the financial statements under commitments, guarantees and contingent liabilities
not included in the Balance Sheet, as reported in the section of the Explanatory Notes entitled "Commitments, guarantees
and contingent liabilities not included in the Balance Sheet".
The Company and its subsidiary, on December 21, 2017, during the refinancing the refinancing operation, signed an
amendment to the Naming Rights (the sports centre Appiano Gentile has been renamed "Centro Sportivo Suning in
memory of Angelo Moratti") with which the grants from the Naming Rights contract have been redefined and specifically
assigned to FC Inter for 47% and to the subsidiary Inter Media for 53%.
On February 9, 2022, the subsidiary Inter Media completed the issue of a senior bond ("New Bond"), guaranteed, non-
convertible and non-subordinated for a total principal amount of Euro 415 million, with an annual interest rate of 6.75%
and maturing on February 9, 2027, intended for subscription only by institutional investors. The main purpose of this issue
was to refinance in advance the Group's financial debt, which matures on December 31, 2022, consisting of the previous
Inter Media Bond Loan, the amounts of which at the date of repayment totalled Euro 278.2 million and Euro 72.7 million,
respectively, as well as the Company's revolving line of credit, the amount of which at the date of repayment totalled Euro
50.5 million. The New Bond is secured by the same collateral as the previous Bond.
The financial statements as at June 30, 2022 closed with a profit of Euro 1,896 thousand, after recognizing a negative
balance of taxes of Euro 2,035 thousand, amortization, depreciation and write-downs for Euro 45,867 thousand and after
financial charges for Euro 16,686 thousand.

Inter Futura S.r.l.

Inter Futura operates in the service sector and provides the organisation behind social, cultural and recreational purposes;
the core business of the subsidiary, i.e. the organisation of Inter Campus in support of children in need around the world, is
conducted in 30 different countries through an ongoing process to train approximately 200 local operators who support
local activities and bring to bear their professionalism and support to about 10,000 children aged between 6 and 13.
The activities carried out in the fiscal year featured visits to Tunisia, Brazil, Bulgaria, Cambodia, Poland, Bolivia, Bosnia,
Cameroon, Congo, Russia, Hungary, Colombia, Morocco and Romania, with the shipment of about ten thousand first team
kits to the various Inter Campuses worldwide. Among the countries that have already expressed interest in the activities
carried out we would like to highlight Indonesia, India, Mongolia and Kenya.
Finally, the important partnership with the UNOSDP (United Nations Office on Sport for Development and Peace) has
continued. From the point of view of communications, the new website linked to lnter.it, with its rich video content filmed
during each trip, continued to enjoy success, as did the Instagram profile.
The financial statements as of June 30, 2022 show a loss, net of tax, of Euro 13 thousand.

M-l Stadio S.r.l.

The associated company's activity during the fiscal year concerned, as usual, the management of the Meazza Stadium, as
well as, with reference to sports and non-sporting events, ordinary and extraordinary maintenance works.
The value of production amounted to Euro 19,856 thousand as of June 30, 2022, with an increase compared to the
previous fiscal year following the reopening of the stadium, although still with limited capacity, and included sponsorships,
stadium rental for events, as well as income from the museum and tour. Production costs sustained during the fiscal year
amounted to Euro 18,747 thousand, showing an increase compared to the same comparative period, when they
amounted to Euro 15,211 thousand, related to the increase in turnover described above. There was a positive result of
Euro 1,042 thousand (a negative result of Euro 3,945 thousand as of June 30, 2021).
The associated company as of June 30, 2022 prepares its financial statements on a going concern basis, even without the
capital and financial support of the Shareholders, the Parent Company and A.C. Milan S.p.A., which, moreover, have
always shown their commitment to provide capital and financial support in case of need.

Research and development

There is nothing to note other than ordinary activities carried out to develop the Youth Sector.

Principal risks and uncertainties

The following is a summary description of the principal risks and uncertainties to which the Group is exposed.

Risks related to general economic conditions (Covid-19 and Russian-Ukrainian conflict)

To date, the Covid-19 pandemic seems to have faded to the extent that activities seem to have returned to normal.
However, a worsening of the Covid-19 pandemic, which is in any case not foreseeable at present, could once again lead
to the interruption of sports competitions and/or their cancellation, which would have a negative impact mainly on
revenues from television rights, sponsorships and, in general from all the Group's commercial activities and on the
possibility of generating capital gains from the sale of Players' Registration Rights, the market value of which could be
affected by lower investments in the sector due to the consequences of the pandemic, thus generating losses and,
consequently, possible financial requirements. Similarly, the potential impact of a worsening of the Russian-Ukrainian
crisis is not foreseeable at present, as well as that relating to a continuation of the inflationary context and the increase in
rates, which could in turn influence the Group's activities and results.

Risks related to the sponsorship market and commercial agreements

The current situation of economic weakness and uncertainty, also due to the continuation of the Covid-19 pandemic and
the Russian-Ukrainian conflict, may affect the sports sponsorship market, reducing the time horizon of
promotional/advertising investments.
11
Furthermore, the Group may not be able to secure equally or more profitable sponsorship contracts due to potential
reductions made by sponsors to their respective promotional/advertising budgets given the corresponding uncertainties in
the respective sectors due to the continuation of the Covid-19 pandemic and the Russian-Ukrainian crisis. As a result, any
requests made to renegotiate the terms of certain sponsorship agreements could expose the Group to a decrease in
revenues in relation to renegotiation of fees or as a result of terminations or other termination rights exercised by sponsors
due to the temporary inability to fulfil obligations under sponsorship agreements currently in force. This scenario obviously
determines possible impacts on the Group's economic, equity and financial situation.

Risks related to the sector of activity

The Group uses as a primary production factor to carry out its characteristic activity players registration rights - an activity
subject to risks of injuries that might impact the Group's economic and financial activity at any time. Further, considering
the particular activities of the Group, the management trend is exposed to risks relating to sports competitions, above all in
terms of the sports results of the First Team.

Reputational risks
The Parent Company is exposed to reputational risks related to violations of the Code of Sports Justice by its registered
personnel, former personnel and employees which, as provided by the Federal System, can lead to the referral of the
Parent Company based on its objective liability, with the risk of the issue of the relative sanctions.
The decisive emphasis on the ethical characteristics of sports activity that characterizes all of the Parent Company’s
behaviour and the control measures created in order to mitigate the crimes set forth in Law 231/2001, as well as the
approval and adoption of the Code of Ethics and Anti-Fraud Code, are the Parent Company’s response to such type of
threat in view of mitigating the risks deriving from third party behaviour.

Financial risks
The following are the main risks related to the ordinary performance of the Parent Company’s activity:

Credit risk
Unsecured receivables are carefully monitored and any collection risks are recorded in a specific allowance for doubtful
accounts. This risk is partially mitigated by the fact that most of the receivables are concentrated with highly prestigious
counterparties who therefore have good financial standing and consequent ability to pay their debts. However, it should be
noted that the collection of certain credit positions (especially those due from Chinese companies) due to the continuation
of the Covid-19 pandemic, could be subject to delays, without however impacting on the company's ability to continue as a
going concern given the Leading Shareholder’s commitment to guarantee its support.
Receivables from Italian football clubs are secured through the clearing house mechanism of the Serie A National League
of Professionals.

Risks related to the need for financial means and the minimal level of capitalisation
The Group expects to meet the needs arising from the debt exposure, through the flows generated by operations, the
available liquidity, also taking into account the commitment of the Leading Shareholder to financially support the Group, in
fact guaranteeing financial flows and resources that allow it to have liquidity to meet the financial commitments already in
place and also to support future investment operations as well as to maintain a level of capitalization for the Parent
Company consistent with the provisions of art. 2446 and 2447 of the Italian Civil Code, supplemented by article 1,
paragraph 266, of Law no. 178 of December 30, 2020 and by Article 3, paragraph 1-ter of the Milleproroghe Decree No.
228/2021 converted with amendments into Law No. 15 of February 25, 2022, which suspended the application of the
obligation to adopt measures following the reduction of share capital due to losses (Articles 2446 and 2447 of the Italian
Civil Code) upon the occurrence of certain conditions provided for by law.
Finally, it should be noted that with reference to the New Bond Loan, the same provides for compliance with certain
financial parameters as better described in the Explanatory Notes. Any failure to comply with the aforesaid parameters
could result in the Group's forfeiture of the benefit of the term with the consequent need to find significant financial
resources to repay the remaining amount of the bond. With reference to the verification of compliance with these
parameters, reference should be made to the explanatory notes. The procurement of these additional financial resources,
in addition to those independently generated, should they be necessary due to liquidity trends that differ from those
foreseen by the aforesaid projections and necessary to fulfil the payment obligations, are in any case guaranteed by the
support of the Leading Shareholder, should the need arise.
The Group's Management carries out periodic reviews of management performance in order to ascertain whether any
estimates and assumptions made for asset and liability items are confirmed in the current values and in the case of
changes, these are immediately reflected in the Income Statement. For further details, please referto the "Going Concern"
section of this Report on Operations and the Explanatory Notes in which the considerations and assessments made
regarding the application of the going concern assumption for the preparation of the financial statements as of June 30,
2022 are illustrated.

Risks related to fluctuations of interest rates

As of June 30, 2022, the Group held interest-bearing financial positions with the Leading Shareholder totalling Euro
81,236 thousand (of which Euro 60,000 thousand was the principal amount), bearing interest at a net fixed annual rate of
8%, and the New Bond Loan for Euro 408 million, issued and placed on February 9, 2022 for a nominal amount of Euro
415 million and maturing on February 9, 2027, of which more details are provided in the Explanatory Notes. The
12
aforementioned loan provides for a fixed rate of 6.75% and therefore the risks related to interest rate fluctuations are
currently negligible. In the context of this new issue and placement, the previous Bond Loan and revolving credit line, with
a natural maturity date of December 31,2022, were early extinguished.
For this reason, all the risks connected to the volatility of the interest rate are negligible.

Significant events occurring after the end of the fiscal year and business outlook
The 2022/2023 fiscal year began with a season ticket campaign that recorded a significant increase in revenues, in
consideration of the fact that in the 2021/2022 fiscal year the same had not been carried out due to the restrictive
measures imposed by Authorities and Institutions because of the continuation of the Covid-19 pandemic.
The results, also in light of the outcome of the summer transfer campaign and some renegotiations of sponsorship
contracts, could be slightly worse than those expected in the budget taken as a reference as the first year of the Financial
Fair Play plan, although they will always depend on the unpredictable trend of participation in European competitions and
on the results that the First Team will obtain, as well as on extraordinary transactions such as the sale of players'
performances in the winter transfer market. Please referto the "Going Concern" section of this Management Report and in
the Explanatory Notes where the considerations and evaluations made by the Directors to consider that the Company
operates as a going concern in the foreseeable future are illustrated, in addition to the "Financial Fair Play" section for the
estimates of the penalties applicable following the new agreement signed at the end of August 2022.
The sports goals for the new season are aimed at maintaining the First Team at competitive levels for all competitions in
which the Club participates. In this regard, it should be noted that the summer transfer campaign of July and August 2022
was mainly characterized by:

Temporary transfer of the football registration rights of the player Sebastiano Esposito to Anderlecht; the
agreement valid for the 2022/2023 season provides the right to purchase by the end of the 2022/2023 season;

Temporary acquisition of the football registration rights of the player Raoul Bellanova from Cagliari; the
agreement, valid for the 2022/2023 sports season, provides for the Company the right to purchase by the end of
the 2022/2023 season;

Temporary transfer of the football registration rights of the players Martin Satinano to Empoli and lonut Radu to
Cremonese, Lucien Agoumè to Troyes and Stefano Sensi to Monza;

The definitive transfer of the football registration rights of the player Cesare Casadei to Chelsea;

The temporary transfer of the football registration rights of the player Andrea Pinamonti to Sassuolo; the
agreement, valid for the sports season 2022/2023, provides for the obligation to purchase at the first point of the
First Team after the date of February 2, 2023;

Temporary transfer of the football registration rights of the player Eddie Anthony Mora Salcedo to Bari; the
agreement valid for the 2022/2023 season provides the right to purchase by the end of the 2022/2023 season;

Temporary transfer of the football registration rights of the player Valentino Lazaro to Torino; the agreement valid
for the 2022/2023 season provides for Torino the right to purchase to be exercised by the end of the 2022/2023
season;

Temporary transfer of the football registration rights of the player Lorenzo Pirola to Salernitana; the agreement
valid for the 2022/2023 season provides for Salernitana the right to purchase to be exercised by the end of the
2022/2023 season and the right of counterposition in favour of the Company;

Temporary acquisition of the professional rights of the player Francesco Acerbi from Lazio; the agreement, valid
for the 2022/2023 sports season, provides for the Company the right to purchase by the end of the 2022/2023
season;

In July and August 2022 the Company terminated the economic contracts of the players Arturo Vidal and Alexis
Sanchez, expiring on June 30, 2023, with recognition of the economic effect in this financial statements, as
described in the paragraph "Depreciation of fixed assets" of the Explanatory Note.

From a financial point of view, in order to raise new financial resources, in July 2022 the Parent Company reached an
agreement with Generali Italia S.p.A., for the extension of the insurance surety policy for an additional Euro 19.1 million for
a total of Euro 45 million to guarantee the debit balances of the Company's transfer account in favour of the Lega
Nazionale Professionisti Serie A, as provided for by the regulations issued by the FIGC on the subject of players'
registration and transfers (in particular, from FIGC Official Notice No. 251/A, published on May 19, 2022).

From a commercial point of view, in July the Parent Company launched an e-commerce platform, intended as an online
shop operating on a global scale that allows professional customers and consumers to purchase the Company's products,
with the aim of maximising revenues and up selling and cross selling methods with direct management and full control of
the entire process from the development of product lines to their sale.
13
The crisis in the crypto-currency sector, which worsened during the second quarter of the year 2022, has also impacted
and is still impacting the Group's cash flows, and, specifically, the subsidiary Inter Media, especially with reference to the
sponsorship agreement signed with Zytara Labs - Digitalbits, as better described in the section "Other information -
Sponsorship agreements". In fact, at the date of preparation of these financial statements, invoices relating to
performance bonuses accrued as a result of the sports results achieved by the Parent Company's First Team in the
2021/2022 football season, amounting to Euro 1.6 million (entirely written off already at June 30, 2022), as well as the first
instalment for the 2022/2023 football season under the title of Jersey Sponsor - Main for Euro 8 million (entirely covered at
June 30, 2022 by deferred income recognised for a similar amount in the liabilities of the Balance Sheet), were due and
not yet collected. In addition to the above, to date the counterparty has not presented the project, contractually envisaged,
regarding the integration of the F.C. Internazionale Milano Group's digital ecosystem, which has just been restructured. As
of the date of preparation of these financial statements, the F.C. Internazionale Group is working with the counterparty to
find a solution, although it has preliminarily removed the logos of the counterparty from the site, billboards and jerseys of
the youth and women's sector teams, while retaining, at the moment, the presence of the sponsor on the jersey of the First
Team.

On July 7, 2022, the Parent Company received a writ of summons from China Construction Bank (Asia) Corporation
Limited (“CCB"), whereby CCB brought a revocatory action before the Civil Court of Milan against the Parent Company’s
shareholders’ resolution of February 18, 2019, regarding Directors’ emoluments, in the context of broader actions to
protect its economic interests in China. The Parent Company, as a party involved in the action brought by CCB, intends to
instruct its lawyers to carry out an in-depth analysis of the case and of the case law on ordinary revocatory actions and
protect its reasons in the lawsuit brought by CCB, whose first hearing, initially set for November 14, 2022, was postponed
to March 8, 2023.

Lastly, on August 10, 2022, Inter received a claim for Euro 30 million raised by Sporting Clube de Portugal - Futebol
("Sporting CP") in relation to the definitive transfer of the player Joao Mario to Benfica for failure to activate the pre­
emption clause in favour of Sporting CP in the event of the player's transfer to any other club participating in the
Portuguese championship. The Company, while considering itself not responsible for contractual violations, is examining
with its lawyers the counterparty's objections and will take action in the appropriate venues to protect its interests.

At the end of August 2022, the Settlement Agreement with UEFA was signed, for details of which please refer to the
section "Financial Fair Play".

At the time of writing this report, the First Team played seven Serie A championship matches with four wins and three
losses, and two UEFA Champions League matches with one win and one loss.

Other information
Number and nominal value of treasury shares and the shares or quotas of parent companies held or purchased
and sold by the Group companies
It is specified that the companies included in the consolidation do not hold treasury shares, nor did they hold them during
the course of the fiscal year, nor did they purchase or sell treasury shares directly or through a fiduciary company or third
parties.

Information required by Article 2428 of the Civil Code

As anticipated, in accordance with the provision of Article 2428(2) (6 bis) of the Italian Civil Code, the Group is exposed to
the normal risk of the variation of interest rates with respect to net indebtedness and to the normal risk of change of the
interest rate in relation to receivables and payables in foreign currency. Reference is made to the above paragraph on
Financial Risks for further comments in such regard.

On behalf of the Board of Directors

The President

14
 GROUP F.C. INTERNAZIONALE MILANO
Consolidated Financial Statements as of June 30, 2022

BALANCE SHEET - ASSETS 30 June 2022 30 June 2021

Translation from the original version issued in Italian amounts in Euro amounts in Euro

B) FIXED ASSETS
1 Intangible assets
3) Industrial patents and similar intellectual
property rights 91.805 95.055
4) Concessions, licenses, trademarks and similar rights 275.359.742 289,081.509
6) Construction in progress 26.500.959 26.356.938
7) Capitalization of youth programme costs 17.312.786 16.624.779
8) Player registration rights 224.546.194 309.186.045
10) Other intangible assets 2.984.485 3.489.564
Total 546.795.971 644.833.890
II Property, plant and equipment
1) Land and buildings 24.216.770 25.115.993
2) Plant and machinery 471.477 634.677
3) Industrial and commercial equipment 251.354 285.924
4) Other assets 2.428.046 2.862.499
5) Under construction and advances 749.223 21.279
Total 28.116.870 28.920.372
III Financial fixed assets
1) Investments in
b) associated companies 1.848.116 1.326.919
d-bis) other companies 45.319 45.319
2) Receivables
d) from others
a) within 12 months 2.090.253 2.565.146
b) beyond 12 months 37.579.365 33.142.081
Total 41.563.053 37.079.465

Total fixed assets 616.475.894 710.833.727

C) CURRENT ASSETS
Inventories
4) finished products 280.769 .
Total (I) 280.769 .
II Receivables
1) Trade receivables
a) within 12 months 30.968.072 26.365.661
b) beyond 12 months 246.411 22.538.262
2) from subsidiaries
a) within 12 months 48.447 48.447
4) from parent companies
a) within 12 months 6.410.509 678.819
5) from companies subject to parent companies control
a) within 12 months - 462.500
5 bis) tax receivables
a) within 12 months 3.281.978 6.904.092
5 ter) deferred tax assets
a) within 12 months 9.631 130.184
6) from specific sector institutions
a) within 12 months 38.627.140 44.118.354
b) beyond 12 months 9.939.065 28.184.106
7) from others
a) within 12 months 3.481.935 73.160
Total 93.013.188 129.503.585
III Financial assets not held as fixed assets
1) investments in subsidiaries 2 2
Total 2 2
IV Cash at bank and on hand
1) Bank and postal deposit accounts 139.169.066 97.871.689
3) Cash on hand 14.473 12.254
Total 139.183.539 97.883.943

Total Current assets 232.477.498 227.387.530

D) PREPAYMENTS AND ACCRUED INCOME

I) Accrued income 1.345 .
II) Prepaid expenses 22.110.079 15.083.936

TOTAL ASSETS 871.064.816 953.305.193

GROUP F.C. INTERNAZIONALE MILANO
Consolidated Financial Statements as of June 30, 2022

BALANCE SHEET - LIABILITIES 30 June 2022 30 June 2021

Translation from the original version issued in Italian amounts in Euro amounts in Euro

A) SHAREHOLDERS' EQUITY
I Share capital 19.195.313 19.195.313
II Share premium reserve 26.943.339 26.943.339
III Revaluation reserves
- Revaluation reserve art. 110 DL 104/2020 203.867.123 203.867.123
VII Other reserves
- Reserve for future capital increases 242.112.089 242.112.089
- Reserve to cover future losses 41.704.748 41.704.748
VIII Retained losses (480.371.624) (234.792.360)
IX Loss for the year attributable to the Group (140.056.180) (245.579.264)
Total Net Equity attributable to the Group (86.605.192) 53.450.988
Net Equity attributable to Minorities - -
Total Net Equity attributable to the Group and Minorities (86.605.192) 53.450.988

B) PROVISIONS FOR RISKS AND CHARGES

2) for taxes, including deferred 7.859.649 8.273.483
3) other 15.113.366 22.881.233
Total Provisions for risks and charges 22.973.015 31.154.716

C) PROVISIONS FOR EMPLOYEE SEVERANCE INDEMNITIES 884.011 920.132

D) PAYABLES
1 ) Bond loan
a) within 12 months - 9.080.222
b) beyond 12 months 407.944.623 335.870.108
3) Shareholders' loan
a) within 12 months 21.235.696 16.337.394
b) beyond 12 months 60.000.000 60.000.000
4) Bank loan
a) within 12 months 51.897 240.799
b) beyond 12 months - 50.000.000
6) Advances 3.598.658 4.613.192
7) Trade payables
a) within 12 months 59.332.628 63.536.401
b) beyond 12 months 36.361.955 35.664.178
9) To subsidiaries
a) within 12 months 16.306 16.306
10) To associated companies
a) within 12 months 2.436.047 3.594.240
11 ) To parent companies
a) within 12 months 301.190 5.649.589
12) Tax payables
a) within 12 months 84.189.106 40.091.961
b) beyond 12 months - 9.819.643
13) To pension and social security institutions
a) within 12 months 9.508.575 3.857.514
b) beyond 12 months - 1.627.673
15) To specific sector institutions
a) within 12 months 60.150.774 94.725.267
b) beyond 12 months 85.478.355 56.834.623
16) Other payables
a) within 12 months 50.544.252 36.064.314
b) beyond 12 months - 355
Total payables 881.150.062 827.623.779

E) ACCRUALS AND DEFERRED INCOME

I) Accrued liabilities 578.889 572.882
II) Deferred income 52.084.031 39.582.696
TOTAL LIABILITIES 871.064.816 953.305.193
GROUP F.C. INTERNAZIONALE MILANO
Consolidated Financial Statements as of June 30, 2022

INCOME STATEMENT 12 months at 12 months at

30 June 2022 30 June 2021
Translation from the original version issued in Italian amounts in Euro amounts in Euro

A) VALUE OF PRODUCTION
1) Revenues from sales and services
a) revenue from home matches 34.485.624 -

b) revenue from away matches 1.600.390 -

c) season tickets 1.569.645 -

e) other revenues 43.695.063 74.457.971

2) Changes in inventories of work in progress, semi-finished and finished products 280.769 -
4) Capitalization of youth programme costs 8.899.515 8.849.667
5) Other revenues and income
a) grants and contribution 16.612.651 8.524.319
b) sponsorships 43.497.058 41.605.362
c) advertising income 4.039.383 7.357
d) commercial income and royalties 6.472.314 4.209.868
e) income from the sale of television rights
- television revenues 84.239.107 125.413.182
- television income from participation in UEFA competitions 62.303.836 64.323.960
g) revenues from temporary loan of players 1.246.479 5.060.964
h) gains on sale of player registrations rights 105.232.497 2.287.893
i) other income from player management 2.469.482 1.005.863
I) sundry revenues and income 22.999.055 28.965.814
Total Value of Production 439.642.868 364.712.220

PRODUCTION COSTS
6) Cost of raw materials, supplies and consumables 5.209.697 2.248.726
7) Cost of services 64.373.634 51.688.396
8) Costs of rents and leases 12.765.041 12.597.163
9) Personnel costs
a) salaries and wages 217.790.584 236.686.056
b) social security contributions 8.802.346 8.497.191
c) employee severance indemnity 2.078.553 2.087.202
e) other costs 19.762.744 14.307.164
10) Amortisation, depreciation and impairment
a) amortisation of intangibles assets 124.531.265 150.625.585
b) depreciation of tangible 1.844.571 1.844.157
c) write-downs of assets 16.556.314 16.706.940
d) write-downs of doubtful account receivables included in current assets 25.803.288 40.382.799
12) Provision for risks 27.146 8.302
13) Other provisions 12.006.531 20.456.542
14) Other operating expenses
a) various costs of organising competitions 4.529.072 1.275.485
b) competition registration fees 18.332 3.000
c) specific expenses paid to visiting teams
- percentage of match takings paid to visiting teams 150.787 -
d) costs for the temporary acquisition of players 270.000 560.267
e) losses from the sale of player registrations 50.536 2.041.579
f) other expenses from player management 4.723.285 1.737.774
g) other operating expenses 6.617.820 5.028.081
Total Production Costs 527.911.546 568.782.409
Difference between value and cost of production (A - B) (88.268.678) (204.070.189)
C) FINANCIAL INCOME AND EXPENSES
16) Other financial income
a) from receivables classified as fixed assets
- from other companies 248 259
d) other income
- from third parties 955.104 2.706.600
17) Interest and other financial charges
c) from parent companies (4.800.000) (5.475.671)
d) other financial expenses (45.165.624) (30.747.585)
17bis) Gains and losses on foreign currency trasiation
a) income from exchange 190.987 96.625
c) losses on exchange (35.754) (11.340)
Total Financial Income and Expense (48.855.039) (33.431.112)

VALUE ADJUSTMENTS TO FINANCIAL ASSETS

18) Revaluation
a) of investments 521.197 -
19) Impairment
a) of investments - (1.972.728)
Total value adjustments to financial assets 521.197 (1.972.728)

Pre-tax results (136.602.520) (239.474.029)

20) Current and deferred income taxes
a) current taxes (3.746.940) (4.009.004)
b) deferred tax liabilities 413.833 3.805
c) deferred tax assets (120.553) (2.100.036)
Loss after taxes before minority share (140.056.180) (245.579.264)
21) Net Loss attributable to minority share - -
21) Net Loss attributable to the Group (245.579.264j

On behalf of the Board of Directors

The President
(Zhang Kangyang)
 12 months as o( 12 months as of
Euro
June 30. 2022 June 30. 2021

A. Cash flow from operating activities

Gain (loss) for the fiscal year (140.056.180) (245.579.264)

Income taxes 3.746.940 4.009.004
Financial expenses 49.010.272 33.516.397
(Dividends from subsidiaries companies)
(Capital gains)/losses deriving from the disposal of assets (excluding those deriving Irom players registration rights) (79) 2.917
1. Loss for the fiscal year before taxes, interests, dividends and capital gains/losses (87.299.047) (208.050.946)
Non cash adjustments
Accruals of provision for risks and charges and employee severance indemnifies 14.112.230 22.552.046
Amortization 126.375.836 152.469.742
Impairments of fixed assets and receivables included in working capital 42.359.602 57.069.739
Other adjustments for non cash items (111.573.563) (8.914.677)
2. Cash flow from operating activities before changes in Net Working Capital 71.274.106 223.196.850
Changes in Net Working Capital
DecreaseT(lncrease) in inventories (280.769)
Decrease/(increase) in trade receivables (7.766.765) (2.860.980)
lncrease/(decrease) in trade payables (4.006.641) 1.852.722
Deerease/(increase) in accrued income and prepaid expenses (7.027.488) 12.744.276
lncreasef(decrease) in accrued expenses and deferred income 12.507.342 (9.861.055)
Other net working capital items ___________________________________ 40.178.103 25.525.957
3. Cash flow from operating activities after changes in Net Working Capital 33.603.782 27400.920
Other adjustments
Interests paid (collected) (31.156.704) (19.545.782)
Taxes paid (3.870.810) (5.587.905)
Dividends proceeded
Usage of provision of provision for risks and charges and employee severance indemnities (16.460.177) (18.921.697)
Total other adjustments (51.487.691) (44.055.384)

Cash flow from operating activities (A) (33.908.851) (1.508.560)

B. Cash flow from investing activities

Tangible assets (1.040.990) (2.845.955)

(Increase) (1.042.147) (2.854.561)
(Decrease) 1.157 8.606

Player registration rights 86.528.746 (85.366.678)

(Increase) in intangible assets - player registration rights (115.728.672) (99.082.832)
Decrease in intangible assets - player registration rights 187.923.647 23.244.665
Decrease/(lncrease) receivables for disposal of players registration rights 24.688.053 51.670.281
lncrease/(decrease) payables for the acquisition of players registration rights (10.354.283) (61.198.792)

Other Intangible assets (10.062.674) (9.221.951)

(Increase) (10.062.674) (9.221.951)
(Decrease)
Financial fixed assets (3.962.391) (24.054.717)
(Increase) (3.962.391) (24.086.667)
(Decrease) 31.950
Financial non Fixed assets
(Increase)
(Decrease)
Total cash flow from investing activities (14.025.065) (33.276.668)

Cash flow from investing activities (B) 71.462.690 (121.489.301)

C. Cash flow from financing activities

Debt Financing 3.745.757 67.375.950

Increase (decrease) in short-term payables to banks (50.188.902)
New loans 407.432.779 66.077.830
Loans repayment (353.498.120) (8.701.880)

Shareholders ' loan 75.000.000

New Shareholders' loan 75.000.000
Shareholders' loan repayment

Own funds
Paid capital increase
(Capital repayment)
Sale (purchase) of own shares
(Dividends (and advances on dividends) paid)

Other cash flow from financing activities

Cash flow from financing activities (C) 3.745.757 132.376.950

Increasef(Decrease) cash and cash equivalents (A t B t C) 41.299.596 9.378.089

Cash and cash equivalents at beginning of the fiscal year 97.883.943 88.505.854
Cash and cash equivalents at the end of the fiscal year_______________ 139.183.539 97,883.943
Breakeven balance ■■HXlZZjZE]
Non monetary transaction during the fiscal year
Conversion to Equity of a principal of shareholders’ loan (132.112.089) (132.112.089)
Increase in reserve for future capital increases 132.112.089 132.112.089
Increase in revaluation reserve art 110 DL 104/2020 203.867.123 203.867.123
Revaluation of Tnter" brand and "Libreria Storica" (212.140.607) (212.140.607)
Recognition of deferred taxes on revaluation of the "Inter" brand and "Libreria Storica" 8.273.464 8273.484
Conversion to investments of a receivables with associated companies 884.500 884.500
Increase of Investments in associated companies (884.500) (884.500)

On behalf of the Board of Directors

The President
(Zhang Kangyang)
 F.C. INTERNAZIONALE MILANO GROUP

EXPLANATION ADDED FOR TRANSLATION TO ENGLISH

The financial statements has been translated into English from the original version in Italian. It has been
prepared in accordance with the accounting principles established by the Italian law related to consolidated
financial statements, which may be not conform with generally accepted accounting principles in other
countries

Explanatory Notes to the Consolidated Financial Statements as of June 30, 2022

General information about the Group

F.C. Intemazionale Milano S.p.A. (hereafter "F.C. Inter” or “the Parent Company”) is a share capital company,
incorporated and domiciled in Italy, having its registered office in Milan, Viale della Liberazione 16/18, whose controlling
shareholder, since June 28, 2016, is the company Great Horizon S.à.r.l controlled by Suning Holdings Group Co., Ltd.
("Leading Shareholder”). Subsequently, as part of a financing transaction involving the Leading Shareholder during the
previous fiscal year, Great Horizon S.à.r.l. transferred the shares held in the Company to the newly incorporated Grand
Tower S.à r.l., which therefore became the new direct parent company of the F.C. Intemazionale Milano Group, wholly
owned by Great Horizon S.à.r.l.

The activities performed by the Parent Company and its subsidiaries (hereinafter the “Group”, the “F.C. Inter Group” or the
F.C. Intemazionale Milano Group”) generates income of various nature, mainly related to traditional sports activity, the
management of the team and the granting of radio and television rights, as well as related to sponsorships and to the
exploitation of the trademark and image rights.

Parent Company’s corporate structure

At the time these consolidated financial statements were prepared, the Parent Company's corporate structure was as
follows:

- Great Horizon S.à.r.l 68.55% (entirely controlled by Suning Holdings Group Co., Ltd.);
- International Sport Capital S.p.A. 31,05% (hereafter, alternatively, “ISC”);
- Other minority shareholders 0.4%.

The entry of the Suning Group, Chinese multinational operating in the consumer electronics retail market, occurred in
June 2016, has continuously made financial resources available to the Company and to the F.C. Internazionale Milano
Group for its relaunch at national and international level. Finally, the aforementioned new parent company Grand Tower
S.à.r.l. - in the context of the financing operation of the Leading Shareholder mentioned above - proceeded to disburse
shareholder loans interest-bearing at a net fixed rate of 8% per annum for Euro 75 million, of which Euro 50 million on May
20, 2021 and Euro 25 million on June 28, 2021 converted into capital for Euro 15 million on 31 May 2021.

Form and content of the consolidated financial statements

The consolidated financial statements consist of the Balance Sheet, Income Statement, Cash Flow Statement and
Explanatory Notes. Specifically, the latter serves the function of providing an explanation and analysis of the consolidated
data, and contains the information required by the provisions of Article 38 of Legislative Decree 127/1991. The statements
of assets and liabilities and those of profits and losses are expressed in Euro, whereas the Report on Operations and
Explanatory Notes are expressed in thousand Euro, as explicitly stated in the comments and tables unless otherwise
specified.
In order to comply with the procedures specified in articles 2424 and 2425 of the Civil Code, and by the additions and
changes introduced to the civil code by the Legislative Decree 139/2015 and next changes starting from December, 29
2017, which implemented in Italy the accounting Directive 34/2013/EU, the items of the consolidated Balance Sheet,
Income Statement and Cash Flow Statement were classified according to the structure of financial statements required by
the professional football club, in compliance with the provisions of the FIGC Official Communiqué n° 58, published on
September 5, 2006; such provisions were integrated to those issued by the Commissione di Vigilanza per le Società di
Calcio (Supervisory Commission for Italian Football Clubs) - Co.Vi.Soc. - which allowed for the technical interpretation of
the legal provisions, and which were also taken into account while preparing the consolidated financial statement.
In complying with the layouts set forth in Articles 2424 and 2425 of the Civil Code, the numbering of the items set forth
therein has been exactly reproduced, omitting the items marked with Arabic numerals that have a zero value in this and
the previous year.
In the Explanatory Notes the changes in the individual items are indicated and the comments limited to the main items.

1
The "Appendices" section, which is an integral part of the Notes to the Financial Statements, includes schedules
containing both certain mandatory information required by current regulations and those considered useful for the clarity
and completeness of the consolidated financial statements as of June 30, 2022.
It should be noted that, the Cash Flow Statement is prepared in accordance with the format of the new "UEFA Licensing
Manual - Edition 2020 - Appendix IX", with first application in the consolidated financial statements for the fiscal year
ended on June 30, 2021.

Area of consolidation and the presentation of the consolidated financial statements

The consolidation perimeter of the F.C. Internazionale Milano Group, remained unchanged compared to June 30, 2021,
was determined with reference to the legal control that the Parent Company exercises on the Group companies.
Therefore, the consolidated financial statements include the financial statements of the Parent Company F.C.
Internazionale Milano S.p.A., its subsidiaries Inter Media and Communication S.p.A., Inter Brand S.r.l. and Inter Futura
S.r.l., of which the Parent Company holds, directly or indirectly, the majority of the voting rights and over whose activity it
has a dominant influence. The associated company M-l Stadio S.r.l., in which it holds a 50% stake together with the
company A.C. Milan S.p.A., was measured using the Shareholders' Equity method ("equity method").
The consolidation perimeter as of June 30, 2022 thus includes the following companies, in addition to the Parent
Company:

*55.61% held directly by the Parent Company FC Intemazionale Milano SpA and 44.39% held indirectly through Inter Brand S.r.l.

The reference date of the consolidated financial statements (June 30, 2022) is the date the Parent Company's fiscal year
ends.
The companies Shanghai Inter Brand Trading Co., Ltd. and Inter Brand China Co., Ltd. in liquidation, subsidiaries
indirectly held by the Parent Company through Inter Brand S.r.l., were not consolidated because they no longer represent
a long-lasting investment for the Group and the shareholdings are classified in the line item “Financial assets not held as
fixed assets” of Working capital. Further, the latter, do not have accounting values that are globally relevant in
accordance with Art. 28 of Legislative Decree 127/91, due to the future liquidation.

Consolidation standards
The following consolidation standards were used to prepare the consolidated financial statements:
- the measurement criteria conform to the provisions of Article 2426 of the Italian Civil Code;
- in preparing the financial statements, all the general standards analytically indicted and defined by Article 2423-bis of
the Italian Civil Code were complied with;
- the line items were not grouped in the Balance Sheet and in the Income Statement;
- the financial statements were prepared through the complete consolidation of the companies Inter Media and
Communication, Inter Brand S.r.l. and Inter Futura S.r.l., whereas for the associated company M-l Stadio S.r.l. the
Shareholders’ Equity method (equity method) was used, in which the pro-quota result is recognized in an individual line of
the Income Statement (among revaluations/write-downs of equity investments), whereas the value (pro-quota) of
Shareholders’ equity is synthetically recognized in the line item "Equity Investments".

The consolidation accounting records mainly regard:

a) ELIMINATION OF EQUITY INVESTMENTS IN SUBSIDIARIES

The accounting value of the equity investments held by F.C. Internazionale Milano S.p.A. in the subsidiaries and
by Inter Brand S.r.l. in Inter Media and Communication S.p.A. was eliminated, at the time of consolidation, with
respect to the relative Shareholders' equity in exchange for the assumption of the assets and liabilities of the
subsidiaries using the global integration method.
b) INTERGROUP TRANSACTIONS
The reciprocal receivables and payables as of June 30, 2022 and the most significant economic transactions
that occurred during the fiscal year that ended on such date among the companies included in the consolidation
perimeter were eliminated. Specifically, all the effects deriving from the intergroup contribution described in the
paragraph “Contribution in kind and Debt Refinancing" were eliminated.
c) DEFERRED AND PREPAID TAXES
With reference to the recognition of deferred tax assets and liabilities in the consolidated financial statements,
given the values of the tax losses not measured as of June 30, 2022, by virtue of the tax consolidation
agreement between the Parent Company and its subsidiaries, the Directors deemed it inappropriate to
recognise IRES deferred tax assets and liabilities, but only to recognise IRAP deferred tax liabilities, although
these are recognised in certain Group companies in view of their future profitability and the absence of past tax
losses of the aforementioned companies.

2
Reconciliation between Shareholders’ equity and the Result for the fiscal year indicated in F.C. Intemazionale Milano
S.p.A.’s financial statements and in the F.C. Inter Group’s consolidated financial statements ended June 30, 2022

Shareholders' Equity as of Fiscal year result for

Description
June 30, 2022 12 months as of June 30, 2022
F.C. Internazionale Milano S.p.A. (36.279.640) (127.308.418)

Effects on Shareholders' Equity deriving from the consolidation

of the subsidiaries Inter Brand, Inter Futura and Inter Media:

Effect on retained profits (losses) generated by consolidation

(118.255.037)
adjustments of prior years
Revaluation reserve pursuant to art. 110 of Legislative Decree
no. 104/2020 generated by the revaluation of the "Inter” brand 203.867.123
and the "Libreria Storica”
Reversal of the Revaluation reserve pursuant to art. 110 DL
104/2020 generated by the revaluation of equity investments in (123.189.876)
the F.C. Intemazionale standalone financial statements
Total effects on Shareholders' Equity (37.577.790) -
Effects on operating results:
Elimination dividend of FC Intemazionale Milano S.p.A.
(11.436.627) (11.436.627)
Distributed by I.Brand S.r.l.
Elimination dividend of FC Intemazionale Milano S.p.A.
(8.927.052) (8.927.052)
Distributed by Inter Media and C. S.p.A.
Elimination dividend of Inter Brand S.r.l. Distributed by Inter
(7.177.638) (7.177.638)
Media & C. S.p.A.
Elimination of amortization of capital gains from contribution
5.942.158 5.942.158
allocated to Inter Media and C. S.p.A.
Net of the effect on deferred taxation (4.819) (4.819)
Economic result Inter Brand S.r.l. 6.973.366 6.973.366
Economic result Inter Futura S.r.l. (13.361) (13.361)
Economic result Inter Media and C. S.p.A. 1.896.211 1.896.211
Total effects on the operating results (12.747.762) (12.747.762)
Consolidated F.C. Internazionale Milano (86.605.192) (140.056.180)1

Reference should be made to the section "Going concern" for information regarding the Group's and the Parent
Company's ability to continue operating as a going concern, and it should be borne in mind that the minimum
capitalization limits provided for in art. 2447 of the Italian Civil Code are not applicable to the consolidated financial
statements. The Parent Company's shareholders' Equity as at June 30, 2022 was negative by Euro 36.3 million. In this
regard, it should be noted that the Shareholders' Meeting of the Parent Company held on October 28, 2021 approved the
financial statements for the fiscal year ended on June 30, 2021 with a final loss of Euro 214,412,630, resolving to
postpone the replenishment of this loss by the fifth fiscal year following the one in progress as at December 31, 2020 (or,
for the Parent Company, to the fiscal year closing on June 30, 2026), as provided for in Article 1, paragraph 266, of Law
No. 178 of December 30, 2020. It should also be noted that the Milleproroghe Decree No. 228/2021 (effective as of
December 31, 2021) converted with amendments by Law No. 15 of February 25, 2022, in Article 3, paragraph 1 -ter
(extension of terms in economic-financial matters) extended the option to losses arising in the fiscal year in progress as
of December 31, 2021 (or, for the Parent Company, to the fiscal year ending on June 30, 2027). The Parent Company
intends to utilise this option of deferring the immediate adoption of the obligations set forth in Articles 2446 and 2447 of
the Italian Civil Code should it fall within these cases in the foreseeable future, deferring the loss for the fiscal year
ending June 30, 2022 in accordance with the aforementioned legal provisions and therefore operating with negative
shareholders' Equity to which losses of approximately Euro 342 million can be written off in five years.

Measurement criteria and accounting standards

In preparing the consolidated financial statements, we complied with standards of clarity as well as the truthful and
accurate representation of the Balance Sheet and Income Statement set forth in the second clause of Article 2423 of the
Italian Civil Code.
The consolidated financial statements were prepared according to the provisions of Legislative Decree 127/91, in
compliance with general standards of prudence, accrual-based accounting, and in view of going concern, based on the
assumptions better discussed in the paragraph “Going Concern” Report on Operations, and considering the economic
utility of the asset and liability items. In this context, the going concern issues, is provided by the Parent Company and the
other companies inside the consolidation organization.
The valuation criteria adopted for the preparation of the financial statements as at June 30, 2022, unchanged with respect
to those used for the comparative financial statements, comply with the provisions of the Italian Civil Code, as amended
by Legislative Decree 139/2015, duly supplemented by the accounting principles drawn up by the National Councils of
Chartered Accountants and Accounting Experts, as amended by the O.I.C. (Organismo Italiano di Contabilità), also taking
into account industry practices and the provisions issued by the Federazione Italiana Giuoco Calcio (Italian Football
Federation) and the Commissione di Vigilanza per le Società di Calcio (Supervisory Commission for Football Clubs),

3
which have allowed fora technical interpretation of the law, are indicated in the following paragraphs with specific
reference to the individual items that make up the Balance Sheet and Income Statement.
It should also be noted that in preparing the consolidated financial statements as at June 30, 2022, no departures were
made pursuant to Article 2423, paragraph 4 and Article 2423-bis, last paragraph, of the Italian Civil Code.

Going Concern
The present consolidated financial statements is prepared according to the principle of going concern in accordance with
the considerations set out below and events described below.

During the fiscal year, the club recorded a significant loss of Euro 140.1 million, an improvement on the loss made in the
2021/2022 season (Euro 245.6 million), thanks both to capital gains from the sale of certain players and to the easing of
restrictive measures against the Covid-19 pandemic, which, although it still had a negative impact on the 2021/2022
season, allowed a gradual return of spectators to the stadium and the achievement of ticket revenues that had been zero
in the previous season.

As a result of the loss realised during the fiscal year, from an equity point of view, the net equity of the Parent Company
was negative for Euro 36.3 million as of June 30, 2022. In this regard, it should be noted that the Company's
Shareholders' Meeting of October 28, 2021 had approved the financial statements for the fiscal year ended on June 30,
2021 with a final loss of Euro 214,412,630, resolving to postpone the replenishment of this loss by the fifth fiscal year
following the one in progress as of December 31,2020 (i.e., for the Parent Company, to the fiscal year closing on June 30,
2026), as provided for in Article 1, paragraph 266, of Law No. 178 of December 30, 2020, allowing the Parent Company's
equity to comply with the minimum capitalisation limits provided for in Articles 2446 and 2447 of the Code. It should also
be noted that Decree Milleproroghe no. 228/2021 (effective as of December 31, 2021) converted with amendments into
Law no. 15 25 February 25, 2022, in Article 3, paragraph 1-ter (extension of terms on economic and financial matters)
extended to losses that emerged in the fiscal year underway as of December 31, 2021 the "sterilisation" discipline
originally provided for by Decree-Law no. 23 of April 8, 2020, converted with amendments by Law no. 40, thus recognising
the possibility for the Shareholders' Meeting to postpone the replenishment of this loss until the fifth fiscal year following
the one in progress as at December 31,2021 (i.e., for the Parent Company, the fiscal year ending June 30, 2027). When
approving the annual financial statements for the 2021/2022 season, the Parent Company intends to use this option to
defer the immediate adoption of the obligations set forth in Articles 2446 and 2447 of the Italian Civil Code, deferring the
loss of Euro 127,308,418 for the fiscal year ended on June 30, 2022 in accordance with the aforementioned legal
provisions and thus operating with negative shareholders' equity to which losses that can be written off in five years
amounting to approximately Euro 342 million will contribute.

From a financial point of view, the transfer during the 2021/2022 season of players at significant values has more than
offset the cash absorption of the core business as a result of the losses in the Income Statement and, together with the
refinancing of the financial debt, has not determined the need for the Leading Shareholder to contribute additional financial
resources during the fiscal year.
More specifically, it should be noted that on February 9, 2022, the subsidiary Inter Media and Communication S.p.A.
(hereinafter also referred to as "Inter Media") completed the issue of a guaranteed, non-convertible, non-subordinated
senior Bond Loan for a total principal amount of Euro 415 million, with an annual interest rate of 6.75% and maturity on
February 9, 2027, mainly aimed at the early refinancing of its financial debt, whose maturity date was set for December
31, 2022. For more information on the refinancing transaction, please refer to the section “Other Information - Debt
refinancing”.
In addition, in order to contain financial outlays, in July 2022 the Parent Company, through Generali Italia S.p.A., extended
the insurance guarantee policy by a further Euro 19.1 million, reaching the amount of Euro 45 million to guarantee the
debit balances of the Group's transfer account in favour of the Lega Nazionale Professionisti Serie A, as provided for by
the regulations issued by the FIGC on the subject of players' registration and transfers (in particular, by the Official Notice
of the FIGC no. 251/A, published on May 19, 2022).
In addition, during the fiscal year, installments were paid and renegotiated for certain debt items, in particular of a fiscal
nature, in accordance with the regulations granted by the various decrees supporting companies in the context of the
crisis caused by the Covid-19 pandemic.
As a result of the above, the Group had cash and cash equivalents of Euro 139.2 million at June 30, 2022.

In this context, despite the fact that forecasts show, in the foreseeable future, the emergence of losses and consequent
cash absorption, especially with reference to ordinary operations, characterised by high operating and financial cash
requirements, the Directors have prepared these financial statements on a going concern basis, considering both the
financial resources available to the Company and the contribution of additional financial resources expected from the
Leading Shareholder (Suning), through Grand Tower S. à r.l., which is the direct parent company of the Group and with
which adequate liquidity is available, and which has already expressed its formal commitment to provide financial support
to the Parent Company and the Group for at least twelve months from the date of approval of these financial statements
or, if a change of control of the Parent Company occurs before twelve months, until the date on which control of the
Company is maintained.

It should be noted, however, that the Group's activities are closely linked to the sporting performance of the First Team
and the regular running of the Serie A Championship and the European competitions in which the First Team takes part,
4
and could therefore be affected by further potential impacts, which are not foreseeable at present, in relation to a
revamping of the Covid-19 pandemic, which, together with the climate of general instability also connected to the conflict
in Ukraine, as well as the inflationary context, rising interest rates and general volatility, could in turn influence the
activities and results of the Parent Company and the Group in a worse way than what is currently expected. With
reference to the conflict between Russia and Ukraine, where the Group do not have a presence, which broke out in
February 2022, at the time of preparing these financial statements the Directors do not expect any significant direct effect,
as also confirmed by the season ticket campaign and stadium attendance. The Parent Company and the Group are,
moreover, active in applying the guidelines and directives of the European Union, in order to comply with sanctions and
safeguard the operation of its business and the safety of its operators.

ASSETS

Intangible assets
Intangible assets are recognized, with the prior consent of the Board of Statutory Auditors, if expressly required, at
purchase cost, inclusive of any ancillary costs, and are systematically amortised for the period of their foreseeable future
utility.
If, independently from the amortisation already recorded, there is an impairment loss, the fixed asset is written down by a
corresponding amount; if during subsequent fiscal years the conditions for the write-down cease to exist, the original value
is restored, adjusted only by amortisation.

Industrial patents and similar intellectual property rights

These have been amortised based on their estimated useful life, mainly on a three-year basis starting from the fiscal year
in which the process of economic utility initiated. The necessary write-downs are made if it is not clear that the
investments are recoverable.

Concessions, licenses, trademarks and similar rights

The item Concessions, licenses, trademarks and similar rights mainly includes the value of the "Inter" brand, a
"centenario" brand with a great tradition, and the "Libreria Storica", referring to the purchase of the RAI television archive
(historical archive of images, materials and rights relating to FC Inter), as described in greater detail in the paragraph
"Other information - Agreements with the RAI Group, Infront and Dazn".
It is recalled that in the fiscal year ended on June 30, 2021 the Group availed itself of the option pursuant to art. 110 of
Law Decree no. 104/2020, converted into Law no. 126 of October 13, 2020 and, with the support of an independent
expert, proceeded to revalue the "Inter" brand and the "Libreria Storica", recorded among intangible assets.
The revaluation was carried out by intervening only on the historical cost, entailing, for the "Inter" brand, an extension of
the amortization period for a further 20 years, which was in any event deemed consistent with the effective residual useful
life of the revalued asset, while for the "Libreria Storica" the amortization is calculated on a straight-line basis for 20 years
from the date of the revaluation, within the time limits of the legal protection of the revalued asset and in line with that
described in the appraisal.

Construction in progress and advances

The improvements to the G. Meazza Stadium were recognized among the costs capitalised in the caption constructions in
progress and advances. Such costs were not amortised because they will be offset by the rent due to the Municipality of
Milan (recognized in the line item “Trade payables”) when the work performed has been tested and approved by such
Municipality in accordance with the Convention stipulated by F.C. Internazionale Milan S.p.A. and A.C. Milan S.p.A. for the
exploitation of the Stadium, which provides for the possibility of incurring expenses for the improvement and adjustment to
legal requirements of the Stadium, that can be used "as deductions" with respect to the rent.

Capitalisation of youth programme costs

The changes introduced by the D.lgs. 139/2015 have also affected the regime of Capitalisation of youth programme costs,
resulting in the issuance of the accounting recommendation # 2 - Capitalisation of youth programme costs by the Italian
Football Federation (Figc) in order to define the costs eligible to be deferred. Specifically, the capitalisation of such costs
are allowed in the case that these charges are esclusivamebte occurred for managing, promote, and develop youth
sector.
Such line item also includes the training bonuses paid, in accordance with Article 96 N.O.I.F., to amateur/professional
clubs following registration by the Parent Company of young football players coming from them. Under no circumstances
can be capitalised the remuneration and reimbursement of expenses recognised for expatriate employees in the youth
sector teams.
Such costs, having long-term utility, were capitalised in their entirety without any reference to the individual football
players, and are amortised on a straight-line basis in five fiscal years, starting from the fiscal year in which they were
incurred. The capitalisation of the above costs is done using a specific line item of the Income Statement called
“Capitalisation of youth programme costs".
It should be noted that the FIGC and Co.Vi.Soc., on November 12, 2021, published the 2021 edition of the
"Raccomandazioni Contabili FIGC", applicable, at the latest, starting from the fiscal year following the one in progress on
December 31, 2021 (and therefore for the Group starting from July 1,2022). These new recommendations envisage, inter
alia, the inadmissibility of capitalising the costs of the youth team that, as of June 30, 2022, had a net book value in the

5
financial statements of Euro 17,313 thousand. The Group intends to apply these new recommendations as of July 1,
2022.

Player registration rights

The player registration rights are recognized at their historic purchase cost, inclusive of any directly attributable ancillary
costs, and the amounts are net of the amortisation rates that are calculated at constant rates in relation to the duration of
the contracts stipulated with the individual professional football players. In the event that the payment for the acquisition of
rights is deferred with respect to normal market conditions (generally over 12 months from the date of purchase), the
player registration rights is recorded in the financial statements corresponding to the actualized debt value determined in
accordance with OIC 19 "Payables".
The amortisation begins in the fiscal year in which the football player is registered by the Parent Company.
For rights acquired during the fiscal year, amortisation starts from the date of the player’s availability, using the pro-rata
temporis method.
The original amortisation plan may be extended as a result of the possible renewal of the contract, even though it occured
after the close of the financial year, but before the approval of the financial statements. The new amortisation plan, on a
straight-line basis, takes into account the net book value of the right, at the beginning of the date of the fiscal year, and its
new duration.
The player registration rights are recognized (in case of purchase) or are eliminated from the financial statements (in case
of sale) at the date of the contract, to which retrospective, pursuant to art. 1360 Civil Code, the effect of the enforceability
certificate issued by the National League of Professionals {“Lega Nazionale Professionistf) for national transfers or the
International Transfer Certificate (“ITC‘9 issued by the Italian Football Federation for international transfers. In the absence
of a contractual estimate of the effectiveness of the contract, the timing for the inclusion or elimination from the financial
statements is that of the enforceability visa issued by the National Professionals League for national transfers or the effect
of the issuance of ITC from part of the Italian Football Federation for international transfers.
Such line item also includes the multi-year costs incurred by the Parent Company for the registration as professionals of
football players coming from amateur clubs, or foreign clubs that have contributed to the technical training of such football
players.
Specifically, the following have been recognized:
the bonuses for training and learning technical skills were paid, in accordance with Article 99 N.O.I.F., to the
amateur clubs after the stipulation of the first contract as a “professional” of football players coming from it. Such
costs are amortised at constant rates in relation to the duration of the contracts stipulated with the individual
football players;
the training indemnities were paid, on the basis of FIFA regulations, to foreign clubs after the stipulation of a
contract as a "professional" of football players coming from them. Such costs are amortised at constant rates in
relation to the duration of the contracts stipulated with the individual football players.
For the football players of series with a multi-year restriction, the cost is amortised at constant rates over a maximum
period of five fiscal years.
The rights recognized in the accounting records refer both to registered athletes that participated, by means of their
registration, in the activity of the fiscal year to which the financial statements refer, as well as to the registered athletes for
the following season with a transfer contract stipulated prior to the reference date of the financial statements. No
amortisation was calculated for them latter.
With specific reference to loan agreements that provide for the obligation that they be transformed from temporary
acquisition to a definitive acquisition upon the occurrence of specific conditions ("loan agreement with redemption
obligation”), the right to the registration of the football player (corresponding to the overall amount of the consideration
provided for the redemption, increased by the consideration due for the temporary acquisition) and the relative payable
are recognized in the Balance Sheet starting from the season in which it is highly probable that these conditions will occur
because it is in that season that, pursuant to the OIC 24, "control" is manifested over the player's performance, which
determines the need to enter all the variable and/or conditional payments (these last ones only when determinable and
highly probable); such right is amortised using the same criteria previously described with reference to the multi-year
rights to the registrations of the football players. Likewise, in the case of temporary transfers that provide for a redemption
obligation on specific conditions, the capital and economic effects (recognition of trade teceivable for invoice to be issued
amounting to the sell price - which includes the amount of the fees together with the redemption value - and
derecognition of the player right with gain or loss arose charged to income statement as a consequence) are recognized
at the time when the condition is highly probable. The receivables is instead entered when the contractual condition is
realized.
It should be noted that should certain conditions foreseeable and/or under the Group’s control become highly probable or
materialise between the reporting date and the date of approval of the financial statements, the capitalisation or the sale of
the player registration rights and the consequent effects are backward recognized as adjusting event at the reference date
of the financial statement, in accordance to OIC 29, being such transaction related to an asset under the control of the
Parent Company according to OIC 24.
If the player is not confirmed at the end of or during a season, by means of the termination of the contract, the residual net
accounting value is charged to the Income Statement in the fiscal year, even if the termination of the contract after the
reference date of the financial statements or financial statements.
Further, when there are indicators of the loss of value of the multi-year rights to the registrations of the football players, a
write-down is made of the residual book value.

6
The effects of integrations and innovations introduced to the civil code by the D.lgs. 139/2015 on the “Player registration
rights" are described in “Payables and receivables to/from football clubs".

Other intangible assets

The other intangible assets, mainly related to the work for the requalification of the areas inside of the G. Meazza Stadium,
that are not “deducted” from the rent, and improvements to the "Giacinto Facchetti" Sports Centre and to the new building
used as legal and administrative headquarter (situated in Viale della Liberazione 16/18, Milan), are recognized at
purchase cost, net of the relative amortization fund. The amortization rates were calculated in a straight-line basis in
relation to the residual possibility of use. Specifically, with reference to the duration of the amortization period, it
corresponds to the shorter between the duration of the concession contract and the useful life of improvements.

Property, plant and equipment

Property, plant and equipment are recognized at purchase cost, inclusive of directly attributable ancillary costs, and
increased by maintenance costs and repairs of an incremental nature; land and buildings are recognized at their current
value on the date of the merger with Inter Capital S.r.l. Maintenance costs and the costs for ordinary repairs that do not
involve an increase of the values of assets are instead directly allocated to the Income Statement.
Property, plant and equipment construction in progress are recognized at cost in "Construction in progress” until their
construction has been completed; upon completion, the cost is classified in the relative line item and subject to
depreciation.
It is specified that in the consolidated financial statements as of June 30, 2022, no economic or monetary revaluations
were made in accordance with law.
The values of property, plant and equipment are adjusted, directly in the account as required by the Balance Sheet format,
by annual depreciation rates calculated systematically and on an accrual basis, reduced by 50% for assets acquired
during the fiscal year, based on tax rates deemed to be representative of the estimated useful economic-technical life of
the fixed assets. Purchases of assets in a unitary amount less than Euro 516.46 were allocated directly to the Income
Statement. The annual tax rates used for depreciation are indicated in the following table:

Land and Buildings

Buildings 3.0%
Light buildings 10.0%
Plant and Machinery
Generic systems 10.0%
Specific systems 19.0%
Equipment
Sports and various equipment 15.5%
Sanitary equipment 12.5%
Other assets
Electronic machinery 10%-15%-20%
Furniture and office machines 12.0%
Motor vehicles 25.0%

Assets having an unlimited useful life, such land are not subject to depreciation.
If, independently from the depreciation already recorded in the financial statements, there is a long impairment loss of
value, there is a corresponding write-down of the fixed asset; if during subsequent periods the reason for impairment loss
no longer exist, the original value is restated and adjusted only by depreciation.

Loss of value of intangibles and property, plant and equipment

At each reference date intangibles and property, plant and equipment are analysed to determine whether there are any
indicators of reduction of their value (impairment test). If such indicators are found, an estimate of the recoverable value of
the relative assets is made, allocating any write-down to the Income Statement. The recoverable value of an asset is the
greater between its fair value, and its value in use, when the latter is the current value of the estimated future financial
cash flows for such asset. In determining the value in use, the expected future cash flows are discounted using a discount
rate that reflects the current market valuation of the cost of money, related to the year of the investment and the specific
risks of the asset, or the specific realisable value of the fixed asset in the event of disposal (in particular for rights to use a
player's services when the player is no longer consistent with the team's technical project). An impairment loss is
recognised in the Income Statement when the asset's carrying amount is higher than its recoverable amount. If the
conditions for a previously recognised impairment loss no longer exist, the book value of the asset is reinstated with a
credit to the Income Statement, within the limits of the net book value that the asset in question would have had if the
impairment loss had not been recognised and depreciation had been charged.

7
Financial fixed assets
Equity investments in associated and other companies
With reference to M-l Stadio S.r.l., as already described above, the relative financial fixed assets has been recognized in
the accounting records using the Shareholders’ Equity method (equity method).
Financial investments in other companies are recognized in financial statements at their subscription or purchase cost, in
case are adjusted following long-lasting losses of value. If on the date of the close of the fiscal year, the financial
statements of associates and subsidiaries, based on available data, indicate losses considered to be non- recoverable
with respect to future profits, the financial fixed assets investment is written down so that its net value is equal to the pro­
quota share of the associate/subsidiary’s Shareholders’ equity. Impairments of financial fixed assets are not maintained in
subsequent fiscal years if the reasons for the write-down no longer exist.

Receivables included in the financial assets

In this line item there are recognized among others the amounts paid as a guarantee on the Bond Loan placed in the fiscal
year 2017/2018, in July 2020 and in February 2022 as better described in the paragraph "Other information - Debt
refinancing".
Receivables from others represent security deposits recognized at nominal value, and those in foreign currency are
recognized in the accounting records in Euro at the exchange rate on the date the transaction took place, or at the
exchange rate on the date the fiscal year of reference ended if lower and if the reduction is long-lasting.

Inventories
Goods are recorded at the lower of purchase cost determined using the FIFO (first-in, first-out) method, and realisable
value based on market trends.

Receivables
The receivables are recognized in the consolidated financial statements according to amortised cost, taking into account
the time factor and the estimated realizable value. The amortised cost is not applied when the effects are irrelevant, or
when transaction costs, commissions paid between the parties and any other difference between initial value and value at
maturity are minor or if the receivables are short term (i.e., with a maturity of less than 12 months).
Trade receivables with maturity beyond 12 months from the time of initial recognition, without payment of interest or
interests significantly different from market interest rates, and its revenues, it appears initially to the value determined by
discounting the future cash flows to the market interest rate.
The difference between the value of the initial recognition of the receivables so determined and the value completed is
recognized in the Income Statement as financial income along the credit fiscal year using the effective interest method.
The value of the receivables, as determined above, is adjusted, where necessary, by a specific provision for impairment
exposed to direct reduction of the value of credits in order to adapt them to their estimated recoverable amounts. The
amount of the write-down at the reporting date is equal to the difference between the book value and the value of the
estimated future cash flows, reduced by the amounts that you expected not going to cash, discounted at original effective
interest rate of the receivable. The amount of the write-down is recognised in the income statement.
Receivables in currencies different to the Euro were recognized at the exchange rates in effect on the date in which the
relative transactions took place. Such receivables were adjusted to the interest rate of the end of the fiscal year and any
profits or losses were allocated to the Income Statement (in the line item C17 bis). Any net profits on exchange rates is
allocated to a specific reserve that is non-distributable until they are realized.

Financial assets not held as fixed assets

This line item includes all assets that are short-term investments in financial assets or which are not to be used as long­
term investments for the business.
Such short-term financial assets, consisting of equity investments in non-consolidated subsidiaries, are recognized at cost
or at their presumable realizable value (calculated on the basis of the estimated realizable value at the time of liquidation)
if lower, with the recognition of an impairment. The impairment is eliminated, within the limit of cost, if the basis for such
impairment ceases to exist.

Cash at bank and on hand

Cash at bank and on hand is recognized at nominal value.

Accruals and deferrals

Shares of costs and proceeds, common to two or more fiscal years, are recognized in these line items, in accordance with
the standard of accrual-based accounting.

LIABILITIES

Shareholders’ equity
This line item represents the difference between all of the asset and liability line items calculated according to the
standards set forth herein, and includes contributions made by shareholders at the time of incorporation and subsequent
increases of capital, reserves of any kind, profits and losses of prior fiscal years carried forward and the consolidated
result of the the fiscal year July 1,2021 - June 30, 2022.
Provisions for risks and charges
These have been allocated to cover losses or liabilities that are certain or likely to occur, the amount of which or date
when they will occur, however, could not be determined as of the date of the close of the fiscal year. Any contingent
liabilities are recorded in the financial statements and recognized in the provisions for risks and charges caption if it is
deemed more likely than not they will occur and the amount of the relative cost can be reasonably estimated.
In preparing the consolidated financial statements, risks and losses were considered in the commentary, even if they
became known after the close of the fiscal year if their accrual basis is referable to the annual financial statements, and
specific allocations were made to future risk and charges if required (e.g. the settlement after the end of the fiscal year of a
lawsuit existing at the Balance Sheet date for an amount other than that foreseeable at that date).
Contingent liabilities that are only possible are indicated in the Explanatory Notes without any allocations being made.

Provisions for employee severance indemnities

Reserve for employee severance indemnities reflects the sums accrued at the end of the fiscal year on behalf of
employees, in conformity with contractual regulations and outstanding legislation. Such liability is subject to revaluation
using indexes. It is noted that starting from January 1st 2007, the Finance Law and the relative implementing decrees
modified the severance pay regime, among which the employee’s choice with respect to the use of accrued severance
pay (to complementary pension funds or to the “Treasury Fund” managed by INPS). The amount recognized in the
financial statements is therefore net of the payments made to the cited funds.

Payables
Payables are measured at amortised cost, taking into account the time factor. Amortised cost is not applied to debts if the
effects are irrelevant. The effects are considered irrelevant to the liabilities (i.e., with a maturity of less than 12 months).
For the amortised cost please refer to the accounting policy related to "Receivables”.
Payables in currency not adhering to the Euro are recognized at the exchange rates in effect on the date the relative
transactions took place. Such payables are adjusted to the exchange rate at the end of the fiscal year and any profits and
losses are allocated to the fiscal year Income Statement (in line item C17 bis). Any net profit on exchange rates is
allocated to a specific reserve that is non-distributable until it is realized.

Payables and receivables to/from football clubs

Among payables and receivables, we note those deriving from the purchase and sale of rights to the registrations of
football players of the team of origin or destination. Specifically, if the team of origin or destination belongs to a foreign
federation, the counterpart is the club that sells or buys the right; if instead the team of origin or destination of the football
player belongs to the Italian Football Federation, and therefore the purchase contract or transfer of the right is subject to
ratification by the National League of Professionals, the settlement of the consideration referable to the fiscal year takes
place through the account "Lega crTrasferimenti”, which acts as a “clearing house” for all of the transfers among the
Italian football clubs.
Receivables and payables are measured according to the amortised cost, taking into account the time factor and the
estimated realizable value. The amortised cost is applied only to receivables and payables with maturities greater than 12
months and when the effect is significant, and are initially recognised at the value determined by discounting the future
cash flows to the market interest rate; the difference between the value of initial recognition and the nominal value is
recognized in the income statement as financial income on the duration of the credit/debit using the effective interest rate
method. The counterpat is accrued in the intangible assets as an adjustment of the value of the “Player registration right’
in the case of purchase of the Player Registration Right and in the income statement as an adjustment of the capital
gain/loss in case of sales of the Player Registration Right.
The payables or receivables from football clubs belonging to the National Professional League are accounted as already
described towards the counterpart Lega Seria A because subject to the compensation line, instedad in the explanatory
notes are detailed in reference to each parties.
Receivables and payables to football clubs which are not subject to compensation line item "Lega c/Trasferimenti" are
indicated as towards each teams.

INCOME STATEMENT

Costs and revenue

Costs and revenues are shown in the consolidated financial statements according to accounting standards of prudence
and on an accrual basis, with recognition of the relative accruals and deferrals.
The revenue from matches and from the licensing of the relative television rights are recognized with reference to the
effective time of the service (when the match is played); season tickets are deferred on an accrual basis using the same
criteria.
Sponsorship revenues are recognised progressively over the term of the contract when the service has actually been
rendered.
Revenue from licensing, advertising and other services measured on an accrual basis.
Revenue from sales of goods (merchandising) is measured at the time of the transfer of ownership, which is normally
when the goods are delivered or shipped.
Operating costs are allocated to the relative Income Statement.

9
 The costs related to the bonuses to which the football players, coaches and technical staff are entitled for achieving pre­
determined sports results and bonuses from sponsors are allocated to the relevant Income Statement, upon the
occurrence of the sports event to which they are related.
Financial income and expenses are allocated to the relevant Income Statement.
Capital gains and capital losses deriving from the transfer of the multi-year rights to the registrations of football players are
respectively classified in revenue and costs from characteristic management and are calculated as the difference between
the agreed upon price and the net accounting value on the transfer date or without the predictable contract date, on the
certificate of enforceability placed on the contracts by the Serie A National League of Professionals for national transfers,
and on the date of the ITC issued by FIGC for international transfers.
In relation to the loan contracts with an obligation to buy, the value of the multi-year rights to the registrations of the
football players is adjusted to the agreed price for the sale (including the amount of the redemption and the loan fees) at
the time when the condition for redemption becomes highly probable or realized. For further details please refer to the
Accounting Principle outlined above regarding the “Player registration rights".
If delays to customers (revenues) or to the Group (costs) are granted, not at normal market conditions without interest
maturity, the amount that will be collected or paid is discounted. The difference between current value and amount
collected or paid represents, respectively, a financial income or a financial expense recognized on an accruals basis over
the maturity of the debt and the credit.
It should be noted that, following the suspension of competitive activities, which took place in March 2020, and the
subsequent resumption of the 2019/2020 football season, which took place in June 2020, with the 2019/2020 football
season ending on August 31, 2020 and the start of the next one on September 1, 2020, the 2020/2021 fiscal year was
characterised by a zero balance in ticketing revenues and season ticket revenues for home matches, following the fact
that these were played behind closed doors or with access limited to 1,000 spectators, due to the restrictive measures
imposed by the federal institutions and authorities due to the continuation of the Covid-19 pandemic, offset, however, by
the recognition of revenues from TV rights and sponsorships, previously deferred to September 1, 2020. However, this
was offset by the recognition of revenues from TV rights and sponsorships, previously deferred to June 30, 2020 and
recognised, following the postponement and conclusion of both national and international competitions for the 2019/2020
football season, in the 2020/2021 fiscal year, together with a portion of the costs of FIGC registered personnel, making
this fiscal year not comparable with the same period of last fiscal year from the standpoint of certain revenue and cost
components.

Current taxes
Taxes are set aside on an accrual basis; they therefore represent the allocation for taxes that have been or are to be paid
for the fiscal year, calculated according to tax rates and outstanding law.
It is also noted that the Parent Company has an outstanding tax consolidation agreement with its subsidiaries, the details
of which are provided in the paragraph Taxes".

Deferred tax asset and liabilities

Deferred tax asset and liabilities appear if the individual line items are recognized for tax fiscal year in different fiscal year
than their accounting recognition. Specific allocations to funds for deferred taxes are made for the temporary differences.
Deferred tax asset including the ones arising from fiscal losses, are recognized as assets if there is reasonable certainty
for future taxable income sufficient to recover the losses, considering the provisions of Law no. 111/2011, converted by
Law Decree no. 98/2011 called Urgent provisions for the financial stabilization of the Country.
The uncertainty of the Company’s future profitability, also confirmed by the undertaking of Suning Group to guarantee
financial stability until there are stable conditions of autonomous economic balance, means that it is not opportune from a
prudent standpoint, as in prior fiscal years, to have pre-paid taxes on temporary differences and fiscal losses. Both are
calculated applying the tax rate in force on the date of the calculation.
It should be noted that the consolidated financial statements reflect the calculation of current and deferred taxation with
the use of the tax rate of 24% starting from July 1, 2017.

Other information
Use of estimates
The preparation of the consolidated financial statements requires Management to make estimates and assumptions that
have effects on the values of the assets and liabilities of such consolidated financial statements and on the information
related to contingent assets and liabilities as of June 30, 2021. The estimates and assumptions used are based on
experience and other factors considered to be relevant. The final results might therefore be different from such estimates.
The estimates and assumptions are reviewed periodically and the effects of each variation made to them are reflected in
the Income Statement in the fiscal year in which the review of the estimate is made if the review has effects only on such
fiscal year, or even in the following periods if the review has effects both in the current period as well as in future periods.
Estimates are mainly used to recognise bad debt provisions, to determine provision for risks and charges and to assess
the recoverable amount of intangible and tangible assets.

With reference to the estimate of the bad debt provisions and provision for risks and charges, the consolidated financial
statements reflect the estimate of the liabilities based on the best knowledge of the solvency status of the counterparties
and the progress of the disputes, using the information provided in the legal and tax consultants who assist the Group and
taking into account existing contacts with counterparties. The risk estimate is subject to the uncertainty inherent in any
estimate of future events and the outcome of the litigation procedure and it can not be excluded that in future years there
10
may be charges that can not be estimated, also in view of the general deterioration in the solvency of markets, especially
the Asian one, also as a result of the effects of the Covid-19 pandemic, and the climate of instability related to the
Russian-Ukrainian conflict, on customers' operations and their ability to generate cash. In particular,
- with reference to receivables due from the Chinese companies Beijing Imedia Advertising Co, Ltd (better known as
'iMedia'), a Chinese sports marketing agency, signed during the financial year 2017/2018 with an original deadline of June
30, 2024 (but terminated earlier on June 28, 2021), which provided for an irreversible signing fee of Euro 23.1 million and
annual fees of Euro 25 million, recalls that, in September 2021, iMedia, by letter addressed to the subsidiary Inter Media,
had communicated, that because of the negative impacts deriving from the continuation of the pandemic Covid-19, to
have such expectations that it allowed it to pay only partially its debt towards the same, equal to Euro 55,892 thousand to
June 30, 2021. Consequently, the Directors of the Group, in order to adjust the above-mentioned creditor position to its
presumed realisable value, had set aside at June 30, 2021 a provision for the impairment of receivables amounting to
Euro 31,537 thousand, also taking into account the effect of discounting it for the instalment and payable over 12 months.
The first instalment due in September 2021 had been duly paid, while the instalment due on March 31,2022 in the amount
of Euro 1 million was only paid in the amount of Euro 250 thousand due to the counterparty's difficulties related to the
Covid-19 pandemic. The Directors of the subsidiary Inter Media, despite several reminders, both directly and through their
legal advisors, following the aforementioned partial payment and the assessment of the counterparty's solvency,
proceeded to entirely write-down this residual credit position for an amount of Euro 23,104 thousand, considering it to be
of remote collectability;

- with reference to the sponsorship agreement signed with Zytara Labs - Digitalbits, as of the date of preparation of these
financial statements, (i) the invoices relating to the performance bonuses accrued following the sports results achieved by
the Parent Company's First Team in the 2021/2022 football season, amounting to Euro 1.6 million, were overdue and not
yet collected, also taking into account the difficulties encountered by the counterparty in the performance of the contract,
the Company has already written down the aforesaid credit position in its entirety when preparing the financial statements
for the year ended on June 30, 2022, despite the fact that Inter has in any case taken steps to recover the same in full, (ii)
in addition to the first instalment for the 2022/2023 football season by way of Jersey Sponsor - Main for Euro 8 million, the
latter entirely covered at June 30, 2022 by deferred income recorded for a similar amount under liabilities in the Balance
Sheet.

With reference to the evaluation of the recoverable value of intangible assets, the Directors, for the purpose of the
preparation of the consolidated financial statements as of June 30, 2022, carried out an impairment test, to verify the
recoverability of the values of the FC Internazionale Group's assets as of June 30, 2022, using the 2023/2027 economic-
financial projections prepared by the Group's Directors (hereinafter, alternatively, the "Group Forecast Data"). The Group
Forecast Data used for the impairment test are based on assumptions, characterised by inherent uncertainty with
reference to both macroeconomic and sector conditions, connected, inter alia, to the effects of the Covid-19 pandemic, to
an exacerbation of the climate of instability connected to the Russian-Ukrainian conflict as well as the continuation of a
general inflationary context and an increase in interest rates, and to specific conditions related to the Group, largely
dependent on sports results, the achievement of which, as of today, cannot be foreseen, could lead to results that differ
from those estimated; this could lead to the need to write down the intangible and tangible fixed assets recorded in the
consolidated financial statements, for which, however, no objective prerequisites can be foreseen at present.

With reference to the general forecasts of the Financial Fair Play, following further discussions, a Settlement Agreement
was signed between the parties on August 23, 2022. The agreement will be applied not only for the football season ending
on June 30, 2022, but also for the following seasons up to and including the 2026/2027 season and provides for the
"Football Earnings" indicator, i.e. the operating result from the consolidated financial statements adjusted by certain
components (e.g. costs incurred for the youth sector, women's football, etc.). The agreement provides for a certain and
unconditional penalty of Euro 4 million, recorded in the financial statements for the fiscal year ended on June 30, 2022 in
the item "Provision for risks and charges”, and a further potential penalty of a maximum of Euro 22 million suspended
depending on the observance of "Football Earnings" target values in the years in which the agreement is in force. These
potential penalties will be withheld by UEFA to offset the premiums recognised for the First Team's participation in
European competitions.
In light of the most recent economic-financial projections elaborated by the Directors for the 2023/2027 time horizon,
updated taking into account events that occurred after the date on which the forecasts were shared with UEFA for the
purposes of signing the Settlement Agreement, the Group has therefore proceeded to set aside the additional amount,
equal to Euro 4.8 million, in the item "Provision for risks and charges", as the best estimate of the potential penalty due as
a result of the Settlement Agreement stipulated. The forecasts on which the value of the sanction was determined are
characterised by inherent uncertainty as they are influenced by factors beyond Management's control and could therefore
be realised to a different extent than expected, leading to adjustments to the value of the sanctions allocated to date in the
consolidated financial statements.
From a sports point of view, moreover, the Group F.C. Internazionale, already for the 2022/2023 and 2023/2024 fiscal
years, will be subject to restrictions in terms of limitations on the registration of new players in the UEFA lists, in addition to
potential future restrictions for the following seasons in the event of non-compliance with "Football Earnings" target values.

Agreements with the RAI Group, Infront and Dazn

ll
 On June 24, 2011, the Parent Company signed a contract with the Rai for the acquisition, effective from June 30, 2011, of
the Rai historical archive of images and videos of the football team (historical archive - material and rights) and the
historical archive of broadcasts on Inter Channel from 2000 to 2008.
An agreement was simultaneously signed with the Rai which settled (i) a transaction for prior use of the library, (ii) the
thirty-year right to use the library up to 2041, and also (iii) the right to renew the contract from June 30, 2041 to June 30,
2071. In the financial statements, in relation to this transaction, are recognized deferred income for Euro 10,444 thousand
relating to the
the portion of revenue related to future fiscal years for which invoices and the related receivables have been already
issued/paid.
On May 2, 2011, the Parent Company entered an agreement with Infront Italy S.r.l ("Infront"), a leading national and
international media company, which digitalised, catalogued and organised the images referred to in the Rai contract for
the seasons from 2011/2012 to 2015/2016. On June 21, 2012, an addendum to the original contract with infront S.r.l. was
signed which extended the deadline to the 2016/2017 and 2017/2018 football seasons. In addition to commercialization of
the archive, the agreement also includes the commercialization of the images of training sessions, interviews and press
conferences, the media packages and electronic games, and also the audio-visual productions of Serie A Championship
and Coppa Italia matches. On May 13, 2014, a further amendment was signed, which extended the duration of the
contract to the 2020/2021 season, with a corresponding increase in the fees. This amendment was effective from July 1,
2014. On February 14, 2022, a new agreement was formalised for the licensing of archival images and access, filming
and broadcasting rights for the 2021/2022 sports seasons, 2022/2023 and 2023/2024 for a total net amount of Euro 1,250
thousand for each of the aforementioned sports seasons. With reference to the agreement, revenues of Euro 1,250
thousand and receivables to customers for Euro 763 thousand, fully collected in July 2022, are recorded in this balance
sheet.
Finally, during this fiscal year, the Group has negotiated with Dazn Limited, a global broadcaster in the sports live
streaming market, for the 2021/2022, 2022/2023 and 2023/2024 sports seasons - digitization and marketing in Italy,
Vatican City and San Marino, the archived contents of the matches played by the First Team (male and female) of Serie A
of the Parent Company and Inter Tv for an annual fee of Euro 5 million, entirely collected on June 30, 2022 the amount of
competence of the sports season 2021/2022.

Debt refinancing
On December 21, 2017, after the change from a limited liability company into a joint-stock company, the subsidiary Inter
Media issued and placed a senior institutional secured bond for an amount of Euro 300 million, with maturity date
December 31, 2022 and fixed rate at 4.875% (hereinafter also "Bond Loan" together with the new Euro 75 million issue
tranche discussed below) and, at the same time, F.C. Inter has signed a revolving credit facility (“RCF”) for a maximum
amount of Euro 50 million; the proceeds of the Bond and the RCF were used for i) fully repaying of the Goldman Sachs
International and Unicredit loan equal to Euro 202 million ii) generating of new financial resources to be used for the
ordinary activities of the Inter Group. On July 31, 2020, in order to finance the ordinary activities of F.C. Intemazionale
Milano Group and mitigate the impact of the effects of the Covid-19 pandemic, as better described above, the subsidiary
Inter Media issued and placed with institutional investors an additional tranche of senior secured bonds for a total amount
of Euro 75 million at an issue price of 93% with maturity and fixed rate aligned to the previous issue and placement. The
Bond Loan was guaranteed by the cash flows deriving from sponsorship agreements and media contracts signed by the
Company as well as the cash flows deriving from the proceeds of the UEFA rights and the television rights of the Serie A
and Coppa Italia, assigned by FC Inter to the Company similarity to the provisions of the previous loan contact. It should
also be noted that, as part of the Intermediation Bond Loan agreement, FC Inter and Inter Brand pledged the shares
relating to the share capital held in Inter Media.
Finally, as previously mentioned, on February 9, 2022, the Group completed the issuance of a senior bond ("New Bond
Loan"), guaranteed, non-convertible and not subordinated for a total online capital amount of Euro 415 million, at an issue
price of 100% of the nominal value, with an annual interest rate of 6.75%, maturing on February 9, 2027, intended for
subscription only to institutional investors. This issue was mainly aimed at the early refinancing of the Group’s financial
debt, whose maturity was set at December 31, 2022, consisting both of the Company’s two previous bond loans. The
outstanding amount at the date of maturity was Euro 278.2 million and Euro 72.7 million respectively, as well as from the
revolving financing facility, headed by the Parent Company, whose outstanding amount at the date of extinction was Euro
50.5 million. The New Bond Loan is guaranteed by the same collateral as the previous Bond Loan.

Sponsorship agreements
During the fiscal year ended on June 30, 2022, the Group benefited from income from various sponsorship contracts,
signed in previous fiscal years with Nike (“Technical Sponsor” of the jersey), Lenovo (“Official Sponsor - Back” of the
jersey), Volvo, Trenitalia, Locauto, Esprinet, Manpower, EA Sports (terminated on June 30, 2022 and replaced from the
2022/2023 football season by Konami), Snaipay, StarCasino, LD Sports, Pepsico, F.lli Beretta, La Molisana and
Technogym.

With reference to the "Official Sponsor", during July 2021, the subsidiary Inter Media signed an agreement with
Socios.com, for the 2021/2022 football season, for a consideration of Euro 16 million as Global Main Jersey Partner and
from the 2022/2023 season to the 2024/2025 football season, for an annual consideration of Euro 1 million, as Global
Sponsor Advertising Rights.
In addition, in September 2021, the subsidiary Inter Media signed a new partnership with Zytara Labs LLC, as the new
Official Global Cryptocurrency and Sleeve Partner, for the 2021/2022 football season for a consideration of Euro 5 million
12
and a variable consideration linked to the achievement of the sporting performances of the Parent Company's First Team,
and from the 2022/2023 football season to the 2024/2025 football season, for a total consideration of Euro 85 million, as
Global Main Jersey Partner, in addition to variable consideration, linked to the achievement of the sporting performances
of the Parent Company’s First Team. For further details, please refer to the section “Other Information - Use of estimates”.

Moreover, with the start of the 2021/2022 football season, despite the continuing effects of the Covid-19 pandemic, new
commercial partnerships were launched with Pirelli, Boe United Technology Corporation, Lifebrain, Mastercard, Moncler,
SBK, Simfed, Panasonic and ISG.

It is also recalled that the Leading Shareholder has contributed significantly to the development of sponsorships in Asia
and in particular, on September 1,2016, was signed with the company belonging to Suning Group, Jiangsu Suning Sports
Industry Co., Ltd, a contract for i) the sale of the renaming rights of the sports centre of Appiano Gentile (Suning Sports
Center in memory of Angelo Moratti) and the training center of the youth sector (Suning Training Center in memory of
Giacinto Facchetti), ii) the rights for the Suning brand on the official training kits, LEDs, backdrop, including VIP hospitality
and dedicated tickets for home matches and iii) the co-branding rights on the Asian territory. The contract, originally
expiring in June 2020, provided for an irreversible initial signing fee of Euro 25 million and fixed annual fees of Euro 16.5
million until expiry. On December 21,2017, at the time of the refinancing transaction concluded with the placement of the
Bond, an amendment was signed regarding the Naming Rights of the aforementioned contract, whereby the distribution of
the consideration provided for between the Parent Company and Inter Media was redefined, equal to 47% and 53%
respectively. During the 2019/2020 fiscal year, the consideration was subject to revision, no longer envisaging the variable
part and redefining the fixed consideration for a total amount of Euro 16 million, against an extension of the contract
deadline to June 30, 2022. Finally, in September 2021 the fixed contractual consideration, following the Group failure to
provide certain contractually envisaged services, caused by the protracted effects of the Covid-19 pandemic also in the
2020/2021 football season, was subject to a further revision, corresponding for the 2020/21 season to an overall reduction
of Euro 5.4 million and for the 2021/2022 season to a reduction of Euro 4.5 million. Consequently, in light of the change,
with reference to this contract the Group recorded revenues for the year totalling Euro 11.5 million.

Lastly, with reference to the receivables accrued by virtue of the sponsorship agreement signed with the Chinese
company Beijing (media Advertising Co., Ltd. (better known as 'iMedia'), please refer to what was previously stated in the
paragraph “Other Information - Use of estimates".

13
 Analysis of the Balance Sheet line items

ASSETS

Fixed assets
Intangible assets
As of June 30, 2022 and June 30, 2021 intangible assets amounted respectively to Euro 546,796 thousand and to Euro
644,834 thousand.
The fiscal year amortisation amounted overall to Euro 124,531 thousand (Euro 150,626 thousand at June 30, 2021).
Write-downs were made during the fiscal year in the amount of Euro 16,556 thousand (Euro 16,707 thousand at June 30,
2021).
Balance Accumulated Balance Accumulated
Balance am of Balance at of
Euro thousand Increase Dacreaaa Re classifications Amortisation aaof Impairment Decrease Amortisation Amortisation as of Net Intangibles
June 30. 2021 June 30, 2022
Juna 30, 2021 June 30. 2022
Ind Patents and slmila' intellectual rights 458 20 478 (363) (23) (386) 92

Concessions, licenses and trademarks 405.575 929 52 406.556 (116.495) (14 702) (131.197) 275.360

Construction in progress 26.357 196 (52) 26 501 26.501

Capitalization of youth programme costs 78.047 8 900 86 947 (61.423) (8 212) (69.635) 17.313

Player registration rights 719 616 115 729 (238 741) 596.603 (410.430) (16.556) 156 000 (101.071) (372 057) 224.546

Other intangible assets 17.290 18 17.308 (13.800) (523) (14 323) 2.985

Total 1.247 343 125.702 (238.741) 1.134.393 (602.511) (16.556) 150.000 (124.531) (587.598) 546.798

The net residual value of the line item “Industrial patents and similar intellectual property rights", amounting to Euro 95
thousand at June 30, 2022, amounting to Euro 92 thousand, mainly refers to rights to the images (photos and video) of the
Intercampus projects throughout the world.

The line item “Concessions, licenses and trademarks" mainly derives from the allocation of the F.C. Inter trademark as the
result of the merger surplus in the financial statements as of June 30, 2007 due to the incorporation of Inter Capital S.r.l. in
F.C. Internazionale Milano S.p.A. In allocating the above surplus amount, reference were made by using the result arose
at the time of the assignment of the F.C. Inter trademark to Inter Brand S.r.l.
It should be noted that during the fiscal year ended on June 30, 2021, the Group availed itself of the option set forth in
Article 110 of Legislative Decree 104/2020, converted into Law No. 126 of October 13, 2020, and, supported by an
independent expert, proceeded to revalue the "INTER" brand and the "Libreria Storica", recognised among intangible
assets, for a total of Euro 212,141 thousand. The revaluation was carried out by intervening only on the historical cost,
entailing for the "INTER" brand an extension of the amortisation period for a further 20 years, considered in any case
consistent with the effective residual useful life of the revalued asset, while for the "Libreria Storica" amortisation is
calculated on a straight-line basis for 20 years from the date of revaluation occurred in the financial year, within the time
limits of effectiveness of the legal protection of the revalued asset and consistent with what is described in the appraisal.

Impairment test
The Directors, in accordance with OIC 9, in order to assess the recoverable value of the assets, including intangible fixed
assets, recognised in the Group's consolidated financial statements, carried out an impairment test as of June 30, 2022
with the assistance of the independent expert.
In particular, it should be noted that the impairment test was performed by the Directors with the support of an external
consultant using the Group's consolidated financial statements as of June 30, 2022 and updated economic-financial
projections for the period 2023/2027 ("Group Forecast Data"). The impairment test was carried out through the use of the
Discounted Cash Flow Method, i.e. the valuation of the value of the company through the discounting of the cash flows
deriving from the aforementioned economic-financial projections, discounted using the WACC (Weighted average Cost of
Capital) rate of 8.98% (7.56% as of June 30, 2021), determined using a risk free rate of 2.78%, a market risk premium of
6.00% and a size premium of 3.02%. This impairment test was prepared by the Group's Directors with the support of an
independent specialist and approved by the Directors together with the Group's Forecast Data and the approval of the
consolidated financial statements on September 28, 2022.
The assumptions adopted in the projection of the Group's revenues and related cash flows take into consideration (i)
revenue values consistent with the forecasts of the First Team's sports results that foresee, with reference to the
European competitions, for all the years of the plan the elimination in the UEFA Champions League ("UCL") group stage,
with the subsequent transition to the UEFA Europe League ("UEL") and elimination in the quarter-finals of the same
competition (ii) a reduction in sponsorship revenues for the 2022/2023 season mainly due to the current uncertainty
related to the official sponsor and the subsequent positive trend for the following seasons, thanks to the more favourable
negotiation of certain sponsors expiring in the period of the Group's Forecast Data projections; (iii) revenues from ticketing
and/or season tickets consistent with the return to full capacity starting from the 2022/2023 football season; (iv)
merchandising trends consistent with the new direct management business model and (v) operating cost trends estimated
in line with the Group's current organisational logic.
The long-term growth rate used in the terminal value is 2.0%, corresponding to the expected inflation rate in Italy in 2027
(source: International Monetary Fund), while changes in working capital were assumed to be zero, with depreciation equal
to the investments made.
The result of the test showed a recoverable value that is higher than the book value.
14
 In order to perform stress tests with reference to the impairment test, the directors carried out sensitivity analyses using
changes in certain variables connected to certain assumptions such as the cancellation of the expected growth in media
rights revenues, the reduction in the growth of certain sponsorship revenues, the postponement of the reduction in the
number of players' wages by one football season and the cancellation of the growth in ticket pricing over the entire time
horizon of the plan. Only if the negative scenario hypothesised in relation to the cancellation of the expected growth in
media rights revenues were to occur, would the impairment test show a loss of Euro 27.1 million, which in any case
represents a stress test scenario currently considered unlikely, with the consequent no need to record impairment losses.
None of the other sensitivity hypotheses individually show the need for impairment.
Finally, it should be noted that the WACC level for which the recoverable value is equal to the book value is 11.42%,
confirming the non-existence of potential impairment indicators from the impairment test.
It should be noted, however, that the Directors cannot exclude that a worsening of the Covid-19 pandemic, together with a
worsening of the effects of the geopolitical situation connected with the Russian-Ukrainian crisis, as well as the
continuation of a general inflationary context and an increase in interest rates, could lead to results that differ from those
estimated; this could determine the need to write down the intangible fixed assets or goodwill recorded in the financial
statements, for which, however, no objective grounds can be seen at present. For this reason, the Directors will monitor
the development of the aforementioned forecasts, in order to promptly reflect any impairment losses when they become
probable.

The item "Concessions, licenses and trademarks" therefore refers exclusively to software programs in use by the
Company and to the sport title of A.S.D. Femminile Inter Milano, acquired during the last 2018/2019 season for the
participation in the Women's Youth Championship, in compliance with the applicable regulations issued by the Lega
Nazionale Professionisti and the FIGC.

Construction in progress as at June 30, 2022 mainly refer to the extraordinary maintenance done at the G. Meazza
Stadium approved and/or which will be approved by the City of Milan, whose costs on the basis of the concession for the
use of the Stadium will be offset with a portion for an equal amount of the licensing fees due to the City of Milan for the
use of the Stadium, which are recognized in the line item 'Trade payables" in the amount of Euro 31,002 thousand. An
initial offset, related to the years ranging from 2000 through 2005, in the amount of Euro 8,173 thousand was made in the
month of February 2010; a second offset, related to the years ranging from 2006 through 2010, in the amount of Euro
12,048 thousand, was made in the month of December 2010. At the time of drafting these consolidated financial
statements, the parties, respectively the Municipality of Milan and the two Clubs (F.C. Internazionale and A.C. Milan), are
in the process of defining the compensations for the years 2011 to 2020.

The line item “Capitalization of Youth Programme costs" refers to the investments incurred specifically to manage and
develop the youth sector .amortized for a period of five years, according to what is provided by outstanding federal
regulations. The increases referto the capitalization of costs related to the management of the activity of the training camp
capitalized in accordance with Article 86 N.O.I.F. It should be noted that on November 12, 2021, the FIGC and Co.Vi.Soc.
published the 2021 edition of the "Raccomandazioni Contabili FIGC", applicable, at the latest, from the fiscal year
following the one in progress at December 31, 2021 (and therefore for the Company this means from July 1,2022). These
new recommendations provide, inter alia, for the inadmissibility of the capitalization of youth costs. The Group intends to
apply these new recommendations as of July 1, 2022. For an analysis of the nature of the costs of the training camp
capitalized during the fiscal year, reference is made to the following specific note of the Income Statement commenting on
the line item "Capitalised of Youth Programme costs”
The recoverability of the recognition value of the costs of Youth Programme was measured by the Directors with reference
to the offers of registration systematically received, which more than remunerate the capitalised cost.

With respect to the line item player registration rights, the main transactions that occurred during the fiscal year are noted
below:

15
 Value of the Actualization Actualized Contract
Club Purchases Player Age
Righ effect value Expiry
Euro thousand
S.S. Lazio Correa Carlos Joaquin 33.361 (766) 32.596 27 2025
Atalanta B.C. Gosens Robin Everardus 27.451 (762) 26.688 28 2026
Standard de Liege Vanheusden Zinho 16.200 (1.415) 14.785 22 2026
Empoli F.B.C. Asllani Kristjan 14.500 (262) 14.238 20 2027
PSV NV Dumfries Denzel Justus Morris 14.250 (1.101) 13.149 25 2025
A S. Roma Dzeko Edin 2.779 (51) 2.727 35 2023
Free transfer Onana André 2.040 (102) 1.938 26 2027
Atalanta B.C. Biral Nicolo' 1.100 - 1.100 18 2024
F.C. Kobenhavn Andersen Silas Sinan Erhen Thorup 450 - 450 17 2024
Other "Player Registration Rights" acquired during the period (*) 8.098 (40) 8.058
Total 120.228 (4.499) 115.729
O mainly includes earnings premiums accrued during the fiscal year related to players whose registration rights have been acquired in the preceding
seasons

Club Sales Player Historical Cost Age

Euro thousand

Chelsea F.C. Romelu Lukaku Bolingoli 75.998 28

Free transfer Naval Da Costa Eduardo Joao Mario 44.775 29

Paris Saint-Germain Hakimi Achraf 43.212 23

Free transfer Nainggolan Radja 38.618 33

Free transfer Eriksen Christian 26.998 30

Stade Reims Gravillon Andreaw Rayan 6.081 24

Panathinaikos F.C. Vagiannidis Georgios 475 20

Olympiacos F.C. Kinkoue Etienne Ludovic 400 20

Other "Player Registration Rights" transferred during the period (‘) 2.183

Total 238.741
________
The net book value of the disposals made during the fiscal year amounted to Euro 82.7 million

It is noted that with reference to the "Player registration rights" whose payments are deferred beyond normal credit terms
(beyond one year), we proceeded to register the player right to a present value which considers the discounted effect as
described in the accounting principles. This effect, for purchases made during the fiscal year, amounted to Euro 4,499
thousand.
More details on the sale of Player Registration Rights can be found in the section "Other revenues and income" in
commentary on gains on sale of player registrations rights.

It should also be noted that on October 18, 2018, the Company signed a contract with the Company A.S.D. Femminile
Inter Milano for the acquisition of the sports title, with consequent registration among the player registration rights, for the
participation to Women Championship and Primavera Women Championship, in accordance with the provisions issued by
Lega Nazionale Professionisti and FIGC.

With reference to the players' registration rights, the Group recognised write-downs of Euro 16,556 thousand, mainly
related to the player Christian Eriksen, whose economic contract was terminated in December 2021, following the serious
injury that occurred during the European Championship in June 2021, effectively preventing the player from obtaining
sports eligibility for competitive activity in Italy, and to the players Arturo Vidal and Alexis Sanchez, whose economic
contracts were terminated in July and August 2022, respectively.

Other intangible assets amount to Euro 2,984 at June 30, 2022 and mainly refer to the work of building renovation for the
new headquarter of Viale della Liberazione and of new football pitches and training room inside the the Suning Sports
Centre in memory of Giacinto Facchetti, training centre of the youth sector.

Property, plant and equipment

As of June 30, 2022 and as of June 30, 2021 property, plant and equipment amounted respectively to Euro 28,117
thousand and to Euro 28,920 thousand.

16
It is noted that as of June 30, 2022 the Group had outstanding operating leases expiring in 2024 related to electronic office
machinery for a total amount of rent that has not matured of Euro 265 thousand.
As of June 30, 2022 no property, plant and equipment are encumbered by restrictions of mortgages or liens.
Depreciation allocated during the fiscal year amounted to Euro 1,845 thousand and was calculated on all of the property,
plant and equipment depreciated as of June 30, 2022, applying the tax rates representing the technical-economic life,
specified in the measurement criteria.
Salane. Accumulated Balance Accumulated
Balance as of Decreaeeaand Balance aaof
Euro thousand Increases R#classifications June 30. 2022 Amortisation aaof Transfers Amortisation Amortisation as of Net Tangibles
June 30, 2021
Juno 30, 2021 June 30, 2022

Land and Buildings 33.403 25 33.518 (8.377) (924) (9.301) 24.217

- Land and Sports Cantre 33 342 25 33.367 (8 335) (909) (9.244) 24.123

- Light Buildings 151 151 (42) (15) (57) 94

Plantand Machinery 2.625 2.825 (1.900) (164) (2.154) 471

- Specific Systems 815 815 (611) (37) (648) 167

- Generic Systems 1.810 1.810 (1.379) (127) (1 506) 304

Industrial and commercial equipment 1.327 30 1.358 (1.041) (65) (1.106) 251

- Sports equipment 350 18 368 (250) (26) (276) 92

- Sanitary equipment 710 1 711 (594) (26) (620) 91

- Various equipment 267 12 279 (197) (13) (210) 69

Other assets 6.358 250 (3) 6.614 (3.496) 2 (691) (4.185) 2.429

- Electronic machinery 2.476 244 (3) 2 717 (1518) 2 (365) (1.881) 836

- Furniture and Office machines 3 866 15 3 881 (1 962) (326) (2 288) 1 593

- Motor Vehicles 16 16 (16) (16)

Under construction and advances 21 728 749 749

(1.844) 28.1171
Total 43.824 1.042 (3) 44.684 (14.904) 2 (16.748)

It is noted that the line item “Land and buildings" includes the purchase cost for the “Suning Sports Centre in memory of
Angelo Moratti" of Appiano Gentile, the first team’s usual headquarters for training and retreats.

It is noted that in prior fiscal years, revaluations were made just for statutory purposes and without any tax burden, on real
property in accordance with Law Decree 29/11/08, for the total amount of Euro 2,334 thousand on the basis of a specific
appraisal.

Financial fixed assets

Investments in associated companies
The balance as of June 30, 2022 represents the value of the 50% stake in M-l Stadio S.r.l.; such equity investment, as
already noted in the paragraph “Consolidation Standards", was synthetically consolidated using the “equity method”.
The relevant information referring to the associated companies is set forth below:

M-l Stadio S.r.l.

Registered Office P.le A. Moratti snc Milan

Share capital 1.000.000

Shareholders' Equity 3.696.231

Fiscal year result 1.042.396

Shareholding 50%

Shareholding (value) 1.848.116

Value in the financial statements 1.848.116

The associated company as of June 30, 2022 prepares its financial statements on a going concern basis, even without the
asset and financial support of the Shareholders, F.C. Inter and A.C. Milan, which, moreover, have always shown
themselves committed to providing asset and financial support in case of need . In this regard, it should be noted that an
agreement has been signed between the parties for the renewal of the "Services Contract", effective as of July 1, 2019
and expiring on June 30, 2023, extended during the 2021/2022 fiscal year until June 30, 2025.

Investments in other companies

This line item amounts overall to Euro 45 thousand and includes the 19.5% stake held in Consorzio Acquedotto La
Pinetina.

Receivables recognized in financial fixed assets

The balance of the line item “Receivables recognized in financial fixed assets" as of June 30, 2022 amounts to Euro
39,670 thousand (Euro 35,707 thousand at June 30, 2021) of which i) Euro 17,580 thousand refers to security deposits
paid as a guarantee for the New Bond Loan described in the paragraph “Other information - Debt refinancing” and "Bond
Loan” (of which Euro 17,579 thousand beyond one year); ii) Euro 20,000 thousand, done by the Company in order to,
through Generali Italia S.p.A., took out an insurance guarantee policy for a total of Euro 50 million to guarantee the
17
Company’s transfer account balances in favour of the Lega Nazionale Professionisti Serie A, as envisaged by the
regulations issued by the FIGC regarding players' registration and transfers (in particular, by FIGC Official Press Release
no. 222/A, published on June 15, 2020), iii) Euro 2,052 thousand refers to security deposits related to outstanding leases,
and iv) LNP security deposits for Euro 38 thousand.
For more details with reference to financial movements, please referto the annex "Cash Flow Statement".

Net working capital

Prior to proceeding with an analysis of the individual line items, a table summarizing operating assets and liabilities
appearing in the Balance Sheet at the close of the current fiscal year and the comparative fiscal year is set forth below.

Balance as of Balance as of Variation l

June 30, 2022 June 30, 2021
Euro thousand
Current assets (with the exclusion of cash at bank and
93.293 129.504 (36.211)
on hand)
Accrued income/prepaid expenses 22.111 15.084 7.027
receivables, accrued income and prepaid expenses
(17.737) (57.895) 40.158
due beyond 12 month
Operating assets 97.667 86.693 10.974

Payables (with the exclusion of financial payables) (391.917) (356.096) (35.821)

Deferred income and accrued liabilities (52.663) (40.156) (12.507)

Payables, accrued exprenses and prepaid income due
133.822 118.369 15.453
beyond 12 month
Operating liabilities (310.758) (277.883) (32.875)

Operating assets and liabilities (213.091) (191.190) (21.901)

Net working capital at June 30, 2022 showed a negative balance of Euro 213,091 thousand (Euro 191,190 thousand at
June 30, 2021). In particular, this worsening of Euro 24,901 thousand compared to the comparative period as of June 30,
2021, is , due to the combined effect of the increase in current assets (mainly due to the increase in trade receivables and
receivables from parent companies) and the increase in current liabilities (mainly due to the increase in tax payables
subject to instalment plans, amounting to Euro 44. 097 thousand, and the increase in other payables, amounting to Euro
14,480 thousand, partially offset by the decrease in payables to specific sector entities, amounting to Euro 5,931
thousand).
Lastly, it should also be noted that trade payables include payables to the Municipality of Milan for Euro 31,002 thousand,
which will be offset by the value of the improvements made to the Meazza Stadium recognised under "Fixed assets under
construction and advances" for Euro 26,468 thousand and sustained by the Group on behalf of the Municipality.

Inventories
These amount to Euro 281 thousand and refer to goods for sale through the new e-commerce platform launched in July
2022. As of June 30, 2022, the Company did not make any value adjustments or write-downs on inventories, considering
that their carrying value was lower than their realisable value.

Receivables
Receivables, net of related bad debt provision, amounted to Euro 93,013 thousand as of June 30, 2022 (Euro 129,504
thousand as of June 30, 2021), as detailed below:

18
 Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand

Receivables from customers 73.238 101.829

Receivables from subsidiaries 48 48

Receivables from parent companies 6.631 679

Receivables from companies subject to parent
462 463
companies control
Tax receivables 3.282 6.904

Deferred Tax Assets 10 130

Receivables from specific sector institutions 51.088 72.302

Receivables from other 3.482 73

138.241 182.428

Bad debt provision (42.706) (50.402)

Bad debt provision specific sector institutions (2.522) (2.522)

93.013 129.504

Trade Receivables
Receivables from customers, gross of the relative bad debt provision of Euro 42,024 thousand, amounted to Euro 73,238
thousand at June 30, 2022 (Euro 101,829 thousand at June 30, 2021, gross of the relative bad debt provision of Euro
50,402 thousand) and include receivables due from a heterogeneous clientele for commercial transactions mainly related
to the Inter Academies, Licensing & Retail contracts, the sale of season tickets and hospitality, as well as from private
companies for commercial transactions and mainly related to the sale of television rights and sponsorships, including (i)
regional sponsors with Chinese counterparts for a total of Euro 30,102 thousand, written down 100% (Euro 63,692
thousand, gross of the relative bad debt provision, equal to Euro 39,337 thousand as June 30, 2021), (ii) Zytara Labs -
Digitalbits for Euro 9.6 million as of today not yet collected and written down for Euro 1.6 million (iii) ISG Media for Euro
3,750 thousand, as of today fully collected, (iv) Lenovo International for Euro 1,667 thousand, as of today fully collected,
(v) WSI for Euro 1,100 thousand, fully collected to date, (vi) Socios for Euro 1 million, fully collected to date, (vii) Infront
Italy for Euro 762 thousand, fully collected to date, (viii) Sky Italia for Euro 676 thousand (of which Euro 109 thousand
accrued to invoices to be issued), of which Euro 566 thousand has been collected to date, and (ix) Boe United Technology
for Euro 550 thousand, fully collected to date.
Part of the receivables, specifically with reference to the receivables from Zytara Labs - Digitalbits in the amount of Euro
8,000 thousand, from WSI in the amount of Euro 1,000 thousand, from Socios in the amount of Euro 1,000 thousand, from
Lenovo in the amount of Euro 1,667 thousand and from ISG in the amount of Euro 750 thousand, were recognised as of
June 30, 2022, following advance billing, in accordance with the contractual provisions for services to be provided in the
2022/2023 season by the Company, for which deferred income of equal amount was recognised as a liability in the
Balance Sheet.
Finally, as already mentioned in the section "Other information - Use of estimates", it should be noted that part of the
receivable due from Zytara Labs - Digitalbits, referring to the residual amount to be paid for performance bonuses accrued
for the 2021/2022 season, equal to Euro 1.6 million, has been written down to take into account the financial difficulties of
the counterparty, although Inter has in any case made efforts to recover it in full, as well as to comply with the contract for
the 2022/2023 season. The remaining part of the receivable of Euro 8 million, as already described, refers to the advance
invoicing for services to be provided in the 2022/2023 season for which deferred income of equal amounts is recognised
and therefore no write-down was recognised, as the impact on the Group equity is zero.

In addition, it should be noted that this item at June 30, 2022 includes receivables for invoices to be issued for Euro 4,543
thousand mainly composed of (i) Euro 1,812 thousand for Licensing & Retail revenues mainly from EPI for Euro 1,416
thousand, fully issued to date; (ii) Euro 1,100 thousand for fees related to the summer retreats carried out by the First
Team during previous football seasons, for which a similar amount is allocated among invoices to be received; (iii) Euro
1,034 thousand for royalties related to the sale of Nike sports materials, fully issued to date.

Receivables from subsidiaries

Receivables from subsidiaries are trade receivables and mainly regard the amount of Euro 48 thousand with respect to
the companies Inter Brand China Co., Ltd. in liquidation in the amount of Euro 61 thousand, written down in the amount of
Euro 47 thousand and Shanghai Inter Brand Trading co., Ltd. in the amount of Euro 243 thousand, recognized net of a
write-down fund for receivables in the amount of Euro 211 thousand. The balance as of June 30, 2022 also includes a
receivable of Euro 1 referring to a shareholders' loan granted to the company Inter Brand China Co., Ltd. in liquidation for
the original amount of USD 27,412, written down because considered to be a doubtful receivable upon at the end of the
liquidation. The counter-value in Euro of the above receivable, gross of the write-down fund, amounts to Euro 21,528.

19
Receivables from parent companies
Receivables from parent companies amounted to Euro 6,631 thousand as 30 30, June 2022 (Euro 679 thousand as of
June 30, 2021) and mainly referto the accrued portion of the annual fee related to the Naming Rights contract signed and
as per the subsequent amendments of December 21,2017, July 1,2020 and September 30, 2021. In fact, on July 1,2020
and September 30, 2021, the annual fees of the contract were revised, as well as an extension of the same until June 30,
2022. The collection plan for this receivable provided for four equal instalments, the first of which was due on May 15,
2022 and the second on September 15, 2022 and, as of today, not yet collected. The last instalment is scheduled to be
collected by March 15, 2023.

Receivables from companies subject to parent companies control

Receivables from companies subject to parent companies control, amounted to zero. The amount of Euro 462,000,
recognised as of June 30, 2021, referred to residual receivables for the sale of broadcasting rights of the Inter Tv thematic
channel in China and claimed against the Suning group company Great Mercury Limited. This amount was entirely written
off during the year ended June 30, 2022, as it was deemed by the Group's Directors to be difficult to collect.

Tax Receivables
Receivables from the Italian Treasury amount Euro 3,282 thousand at June 30, 2022 (Euro 6,904 thousand at June 30,
2021) and mainly refer to the total VAT credit for the month of June 2022 of the Parent Company and of the subsidiaries
Inter Brand and Inter Media.

Receivables for deferred tax assets

Receivables for deferred tax assets, amounting to Euro 10 thousand at June 30, 2022 (Euro 130 thousand at June 30,
2021) are related to deferred tax assets for IRAP purposes activated on provisions for risks and charges.

Receivables from specific sector institutions

Receivables from specific sector institutions are the following:

20
I National Clubs LNP Serie A Direct |
Euro thousand
SOCIETÀ' SPORTIVA CALCIO NAPOLI SPA 9.711
ASSOCIAZIONE CALCIO MONZA SPA 4.234
PARMA CALCIO 1913 SRL A SOCIO UNICO 2.665
U.C. SAMPDORIA S.P.A. 2.136
ATALANTA BERGAMASCA CALCIO SPA 1.790
REGGINA 1914 SRL 328
L.R. VICENZA S.P.A. 100
BOLOGNA F.C. 1909 S.P.A. 10
ACCADEMIA PAVESE ASD 10
ALTOVICENTINO FCD 9
CELANO F.C. OLIMPIA S.P.A. 6
A.C. PAVIA S.R.L. 1
Total National Clubs 20.973 25 l

FIGC 45

Lega c/Campionato Femminile and LND 2.815

Lega c/Trasferimenti_________________________________________________ 2.356_________

Receivables for guarantees_____________________________________________ 340________

Invoices to be issued to specific sector institutions_______________________________ 9.026

Foreign Clubs
CLUBE DE REGATAS DO FLAMENGO 7.712
STANDARD DE LIEGE SA 3.565
STADE REIMS 2.781
ALBACETE BALOMPIE S.A.D. 764
ASTON VILLA FOOTBALL CLUB 239
SA STADE BRESTOIS29 150
LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LTD 110
F.C. LUGANO SA 70
SPORTING CLUB OLHANENSE FUTEBOL SAD 50
MANCHESTER UNITED FOOTBALL CLUB LIMITED 31
ESTUDIANTES DA IA PLATA 28
ASOCIATIA FOTBAL CLUB ASTRA 8
Total Foreign Clubs 15.507 I

Bad debt reserve for receivables from specific sector institutions (2.522)|

Receivables due from national football clubs are to be considered together with payables due to national football clubs
entered under liabilities in the item "Payables to specific sector institutions" as the items are settled for their net amount
through the LNP clearing house. Receivables with a collection date beyond 12 months from the reference date of these
consolidated financial statements have been recognised at June 30, 2022 net of a discounting effect of Euro 646
thousand.

The item “Lega c/Trasferimenti", amounting to Euro 2,356 thousand at June 30, 2022, includes the receivables from the
Lega Serie A of Euro 2,411 thousand related to the VAT payment made, during the fiscal years 2015/2016 and 2016/2017
by F.C. Inter on behalf of a football club fallen into bankruptcy that never issued the invoices related to transactions
emerged in the transfer campaign. Although the football club never issued the invoices, the LNP compensated the
credit/debit position, raising the legal obligation in F.C. Inter to pay the VAT as required by the Italian Law. Despite the
receivable is due to F.C Inter from the football club into bankruptcy, the LNP is managing the credit and debit situations on
behalf of the football clubs which are involved in this procedures with the football team. It is therefore considered that, as
of today, the receivable is collectable despite the uncertainty arising from the bankruptcy proceedings in progress.
Following the evolution related to this procedure - with the legal support - the Company considered the doubtful
recoverability of the receivable and, in the context of the risk assessment related to the recoverability of the receivable
position, during the previous fiscal years has accrued a total write-down of the receivable.

Invoices to be issued, amounting to Euro 9,026 thousand mainly refer to the balances for the 2021/2022 season of non­
audiovisual rights, the Coppa Italia and the Supercoppa Italiana with the Lega Nazionale Professionisti for Euro 6,904
thousand as well as the Market Pool and Final Balance with UEFA for the 2021/2022 season for Euro 2,000 thousand.

21
Receivables from others
Receivables from others amounted to Euro 3,482 thousand as of June 30, 2022 (Euro 73 thousand as of June 30, 2021)
and mainly refer to the compensation envisaged for the football player Christian Eriksen for the 2021/2022 season by
UEFA, as the organiser of the event in which the player was injured while playing with his national team, and to
receivables for advances to employees and commercial suppliers.

Bad debt provision

The movement of the bad debt provision during the fiscal year is set forth below:

Balance as of Balance as of
Euro thousand
June 30, 2022 June 30, 2021
Balance at the start of the fiscal year 52.924 10.541

Utilisation for losses on receivables (33.372) -

Releases (127) -

Reclassifications - 2.000

Accruals 25.803 40.383

Balance at the end of the fiscal year 45.228 52.924

The provision for the year, amounting to Euro 25,803 thousand, reflects the write-down of doubtful receivables, mainly
concerning (i) receivables from the Chinese agency iMedia, for Euro 23,104 thousand, of which for further details please
refer to the previous paragraph "Other information - Sponsorship agreements", (ii) receivables from Zytara Labs -
Digitalbits for Euro 1.6 million and related to performance bonuses accrued following the sports results achieved by the
Parent Company's First Team in the 2021/2022 football season, of which, for further details, reference should be made to
the previous paragraph "Other information - Use of estimates", (in) receivables from the company subject to the control of
the Parent Company Great Mercury Limited, for Euro 462 thousand and (iv) receivables from certain sponsors, for Euro
260 thousand, in order to adjust them to their presumed realisable value.

The utilisation of the bad debt provision mainly refers to the utilisation of the provision set up at June 30, 2021, at the
same time as the write-off of the aforesaid receivables for the same amount and claimed against (i) the agency iMedia for
Euro 25,000 thousand and (ii) the company Beijing Yixinshijie Culture Development Co. Ltd. for Euro 7,800 thousand as a
result of settlement agreements formalised during the fiscal year.

The breakdown of receivables by currency is set forth below:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand

Receivables in Euro 89.337 122.934

Receivables in CNY 152 152

Receivables in GBP - 2.327

Receivables in USD 3.524 4.091

93.013 129.504

Financial assets not held as fixed assets

The line item includes:

• the purchase cost of 60% of the share capital of the subsidiary Inter Brand China Co., Ltd. in liquidation, having
its registered office in Hong Kong, for the nominal value of HKD 6, or for a counter-value of approximately Euro
1, which was placed in liquidation during the first six months of 2010 and the procedural process, net of any
bureaucratic formalities substantially concluded in the month of February 2014; it is noted that in the
consolidated financial statements as of June 30, 2022 the net position with respect to the subsidiary is Euro 0.
• the value of the financial fixed asset in the subsidiary Shanghai Inter Brand Trading Co., Ltd., having its
registered office in China, whose write-down to 100% of the shareholding held was done during prior fiscal years.
It is noted that the negative Shareholders’ equity of Euro 5 thousand as of December 31, 2013 (last available
data) does not include the substantial waiver by the Company of a total of Euro 243 thousand written down by
Euro 211 thousand. On February 4, 2016, a contract was signed with a consulting company responsible for
proceeding with the liquidation of the reference company, whose procedure is still ongoing.

22
Below are data from the latest available balance sheet of the two companies who do not have annual filing requirements
for financial documents:

Brand China Co., Ltd. In liquidazione S.I.B.T. Co., Ltd.

10A, Seapower Industrial Centre, 177 Hoi Bun Road, Room 420, T 15-5, no. 999 Ningqiao Road, Jinqiao

Registered office Kwun Tong, Kowloon, HONG KONG Export Processing Zone, Pudong New District, Shanghai

Share capital HKD 10 $ 275.000

Shareholders' equity HKD (1,161,985)-Euro (142,587) RMB 84,568 -Euro 12,146

Fiscal year result HKD (440,850) - Euro (54,097) RMB 130,727-Euro 18,776

Stake held 60% 100%

Book Value Euro 1 Euro 1

Cash and cash equivalents

Available liquidity consists of temporary liquidity from banks generated in the context of treasury management and
amounts to Euro 139,169 thousand as of June 30, 2022 (Euro 97,872 thousand as of June 30, 2021) as well as cash on
hand for Euro 14 thousand (Euro 12 thousand as of June 30, 2021 ).

For further details on the trend of liquidity, please refer to the Cash Flow Statement.

Accrued income and prepaid expenses

The line item accrued income and prepaid expense can be analysed as follows:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Prepayments for rent 1.132 781

Prepaid insurance premiums 361 177

Prepaid expenses for guarantees 2.495 3.326

Prepaid expenses for loans 55 165

Prepaid expenses for Bond Loan 128 70

Prepaid expenses for factoring - 8

Prepaid expenses FIFA Agents 8.753 9.398

Prepaid expenses for temporary acquisition of football players 7.860 -

Other prepaid expenses for services 1.326 1.159

Total 22.110 15.0841

FIFA Agents prepaid expenses, amounting to Euro 8,753 thousand, refer to the share of costs to be borne by agents
relative to the stipulation of economic contracts and contract renewals of the players assisted by them.

Prepaid expenses for guarantees, equal to Euro 2,495 thousand, refer to the premium paid for the stipulation of the
insurance surety policy through Generali Italia S.p.A., as better described in the paragraph "Receivables recognized in
financial fixed assets".

Prepaid expenses for temporary acquisition of football players refers to the temporary acquisition on loan for the
2022/2023 football season of the player Romelu Lukaku, under the contract entered into with Chelsea F.C. as of June 29,
2022.

The item "Prepaid expenses for Bond Loan" includes the portions of costs pertaining to the years subsequent to the
current fiscal year and related to the costs incurred annually for the fees related to the New Bond Loan.

Other prepaid expenses for services, equal to Euro 1,326 thousand, mainly include prepayments related to company car
rents, maintenance of the data service room, marketing systems and Customer Relationship Management of competence
of the following fiscal year.

It should be noted that the item prepaid expenses also include amounts for Euro 7,552 thousand that expire beyond 12
months, of which Euro 12 thousand beyond 5 years.

23
 LIABILITIES

Shareholders’ equity

Revaluation Reserve for

Share capita., Share
^ premium
reserve art 110
Reserve to cover
future capital
Retained Fiscal Year
Total
future losses Earnlngs/Losses profit/losses
DL 104/2020 Increases
Euro thousand
|Balance asof June 30.2020 19.195 26.943 - 41.705 110.000 (132.398) (102.394) (36.949)|
Resolution ex bnarenoiaers meeting on
November 27. 2020:
- Retained earnings (losses) (102.394) 102.394
- Resene for future capital increases 132.112 132.112
- Revaluation resene art. 110 DL 104/2020 203.867 203.867
Result for the fiscal year 2020/2021 (245.579) (245.579)
** 1. » U9
Resolution ex Shareholders' meeting on
October 28. 2021 :
- Retained earnings (losses) (245.579) 245.579
Result tar the semester 2021/2022 (140.056) (140.056)
|Balance asof June 30, 2022 19.195 26.943 203.867 41.705 242.112 (480.371) (140.056) (86.605)|

During the fiscal year, the Group posted losses of Euro 140,056 thousand (Euro 245,579 thousand at June 30, 2021), an
improvement over the previous fiscal year mainly due to the effect of capital gains from the sale of the rights to the
performances of the players Achraf Hakimi to Paris Saint Germain and Romelu Lukaku to Chelsea and to ticket sales.
Consolidated shareholders' Equity at June 30, 2022 was negative for Euro 86,605 thousand, with cash and cash
equivalents of Euro 139,184 thousand.

It should also be noted that, despite the conversion into capital of shareholders' loans and the benefits of the revaluations
pursuant to the law of last fiscal year, the Parent Company also showed a negative net equity of Euro 127,308 thousand
at June 30, 2022, amounting to Euro 36,280 thousand. However, the Shareholders' Meeting held on October 28, 2021
approved the financial statements for the fiscal year ended on June 30, 2021 with a final loss of Euro 214,412,630,
resolving to postpone the replenishment of this loss until the fifth fiscal year following the one in progress as of December
31, 2020 (or, for the Parent Company, to the fiscal year ending on June 30, 2026), as provided for by art. 1, paragraph
266, of Law No. 178 of December 30, 2020, effectively allowing the Parent Company's shareholders' equity to remain
positive while complying with the capitalisation parameters set forth in the Italian Civil Code ex 2446 and 2447. It should
also be noted that Decree Milleproroghe no. 228/2021 (in force as of December 31, 2021) converted with amendments
into Law no. 15 of February 25, 2022, in Article 3, paragraph 1-ter (extension of terms on economic and financial matters)
extended to losses that emerged in the fiscal year in progress as of December 31, 2021 the "sterilisation" discipline
originally provided for by D. Law No. 23 of April 8, 2020, converted with amendments by Law No. 40 of June 5, 2020, thus
recognising the possibility for the Shareholders’ Meeting to postpone the settlement of such loss by the fifth fiscal year
following the one in progress as at December 31, 2021 (or, for the Parent Company, to the fiscal year ending on June 30,
2027). The Parent Company, considering the loss for the fiscal year accrued as of June 30, 2022 and the estimate of
further losses in the fiscal year 2022/2023, upon approval of the financial statements for the 2021/2022 football season,
intends to utilise this option to defer the immediate adoption of the obligations set forth in Articles 2446 and 2447 of the
Italian Civil Code, deferring the loss of Euro 127,308 thousand for the fiscal year ended on June 30, 2022 in accordance
with the aforementioned legal provisions. The total amount of losses deferred to the next five years is approximately Euro
342 million.

Please refer to the section “Going Concern” for considerations on the use of the going concern assumption in the
preparation of these consolidated financial statements.

Please note that the minimum capitalisation limits set forth in Article 2447 of the Italian Civil Code are not applicable to the
consolidated financial statements.

Share capital
The share capital subscribed to and paid-in as at the date of June 30, 2022 amounted to a total of Euro 19,195 thousand.

Share premium reserve

The amount of Euro 26,943 thousand, net of uses in the amount of Euro 82,551 thousand to cover the loss of the fiscal
year ended on June 30, 2017, as already described above, represents the share premium paid on June 2016 at the time
of the subscription to the increase of capital by the Suning Group.

Revaluation reserve - DL104/2020 (profit reserve)

During the fiscal year ended on June 30, 2022, the Group availed itself of the option pursuant to art. 110 of Legislative
Decree no. 104/2020, converted into Law no. 126 of October 13, 2020, and, with the support of an independent expert,
proceeded to revalue the "Inter" brand and the "Libreria Storica", recorded among intangible assets, for a total amount of
Euro 212,141 thousand. As a counter-entry to the increase in the value of intangible fixed assets, a reserve called
"Revaluation reserve - DL 104/2020" amounting Euro to 203,867 thousand was posted to shareholders' equity, net of the
related deferred taxation (IRAP), calculated by applying the tax rate in force at the date of the presumed disposal,
amounting to Euro 8,273 thousand.
24
Reserve for future capital increases
The amount of Euro 242.1 million was generated by the conversion of the loan tranches on June 26, 2019 for Euro 40
million, on March 24, 2020 for Euro 60 million and on June 22, 2020 for Euro 10 million, on December 31, 2020 for Euro
30 million, on January 31,2021 for Euro 25 million, on March 15, 2021 for Euro 30.2 million, on April 30, 2021 for Euro 23
million, on May 27, 2021 for Euro 8.9 million on May 31,2021 for Euro 15 million.

Reserve to cover future losses

The amount of Euro 41,705 thousand refers to the conversion of tranches of shareholders loan made on September 29,
2017 for Euro 20,000 thousand and on November 24, 2017 for Euro 85,000 thousand (of which Euro 85 million can also
be used for a future capital increase, provided that, in that latter instance, it shall be used only to increase the participation
of Great Horizon S.à.r.l.) and from use to cover the loss for the fiscal year ended June 30, 2018, amounting to Euro
63,295 thousand.

Retained earnings (losses)

The negative amount of Euro 480,372 thousand refers mainly to the reserve generated by the losses recorded in previous
periods.

Availability and distribution of the Shareholders’ equity’s reserve

In relation to the availability of the “Shareholders’ equity" reserve, it is noted that there is a restriction on the distribution of
profits until the reserve created by the monetary revaluation of real property has been re-constituted in accordance with
Article 15(16 through 23) of Law Decree no. 185 of November 29, 2008 “Revaluation of real property related to the
business", as described in the paragraph “Property, plant and equipment".

Provisions for risks and charges

Deferred tax liabilities
During the fiscal year ended on June 30, 2021 the Group availed itself of the option pursuant to art. 110 of Legislative
Decree no. 104/2020, converted into Law no. 126 of October 13, 2020, and, with the support of an independent expert,
proceeded to revalue the "Inter" brand and the "Libreria Storica”, recorded among intangible assets, for a total of Euro
212,141 thousand. As a counter-entry to the increase in the value of intangible fixed assets, a reserve called "Revaluation
reserve - DL 104/2020" (profit resen/e) was posted to Shareholders' equity in the amount of Euro 203,867 thousand, net of
the related deferred taxes (IRAP), calculated by applying the tax rate in force at the date of the presumed disposal,
amounting to Euro 8,273 thousand.

The amount of the provision, equal to Euro 7,860, as of June 30, 2022, was net of the release of Euro 414 thousand
pertaining to the fiscal year.

Provisions for risks and charges

The movements of the provisions for risks and charges during the fiscal year are set forth below:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand

Balance at the start of the fiscal year 22.881 29.932

Utilisation (14.352) (14.875)
Releases (5.450) (10.641)

Reclassifications - (2.000)
Provision for period 12.034 20.465
Balance at the end of the fiscal year 15.113 22.881

Utilisation for the fiscal year, amounting to Euro 14,352 thousand, refer to the payment in the fiscal year ended on June
30, 2022 for contractually due salaries to personnel no longer employed in the technical project at June 30, 2021.

Releases for the fiscal year, amounting to Euro 5,450 thousand, mainly refer:
(i) for Euro 3,091 thousand, to the reversal of provisions prudentially made in the fiscal year ended on June 30,
2021 against two credit positions with LNPA and Sky Italia, with reference to the sixth and final instalment of
the TV rights for the 2019/20 football season, paid with reserve by the broadcaster in February and March
2021, due to the broadcaster's failure to appeal against the ruling, which therefore became final;
(ii) for Euro 1,190 thousand to costs related to the management incentive plan ("Long Term Incentive"),
previously accrued as of June 30, 2021 and which will not be paid as the targets included in the aforesaid
plans have not been reached; and

25
 (iii) for Euro 1,168 thousand to IRPEF withholding taxes, previously set aside at June 30, 2021, which were not
paid as a result of the application of the tax regime for so-called “impatriated” workers. The release was
made during the fiscal year in profit and loss account under the heading “other revenue -
provisions” following the fulfillment of the suspensive conditions, for certain members, for the application of
the facilitation scheme.

Provisions for the fiscal year, equal to Euro 12,034 thousand, refer mainly to:
(i) the charges expected following the definition of a settlement agreement reached with UEFA with reference
to the general provisions of the Financial Fair Play, as better described in the "Financial Fair Play" section of
the Report on Operations, equal to Euro 8.8 million;
(ii) an estimate of costs for judicial compensation or settlements for ongoing legal disputes whose unfavourable
outcome is considered probable, amounting to Euro 1.8 million;
(iii) IRPEF tax not paid following the application of the tax regime for "impatriated" workers pursuant to art.5,
Legislative Decree 34/2019 which modified the art. 16, paragraph 5-quater, Legislative Decree no. 147 of
September 14, 2015, allowing to include professional athletes among the "impatriaed” workers with
reference to employees' income taxable from the 2020 tax period. The application of the tax regime descibed
above is subject to i) the performing of working activity on Italian territory, ii) the emplyee has not been
resident in Italy in the last two tax periods before the transfer; iii) the employee have to maintain the
residence in Italy for at least two years. The company accrued the lower IRPEF paid as a provision, becouse
of it's uncertain the condition that the employees will maintain the residence in Italy for the minimum period
of two years, amounting to Euro 969 thousand;
(iv) to potential risks of losing in the context of any lawsuits brought by former registered and non-registered
employees of the Group, amounting to Euro 436 thousand;
(v) the exchange rate adjustment, inherent to the provision of previous years and inherent to the estimate of
costs to finish by the company appointed by the subsidiary Inter Brand to liquidate the company, in turn
controlled by the latter, Shanghai Inter Brand Trading Co., Ltd.

Provisions for employee severance indemnity

The following movements were made to the following line items:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Balance at start of the fiscal year 920 876
Uses related to termination contracts (324) (213)

Payments to FIFC (664) (697)

Substitute Tax (15) (7)

Payables to INPS (983) (937)

Payables to other funds (122) (189)

Provision for the period 2.072 2.087

Balance at the end of the fiscal year 884 920

The amount was calculated in relation to contractual obligations and applicable law.

Payables
Payables amounted to Euro 885,079 thousand as of June 30, 2022 (Euro 827,624 thousand as of June 30, 2021), as
detailed below:

26
 Balance as of Balance as of
Variation
June 30, 2022 June 30, 2021
Euro thousand

Bond Loan 407.945 344.950 62.995

Shareholders' loan 81.236 76.337 4.899

Payables to banks 52 50.241 (50.189)

Advances 3.599 4.613 (1.014)

Trade payables 95.694 99.201 (3.507)

Payables to subsidiaries 16 16 -
Payables to associated companies 2.436 3.594 (1.158)
Payables to parent companies 301 5.650 (5.349)

Tax payables 84.189 49.912 34.277

Payables to pension and social security institutions 9.509 5.485 4.024

Payables to specific sector institutions 145.629 151.560 (5.931)

Other payables 50.544 36.065 14.479

881.150 827.624 53.5261

The item "Payables" increased overall during the fiscal year by Euro 53,526 thousand, mainly due to the increase (i) of the
item "Bond Loan" for Euro 62,995 thousand, partially offset by the decrease in "Payables to banks" for Euro 50,189
thousand, following the issue and placement with institutional investors of the New Bond Loan, as better described in the
following paragraph; (ii) of "Tax payables" and "Payables to pension and social security institutions" related to taxes paid
in instalments during the fiscal year; and (iii) of "Shareholders' loan".

Bond Loan
As described in the section "Other information - Debt refinancing" the subsidiary Inter Media on February 9, 2022, issued a
New Bond, inter alia, aimed at the early termination of the previous Bond placed with institutional investors, of December
21, 2017 and July 31, 2020, for a nominal amount of Euro 300 million and Euro 75 million at an issue price of 93%,
maturing at December 31, 2022 and a nominal fixed rate at 4.875%. The New Bond Loan, senior, guaranteed non-
convertible and not subordinated, issued and placed for an amount of Euro 415 million, with an annual interest rate of
6.75% and maturing on February 9, 2027, as the previous issues, has as a guarantee the liquidity flows deriving from
sponsorship agreements and media contracts signed by the subsidiary Inter Media as well as the flows from the proceeds
of the UEFA rights and the television rights of Serie A and Coppa Italia generated by the Parent Company.
The repayment schedule for the principal in six-monthly instalments is shown below. It starts from June 30, 2024, after a
grace period with payment of the interest-bearing line only:

- Euro 3.57 million on June 30, 2024;

- Euro 3.69 million on December 30, 2024;
- Euro 3.82 million on June 30, 2025;
- Euro 3.95 million on December 30, 2025;
- Euro 4.08 million on June 30, 2026;
- Euro 4.22 million on December 30, 2026;
- Euro 391.67 million by 9 February 2027.

The total debt is recorded in the financial statements net of ancillary costs, recorded according to the amortized cost
criterion, for an amount equal to Euro 407,945 thousand, which represents the current value of future cash flows, less
transaction costs equal to Euro 7,567 thousand. The effective interest rate equal to 7,3318% represents the internal rates
of return (IRR), constant over the duration of the Bond, which make the present value of future cash flows deriving from
the total debt equal to their initial recognition value (thus including the effect of transaction costs). As a result, it should be
noted that the Income Statement is not debited with the interest expense paid at maturity to the extent of the nominal
interest rate of 6,75% but is integrated on the basis of the effective interest rate, which corresponds to the implicit financial
burden of the New Bond Loan.
The interest instalment due on June 30, 2022, amounting to Euro 10,972 thousand, was duly paid.
The New Bond Loan also provides for compliance with two financial parameters (covenants) respectively the Debt Service
Coverage Ratio and the Pro-forma Debt Service Coverage Ratio with reference to the subsidiary Inter Media’s results. In
brief, the first represents the ratio between the net cash flows from operations and the sum of financial charges and capital
payments made in the 12 months prior to the calculation date (or alternatively, if 12 months have not passed since the
Bond was stipulated, the period between the stipulation date and the calculation date). The second, on the other hand, is
calculated using the same factors, determined on the estimated values - as reported in the budget - for the 12 months
following the calculation date. The aforementioned parameters on the basis of the calculations carried out as of June 30,
27
2022 are respected; similarly, on the basis of the projections available to date, it is estimated that the same will be
respected with reference to the next maturities over the next 12 months, taking into account the commitment to financial
support by the Suning Group, which makes it possible to neutralize the existing elements of uncertainty, to date in any
case not estimable, also with reference to the effects on the generation of cash flow deriving from the continuation of the
Covid-19 pandemic and the Russian-Ukrainian conflict as well as the inflationary environment and rising rates mainly from
the beginning of the year 2022.

For the sake of completeness of information, it should be noted that there are obligations due beyond the next financial
year for the entire debt amount in the financial statements at June 30, 2022, while there are none due beyond 5 years.

For further information on the evolution of the bond loan during the fiscal year, please referto the consolidated Cash Flow
Statement.

Shareholders’ loan
Shareholders’ loan amount to Euro 81,236 thousand, of which Euro 60,000 thousand relating to the capital share, referto
loans subscribed with the parent company Grand Tower S.à.r.l., as well as interest accrued but not yet paid as at June 30,
2022 to both Grand Tower S.à.r.l. and Great Horizon S.à.r.l.

In the previous fiscal year, Grand Tower S.a.r.l. has issued new shareholders’ loan of Euro 75 million (Euro 50 million on
May 20, 2021 and Euro 25 million on June 28, 2021), of which Euro 15 million converted into “Reserve for future capital
increases” on May 31,2021.
Net interest payable during the fiscal year amounted to Euro 4.8 million (net fixed annual rate applied on notional amounts
of 8%): as a result, as of June 30, 2022, the Company's debt to Grand Tower S.a.r.l. for shareholders’ loan amounted to
Euro 65.2 million (of which Euro 60 million was principal and Euro 5.2 million was interest).

With reference to the shareholders’ loan provided by the parent company Great Horizon S.à.r.l., at June 30, 2022, the
Company's debt to Great Horizon S.à.r.l. for shareholders’ loan amounted to Euro 16.1 million, entirely related to interest
not yet paid.

Bank loan
Bank payables as of June 30, 2022 amounted to Euro 52 thousand and refer to the bank overdraft used by the subsidiary
Inter Futura.
As far as the decrease in the fiscal year is concerned, on February 9, 2022, the F.C. Intemazionale Group, as part of the
issue of the New Bond Loan by the subsidiary Inter Media, extinguished in advance the revolving credit line, recognised in
the fiscal year ended on June 30, 2021 in the item in question. For further details, please refer to what was previously
described under "Other Information - Debt refinancing".

Please refer to the Consolidated Cash Flow Statement for further information on the evolution of the financial situation in
the period ended on June 30, 2022.

Advance payments
The item amounts to Euro 3,599 thousand (Euro 4,613 thousand as of June 30, 2021) and mainly includes receipts
received for the sale of tickets and season tickets for the 2019/2020 football season matches that were not played due to
the suspension of the championship caused by the Covid-19 pandemic, as well as advance receipts related to season
tickets for the 2022/23 football season, not yet issued.

Trade payables
The balance can be broken-down as follows:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Current suppliers 24.358 30.007

Suppliers for invoices to be received 71.336 69.194

95.694 99.201 |

The amount of Euro 95,694 thousand includes, among others:

i) payables to FIFA Agents in the amount of Euro 32,243 thousand, of which Euro 26,006 thousand for
payables related to invoices to be received;
ii) payables to the City of Milan related to invoices to be received in the amount of Euro 31,002 thousand
referring to fees for the rental of the Stadium, to be used as an offset with the improvements made by
the Company and described in the comment to the line item "Intangible Assets";
iii) payables to suppliers in the amount of Euro 32,449 thousand, of which Euro 14,659 thousand for
invoices to be received, mainly relating to:
28
 Euro 2,400 thousand from the debt relating to the fee due in accordance with the contract for the
buy-back of Licensing and Retail rights with Nike;
Euro 1,100 thousand related to the summer retreat of the First Team;
Euro 1,054 thousand in relation to the players’ image rights.

The part due beyond 12 months mainly refers to payables to the City of Milan, to FIFA Agents in accordance with agreed
upon payment plans and to payable with Nike as described above.

Payables to subsidiaries
The line item includes trade payables to the subsidiary Inter Brand China Co., Ltd. in liquidation in the amount of Euro 16
thousand.

Payables to associated companies

The item amounts to Euro 2,436 thousand and refers mainly to net payables related to activities and services required for
the operational management of the G. Meazza Stadium as per the contract currently in force for the 2021/2022 football
season and to commercial transactions held with the company M-l Stadio S.r.l.

Payables to parent companies

The item in question amounted to Euro 301 thousand at June 30, 2022, of which Euro 285 thousand related to the 60%
commission paid to Jiangsu Suning Sports Industry Co., Ltd. on the 2018/2019 and 2019/2020 sponsorship contract with
ePrice.

Tax payables
Tax payables are represented by the following amounts:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Payables for IRPEF for employees, registered personnel and
70.929 41.677
self-employed
Payables for IRAP (tax on regional productive activities) 3.207 1.999

Payables for VAT 2.579 489

With Holding Tax 7.461 5.740
Other payables 13 7

84.189 49.912

The item "Payables for IRPEF for employees, registered personnel and self-employed”, equal to Euro 70,929 thousand as
at June 30, 2022 (Euro 41,677 thousand as at June 30, 2021 ), refers mainly to withholding taxes accrued on remuneration
to club members, paid by the Parent Company in the months following June 30, 2022, in addition to those accrued during
the previous and the present fiscal years until April 2023, in compliance with the Legislative Decrees of March 17, 2020,
May 19, 2020, August 14, 2020, December 30, 2021 and March 21,2022.

The item relating to payables for "With Holding Tax", amounting to Euro 7,461 thousand as of June 30, 2022 (Euro 5,740
thousand as of June 30, 2021), mainly includes the interest expense accrued on the loans granted by the parent
companies Great Horizon S.à.r.l. and Grand Tower S.à.r.l.

Social security payables

This amount, related to contributions for the month of June 2022, can be broken-down as follows:

29
 Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand

Payables to INPS (national social welfare institution) 2.453 1.191

Payables to INAIL (national institute for insurance against
500 323
accidents at work)
Payables to PREVINDAI (pension fond for directors) 120 102
Payables to ENPALS (entertainment industry
6.045 3.507
employees'pension organization)
Expenses for vacations matured but not taken 366 333

Payables to other entities 25 29

9.509 5.4851
__________________________________
The item “Payables to INPS" equal to Euro 2,453 thousand at June 30, 2022 (Euro 1,191 thousand at June 30, 2021)
refers to contributions accrued at June 30, 2022, paid by the Group in the months following that date, in addition to the
instalments made during the previous and current fiscal years until April 2023, in compliance with the Legislative Decrees
of March 17, 2020, May 19, 2020, August 14, 2020, December 30, 2021 and March 21, 2022. For the sake of
completeness, it should be noted that the balance also includes the amount of Euro 159 thousand inherent to the
adjustment note communicated by INPS for the years 2017, 2018 and 2019 for lower contributions paid to former
employees, the portion of which, amounting to Euro 39 thousand to be recovered from them, has been recognised in the
item "Other receivables".

The item "Payables to INAIL” equal to Euro 500 thousand at June 30, 2022 (Euro 323 thousand at June 30, 2022)
refers to contributions accrued at June 30, 2021, paid by the Group in the months following that date, in addition to the
instalments made during the previous and current fiscal years until April 2023, in compliance with the Legislative Decrees
of March 17, 2020, May 19, 2020, August 14, 2020, December 30, 2021 and March 21,2022.

"Payables to ENPALS" amounting to Euro 6,045 thousand at June 30, 2022 (Euro 3,507 thousand at June 30, 2021),
refers to contributions accrued at June 30, 2021, paid by the Company in the months following that date, in addition to the
instalments made during the previous and current fiscal years until April 2023, in compliance with the Legislative Decrees
of March 17, 2020, May 19, 2020, August 14, 2020, December 30, 2021 and March 21,2022.

Payables to specific sector institutions

This refers to relationships with entities and companies in the sector and shows a decrease of Euro 5,931 thousand
compared to June 30, 2021.

The balance consists of: i) payables to national football clubs in the amount of Euro 95,449 thousand, ii) payables to
foreign football clubs in the amount of Euro 36,380 thousand, iii) invoices to be received from football clubs, including
solidarity contribution, in the amount of Euro 2,689 thousand and iv) payables for factoring for Euro 11,112 thousand.
In particular, payables to specific sector institutions, settled by offsetting with “Receivables from specific sector institutions"
shown on the asset side, are as follows:

30
[National Clubs LNP Serie A Direct
Euro thousand
SOCIETÀ' SPORTIVA LAZIO SPA 25.568
ATALANTA BC SPA 25.192
US SASSUOLO CALCIO SRL 23.876
EMPOLI FOOTBALL CLUB S.P.A. 13.739
GENOA CRICKET & FOOTBALL CLUB SPA 2.692
CAGLIARI CALCIO S.P.A. 1.993
A.S. ROMA SPA 1.500
FC CROTONE SRL 115
U.S. PERGOLETTESE 1932 75
HELLAS VERONA 70
PORDENONE CALCIO S.R.L. 70
CALCIO PADOVA SPA 70
RAVENNA FOOTBALL CLUB 1913 S.P.A. 50
A.S. LIVORNO CALCIO S.P.A 50
SPAL S.R.L. 50
VICENZA CALCIO SPA 43
SS ROMULEA SSD A R.L. 40
A.C. RENATE S.R.L. 40
SSD PRO SESTO SRL 36
ACCADEMIA INTERNAZIONALE CALCIO SSDRL 30
S.S.D. VIRTUS CISERANOBERGAMO 1909 S.R.L. 30
PARMA CALCIO 1913 S.R.L. A SOCIO UNICO 27
AC PRATO SPA 15
U.S. PISTOIESE 1921 SRL 14
C.S.D. UESSE SARNICO 1908 10
U.C. SAMPDORIA SPA 7
U.S. FIORENZUOLA 1922 S.S.A.R.L. DILETTANTISTICA 5
CREMONESE SPA 2
A.C. MONZA BRIANZA 1912 SPA 5
CUNEO 1905 SRL 1
iTotale National Clubs 95.407 5
FIGC 37
_______
Invoices to be received Foreign Solidarity Contributions 2.889

Invoices to be received from specific-sector institutions______________________________ (200)

Debiti verso factor 11.112

|Foreign Clubs
MANCHESTER UTD F.C. LTD 18.761
PSV NV 8.007
CHELSEA FOOTBALL CLUB 8.202
RSC ANDERLECHT N.V./S.A. 362
ATROMITOS ATHINON 1923 250
SEVILLA FUTBOL CLUB SOCIEDAD DEPORTIVA SAD 193
EVERTON FOOTBALL CLUB CO LTD 165
LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LTD 143
PARKEN SPORT & ENTERTAINMENT A/S 99
S.C. HEERENVEEN B.V. 45
UDRUZENJE FUDBALSKI KLUB ZELJEZNICAR SARAJEVO 44
NOGOMETNI KLUB ZAGREB 30
CLUB ESTUDIANTES DE LA PLATA 27
VFL WOLFSBURG FUSSBALL GMBH 20
FK TEPLICE A.S. 12
SPARTA ROTTERDAM B.V. 8
BARENDRECHTSE VOETBALVERENIGING BARENDRECHT 5
VOETBALVERENIGING SMITSHOEK 4
FOTBALOVY KLUB USTI NAD LABEM, A.S. 3
R.K.S.V. SPARTAAN 1920 2
Total Foreign Clubs 36.380 I

31
It should be noted that payables with payment dates beyond the year are recorded net of a discounted effect of Euro
4,328 thousand in accordance with the new accounting standards.

Other payables
Other payables are composed as follows:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Payables to employees and contractors for 49.453
34.957
remuneration accrued but not yet paid
Miscellaneous other payables 1.091 1.108

50.544 36.065

The item "Payables to employees and contractors for remuneration accrued but not yet paid" mainly includes:
(i) payables for wages and salaries to registered personnel accrued as of June 30, 2022, amounting to Euro
8,807 thousand, and paid in July 2022,
(ii) payables related to the accrual of bonuses accrued by club members and employees related to seasonal
objectives achieved, amounting to Euro 25,145 thousand, which will be paid in the first half of the 2022/2023
fiscal year and
(iii) payables for incentives to registered personnel amounting to Euro 10,732 thousand for players no longer
employed in the technical project.

The following is the breakdown of payables by foreign currency:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Payables in Euro 880.570 827.194

Payables in USD 378 350

Payables in GBP 184 62

Payables in HK$ 16 16

Payables in AUD 2 2

881.150 827.624

Accrued expenses and deferred income

This consists of allocations related to accrued expenses and revenue realized during the fiscal year but referable to fiscal
years after June 30, 2022:

Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Accrued expenses 579 573

Deferred income 52.084 39.583

52.663 40.156

The accrued expenses mainly relate to costs related to employees and ancillary charges (13th month), accrued by the end
of the fiscal year but whose payment is deferred for Euro 579 thousand.

Deferred income amounts to Euro 52,084 at June 30, 2022 thousand and regards:

32
 Balance as of Balance as of
June 30, 2022 June 30, 2021
Euro thousand
Revenues for tickets and season tickets 13.920 -
RAI - Infront Library 10.444 10.867

TV Rights - 10.979
Friendly matches 70 987
Sponsorship - Official 8.000 -
Sponsorship - Technical 3.125 3.742
Sponsorship - EU in house 9.276 6.846
Sponsorship - Regional 2.425 2.300
Sponsorship - Global - 1.667
Sponsorship - Jersey 1.667 -
Licencing 1.210 960
Inter Academies 120 1
Revenue from temporary loan of players - 100
Other 1.827 1.134

Total 52.084 39.5831

As indicated in the section "Other Information - Agreements with the Rai Group, Infront and Dazn", the portion of "Rai
Archive" deferred income, amounting to Euro 10,444 thousand at June 30, 2022, represents the deferral of income
pertaining to future fiscal years for the marketing of rights to use the historical library.

Deferred income also mainly refers to: i) for Euro 13,920 thousand to season tickets subscribed for the 2022/2023 football
season, ii) for Euro 24,493 thousand to revenues from sponsorships, related to the advance invoicing, as contractually
provided for, of certain sponsorship contracts (including the Official Sponsor for the 2022/2023 season, Zytara Labs -
Digitalbits, for Euro 8 million), whose accrual is referred to the 2022/2023 football season, iii) for Euro 1,210 thousand
related to revenues related to merchandising and licensing activities pertaining after June 30, 2022, iv) for Euro 120
thousand related to revenues from Inter Academies and v) for Euro 70 thousand related to revenues from friendly
matches, already invoiced, but pertaining to events that took place in July 2022.

In the item "Other", amounting to Euro 1,827 thousand, there are mainly deferrals related to the proceeds from the
subscription of Fan Cards and Inter Club membership fees pertaining to the following fiscal years.

At June 30, 2022 there are deferred income for Euro 11,982 thousand with expiry beyond 12 months, of which Euro 8,764
thousand with expiry beyond 5 years.

33
 Analysis of the line items of the Income Statement

For the sake of clarity, as previously illustrated in the section "Measurement criteria and accounting standards - Costs and
revenues", it should be noted that following the suspension of the club's competitive activities, which took place in March
2020, and the subsequent resumption of the same which took place in June 2020, with the 2019/2020 football season
ending on August 31, 2020, the fiscal year ended on June 30, 2021 was characterised by a zero balance in ticketing
revenues and season ticket revenues for home matches, following the matches played behind closed doors or with access
limited to 1,000 spectators, due to the restrictive measures imposed by the Federal Institutions and Authorities due to the
continuation of the Covid-19 pandemic. However, this cancellation was offset by the recognition of revenues from TV
rights and sponsorships, previously deferred to June 30, 2020 and recognised, following the postponement and
conclusion of both national and international competitions for the 2019/2020 football season, in the fiscal year ended on
June 30, 2021, together with the share of costs of FIGC registered personnel. This postponement affects the comparability
of certain revenue and cost items of the fiscal year ended on June 30, 2022 with the previous fiscal year. In addition, with
reference to the cost of FIGC registered personnel of the First Team, in the fiscal year ended on June 30, 2021 also
included part of the cost related to the 2019/2020 season, for Euro 18,120 thousand, deferred to June 30, 2020, following
the spread of the Covid-19 pandemic in February 2020 and the concomitant restrictive measures implemented by
Institutions and Federal Authorities, aimed at containing it, including the suspension of competitive activities, which took
place in March 2020, and the subsequent resumption of the same, which took place in June 2020, with the end of the
2019/2020 football season on August 31,2020.

PRODUCTION VALUE

Revenue from sales and services

Mainly refers to the revenues received from matches and seasons tickets, or income from the sale of tickets and season
tickets to attend the matches of the First Team and the Youth Teams membership in the Inter Club, as well as income
related to concessions of advertising space, from the thematic channel “Inter Tv" and from the marketing of the television
library.
Revenue can be broken-down as follows:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Revenue from matches:

- Championship matches 22.630 -

- Coppa Italia matches 3.826 -
- International Cup matches 8.009 -
- Tournaments and friendly matches 20 -
- Revenues from away matches 1.600 -
- Season Tickets 1.570 -
Other Revenue:
- Inter Club/Member Fan Cards 2.191 2.182
- Sponsorship EU in house 16.125 14.149
- Sponsorship Regional 15.645 38.161
- Sponsorship Global - 3.782
- Rai-Inffont-CSB-Dazn Library 6.823 10.423
- Inter TV 2.457 5.445

- Others 454 316

I Total 81.350 74.4581

Net of revenues from matches, which is not comparable with the previous year due to the above mentioned, "Revenues
from sales and services" showed a decrease, mainly due to:

(i) the significant decrease in sponsorship revenues for Euro 24,322, mainly attributable to the item
"Sponsorship Regional", following the lack of revenues deriving from the contract with iMedia, terminated in
advance as of June 30, 2021, as well as the reduction in fees related to the Naming Rights contract. For
further details, reference should be made to the section "Other information - Sponsorship agreements"
above;

34
 (ii) the reduction in revenues "Archivio Rai-Infron-CBS-Dazn" for Euro 2,950 thousand following the natural
termination of the contract with Infront Italy on June 30, 2021, which provided for annual fees of Euro 10
million for the marketing of the television archive, of training images, interviews, press conferences and
media packages. At the same time the Company stipulates for the 2021/2022, 2022/2023 and 2023/2024
sports seasons a new contract for the licensing of archive images and access, filming and broadcasting
rights, excluding certain territories (Italy, Vatican City, San Marino, United States, Middle East and North
Africa) for a total annual amount of Euro 1,250 thousand for each of the aforementioned sports seasons.
This reduction is partially offset mainly by trading with Dazn Limited, the global broadcaster of the live
streaming market, for the 2021/2022, 2022/2023 and 2023/2024 sports seasons, on digitisation and
marketing in certain territories (Italy, Vatican City and San Marino), the archive contents of the matches
played by the First Team (male and female) of Serie A and Inter TV for an annual fee of Euro 5 million. For
further details, please refer to the section "More information - Agreements with the Rai Group, Infront and
Dazn”;

(iii) the decrease of Euro 2,989 thousand in Inter TV revenues, mainly attributable to the natural extinction on
June 30, 2021 - and the simultaneous non-renewal - of the contract for the granting of the broadcasting
rights in China with Great Mercury Limited

The aforementioned effects were more than compensated by the recovery of revenue from home matches and season
tickets, following the reopening of the stadiums to the public for the 2021/2022 football season, albeit with limited capacity;
in fact, it should be recalled that the previous 2020/2021 football season was entirely played behind closed doors or with
limited access up to a maximum of 1,000 spectators per match.

Reference should be made to the Report on Operations for a description of the trend in revenues for the fiscal year.

Capitalization of youth programme costs

The capitalization of youth programme costs related to the fiscal year refer to the following structural and operating costs
referring and attributable to the training camp:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand

Coaches compensation and bonuses 4.277 4.533

Inps - Enpals - Inail cost for coaches 1.205 1.203

Coaches and of career allowances 247 239

Health care costs 22 2

Retirement management 646 564

Sport Facilities 2.371 2.167

Food and accommodation for matches 131 142

Accident and asset protection insurance - -

Total 8.900 8.8501

The amount capitalised is consistent with the new capitalisation requirements as described above in the "Intangible
assets" and in the accounting principles. It should be noted that on November 12, 2021, the FIGC and Co.Vi.Soc.
published the 2021 edition of the "Raccomandazioni Contabili FIGC", applicable, at the latest, from the fiscal year
following the one in progress at December 31,2021 (and therefore for the Company this means from July 1,2022). These
new recommendations provide, inter alia, for the inadmissibility of the capitalization of youth costs. The Group intends to
apply these new recommendations as of July 1,2022.

Other revenue and income

Sponsorship, miscellaneous income and other revenue
Specifically, such income consists of the following:

35
 12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Operating grants and contributions 16.613 8.524

Sponsorships 43.497 41.605

Advertising income 4.039 7

Commerciai income and royalties 6.472 4.210

Income from the sale of television rights:

- television revenues 84.239 125.413

- television income from UEFA competitions 62.304 64.324

Revenue from temporary loans of players 1.246 5.061

Gains on sale of player registrations 105.232 2.288

Other income from player management 2.469 1.006

Sundry revenues and income 22.999 28.966

Total 349.111 281.4041

Grants and Contributions of Euro 16,337 thousand include contributions which will be paid by the Lega di Serie A with
reference to collective revenues excluding audiovisual rights, collective revenues excluding audiovisual rights, as well as
the prizes of the Coppa Italia and the Supercoppa italiana, increasing compared to the previous fiscal year competitions.

Revenues from "Sponsorships" mainly refer to fixed and variable fees paid by Socios.com (Official Sponsor) - which
replaced Pirelli from the 2021/2022 football season - by Nike (Technical Sponsor), by Lenovo (Jersey Sponsor - back) and
Zytara (Jersey Sponsor - sleeves). These fees also include performance bonuses, if any, accrued in the fiscal year ended
on June 30, 2022 in relation to the sports results achieved by the Parent Company's First Team. With reference to the
comparative fiscal year ended on June 30, 2021, on the other hand, this amount included bonuses for qualifying for the
2019/2020 and 2020/2021 UEFA Champions League, for the sporting results achieved in the final phase of the 2019/2020
UEFA Europa League, following the conclusion of the 2019/2020 football season on August 31, 2020, as well as for
winning the 2020/2021 Serie A championship.

“Advertising" mainly include revenues from promotional-advertising activities in corporate hospitality season tickets and
show a significant increase compared to the comparative fiscal year in the amount of Euro 4,032 thousand, an effect
deriving from the reopening of stadiums to the public for the 2021/2022 football season, as better described above in the
commentary on the section match and season ticket revenues.

“Commercial income and royalties", amounting to Euro 6,472 thousand, refer to revenues related to merchandising and
licensing activities, activities that as of November 1, 2019 have been internalised and managed directly by the Parent
Company.

Income from the sale of television rights of home matches of the Serie A, equal to Euro 84,239 thousand, showed a
decrease compared to the previous fiscal year equal to Euro 41,174 thousand, manily attributable to the recognition of
part of the income from television rights of the 2019/2020 football season in the 2020/2021 fiscal year, for Euro 24,913
thousand. It should be remembered in fact that, following the spread of the Covid-19 pandemic in February 2020 and the
concomitant restrictive measures put in place by Institutions and Federal Authorities, aimed at containing it, the 2019/20
football season was first suspended in March 2020, and then proceeded with the continuation of the championship and
competitive activities only from June 2020 until August 2020.

Television revenues from UEFA competitions, amounting to Euro 62,304 thousand at June 30, 2022, are substantially in
line with those of the same previous comparative period, in relation to the recognition of part of the television rights
revenues of the 2019/2020 football season in the 2020/2021 fiscal year, for Euro 15,856 thousand, similarly to what has
been stated in the previous paragraph in relation to the item income from the licensing of broadcasting rights of Serie A
championship matches; this effect is partially offset by the higher revenues of the 2021/2022 fiscal year related to the First
Team reaching the round of 16th of the UEFA Champions League.

Revenues from temporary loans of players is mainly related to players Lorenzo Pirola, Michele Di Gregorio and Valentino
Lazaro.

Gains on sale of players registration during the fiscal year are listed below, with an indication of the name of the football
player and the transferee club:

36
 Net Book Value of the
Football Player Transferor Actualization Gains
Value transfer
Euro thousand

Romelu Lukaku Bolingoli Chelsea F.C. 41.939 108.747 - 66.808

Hakimi Achraf Paris Saint-Germain 34.428 68.000 - 33.572
Di Gregorio Michele A.C. Monza 52 4.000 (52) 3.896
Gravillon Andreaw Rayan Stade Reims 2.092 3.003 (225) 686
Kinkoue Etienne Ludovic Olympiacos F.C. 230 500 - 270
Total 105.2321

Other income from player management, in the amount of Euro 2,469 thousand, are related (i) to Euro 1,849 thousand for
bonus matured for the players Stefano Sensi, Achraf Hakimi, Matteo Politano, Lucien Agoumè and Michele Di Gregorio,
(ii) for Euro 369 thousand in UEFA earnings linked to the participation 2021 in the respective National Teams during the
European Football Championship of the First Team players in July 2021 and (iii) for Euro 251 thousand in solidarity
contributions accrued as a result of transfers of players to international clubs.

“Sundry revenues and income" of Euro 22,999 thousand mainly include (i) Euro 4,707 thousand relative to the distribution
by the LNPA of compensation for damages following the settlement with the television broadcaster MediaPro, (ii)
revenues from insurance reimbursements related to injuries suffered by First Team players for Euro 4,214 thousand, (iii)
revenues from Inter Academies for Euro 897 thousand and (iv) revenues from services provided to affiliated companies for
Euro 725 thousand. The item also includes contingent assets and non-existent liabilities for Euro 11,984 thousand, mainly
related to (i) the Group’s contribution for the participation of registered football players of the First Team in Euro 2020,
equal to Euro 1,960 thousand; (ii) the release of the provision made at June 30, 2021 in relation to the management
incentive plan ("Long Term Incentive"), which will not be paid as the targets included in the aforesaid plans have not been
reached, equal to Euro 1,190 thousand; (iii) the release of IRPEF withholdings not paid following the application of the tax
regime for so-called "impatriated" workers for Euro 1,168 thousand; (iv) to the release of the provision following the
prudential estimate of the reduction in the fees payable, amounting to Euro 870 thousand, of the Giuseppe Meazza
Stadium for the 2019/20 and 2020/21 seasons due by the Group; (v) to the release of the provisions prudentially made in
the last fiscal year against two credit positions towards LNPA and Sky Italia, with reference to the sixth and final
installment of the TV rights for the 2019/2020 football season, Euro 3,091 thousand and (vi) the final balance of the UEFA
Champions League revenues for the 2020/2021 season, equal to Euro 273 thousand..

PRODUCTION COSTS

Costs of raw materials, supplies and consumables

; 12 months as of 12 months as of 1
| June 30, 2022 June 30, 2021 {

Euro thousand
Technical material 2.706 937
Consumables 1.844 980
Health material 199 235
E-commerce material 281 -
Other 180 96

5.210 2.2491
_____________________________
The decrease compared to the previous year is mainly due to the reduced activities carried out as a result of the Covid-19
pandemic and the restrictive measures put in place by Authorities and Institutions in response to its continuation.

37
Costs of services

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Costs for sport activities 6.418 7.768

Specific technical costs 24.280 12.251

Costs for accomodation, food, transport 1.983 2.033

Ticketing service, ground admission, security control 3.683 399

Insurance and pension 2.359 2.230

Intercampus 273 200

Administrative, advertising and general 25.378 26.807

64.374 51.688

Costs for sports activities include the following:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand

Costs for training sessions and camps 2.110 1.714

Health expenses 628 1.931

Fees for self-employed contractors 1.923 2.403

Retirement costs 646 564

Expenses for maintenance of sport pitches 837 840

Sundry 274 316

6.418 7.768

The decrease in costs for sporting activities is mainly related to the decrease in “Health expenses” for Euro 1,303
thousand, following the lower costs for swabs and checks carried out on card-carrying members in this fiscal year as
required by the FIGC and LNPA protocols.

The “Specific technical costs" include:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Player scouting and trials 979 910
Subsidized teams 250 270

Transfer market agent fees 22.976 10.981

Sundry 75 90

24.280 12.2511

The net increase in specific technical costs is mainly tied to the item "Transfer market agent fees", following higher costs
relative to FIFA agents debited to the Income Statement during the fiscal year as a result of the transfers that occurred
during the summer transfer campaign in July and August 2021, in addition to the fees accrued during the fiscal year and
due to FIFA agents for the constant registration of certain First Team players.

The costs relative to the 'Ticketing service, ground admission and security control" increased significantly by Euro 3,284
thousand as a result of the resumption of competitive competitions, albeit with limited capacity, compared to the same
comparative period where, following government and federal decisions in response to the spread of the Covid-19
pandemic, they were held behind closed doors or with access limited to 1,000 spectators.

The administrative, advertising and general costs include, among others:

38
 12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand

Services from associated 4.977 5.031

External consultant 4.006 4.235

Inter TV 2.917 3.601

Giveaways, promotional and representation gifts 1.813 1.192

Directors fees 1.591 1.516

Supervisory and cleaning expenses 1.357 1.311

Legal and notary fees 1.341 1.721

Ordinary maintenance and repairs 1.337 1.374

Player Image Rights and passive commissions 1.176 1.911

Other utilities 844 888

Guarantees fees 831 675

Postal and telephone expenses 774 840

Advertising costs 651 995

Factoring costs 560 92

External events 201 58

Statutory Auditors fees 175 114

Independent Auditing Firm fees 150 131

Bank charges 70 50

Costs for "Services from associated" mainly refer to the contract with Ml-Stadio, which provides for the charging to the
parent company of operational management services for the stadium.

The costs of the item "Inter Tv” referto the management and production costs of the thematic channel.

The costs for services also include fees to the Statutory Auditors in the amount of Euro 175 thousand and to the
Independent Auditing Firm in the amount of Euro 150 thousand.

Costs of rent and leases

Costs of rent and lease consist of:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Licence to use Meazza Stadium 4.758 4.697

Rental expenses 3.310 2.692

Operating lease payments 23 19

Other user licence fees 2.190 2.051

Concession sports facilities 549 450

Other Rental fees 1.935 2.688

12.765 12.5971

Personnel costs
The personnel cost is as follows:

39
 12 months as of June 30, 2022 12 months as of June 30, 2021

Registered Other Registered Other

Salaries and wages 197.542 20.249 215.763 20.923
Social security contibution 3.841 4.961 3.940 4.557
Employee severance indemnity 551 1.528 569 1.518
Other costs 17.534 2.228 13.384 924
219.468 28.966 233.656 27.922
I Tota I personnel costs 248.434 261.578 |

Personnel costs at June 30, 2022, equal to Euro 248,434 thousand, recorded a decrease of Euro 13,144 thousand, mainly
attributable to the fact that, as previously illustrated in the section "Measurement criteria and accounting standards - Costs
and revenues", in the fiscal year ended on June 30, 2021, the cost of registered personnel of the First Team also included
part of the cost relating to the 2019/2020 season, for 18,120 thousand, deferred to June 30, 2020, following the spread of
the Covid-19 pandemic in February 2020 and the concomitant restrictive measures put in place by Institutions and Federal
Authorities, aimed at containing it, including the suspension of competitive activities in March 2020 and its subsequent
resumption in June 2020, with the end of the 2019/2020 football season on August 31,2020.

Personnel costs also include the amount of the company cost set aside for bonuses paid to Group employees for the
sports results achieved by the First Team of F.C. Intemazionale in the 2021/2022 season, in addition to the 2022 PMP.

With respect to registered employees, the cost is set forth in detail as follows:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Contractual remuneration players 152.518 153.310
Contractual remuneration coaches and technical staff 13.052 33.390
Performance bonuses 29.520 26.083
Image rights 2.452 2.980

197.542 215.763

The decrease in players', coaches' and technical staffs contractual remuneration is mainly attributable to what was
previously stated in terms of the economic comparability of the same cost for the fiscal year ended on June 30, 2022 and
June 30, 2021, respectively.
During the fiscal year, performance bonuses accrued for Euro 29,520 thousand, as provided for in the contract, mainly
referring to constant employment, and to the victories of the 2021/222 Coppa Italia and Supercoppa Italiana.
Image rights amounting to Euro 2,452 thousand, are entirely relative to First Team players.

The difference of Euro 7 thousand between the provision for severance indemnity reported above in the table and the one
reported above as a comment on the movements of the relative fund, refers to the allocation on the 2021/2022 Coppa
Italia victory bonuses just commented above and paid in the September 2022, whose counterpart in the Balance Sheet is
included in the item "Other payables - Payables to employees and contractors for remuneration accrued but not yet paid".

The average personnel employed by the Company can be broken-down as follows:

40
 as of as of
Workforce Variation
June 30, 2022 June 30, 2021
Players first team and youth teams 86 78 8

Coaches 95 108 (13)

Other technical staff 79 91 (12)

Executives 19 20 (D

Managers 31 31 -

Clerical employees 180 179 1

Blue collar workers 8 13 (5)

Total average workforce 498 520 (22) I

Depreciation and amortisation

Amortisation of intangible assets
Amortisation of intangible assets amounted to Euro 124,531 thousand with respect to Euro 150,626 thousand of the
previous fiscal year and consist of the following:
- Euro 23 thousand (Euro 25 thousand at June 30, 2021 ) for amortisation of industrial property rights and copyright:
- Euro 101,071 thousand (Euro 137,053 at June 30, 2021) for amortisation of players registration rights, calculated with
tax rates proportional to the duration of the respective contracts;
- Euro 8,212 thousand (Euro 7,431 thousand at June 30, 2021) for amortisation related to the capitalisation of youth
programme costs;
- Euro 14,702 thousand (Euro 5,592 thousand at June 30, 2021) for amortisation related to the line item "concessions,
licenses and trademarks" following the revaluation, which took place on June 30, 2021, of the "Inter" brand and the
"Libreria Storica", for a total of Euro 212,141 thousand, of which the "Inter" brand for Euro 163,407 thousand and the
"Libreria Storica" for Euro 48,024 thousand;
- Euro 523 thousand (Euro 525 thousand at June 30, 2021) for the portion of amortisation related to other intangible
assets.

Depreciation of property, plant and equipment

Depreciation of property, plant and equipment as of June 30, 2022 amounts to Euro 1,845 thousand (Euro 1,844 thousand
as of June 30, 2021) and consists of:
- Euro 924 thousand (Euro 923 thousand at June 30, 2021) for depreciation related to the line item land and buildings;
- Euro 164 thousand (Euro 157 thousand at June 30, 2021) for depreciation related to the capitalisation of purchase costs
for systems and machinery;
- Euro 65 thousand (Euro 61 thousand at June 30, 2021) for the portion of depreciation related to industrial and
commercial equipment;
- Euro 691 thousand (Euro 703 thousand at June 30, 2021) for the portion of depreciation related to other property, plant
and equipment.

Impairment of assets
The line item, amounting to Euro 16,556 thousand, mainly includes (i) the write-downs of Christian Eriksen, whose
economic contract was terminated during December 2021 following a serious injury during the European Championship in
June 2021, inhibiting the footballer from being able to obtain the sporting fitness to the competitive activity in Italy and (ii)
the write-down of the players Arturo Vidal and Alexis Sanchez, whose contracts were terminated in July and August 2022,
respectively.

Write-down of doubtful account receivables included current assets

The provision for the period of Euro 25,803 thousand prudentially reflects the updated assessment of the risk of
uncollectability of specific credit positions. For further information on the movements during the fiscal year with regard to
the item in question, please refer to the note to the "Bad debt provision".

Provision for risks and charges

For more information, please refer to the description in the note for the "Provision for risks and charges".

Other provisions
Provisions for the fiscal year amounted to Euro 12,007 thousand, details of which are provided in the section 'Provision for
risks and charges'.

Other operating expenses

Other operating expenses regard:

41
 12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Sundry match organization costs 4.529 1.275

Competition registration fees 18 3

Specific expenses paid to visiting teams:

- Percentage of match takings paid to visiting teams 151 -

Costs for temporary ac. of players 270 560

Losses on the long-term saie player registration rights 51 2.042

Other expenses from player management 4.723 1.738

Other operating expenses:

- Costs, fines and penalties for matches 214 169

- Indirect tax expenses 513 342

- Contributions from Football League 1.068 1.544

- Transactions and compensation 658 -

- Cost of previously years 1.763 2.638

- Sundry costs 2.402 335

16.360 10.6461

Sundry match organization costs refer to various costs related to the holding of matches. The increase in the fiscal year is
attributable to higher costs incurred for the organisation of matches as a result of the home matches of the 2021/2022
football season being played at open doors, albeit with a limited capacity, compared to the matches played at closed
doors or with access limited to 1,000 spectators in the 2020/2021 season.

The losses on the long-term sale player registration rights recorded during the fiscal year are mainly related to the sale of
footballers Filippo Annibale, Flavio Sulejmani and Valerio Maffi.

The other expenses from player management mainly include the solidarity contributions accrued in the period relating to
market operations with international clubs (transfer of football players Romelu Lukaku to Chelsea and Achraf Hakimi to
Paris Saint Germain).

The item "Transactions and compensation" refers to the penalty paid due to the renunciation of the "Florida Cup", following
the concerns related to the continuation of the Covid-19 pandemic, a tour that would have seen the First Team engaged
against Arsenal on July 25, 2021 and against Everton or, alternatively, against the Millonarios on July 28, 2021.

Costs of previous years for Euro 1,217 thousand mainly refer to ordinary contingent liabilities.

Financial income and expenses

Financial income
Other financial income amount to Euro 955 thousand and mainly refer to interest income relating to the actualization of
receivables made in the fiscal year as required by the changes, additions and changes introduced to the civil code by the
D.lgs. 139/2015 described in "Payables to specific sector institutions”.

Interests and other financial expenses

Financial expenses can be broken down as follows:

42
 12 months as of 12 months as of
June 30, 2022 June 30, 2021 j
Euro thousand
On payables to banks 1.491 2.509

On payables for loans 5.463 216

On Bond Loan 25.387 22.263

On payables to parent companies 4.800 5.476

On payables to factoring 7.867 4

On late and deferred payments 5 12

On actualization 4.924 5.724

Other expenses and bank commissions 29 19

49.966 36.2231

Interest expenses "On payables to banks" amounted to Euro 1,491 thousand at June 30, 2022 (Euro 2,509 thousand at
June 30, 2021), and mainly related to interest expenses calculated on the utilisation of the revolving financing line,
calculated up to the date of its repayment on February 9, 2022, as better described in the section "Bank loan".

The increase compared to the previous fiscal year of the accessory charges on loans is mainly connected to the debiting
to the Income Statement of the residual value, equal to Euro 5,151 thousand, relative to the accessory charges capitalised
in relation to the previous Bond Loan, repaid in advance during the fiscal year following the issue of the New Bond Loan.

Interest expense on "Bond Loan" calculated according to the amortised cost criterion amounted to Euro 25,387 thousand
and increased by Euro 3,124 thousand compared to the same comparative period of reference, in relation to the new
conditions related to the New Bond Loan subscribed. More details on this item are provided in the comments on "Payables
- Bond Loan".

Financial expenses “on payables to parent companies", amounting to Euro 4,800 thousand at June 30, 2022 (Euro 5,476
thousand at June 30, 2021), referto interest on shareholder loans, as better described in the section "Shareholders loan".

Charges on factoring refer to the costs applied by the factor following the sale without recourse, which took place during
the fiscal year, of receivables arising from the sale of the players Romelu Lukaku to Chelsea and Achraf Hakimi to Paris
Saint Germain.

Lastly, charges on actualization amount to Euro 4,924 thousand and relate to the discounting of payables carried out
during the year as required by the amendments, additions and novelties introduced to the rules of the Italian Civil Code by
Legislative Decree 139/2015 described in the section "Payables and receivables to/from football clubs", the decrease in
which is mainly attributable to the dynamics of the transfer campaign, mainly characterised by purchases whose
consideration is deferred over several years.

Gain and losses on foreign currency translation

These are sub-divided as follows:

12 months as of 12 months as of
June 30, 2022 June 30, 2021
Euro thousand
Income on exchange 191 97

Losses on exchange (36) OD

155 86

The effects on receivables and payables in foreign currency, deriving from the trend of exchange rates as of June 30,
2022, are insignificant.

Value adjustments to financial assets

Revaluation/Impairment of investments
Revaluations of investments amount to Euro 521 (impairment of Euro 1,973 thousand as of June 30, 2021) and related to
the reinstatement of the value of the equity investment in M-l Stadio S.r.l., which, following the positive financial result
highlighted in the present fiscal year, had a Net Equity of Euro 3,696 thousand as of June 30, 2022.

43
Income taxes
Starting from fiscal year 2014/2015, the Group companies exercised the option to adhere to the Tax Consolidation set
forth in Articles 117-129 of D.P.R. 917/86 as consolidated parties, with FC Inter as the parent company.
Due to the effect of the joint fiscal year of such option by the Parent Company and its subsidiaries, the former as the
consolidating company, it is noted that the relative option was exercised within 16 December 2013 for the three-year
period 2013/2016, renewed for other three years (2016/2019 e 2019/2022).
The allocation for the fiscal year income taxes for the consolidated companies was made on the basis of the presumable
tax burden according to outstanding law.
Taxes are calculated as follows:
current taxes in the amount of Euro 3,747 thousand;
pre-paid taxes in the amount of Euro 414 thousand;
deferred tax assets in the amount of Euro 121 thousand.
As a result, income taxes also include the income and expenses resulting to the tax consolidation.
The net income of F.C. International Milan S.p.A. from the tax consolidation, it amounted to Euro 4,137 thousand, while
the tax burden transferred by Inter Media and Communication S.p.A. it is equal to Euro 4,039 thousand - divided into Euro
4,039 thousand as income related to the portion absorbable from the taxable income recognized by the subsidiary and
Euro 0 as a charge related to the excess of Rol produced on interest payable that can be used and transferred to the Tax
Consolidation as per specific regulation in the context of existing consolidation agreements - and the transferred tax
liability of Inter Brand and Inter Futura amounted to Euro 98 thousand and Euro 0, respectively.
The amount of tax losses pertaining to F.C. Internazionale, not valued for prudence, amounts to Euro 427,551 thousand,
in addition to tax losses of Euro 495,281 thousand, also not valued for prudence, which can only be used within the tax
consolidation.

Litigation and tax assessments

The Parent Company is involved with various tax litigation, mainly related to two cases that are specific to the football
industry.

One case regards the relevancy for purposes of I RAP of capital gains from the transfer of football players. The Tax
Authority ("Agenzia delle Entrate”) contested the exclusion from the IRAP taxable base of capital gains from the transfer of
football players, since the Parent Company considered this to be extraordinary and therefore not subject to IRAP taxation
(the “Capital Gains” case).
The second case instead regards the relationships between the Parent Company, its registered personnel and sports
agents. Specifically, the Tax Authority contested that the costs for services provided by “Sports Agents" are incurred by
the Company in the primary interests of the football players, and therefore are remuneration in kind paid to the football
players (a fringe benefit). Therefore, with reference to such costs the failure to subject them to withholding tax, and their
non-deductibility for Value Added Tax and their non-deductibility for purposes of IRAP and IRES was contested (“Sports
Agents” case).

In relation to the "Capital Gains” case, the Parent Company has received various notices of tax assessments starting from
fiscal year 2001/2002, specifically:

• with reference to the notices of assessment received for the 2001/2002, 2002/2003 and 2003/2004 financial years,
the Parent Company appealed at various levels of judgment, in which favourable sentences (generally at first
instance) alternated with contrary sentences. The appeals relating to the aforementioned assessments during 2019
were all cashed. The Court of Cassation (i) rejected the appeals filed by the Revenue Agency, thus recognizing that
penalties are not applicable because at the time of the facts there were jurisprudential disagreements on the point, as
pointed out in the ruling of the Council of State of 11-12-2012 (Cass.Civ. 2015 n. 24588) and (ii) rejected the appeals
filed by the Company, thus recognizing the taxability of Capital Gains for IRAP purposes since, as clarified by the
above mentioned Council of State ruling on the legitimacy, the transfer of a soccer player is an act that falls within the
management of a soccer team, representing an event related to the ordinary activity of the club, so that the capital
gains from the sale of fixed assets, when the disposal of the asset constitutes an ordinary event of the company's
management, are part of the income and expenses of the accessory "ordinary” management. In November 2019, the
Parent Company received from the Agenzia delle Entrate a payment slip of Euro 1,475 thousand, relating to the tax
period 2001 and falling within the case of "Capital gains", following a ruling issued by the Court of Cassation; the
amount due was paid in full in January 2020.
• with respect to fiscal year 2004/2005, the assessment received only resulted in the variation of the IRAP taxable
income base, which remains negative, and therefore no increased tax was imposed on the Parent Company.
• with reference to fiscal years 2005/2006 and 2006/2007, on 12 December 2011 the Parent Company received two
notices of tax assessments and filed an appeal in front of the Provincial Tax Commission of Milan. It is noted that the
Tax Authority included comments with respect to the “Sports Agents” in the above notices of tax assessment, just with
respect to the IRAP component. The Parent Company, in accordance with legislation on appeals, paid the amount of
Euro 654 thousand in fiscal year 2012/2013, which was entirely charged to the Income Statement. On 13 March
2014, the Parent Company received notice from the Provincial Tax Commission of Milan related to the judgment in
which the appeal was accepted for both notices of tax assessment mentioned, both with reference to the “Capital
Gains” case as well as with reference to the “Sports Agents" case. Consequently, during the month of July 2014, the
Parent Company received reimbursement of what it had paid to be able to file the first level appeal. Such amount,
44
 from a prudential standpoint, was recognized in the financial statements in the line item "miscellaneous payables”,
while waiting for the final conclusion of the litigation in the residual levels of judgment. In November 2015, the Parent
Company received a notice of payment in the amount of Euro 2,095 thousand related to the above mentioned notices
of tax assessments for fiscal years 2005/2006 and 2006/2007 consequent to the unfavourable judgment on appeal.
The above tax notice, which will be paid in accordance with an agreed-upon instalment plan, resulted in the use of the
"Provision for risks and charges” in the amount of Euro 1,441 thousand, as better described in the paragraph
“Provisions for risk and charges”, while for the remaining portion already entered into debt, during the previous year
has been pre-paid. For completeness it is noted that the Parent Company has appealed in the month of March 2016.

For completeness of information, it is noted that, as is known, in relation to the “Capital Gains” case that was just
described, in the month of December 2012 the State Council, upon the request for an opinion by the Ministry of the
Economy and Finance, gave its favourable opinion for the taxation of the capital gains for the purposes of IRAP.

The Parent Company has not received further notices of tax assessments with reference to such cases and the years that
are still open from a tax standpoint.

Even with reference to the "Sports Agents” case, the Parent Company has received various notices of tax assessments
starting from fiscal year 2004-2005, whose description is relevant for purposes of the information regarding these
consolidated financial statements, specifically:

• with reference to fiscal years 2004-2005, 2005-2006 and 2006-2007, in fiscal year 2011/2012 the Parent
Company agreed to settle the tax assessments received related to the above fiscal years that contested non-deductible
costs for purposes of IRAP in relation to the 2004-2005 fiscal year, as well as more VAT and withholding tax for the years
2005, 2006 and 2007. The overall cost, inclusive of ancillary penalties and interest, was approximately Euro 7.7 million;
with reference to fiscal years 2007/2008, 2008/2009, 2009/2010, 2010/2011,2011/2012 and 2012/2013, in March
2018 the Parent Company received a tax transaction proposal from the Tax Authority (“Agenzia delle Entrate") in order to
avoid the continuation of situations of tax litigation; the Parent Company subscribed the aforementioned transaction which
provided an outcome in line with that recorded under the item "Provisions for risks and charges" which took place entirely
in the current fiscal year. Specifically, with reference to the settlement agreement relating to the "Sports Agents" case,
these were carried out with a view to cost / benefit, assessing on the one hand the residual duration of disputes which,
more likely, would have been prolonged. Up to the third degree with related consultancy costs, and on the other hand the
positive effects deriving from the elimination of a tax slope. However, the Management of the Group believes, with the
support of its legal counsel, that the choice of settlement definition is not linked to legal assessments and that therefore to
date the potential liability in relation to the tax-cleared financial years and the current litigation, both still opposable in any
degree of judgment as well as at the moment not quantifiable;
• with reference to 2012/13 and 2013/14 fiscal years, in December 2018 the Company received from the Tax
Authority the findings of the assessments relating to the aforementioned financial years that contested non-deductible
costs for IRAP purposes in relation to the financial year 2012/2013, higher withholding tax not applied as a withholding
agent in relation to the financial year 2012/2013 as well as higher VAT tax in relation to the financial years 2012/2013 and
2013/2014. The total charge including ancillary sanctions and interest amounts to approximately Euro 0.25 million,
providing for a disbursement in February and April 2019 through the use of Provisions for risks and charges of previous
years. For more information, referto what is written in the note "Provisions for risks and charges";
• in relation to the years 2013/2014 and 2014/2015, in July 2019 the Company received from the Tax Authority an
Act that contests higher VAT tax during those years. The Parental Company paid Euro 17 thousand in August 2019.

Lastly, with reference to the current fiscal year, the following is reported:
• on December 13, 2021, the Parent Company received a request for documentation in the context of an
investigation conducted against a third party to the Parent Company for omitted tax declarations and money laundering;
as at the date of approval of this Interim Financial Statements, the Parent Company is not involved in the context of this
investigation, its involvement being limited exclusively to the acquisition of these requested documents;
• on December 21,2021, the Milan Public Prosecutor's Office began an investigation into the transfer transactions
of football players of F.C. Internazionale Milano S.p.A. for the 2017/2018 and 2018/2019 football seasons. On that date,
the Parent Company complied with the search and seizure order by officials of the Guardia di Finanza of the Milan
Economic-Financial Police Unit, subject to this investigation, in the context of an investigation conducted against unknown
persons for the potential crime of false corporate communications in relation to the fiscal years ended on June 30, 2018
and June 30, 2019. As of today, no irregularities have been found in the actions of the club's top management, which is
why the Milan Public Prosecutor's Office has asked for the investigation to be archived.

Transactions with related parties

Transactions carried out by the Group with related parties relate mainly to the financing and sponsorship by the new
Leading Shareholder (Great Horizon S.à.r.l. and Grand Tower S.à.r.l. and Jiangsu Suning Sports Industry Co., Ltd.)
against the Group, as specified in the section "Shareholders’ loan" and "Receivables from parent companies". No further
significant transactions with related parties were made.
All transactions with related parties were made at normal market conditions.
During the fiscal year, the following assets and liabilities were reported with subsidiaries and related companies:

45
 Nature of relatlonahlp Receivablee/Accruale Payablea/De ferrale Revenue Cotte
Company
June 30, 2022 June 30, 2022 June 30. 2022 June 30, 2022

Great Horizon S à.r.l Financial 16.058

Grand Tower S.à.r.l. Financial 65.178 4.800

Jiangsu Suning Sports Industiy Co.. Ltd Commercial 6 181 618 11.878 10

Suning Sports International Ltd Commercial - 22

Suning Appliance Group Co.. Ltd. Commercial 16 244

Jiangsu Inter Business Development Co Ltd Commercial 230 230

Inter Brand China Co., Lid in liquidazione Commercial/Financial 16 16

Shanghai I.Brand Trading Co., Ltd. Commercial 32 - -

M-l Stadio S r i. Commercial 2.436 725 4.977

Total 6.459 84.322 12.833 10.053 I

As already mentioned in the section on "Receivables from companies subject to parent companies control”, it should be
noted that the receivable of Euro 462 thousand outstanding as of June 30, 2021 from the Suning Group company Great
Mercury Limited has been fully written down to adjust it to its estimated realisable value.

Fees for Directors and Auditors

The Board of Directors fees amount to Euro 1,591 thousand at June 30, 2022.
The fees to which the Statutory Auditors and Independent Auditing Firm were entitled as of June 30, 2022 amounted
respectively to Euro 175 thousand and Euro 150 thousand.
For the sake of full disclosure, it should be noted that in addition to the fees paid to the independent auditors for their
normal auditing activities, as explained above, Euro 540 thousand was paid to them as costs connected to the issue and
placement of the New Bond Loan on February 9, 2022.

Dividend-right shares, bonds convertible in shares and similar securities or valuables issued by the Group
Companies
The consolidated companies do not have any of the securities in object.

Number and characteristics of other financial instruments issued by the Group Companies
The companies that are part of the consolidation perimeter do not have any other financial instruments.

Guarantees, commitments and liabilities arising from the Balance Sheet

The table below gives details of the commitments, guarantees and contingent liabilities not disclosed in the financial
statements as of June 30, 2022.

Euro thousand
Pledges
Pledge on the shares of the equity investment in the subsidiary Inter Media 208.444
Pledge on Inter Media brands in fewr of Bond loan investors 207.153

Guarantees
to third parties 29.549

Commitments
Operating leasing fees 265

The Group has granted a pledge the shares of the share capital held in the company Inter Media to guarantees of the
bond as described in the paragraph “Other information - Debt refinancing".

The main guarantees are in favor of third parties and amount to Euro 29,549 thousand and are due to guarantee the
Company's transfer account balances in favour of the Lega Nazionale Professionisti Serie A, as envisaged by the
regulations issued by the FIGC regarding players' registration and transfers (in particular, by FIGC Official Press Release
no. 222/A, published on June 15, 2020) and to the lease contract with the City of Milan for the use of San Siro Stadium.
The commitments for operating lease payments not yet due amount to Euro 265 thousand and represent the total value of
future lease payments to be paid to the leasing company under the contracts and excluding installments already paid.

It is also noted that some contracts for the purchase of players in the transfer markets foresee adjustments upon the
occurrence of specific future sports results that could lead to exposure of the Group for a maximum amount of Euro
37,100 thousand; the active side of contingent consideration due from other clubs to achieve sports results defined

46
relative to major divestments of players in the different transfer campaigns (including loan sales and repurchase obligation
not yet due conditions) would be equal to Euro 8,800 thousand.

Value and type of assets and legal relationship included in each asset to be used for a specific transaction
The F.C. Intemazionale Milano Group does not have any assets to be used for a specific transaction.

Income set forth in the third clause and assets set forth in the fourth clause of Article 2447-decies
None of the cases in question regard the consolidated companies.

Finance leasing transactions

The companies of the F.C. Internazionale Milano Group do not have any finance leasing transactions.

Nature and economic objectives of agreements not appearing from the Balance Sheet (Article 2427 - 22 ter of the
Italian Civil Code)
During the fiscal year, the companies within the consolidation perimeter did not stipulate any agreements that are not
reflected in the Balance Sheet.

Nature and effect balance, financial and economic of facts occureed after June 30, 2022 (Article 2427 - 22 quarter
Civil Code)
The summer transfer market in July and August, 2022 was mainly characterised by:

Temporary transfer of the football registration rights of the player Sebastiano Esposito to Anderlecht; the
agreement valid for the 2022/2023 season provides the right to purchase by the end of the 2022/2023 season;

Temporary acquisition of the football registration rights of the player Raoul Bellanova from Cagliari; the
agreement, valid for the 2022/2023 sports season, provides for the Company the right to purchase by the end of
the 2022/2023 season;

Temporary transfer of the football registration rights of the players Martin Satriano to Empoli and lonut Radu to
Cremonese, Lucien Agoumè to Troyes and Stefano Sensi to Monza;

The definitive transfer of the football registration rights of the player Cesare Casadei to Chelsea;

The temporary transfer of the football registration rights of the player Andrea Pinamonti to Sassuolo; the
agreement, valid for the sports season 2022/2023, provides for the obligation to purchase at the first point of the
First Team after the date of February 2, 2023;

Temporary transfer of the football registration rights of the player Eddie Anthony Mora Salcedo to Bari; the
agreement valid for the 2022/2023 season provides the right to purchase by the end of the 2022/2023 season;

Temporary transfer of the football registration rights of the player Valentino Lazaro to Torino; the agreement valid
for the 2022/2023 season provides for Torino the right to purchase to be exercised by the end of the 2022/2023
season;

Temporary transfer of the football registration rights of the player Lorenzo Pirola to Salernitana; the agreement
valid for the 2022/2023 season provides for Salernitana the right to purchase to be exercised by the end of the
2022/2023 season and the right of counterposition in favour of the Company;

Temporary acquisition of the professional rights of the player Francesco Acerbi from Lazio; the agreement, valid
for the 2022/2023 sports season, provides for the Company the right to purchase by the end of the 2022/2023
season;

In July and August 2022 the Company terminated the economic contracts of the players Arturo Vidal and Alexis
Sanchez, expiring on June 30, 2023, with recognition of the economic effect in this financial statements, as
described in the paragraph "Depreciation of fixed assets" of the Explanatory Note.

From a financial point of view, in order to raise new financial resources, in July 2022 the Parent Company reached an
agreement with Generali Italia S.p.A., for the extension of the insurance surety policy for an additional Euro 19.1 million for
a total of Euro 45 million to guarantee the debit balances of the Company's transfer account in favour of the Lega
Nazionale Professionisti Serie A, as provided for by the regulations issued by the FIGC on the subject of players'
registration and transfers (in particular, from FIGC Official Notice No. 251/A, published on May 19, 2022).

From a commercial point of view, in July the Parent Company launched an e-commerce platform, intended as an online
shop operating on a global scale that allows professional customers and consumers to purchase the Company's products,
with the aim of maximising revenues and up selling and cross selling methods with direct management and full control of
the entire process from the development of product lines to their sale.
47
The crisis in the crypto-currency sector, which worsened during the second quarter of the year 2022, has also impacted
and is still impacting the Group's cash flows, and, specifically, the subsidiary Inter Media, especially with reference to the
sponsorship agreement signed with Zytara Labs - Digitalbits, as better described in the section "Other information -
Sponsorship agreements". In fact, at the date of preparation of these financial statements, invoices relating to
performance bonuses accrued as a result of the sports results achieved by the Parent Company's First Team in the
2021/2022 football season, amounting to Euro 1.6 million (entirely written off already at June 30, 2022), as well as the first
instalment for the 2022/2023 football season under the title of Jersey Sponsor - Main for Euro 8 million (entirely covered at
June 30, 2022 by deferred income recognised for a similar amount in the liabilities of the Balance Sheet), were due and
not yet collected. In addition to the above, to date the counterparty has not presented the project, contractually envisaged,
regarding the integration of the F.C. Internazionale Milano Group's digital ecosystem, which has just been restructured. As
of the date of preparation of these financial statements, the F.C. Internazionale Group is working with the counterparty to
find a solution, although it has preliminarily removed the logos of the counterparty from the site, billboards and jerseys of
the youth and women's sector teams, while retaining, at the moment, the presence of the sponsor on the jersey of the First
Team.

On July 7, 2022, the Parent Company received a writ of summons from China Construction Bank (Asia) Corporation
Limited (“CCB”), whereby CCB brought a revocatory action before the Civil Court of Milan against the Parent Company's
shareholders’ resolution of February 18, 2019, regarding Directors' emoluments, in the context of broader actions to
protect its economic interests in China. The Parent Company, as a party involved in the action brought by CCB, intends to
instruct its lawyers to carry out an in-depth analysis of the case and of the case law on ordinary revocatory actions and
protect its reasons in the lawsuit brought by CCB, whose first hearing, initially set for November 14, 2022, was postponed
to March 8, 2023.

Lastly, on August 10, 2022, Inter received a claim for Euro 30 million raised by Sporting Clube de Portugal - Futebol
("Sporting CP") in relation to the definitive transfer of the player Joao Mario to Benfica for failure to activate the pre­
emption clause in favour of Sporting CP in the event of the player's transfer to any other club participating in the
Portuguese championship. The Company, while considering itself not responsible for contractual violations, is examining
with its lawyers the counterparty's objections and will take action in the appropriate venues to protect its interests.

At the end of August 2022, the Settlement Agreement with UEFA was signed, for details of which please referto the
section "Financial Fair Play".

Discipline on transparency of public grants and subsidies

The entry into force of Law 124/2017, Article 1 (125) to (129), subsequently supplemented by the “Security" Decree Law
(No. 113/2018) and the “Simplification” Decree Law (No. 135/2018) has introduced a number of advertising and
transparency obligations to a plurality of individuals who have economic relations with the Public Administrations. Article 1,
paragraph 125 provides for the publication of information on grants, contributions, remunerated engagements and, in any
case, economic advantages received in the period of more than Euro 10 thousand. Companies fulfil their obligation by
publishing this information in the Notes of the financial statements and in the Notes of the consolidated financial
statements, where it exists.
In accordance with this obligation, it is indicated below, adopting the cash criterion of subsides, contributions, remunerated
engagements and. in any case, economic advantages of any kind received in the period of more than Euro 10 thousand.
During the fiscal year ended on June 30, 2022, the Company did not receive public grants and subsidies to be reported.

This Consolidated Financial Statements, consisting of the Balance Sheet, Income Statement, Cash Flow and Explanatory
Notes, represent in a truthful and accurate manner the financial and economic position as well as the economic result of
the fiscal year and correspond to the accounting records.

On behalf of the Board of Directors

The President
(Zhang Kangyang)

48
 FC JNTERNAZIQNAlE.imAN.Q-S.pA
Sede: Viale della Liberazione. 16/18 Milano
Capitale Sociale: euro 19.195.313,00 interamente versato
C.F., P. IVA e Registro delle Imprese di Milano nr. 80066310154

RELAZIONE DEL COLLEGIO SINDACALE

SUL BILANCIO CONSOLIDATO CHIUSO AL 30/06/2022

AI SENSI DELL'ART. 2429 COMMA 2, DEL CODICE CIVILE

Premessa

L'attuale Collegio Sindacale è stato nominato dall'Assemblea degli Azionisti del

28 ottobre 2021 per tre esercizi sociali, fino all'approvazione del bilancio d'esercizio

chiuso al 30 giugno 2024.

Il Collegio Sindacale ha l'incarico di svolgere la funzione di vigilanza prevista

dagli articoli 2403 e seguenti del Codice Civile, in quanto l'attività di revisione legale è

attribuita alla società di revisione Deloitte & Touche S.p.A., incaricata ai sensi del D.Lgs

27 gennaio 2010 n. 39.

Nel corso dell’esercizio chiuso al 30 giugno 2022 la nostra attività è stata

ispirata alle disposizioni di legge e alle Norme di comportamento del Collegio Sindacale

di società non quotate emanate dal Consiglio Nazionale dei Dottori Commercialisti e

degli Esperti Contabili.

Il bilancio consolidato del gruppo F.C. Internazionale Milano S.p.A. chiuso al 30

giugno 2022 è stato approvato dal Consiglio di Amministrazione del 28 settembre 2022

e trasmesso, nel termine di legge, al Collegio Sindacale.

La Società è tenuta alla redazione del bilancio consolidato ai sensi del D.Lgs n.

127/1991 oltre che per le finalità di previste dalle Norme Organizzative Interne

Federali della F.I.G.C. e dal Manuale delle Licenze UEFA.

Il bilancio consolidato chiuso al 30 giugno 2022, redatto in conformità alle

 norme italiane che ne disciplinano la redazione, evidenzia, in particolare, un risultato

d'esercizio negativo di euro 140.056.180 ed un patrimonio netto negativo di euro

86.605.192.

Al riguardo si evidenzia che:

- l'Assemblea degli Azionisti di FC Internazionale Milano S.p.A. del 28 ottobre 2021

aveva deliberato di rinviare il ripianamento della perdita risultante dal bilancio

d'esercizio chiuso al 30 giugno 2021, pari ad euro 214.412.630, fino all'esercizio in

chiusura al 30 giugno 2026, come previsto dall'articolo 1, comma 266, della Legge n.

178 del 30 dicembre 2020;

- gli Amministratori della capogruppo hanno proposto all'Assemblea degli Azionisti, di

avvalersi della disciplina di cui all'art. 3, comma 1-ter, del D.L. n. 228/2021, convertito

nella Legge n.15 del 25 febbraio 2022, che consente di poter deliberare il rinvio della

copertura della perdita risultante dal bilancio d'esercizio chiuso al 30 giugno 2022, pari

ad euro 127.308.418, fino all'esercizio in chiusura al 30 giugno 2027. Qualora

l'Assemblea degli Azionisti della capogruppo dovesse deliberare in tal senso,

l'ammontare complessivo delle perdite d’esercizio, la cui copertura sarebbe oggetto di

rinvio, ammonterebbe complessivamente ad euro 341.721.048.

fi soggetto incaricato della revisione legale, Deloitte & Touche S.p.a., ha emesso,

il 10 ottobre 2022 la propria Relazione, ai sensi dell'art. 14 del D.Lgs. n. 39/2010,

esprimendo un giudizio senza rilievi ed un richiamo d'informativa. In particolare,

Deloitte & Touche S.p.A.:

- evidenzia che il bilancio consolidato al 30 giugno 2022 rappresenta in modo veritiero

e corretto la situazione patrimoniale e finanziaria, il risultato economico e i flussi di

cassa del gruppo FC Internazionale Milano S.p.A., in conformità alle norme italiane che

ne disciplinano i criteri di redazione;

 - richiama l'attenzione sull'informativa fornita dagli Amministratori al paragrafo

"Continuità aziendale" della Nota integrativa, a cui si rimanda per maggiori dettagli,

evidenziando come il suo giudizio non sia espresso con rilievi in relazione a questo

aspetto.

11 Collegio Sindacale, non avendo l'incarico di revisione legale, ha svolto sul

bilancio consolidato chiuso al 30 giugno 2022 le attività di vigilanza consistenti in un

controllo sintetico complessivo volto a verificare che lo stesso sia stato correttamente

redatto. La verifica della rispondenza ai dati contabili spetta, infatti, al soggetto

incaricato della revisione legale,

1) Attività di vigilanza ai sensi degli artt. 2403 e ss. C.C.

Abbiamo vigilato sull'osservanza della legge e dello statuto, sul rispetto dei

principi di corretta amministrazione e, in particolare, sull'adeguatezza degli assetti

organizzativi, del sistema amministrativo e contabile e sul loro concreto

funzionamento.

Abbiamo partecipato alle Assemblee degli Azionisti e alle riunioni del Consiglio

di Amministrazione delle società del gruppo di cui siamo componenti dell'organo di

controllo, in relazione alle quali, sulla base delle informazioni disponibili, non abbiamo

rilievi particolari da segnalare.

Abbiamo acquisito dall’organo amministrativo informazioni sul generale

andamento della gestione del gruppo e sulla sua prevedibile evoluzione, nonché sulle

operazioni di maggiore rilievo, per le loro dimensioni o caratteristiche, effettuate dalle

Società del gruppo e, in base alle informazioni acquisite, non abbiamo osservazioni

particolari da riferire.

Abbiamo acquisito conoscenza e abbiamo vigilato sùH'adeguatezza e sul

funzionamento dell'assetto organizzativo delle Società del gruppo, anche tramite la pL*

4f
 raccolta di informazioni dai responsabili delle funzioni, e a tale riguardo non abbiamo

osservazioni particolari da riferire.

Abbiamo acquisito conoscenza e vigilato, per quanto di nostra competenza,

sull'adeguatezza e sul funzionamento del sistema amministrativo-contabile, nonché

sull'affidabilità di quest'ultimo a rappresentare correttamente i fatti di gestione,

mediante l'ottenimento di informazioni dai responsabili delle funzioni e l'esame dei

documenti aziendali, e a tale riguardo, non abbiamo osservazioni particolari da riferire,

Nello scambio di informazioni e nelle riunioni svolte con il soggetto incaricato

della revisione legale non sono emersi dati ed informazioni rilevanti che debbano

essere evidenziati nella presente relazione.

Nello scambio di informazioni e nelle riunioni svolte con l'Organismo di

Vigilanza delle Società del gruppo che hanno nominato tale organo, non sono emerse

criticità rispetto alla corretta applicazione del Modello di Organizzazione, gestione e

controllo ex D.Lgs. n. 231/2001 ma solo alcuni suggerimenti migliorativi.

Non sono pervenute denunzie dai soci ex art 2408 c.c.

Nel corso dell'esercizio non sono stati rilasciati dal Collegio Sindacale pareri

previsti dalla legge, fatto salvo quello richiesto ai sensi dell'articolo 2389, comma terzo,

Codice Civile, in merito alla specifica remunerazione per gli amministratori investiti di

particolari cariche, e ai sensi deH'art. 2426 n. 5 Codice Civile in relazione all'iscrizione

nelle attività dello Stato Patrimoniale dei costi di struttura e gestione del vivaio

sostenuti nel corso dell'esercizio.

Con riferimento all'emergenza sanitaria Covid-19, il Collegio Sindacale ha

vigilato sull'adozione da parte della Società dei presidi a tutela della salute e sicurezza

dei lavoratori. Nel corso dell'esercizio 2021/2022, il protrarsi dell'emergenza

epidemiologica Covid-19, ha comportato il mantenimento da parte delle Autorità di

 varie misure di contenimento, tra cui le limitazioni all'utilizzo delle capacità ricettive

degli stadi con capienza ridotta al 50%-75% fino a marzo 2022. Al riguardo si evidenzia

che tali misure hanno comportato un significativo impatto negativo sui ricavi

dell'esercizio della capogruppo FC Internazionale Milano S.p.A..

In merito ai fatti significativi avvenuti nel corso dell'esercizio e

successivamente alla chiusura dell'esercizio si segnala che:

il 9 febbraio 2022, Inter Media Communication S.p.A. ha completato remissione

di un prestito obbligazionario senior garantito, non convertibile e non subordinato per

un importo complessivo in linea capitale pari ad Euro 415 milioni, con tasso d'interesse

annuo pari al 6,75% e con scadenza al 9 febbraio 2027, destinato alla sottoscrizione

unicamente di investitori istituzionali. Tale emissione è stata finalizzata

principalmente al rifinanziamento anticipato dell'indebitamento finanziario del

Gruppo, la cui scadenza era fissata al 31 dicembre 2022;

il 23 agosto 2022 la capogruppo ha sottoscritto con la UEFA un Settlement

Agreement in materia di Fair Play Finanziario, riguardante le stagioni sportive dal

2021/2022 al 2026/2027 inclusa. Si rinvia alla Nota Integrativa per i dettagli

dell'accordo e la misura delle sanzioni applicate (contabilizzate nella voce "Fondi per

rischi ed oneri") e applicabili in funzione del rispetto di valori target di "Football

Earnings";

con riferimento all'accordo di sponsorizzazione sottoscritto con Zytara Labs -

Digitalbits, alla data di redazione del presente bilancio consolidato, risultano essere

scadute e non ancora incassate le fatture relative ai performance bonus maturati a

seguito dei risultati sportivi conseguiti dalla Prima Squadra della Capogruppo nella

stagione sportiva 2021/22, pari a Euro 1,6 milioni (interamente svalutati già al 30

giugno 2022), oltre alla prima rata della stagione sportiva 2022/23 a titolo di Jersey
 Sponsor Main per Euro 8 milioni (interamente coperta al 30 giugno 2022 da risconto

passivo iscritto per un importo analogo nel passivo dello stato patrimoniale). Si rinvia

per maggiori dettagli al paragrafo della Nota Integrativa "Altre informazioni - Contratti

di sponsorizzazione".

Nel corso dell'attività di vigilanza, come sopra descritta, non sono emersi altri

fatti significativi tali da richiederne la menzione nella presente relazione, ad eccezione

di quanto descritto dagli Amministratori nel paragrafo "Continuità aziendale" della

Nota integrativa. In esso gli Amministratori evidenziano, tra l'altro, che, il bilancio

consolidato in esame è stato redatto adottando il presupposto della continuità

aziendale in considerazione sia delle risorse finanziarie a disposizione del Gruppo F.C.

Internazionale Milano che dell'apporto di ulteriori risorse attese da parte dell'Azionista

di riferimento, tramite la controllante diretta della Società, presso cui è disponibile

adeguata liquidità, e che ha già manifestato il proprio impegno formale a supportare

finanziariamente il Gruppo per almeno 12 mesi dalla data di approvazione del presente

bilancio.

2) Osservazioni in ordine al bilancio d'esercizio

Con riferimento al bilancio consolidato in esame, per gli aspetti non legati alla

revisione legale, abbiamo vigilato sull'impostazione generale data allo stesso, sulla sua

generale conformità alla legge per quel che riguarda la sua formazione e struttura e a

tale riguardo non abbiamo osservazioni particolari da riferire.

11 bilancio consolidato al 30 giugno 2022 (costituito dallo stato patrimoniale,

dal conto economico, dal rendiconto finanziario e dalla nota integrativa) è corredato

dalla relazione sulla gestione.

11 Collegio Sindacale ha, in particolare, verificato che:

la valutazione delle voci di bilancio consolidato sia stata effettuata ispirandosi

 a criteri generali di prudenza e competenza nella prospettiva della continuazione

dell'attività;

i principi di consolidamento ed i criteri di formazione dell'area di

consolidamento siano conformi alle disposizioni del D.Lgs n. 127/1991.

La Relazione al bilancio consolidato in esame, emessa il 10 ottobre 2022 dal

soggetto incaricato della revisione legale, Deloitte & Touche S.p.A., ai sensi dell'art. 14

del D.Lgs. n. 39/2010:

- evidenzia che “il bilancio consolidato fornisce una rappresentazione veritiera e corretta

della situazione patrimoniale e finanziaria della Società al 30 giugno 2022, del risultato

economico e deiflussi di cassa per l'esercizio chiuso a tale data, in conformità alle norme

italiane che ne disciplinano i criteri di redazione"-,

- richiama l'attenzione sull'informativa fornita dagli amministratori nel paragrafo

"Continuità Aziendale" della Nota Integrativa a cui si fa espresso rinvio per maggiori

dettagli. In particolare gli amministratori, al fine di supportare il presupposto della

continuità aziendale, hanno tenuto conto sia delle risorse finanziane a disposizione del

Gruppo F.C. Internazionale Milano che dell'apporto di ulteriori risorse attese da parte

dell'Azionista di riferimento, tramite la controllante diretta della capogruppo, presso

cui è disponibile adeguata liquidità, e che ha già manifestato il proprio impegno

formale a supportare finanziariamente il Gruppo per il prevedibile futuro.

Ai sensi dell'art. 2426, n. 5, c.c. abbiamo espresso il nostro consenso

all'iscrizione nell'attivo dello stato patrimoniale dei costi di struttura e gestione del

vivaio.

DaH'impairment test effettuato, con il supporto di un consulente esterno, sul

valore degli asset di Inter Media and Communication S.p.A., non è risultata la necessità

di apportare alcuna rettifica ai valori degli attivi di questa Società, in quanto il valore
recuperabile della stessa risulta essere superiore al valore iscritto a bilancio.

La Società si è avvalsa, nel bilancio chiuso al 30 giungo 2021, ai sensi dell'art.

110 del D.L. 14 agosto 2020 n.104, della facoltà di rivalutare il valore contabile della

"Libreria Storica" (riferita all'acquisto dell'archivio televisivo RAI) e del marchio

"Inter". Al riguardo, si segnala che, dall'impairment test effettuato, non è risultata la

necessità di apportare alcuna rettifica ai valori degli attivi di bilancio.

Per quanto a nostra conoscenza, gli amministratori, nella redazione del

bilancio, non hanno derogato alle norme di legge ai sensi dell'art. 2423, co. 5, c.c..

Abbiamo verificato che la nota integrativa riporti anche le informazioni sulle

operazioni effettuate con parti correlate.

Abbiamo verificato l'osservanza delle norme di legge inerenti la

predisposizione della relazione sulla gestione, comprese quelle sulla situazione

finanziaria, e a tale riguardo non abbiamo osservazioni particolari da riferire.

3) Osservazioni e proposte in ordine alla approvazione del bilancio

Considerando le risultanze dell'attività da noi svolta ed il giudizio espresso

nella Relazione rilasciata dal soggetto incaricato della revisione legale, il Collegio

concorda sul contenuto e sulla forma del bilancio consolidato chiuso al 30 giugno 2022

del Gruppo PC Internazionale Milano S.p.A., cosi come redatto dagli Amministratori.

Milano, 13 ottobre 2022

IL COLLEGIO SINDACALE

Dott. Alessandro Padula

Dott. Simone Biagiqtti

Dott. Roberto Cassader

Deloitte
Deloitte & Touche S.p.A.
Via Tortona, 25
20144 Milano
Italia

Tel: +39 02 83322111

Fax: +39 02 83322112
www.deloitte.it

INDEPENDENT AUDITORS' REPORT

PURSUANT TO ARTICLE 14 OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010

To the Shareholders of
F.C. Internazionale Milano S.p.A.

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Opinion

We have audited the consolidated financial statements of F.C. Internazionale Milano S.p.A. and its
subsidiaries (the "F.C. Internazionale Milano Group" or the "Group"), which comprise the balance sheet
as at June 30, 2022, the income statement and statement of cash flows for the year then ended and the
explanatory notes.

In our opinion, the accompanying consolidated financial statements give a true and fair view of the
consolidated financial position of the F.C. Internazionale Milano Group as at June 30, 2022, and of its
financial performance and its cash flows for the year then ended in accordance with the Italian law
governing financial statements.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the ethical requirements applicable under Italian law to the audit of the financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Emphasis of Matter - Going Concern

We draw attention to the disclosure provided by Directors in the paragraph "Going Concern" of
Explanatory Notes to the consolidated financial statements, which describes the considerations and the
evaluations carried out by them to support the going concern assumptions, with consequent use of the
accounting principles of an entity in operation for the preparation of the consolidated financial
statements as at June 30, 2022. In particular, in order to support the going concern assumptions,
Directors considered both the financial resources available at the Group and the contribution of
additional financial resources expected from the Leading Shareholder, through the direct parent

Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma
Torino Treviso Udine Verona

Sede Legale; Via Tortona, 25 - 20144 Milanol Capitale Sociale: Euro 10.328.220,00 i.v.
Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166
R.E.A. n. M1-1720239 I Partita IVA: IT 03049560166

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inglese a responsabilità limitata ("DTTL"). le member firm aderent al suo network e le entità a esse correlate.
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Deloitte.
2

company of F.C. Internazionale Milano S.p.A., where adequate liquidity is available and which has already
expressed its formal commitment to provide financial support to the Group for the foreseeable future.

Our opinion is not qualified in relation to this aspect.

Responsibilities of the Directors and the Board of Statutory Auditors for the Consolidated Financial
Statements

The Directors are responsible for the preparation of the consolidated financial statements that give a
true and fair view in accordance the Italian law governing financial statements and, within the terms
established by law, for such internal control as the Directors determine is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due
to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless they have identified the existence of the
conditions for the liquidation of the parent company F.C. Internazionale Milano S.p.A. or the termination
of the business or have no realistic alternatives to such choices.

The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the
Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with International Standards on Auditing (ISA Italia), we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forger/, intentional omissions, misrepresentations, or the
override of internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's internal control;
Deloitte,
3

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Directors;

• conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Group to cease
to continue as a going concern;

• evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;

• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.

We communicate with those charged with governance, identified at an appropriate level as required by
ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Opinion pursuant to art. 14, paragraph 2 (e), of Legislative Decree 39/10

The Directors of F.C. Internazionale Milano S.p.A. are responsible for the preparation of the report on
operations of F.C. Internazionale Milano Group as at June 30, 2022, including its consistency with the
related consolidated financial statements and its compliance with the law.

We have carried out the procedures set forth in the Auditing Standard (SA Italia} n. 720B in order to
express an opinion on the consistency of the report on operations with the consolidated financial
statements of F.C. Internazionale Milano Group as at June 30, 2022 and on its compliance with the law,
as well as to make a statement about any material misstatement.

In our opinion, the report on operations is consistent with the consolidated financial statements of F.C.
Internazionale Milano Group as at June 30, 2022 and is prepared in accordance with the law.
Deloitte.
4

With reference to the statement referred to in art. 14, paragraph 2 (e), of Legislative Decree 39/10,
made on the basis of the knowledge and understanding of the Group and of the related context acquired
during the audit, we have nothing to report.

DELOITTE & TOUCHE S.p.A.

Signed by
Davide Bertoia
Partner

Milan, Italy
October 10, 2022

This independent auditor's report has been translated into the English language solely for the
convenience of international readers. Accordingly, only the original text in Italian language is
authoritative.