GAMCO Delivers Letter to Davide Campari Regarding Upcoming Extraordinary General Meeting

On January 28, 2015, Davide Campari-Milano S.p.A. (“Campari”) (BIT:CPR) will be holding an Extraordinary General Meeting of Shareholders regarding a “loyalty shares” proposal. On January 22, 2015, GAMCO Asset Management Inc. (“GAMCO”), an affiliate of GAMCO Investors, Inc. (NYSE:GBL), delivered a letter to Chiara Garavini, Campari’s Investor Relations & Corporate Finance Senior Director, detailing GAMCO’s intention to vote against this proposal as well as the motivation behind its decision.

The full text of the letter follows:

January 22, 2015

BY EMAIL

Chiara Garavini
Investor Relations & Corporate Finance Senior Director
Gruppo Campari
Via Franco Sacchetti 20
20099 Sesto San Giovanni (MI) Italy

Re: Extraordinary General Meeting of Shareholders to be held January 28, 2015

Dear Chiara,

The proxy voting committee of GAMCO Asset Management Inc. (“GAMCO”) believes that the proposed adoption of double voting rights for long-term registered shareholders has certain beneficial merits. However, the negatives overwhelm the positives.

In brief, the proposal permits controlling shareholders to sell shares and keep voting control. The result over the longer term is entrenchment of voting control without pari-passu economic interest. A sunset provision would be a minimum prerequisite for us to consider a favorable vote on this initiative.

In addition, we experienced serious “administrative” issues with respect to the loyalty share distribution at CNH Industrial N.V.

GAMCO, on behalf of its investment advisory clients, will vote against the referenced proposal for those shares which it has voting authority over.

Sincerely,

George Maldonado

Director of Proxy Voting Services

GAMCO Investors, Inc. and certain affiliates own approximately 1.63% of the outstanding shares of Campari on behalf of their clients.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of September 30, 2014, GAMCO had $ 46.9 billion in assets under management.