Milan Group (the “Group”) Sustainability Report, now in its fifth edition, aims to report and communicate, in a transparent way, the Group's performances relevant to sustainability issues, and was drafted to ensure the understanding of the business activity, its trend, its performances and the impact produced with reference to 2016/2017 season (from July 1 to June 30). Please note that the economic-financial data refer to year 2016.

The identification of the relevant topics for Milan Group and its stakeholders took place through the materiality analysis, a structured process in compliance with the Global Reporting Initiative - GRI guidelines and the AccountAbility AA1000APS standard. Furthermore, this analysis was carried out in continuity with last year’s achievements and we provided for a comparison with the sector's best practices in order to have a broader comparison.

2016/2017 Sustainability Report has been drafted pursuant to the “G4 Sustainability Reporting Guidelines" (2013), integrated with the" Event Organizers Sector Disclosures" (2014), identified by the GRI - Global Reporting Initiative, in accordance with the "Core" option.
The reporting scope is the same as the Group's consolidated financial statements.

For the purposes of the Sustainability Report, M-I Stadio S.r.l. has been fully considered (100%) with reference to qualitative information and quantitative data concerning social and environmental aspects; on the other hand, the data relating to the workforce are not included in the reporting scope. As far as the economic-financial data are concerned, 50% of the company was consolidated with the "net equity method", in line with the Group's Consolidated Financial Statements.

In addition, we included data and information related to Fondazione Milan Onlus, which represents an important means through which Milan pursues its social strategies.

On 13 April 2017, Fininvest Spa finalized the sale to the company Rossoneri Sport Investment Lux of the entire shareholding, equal to 99.93%, held in AC Milan S.p.A. This sale led to the reorganization of the Club's governance structure described in the chapter "Club identity". There were no further significant changes relating to the size, to the corporate’s structure and to supply chain of the Group during the 2016/2017 season.

The data relating to the previous seasons are shown in the Report for comparative purposes, to allow stakeholders the assessment of the development of the activities over time. Any changes in data compared to 2015/2016 Sustainability Report are reported directly in the document.
To ensure data reliability, we limited the use of estimates as much as possible and, if present, the estimates were appropriately reported and based on the best available methodologies.

This Report is subject to a limited review ("limited assurance engagement" according to the criteria indicated by ISAE 3000 Revised principle) by Deloitte & Touche SpA, according to the procedures indicated in the Independent Auditor's Report included in this document.
The Report is published annually on Milan Group website www.acmilan.com in the Club / Sustainability / Reporting section.

For ease of reference, we chose to use a simple and clear language in the document’s editorial writing and to present the data with images, graphs and tables. The Report, like the previous year, was entirely made online and presented in an interactive way.

For further information you may access the website www.acmilan.com, which includes the reports relating to seasons 2012/2013, 2013/2014, 2014/2015 and 2015/2016 or write to csr@acmilan.it