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AGM-R - Shareholders' Meeting Minutes of April 23, 2024

Company: Salvatore Ferragamo Date: 2024-05-14 Language: English Register to download
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Repertory No. **85.**724 Collection No.28850

### **MINUTES OF ORDINARY MEETING OF THE COMPANY "SALVATORE FERRAGAMO S.P.A." HELD ON APRIL 23, 2024**

ITALIAN REPUBLIC

#### - May 6, 2024 -

On the year two thousand and twenty-four, on the sixth day of May, in Florence, Via Giambologna No. 4, in my office.

I, the undersigned Dr. Francesco Steidl, Notary Public in Florence, registered with the College of Notaries of the United Notarial Districts of Florence, Pistoia and Prato, proceed to prepare the minutes of the meeting of the joint stock company named:

#### **"SALVATORE FERRAGAMO S.P.A."**

headquartered in Florence, via de' Tornabuoni No. 2, tax code and registration number with the Register of Companies of Florence 02175200480, no.

R.E.A. FI-464724, paid-up share capital of EUR 16,879,000.00=, divided into 168,790,000 shares with a par value of EUR 0.10 (zero point ten) each, admitted to trading on the Euronext Milan market (formerly "Mercato Telematico Azionario") organized and managed by Borsa Italiana S.p.A.

These minutes are prepared by me, a notary public, in the time necessary for the timely execution of the filing and publication requirements pursuant to Article 2375 of the Civil Code, according to the following record of the meeting held on April 23, 2024 at 9:00 a.m. at the company's registered office in Florence, Via Tornabuoni No. 2.

## \*\*\*\*\*\*\*\*\*\*\*\*

Mr. Leonardo Ferragamo, born in Fiesole on July 23, 1953, of whose personal identity I, the notary, am certain, is present, and thanks him for attending the shareholders' meeting of Salvatore Ferragamo S.p.A. convened in ordinary session, of which at 9:00 a.m. in his capacity as Chairman of the Board of Directors, he assumes the chairmanship in accordance with Article 15 of the Articles of Association.

Notes that the Shareholders' Meeting is being held in a single call on this date by means of video and teleconference pursuant to Article 106 of Legislative Decree.

No. 18/2020 (converted by L. No. 27/2020 (the "**Decree**"), as last extended by L. No. 18/2024, at the company's registered office in Florence, Via Tornabuoni No. 2, and therefore:

- *(i)* attendance at the Shareholders' Meeting by those entitled to vote is permitted exclusively through Monte Titoli S.p.A., the shareholders' representative designated by the Company pursuant to Article *135 undecies* of the TUF ("**Monte Titoli**" or the "**Designated Representative**") and, as permitted by the Decree, by way of derogation from Article *135-undecies,* paragraph 4, of the TUF, also by granting the Designated Representative himself or herself a proxy or sub-delegation pursuant to Article *135-novies* TUF; and
- *(ii)* attendance at the Shareholders' Meeting by the entitled persons (the members of the corporate bodies, the appointed secretary and the Designated Representative) shall take place by means of telecommunication in the manner individually communicated to them, in compliance with the applicable regulatory provisions.

He then invites me Notary Public to proceed with the activities of taking the

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### **Dr. Francis Steidl** NOTARY

Giambologna Street, 4 50132 - Florence tel. 055-477831-2 fax. 055-477833 [studio@steidl.it](mailto:studio@steidl.it)

Registered Internal Revenue Service Florence Office 07/05/2024 at no. 17224 series 1T

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Of Article 10 of the Rules of Assembly. No one objecting further informs that:

- the notice of the Shareholders' Meeting was made public on March 14, 2024 pursuant to Article 125-bis of Legislative Decree No. 58 of February 24, 1998 ("**TUF**") on the Company's website at https://group.ferragamo.com, Governance/Shareholders' Meeting 2024 Section and at the SDIR eMarket dissemination mechanism at [www.emarketstorage.com,](http://www.emarketstorage.com/) as well as in excerpts in the daily newspaper Milano Finanza;
- the Company has not received any request to supplement the agenda pursuant to and within the terms of Article *126-bis* of the TUF;
- the Company has received proposals from the Shareholder Ferragamo Finanziaria S.p.A., holder of a 54.276% interest in the share capital and a 66.009% percentage on voting rights functional to the appointment of the Board of Directors referred to in item 4 on the agenda of the Shareholders' Meeting, which will be illustrated during the discussion of the relevant item;
- the subscribed and paid-up share capital is 16,879,000.00 euros, divided into 168,790,000 ordinary shares w i t h no indication o f par value, admitted to trading on Euronext Milan (formerly "Mercato Telematico Azionario") organized and managed by Borsa Italiana S.p.A. The number of shares entitled to the premium is 108,784,220 (two voting rights for each share), totaling 277,574,220 voting rights;
- as of today's date, the Company holds 3,261,034 treasury shares, amounting to 1.932% of the share capital for which, pursuant to the law, voting rights are suspended. These shares are counted for the purpose of the regular constitution of the Shareholders' Meeting, but not for the purpose of calculating the majority required for the approval of the resolutions on the agenda.

He notes that in addition to he Chairman, for the Board of Directors the directors are present:

- Angelica Visconti (Vice President) in person;
- Marco Gobbetti (CEO) in person;
- Laura Donnini (Councilor) connected by audio video conference;
- Giacomo (James) Ferragamo (Councilor) in person;
- Patrizia Michela Giangualano (Councilor) connected by audio video conference.

However, the counselors: Frédéric Biousse, Annalisa Loustau Elia and Umberto Tombari are absent with excuses.

The Chairman noted that present for the Board of Statutory Auditors, connected by audio video conference, were Messrs:

- Andrea Balelli (Chairman of the Board of Statutory Auditors);
- Giovanni Crostarosa Guicciardi (standing auditor);
- Paola Caramella (standing auditor).

It also notes that:

— as anticipated and indicated in the notice of call, the Company has appointed Monte Titoli as the Designated Representative for the granting of proxies and related voting instructions. The Company has made available at its registered office and on its website the forms for the

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delegation of authority;

— the Designated Representative participates via video conference link in the person of Dr. Claudia Ambrosini;

— Monte Titoli has declared, in its capacity as Appointed Representative, that it does not have any interest of its own in relation to the items on the agenda of today's Shareholders' Meeting. However, taking into account the existing contractual relations between Monte Titoli and the Company relating, in particular, to the technical assistance at the Shareholders' Meeting and ancillary services, in order to avoid any subsequent disputes related to the presence of circumstances likely to determine the existence of a conflict of interest as referred to in Article 135-decies, paragraph 2, letter f), of the TUF, Monte Titoli has expressly declared that, should unknown circumstances arise, or in the event of amendment or integration of the proposals submitted to the Shareholders' Meeting, it does not intend to cast a vote different from that indicated in the instructions.

He then asks Monte Titoli to indicate the proxies issued within the legal time limit, and the Designated Representative states that 15 proxies have been issued, as shown below:

\* No. 14 proxies pursuant to Article *135-undecies* of the TUF for a total of 109,556,310 shares, corresponding to 218,338,620 voting rights by the entitled parties,

\* No. 1 sub-delegation (which in turn incorporates 296 proxies) pursuant to Article 135-novies of the TUF for a total of 30,950,308 shares corresponding to

No. 30,950,308 voting rights from eligible voters, all totaling 310 proxies;

- the verification of proxies was carried out in accordance with the law and the Bylaws, in the manner prescribed by the Rules of the Shareholders' Meeting and in compliance with current regulations; a formal request was made for the Designated Representative to make all declarations prescribed by law at the Shareholders' Meeting;

— for the intervening eligible parties, the respective intermediaries have sent the relevant notification pursuant to Article *83-sexies of* the TUF,

according to the results of their accounting records as of the *record date*. The Chairman recalled that the Company is subject to the management and coordination of Ferragamo Finanziaria S.p.A. pursuant to Articles 2497 et seq. of the Civil Code.

Informs that, according to the entries in the shareholders' register and notices received pursuant to Article 120 of the TUF and other information available to the Company, as of the record date the shareholders holding, directly or indirectly, a stake of 3% or more of the share capital are as follows:

— Ferragamo Finanziaria S.p.A. holding 54.28% of the share capital, corresponding to 66.009% of the total voting rights by virtue of the accrued voting surcharges on the 91,611,810 ordinary shares registered in the Special List established by the Company pursuant to Article 127-quinquies, paragraph 2, of the TUF; and

— Majestic Honour Limited holder of 10,104,600 shares, equal to 5.99 percent of the share capital, corresponding to 3.64 percent of the total voting rights by virtue of the voting increments accrued by the shareholders who have

![](_page_4_Picture_1.jpeg)

made request.

The Chairman informs that, to the Company's knowledge, a shareholders' agreement relevant pursuant to Article 122 of the TUF is in effect between Ferragamo Finanziaria S.p.A. (a company that, pursuant to Article 93 of the TUF, holds control of Salvatore Ferragamo S.p.A. and exercises management and coordination over it) and Majestic Honour Limited (a company indirectly controlled by Mr. Peter K. C. Woo). This shareholders' agreement, signed on June 29, 2017 - initially effective between the parties until June 29, 2020, first renewed for a period of three years, until June 29, 2023, and then further renewed on June 30, 2023 until June 29, 2026 - is aimed at regulating the commitments between the parties in relation to the governance of the Company.

Specifies that the aforementioned shareholders' agreement was notified to the relevant authorities and published in excerpts in accordance with current statutory and regulatory provisions on June 30, 2017, and again on June 30, 2020 following the tacit renewal, on April 7, 2022 for the updating of voting rights following the accrual of surcharges on certain shares of the Company, and lastly on July 4, 2023. For further details, please refer to the information on the Consob website and the Company's website.

The Chairman also notes that within the terms and in the manner required by the applicable legal and regulatory provisions, the following have been filed and made available to the public at the registered office and on the Company's website at the address

https://group.ferragamo.com,

Governance/Shareholders' Meeting 2024 section, as well as at the SDIR eMarket dissemination mechanism at [www.emarketstorage.com](http://www.emarketstorage.com/) the documents related to the items on the agenda. In particular, among other things, the Annual Financial Statements as of

December 31, 2023, accompanied by the Report of the Directors on the management of the year 2023, including the consolidated statement containing non-financial information pursuant to Legislative Decree No. 254 of December 30, 2016 relating to the year 2023, the Report of the Board of Statutory Auditors and the Independent Auditors, as well as the Consolidated Financial Statements as of December 31, 2023, the Report on Corporate Governance and Ownership Structures, the forms for the granting of proxies and sub-delegations to the Designated Representative pursuant to Articles. 135-undecies and 135-novies of the TUF, the explanatory reports on the items on the agenda, the lists for the appointment of members of the Board of Directors submitted by the majority shareholder Ferragamo Finanziaria S.p.A. and by a grouping of minority shareholders, and the proposals submitted by the shareholder Ferragamo Finanziaria S.p.A. in relation to item 4) on the agenda of today's Shareholders' Meeting, and the Report on remuneration policy and compensation paid pursuant to Article 123-ter of the TUF.

The Company publicized the above deposits to the market through the issuance of appropriate press releases posted on its website at https://group.ferragamo.com, Investor Relations/Press Releases Section.

Recall that for the 3,261,034 treasury shares, equal to 1.932% of the share capital, owned by the Company, voting rights are suspended in accordance with the law.

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It asks for any lack of eligibility to vote or the existence of other situations preventing the exercise of voting rights and, therefore, invites the Appointed Representative to declare any non-compliance of the proxies granted to it with the provisions of the TUF and the Issuers' Regulations, Article 2372 of the Civil Code, or the provisions of the current Bylaws.

It then ascertains that no lack of eligibility to vote or existence of other situations preventing the exercise of voting rights is reported.

Finally, it declares that, in accordance with EU Regulation No. 679/2016 and current national privacy legislation, the personal data collected during admission to the Shareholders' Meeting are processed and stored by the Company, in computer and paper form, for the purpose of the regular conduct of the Shareholders' Meeting proceedings and for the proper recording of the same, as well as for related and possible corporate and legal obligations.

Recall that the data subject may exercise the rights set forth in Articles 15-21 of the aforementioned Regulations and thus request, among other things, updates and corrections of personal data.

The Appointed Representative spoke, who announced that t h e r e were 278 attendees for a total of 140,506,618 shares, representing 83.243% of the share capital of Salvatore Ferragamo S.p.A., amounting to 277,574,220 votes representing 89.810% of the total voting rights, and that the list of proxy attendees was prepared.

The Chairman informed that they will be attached to the minutes of today's meeting:

- the list of names of the participants in the Meeting, by proxy, complete with all the data required by Consob, indicating the number of shares and voting rights for which notification has been made by t h e intermediary to the issuer, pursuant t o Article 83-sexies of the TUF;

- The list of names of persons who voted for, against, or abstained before each vote and the corresponding number of votes represented by proxy.

The list of names of those attending the meeting by proxy, as indicated above, is attached to these minutes **under A).**

He then announces that the identity and eligibility to participate in the meeting of all participants, including those speaking by video and teleconference means, has been established.

At this point, having ascertained that the constitutive quorum required for the Ordinary Meeting in single call has been reached, at 9:00 a.m. today, April 23, 2024, the Chairman declares this Meeting duly constituted in single call and fit to deliberate on the items on the agenda.

It informs that, in accordance with the provisions of Article 4 of the Company's Regulations for Shareholders' Meetings, some employees of the Company and some persons appointed by the Company to provide technical/operational support for the conduct of today's Shareholders' Meeting participate in this meeting b y video and teleconference as mere auditors.

Precisely, attending the Meeting are CFO Pierre La Tour, Executive in Charge Erika Peruzzi, General Counsel Claudia Ricchetti, Attorneys Elisa Benocci and Andrea Madrigali from the Company's Corporate Affairs Office, consultant Ing. Ernesto Greco, and representatives of the company

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appointed to audit the Company for the year 2023 in the persons of Andrea Rossi, Nicolò Lettieri, Marta Masoch and Silvia Falcini.

Before moving on to the discussion of the items on the agenda, the Chairman announced that the Company, by the *record date* (*i.e.* April 12, 2024), had not received any questions posed before the Shareholders' Meeting by Shareholders pursuant to Article 127-ter of the TUF.

Finally, he advises that in accordance with Article 6 of the Meeting Regulations, he has authorized the Secretary to use a recording equipment during this Meeting. The audio recording of the Meeting is being made for the sole purpose of facilitating the recording of the meeting and documenting what is transcribed in the minutes. The recording will not be communicated or disseminated, and all data and audio media will be destroyed subsequent to the use for which they were acquired.

He then read out the agenda:

**1)** Financial Statements of Salvatore Ferragamo S.p.A. as of December 31, 2023, accompanied by the Directors' Report on Operations for the year 2023, including the consolidated statement containing non-financial information in accordance with Legislative Decree No. 254 of December 30, 2016 relating to the year 2023, the Report of the Board of Statutory Auditors and the Independent Auditors. Presentation of the Consolidated Financial Statements as of December 31, 2023. Pertinent and consequent resolutions.

**2)** Allocation of the profit for the year and distribution of part of the Extraordinary Reserve. Resolutions pertaining thereto and consequent thereto.

**3)** Report on remuneration policy and compensation paid. Pertinent and consequent resolutions:

**3.1** Resolutions regarding the Company's remuneration policy referred to in the first section of the report pursuant t o Article 123-ter, paragraphs 3-bis and 3-ter, of Legislative Decree No. 58 of February 24, 1998 ("TUF");

**3.2** Resolutions referred to in the second section of the report pursuant to Article 123-ter, paragraph 6, of the TUF.

**4)** Appointment of the Board of Directors, after determining the number of members, term of office and determination of compensation. Appointment of the president and vice president. Related and consequent resolutions:

**4.1** Determination of the number of members of the Board of Directors;

**4.2** Determining the term of office of directors;

**4.3** Appointment of administrators;

**4.4** Determination of the compensation payable to the members of the Board of Directors.

**4.5** Appointment of the Chairman of the Board of Directors;

**4.6** Appointment of the Vice Chairman of the Board of Directors;

**4.7** Any resolutions pursuant to Article 2390 of the Civil Code.

**5)** Modification in reduction, upon the reasoned proposal of the Board of Statutory Auditors, of the remuneration of KPMG S.p.A., the auditing company appointed for the period 2020-2028. Related and consequent resolutions.

Since, for each agenda item under discussion, the relevant documentation was published in the manner and within the terms of the applicable laws and regulations, and thus the interested parties had the

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opportunity to view them, if no one objects he/she requests to be excused from reading all documents made available to the public on each agenda item, including the Board of Directors' Explanatory Reports.

No one opposing then moves on to the discussion of the **first item on the agenda:**

"(*1) Financial Statements of Salvatore Ferragamo S.p.A. as of December 31, 2023, accompanied by the Directors' Report on Operations for t h e year 2023, including the consolidated statement containing non-financial information in accordance with Legislative Decree No. 254 of December 30, 2016 relating to t h e year 2023, the Report of the Board of Statutory Auditors and the Independent Auditors. Presentation of the Consolidated Financial Statements as of December 31, 2023. Resolutions pertaining thereto and consequent thereto.*" He reminds that n o vote is scheduled on the Consolidated Financial Statements and then yields the floor to the Chairman of the Board of Statutory Auditors to read the conclusions of the Statutory Auditors' Report on the Financial Statements.

Dr. Balelli, on behalf of the entire Board of Statutory Auditors, refers, omitting its reading, to the report of the Board of Statutory Auditors to the financial statements, in which the control activities carried out and the actions taken by the Board of Statutory Auditors with regard to the information obtained and the activity carried out in fulfillment of its duties are detailed, dwelling instead on the conclusions. In this regard, it stresses that, considering the content of the opinions issued by the Auditing Firm and having taken note of the attestations issued jointly by the Chief Executive Officer and the Executive in Charge, the Board of Statutory Auditors does not believe that there are - to the extent of its competence - any obstacles to the approval of the financial statements of Salvatore Ferragamo S.p.A. as of December 31, 2023 accompanied by the Report on Operations and the Notes to the Financial Statements, as resolved by the Board of Directors on March 6, 2024.

The Chairman then passed the floor to Dr. Andrea Rossi, representative of the auditing firm KPMG S.p.A., to read the conclusions of the relevant Report. Dr. Rossi, after pointing out that these conclusions include an opinion on the compliance of the Financial Statements with the provisions of Delegated Regulation (EU) 2019/815, an opinion on the consistency of the management report and some specific information in the report on corporate governance and ownership structure with the Financial Statements as well as compliance with legal regulations, refers for detailed aspects to the Report of the Independent Auditors attached to the Financial Statements, pointing out that no items of note were found.

He then proceeds to read the proposed resolution contained in the Board of Directors' Report:

*"The Shareholders' Meeting of Salvatore Ferragamo S.p.A. convened in ordinary session,*

- *Hearing and approving the statement of the Board of Directors;*

- *Examined the financial statements as of December 31, 2023 of Salvatore Ferragamo S.p.A. and the Board of Directors' Report on Operations;*

- *Acknowledged the attestation pursuant to Article 154-bis, paragraph 5, of Legislative Decree No. 58 of February 24, 1998, the Report of the Board of Statutory Auditors and the Report of the Independent Auditors, as well as the consolidated financial statements*

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*to Dec. 31, 2023 and the Non-Financial Statement for the year 2023 prepared in accordance with Legislative Decree No. 254 of Dec. 30, 2016; resolution*

*To approve in all its parts and findings the financial statements for the year ended December 31, 2023, accompanied by the related Report of the Board of Directors on Operations, which closes with a profit for the year of 86,999,603 euros."*

\* \* \* He then calls for a vote on the relevant item.

The Designated Representative then announces the outcome of the votes, taking into account the proxies and sub-delegations of votes received by him: In favor 243,253,517 or 87.635% of voting rights or 97.579% of voting participants;

Against 0;

Abstained 28,961 equal to 0.010% of voting rights or 0.012% of voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Meeting had approved the financial statements for the year ending December 31, 2023 by a majority vote, all as reported in the record of the voting result attached to these minutes **under B)**.

The financial statements as approved above are attached to these minutes **under C).** \* \* \*

He now moves on to the **second agenda item**:

"*2) Allocation of the profit for the year and distribution of part of the Extraordinary Reserve. Resolutions pertaining thereto and consequent thereto.*" He then proceeds to read the proposed resolution contained in the Board of Directors' Report:

*"The Shareholders' Meeting of Salvatore Ferragamo S.p.A. convened in ordinary session,*

*-heard and approved what the Board of Directors set forth; resolution*

*a) To allocate the profit for the year 2023, amounting to 86,999,603 euros, to "Extraordinary Reserve."*

*b) to also allocate for distribution to the Shareholders a portion of the "Extraordinary Reserve" (which as of December 31, 2023 amounted to 613,475,486 euros), in the amount of 0.10 euros per share, estimated at a total of 16,552,896.60 euros, taking into account the outstanding shares as of the date of this Explanatory Report of 165,528,966;*

*c) To set the dividend payment date as May 22, 2024, with ex-dividend date of coupon No. 11 on May 20, 2024 and payment entitlement date (record date) on May 21, 2024;*

*d) To confer upon the Chairman of the Board of Directors and the Chief Executive Officer, severally and with the power t o sub-delegate, all broader powers so that they may implement the resolutions referred to in the preceding points."*

\* \* \*

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He then calls for a vote on the relevant item.

The Designated Representative then announces the outcome of the votes, taking into account the proxies and sub-delegations of votes received by him: In favor 243,260,463 representing 87.638% of the voting rights or 97.582% of the voting participants;

Against 0;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Shareholders' Meeting approved by a majority vote the allocation of the profit for the year as indicated above, all as reported in the record of the result of the vote which is attached to these minutes under **D)**, and announced that the ex-dividend date for coupon No. 11 will be May 2024, with *record date* on May 21, 2024 and payment of the dividend with value date of May 22, 2024.

\* \* \*

The chairman then moved on to the discussion of the **third item on the agenda**:

"(*3) Report on remuneration policy and compensation paid. Pertinent and consequent resolutions:*

*3.1 Resolutions regarding the Company's remuneration policy referred to in the first section of the report pursuant to Article 123-ter, paragraphs 3-bis and 3-ter, of Legislative Decree No. 58 of February 24, 1998 ("TUF");*

*3.2 Resolutions referred to in the second section of the report pursuant to Article 123-ter, paragraph 6, of the TUF.*"

He recalls that, with reference to the report on remuneration policy and compensation paid (the "**Remuneration Report**"), today's Shareholders' Meeting is called upon to approve, with a binding vote pursuant to Article 123-ter, paragraph *3-ter,* of the TUF, the first section thereof and to resolve in favor or against, with an advisory vote pursuant to Article *123-ter,*  paragraph 6, of the TUF, on the second section thereof.

He then continues by reading the proposed resolutions contained in the Board of Directors' Report.

*3.1 Deliberative proposal regarding the Company's remuneration policy report referred to in the first section of the report pursuant to Article 123 ter, paragraphs 3-bis and 3-ter, of the TUF.*

*"The Ordinary Shareholders' Meeting of Salvatore Ferragamo S.p.A., (i) having examined the report of the Board of Directors prepared p u r s u a n t t o Article 125-ter of Legislative Decree No. 58 of February 24, 1998 (the "TUF"), and (ii) having examined the first section of the report on the remuneration policy and compensation paid adopted by the Company and prepared pursuant to Articles 123-ter of the TUF and 84 quater of the regulations adopted by Consob resolution No. 11971/1999 (the "Issuers' Regulations") as well as pursuant to Annex 3A, Schedule 7-bis of the Issuers' Regulations*

#### *resolution*

*-to approve, pursuant to and in accordance with Article 123-ter, paragraphs 3-bis and 3-ter of the TUF, the first section of the report on the policy in*

![](_page_10_Picture_1.jpeg)

*on remuneration and compensation paid adopted by the Company and prepared in accordance with Articles 123-ter of the TUF and 84 quater of the Issuers' Regulations, which illustrates the Company's policy on the remuneration of members of the management and supervisory bodies, general managers, executives with strategic responsibilities and top management with reference to FY2024, as well as the procedures used for the adoption and implementation of this policy."*

*3.2 Deliberative proposal concerning the second section of the report pursuant to Article 123-ter, paragraph 6 of the TUF.*

*"The Ordinary Shareholders' Meeting of Salvatore Ferragamo S.p.A., (i) having examined the report of the Board of Directors prepared p u r s u a n t t o Article 125-ter of Legislative Decree No. 58 of February 24, 1998 (the "TUF"), and (ii) having examined the second section of the report on the remuneration policy and compensation paid adopted by the Company and prepared pursuant to Articles 123-ter of the TUF and 84 quater of the Issuers' Regulations, as well as pursuant to Annex 3A, Schedule 7-bis of the Issuers' Regulations,*

#### *resolution*

*- To express a favorable opinion, pursuant to and for the purposes of Article 123-ter, paragraph 6, of the TUF, on the second section of the report on the remuneration policy and compensation paid adopted by the Company and prepared pursuant to Articles 123-ter of the TUF and 84-quater of the Issuers' Regulations, which illustrates each of the items that make up the remuneration of the members of the management and supervisory bodies, managers with strategic responsibilities of the Company as well as the compensation paid to them for any reason and in any form in the fiscal year ending December 31, 2023."*

He then invites a vote on the relevant two sub-items.

The Designated Representative announces the outcome of the votes with reference to item 3.1 on the agenda, taking into account the proxies and subdelegations of votes received by him:

\* \* \*

In favor 228,299,447 representing 82.248% of voting rights or 91.580% of voting participants;

Against 14,961,016 or 5.390% of voting rights or 6.001% of voting participants;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Designated Representative announces the outcome of the votes with reference to item 3.2 on the agenda, taking into account the proxies and subdelegations of votes received by him:

In favor 223,777,792 or 80.619% of voting rights or 89.766% of voting participants;

Against 19,482,671 or 7.019% of voting rights or 7.815% of voting participants;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the

![](_page_11_Picture_1.jpeg)

participants in voting;

Non-voters 6,006,450 or 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Meeting approved by a majority vote Section I of the Compensation Report, all as reported in the record of the result of the vote that is attached to these minutes **under E)**, and voted by a majority in favor of Section II of the Compensation Report, all as reported in the record of the result of the vote that is attached to these minutes **under F)**.

\* \* \*

He now moves on to the discussion of **the fourth agenda item**:

"*4) Appointment of the Board of Directors, after determining the number of members, term of office and determination of compensation. Appointment of the Chairman and Vice Chairman. Related and consequent resolutions:*

*4.1. determination of number of components of the Board Board of Directors;*

*4.2. Determining the term of office of directors;*

*4.3. Appointment of administrators;*

*4.4. Determination of the compensation payable to members of the Board of Directors;*

*4.5. Appointment of the Chairman of the Board of Directors;*

*4.6. Appointment of the Vice-Chairman of the Board of Directors;*

*4.7. any resolutions pursuant to Article 2390 of the Civil Code."*

The Chairman reminds that today's meeting marks the expiration of the Board of Directors appointed by the Ordinary Shareholders' Meeting on April 22, 2021.

Regarding the renewal of the Board of Directors, he recalls that:

- Pursuant to Article 20 of the Articles of Association, the Company is administered by a Board of Directors consisting of no fewer than 5 and no more than 15 members. The Ordinary Shareholders' Meeting determines, upon appointment, the number of members of the Board within the abovementioned limits. Although the expiring Board of Directors pointed out in the Explanatory Report related to item 4.1 on the agenda how within the selfassessment process related to t h e last year of its term of office it considered its quantitative composition determined in 10 by the Shareholders' Meeting of April 22, 2021 to be adequate, i t abstained from making a proposal in this regard;

- Pursuant to Article 20 of the Articles of Association, the Ordinary Shareholders' Meeting shall determine, upon appointment, among other things, the term of office of the Board of Directors, which may not exceed three fiscal years. Directors' terms expire on the date of the Shareholders' Meeting convened to approve the financial statements for the last fiscal year of their term of office and may be re-elected.

The expiring Board of Directors did not make any assessment in this regard as part of its self-assessment process and, therefore, refrained from making a proposal in this regard;

- In accordance with Article *147-ter* of Legislative Decree 58/1998, the Company's Bylaws provide that the appointment of directors takes place through the list voting mechanism. In this regard, it recalls that the threshold for the

![](_page_12_Picture_1.jpeg)

submission of lists of Salvatore Ferragamo S.p.A. established by Consob in Executive Determination No. 92 of January 31, 2024 is 1% of the share capital;

- by the deadline stipulated by law and the Articles of Association, and thus by March 29, 2024, the following lists of candidates for the appointment of the Board of Directors were submitted to the Company:

- **List No. 1** submitted by the shareholder Ferragamo Finanziaria S.p.A., holder o f a 54.28% stake in the Company's share capital, consisting of the following 10 candidates for members of the Board of Directors:

1. Leonardo Ferragamo;

2. Angelica Visconti;

3. Giacomo Ferragamo;

4. Marco Gobbetti;

5. Niccolo Ferragamo;

6. Sara Ferrero;

7. Patrizia Michela Giangualano;

8. Fabio Gallia;

9. Umberto Tombari;

10. Elisa Burlamacchi.

Candidates Sara Ferrero, Patrizia Michela Giangualano, and Fabio Gallia have declared that they meet the independence requirements established by law (Art. 147-ter¸paragraph 4, and Art. 148, paragraph 3, of the TUF) and pursuant to the Corporate Governance Code;

**- List No. 2**, submitted by a grouping of minority shareholders (as punctually indicated therein) collectively holding 1.00777% of the Company's share capital, consisting of the following No. 2 candidates for the office of members of the Board of Directors:

1. Laura Donnini;

2. Daniele Pelli.

Both candidates have declared that they meet the independence requirements of Articles 147-ter, paragraph 4, and 148, paragraph 3, of Leg.

No. 58/1998, as well as the independence requirements set forth in the Corporate Governance Code of Borsa Italiana S.p.A. and any further provisions as applicable.

Specifies that List No. 2 was accompanied by the declaration regarding the absence of a n y relationship of connection with shareholders holding a controlling or relative majority interest, in accordance with the law and the Articles of Association.

Reports that, in accordance with current regulations and the Bylaws, together with the lists, the following have been filed:

- information regarding the identity of the shareholders who submitted the lists, indicating the total percentage of shareholding held and the certification issued by the intermediary showing the ownership of the shareholding required to submit the list;

- the declarations by which the candidates have accepted the candidacy and have attested, under their own responsibility, the non-existence of causes of ineligibility and incompatibility, as well as the existence of the requirements from the current legislation for taking office;

![](_page_13_Picture_1.jpeg)

- declarations of independence made pursuant to applicable laws and regulations;

- The *curriculum vitae* of each candidate, containing a comprehensive disclosure of personal and professional characteristics and indicating the administrative and supervisory positions held;

- Copy of each candidate's ID.

Acknowledges that the aforementioned lists were published and disclosed to the public o n April 2, 2024 in the manner required by the laws and regulations in force. Informs that no changes in the positions held up to the date of today's Shareholders' Meeting have been filed by the candidates.

Pursuant to Article 20 of the Articles of Association, the election of directors shall be conducted as follows: (a) a number of directors equal to the total number of members of the Board, as previously established by the Shareholders' Meeting, minus one, shall be drawn from the list that has obtained the highest number of votes; within these numerical limits, the candidates shall be elected in the progressive order indicated in the list; (b) one director shall be drawn from the list that has obtained the second highest number of votes and that is not connected in any way, not even indirectly, with the list referred to in paragraph a) above and/or with the shareholders who submitted or voted for the majority list, in the person of the candidate indicated with the first number in the list. For this purpose, however, lists that have not obtained a percentage of votes at least equal to half of that required for the submission of lists shall not be taken into account.

The president also reminds that:

- Article 27 of the Articles of Association stipulates that directors are entitled to reimbursement of expenses incurred by reason of their office and a remuneration determined by the Shareholders' Meeting at the time of their appointment. Also under the same article, the Shareholders' Meeting may determine an aggregate amount f o r t h e remuneration of all directors, including those holding special offices. Board members are also entitled to reimbursement of travel and traveling expenses.

In this regard, it recalls that in Sect. I of the Report on Remuneration Policy, referred to in item 3) on the agenda of today's Shareholders' Meeting, to which it refers for detailed information, the data emerging from the benchmarks conducted by the Company about the average compensation (not including that for special assignments) paid by listed companies, pursuant to Article 2389, Paragraph 1, of the Civil Code, for the office of independent director as well as for the office of other nonexecutive directors are reported.

He also recalls that at the Shareholders' Meeting of April 22, 2021, the Shareholders' Meeting had set the number of Directors at 10 and the total compensation at Euro 500,000.00, with the result that the emolument for the office was Euro 50,000.00. On that occasion, the proposal made by the Majority Shareholder had referred the determination of compensation for special assignments to the Board of Directors.

The expiring Board of Directors has made no assessment in this regard and, therefore, has refrained from making a proposal in this regard;

- Article 21 of the Articles of Association provides that, if there has not

![](_page_14_Picture_1.jpeg)

provided the Assembly, the Board of Directors elects a Chairman and a Vice Chairman from among its members.

Shareholders were invited to make proposals for the appointment of the Chairman and Vice Chairman of the Board of Directors from among the Directors who will be elected at the outcome of the voting on item 4.3. on the agenda of today's Shareholders' Meeting by indicating such preference within the list presented. In this regard, he recalls that the proposals made by Shareholders representing the largest percentage of the share capital will be put to the vote first. Only in the event that these proposals put to the vote are rejected will the subsequent proposals be put to the vote in order of share capital represented.

It should be recalled that Article 2390 of the Civil Code stipulates that directors may not assume the capacity of unlimited partners in competing companies, nor engage in competing business on their own behalf or on behalf of third parties, nor be directors or general managers in competing companies, unless authorized by the shareholders' meeting. For failure to comply with this prohibition, the director may be removed from office and liable for damages.

If the need arises in relation to the nominations submitted, and in order to allow people who hold management positions in partner companies or, in any case, who operate in the same sector as the Company to contribute their experience and expertise to the Board of Directors, the expiring Board of Directors has deemed it appropriate to allow the Shareholders' Meeting to consider the possibility of authorizing exceptions to the non-competition clause in Article 2390 of the Civil Code in favor of Directors who do not hold executive positions.

Having said all of the above, it finally acknowledges that, within the terms set forth i n the notice of this Shareholders' Meeting, the shareholder Ferragamo Finanziaria S.p.A., holder of a 54.28% stake in the Company's share capital, submitted its proposals on items 4.1., 4.2., 4.4., 4.5., 4.6. and 4.7. on the agenda.

The Chairman calls for a vote on the relevant sub-items.

Regarding item 4.1, the proposed resolution submitted by shareholder Ferragamo Finanziaria S.p.A. to determine the number of members of the nominating Board of Directors as 10 is put to a vote.

\* \* \*

The Designated Representative then announced the outcome of the votes on agenda item 4.1, taking into account the proxies and sub-delegations to vote received by him:

In favor 243,256,827 or 87.637% of voting rights or 97.580% of voting participants;

Against 3,636 or 0.001% of voting rights or 0.001% of voting participants;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the voting participants;

Non-voters 6,006,450 or 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Meeting approved by majority vote the proposed resolution submitted by shareholder Ferragamo Finanziaria S.p.A. concerning the determination of the number of members of the nominating

![](_page_15_Picture_1.jpeg)

Board of Directors, all as reported in the report of the result of the vote which is attached to these minutes **under G)**.

On item 4.2, he puts to a vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. to set the term of office of the nominating Board of Directors at 3 fiscal years and, therefore, until the Shareholders' Meeting convened to approve the financial statements as of December 31, 2026.

The Designated Representative then announced the outcome of the votes on agenda item 4.2, taking into account the proxies and sub-delegations to vote received by him:

In favor 243,254,058 or 87.636% of voting rights or 97.579% of voting participants;

Against 6,405 or 0.002% of voting rights or 0.003% of voting participants;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the voting participants;

Non-voters 6,006,450 or 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Shareholders' Meeting approved by majority vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. concerning the term of office of the nominating Board of Directors, all as reported in the report of the voting result that is attached to these minutes **under H).**

Regarding item 4.3, for the purpose of appointing members to the Board of Directors, he puts the two submitted lists to a vote.

The Designated Representative then announced the outcome of the votes on agenda item 4.3, taking into account the proxies and sub-delegations to vote received by him:

List 1

Favorable votes: 223,822,557 representing 80.635% of the voting rights or 89.784% of the voting participants;

List 2

Favorable votes: 15,355,306 or 5.532% of voting rights or 6.160% of voting participants;

Abstainers: 15 equal to 0.000% of the voting rights or 0.000% of the voting participants;

Non-voters: 10,111,050 or 3.643% of voting rights or 4.056% of voting participants.

The Chairman then declared that the following 10 members were elected as members of the Board of Directors of Salvatore Ferragamo S.p.A., which will remain in office for the three-year period 2024-2026 and thus until the Shareholders' Meeting called to approve the financial statements as of December 31, 2026:

- Leonardo Ferragamo;
- Angelica Visconti;
- Giacomo Ferragamo;
- Marco Gobbetti;
- Niccolo Ferragamo;
- Sara Ferrero;
- Patrizia Michela Giangualano;
- Fabio Gallia;

![](_page_16_Picture_1.jpeg)

- Umberto Tombari; and
- Laura Donnini;

all as reported in the report of the result of the vote which is attached to these minutes **under I).**

On item 4.4, he now puts to a vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. to set at EUR 500,000.00 the total gross annual compensation to be paid to the entire Board of Directors, deferring to the Board of Directors itself the setting of compensation for special assignments.

The Designated Representative then announced the outcome of the votes on agenda item 4.4, taking into account the proxies and sub-delegations to vote received by him:

In favor 242,965,762 or 87.532% of voting rights or 97.464% of voting participants;

Against 0;

Abstained 316,716 equal to 0.114% of voting rights or 0.127% of voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Shareholders' Meeting approved by majority vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. concerning the determination of the total gross annual compensation to be paid to the entire Board of Directors, all as reported in the record of the result of the vote that is attached to these minutes **under L).**

On item 4.5, he puts to a vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. to indicate, as Chairman of the Administrative Body, the name indicated first in the list submitted, namely Leonardo Ferragamo.

The Designated Representative then announced the outcome of the votes on agenda item 4.5, taking into account the proxies and sub-delegations to vote received by him:

In favor 241,905,566 representing 87.150% of the voting rights or 97.038% of the voting participants;

Against 147,827 or 0.053% of voting rights or 0.059% of voting participants; Abstained 1,229,085 equal to 0.443% of voting rights or 0.493% of voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Shareholders' Meeting approved by majority vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. concerning the appointment of the Chairman of the Administrative Body in the person of Leonardo Ferragamo, all as reported in the report of the result of the vote that is attached to these minutes **under M).**

Regarding item 4.6, he puts to a vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. to designate, as Vice Chairman, the name listed second on the submitted list, namely Angelica Visconti.

The Designated Representative then announces the outcome of the votes on item 4.6

![](_page_17_Picture_1.jpeg)

on the agenda, taking into account the proxies and sub-delegations of votes received to the same:

In favor 241,894,285 representing 87.146% of the voting rights or 97.034% of the voting participants;

Against 159,108 equal to 0.057% of voting rights or 0.064% of voting participants;

Abstained 1,229,085 equal to 0.443% of voting rights or 0.493% of voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Meeting had approved by majority vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. concerning the appointment of the Vice Chairman in the person of Angelica Visconti, all as reported in the report of the result of the vote that is attached to these minutes **under N).**

Regarding item 4.7, he puts to a vote the proposed resolution submitted by shareholder Ferragamo Finanziaria S.p.A. to authorize the waiver of the noncompetition clause in Article 2390 of the Italian Civil Code in relation to the Company's newly elected independent director, Dr. Sara Ferrero who, as per the curriculum vitae made available, is the founder and CEO of the company SA SU PHI S.r.l operating in the luxury women's clothing sector.

The Designated Representative then announced the outcome of the votes on agenda item 4.7, taking into account the proxies and sub-delegations to vote received by him:

In favor 229,510,822 or 82.684% of voting rights or 92.066% of voting participants;

Against 11,878,588 or 4.279% of voting rights or 4.765% of voting participants;

Abstained 1,893,068 or 0.682% of voting rights or 0.759% of voting participants;

Non-voters 6,006,450 representing 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Shareholders' Meeting had approved by majority vote the proposed resolution submitted by the shareholder Ferragamo Finanziaria S.p.A. concerning the authorization of the waiver of the non-competition clause in Article 2390 of the Civil Code in relation to the Company's independent director, Dr. Sara Ferrero, all as reported in the record of the voting result that is attached to these minutes **under O)**.

At this point he declares the vote on the 4) a g e n d a item closed and invites me Notary Public to announce the results.

I, the Notary Public, announce that:

- with reference to the determination of the number of members of the Board of Directors referred to in item 4.1 on the agenda, the proposal submitted by the shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 234,256,827 in favor, 3,636 against, 22,015 abstaining and 6,006,450 not voting;
- With reference to the determination of the term of office of the nominating Board of Directors referred to in Section 4.2

![](_page_18_Picture_1.jpeg)

on the agenda, the proposal submitted by shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 243,254,058 votes in favor, 6,405 votes against, 22,015 abstaining and 6,006,450 not voting;

• with reference to the appointment of directors under agenda item 4.3: - List No. 1 of candidates for the Board of Directors was ranked first with 223,822,557 votes;

- List No. 2 of candidates for the Board of Directors was second with 15,355,306 votes;

- Abstained No. 15; nonvoting No. 10,111,050.
- with reference to the determination of the total gross annual compensation to be paid to the entire Board of Directors under item 4.4 on the agenda, the proposal submitted by the shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 242,965,762 votes in favor, 0 votes against, 316,716 abstaining and 6,006,450 not voting;

• with reference to the appointment of Leonardo Ferragamo as Chairman of the Board of Directors under item 4.5 on the agenda, the proposal submitted by the shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 241,905,566 votes in favor, 147,827 votes against, 1,229,085 abstained and no. 6,006,450 non-voters;

- with reference to the appointment of Angelica Visconti as Vice Chairman of the Board of Directors under item 4.6 on the agenda, the proposal submitted by the shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 241,894,285 votes in favor, 159,108 votes against, 1,229,085 abstaining and 6,006,450 not voting;
- with reference to the authorization of the waiver of the noncompetition clause in Article 2390 of the Civil Code in relation to the position of independent director of the Company, Dr. Sara Ferrero, referred to in item 4.7 on the agenda, the proposal submitted by shareholder Ferragamo Finanziaria S.p.A. was approved by a majority vote with 229,510,822 votes in favor, 11,878,588 votes against, 1,893,068 abstaining and 6,006,450 not voting.

The Chairman then declared that the Board of Directors of Salvatore Ferragamo S.p.A., which will remain in office for the three-year period 2024-2026 and thus until the Shareholders' Meeting called to approve the financial statements as of December 31, 2026, is composed of the following 10 members:

- Leonardo Ferragamo President;
- Angelica Visconti Vice President;
- Giacomo Ferragamo;
- Marco Gobbetti;
- Niccolo Ferragamo;
- Sara Ferrero;
- Patrizia Michela Giangualano;
- Fabio Gallia;
- Umberto Tombari; and
- Laura Donnini.

![](_page_19_Picture_1.jpeg)

It also declares that the total gross annual compensation to be paid to the entire Board of Directors has been determined at EUR 500,000.00 and the Board of Directors has been delegated to set compensation for special assignments.

President Leonardo Ferragamo then thanked outgoing board members Frédéric Biousse and Annalisa Loustau Elia for their significant contributions to the Society during this important phase of renewal.

The Chairman noted that the representatives of the KPMG auditing firm left the meeting at 10:00 a.m. before the fifth agenda item was discussed.

\* \* \*

He finally moves on to the discussion of the **fifth item on the agenda**:

"*5) Modification in reduction, upon the reasoned proposal of the Board of Statutory Auditors, of the remuneration of KPMG S.p.A., the auditing company in charge of the statutory audit for the period 2020-2028. Related and consequent resolutions.*"

He then proceeds to read the proposed resolution contained in the Board of Directors' Report prepared on the basis of the reasoned proposal made by the Board of Auditors:

*"The Ordinary Shareholders' Meeting of Salvatore Ferragamo S.p.A:*

*- Having regard to the reasoned proposal of the Board of Auditors and the Explanatory Report of the Board of Directors;*

*- Considered the proposed change in reduction of the fees related to Salvatore Ferragamo S.p.A. and the companies of the Salvatore Ferragamo Group, formulated by KPMG in a letter dated January 22, 2024, consistent with the re-evaluation of the scope of activities according to a "risk based" logic, for each year from 2023 to 2028;*

*- Shared the assessments of the Board of Directors;*

*- taking into account the provision in paragraph 6.2 of KPMG's proposal ("Update and changes in fees for the period covered by this engagement letter");*

## *resolution*

*to approve the reduction by 86,811 euros of the total annual fees for each fiscal year of the period 2023-2028 to be paid to the auditing firm KPMG S.p.A. for the performance of the statutory audit assignment at Salvatore Ferragamo S.p.A. and some foreign subsidiaries of the Salvatore Ferragamo Group so that the new amount to be paid starting from fiscal year 2023 would be as follows***:**

*Annuities 2023 - 2028*

| Services on Salvatore Ferragamo S.p.A. and.  | Annual fees (Euros)* |
|----------------------------------------------|----------------------|
| foreign subsidiaries                         |                      |
| Supplement letter dated February 27, 2023    | 671.337              |
| Reduction in consideration for change in the | (86.811)             |
| perimeter                                    |                      |
| Total annual fees 2023 - 2028                | 584.526              |

*\*Values are expressed net of the increase related to inflation applicable for 2023 and net of the exchange rate effect (data were converted using average 2022 exchange rates).*

![](_page_20_Picture_1.jpeg)

**- to** *confer on the Chairman of the Board of Directors and the Managing Director, severally and with the power to sub-delegate, all the broadest powers, none excluded, so that they may carry out all that is necessary to execute the a b o v e resolution and sign the proposal of KPMG S.p.A. and any other deed, contract or document inherent and consequent thereto***.** \* \* \*

He then calls for a vote on the relevant item.

The Designated Representative then announces the outcome of the votes, taking into account the proxies and sub-delegations of votes received by him: In favor 243,260,463 or 87.638% of voting rights or 97.582% of voting participants;

Against 0;

Abstained 22,015 equal to 0.008% of the voting rights or 0.009% of the voting participants;

Non-voters 6,006,450 r e p r e s e n t i n g 2.164% of voting rights or 2.409% of voting participants.

The Chairman then declared that the Meeting had approved by a majority vote the proposal on item 5 on the agenda concerning the amendment in reduction, upon the reasoned proposal of the Board of Statutory Auditors, of the fee of KPMG S.p.A., the auditing firm in charge of the statutory audit for the period 2020-2028, all as reported in the report of the result of the vote which is attached to these minutes **under P).**

There being nothing else to be deliberated, he declared the meeting closed at 10:14 a.m. on April 23, 2024.

\*\*\*\*\*\*\*\*\*\*\*\*

Written partly by person I trust and partly by me Notary on twenty pages by five sheets.

Subscribed at twelve thirty o'clock. To the original signed: Francesco Steidl Notary Public.

![](_page_21_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Assemblea ordinario

23 aprile 2024

| Allegato "A " al Numero  05 724       |  |  |  |
|---------------------------------------|--|--|--|
| del Repertorio e al Numero  2085 0  i |  |  |  |
|                                       |  |  |  |

Elenco dei censiti porteciponti all'assemblea per if Itami!e del Poppresentonie Designato /viorrte titoli 3.p.A. nello persone dello Dott.sso Claudio Ambrosini

| ACIS                                                                                                    |             | 9.055<br>12.917 | 9.055           | 0,003%              |
|---------------------------------------------------------------------------------------------------------|-------------|-----------------|-----------------|---------------------|
| ACM ALLEGRO ) 240<br>ACM ALLEGRO 3041                                                                   |             | 5.44Z'          | 12.g17<br>5.446 | 0,005(a)<br>0.002\$ |
| ACO/vt£A PMITA VIA ESG                                                                                  |             | 2 .629          | 21.S2Y          | 0,008(a)            |
| ACOMEA STRATEGICA IA DINAMICA GLOBALE                                                                   |             | 13.268          | 13.258          | 0,005%              |
| A DVANCED SERIES TRIJST AST GLOBAL BOND PORTFOLIO                                                       |             | 107             | 107             | 0,000(a)            |
| ALASKA PERM ANENT FUND COOPORATION                                                                      |             | ોરવ             | । રેપ           | 0.000P              |
| AMERICAN CENTURY ETr TRUE]-AVANIIS INTERNATIONAL EQUITY RTF                                             |             | 5.327           | ó.327           | 0,002\$             |
| AMER/CAN CENTURY ETF TRLIST-AVANTIS INTERNATIONAL EQUITY FUND                                           |             | 31              | 31              | 0,000\$             |
| AMERICA N CENTURY E!F IRUST-AVANTIS INTERNATONAL 5MAr£ CAP                                              |             | 442             | 442             | 0,000\$             |
| EQUITY ETF<br>AMERICAN CENTUPY ETF IPUST-AVANTIS RESPONSIBLE INTERNATIONAL                              |             |                 |                 |                     |
| EQUITY ETF                                                                                              |             | 314             | 314             | 0,000\$             |
| AMERICAN FUNDS INSURANCE SERIESGeO\ TH FUND                                                             |             | 2.174.477       | 2.1 74.477      | 0,783%              |
| AMUNDI FTSE M8                                                                                          |             | 38.174          | 38.174          | 0,01 4%             |
| AMUNDI [NDEX EUkOPE EX UK SMALL AND MID CAP FUND                                                        |             | 1.944           | 1,944           | 0,001 7             |
| AMUNDI MSCI E/vtU SMALL CAP ESG CTB NZ AMB                                                              |             | 90.829          | 90.829          | 0,033g              |
| Amundi MSCI Europe Smcflt Cap MG Carnale Net Zero Ambition CAB                                          |             | 17.857          | 17.857          | 0,0067              |
| AMUNDI SGR SPA / AMUHDI PISPAP MIO ITALIA                                                               |             | 65.522          | 6d.522          | 0,024(a)            |
| ANIMA CPESCIIA ITALIA NEW                                                                               |             | 10.758          | 10758           | 0,00g(a),           |
| ANIMA FUNDS PUBLIC LIMITED COMPANY                                                                      |             | I 2,5g4         | 12.S64          | 0,005A              |
| ANIMA INIIAII VA ITAUA                                                                                  |             | 199.764         | 197.y 64        | 0,0726              |
| Arco Azioni Italia                                                                                      |             | 130.000         | 30.000          | 0,0473              |
| Arca Economia 9eole Bilanciato )taTla 30                                                                |             | 330.000         | 330.000         | 0.119P              |
| Arca Econorrila Reale Bilanciato Italy TTi                                                              |             | 43.000          | 43.000          | 0,0158              |
| A BI7ONA STATE RETIREMENI SYSILM                                                                        |             | l               | -               | 0,000B              |
| AFkO WsreEET   DCL w pE) r/S EUND L.r' PROWSfREET CAPITAL LTD<br>PARTN EkSHIP-ARPOW'iTpEET DELAWAPE L/S |             | 10              | 1 0             | 0,0007              |
| APkOWS!REET CAPITAL CO PLEY 7UNDL1M  TED                                                                |             | 13.458          | 13.468          | 0,0057              |
| APROWST PEER CAPITAL ESG GLOBAL EQUITY LONG/SHO9T SUMD                                                  |             | 3.900           | 3.900           | 0,001 7             |
| LIMIT,                                                                                                  |             |                 |                 |                     |
| ATOME                                                                                                   |             | 1 ó.301         | 1 d.3ST         | 0,006\$             |
| A IJSIRALIAN PETIk LMENT TPIJST                                                                         |             | 7.052           | 7.062           | 0,0038              |
| A VENI II INVESTISSEMENTS                                                                               |             | 7.838           | 7.838           | 0.003 X             |
| AXA MPS FINANCIAL DESIGNATED ACTIVIIY CO                                                                |             | 72.000          | 12.000          | 0,026%              |
| AXA Vosorge €onds Il Equities Global Morkets Small Cap Passive<br>Credi luisse Funds AG                 |             | 8.0d6           | 8.045           | 0,003\$             |
| AXA WOkLD FUNDS SICA V                                                                                  |             | 3S4,441         | 364.44T         | 0,f 3 i (a)         |
| AZ FLIND I AZ ALLOCATION ITALIAN TREND                                                                  |             | 15.057          | T5.057          | 0,005(a)            |
| A 7 FLIND f AZ ALLOCATIOId PIR ITALIAN EXC ELLENCL 30                                                   |             | 2.Ti0l          | 2.501           | 0,001 A             |
| AL FUND 1 A7 ALLOCATION PIR ITALIAN EXCELLENCE 70                                                       |             | 51.7 t T        | 5 T.715         | 0.0198              |
| A2 FUND 1-AZ ALLOCATION-ITALIAN LONG DERM OPPORTIJNIIIES                                                |             | 50.972          | ó0.g72          | 0,022\$             |
| FOR CAPI DAL MANAGEMENT SGII SPA                                                                        |             | 17.109          | 1 7.1 09        | 0.005\$             |
| AZIMUI CAPITAL MANAG EMENT SGfi S PA                                                                    |             | 25.865          | 25.855          | 0.0098              |
| A7L DFA INTERNATIONAL COME EQUITY FUND                                                                  |             | I 885           | 1 885           | 0,00                |
| 8ANCO 8ILBAO VI7CAyA APGENTA PIA SA                                                                     |             | 700.469         | 700.4f19        | 0.252\$             |
| BANCOPOSTA cINASCIM ENTO                                                                                |             | 25.347          | 25.347          | 0,00g\$             |
| BBVA DIJRB INIL EUR OPLAN EQUITY FUND                                                                   |             | 1 2.454         | 12.454          | 0,004\$             |
| BSRGAMOTTA SRL<br>BLACKROCK ASSET MANAGEM INT SCHWEI7 AG ON BEHALF OF                                   | 0694g850488 | 860.383         | 1.720.766       | 0,S20A              |
| ISHA DEL WORLD EX SWITZSR LAND                                                                          |             |                 | 100             | 0,000A              |
| BLACKPOCK AUTHORISED CONTRACTUAL SCHEME I                                                               |             |                 | 100             | 0.000T              |
| BLACKROCK FUND MANAGERS LTD                                                                             |             |                 | 100             | 0.000\$             |
| BLACKROCK INDEX SELECTION SU ND                                                                         |             |                 | 00              | 0,000%              |
| BLAC XROCK IN STILIATONAL TRUST COMPANY, N.A. INVESTMENT FUNDS                                          |             |                 | 20.655          | 0.045A              |
| rOk EMPŁOYEE BENEFIT {PUSTS                                                                             |             | ಿ               |                 |                     |
|                                                                                                         |             |                 |                 |                     |

![](_page_22_Picture_1.jpeg)

| 8LACKPOCK LIFE LTD                                                                                          |                   | 100              | 100              | 0,0006              |
|-------------------------------------------------------------------------------------------------------------|-------------------|------------------|------------------|---------------------|
| BLAC KPOCK MSCI EAFE SMALL CAP EQUITY INDEX FUND 8  EAFLSML8                                                |                   | 3.882            | 3,882            | 0.001(a)            |
| BNP PARIBAS EASY - MSCI EUROPE SMALL CAPS SUI S-5ER ES S CAPPED                                             |                   | 129.550          | 129.550          | 0,047%              |
| BNP PARIBAS EQUITY - FOCgS ITALIA                                                                           |                   | 9.854            | ?,854            | 0,00d               |
| BNPP MODERATO - FOCUS ITALIA                                                                                |                   | 59.786           | 69.786           | 0,022               |
| BORRAGINC SRL                                                                                               | 06 g49Bà0d87      | 8R.3B0           | J.720.766        | 0,620(a)            |
| C INVESTISSEMENTS                                                                                           |                   | 3.634            | 3.634            | 0,001&              |
| CALIFORNIA STATE TEACHEPS' kETIPEMENT SYSTEM                                                                |                   | 1 .768           | .768             | 0.00J               |
| CAIILLON 1                                                                                                  |                   | Z. 184           | Z.i84            | 0,003               |
| CENTRAL PENSION FUND OF THE INTERNATIONAL UNION OF OPEPA 7JNG<br>CHALLENGE FUNDS - CHALLENGE ITALIAN EQLITY |                   | િકા              | 157              | 0,000%              |
|                                                                                                             |                   | 22.000           | 22.000           | 0.008%              |
| CHRYSOLE ET PIAT                                                                                            |                   | 1 0.1 03         | 10.103           | 0.004B              |
| CI WTSDOM7PE5 £L/POP5 HEDGED EQUITY TNDgX ETF                                                               |                   | 328              | 3,28             | 0,000%              |
| CI WISDOMTPEE INTEENATIONAL QUALITY DIVI GROWTH                                                             |                   | 0.263            | 6.263            | 0,00'2%             |
| CITY OF NEW YORE GROUP TRUST                                                                                |                   | ó.94ó            | 6.946            | 0,003%              |
| CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIPEMENT SYSTEM.                                                    |                   | 3.623            | 5.825            | 0,001%              |
| COLLEGE RETIREMENT EQUITIES FUND                                                                            |                   | I .001           | 1,001            | 0.000%              |
| COIJNECT)CUT GENERAL LIFE INSUPANCE COMPANY                                                                 |                   | 177              | 177              | 0,000P              |
| CREDIT 5LIS"IE INDEX FUND LUX                                                                               |                   | 27.ó4 ó          | 27,646           | 0.010%              |
| CRIF CH Equily World ex CH Small Cap Blue Credit Suisse Funds AG                                            |                   | 4.433            | 4,433            | 0,002\$             |
| CSIF CH Equity World ex CH Small Cap ESG Blue Credif Suisse Funds<br>AG                                     |                   | 3.716            | 3.715            | 0,001 (a)           |
| CSU CH # Equity World ex CH Smog} Cop WSG Blue Pension T-und Plus                                           |                   | 7.621            | 7.621            | 0.003%              |
| Credit Suisse Funds AG<br>DE SHOW US BROAD MARKET CORE ALPHA EXTENSION CUSTOM FUND                          |                   | #21              | 421              | 0,000%              |
| II L.L.C.                                                                                                   |                   |                  |                  |                     |
| DEVA-RAB                                                                                                    |                   | 4.t'44           | 4.5d4            | 0.002@              |
| Edmond de Rothschild Fund Euro e Synergy                                                                    |                   | 82.980           | 82.980           | 0,030%              |
| EFFESETTE SRL                                                                                               | 04403710488       | 3.486.090        | 6.972.J 80       | 2,512'g             |
| EHSIGN PEAK ADVISORS INC                                                                                    |                   | 1.175            | 1.175            | 0,000%              |
| EURIZON AZIONI ITALIA                                                                                       |                   | 80.000           | 80.000           | 0,029S              |
| EURIZON AZIONI PMI ITALIA                                                                                   |                   | 332.943          | 332.9J3          | 0, f20%             |
| EUpIZON CAPITAL SGR-PIR ITALIA 30                                                                           |                   | 59.111           | 69.J             | 0.021%              |
| EUPIZON FtJND                                                                                               |                   | 84,369           | 84.369           | 0.030(a)            |
| EURIZON PIR ITALIA AzIONI                                                                                   |                   | 21.222           | 21.222           | 0,008(a)            |
| EURIZON PROGETTO ITALIA 20                                                                                  |                   | 84.278           | 84.276           | 0.0303              |
| EUPIZON PROGETTO KALIA 40                                                                                   |                   | 249.752          | 2't9.752         | 0.090%              |
| EURI7ON PROGETTO ItAflA 70                                                                                  |                   | 118.311          | 118.3 1          | 0,043%              |
| F&L CAPIIA L                                                                                                |                   | 7.636            | 7.638            | 0,003%              |
| FADELIS INVEST<br>FAFF S 'L                                                                                 | 02607380033       | Z.986<br>860.384 | 7'.P86           | 0.003'fi,           |
| FDFi BEAHPORi                                                                                               |                   | ó.760            | g48.768<br>ó.760 | 0,341%              |
| FDF1 CALISSON 1947                                                                                          |                   | 8.207            | 8.207            | 0,002%<br>0.003(a), |
| EDF1 5MYL2206                                                                                               |                   | 6.900            | 6.900            | 0,002@              |
| FDF] TONTON RAOTIL                                                                                          |                   | 2.823            | 12.823           | 0,005@              |
| FDF2 DCP                                                                                                    |                   | 6.719            | 6.719            | 0.002%              |
| FDF2 HBC FAMIL* INV£STMENT                                                                                  |                   | 24.084           | 24.089           | 0,009%              |
| FDF2 MSR                                                                                                    |                   | ITi.2à0          | IS.280           | 0.003?              |
| FDF2 NEW ALLEGRO 1144                                                                                       |                   | 9.73é            | 9.736            | 0,004%              |
| FDF2 OA CAPITA L                                                                                            |                   | 7.665            | 7.660            | 0.003(a)            |
| FDF3 OSMOSE                                                                                                 |                   | J2.938           | 12.938           | 0.0054              |
| FreBAGAMO FrRRiJCCIO                                                                                        | FeeFRC45Po9D575x  | S04.330]         | l.ol:Z.zr()      | 0,3r"               |
| FER RAGAMO FINANZIARIA SPA                                                                                  | {04)S1z60482      | 91.611.810]      | 183.223.620j     | S6.009%3            |
| {FERPAGAMO GIOVANNA                                                                                         | FRfiGNNd3C66D575V | 506.330          | 1.0J2.b60        | 0,365%}             |
| FIDELITY CONCOPD STREET TRUST: FIDELITY SAI INTERNATIONAL S                                                 |                   | 013              | 61 37            | 0,000s }            |
| FIDELITY FUNDS - SUSTAINABLE CONSUMER BPANDS POOL                                                           |                   | 604.1 55         | 604.155          | 0,218 }             |
| FIDELITY GLOBAL CONSUMER INDUSTRIES FIJND                                                                   |                   | 8+ m I           | 3d.400           | 0,013%3             |
| FTO5LTTY MAKE GEM5 JJ AND PESFAPCH COMPANY LLC                                                              |                   | 2.402            | 2.402            | 0.0017}             |
| FIDELITY SALEM STREEF  BU3T: FIDELITY TOTAL INTERNATIONAFINDEX FUND                                         |                   | 4.9 14           | 4.914            | 0,00fiB             |
| FIDEURAM COM RARTO PIANO AZTONT )fAtIA                                                                      |                   | 347.36 I         | 347.35 I         | 0.125(a){           |
| FIDE URAM COMPARTO PIANO BILANCIATO ITALIA 30                                                               |                   | 10.0001          | 10.0001          | 0.0048              |
| FIoEUPAM COMPARTO PIANO BILANCIATO ITALIA s0                                                                |                   | s2.000           | s2.000           | 0.0tr               |
| FINVIS SRL                                                                                                  | 046006 1048 T     | z.486.090        | r.972.180        | 2.512 ]             |
| FLEXSHARES MORNINGSTAk DEVELOPED MARKETS 6X-US FACTOP TILT<br>INDEX FUND                                    |                   | 269              | 269              | 0.000(a)            |
| FLONA DA                                                                                                    |                   | 7.373}           | 7.573)           | 0.003%              |
| FORSTA AP - FONDEN                                                                                          |                   | 4.970            | 4.970            | 0,002%              |
| G&C PLACEM5NT                                                                                               |                   | 2J.33é           | 21.236           | 0.008%{             |
| G fi.MOD FLINDS - JUNIOR                                                                                    |                   | T40.721          | 140.72j          | 0,051(a)}           |
| IcESTIELLE PeO ITALIA                                                                                       |                   | Y .450           | 9.6s0            | 0.r03s              |

![](_page_23_Picture_1.jpeg)

| GIQUAITPO SPL                                                                                                                                                                     | 0051 d180975<br>3.488.070            | 8.972.180         | .312Y               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------|---------------------|
| Global Eife Commerciol Inc                                                                                                                                                        | 4.300                                | 0.300             | 0.00?A              |
| HSBC EIFS PUBLIC LIMITED COMPANY - HSBC MSCI WORLD SMALL CAP                                                                                                                      | 1.882                                | 1.882             | 0,00 18             |
| ESG UCITS ETF                                                                                                                                                                     |                                      |                   | 0,000%              |
| IAW NAJTONAL PENSION FUND<br>IBM 401 K PLUS PLAN TPIJST                                                                                                                           | 184                                  | 184               | 0,000W              |
| IELO INVEST                                                                                                                                                                       | 6.845                                | 6.845             | 0,002\$             |
| INTERNATIONAL CORE EQUITY PORTFOLIO D DBA INVESTMENT                                                                                                                              |                                      |                   |                     |
| DIMENSIONS GROUP INC                                                                                                                                                              | 59.809                               | 69.800            | 0,022(a)            |
| INTERNATIONAL MONETARY FUND                                                                                                                                                       | 4.0#a                                | 4.085             | D001%               |
| INVESCO FTSE PAFI DEVELOPED MAPKETS EXUS SMALLMIQ ETF                                                                                                                             | 1 .005                               | 1 .005            | 0,0007              |
| INVESCO INCOME ADVANTAGE INTERNATIONAL FUND INVESCO                                                                                                                               | 2ó                                   | 2ó                | 0,000%              |
| MARKETS jI PLC                                                                                                                                                                    | 789                                  | 789               | 0,000               |
| INVESTEBINGSFOPENINGEN DANSKE INVEST SELECT TACTICAL ASSEB<br>ArLOCALON - DANMARK ACCUMULATING KL INV58TERINGSEOPENINGEN<br>DANSEK INVEST SELECT TACTICAL ASSET ALLOCAIIOH EURO - | 8.099                                | 8.09%             | 0.003&              |
| ACCUMULATING KL<br>INVE5JER NG5r08EN)NGEN DANSEE INYER7 SELECT TACTICAL ASSET                                                                                                     | 3.1 33                               | 3.133             | 0,001 F             |
| ALLOCATION NORGE - ACCUMULATING KL                                                                                                                                                | 2. I 20                              | 2. ї 20           | 0,00 I              |
| INVESTEPINGSFO8ENINGEN DANISH INVEST SFLECT TACTICAL ASSET<br>ALLOCATION SVERAGE - ACCUMULATING KL                                                                                | 3.0é2                                | 3.083             | 0,Q01 (a)           |
| INVESTFRINGSFOPENINGEN SPARINVEST INDEX EUROPA                                                                                                                                    | 4.291                                | 4.291             | 0,002%              |
| ISHARES ALL-COUNTRY EQUITY INDEX FUND                                                                                                                                             | 185                                  | ા ૪૨              | 0,000X              |
| ISHAPES COPY - MSCI EAFE ETF                                                                                                                                                      | 40L?49                               | 407.249           | 0,1#7%              |
| I5HA8ES COPE MCCI EAFE IMI INDEX ETF                                                                                                                                              | ಲ್ಲಿ ಈ                               | 641               | 0,000F              |
| ISHAI2ES COPE MSCj EUBOPE FTE                                                                                                                                                     | J3,814                               | J3.8i4            | 0,00'1%             |
| fSHARES CORP MSCI INTERNATIONALDEVELOPED MAPKETS ETF                                                                                                                              | 10.359                               | 10.359            | 0.004W              |
| ISHAPES COkE MSCI TOTAL INTERNATIONAL STOCK ETF                                                                                                                                   | 72.105                               | 72.i05            | 0.02SB              |
| ISHARES III PUBLIC LIMITED COMPANY                                                                                                                                                | 808                                  | 808               | 0.000'g             |
| ISHARES MSCI £AFE SMALL-CAP ETF                                                                                                                                                   | 79.933                               | 79.933            | 0.029Br             |
| ISHARES MSCI EUPOPE IMI INDEX ETF                                                                                                                                                 | 1.234                                | ï.23d             | 0,000(a)            |
| ISHAPES MSCI EUPOPE SMALL-CAP ETF                                                                                                                                                 | ї .037                               | 1.037             | 0,000%              |
| ISHAeEs VII PUBLIC L MITED COMPANY                                                                                                                                                | d0.3P5                               | 40.395            | 0,01 87             |
| JAZ INVESTISSEMENTS                                                                                                                                                               | 8.507                                | 8.507             | 0,007(a)            |
| JHFII INT'L SMALL CO FUND                                                                                                                                                         | 3.93d                                | 3.934             | 0,001'g             |
| JHVITINT'L 5MAL£ CO TRUST                                                                                                                                                         | 2,453                                | 2.452             | 0.0017              |
| JOHN HANCOCK FUNDS II FUNDAMENTAL ALL CAP CORE FUND                                                                                                                               | î 70.148                             | 170.146           | 0.061%              |
| JOHN HANCOCK FUIDDS II FUNDAMENTAL GLOBAL FRANCH1S5 FUND.                                                                                                                         | 400.1 29                             | 400,129           | 0,1 44%             |
| JOHN HANCOCK IRUST COMPANY COLLECTIVE IHVESTMENT TPUST I                                                                                                                          | 69.084                               | 69.084            | 0.028Z              |
| JOHN HANCOC K VII FNDAMENTA L ALL CAP CO9E TRUST                                                                                                                                  | 889.619                              | 889,619           | 0.320               |
| KEVA                                                                                                                                                                              | 1,871.053                            | 1.871.053         | 0,67d Z             |
| LA VILLETTE                                                                                                                                                                       | ó.90 J                               | 0.g51             | 0,003\$             |
| LACERA MASTER OPEB TRUST                                                                                                                                                          | I ,275                               | 1 .27 à           | 0.000\$             |
| LEA DERSEL P.M.I                                                                                                                                                                  | 6.07                                 | 6.07)             | 0,002R"             |
| LEGAL & GENERAL ICAV.                                                                                                                                                             | 2.42 I                               | 2.421             | 0,001               |
| LEGAL AND GENERAL ASSURANCE (PENSIONS MANAGEMENT) LIMITED                                                                                                                         | 1.776                                | 1.77 ó            | 0,001               |
| LINGOTTO ALTRNIVS INVSiMNTS MASTEP FND ICV-LNGHO SPCL                                                                                                                             | 294.701                              | 29d.701           | 0,106%              |
| LOCKHEED MARTIN COPPORATION MASTER RLTIREMENT TRUST                                                                                                                               | 20                                   | 20                | 0,000@              |
| LOS ANGELES COUNTY EMPLOYEES REJIPEMENT ASSOCIATE                                                                                                                                 | 11                                   | 11                | 0,000               |
| LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND                                                                                                                                   | 2.493                                | 2,H90             | 0.001               |
| LYXOR FISE )TALIA MID CAP PIR                                                                                                                                                     | 17.434                               | Z.43d             | 0,006(a),           |
| M & G Securities Limited                                                                                                                                                          | 184.4 ï 7                            | 18d.417           | 0.0ód%              |
| M INTERNATIONAL EQUITY FUND                                                                                                                                                       | 78                                   | y8                | 0,000\$             |
| M3P                                                                                                                                                                               | 8.4d5                                | 8.d 45            | 0.003(a)            |
| M3P 2                                                                                                                                                                             | 8.53                                 | 8,531             | 0,003(a)            |
| Majestic Honour Limited                                                                                                                                                           | ó.000.000                            | 6.000.000         | 2.1 62B             |
| M ANLILIFE ASSET MANAGEMENT LTD                                                                                                                                                   |                                      | 1                 | 0.0006              |
| MANULILE GLOBAL FRANCHISE FUND.<br>MANLILIFE INV CSTMENT EXCHANGE FUNDS COPP. - MAN UMFE                                                                                          | 255.642                              | 255.642           | 0,092\$             |
| BALANCED                                                                                                                                                                          | 271,285                              | 271.265           | 0.098(a)            |
| MANULIFE INU ESIMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                                                                                                                     | 137, 605                             | 137.d05           | 0,050               |
| MANILIEE INVETTMENT MANAGEMENT GLOBAL FOCLIS POOLED FUND                                                                                                                          | 96.4<br>ਰੇਤੋ                         | fi8,4P3           | 0,035               |
| MANULIFE U.S. ALL CAP COPE EQUITY FUND                                                                                                                                            |                                      | 2.528             | 0001#               |
| MANULIFE U.S. ALL CAP EQUITY FUND                                                                                                                                                 | 2.528                                | 514, 114          | 0788%               |
| MARCH IN EPNATIONAL - THE FAMILY BUSINESSES FUND                                                                                                                                  | S 14.I ) 4                           | 235.359           | 0,0837              |
| MAPYLANO STATE RETIXEMENI PENSION SYSTEM                                                                                                                                          | 235.359                              | 3.903             | 0,001Z              |
| MAUPEPTUIS                                                                                                                                                                        | 3                                    | 7.921             | 0003                |
| MEDIOLANUM GESTIONE FONDI SGP - FLESSIBLE SVILUPPO ITALIA<br>MERCER QiF COMMON CDNIRACTUAL FUND                                                                                   | 23251318808 3<br>14 10098312<br>( )) | 316.609<br>10.083 | 0. ? 14 A<br>0,004% |

![](_page_23_Picture_4.jpeg)

్లో ప్రా

![](_page_24_Picture_1.jpeg)

| MERCER QIF FUNO PLC                                                                                         |              | 17.394              | I 7.3'24        | 0,006 -             |
|-------------------------------------------------------------------------------------------------------------|--------------|---------------------|-----------------|---------------------|
| MERCER OCITE COMMON CONT8ACfUALFUND                                                                         |              | 7.180               | 7.180           | 0.003               |
| MOLINEL 1 I                                                                                                 |              | I ó.804             | I ó.804         | O.0O'S              |
| MOLINEL 15                                                                                                  |              | 4.933               | 4.933           | 0.002\$             |
| MO£INEL 18                                                                                                  |              | 29.862              | 29.8+2          | 0.0 J II            |
| MOLINEL 17                                                                                                  |              | t 2.919             | 12.Y 19         | 0,006%              |
| MOLINEL 18                                                                                                  |              | 5.79 I              | 5.791           | 0.002@              |
| MO2ILLA CORPORATION<br>MUL- LYX FTSE  T ALL CAP PIP 2                                                       |              | 2.499<br>4.02 I     | 2.479<br>4.02I  | 0,001 -<br>0,001 Si |
| NEF RISPARMIO I}ALIA                                                                                        |              | 3.137               | 3.127           | 0 00 -f             |
| NFS LIMITED                                                                                                 |              | 2,J I2              | 2.412           | 0,00J W             |
| NOPGES BANK                                                                                                 |              | I 59.495            | 159.495         | 0.057B              |
| NO8IHERN TRUST COMMON ALL COLINIRY WOPLO EX-US INVESTA 8LE                                                  |              | 3.152               | \$ ¡gy          | 0,001 %             |
|                                                                                                             |              |                     |                 |                     |
| NORTHLR N TRUST GLOBAL  UYESTMENTS COLLECTS VE FUNDS I9 JS!                                                 |              | \$3.901             | 53.901          | 0,019@              |
| NORTHERN IRUST UNITS COMMON CONTRACTUAL FRIND                                                               |              | 18.?9I              | l 8.197         | 0,007%              |
| OLD WESIBIJRY SMALL AND MCD CAP STD AfEGIES FOOD.<br>ONEPATH GLOBAL gHARES - SMALL CAP {UNHEDGED INDEXP OOL |              | J 72.985<br>1.871   | J 72.985<br>.87 | 0.0d2%<br>0.001%    |
| plR EQU  TY AXA ASSICURA 7IONI                                                                              |              | 30.000              | 30.000          | 0.011 %             |
| PM CSG World Equip Credil Suisse Funds AG                                                                   |              | 229                 | 229             | 0,000%              |
| PO BLIC AUTHORITY FOR SOC IAL INCUR ONCE                                                                    |              | 2.070               | 2.070           | 0.001 %             |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLOPADO PUBLIC                                                  |              | 20.4T'2             | 20.ISO          | 0,007@              |
| EMPLOYEES RETIREMENT SYSTEM OF OHIO                                                                         |              | 5.600               | 5.500           | 0,002%              |
| ROUND HILL S&P GLOBAL LUXURY ERF                                                                            |              | 05                  |                 | 0,000%              |
| R UE DE LA PAIX                                                                                             |              | 5,ó4ó               | S.ó4ó           | 0.002%              |
| SACRE CO EUR'                                                                                               |              | 30.971              | 30.99 J         | 0,0I 1 @            |
| SAGERNO INV ESTISCEMENTS                                                                                    |              | 3.9PJ               | 3.994           | 0,005%              |
| SAWA SRL                                                                                                    | 0ó921130d 87 | 3.385.090           | 5.772.180       | 2.4d0@              |
| School M oximilion Alexander                                                                                |              | TNO                 | Tó'0            | 0,000%              |
| SCHWA8 FUNOAMENTAL fNTEPNA7}ONA L 3MAtt COMPANY INDEX E!F                                                   |              | 71.2?'4             |                 | 0,025%              |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL CDMPANY INDEX FUND                                                   |              | 11.4S3              |                 | 0.00d               |
| SCHWA8 INTERNATIONAL SMALL CAP EQUITY EOF                                                                   |              |                     |                 |                     |
| gERENIS ADAGIO 1103                                                                                         |              | 127.075             | I 27.075        | 0.0'aW              |
| SHELL CANADA 2007 TENSION PLAN                                                                              |              | 2.773<br>183        | 2.773           | 0.001%              |
| SIFIO INVES1ISSEMENTS                                                                                       |              |                     | 7.414           | 0.000%              |
| SMALLCA P \^/ORLD FUND INC                                                                                  |              | %.41d<br>3.27a .5Z3 | 3.274.ú'73      | 0,003%<br>1.180     |
| SPARTAN GROUP TRUST FOR EMPLOYEE 8ENEFIT PLANS.                                                             |              |                     | 637             | 0,000%              |
| SPDR PORTFOLIO DEV ELOPED \t'OPLD EXIJA €TF<br>SPDR PORTFOLIO SUPOPE ETF                                    |              |                     | 5,957           | 0,00:2@             |
| SSB MSCI ACWI EX UNA IMI SCREENED NONLENDING COMMON TRUST                                                   |              |                     | I .fi51         | 0,001 @             |
| FJND                                                                                                        |              | ] .783              | ].783           | 0,001               |
|                                                                                                             |              |                     |                 |                     |
| SAB MSC) EAFE SMALL CAP INDEX SECIJRITIES tENDING COMMON FND                                                |              | 8.924               | 8.924           | 0,003&              |
| SSGA SPDR ETFS EIJPOFE II PC BLIC LIMITE D COMPANY                                                          |              | ] ,280              | ].280           | 0,000@              |
| SSC GLO8 AOW CAK €X5MP7 P5T1REMEN7 PtANS                                                                    |              | 88.745              | 88.745          | 0,032@              |
| STATE OF NE\'/ MEXICO STATE INVESTMENT COUNCIL                                                              |              | 11 .281             | 11.281          | 0,004%              |
| SïATE OK \^/ISCONSIN INVSSTMSMT 8OAR0                                                                       |              | I .702              | 1.702           | 0.001@              |
| S]ATE STkEET GLO8A L ALL CAP EQUIÏY €X£IS INDEX PORTFOLIO                                                   |              | 1 .1 70             | 1,t70           | 0,000y              |
| STATE TEACHERS R ETIR EMENF SDStES OE OHIO                                                                  |              | 800.000             | 800.000         | 0.288@              |
| STICHTING BEDRIJFSTA KPENSIOEN FONDS VOOR DE MEDIA PNQ                                                      |              | 7.+5S<br>2.448      | 7.855<br>2.448  | 0,003@<br>0.00IB    |
| STICHTING BPL PENSIOEN MANDAAT t/8S AM L7<br>STICHTING PENS IOEN£ONDS VOOR HUISARTSEN SÏICHï                |              | 1 d9                | IA9             | 0.000%              |
| ING PHILIPS PENSIO ENFONDS                                                                                  |              | 873                 | 8/3             | 0.000               |
| {STRATEGIC INTERNATIONAL EQOITY FUND                                                                        | I            | I                   | 2.I53           | 0.00t\$             |
| }SYNAPSE                                                                                                    |              |                     | 9.746]          | 0,004r}             |
| I!+RESAL MCG8ATH REVOCA8LE TRUST                                                                            |              | I 6.900]            | T8.g00l         | 0,007@]             |
| I+HEBAPCLAYS BANK UK RETIPEMENT£UND                                                                         |              | 2.802 j             | 2.802           | 0.00IX{             |
| }TH£ CONTINENTAL SMALL COMPANY SERIES NY                                                                    |              |                     | 170.103         | 0,06I B             |
| {THE EUROPEAN CENTRAL BANK                                                                                  |              |                     |                 |                     |
| THE HONG KONG AND SHA AGUA I BANKING COBPORATION LIMI}5D                                                    |              | 4.1 04.600          |                 |                     |
| {THE MONETARY AUTHORITY OF SINGAPORE                                                                        |              | 449                 | 4'49            | 0,000%}             |
| {THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                                | I            | 1.299j              | 1.299           | 0,000@}             |
| I!he Rose E. Swedlow Trusf DTD 03/18/92                                                                     |              | 15                  | Yes             | o,oooo              |
| I+++ +IATEOF CONNECTICU I, ACTING THROUGH iTS TPSASURER                                                     |              | 37.71 6]            | 37,716          | y                   |
| }TH£MES EUROPEAN LUXUPY ETF                                                                                 |              | I.529               | i.ssI           | 0.014B              |
| }TONTI KPL                                                                                                  | 12582220963  | ''.sszl             | 253,166]        | o,ooi's             |
|                                                                                                             |              |                     |                 | 0,09ISg             |
| iRIJS1 II BR}GHTHOUS5OTMÉNSlONAL)fJT SMALL COMPANY POPIFOLIO                                                |              | T'19                | ó19             | 0.000@              |
| CUBS (IPL] ETF PLC                                                                                          | I            | 2J .599             | 31.f'99         | 0,008Á}             |
| UBS FUND MANAGEMENT (5Wíf/E9rALIO] AG OK 8EHALF OF 7UPTCH                                                   |              | 2.T45               | 2.IJ5           | 0.00)B              |
| INVESTINS!ITUTIONAL FUE<br> UeS FU D MA üAGcM F r S w "zzRLA D¡ AG.                                         |              |                     | TI.óI2          | 0.00a@{             |
|                                                                                                             |              |                     |                 |                     |

|  | Teleborsa: distribution and commercial use strictly prohibited |  |  |  |  |  |
|--|----------------------------------------------------------------|--|--|--|--|--|
|--|----------------------------------------------------------------|--|--|--|--|--|

![](_page_25_Picture_1.jpeg)

| UBS LUX FUND SOLUCIONS                                                                             |                  | 25752      | 25,762   | 0.0097    |
|----------------------------------------------------------------------------------------------------|------------------|------------|----------|-----------|
| UNIVERSAL-INVESTMENT-GE55LfSCHAFI M8H ON BEHALF OF STBY-NW-                                        |                  | 2300       | 2.350    |           |
| UNIVERSAL-FUNDS                                                                                    |                  |            |          | 0,001?    |
| VA NGUAPD DEVELOPED MARKETS INDEX rLIND                                                            |                  | 320.f1     | 520.25 I | 0.1878    |
| VANGUARD ESG DEVELOPED WORLD ALL CAP EQ INDEX F-ND UK                                              |                  | 806        | 806      | 0.0000    |
| VANGUARD ESG IN7EeNATIONA£ SIOCK EU                                                                |                  | 7.8A0      | 7.8J0    | 0.0038    |
| VANGUARO EUROPEAN STOCK INDEX FUND                                                                 |                  | 2308B      | 130.809  | 0,0478    |
| VANGUARD FIDUCIARY TPUST COMPANY DEVELOPED MARKETS INDEX<br>TRUST                                  |                  | 10.391     | 10.391   | 0.004%    |
| VANGUAPD FIDUCIARY TPUST COMPANY INSTTUTIONAL fOTAL<br>NIEPNATIONAL STOCK MARKET INDEX TPUST       |                  | 62.138     | 621 38   | 0,022&    |
| VANGUARD FID0CIARY TRUST COMPAM'Y INSTITUTIONAL TOTAL<br>INTERNATIONAL STOCK MARKET INDEX TPUST II |                  | 4.361      | 4.3A1    | 0,002P    |
| VANGUAPD FTSE ALLWORLD EXUS SM ALLCAP INDEX FUN0                                                   |                  | 181.177    | 101.177  | 0,065\$   |
| VANGUARD PTFE DEVELOPED ALL CAPEX NOKIH AMERICA INDEX ETF                                          |                  | 9.011      | 9.011    | 0,003#    |
| VANGUARD FTSE DEVELOPEO EUROPE ALL CAP INDEX ETF                                                   |                  | રેરેન્ડે   | 653      | 0.000\$   |
| VANGUARD FUNDS PUBLIC LIMTIED COMPANY                                                              |                  | 909        | તે રેતે  | 0,000%    |
| VANGUARD INTERNATIONAL SMALL COMPANIES IND£X FUND                                                  |                  | 1.035      | 1.035    | 0,000\$   |
| VANGUARD INVESTMENT SEPIM PUBLIC LIMITED COMPANY                                                   |                  | hi.719     | 5.719    | 0.002P    |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND                                                      |                  | 315.155    | 315.155  | 0.11d(a)  |
| VANGUARD TOTAL WORLD STOCK INDEX FUND                                                              |                  | 36.396     | 38.396   | 0.014P    |
| V ERDIPAPIPFONDET KLP AKSJEG\OBAL SMALL CAP INDEES                                                 |                  | 98         | 98       | 0.00008   |
| VICENIE                                                                                            |                  | I 6.500    | 6.500    | 0,006\$   |
| VIF ICVC VANGUARD FTSE GLOBAL ALL CAP INDEX FUND                                                   |                  | 263        | 263      | 0,000A    |
| VI8CONTI ANGELICA CAMILLA CONSOLATA WAN                                                            | VSCNLC73C4FF205N | I 26,582   | 253.164  | 0,091'    |
| VISCON7I GINEVEA CAMILLA                                                                           | VSCGVP75A65F205B | 26.582     | 253.164  | 0,091%    |
| VISCONTI MARIA CONSOLAIA                                                                           | VSCMCN79H63F205M | 26,583     | 253.166  | 0.091 Á   |
| 1 /ASHINGTON STATE INVESTMENT BOARD                                                                |                  | 484        | d84      | 0,000(a), |
| WELLE INVEST                                                                                       |                  | 0.951      | ó.961    | 0,003\$   |
| WISDOMTREE OXNAMIC CURRENCY HEDGED INTERNATIONAL<br>SMALLCAP EQUITY FUND                           |                  | 1.79 Î     | I .791   | 0,000 B   |
| WISDOMTPEE EUROPE HEDGED EQUIJYFUND                                                                |                  | 4,592      | 4.59+I   | 0.002\$   |
| WISDOMTREE EUROPE HEDGED SMALLCA PEQUITY FUND                                                      |                  | 289        | 289      | 0,000     |
| W DOMikEEINTERNACIONAL HFDGEDQUA LITY DIVIDEND GPOWTH                                              |                  | વે જિદ્વેર | 4.586)   | 0,0028    |
| WtSDOMTPEE ILTEPNATIONAL QLIAMTY DIVIDEND GPOMH FUND                                               |                  | 2.596)     | 2.598    | 0,001P    |
| WISDOMTREE [NTERNATIONAL SMALLCAP DIVIDEND FUND                                                    |                  | 5.8921     | 5,892    | 0.002\$   |
| WMIFUNDS                                                                                           |                  | 7.723      | 7.723}   | 0,003P    |
| X78ACKEPS MCCI EURO7ONL HEDGED EQUITY EIF                                                          |                  | 488        | 488      | 0.000%    |
| YOffELA                                                                                            |                  | 4 Z.263    | 47.263   | 0.01 78   |

.

Tofole

140.505.8J 8 249.288.928

![](_page_25_Picture_5.jpeg)

![](_page_26_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

| Allagato " B" al Numero ______________________________________________________________________________________________________________________________________________________ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| del Repertorio e al Numero 28850                                                                                                                                               |
| della Raccolla.                                                                                                                                                                |

certified

Item 1

financial statements ai Salvatore Ferragano ù.p.A. as at ù / oicenore '2u ''z! correoo/o oe//a le/action on the management of the year 2023, including Oella consolidated statement containt information pursuant to Legislative Decree no. 264 re/on December 30, 2016, re/on to the year 2023. de/lo Re/action de/ Board of Statutory Auditing Company. Presentation of the Consolidated Financial Statements as of 3 i December 2023. De/iOperations inherent and consequent thereto.

|       |                                                                                                | no. votes   | 9à votes represented in<br>assembly | % of Voting Rights |
|-------|------------------------------------------------------------------------------------------------|-------------|-------------------------------------|--------------------|
|       | Quorum costitutivo assemblea                                                                   | 249.288.928 | 100%                                | 89,810%            |
|       | Voti per i quali il RD dispone di istruzioni per<br>ll'OdG in votazione (quorum deliberativo): | 249.288.928 | 100,000%                            | 89,810%            |
|       | Voti per i quali il RD<br>non disponeva di istruzioni:                                         |             | 0,000%                              | 0,000%             |
|       |                                                                                                | no. votes   | % voting participants               | % of voting rights |
|       | Faxorevole                                                                                     | 243.253.517 | 97,579%                             | 87,635%            |
| אינטא | Contrario                                                                                      |             | 0,000%                              | 0,000%             |
|       | Astenuto                                                                                       | 28.961      | 0,012%                              | 0,010%             |
|       | Not Voting                                                                                     | 6.006.450   | 2,409%                              | 2,164%             |
|       | Totals                                                                                         | 249.288.928 |                                     | 89,810%            |

![](_page_28_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary meeting April 23, 2024

Financial Statements of Salvatore Ferragano S.p.A. ol December 3 1 2023. cortedato of the Directors on the management of the year 2073, inclusive of the óichiorozione contenente fe non-financial information ci sensi del D. Lgs. 30 December 20 1b, n. 254 relotivo a l esercizio 2023, the Report of the Board of Statutory Auditors and Óello Socie tó di Revisione. Presentation of the Consolidated Financial Statements as of December 3 1 1 2023. Resolutions pertaining thereto.

#### List of participants in the voting for i/through the Designated Representative Mt. ////o(s) 8.p.A. in the person of Dr. C/audio Amóros/n/

| ACIS                                                                                                      | P.055            | 0.004B    | F      |
|-----------------------------------------------------------------------------------------------------------|------------------|-----------|--------|
| ACM A£L5GRO f240                                                                                          | 1 2.9 T7         | 0,005(a), | t      |
| ACM ALLEGRO 3041                                                                                          | 5,4d 6           | 0.002(a)  | F      |
| ACOMEA PMITALIA ESG                                                                                       | 91.029           | 0,009'B   | F      |
| ACOMEA STPATEG)A GLOBAL D)NAM)CA                                                                          | 13.258           | 0.005(a)  | F      |
| ADVANCED SERIES TRUST ART GLOBAL BOND PORTFOLIO                                                           | 107              | 0.000B    | F      |
| ALASKA PERMANENT FUMD CORPOE'ATION                                                                        | 154              | 0.000(a)  | F      |
| AMERICAM CEMTUPY ETF TRUST-AVANTIS INTEPNA£ONAL EQUITY EFF                                                | 5.327            | 0,002\$   | F      |
| AMERICAN CENTURY EF TRUST-AVANTIS INTERNATIONAL EQUITY FUND                                               | 3 J              | 0,000&    | F      |
| AMERICAN C£NTL'PY ETF 7PUST-AVALITIS INTERNATIONA£ SMALL CAP                                              | 442              | 0.000&    | F      |
| EQUITy ElF<br>AMERICAN CEMTUR Y ETF TPUST-A VASTA R5SPON518£E INTERNATIONAL                               | 314              | 0,000 -   | F      |
| EQUITY CF                                                                                                 |                  |           |        |
| AMERICAN FUNDS INS LIPANC E SERIESGRO \ /TH FUND                                                          | 2.174.477        | 0.872(a), | E      |
| AMLIND I FISE MIB                                                                                         | 38.17't          | 0,015%    | F      |
| AMUNDI INDEX ELIk OP E EX UK SMALL AND MID CAP FUND.                                                      | 1.944            | 0,001%    | F      |
| AMUNDI MSCI XML SMALL CAP ECG CT8 NZ AM8                                                                  | 90.829           | 0,036%    | F      |
| Arnunò MSCI Europe Sma§ Cap ESG Climal Net Zero Ambition CIB                                              | 17.857           | 0,00y     | f-     |
| AMUNDI SGR tPA / AMUNDI R SPAR MIO IIALIA                                                                 | 65.522           | 0.0268    | F      |
| SOUL GROWTH ITALY NEW                                                                                     | 10.758           | 0,004%    | F      |
| ANIMA FUMDS PUBLIC LIMCED COMPANY                                                                         | 12.554           | 0,005(a), | F      |
| ANITA INILATIVA IIAtlA                                                                                    | 199.764          | 0.08 r '  | F      |
| Arco Actions Italy                                                                                        | 1 30,000         | 0.052(a)  | F      |
| Arch Economy Paale Bilancioto Italy 30                                                                    | 330.000          | 0,132%    | F      |
| Arca Real Economy Bilancialo Holio 55                                                                     | 43.000           | 0,017%    | E      |
| ARIZONA STATE RETRETIREMENT STIEM.                                                                        | -                | 0,000%    | F      |
| APk OWSIREET (DELA\^/AkE) L/S FUND L.P AGRO\^/S}PEET CAPITAL LED<br>PARIN ERSHIP-ARROWSTREET DELAWAPE L'S | 10               | 0.000B    | F      |
| APROWSTPEET CAPITAL COPLEY FUNDfIMITED.                                                                   | 3.468            | 0,005%    | F      |
| ARROWSTREET CAPITAL ESG GLO8AL EQUITY LONG/SHORT FUND<br>MITE.                                            | 3.900            | 0,002%    | F      |
| ATOME                                                                                                     | f6 36 I          | 0.007(a)  | F      |
| AUSTRALIAN RETIREMENT TRUSt.                                                                              | 7.062            | 0,003%    | F      |
| AVENIfi INVESTISSEMENTS                                                                                   | 7.838            | 0,003%    | F      |
| AXA MPS FINANCIAR DESIGNATED ACIIVITY CO                                                                  | Z2.000           | 0,029%    | F      |
| AXA Vorso ge Fonds II 12quities Glabal Markets Smoll Cap Passive                                          | 8.04d            | 0,003(a), | F      |
| Credit Suisse Funds AG                                                                                    |                  |           |        |
| AXA WORLD FUNDS SFCAV                                                                                     | 364.441          | 0,146(a)  | F      |
| AZ FUND 1 AZ ALLOCATION ITALIAN TPEND                                                                     | 15.057           | 0,000%    | F      |
| A7 FUND 1 AZ ALLOCATION PIR ITALIAN EXCELLENCE 30                                                         | 2.501<br>5 T.715 | 0,001P    | F      |
| AZ FUNO t AZ ALLOCA7}ON PIC ITALIAN EXCELLENCE 70                                                         | 80.972           | 0,021%    | f<br>F |
| AZ FUND I-A7 ALtOCATION-ITALIAN tONG TEkM OPPOR UNITIES                                                   |                  | 0,024%    |        |

![](_page_29_Picture_1.jpeg)

| AZIMUT CAPITAL MANAGEMT MGR SPA                                                             |               | 25.865               | 0.010%              | F      |
|---------------------------------------------------------------------------------------------|---------------|----------------------|---------------------|--------|
| AZIMUT CAPITAL MANAGEMENT SGP SPA                                                           |               | K10?                 | 0.00/%              | F      |
| AZT DFA INTERNATIONAL CORE FOUITY FUND                                                      |               | ) . 885              | 0.001%              | F      |
| BANCO BLBAO VISCAYA ARGENTARtA SA                                                           |               | ?00.469              | 0,28s.              | t      |
| 8ANCOPOST PINASCIMENIO                                                                      |               | 25.34/               | 0,010%              | P      |
| BBVA DUMB INTO EUROPEAN EQUITY FUND<br>BFPGAMOTTA t RL                                      | 06949850488   | 12.464<br>] . £20?66 | 0,005T<br>0/90      | F<br>F |
| BLACKPOCK ASSET MANAGEMENT SCHWEI7 AG ON BEHALF OF                                          |               |                      |                     |        |
| ISHARES WORLD EX SWITZERLAND                                                                |               | I ೧೧                 | 0 000m              | F      |
| 8LACKPOCK AUTHO9ISED CONTRACIUAE SCHEME I                                                   |               | 100                  | 0.000B              | F      |
| BLACKROCK FUND MANAGERS LTD                                                                 |               | 100                  | 0.000X              | F      |
| BLACKPOCK INDEX \$ErECIION FUND.                                                            |               | Hoo                  | 0.00008             | E      |
| BLACEROCK INSTITUTIONAL TRUST COMPANY, N.A. INVESTMENT FUNDS<br>FOP EMPLOYEE BENEFIT TRUSIS |               | 125.655              | 0.050B              | f      |
| BLACKROCK LIFE LTD                                                                          |               | 100                  | 0.000%              | F      |
| BLACKROCE MSC! EASE SMALL CAP EQUITY INDEX FUND B {EAFESMLB                                 |               | 3.882                | 0,002%)             | F      |
|                                                                                             |               |                      |                     |        |
| BNP PA9IBAS EASY - MSC TEUROPE SMALL CAPS SPI S-SEPIES 5 CAPPED                             |               | 1 29.550             | 0,052(a)            | E      |
| BNP PARI8AS EQUITY - FOCUS IIALIA                                                           |               | 9.854                | 0,004(a),           | F      |
| BHPP MODERATE - FOCUS \TAL\ A                                                               |               | 59.786               | 0,024%              | F      |
| BORRAGINE SRL<br>C IN VESTISSEMENTS                                                         | 06949860487   | 1.720.788<br>3.634   | 0,690%              | F      |
| CALIFORNIA STATE TEACHERS' RETIPFMENT SYSTEM                                                |               | 1.768                | 0.001(a),<br>0.0016 | F<br>E |
| CAT}LLON 1                                                                                  |               | 7.184                | 0,003(a),           | F      |
| CENTRAL PENSION FUND OE THE INIE9NATIONAL UNION OF                                          |               |                      | 0,000%              | F      |
| OPERATING                                                                                   |               | 157                  |                     |        |
| CHRYSOtE Ef PIAT.                                                                           |               | ï 0.1 03             | 0,004%              | F      |
| CI WISDOMTREE EUROPE HEDGED EQUITY INDEX ETF                                                |               | 328                  | 0,000%              | I      |
| CI WISD OMTREE INTERNATIONAL QUALITY DIVI GPOWTH                                            |               | ó.263                | 0,003(a),           | E      |
| CITY OF PHILADELPHIA PUBLIC EMPLOYI2ES PETIPEMENT SYSTEM.                                   |               | 3.625                | 0,001(a)            | F      |
| COLLEGE RETIPEMENT EQUITIES FUND<br>CONNECTICUT GENERAL LIFE INSURANCE COMPANY              |               | 1.001<br>177         | 0,000%<br>0,000     | F<br>F |
| CREDIT SUISSF INDEX FUND (LUX)                                                              |               | 27,046               | 0.011%              | F      |
|                                                                                             |               | 4.433                |                     | F      |
| CSIF CH Equily World ex CH Smoll Cap Blue Credil Suisse Funds AG                            |               |                      | 0,002\$             |        |
| C81F CH EoUity World ex CH Small Cap MG Blue Credil Suisse Funds<br>AG                      |               | 3.716                | 0,001 %             | F      |
| CSIF CH III Equity World ex CH \$mall Cap ESG Blue Pension Fund Plus                        |               | 7.621                | 0.003%              | F      |
| Credit Suisse Funds AG<br>DE SHAM US BROAD MARKET COPc ALPHA EXTENSION CUSTOM FUND.         |               |                      |                     |        |
| II LL.C.                                                                                    |               | 421                  | 0.000Tr             | F      |
| DEKA-RAB                                                                                    |               | 4.544                | 0,002%              | F      |
| Edmond de Rothschild Fund Europe Synergy                                                    |               | 82.980               | 0,033%              | F      |
| EFFESETTE S9L                                                                               | 044037 J 0d88 | 6.972.180            | 2,797 g             | F      |
| ENS\GN PEAK ADviSOPs \ C                                                                    |               | i .i 75              | 0,0009              | E      |
| PUPIZON A2IONI ITALY                                                                        |               | 80.000               | 0,0325              | F      |
| EU8IZ ON SHARES PMI ITALIA                                                                  |               | 332,943<br>59.111    | 0,104%              | F      |
| EUPIZON CAPITAL SGP-PIR IIALIA 30<br>EURISON FUND                                           |               | 84.369               | 0,024%<br>0.034(a)  | F<br>F |
| EUPIZON PIP ITALIA A7IONI                                                                   |               | 2T .222              | 0,00g%              | F      |
| EURI7ON PROGPITO ITAtIA 20                                                                  |               | 84.276               | 0,034               | F      |
| Eufilzon PROJECT ITAMA 40                                                                   |               | 249.752              | 0d 00%              | F      |
| EURIZON PROJECT ITALIA 70                                                                   |               | 1   8.311            | 0047%               | F      |
| F&L CAPITAL                                                                                 |               | 7.636                | 0,003%              | F      |
| FADELIS 1NVESI                                                                              |               | 7.988                | 0.003%              | F      |
| FAFF SRL                                                                                    | 02607380033   | 9gó.7ó8              | 0,380%              | F      |
| FDF1 8EAtJfORB                                                                              |               | ó.760                | 0,003y              | F      |
| FDF1 CALISSON1 9d 7                                                                         |               | 8.207                | 0,003%              | F      |
| FDA  5MYL2206<br>FDF1 TONTON RAOUL                                                          |               | fi.900               | 0,003(a)            | F<br>F |
| FDF2 DCP                                                                                    |               | 12.823<br>8,719      | 0,005%<br>0,003%    | F      |
| LDF2 HBC FAMILY INVESTMENT                                                                  |               | 24.089               | 0,010%              | F      |
| FDF2 MSR                                                                                    |               | 5.250                | 0,000%              | F      |
| FDF2 NEW ALLEGPO 1144                                                                       |               | ું છે.               | 0,004%              | F      |
| FDF2 QA CAPITAL                                                                             |               |                      | 0,003%              | F      |
|                                                                                             |               |                      |                     |        |

![](_page_30_Picture_1.jpeg)

| FDF2 OSMOSE                                                                                                    |                    | 12.938             | 0,005               | P       |
|----------------------------------------------------------------------------------------------------------------|--------------------|--------------------|---------------------|---------|
| FERGAGAMO FERRUCCIO                                                                                            | FfifiFRC45P09DS7SX | 1 .01s.âb0         | 0M0d%               | P       |
| FERRAGAMO FINANZIAPIA SPA                                                                                      | 04t 61460482       | 183.223.620        | ?3,498              | f       |
| GIOVANNA FERRAGAMO                                                                                             | FPeG /N43CddOS75V  | ).Of2.b60          | 0,408%              | P       |
| FIDELITY CONCORD STREET TRUST: FIDELITY SAI INTERNATIONAL S                                                    |                    | d 13               | 0,000%              | ದ       |
| FIDELITY FUNDS - SUSTAINABLB CONSUMER BREADS ROOL                                                              |                    | S04:155            | 0.242%              | P       |
| FIDEMTY GLOBAL CONSUMER INDUSTRIES FUND                                                                        |                    | 3S.4dd             | 0.015%              | f       |
| FIDEL ITY MANAG£MENF AND RESMARCH COMPA NY &C                                                                  |                    | 2.402              | 0,001%              | P       |
| FIDELITY SALPM STREET TRUST: FIDELITY TOTAL INTERNATIONAL INDEX<br>rUND.                                       |                    | %.9T4              | 0.00d%              | F       |
| FIDEURAM COMPARTMENT PLAN A7IONI ITALIA                                                                        |                    | 347,369            | 0,139%              |         |
| FIDEURAM COMPARTMENT PLAN BILAN C IATO IIALIA 30                                                               |                    | 10.000             | 0,004%              | 1777    |
| FIDEURAM COMPA9TO PLAN BILAN CIATO IIALIA 50                                                                   |                    | IZOO               | 0,021%              |         |
| FINVIS S9L                                                                                                     | 04600610481        | £9?2380            | 2,797%              | וד   דר |
| FLEXSHARES MORNINGSTAR DEVJOPED MAI2KETS EX-CS FAQIOP LILI                                                     |                    |                    |                     |         |
| INDEX FUND                                                                                                     |                    | 269                | 0,000(a)            | F       |
| FLONAOA                                                                                                        |                    | 7.573              | 0,003B              | F       |
| FORSTA AP - FOND EN                                                                                            |                    | 4.970              | 0,002               | P       |
| G&C PLAC£MI=NT                                                                                                 |                    | 21.33b             | 0,009               | P       |
| GAMAX FIJNDS - JUNIOP                                                                                          |                    | 140.721            | 0,0d6               | C       |
| GESIIELLE PRO ITALIA                                                                                           |                    | 9.850              | 004%                | 11      |
| GIQUATTPO SRL                                                                                                  | 005141609 '5       | d.9Z2. 180         | 2,297%              | E       |
| HSBC ETFS PUBLIC LIMITEO COMPANY - HSBC MSC1 \ YORLD SMAtL                                                     |                    |                    |                     | F       |
| CAP ESG IJCITS ETF                                                                                             |                    | 1.882              | 0,001%              |         |
| RAM NATIONAL PENSION FUND                                                                                      |                    | i 1                | 0,000#              | F       |
| iBM 401 (KI P US PHA TPt Jr IELO                                                                               |                    | 184                | 0,000s              | f       |
| INVEST.                                                                                                        |                    | 6.845              | 0,X3%               | F       |
| jNTEPNATIONAt CORE EQUITY PORTFOLIO OF DFA INVESTMENT<br>DIMENSIONS GROUP INC.                                 |                    | 59.809             | 0.024%              | F       |
| INTERNATIONAL MONETARY FUND                                                                                    |                    | d086               | 0.002%              | F       |
| INVESC 0 FtSE kaFI DEVELOPED MARKETS EXUS SMAtrMID ETF                                                         |                    | i.005              | 0.00Ofi-            | F       |
| INVESCO INCOME ADVANTAGE INTERNATIONAL FUND                                                                    |                    | 2d                 | 0,000(a),           | F       |
| INVESCO MARKETS II PLC                                                                                         |                    | y89                | 0,000%              | F       |
| INVESTERINGS FORENINGEN DANSKE INVEST SELECT TACTICAL ASSET<br>ALLOCA7ION - DANMARK AKKUMIJLEPENDE- K£         |                    | 8.099              | 0,003%              | F       |
| INVESTE 'INGS FORENING EN DANSKE INVEST SSLECT TACO ICAL ASSET<br>ALLOCATION EURO - ACCUMULATING K£            |                    | 3.135              | 0.001%              | ದ       |
| INVESTERINGS FORENIN G EN DANS KE INVEST SELECT TACIICAL ASSFT                                                 |                    | 2J20               | 0.001 B             | F       |
| ALLOCA {ION NORGE - ACCUMULATING KL                                                                            |                    |                    |                     |         |
| INVESFFPINGSFORENINGEM DANSKE TNVEST 3EIFCT TACTICAL AZET                                                      |                    | 3.062              | 0.OD i B            | T-      |
| ALLOCATION SVERIGE - AC CUMIJLATING KL                                                                         |                    |                    |                     |         |
| jN VFS FPIL GS FORENINGEN SP ARINVEST INDEX EUPOPA.                                                            |                    | 4.291              | 0,002@              | F       |
| ISHARES ALL-COUNTRY EQUITY INDEX FUND<br>ISHARES CORE MSCI EAFE ETF                                            |                    | ી ૪૨               | 0.000X              | F       |
|                                                                                                                |                    | 407.249            | 0,t63S              | F       |
| ISHARES COkE MSC I EAFE IMI INDEX ETF.                                                                         |                    | 6411               | 0.000%              | F       |
| ISHARES COBE MSCI EUROPE ETF                                                                                   |                    | 13.814             | 0.006%              | F       |
| SHARE\$ CORE MSCI INTEPNATIONALDEVELOPFD MARKETS ETF                                                           |                    | 10.3T"9            | 0,004%              | F       |
| ISHARES COPE MSCI TOTAL INTERNATIONAL STOCK ETF.                                                               |                    | Z2.105             | 0,0297              | F<br>F  |
| ISHARES III PUBLIC £IMIED COMPAN Y<br>ISHARES MSCIEAFE SMALL-CAP ETF                                           |                    | 808                | 0.000(a)            |         |
| ISHARBS MSCI EURO R6 IMI INDEX ETF                                                                             |                    | 79.933             | 0,032(a)            | F<br>7  |
| ISHARES MSCI EUPOPE SMALL-CAP ETF                                                                              |                    | 1.234              | 0,000%              |         |
|                                                                                                                |                    | 1,037<br>40.395    | 0.000%              | F<br>F  |
| TSHAPES VII PUBLIC LIMITED COMPAN\                                                                             |                    |                    | 0.016%              |         |
| JAN INVESTISSEMENTS                                                                                            |                    | 18.507             | 0,007%              | F       |
| JHF II jNT'L SMALL CO FUND<br>JHVIT INT'£ SMALL CO TRUST                                                       |                    | 5.934              | 0,002@              | F<br>F  |
|                                                                                                                |                    | 2.452              | 0,001(a)            | F       |
| JOHN HANCOCK FUNDS TIFUNDAMENTAL ALL CAP CORE FUND<br>JOHN HANCOCK FUNDS II FUNDAMENTAL GLOSAL FRANCHISE FUND. |                    | 170.48<br>400.129  | 0,068(a),<br>0,161% | F       |
| JOHN HANCOCK TRUST COMPANY COLLECTIVE INVESIMENT TRUST I                                                       |                    | B9.084             | 0,028(a),           | F       |
|                                                                                                                |                    |                    |                     | F       |
| JOHN Hfi^H COCK VAT FNDAMENIAL ALL CAP CORE TRUST.<br>KEVA                                                     |                    | 889.619            | 0.357%              | F       |
| LA VILLETTE                                                                                                    |                    | 1,871.053<br>6.951 | 0,751%              | F       |
|                                                                                                                |                    | 1.275              | 0,003%              | F       |
| rACEgA MN/ER OPEB TPUSI                                                                                        |                    | 6.071              | 0,001 (a),          | F       |
| LEADERSEL P.M.I                                                                                                |                    |                    | 0,002%              |         |

![](_page_31_Picture_1.jpeg)

L

|                                                                                                  |               |                                                                                                                                                                               |                     | x -F   |
|--------------------------------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|--------|
| LEGAL & GENERAL ICA V.                                                                           |               | 2.421                                                                                                                                                                         | 0,001%              | F      |
| LEGAL AND GENERAL ASSUEANCE (PErISIONS MANAGEMENT) LIMITED                                       |               | 1.77 b                                                                                                                                                                        | 0,001 \$            |        |
| LINGOTTO ALTPNIVE INVSTMNIS MASTEP FND ICV-LNGTTO SPCL                                           |               | 294.701                                                                                                                                                                       | 0.1 1 8&            | F      |
| LOCEHEED MAPIN COPPORATION MASTER RETIREMENT TRUST                                               |               | 25                                                                                                                                                                            | 0,000%              | fi     |
| LOW ANGELES COUNTY EMPLOYEES RETIPEMENT ASSOCIATES                                               |               | 11                                                                                                                                                                            | 0, g00%             | F      |
| LVIP DIMENSIONAL INTERNATIONAL COKE COUITY FUND.                                                 |               | 2.493                                                                                                                                                                         | 0001B               | ?      |
| LYXOR FTSE ITALIA MID CAP PIP                                                                    |               | 1?434                                                                                                                                                                         | 0,00/%              | f      |
| M & G Securities Limifed                                                                         |               | 184.41 7<br>78                                                                                                                                                                | 0.074(a)            | F<br>f |
| M INTEPNATIONAL EQUITY FUND<br>M3P T                                                             |               | 8.445                                                                                                                                                                         | 0,000\$<br>0,003(a) | f      |
| M3P 2                                                                                            |               | 8.53]                                                                                                                                                                         | 0,003(@             | F      |
| MANULIFE ASSET MANAG'EMENT LOO                                                                   |               |                                                                                                                                                                               | 0,000(a)            | F      |
| MANULIFE GLOBAL FRANCHISE FUND.                                                                  |               | 255.842                                                                                                                                                                       | 0,103%              | E      |
| MANULIFE INVESTMENT EXCHANGE FLINDS COeP. - MANUEIFE.<br>BALANCED                                |               | לס7.17                                                                                                                                                                        | הגורה הגברית המו    | r      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORF. - MANULIFE U.S. EQU.                                    |               | 137.605                                                                                                                                                                       | 0,055%              | E      |
| MANULIFE INVgS {MENT MANAGEMENT GLOBAL FOCUS POOLED FUND.                                        |               | 96.493                                                                                                                                                                        | 0,039               | F      |
| MANULIFE U.S. ALL CAP CORE EQUILY FUND                                                           |               | 2.528                                                                                                                                                                         | 0,001%              | F      |
| MANULIFE U.S. ALL CAP EQUITY FUND                                                                |               | 514.11 4                                                                                                                                                                      | 0,205%              | E      |
| MAPCH INTERNATIONAL - THE FAMILY BUSINESSES FUND                                                 |               | 235.35P                                                                                                                                                                       | 0,094B              | F      |
| MAPYLAND STATE RETIREMFNT PENSION SYSTEM                                                         |               | 3.903                                                                                                                                                                         | 0,002%              | F      |
| MAUPEPtUIS                                                                                       |               | 7.921                                                                                                                                                                         | 0.003%              | F      |
| MEDIOLANUM GESTIONE FONDI SGP - FEESSIBILE SVILUPPO ITALIA<br>MERCEP QIF COMMON CONTRACIUAL FUND |               | 31 6.609<br>) 0.083                                                                                                                                                           | 0,127%<br>0,004s    | F<br>I |
| MERCEP QIF FUND PLC                                                                              |               | 17.394                                                                                                                                                                        | 0.007%              | F      |
| MERCER UCITS COMMON CONTRACTUALFUND                                                              |               | 1180                                                                                                                                                                          | 0,003               | F      |
| MOLINEL II                                                                                       |               | fi.804                                                                                                                                                                        | 0,007%              | F      |
| SPRINES£ 15                                                                                      |               | 4.933                                                                                                                                                                         | 0,002%              | F      |
| MOLINEL 16                                                                                       |               | 29.862                                                                                                                                                                        | 0,012%              | F      |
| MOLINEL 17                                                                                       |               | 12.91 9                                                                                                                                                                       | 0,005@              | F      |
| MOLINEL 18                                                                                       |               | 5.791                                                                                                                                                                         | 0,002B              | F      |
| MOZILLA COPPOR ATION<br>MUL- LYX FTSE IT ALL CAP PU 2                                            |               | 2.499<br>4.021                                                                                                                                                                | 0,001\$<br>0,002%   | F<br>F |
| NEF PISPAP MIO IFALIA                                                                            |               | 3.12Z                                                                                                                                                                         | 0,0016              | F      |
| NFS LIMITED                                                                                      |               | 2.412                                                                                                                                                                         | 0,001%              | F      |
| NOPGSS BANK                                                                                      |               | ો 59.495                                                                                                                                                                      | 0,0s4@              | F      |
| NOPTHERN TPIST COMMON ALL COUNIPY WOALD MX-US INVESTABLE<br>MAR                                  |               | g Sp                                                                                                                                                                          | 0.001%1"            |        |
| NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TPUST                                         |               | 53.901                                                                                                                                                                        | 0,022%              | I      |
| NORTHERN TRUST UCITS COMMON CONIPACTUAL FUND                                                     |               | ] 8.197                                                                                                                                                                       | 0,007%              | F      |
| OLD ( / ESJBURY SMALL AMO MCD CAP STPATEGIE3 FAND.                                               |               | 7'2.985                                                                                                                                                                       | 0,0d9%              | F      |
| ONEPATH GLOBAL 5HAR£S - SMALL CAP {UNHEDGED) INDEXPOO£                                           |               | 1.871                                                                                                                                                                         | 0,001 (a)           | F      |
| AIR EQUITY AXA ENSURES/ONE                                                                       |               | 50.000                                                                                                                                                                        | 0,012%              | F      |
| PK CSG World E uity Credit Suisse Funds AG<br>PUBLIC AUTHOPITY FOR SOCIAL INSURANCE              |               | 229<br>2.070                                                                                                                                                                  | 0,000\$             | F<br>F |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF CO09ADO.                                              |               | 20.452                                                                                                                                                                        | 0.001(a)<br>0.008%  | F      |
| PUBLIC EMPLOYEES RETIPEMENT SYSTEM OF OHIO                                                       |               | 5.600                                                                                                                                                                         | 0,002%              | F      |
| POUNDHILL S&P GLOBAL LUXUPY ETF                                                                  |               | 105                                                                                                                                                                           | 0,000\$r            | F      |
| RUF DE LA PAIX                                                                                   |               | 5.6Jd                                                                                                                                                                         | 0,002@              | F      |
| SACRE COEUR                                                                                      |               | 30.991                                                                                                                                                                        | 0,012\$             | F      |
| SAGERNO INVMTISSEMENTS                                                                           |               | 13.994                                                                                                                                                                        | 0,008(a)            | F      |
| SAWA SQL                                                                                         | 0692} 1 30H87 | S.77g.180                                                                                                                                                                     | 2,717(a)            | F      |
| SCHY/A8 FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX ETF                                        |               | 7'1.254                                                                                                                                                                       | 0.02g\$r            | F      |
| SCHWA8 FUNDAMENTAL INTERNATIONAL SMART COMPANY INDEX<br>FUND                                     |               | TI 462                                                                                                                                                                        | 0,005(a)            | F      |
| SCHS A8 INTERMATIONAL SMALLCAP EQUITY ETF                                                        |               | 127.075                                                                                                                                                                       | 0.0T"16             | F      |
| SPPENIS ADAGIO 1103<br>SHELL CANADA 2007 PENSION PLAN                                            |               | 2.773<br>183                                                                                                                                                                  | 0.00i%<br>0,000%    | F<br>F |
| SIFTO INVEST)55EMENTS.                                                                           |               | 17 17 17 4 14 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 | 0,003%              | F      |
| SMALECAP WORLD FUND INC                                                                          |               | 3:274:573  4                                                                                                                                                                  | 1,314%              | F      |
|                                                                                                  |               | ্রা                                                                                                                                                                           |                     |        |

![](_page_32_Picture_1.jpeg)

| SPAPTAN GROUP TPUST FOB EMPLOYEE BENEFIT PLANS.                                                 |                   | 637       | 0.000%          | F |
|-------------------------------------------------------------------------------------------------|-------------------|-----------|-----------------|---|
| SEDR PORTFOLTO DEVELOPED WORLD EXOS ELF                                                         |                   | 5.967     | 0002T           | f |
| SPDR POPTFOtIO EUROPE ETF                                                                       |                   | 1.551     | 0.00%           | L |
| SSB MSCI AC YI M USA IMI SCREENED NOM ENDING COMMON TRUST<br>FUND                               |                   | .783      | 0,00\ (a),      | F |
| SSB MSCI EAFE SMALL CAP INDEX SECURITIES SENDING COMMQN FND                                     |                   | 8.924     | 0,0046          | F |
| SEGA SPDR ETFS EUPOPE II P UBLICLIMITED COMPANY                                                 |                   | 1.280     |                 | f |
| SSt GLO8 AOV 7AX EXEMPT ROIREMENI PLANS.                                                        |                   |           | 0,001s<br>0.036 | F |
| STATE OF NEW MEXICO SIAIE INVESIMENT COIJNCI£                                                   |                   | 88.745    |                 |   |
|                                                                                                 |                   | 11.281    | 0.006s          | t |
| STATE OF WISCONSIN INVESTMENT BOARD                                                             |                   | I .702    | 0,00            | F |
| STATE STREET GLOBAL ALL CAP EQUITY EXUS INDgX PORTFOLIO.                                        |                   | 1. 170    | 0,000\$         | F |
| STATE TEACHERS REWPEMEN7 SYSTEM OF OHIO                                                         |                   | 800.000   | 0.32JW          | F |
| ITICHTING SEDPIJFSTAKPENSIOEN BONDS VOOR DE MEDIA PNO                                           |                   | 7.655     | 0,003%          | F |
| STICHTING BPM PENSIOEN MANDAAI UBS AM LI                                                        |                   | 2.44B     | 0,0016          | I |
| Sfichting PENSIOENFONDS VOOP HUISARTSEN                                                         |                   | 1 69      | 0.000%          | F |
| STICHING PHILIPS PENSIOENFONDS                                                                  |                   | 873       | 0,000%          | F |
| STRATEGIC INTERNATIONAL EQUITY FUND                                                             |                   | 2.153     | 0,00T%          | F |
| SYNAPSE                                                                                         |                   | 9.7'4ó    | 0,000(a)        | F |
| THEME L MCGRAPH REVOCASLE TRUST                                                                 |                   | 18.900    | 0,008%          | F |
| THE BAP CLAYS BANK UK PEFREMENTFUND                                                             |                   | 2.802     | 0,00f(a),       | F |
| THE CONTINENTAL SMALL COMPANY SFRIEfi NY                                                        |                   | 1z0.103   | 0,068(a)        | F |
| THE ETIROPEAN CENTFIAL BANK.                                                                    |                   | 29%84     | 0,012(a)        | F |
| THE HONGKONG AMD SHANGHAI BANKING CORPOPATION LIMITED                                           |                   | 4.104.600 | 1.z'47(a)       | F |
| THE MONETARY AUTHORITY OF SINGAPORE                                                             |                   | 449       | 0,000(a)        | F |
| THE REGENT OF THE UN VERSITY OF CALIFORINIA.                                                    |                   | 299       | 0,001%          | F |
| THE STAIE OF CONNECTICUT, ACTING THROLTGH US TPEAST/eFP.                                        |                   | 37.7 6    | 0,015%          | F |
| IHEMES EUROPEAN LUXUeY ETF                                                                      |                   | 1.529     | 0,001(a)        | F |
| TONTI SRt                                                                                       | 12582220963       | 253. 1 66 | 0,102(a)        | F |
| TPUS7 II 8P/GHTHOUSEOT/ IENSIONALINT SMA£L COMPANY PO PTFOLIO                                   |                   | / 19      | 0,00008         | F |
| UBS I R L   ETF PLC                                                                             |                   | 21899     | 0,009%          | F |
| UBS FUND MANAGEMENT (SWITZERLAND) AG ON BEHALF OF ZUPICH                                        |                   |           |                 |   |
| IN VESTINSTITUTIONAL FUN                                                                        |                   | 2.146     | 0.00lfi'        | F |
| UBS FUND MANAGEMENT (SWITZEPLAND) AG,                                                           |                   | 11.5)2    | 0,005#          | F |
| ABS LUX FUND SOLUTIONS                                                                          |                   | 25.ZS2    | 0,010           | F |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH ON BEHALF OF STBV-NY/-                                    |                   | 2.360     | 0,001s          | f |
| UNIVERSAL-FONDS                                                                                 |                   |           |                 |   |
| VANGUAPD DEVELOPED MAPKETS INDEX FUND                                                           |                   | 520.25 I  | 0,209%          | f |
| VANGUARO ESG DI=VE£OPFD CO RCD ALS CAP EO TND8X AND UK                                          |                   | 80ર       | 0,000           | F |
| VANGUARD ESG INTERNATIONAL STOCK ETF                                                            |                   | 7840      | 0,003%          | F |
| VANGUARD EUROPEAN STOCK INDEX FUND                                                              |                   | I 30.80P  | 0,052(a)        | F |
| VANGUARD F)0JCtAPY TRUST COMPANY DEVELOPED MARKETS INDEX.                                       |                   | 10391     |                 |   |
| ારપુરી                                                                                          |                   |           | 0,004'B         | F |
| VANGLIAPD FIDUCIAPY IRUST COMPANY INSTITUTIONAL {ORAL<br>INTERNATIONAL STOCK MARKET INDEX TRUST |                   | 62. 38    | 0,025%          | r |
| VANGUARD FIDUCIARY TRUST COMPANY INSTITUTIONAL TOTAL                                            |                   | 4.36 T    | 0,002(a)        | F |
| INTERNATIONAL STOCE MARKET INDEX TRUST II<br>VANGUAPD FTSE ALL YORLD EXUS SMALLCAP INDEX FUND   |                   | 181.177   | 0,073%          | F |
| VANGUARD FTSE DEVELOPED ALL CAPEX NOPTH AMERICA INDEX ETF                                       |                   | 9.0 y     | 0.004%          | F |
|                                                                                                 |                   |           |                 |   |
| VANGUAPD FEE DEVELOPED EUROPE ALL CAP INDEX EIF                                                 |                   | 053       | 0.000           | F |
| VANGIJAPD FUNDS PU8£IC tIMITED COMPANY.                                                         |                   | તેરતું    | 0,000%          | F |
| VANGUARD INIERNAIIONAL SMALL COMPANIES INDEX FUND                                               |                   | 1.038     | 0.000(a)        | F |
| VANGUARD TNVESTMEN7 S8RI£S PU8£)C LIMITED COMPANY                                               |                   | 5.719     | 0,002E          | F |
| VANGUARD TOIAL INTERNATIONAŁ SIOCK INDEX FUND                                                   |                   | 315.155   | 0,126%          | F |
| VANGUARD TOTAL WOPED STOCK INOEX FUND                                                           |                   | 38.395    | 0,0t5%          | F |
| VERDIPAPIPFONDEI KLP AKSJEGLO8AL SMA£L CAP INDEKS                                               |                   | તેમજ      | 0.000%          | F |
| VICENTE                                                                                         |                   | 15,500    | 0,0077          | F |
| VIF tCVC VANGUAPD FTSE GLOBAL ALS CAP INDEX FUND.                                               |                   | 263       | 0,000(a)        | F |
| VISC UN ANGELICA CAMtLLA CON8 OLATA WAN                                                         | VSCNLC7'3F44F205N | 253.154   | 0, 02B          | F |
| VISCONTI GINEVRA CAMILLA                                                                        | VSCGVR75A85F205B  | 253.164   | 0,102%          | E |
| VISCOUNTS MARIA CONSOLATA                                                                       | PSC MCN79H63F205M | 253. I óó | 0.102B          | F |
| VASHTNGTON STATE )NVESTMENT BOARD                                                               |                   | 484       | 0,000%          | F |

![](_page_33_Picture_1.jpeg)

| WELLE INVENT.                                                      | 6.951     | 0,%3\$. | F  |
|--------------------------------------------------------------------|-----------|---------|----|
| WISDOMTP£E DYNAMIC CUPPENCY HEDGED INTERNATIONAL                   |           |         |    |
| SMAL£CAP EOUITY FUND                                               |           | 0,001 % | F  |
| WISDOMTREE EUROPE HEDGED EQUj{YFUND.                               | <592      | 0,002   | F  |
| \'/ISDOMTREE EUROPE HEDGED SMA£rCAP EQUITY FUND.                   | 289       | 0,000B  | I  |
| \^/I5DOMTREE INTERNATIONAL HEDGED QUA LITY DIVIDEND GPOWTH<br>FUND | 4.d8d     | 0,002@  | F  |
| WISOOMTREE INTERNATIONAL QUALITY DIVIDEND GRO\^/TH r\IND.          | 259d      | 0,001@  | F  |
| WISDOMfPEE INTEpNATIONAL MALLCAP DIVIDEND FUND.                    | 5892      | 0,002@  | F  |
| WMI FUNDS.                                                         | 7.723     | 0.003%  | F  |
| XTRACKERS MSC I EUROZONE HI2DGED EQUIIY ETF                        | d88       | 0.000@  | F  |
| YORELA                                                             | 47.2é3    | 0,019@  | F  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                         | 22.000    | 0.009@  | A  |
| CITY OF NEW YORK GROUP TRUST                                       | d.945     | 0,0036  | A  |
| The Rose K. Swedlow Trust DTD 03/] P/92                            | 15        | 0,000B  | A  |
| Global Site COmmerciol Inc.                                        | d.300     | 0.003   | IV |
| MaJestic Honour Limited                                            | 6.000.000 | 2.407B  | NV |
| School Maximilian Alexander                                        | 150       | 0,000@  | NV |
|                                                                    |           |         |    |

Total votes 249.288.g28 100%

Legends

A - Astenu No

NE - Non-Express

![](_page_33_Picture_8.jpeg)

![](_page_34_Picture_1.jpeg)

![](_page_34_Picture_2.jpeg)

![](_page_35_Picture_1.jpeg)

FERRAGAMO

| 1. 12. 2018 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12. 12<br>Allegato " C. " al Numero  3.5-22-12-11-11-11-11-11-11 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| del Reperterio e al Numero  20850 I                                                                                                                                                                                                      |
| dolia Rancolia.                                                                                                                                                                                                                          |

## Draft Operating Budget as of December 31, 2023

| Financial Statements                                                                                  | 370 |
|-------------------------------------------------------------------------------------------------------|-----|
| Statement of Assets and Liabilities - Assets.                                                         | 370 |
| Statement of Financial Position - Liabilities and Equity.                                             | 371 |
| Income Statement                                                                                      | 372 |
| Statement of Comprehensive Income                                                                     | 373 |
| Statement of Cash Flows                                                                               | 374 |
| Statement of Changes in Shareholders'                                                                 | 375 |
| Equity Explanatory Notes to the B ilanc e of                                                          | 376 |
| the Year                                                                                              |     |
|                                                                                                       | 418 |
| Comments on the main items in the statement of financial position (assets,<br>equity and liabilities) | 444 |
| Commentary on key income statement items Other                                                        | 450 |
| information                                                                                           | 475 |
| Disclosure pursuant to Article 149-duodecies of the Issuers' Regulation                               | 476 |
| Attestation pursuant to Article 154-bis of Legislative Decree No. 58 of February 24, 1998             | 478 |
| (Consolidated Law on Finance} Report of the Board of Statutory Auditors                               | 494 |
|                                                                                                       |     |

Independent auditors' report

![](_page_35_Picture_7.jpeg)

![](_page_36_Picture_1.jpeg)

fi"s Management Repor Statement Consohòata Ói Carnt tere Unfunded Consolidated Annual Repor Financial Statement 

FERRAGAMO

certified

## Ccntabili Prospectuses

## Statement of Assets and Liabilities - Assets

| (In Euro)                                              | Notes | December 31<br>2023 | of which can<br>parts<br>related | December 31<br>2022 | of which can<br>parti<br>related |
|--------------------------------------------------------|-------|---------------------|----------------------------------|---------------------|----------------------------------|
| NON-CURRENT ASSETS                                     |       |                     |                                  |                     |                                  |
| Immobili plant and machinery                           | 5     | 102.920.81 1        |                                  | 94.978.017          |                                  |
| Activityź by right of use                              | 6     | 144.677.426         | 92,644.628                       | 117.210.060         | 66.869.022                       |
| Startup                                                | 7     | 6.679.274           |                                  | 6.679.274           |                                  |
| Activityź immateriali a viŁa utile definita            | 8     | 34.501.994          |                                  | 32.815.349          |                                  |
| Equity investments in companies with Łrollers.         | 9     | 150.248.69f         |                                  | f5T.426.655         |                                  |
| Altre at tivitó not current                            | 10    | 1.758.243           |                                  | 2.277.571           |                                  |
| Other noncurrent financial assets.                     | 11    | 171.267             | 10.600<br>157.054                |                     | 4.800                            |
| Deferred tax assets                                    | 40    | 17.49L939           |                                  | 14.601.797          |                                  |
| TOTAt5ATTNITńNONCORRENTI                               |       | 458.449.665         | 92.655.228                       | 420. 45.777         | 6&573.822                        |
| CURRENT ASSETS4                                        |       |                     |                                  |                     |                                  |
| Rimanenze                                              | 1 Z   | 79.684.770          |                                  | 73.378.168          |                                  |
| Dirittl of product recovery from customers for returns | 13    | 12.008,809          |                                  | 12.654.331          |                                  |
| Trade credits                                          | T4    | 182.343.025         | 150.234.870                      | 161.1 13.992        | 135.539.248                      |
| Tax credits                                            | 18    | 18.247.520          |                                  | 1 6.397.959         |                                  |
| Other current assets                                   | 16    | 13.967.992          | 14.077                           | 13.706.558          | 460                              |
| Other current financial assets                         | 17    | 185.140.741         | 148.366.294                      | 132.454.27#         | 122.199.343                      |
| DisponlbiTits  fqufde and equ@lent means.              | 18    | 203.179.52#         |                                  | 268.832.953         |                                  |
| TOTAL£ CURRENT ASSETS                                  |       | 694.574.381         | 298.615.241                      | 678.538.232         | 257.739.00 1                     |
| TOTAtEATTIVITń                                         |       | 1.153.024.046       | 391.270.469                      | 1.098.684.009       | 324.312.873                      |

Consolidated Financial Statement Annual Repor

EMARKET SDIR certified

## Statement of Financial Position - Liabilities and Shareholders' Equity.

| (In Euros)                          | Notes | 31 dicembers<br>of which with<br>2023<br>parts<br>related |             | December 31<br>2022 | of which with<br>parts<br>related |
|-------------------------------------|-------|-----------------------------------------------------------|-------------|---------------------|-----------------------------------|
| NET PATRINONIUM                     |       |                                                           |             |                     |                                   |
| Share capital                       | 19    | 16.879.000                                                |             | 16.879.000          |                                   |
| Reserves                            | 19    | 613.706.508                                               |             | 568.763.282         |                                   |
| Net result of the perlodo           |       | 86.999.603                                                |             | 89.239.108          |                                   |
| TOTAL NET WORTH                     |       | 717.585.111                                               |             | 674.881.390         |                                   |
| NON-CURRENT LIABILITIES             |       |                                                           |             |                     |                                   |
| Provisions for risks and charges    | 2J    | 34.331.023                                                |             | 38.211.369          |                                   |
| Liabilities for employee benefits   | 22    | 4.881.818                                                 | 5.310.096   |                     |                                   |
| Other non-current liabilities       | 23    | 2.360.816                                                 | 3 fi0.83 0  | 1.930.509           | 1.462.#80                         |
| Non-current lease liabilities       | 24    | 140.632.632                                               | 92.409.952  | 111.673.808         | 64.985.555                        |
| Deferred tax liabilities            | 40    | 4.228.560                                                 |             | 5.174.724           |                                   |
| TOTAL NON-CURRENT PASSIVIT/t        |       | 186.434.849                                               | 92.760.782  | 162.300.506         | 66.448.035                        |
| CURRENT LIABILITIES                 |       |                                                           |             |                     |                                   |
| Trade payables                      | 25    | 178.139.354                                               | 55.018.418  | 143.463.986         | 25.425.789                        |
| Liabilities for returns             | 26    | 22.915.198                                                |             | 22.576.538          |                                   |
| Prestltl and financingl             | 20    |                                                           |             | 21.389.547          | 21.389.547                        |
| Tributarl debts                     | 27    | 4.093.512                                                 |             | 8.540.842           |                                   |
| Other current liabilities           | 28    | 25.231.864                                                | 9.657.510   | 50.184.167          | 27.418.799                        |
| Liabilities for current leases      | 24    | 18.255.587                                                | 9.359.124   | 14.250.851          | 7.452.958                         |
| Other current financial liabilities | 29    | 368.571                                                   |             | 1.096.182           |                                   |
| TOTAL8 CURRENT LIABILITIES          |       | 249.004.086                                               | 74.035.052  | 261.502.113         | 81.687.093                        |
| TOTAL LIABILITIES                   |       | 435.438.935                                               | 166.795.834 | 423.802.619         | 148.135.128                       |
| TOTAL EQUITY AND LIABILITIES        |       | 1.T 53.024.046                                            | 166.795,834 | 1.098.684.009       | 148.T 35.128                      |

![](_page_38_Picture_7.jpeg)

ﺇ

![](_page_39_Picture_1.jpeg)

## FERRAGAMO

## Income Statement

|                                              | Notes | 2073          | related      | 20Z2          | related      |
|----------------------------------------------|-------|---------------|--------------|---------------|--------------|
| Revenues from contracts with customers       | y1    | 734.820.182   | 499.407.482  | 740.233.835   | 567.447.624  |
| Changes in inventories of finished goods     |       | (297.203)     | 8.032.83S    |               |              |
| Cost of raw materials, goods and consumables | 32    | (185.852.707) | (125.293}    | (190.137,501) | (231.160)    |
| Costs for services                           | 33    | (255.207.747) | t7-087.146}  | (269.308.869) | (8.407.938)  |
| Cost of] personnel and                       | 34    | (86.645.637)  | (9.004.474)  | (98.424.941)  | (22,496.156) |
| Depreciation and amortization                | 35    | (42.3 18.737) | (11,252.969) | (39.28 6.429) | (8.9 S0.903) |
| Akd':osdopeanvi                              | 36    | (63.596.702)  | (52.223.686) | (29.751.988)  | (22.535.170) |
| Other income                                 | 37    | 13.793,850    | 2.774.266    | 22.519.374    | 40.374.9 48  |
| Operating Result                             |       | 114.698.299   |              | 43.874.3 T6   |              |
| Financial charges                            | 38    | (67.902.625)  | (4.305.205)  | (71.798.79S)  | (2.352.940)  |
| Financial income                             | 39    | 66,551,44TI   | 30.340.96 6  | 53.633.886    | 13.520.426   |
| Pre-tax income                               |       |               |              | T25.709.407   |              |
| income taxes                                 | 40    | (I6.347.516)  |              | W6.470fl99)   |              |
| Net income for the period                    |       | 86.999.603    |              |               |              |

| EMARKET<br>SDIR |
|-----------------|
| CERTIFIED       |
|                 |

Management Report

## Comprehensive income statement

| (jn miles of Euro)                                                                                                        | Notes | 2023    | 2022    |
|---------------------------------------------------------------------------------------------------------------------------|-------|---------|---------|
| Net rlsult for the period (A)                                                                                             |       | 87.000  | 89.239  |
| Other gains/(losses'} that will be later rlc\asslfTcat\ in net income for the period                                      |       |         |         |
| - Profit/(PerdTta) da cosh flow hedge                                                                                     | 3     | (3.943) | 17.921  |
| - Tax effects on components that will later be rTclasslflected in net income<br>of the period                             |       | 947     | (4.y01} |
| Total other gains/(losses) to be subsequently riclassified in the net result of the<br>period, net of Taxes (B1)          |       | (2.996) | 13.620  |
| A other gains/(losses) that will not be subsequently rlc ass fied in the net income for the period                        |       |         |         |
| - Profit/(Loss) from accounting for employee defined benefit plans                                                        | 22    | (164)   | 633     |
| - Flscall effects on components that will not be subsequently reclassified in the net par)odo result                      |       | ਤਰ      | (151)   |
| Total other vfili/(losses) that will not be subsequently reclassfflected in net rlsult for the period, net<br>of tax (B2) |       | (1 25)  | 482     |
| ToŁale altr1 uŁili/(losses) net of imposłe(B1 +B2=B)                                                                      |       | t*.t21) | 14.102  |
| Total rIsu total income net of ]taxes (A+BJ                                                                               |       | 83.879  | 103.341 |

![](_page_40_Picture_5.jpeg)

Bilancio Consoli"Irto Consoli"Internation MO

## Cash flow statement

Management Report

| (In Euro)                                                                                     | Note   | 202 of cut with agars |              | 2005 which wallaggarts                    |              |
|-----------------------------------------------------------------------------------------------|--------|-----------------------|--------------|-------------------------------------------|--------------|
| PROFIT/(LOSS) FOR THE<br>PERIOD                                                               | S      | 86,999.603            |              | 89.239.10B                                |              |
| Rattifirhe to reconcile The net result with flows.<br>cash generated/(used) by operations'    |        |                       |              |                                           |              |
| Depreciation and impairment of tangible assets, immaferiall<br>and activities by right of use | 5-6-B  | 42.3f5.737            | 11.252.969   | 39.288.429                                | 8.910.903    |
| Income tax                                                                                    | 40     | 26.347.516            |              | 36.470.299                                |              |
| Provision for employee benefit plans                                                          | 22     | 18B.652               |              | 28.499                                    |              |
| Accrual/(use) to provision for inventory depreciation                                         | 12     | 4.B67.142             |              | (1.210.816)                               |              |
| Provision for/(use of) provisions for risks and charges                                       | 21     | 5.148.T43             |              | 549.390                                   |              |
| Losses and net accruals to allowance for doubtful accounts                                    | 14     | 1.282.563             |              | 111.653                                   |              |
| Capital loss/(gain) on disposal of tangible and intangible assets                             |        | 19.157                | (15.500)     | 2.747                                     |              |
| Impairment/(rf\valuations)investments in subsidiaries                                         | 9      | 23.564.074            |              | 14.536.211                                |              |
| Costs per pJano stock grant                                                                   | 34     | 3.962.273             | 3.871.451    | 6.585.637                                 | 6.585.637    |
| Interest expense and interest on lease liabilities                                            | 38     | fi.932.510            | 4.051.517    | 3.905.839                                 | 2.174.395    |
| Interest income                                                                               | રૂત્વ  | (11.260.212)          | t4.828.936)  | (2.323.238)                               | (1.714.148)  |
| Dividend income from subsidiaries                                                             | રેત્વે | (25,512.030)          | (25.512.030) | (11.211.684}                              | (11.211.684) |
| Other economic components without cash movements                                              |        | 2.548.601             |              | 2.596.319                                 |              |
| Variations in activities and operational passuity:                                            |        |                       |              |                                           |              |
| Trade credits                                                                                 | 14     | (33.653.033)          | (14.695.622) | 4.444.709                                 | (4.391.775)  |
| Inventories                                                                                   | f2     | (II,173,747)          |              | B347.923                                  |              |
| Trade debts                                                                                   | 25     | 34.675.361            | 29.59Z.629   | (5.755.080)                               | 43.130.095   |
| Other tax receivables and payables                                                            | 18-27  | (263. ff8)            |              | 2.091.769                                 |              |
| Payments for benefits to employees                                                            | 22     | (761.159)             |              | (418.353)                                 |              |
| Other activities                                                                              |        | (699.33s)             | t 9.'t7)     | (2. 66.2is)                               | 2.633.599    |
| Other liabilities                                                                             |        | (5.'i 75.448)         | (17.761.289) | 7.319.305                                 | 27.012.475   |
| Other net                                                                                     | 21     | (199.007)             |              | (933.332)                                 |              |
| Income taxes paid                                                                             |        | (48.899.785)          |              | (6.429.331                                |              |
| Interest expenses and interest onl   and lease liabilities paid                               |        | (4.585.781)           | (4.305.205)  | (3.665.125)                               | (2.356.4J 8) |
| ìoteressi recasezti                                                                           |        | 11.260.212            | 4.828.936    | Z.323.238                                 | 1.714.148    |
| Dividends collected                                                                           |        | 25.S12.030            | 25.512.030   | 11.211.664                                | 11.211.684   |
| Flow oicusà cEuzeATo/functional;a<br>TivnA oPziu\=vA                                          |        | 132.430.839           | 11.971.533   | 194.939.585                               | 53.698.911   |
| Cash flow from Investment activities:                                                         |        |                       |              |                                           |              |
| Material assets purchased                                                                     | 5      | (18.854882)           | (2200)       | (8.361.268)                               | (2.000)      |
| Intangible assets purchased                                                                   | రి     | ( 16 84618)           |              | (12.459.033)                              |              |
| Proceeds from the sale of tangible and intangible assets.                                     |        | S3.D81                | 15.500       | yL803                                     |              |
| Investments in subsidiaries                                                                   | 9      | (1.189.398)           | (1,4 59.398) | (2S.SSO.767)                              |              |
| Net change in Alother current financial assets                                                | 17     | (81,864,581J          | (66.y23.787) | f33.894.782)                              | (23.892.782) |
| CASH FLOW GENERATED/(USED) BY THE ACTIVITY<br>OF INVESTT/ fENTO                               |        | (114.010.398)         | (57.269.BUS) | (80.211.047)                              | (23.894.782) |
| Cash flow from financial activities:                                                          |        |                       |              |                                           |              |
| Net change in financial debt                                                                  | 20     | (21Z89.547)           | (21.389.547) | (87,783.753)                              | 21.389.247   |
| Repayment of lease liabilities                                                                | 24     | (16.334.111)          | (9,003.009)  | (14.814.Z91}                              | (7.872.884)  |
| Payment of dividends                                                                          | J9     | (46.350.212)          | (33.539.989) | (\$56,732,fi42                            | (40.688.109) |
| Purchase of own shares                                                                        | 19     |                       |              | (42.669.667)                              |              |
| CASH FLOW GENERATED/(USED) BY THE ACTIVITY<br>OF FINANCING                                    |        | (84.013.870)          |              | 163.932.545) (202.000.253) {27. t 71.446} |              |
| INCRENENTO/(0ECR5MENT} NET IN NET CASH AND CASH<br>EQUIVALENTS                                |        | (65653419)            |              | (87.2 7J.7f 5}                            |              |
| NET CASH AND CASH EQUIVALENTS ALINIZ10 THE YEAR                                               |        | 268.832953            |              | 356.104.668                               |              |
| Increase/(Decrease) in and cash and cash equivalents tiette                                   |        | ssssa'z9              |              | (87.271.7 \ 5)                            |              |
| NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                                          | 18     | 203179.524            |              | 268.832.953                               |              |

EMARKET
SDIR certified

## Statement of Changes in Net Assets

#### Note i 9

| (in thousands of<br>euros)                | Share<br>capital | Azlonl<br>Proprie<br>Reserv<br>e | Legal<br>Reserv<br>e | Capital<br>Contrib<br>utions | Extraordi<br>nary reserve | Revaluatio<br>n Reserves | Reserve<br>(d)<br>ross<br>hoc<br>fiedge | IAS<br>eff<br>ect<br>19£guity | Mor<br>e<br>rlserye | Profit<br>(8ardita)<br>of<br>period | Total<br>Assets<br>Net |
|-------------------------------------------|------------------|----------------------------------|----------------------|------------------------------|---------------------------|--------------------------|-----------------------------------------|-------------------------------|---------------------|-------------------------------------|------------------------|
| Balance as of<br>01.01.2023               | 16.879           | (GB.202)                         | 4.188                | 2.995                        | 570.585                   | 25.478                   | 7.216                                   | (1.1 30)                      | 17.633              | 89.239                              | 674 881                |
| Utle/(Loss) fiscal<br>year 2022           |                  |                                  |                      |                              |                           |                          |                                         |                               |                     | 87.000                              | 87.000                 |
| Altrl utlli/(losses)<br>total             |                  |                                  |                      |                              |                           |                          | (2.996)                                 | (125)                         |                     |                                     | (3.121)                |
| Total profit/<br>(loss)<br>complessivo    |                  |                                  |                      |                              |                           |                          | - (2.996)                               | (125)                         | -                   | 87.000                              | 83.879                 |
| Allocation of profit for<br>the year 2022 |                  |                                  |                      |                              | 89.239                    |                          |                                         |                               |                     | (89.239)                            |                        |
| DIstribution dividend!                    |                  |                                  |                      |                              | (46.348)                  |                          |                                         |                               |                     |                                     | (46.348)               |
| Stock allocation<br>own                   |                  | 1.979                            |                      |                              |                           |                          |                                         |                               | (1.979)             |                                     |                        |
| Reserve dl Stock Groot                    |                  |                                  |                      |                              |                           |                          |                                         |                               | 5.173               |                                     | 5.173                  |
| Balance 12/31/2033                        | 16.879           | (56.223)                         | 4.488                | 2.995                        | 613.476                   | 25.478                   | 4.220                                   | (1.255)                       | 20.827              | 87.000                              | 717.585                |

| (m mt thousand Eyro)                        | Capltale<br>socide | Riserva<br>Azionl<br>Progrie | Reserve<br>Legałe | Deposits<br>in konto<br>Capitale | Extraor<br>dlnary<br>reserve | Riserve<br>from<br>Revaluation | Reserv<br>e cos"<br>f/on'<br>hedge | IAS 19<br>effect<br>Eguity | More<br>Tiserye | Uffile/<br>(Perdita)<br>of<br>the<br>perlodo | Total<br>Patrimoniu<br>m<br>Net |
|---------------------------------------------|--------------------|------------------------------|-------------------|----------------------------------|------------------------------|--------------------------------|------------------------------------|----------------------------|-----------------|----------------------------------------------|---------------------------------|
| Balance as of<br>01.01.2022                 | 16.879             | (15.532)                     | 4.188             | 2 995                            | 594.520                      | 25.478                         | (6.404)                            | (1.612)                    | 12.510          | 32.800                                       | 665.822                         |
| Income e/(Loss)<br>fiscal year 2022         |                    |                              |                   |                                  |                              |                                |                                    |                            |                 | 89.239                                       | 89.239                          |
| Other useful/(perdiLe)<br>complexIvj        |                    |                              |                   |                                  |                              |                                | 13.620                             | 482                        |                 |                                              | 14.102                          |
| ToŁale utile/ (loss)<br>overall             |                    |                              |                   |                                  |                              |                                | - 43.6Z0                           | 482                        | -               | 89.239                                       | 403 344                         |
| Destination<br>result]tate exercise<br>2021 |                    |                              |                   |                                  | 32.800                       |                                |                                    |                            |                 | (32.800)                                     | -                               |
| Dividend<br>distribution                    |                    |                              |                   |                                  | (5 6.735)                    |                                |                                    |                            |                 |                                              | (56.735)                        |
| Stock purchase<br>own                       |                    | (42.670)                     |                   |                                  |                              |                                |                                    |                            |                 |                                              | t**.670)                        |
| Stack Reserve<br>Grant                      |                    |                              |                   |                                  |                              |                                |                                    |                            | 5.123           |                                              | 5.123                           |
| Balance 31.12.2022                          | 16.879             | (58.202)                     | 4.188             | 2 995                            | 570.585                      | 25.478                         | 7.216                              | t1.130)                    | 17.633          | 89.239                                       | 674 881                         |

![](_page_42_Picture_8.jpeg)

![](_page_43_Picture_1.jpeg)

FERRAGAMO SaJvałore f "erragaino - Annual Financial Rel azion 2023

Consolidated Statements of Non-Financial Cara Łere Action.

Budget Çonsolida to

![](_page_44_Picture_4.jpeg)

## Notes Ex| licative at Financial Statements.

## 1. Corporate information

Salvatore Ferragamo S.p.A. is a company incorporated in Italy, with its registered office at Via Tornabuoni 2, Florence, Italy, in the form of a joint-stock company, governed by Italian law and organized according to it modello of administration and control tradiziona]e with a Shareholders' Meeting, Board of Directors and Board of Statutory Auditors. The Company's Shares are traded on Euronext Milan (formerly known as Mercato Azionario) organized and managed by Borsa Italiana S.p.A.

The Company is a major player in the luxury |and whose origins can be traced back to 1927. T he financial statements for the fiscal year chi ise to December 31, 2023 were approved by the Board of Directors of Salvatore Ferragamo S.p.A. in a resolution dated March 6, 2024.

The Company is engaged in the creation, production and sale of luxury goods, for men and women, such as: footwear, pel-|etteria, clothing, silk products, jewelry and other accessories. The product range also includes perfumes, eyewear and orologi, made under license by third-party operators. The activities of Salvatore Ferragamo S.p.A. also include. |a license of the use of the ] Salvatore Ferragamo trademark.

II Salvatore Ferragamo Group is present in more than 90 countries worldwide, directly through counter late companies in 26 countries, and carries out the activity of selling products mainly through a network of Salvatore Ferragamo monobrand stores, managed directly (DOS) or managed by third parties, and in a complementary way through a pre- unqualified at department stores and multibrand specialtystore, oitrepresent nel canale e-commerce. More details on the Company's main activities can be found in the Management Report.

FERRAGAMO

![](_page_45_Picture_1.jpeg)

## 1.1 Direzione e coordinamento

The Company Salvatore Ferragamo S.p.A. is subject to management and coordination activities, pursuant to art. 2497 and ss. of the Civil Code, by Ferragamo Finanziaria S.p.A., whose consolidated financial statements are available at the company's registered office in Florence, Via Tornabuoni, 2.

In compliance with the provisions of Article 2497-bis paragraph 4 of the following are the key de|balance sheet figures as of December 31, 2022 and 2021 of the parent company Ferragamo Finanziaria S.p.A.

| Ferragamo Finanziaria S.p.A.                             |                     |                     |
|----------------------------------------------------------|---------------------|---------------------|
| tin Euro)                                                | 31 dicembre<br>2022 | December 31<br>2021 |
| PATRIfdONI STATUS.                                       |                     |                     |
| ACTIVE                                                   |                     |                     |
| B) immobilizationî                                       | 178.302.990         | 174.132,690         |
| C) Current Assets                                        | 49.269.615          | 35.403,201          |
| D) Accruals and Deferrals                                | 2.440               | 2,273               |
| TOTALACTIVE                                              | 224.575.045         | 209,fi38,164        |
| LIABILITIES AND EQUITY                                   |                     |                     |
| A) Shareholders' equity                                  |                     |                     |
| · Share Capital                                          | 49.749.960          | 49.749.960          |
| - Reserves                                               | 127.4#8.376         | 153.550.236         |
| - LJtilp/(Loss) for the year.                            | 29.688.46£          | (1.226.880)         |
| B) Fondl Riscfjl and Charges                             |                     |                     |
| D) Debts                                                 | t 7.522.360         | 7.4 52y. 7S         |
| E) Accruals and Deferrals                                | 165.884             | 312.673             |
| TOTAL LIABILITIES AND NET ASSETS.                        | 224.575.045         | 209.538.164         |
| PROFIT AND LOSS ACCOUNT                                  |                     |                     |
| A) Production value                                      | 366.866             | 336,391             |
| B) Costs of production                                   | (3.306.037)         | {2.933.422)         |
| Difference between value and cost of production          | (2.939.471)         | (2.596.731)         |
| C) Financial Income and Expenses                         | 32.304.452          | '206.626            |
| Rlsult before Taxes                                      | 29,365,281          | (2,090.105)         |
| Income taxes for the year, current, deferred and prepaid | 323.184             | 863.225             |
| Profit/(loss) for the year                               | 29.688.465          | (1.226.880)         |

![](_page_45_Figure_6.jpeg)

![](_page_46_Picture_4.jpeg)

## 2. Expression of compliance with IFRS and Drafting Criteria

The Financial Statements of Salvatore Ferragamo S.p.A. have been prepared in accordance with the *International Financial Re- portingStandards* (IFRS), issued by the /nternot/onol *Accounting* Standards Board("lA SB") and approved by the Eu- ropea Union and in force at the date of the Financial Statements. The notes to the annual financial statements have been supplemented with the additional information required by CONSOB and the measures it issued in implementation of Article 9 of Legislative Decree 38/2005 (Resolutions 15519 and 15520) of July 27, 2006 and communication DEM/6064293 of July 28, 2006, pursuant to Article 78 of the Issuers' Regulations, the EC document of November 2003 and, where applicable, the Civil Code. "IFRS" also means the *International Accounting Standards* ('IAS") still in force, as well as all interpretative documents issued by the *IFRS*  Interpretation Committee, formerly known as the *International Financiol* Reporting *Interpretations* Committee ("IFRIC") and even earlier as the *Stonding Interpretations* Committee ("SIC").

The financial statements of Salvatore Ferragamo S.p.A. as of December 31, 2023 consist of the statement of financial position, income statement, statement of comprehensive income, statement of cash flows, statement of changes in equity, and related notes.

The statement of financial position, income statement, and cash flow statement are presented in units of euro, while the statement of comprehensive income, statement of changes in shareholders' equity, and related notes are presented in thousands of euro, unless otherwise indicated.

The Society's statements of financial position present a distinction between current and non-current assets and liabilities, where:

- noncurrent assets include asset balances with cyc|o d¡ realIy beyond twelve months and include intangible, tangible and financial assets and diflferent tax assets;
- current assets include asset balances with a realization cycle within 12 months;
- noncurrent liabilities include |liabilities due beyond twelve *months*, including financial liabilities, provisions for risks and charges, and liabilities for employee benefits and deferred tax liabilities;
- current liabilities include liabilities due within 12 months, including the short-term portion of medium- to longterm loans, provisions for risks and charges, and employee benefit liabilities.

The income statement format is presented according to a classification of expenses by nature. The statement of cash flows has been prepared using the indirect method and is presented in *accordance with* IAS 7, classifying f|ows between operating, investing and financing activities.

It should be noted that with reference to Consob Resolution No. 15519 of July 27, 2006 and Communication No. DEM/606^293 of July 28, 2006, in the financial statements, evidence of significant transactions with related parties is given for the purpose of mig|er disclosure.

The unit of currency used is the euro, and all va|uors are rounded to the nearest mig|ia of euros unless otherwise indicated.

FERRAGAMO

![](_page_47_Picture_1.jpeg)

### General Notes

II financial statements have been prepared on the basis of the historical cost principle, except for derivative financial instruments and |financial assets held for sale, which are carried at fair value, as well as on the going concern basis.

The accounting standards adopted in the Financial Statements as of 3J December 2023 are the same as those adopted in previous years with the exception of the newly adopted international accounting standards in 2023. For more details on the newly adopted standards, see the following section Changes in international accounting standards.

#### *Discretionary* v'o/ototions*,* accounting *estimates, and* signi£/cative *assumptions.*

The preparation of the annual financial statements requires|making estimates and assumptions in both the determination of certain assets and liabilities and the valuation of potentiałi assets and liabilities, made on the basis of the best in(ormation available, G| events may not fully confirm the estimates.

The main conjectural data refer to:

'

- provisions for obsolescence of inventories of raw materials and accessories and of inventories of finished products; since |the Company deals with products that are subject to the trends of the market, aIl the infIuence of fashion, |the inventories of products at the end of the season are subject to impairment. Specifically, the inventory obsolescence provision for finished products reflects management's estimate of the expected impairment losses on products from the various past seasons' collections, taking into account the ability to sell them through the various distri- butive channels in which the Company operates. Indicatiyally, however, the sva|utation assumptions provide for increasing percentages of sva|utation as the seniority of the collection increases in such a way as to reflect on the one hand |a decrease in sales prices on secondary channels (mainly out/et) and on the other hand the decrease in the probability of sales as time goes by. The basis for the determination of ta|e percentages is both a statistical anaIysis de| varying seniority of the product In stock and a va|utation of constancy in the time of use of percentages. In the event a variance is detected in the available information |and percentages are reanalyzed and possibly adjusted. The commodity obsolescence allowance reflects management's estimate of the di|minution of the probability of utilization of raw materials, which is analyzed on the basis of the cost ofslow-moving raw materials;
- allowance for doubtful accounts for |e wholesale sales, which is linked to the solvency of the c|ienteIa and the *standing of* the c|ienteIs, with whom there are, moreover, generally well-established relationships over time; ]a Company uses a matrix to cal- culate |e ECL *Expected Credit* Loss) for trade receivables. Provisioning rates are based on days past due for each c|asse of c|ients grouped into the various segments, which have similar historical loss trends (e.g., by geographic area, product type, customer type, *retina, and* collateral). The matrix is initially based on the Company's observed historical default rates. The Company calibrates the matrix to refine the historical loan loss data with forecast elements. For example, if expected economic conditions (e.g., country risk) are expected to deteriorate in the following year, this may partake in an increase in the number of defaults in that|country, the historical default rates are therefore adjusted. At each reporting date, historical default rates are updated and changes in estimates are analyzed on previ- sional elements- Assessing the correlation between historical default rates, forecast economic conditions, and ECLs represents a s¡gnificant estimate. The amount of ECL is sensibi|e to changes in circumstances and forecast economic conditions. Historical experience on the Company's credit loss trends and forecast of future economic conditions may also not be representative of the actual insoIvability of the customer in the future. For details on|'an analysis of credit risks, see Notes 3 and
- Provisions for risks and charges, particularly anticipated future expenses and costs for conte i c edibles;

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| EMARKE<br>SDIR |
|----------------|
| CERTIFIED      |
|                |

Geshone star report Consolidated Djrhiaration of Nonfinancial Caratfere Consolidated

Financial

Annual Report

Statements

- return rights identified as an adjustment to revenues from contracts with customers, where present in some contracts for the sale of goods or where established in business practice. The Company has determined that the de|expected value method is the most appropriate method for estimating the amount of variable consideration on|the sales of goods with return rights, given the large number of contracts with similar characteristics;
- useful life of property, plant and equipment and intangible assets as well as verification of compliance with the i equi- si'ti of recognition and measurement of intangible assets for *development costs;*
- employee benefits, the values of which are determined on the basis of actuarial estimates, for |and main actuarial assumptions please refer to Note 22 'Liabilities for Employee Benefits'
- deferred tax assets that are recognized to the extent that it is probable that there will be adequate future taxable profits against which temporary differences or any tax losses can be utilized. In this regard, the Company's *manage*ment estimates |aprobable timing and amount of future taxable profits;
- fair value (fa/r *value)* of financial instruments, among which are of particular importance derivative instruments, of which the Company makes extensive use to hedge foreign exchange risk; for details on|and assumptions underlying the fair *value* calculation, see Notes 3 and 30;
- fair value (lo/r o/ueJ of both cash-settled and share-settled share-based payment plans that the So- ciety makes use of for the incentive of the Group*'s management*; for details on the assumptions underlying the calculation of fair *value,* see Note 40; risk of loss in litigation in which the Company is involved; the Company establishes a liability for ongoing litigation and lawsuits when it believes it i s probable that a financial outlay will occur and when the amount of the resulting losses can be reasonably estimated. Given the uncertainties inherent in the outcome of such proceedings, it is difficult to predict with certainty the disbursement that will result from such litigation, and it is au|possible that the value of funds for legal proceedings may change as a result of future developments in ongoing proceedings. The Company monitors the *stotus* of ongoing lawsuits and proceedings and consults with its legal advisors and legal experts. In addition, the Company assesses uncertain tax positions and recognizes a liability if necessary.

With reference to IFRS16, the following significant accounting estimates were made as a Company in the Lessee Quality:

• *Lease terrn: the identification* of lease term is a very relevant issue since the form, legislation and commercial practices on real estate leases vary significantly from one jurisdiction to another and the assessment of the effects of renewal options at the end of the non-canceIIabi|e period on the *lease* term estimate comoorts the use of assumptions. the IFRS /Interpretotion Committee clarified that for the purpose of identifying the period of collectability a lessee must consider the contractual time at which both parties involved ollow them to exercise their right to terminate the contract without incurring penalties that are not insignificant; the concept of penalty should not have a merely contractual meaning but should be seen considering all economic aspects of the contract. The Company has considered these conclusions in identifying the duration of lease contracts. In fact, *the*  Company considered the presence of renewal and cancellation op- tions in the hands of the lessee, the lessor, or both, respectively, when defining the duration of the *leose.* In the presence of renewal options exercisable by both ]e contractual parties, it has considered whether or not there are significant economic disfncentives in rejecting the renewal request as required by paragraph B34 de|| IFRS 16. Where there are options exercisable by only one of the two parties, it has considered paragraph B35 of IFRS 16.

The app|ication of the above, taking into account the specific facts and circumstances as well as the estimate onThe exercise of the option being rationally certain, resulted in:

- For contracts of one-year duration that are automatically renewable unless terminated, an average duration of five years was considered, basing this choice on historical evidence;

- Neg|i a|other cases if it is only the Company that can exercise the option, a term up to the second renewal provided in the contract was considered, based on historical evidence and *the* fact that renewal beyond the second term could not be considered reasonably certain.

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F **ERRAGAMO**

After the effective date of t h e l e a s e term, theSociety shall review the term of the lease if there is a significant event or significant change in circumstances that, depending on the Company's vo|cation, affects the reasonable certainty of the lessee of exercising an option not previously included in its determination of the lease term or of not exercising an option previously included in its determination of the *lease* term.

• Definition of the discountrate: since in most of the leases entered into by the Company, an implicit interest rate is not pre- heard, the Company calculated an incremental borrowing rate *(lncrementol* Borrow/ng Rate-lBR). In order to determine the IBR to be used for discounting future lease payments, the Company identified the outstanding contracts as a portfolio of contracts with similar characteristics and determined the relevant IBR as the rate of a risk-free instrument de|'ItaIia (where the contracts were entered into), based on the different contractual maturities, plus the Group *credit spread*.

Estimates and assumptions are made by the directors with the support of company departments and, when appropriate, independent specialists and are reviewed periodically, recording in the income statement, where required, the effects of each change in the period in which such estimates and assumptions differ from actual circumstances.

Impairment/Repairment of Property, Plant and Equipment (Property Plant and Equipment), Right-of-use Assets, Intangible Assets with a Defined Useful Life, Equity Investments and Goodwill

The carrying values of Property Plant and Equipment, Right-of-use Assets, Intangible Assets with a Defined Useful Life, and Equity Investments are tested for impoirment in cases where there are indicators of impoirment(events or changes in situations that indicate that the carrying value cannot be recovered) that require immediate assessment of any impairment, or where events have occurred that otherwise require the repetition of the pro- cedure. An impairment exists when the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, which is the greater of its fair vo/ue less costs to sell and its va|ore in use. The calculation of fair value less costs to sell is based on data available from sales transactions, between free and independent parties, of similar assets or observable market prices, less the higher costs related to the disposal of the asset. Value in use is calculated by discounted cash flow models using a pre-tax discount rate that refects the current market estimate related to|the cost of money related to|time and asset-specific risks.

With reference to equity investments, the *Ìmpoirment* test is conducted by considering the following as cash-generating units *["Cash* Generating Units" or "CGUs") the individual geographic areas in which the counter||ate companies operate.

Cash flows are derived from|estimates prepared by|company management, which represent the Company's best estimate of expected economic conditions over the plan period. The plan projections cover a time span of three fiscal years, the long-term growth rate (g) used for the purpose of estimating the terminal value of the business is soil *assumed to be equal to the expected medium- to long-term inflation of the main markets in which the Group operates.* The cash flows do not include restructuring activities for which |the Company does not already have a present obligation, nor significant future investments that will increase the return on the component assets of the cash flow-generating unit being evaluated. The amount recoverable depends significantly on|the discount rate used in the discounted cash flow model as well as on the expected future cash inflows and the growth rate used for extrapo|ation purposes.

Lavviament is subject to a loss of va|ore check at least once a year (with reference to December 31J or more frequently when circumstances suggest that the carrying value may be subject to loss of va|ore.

Goodwill impairment is determined by assessing the recoverable amount of the cash-generating unit (or group of cashgenerating units) to which the goodwill relates. Where the recoverable va|or.

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R e p o r t o n t h e Ges tio n Dic h itatio n Conso lix ata cli Character Non Fin a nzia rio Bita blacio n for the year

bility of the thancing cash-generating unit was less than the cash-generating unit to which the goodwill was allocated, an impairment loss is re|ected. The de|valuation of goodwill cannot be reversed in future years.

#### Disclosure ofl|and impairments.

Based on the provisions of the Impairment test procedure approved by the Board of Directors, the Company carried out the analysis aimed at identifying the presence of imporment and/or impairment losses on assets or the possible disappearance of the reasons that had generated the impairment during previous years.

In FY2023, the Company showed positive operating income, albeit a decrease of Z0.3% from the previous year.

World economic expectations for 2024 are for moderate growth, although uncertainties remain mostly related to the evolution of inflation, which, although regressing from the highest levels of the last two years, could lead to a reduction in the propensity and def spending power of consumers, in addition to the developments and conseguences of the Russian-Ukrainian and Middle Eastern conflicts.

The analysis carried out identified se8, I-Ii of weakness, with lower than expected performance relative - mind to |a Ferragamo Retai| Macau Limited, which was consequently subjected to /mpoirment test. Sut|e a[three CGUs, the Company Via not identified indicators of /mpn/rment.

#### Assessment of climate change impacts

Consistent with the priorities defined byll'6uropeon Securities and Mori:et Authority (ESMA) of October 25, 2023 for the 2023 reporting year, as indicated in the "Principal Risks and Uncertainties" section of the Report on Operations, in 2023 the Group initiated a project aimed at integrating in the ERM mode a specific (ramework, which allows for the risk factor of climate change s'a to be assessed both in the context of physical risks and with riference to so-called transition risks and opportunities. The analyses returned an assessment of climate change risk with particular reference to the main climate exposures for the most rile- vant sites for the] Group over a shortto medium-term horizon, and the Group's exposure to possible regulatory, market, technological, and reputational discontinuities. I| work df analysis of transition risks was structured in their identification on the basis of their nature and in assessing the related impacts in the short/medium term and I|long term.

The Long-Term lanalysis considered the three forecast scenarios given by the /ntergovernmento/ Panel on Climote Change (IPCC) that predict limited climate evolution (best), a progressive intensification of natural phenomena (mid), and, in the third scenario (worst), a significant intensification of natural phenomena.

The Group, neg|ve years has strengthened a proactive approach of climate change related dynamics, and in the course of 2023, several actions were imolemented with a view to mitigating the possible exposure to risks related to sustainable transition. These include:

- || Group manages risks arising from||temporary interruption of operations due to external events or natural occurrences through insurance policies to cover direct damage to company ossets and any related indirect damage from business interruption.
- The Performonce and Restricted Shores Plan 2023-2025, approved by the Shareholders' Meeting on April 26, 2023, and reserved for selected employees and/or collaborators of Salvatore Ferragamo S.p.A. and/or other companies belonging to the Ferragamo Group who are considered key in the pursuit of sustainable success in the medium- to long-term, includes ESG goals, including those related to environmental sustainability (100% renewable energy in all corporate locations worldwide by 2029). For more details, see |note 42 'Sharebased payments' in the Annual Report.

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## F **ERRAGAMO**

- During 2023, an ESG Steering Committee, a strategic body composed of top management from the main business functions, was formed with the aim of providing in-depth oversight su|progress of the Sustainability Plan, ensuring constant monitoring and providing valuable feedback to optimize performance in corporate sustainability. The composition of the committee ensured a cross-sectional and compe- tentious *Ieoderst'Ìp* on sustainability issues.
- To acce|erate the adoption of renewable e|electricity by investing in new clean energy infrastructure, in 2023 the Group, as part of the Fashion Pact with 11 other brands, signed a *Collective Virtual Power Purchose Agreement* (CVPPA) for the European region. The first of its kind for the fashion industry, the CVPPA aims to add more than ì00,000 MWh per year of new renewable electricity generation to the grid.
- In 2023, a data collection activity of the main textile econciary suppliers was ino|tre initiated, focusing on the use of chemicals in]ithin the production stages, in order to monitor and mitigate the supply chain impacts related to it.

For more details, please refer to the Consolidated Non-financial Statement in the Management Report. The Group will continue during 2024 to strengthen its climate change risk assessment of potential impacts on the Group's *assets*  and processes in order to appropriately target and implement any additional counter measures to limit exposure to these risks.

### Property, plant and equipment

Tangible assets are recognized at historical cost, including directly attributable incidental costs necessary to put the asset into operation for the use for which it was acquired. This cost includes costs for the replacement of part of machinery and plant at the time they are incurred if they comply with the re|evaluation criteria. The net value (cost less accumulated depreciation and accumulated impairment losses) of the|replaced parts of machinery and plant is recognized in the income statement at the time of their replacement.

Maintenance and repair expenses, which are not likely to enhance and/or extend the remaining life of the assets, are expensed in the year in which they are incurred, otherwise they are capitalized.

Property, plant and equipment are shown net of re|ective accumulated depreciation and any accu- mulated valuation losses determined in the manner described below. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset for the business, which is reviewed annually, and any changes, if necessary, are made with prospective application.

The useful lives de|Ie principală classes of material assets are as follows:

|                                     | Life Uti e |
|-------------------------------------|------------|
|                                     |            |
| Fabbrlcati                          |            |
| plants and Macchlnaries             | ii years   |
| Industrial and commercial equipment | 5 years    |
| Other bem:                          |            |
| - Office Furniture                  |            |
| - Electronic Machines               | 3 years    |
| - Historical Collzlone              | 5 years    |
| - Vehicles                          | 4 ann      |

|on the basis of the|a resldual term of the lease of the property.

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The residual value of the asset, the useful life, and the depreciation methods applied are reviewed at the end of each fiscal year and adjusted prospectively if necessary.

Qua|ora significant parts of such tangible assets have different useful lives, ta|i components are accounted for separately. Leireni, both free r construction and attached to buildings, are recognized separately and are not depreciated as items with unlimited useful lives.

The carrying va¡or of property, plant, and equipment is subject to review, to detect any loss in value, if events to changes in *situation ÌndÌct'*in *that* it cannot be recovered. If there is any such indication and in the event that |the carrying value exceeds the estimated realizable value, |the assets are written down to reflect their realizable value. *The realizable value* of property, plant and equipment is represented by the higher of the net selling price and value in use.

In defining value in use, expected future cash flows are discounted using a pretax discount rate that reflects the current market estimate referring to the time-related cost of money and the *specific* risks of the at- tivity. For an asset that does not generate largely independent cash f|ows, the realizable value is determined in re|on to the cash-generating unit to which ta¡e asset belongs. Impairment losses are recognized in the income statement under depreciation and amortization expense. Such impairment losses are restored in the event that the reasons for which they were generated cease to exist.

The carrying value of an item of property, plant, and equipment and any significant component initially recognized is eliminated upon disposal (i.e., on the date the acquirer he obtains control) or when no future economic benefit is expected from its use or disposal. The gain/loss that arises when the asset is derecognized (calculated as the difference between the net book value of the asset and the consideration received) is recognized in the income statement when the item is derecognized.

#### *Leasing*

The Company va|uta at the beginning of the contract if the contract is, or contains, a lease. The contract is, or *contains, a leosin\$* if, in return for consideration, it confers the right to control the use of a specified asset for a period of tem po.

The Company takes advantage of the exemption provided byThe IFRS16 for intangible assets.

#### **The Sociefè** *as lessee*

The Company applies a single accounting mode|Io for all leases in which it is a lessee, except for short-term leases and leases of low value assets. The Company recognizes a finance lease liability and a right-of-use asset.

#### **Activities by** Right of **Use:**

The Company recognizes a Right of Use asset on the effective date of the contract (i.e., the date on which the underlying asset is available to the lessee). Right-of-use assets are measured at cost, net of related accumulated depreciation and any accumulated impairment losses determined in the manner described below, and adjusted for any restatement of the liability of the */eos/ng.* The cost of Right-of-Use assets includes the vator of the recognized lease liability, the initial direct costs incurred, payments due *for leases* made on or before the effective date net of *lease* incentives received, and the estimated cost to the Company of restoring the underlying asset to its origina|i condition, if required by the contract.

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## FERRAGAMO

Unless the Company is reasonably certain of acquiring the leased asset at the end of the lease, depreciation is ca|co|ured on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset, as follows:

|                     | Useful Life  |
|---------------------|--------------|
| Fabbrlcatl          | 33 years old |
| Equipment and other |              |
| bem Vehicles        | 3-4 annl     |

The va|or of Right-of-Use Assets is subject to review, to detect any impairment, qua events or changes in circumstances indicate that the carrying value cannot be recovered. If there is any such indication and in the event that the carrying value exceeds the estimated realizable value, the assets are written down to reflect their realizable value. The realizable value is represented by the greater of the net selling price or the value in use. In defining the value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects the current market estimate of the time-related cost of money and the risks specific to the asset. For an asset that does not generate largely independent cash f|ows, realizable value is determined in relation to the cash-generating unit to which that asset belongs. Impairment losses are recognized in the income statement under depreciation and amortization expense. Ta|i impairment losses are reversed if the reasons for which they were generated cease to exist.

#### Lease liabilities:

Aula the effective date of the contract, the Company recognizes a liability for /eos/ng calcofed as the current va|ore of the remaining future payments until the end of the de] contract. Future payments inc]uduct fixed payments, net of any incentive on */eosing* to be received, variable payments that depend on an index or rate, and amounts that ta Company is expected to have to pay as residual value guarantees. The future payments also inc|udes the exercise price of the purchase option, if the Company has reasonable certainty of exercising the option, and the *leosing* rice|tion penalty payments*,* if the Company has reasonable certainty of exercising the rice|tion option. Variable payments, which do not depend on an index or rate, but which for the Company depend princially on the vo|ume of sales, continue to be accounted for as costs in the income statement, under costs for services. To caIco]are the current vaIue of future payments, the Company uses the lncremental Borrowing Rate (IBR) at the start date of the contract. Thereafter, the *lease* liability and increased for interest and decreased for payments made. In addition, the *lease* liability is remeasured to account for changes in the terms of the contract.

#### Contracts of short duration and contracts for goods of small value:

The Company avails itself of the exemption from the application of IFRS 16 for short-term contracts (less than 12 months) and for contracts in which the individual leased asset is of small value (less than 5,000 euros). Rental payments under such contracts are accounted for linearly as expenses in the income statement, on the basis of the terms and conditions of the

CO0tFgt.tO.

#### *The Company as lessor*

Lease contracts that substantiate \lease all the risks and rewards of the asset proority to the Company are classified as operating *leases.*

Initial direct costs incurred in obtaining the operating /eos/ng are capitalized and recognized as amortization. to over the term of the *lease* with the same criterion of recognizing lease income.

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Management Report Consoliclated Statement of Non-Financial Character Consolidated

Financial Statements cI'estii'c Budget.

#### Business Combinations and Goodwill

Business combinations are counted using the purchase method.

I|purchase cost is va|ucted as the sum of the consideration transferred measured at (*oir* vo/ue (va|fair value) on the date of acquisition and *the amount* of any minority interest in it,

*Business* CombiT/ot/Dn made between entities under common control do not fall within the scope of l- FRS 3. In the event that the *business combination* between entities under common control|or has no economic substance and represents a mere business reorganization, the company shall apply the so-called *pooling or interest* method of accounting for the *business com- bination,* aggregating assets and liabilities |line by line at book values*.*

### Intangible Assets

Intangible assets are recognized as assets at acquisition cost when it is probable that |the use of the asset will generate future economic benefits and when the cost of the asset can be reliably determined. Imma- terial assets acquired through business combination transactions are recorded at fair value as defined at the date of acquisition, if such value can be reliably determined. Intangible assets with a finite useful life are amortized on a straight-line basis over their estimated useful life; useful life is reviewed annually and any changes, where *necessary, are* made cop prospective application.

Intangible assets are shown net of related accumulated amortization and any accumulated impairment losses determined in the manner described below.

The useful lives of the main c|axes of intangible assets with a finite useful life are |as follows:

|                                                                  | Life Uti e    |
|------------------------------------------------------------------|---------------|
| Industrial patent rights and dirltti of use of delllngegno works | 2-S           |
| Co ncessiorJi, licenses and trademarks                           | years         |
| Development costs                                                | 10            |
|                                                                  | years         |
|                                                                  | 3-5 years old |
|                                                                  | 8 years       |

An intangible asset is eliminated upon disposal (i.e., on the date the acquirer obtains control) or when no future economic benefits are expected from its use or disposal. Any profit or per- dita resulting from the eIimination of the asset (calculated as the difference between the net disposal consideration and the carrying amount of the asset) is included in the income statement.

The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate that the carrying va|our cannot be recovered. Impairment losses are recognized in the income statement under depreciation, amortization and impairment costs. *Such* impairment losses *are* repri- stated in the event that the reasons for them cease to exist.

#### *Development costs*

Research *costs are* charged to the income statement when they are incurred.

Development costs incurred in connection with a particular project are capita|ized only when the Company can demonstrate the technical feasibility of comp|etrating the intangible asset so as to make it available for use or sale, its intention to complete said asset for use or sale, |and manner in which it will generate

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## FERRAGAMO

probable future economicf benefits, the availability of technical, financial, or a|other resources to comp|etate |or develop, and its ability to reliably va|uctuate the cost attribibi|e to the activity during its development. During the development period, the asset is reviewed annually for impairment. Subsequent to initial recognition, development costs are measured at] cost decremented by any accumulated depreciation or losses. Depreciation of the asset begins when the development is completed and the asset is available for use. It is amortized by reference to the period over which the related project is expected to generate revenue for the Company.

#### *Rights of industrial órev'*ect *and use of intellectual works*

Patent and intellectual property rights refer to the costs of |licenses for the use of softwore and the expenses for i|deposit and registration of trademarks and patents related to the Company's products.

#### Concessions, *license rights and similar trademarks*

This item refers to the filing and registration costs of the Sa|vatore Ferragamo trademark. The acquisition costs are amortized over a period of time equal to the useful life of the acquired right.

#### *know-how*

The item refers to the *know-how* acquired through | business combination|e of Arts S.r.l. and Aura 1 S.r.|., recorded at its fair value at the date of acquisition. This charge is amortized over a time horizon of 8 years,

### Financial instruments

A financial instrument is any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity.

In IFRS 9, the general principle is that an entity should recognize a financial asset or liability in its statement of financial position when and only when it becomes a party in the contractual terms of the instrument.

#### *financial* dttixitè

At the time of initial recognition, financial assets are classified according to the del|e characteristics of the contractual cash flows of financial assets and the *business* mode the Company uses for their management. The va- luation of the characteristics of the contractual cash flows oi is referred to as the SPPI *test* (so-called *"solely poyments* ofprincipa/ and interest "SPPI') and is performed on a live/ by-instrument basis, However, identical financial instruments can be analyzed as a group since the outcome of the *test* would be no different than if they had been va|ued individually and separately.

The Company's *business* model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will come from the receipt of contractual cash flows, the sale of financial assets, or both. Based on these charac- teristics, financial assets are classified into four categories:

- Financial assets at amortized cost (debt instruments);
- Financial assets at| fair vo/ue recognized in comp|essive income statement with reclassification of cumulative gains and losses (debt instruments);
- Financial assets at fa/r value recognized in the statement of comprehensive income without reversal of cumulative gains and losses at the time of de|'e|imination (equity instruments);
- Financial assets at /oir *value* recognized in the income statement.

On initial recognition, the Company measures a financial asset at its *Toir value* plus, in the case of a financial asset not at *fair value* through profit or loss, transaction costs. Trade receivables, which do not contain

![](_page_55_Picture_21.jpeg)

Financial

Statements

Annual Report

a significant financing component or for which the Company has applied |practical expedient, are va|ued at the transaction price determined in accordance with | IFRS 15.

After initial re|evaluation, the Company va|utes financial assets at amortized cost, at *(air yalue* recognized in the statement of comprehensive income, and at| fair vo/ue recognized in the income statement.

Financial assets at amortized cost (debt instruments)

The Company measures financial assets at amortized cost if both of the following requirements are met:

- financial asset is owned within the framework of a *business* model ìì whose objective is the ownership of financial assets (Analyzed high collection of contractual financial f|ows;
- the contractual terms of the financial asset provide for cash flows at certain dates represented solely by payments of principal and interest on the amount of capital to be repaid.

Financial assets at amortized cost are subsequently valued using the criterion of effec- tive interest and are subject to *impairment.* Gains and losses are taken to the income statement when the asset is derecognized, modified, or revalued.

The Company's financial assets at amortized cost include trade accounts receivable, loans to *counter* companies*, and* security deposits.

Financial assets at fair value through comp|essive income statement (debt instruments) The Company values assets from debt instruments atì *fair value* recognized in other comprehensive income if both of the following conditions are met:

- . t h e financial asset is held within the framework of a *business* model whose objective is achieved both by incasing contractual cash flows and by selling financial assets; and
- the contractual terms of the financial asset provide for cash flows at certain dates represented solely by payments of ¢aDital Qd determined interest on the amount of principal to be repaid.

For assets from debt instruments measured at *foii* value.recognized in the statement of comprehensive income, gains and losses *are* recognized in the *statement of* comprehensive *income* except for changes in exchange rate differences and impairment losses, together with reversals, which are recognized in the statement of income. Upon e|imination, the cumulative change in *fair volue* recognized in the statement of comprehensive income is reclassified into the income statement; the amounts that are recognized in the income statement are the same as if the financial asset had always been measured at amortized cost, At present, the Company does not have this fattisDecie.

#### Investments in instruments representing capita|e

All equity instruments, including *Ì* derivatives *on* such instruments, must be valued in accordance with lFRS 9 at the re|ective fair *value* through profit or loss because it is considered that there are no contractually expected cash flows for them such as to pass the SPPI *test.* However, upon initial recognition, the Company may irrevocably elect to classify its equity investments as equity instruments re|ected at fair *value* through other comprehensive income when they meet the definition of equity instruments under IAS 32 "Financial Instruments: Presentation" and are not held for trading. The class(Reaction is determined for each individual instrument. This category includes Investments in subsidiaries.

#### Participations

Investments in *subsidiaries* are measured at cost, based on the provisions of IAS 27. Where there are indications that the recoverability of cost has, in whole or in part, failed, the carrying va|or is

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## FERRAGAMO

reduced to the relevant recoverable amount, in accordance with IAS 36. When, subsequently, this loss yiene less or is reduced, the carrying va|or is increased to the new estimate of the recoverable va|or, which cannot exceed the original cost.

#### Financial assets at *fair value* through profit or loss

In general, IFRS 9 defines classification at fair *value* through profit or loss as a residual category to be app]ured to all those financial assets that, by virtue of their contractual characteristics, are not measured at amortized cost or at *To¡r* vo/ue re|evaluated through other comprehensive income. However, |the Company may decide, at initial rì]evazíon, to irrevocably designate a financial asset as measured at *fair value* through profit or loss if doing so results in the elimination or significant reduction of an accounting mismatch (defined as an 'occoundng *mìsmatch')* that would instead emerge if |e losses or gains on the asset were recognized on a different basis. Although this choice can be somewhat likened to an *occountÌn\$ polìcy choice,* however, it should be noted that the] standard does not require that it be applied consistently to all similar transactions. Financial instruments at fair *volue* with changes recognized in the income statement are recognized in the statement of financial position at fair *value and|and* net changes in /oir *value* recognized in the statement of profit/(loss) for theyear.

This category includes derivative instruments. Derivatives, including unbundled derivatives, are classified as financial instruments held for trading, unless they are designated as ef(icant hedging instruments.

The embedded derivative contained in a hybrid nonderivative contract, financial liability, or principal nonfinancial contract is separated from! the principal contract and accounted for as a separate derivative, if: its economic caracteristics and the risks as5ocated to it are not closely related to those of the principal contract; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at *fair value* through profit or loss. Embedded derivatives are measured at fair *value*, with changes in *(air value* recognized in the income statement,

#### Reclassification

A reclassification of a financial asset occurs only when there is a change in the terms of the contract that significantly alters the expected f]uses of cash a|triments or when the Company changes its Busi- *ness model* for managing financial assets. Reclassification should be applied prospectively from the|a reclassification clata, without the need to restate previously recognized gains, losses, and interest.

#### Cancellation

A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is derecognized in the first instance (e.g., removed from the Company's statement of financial position) when:

- the rights to receive cash flows from the asset are extinguished, or
- the Company has transferred to a third party the right to receive cash flows from the asset or assumed a contactual obligation to pay them in full and without delay and (a) transferred substantially all the risks and rewards of ownership of the financial asset, or (b) neither transferred nor retained substantially all the risks and rewards of the|asset, but transferred control of it.

In cases where the Company has transferred the rights to receive cash flows from an asset or has entered into an agreement under which it retains the contractual rights to receive the cash flows from the {financial} asset, but assumes a contractual obligation to pay the cash flows to one or more recipients (poss-through), it assesses whether and to what extent it has retained the risks and rewards inherent in ownership. If all the risks and rewards inherent in owning the financial asset are substantially transferred, the Company derecognizes the financial asset from its financial statements and recognizes it separately as

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Management Report Consolidated Statement of Non-Financial Characteristics

Bt}anc o Consolida to Annual Report

or has not lost control over it, | the asset continues or is recognized in the Company's financial statements to the extent of its residual involvement in the asset itself; if the counterpart to the financial asset is not retained, ta Company eliminates the financial asset from its financial statements *and* recognizes separately as an asset or liability any rights and obligations created or retained. The transferred asset and associated liability are valued to reflect the rights and obligations that remain with the Company.

When the remaining involvement of the entity is a guarantee on the transferred asset, the involvementis measured by the lower of the amount of the asset and the *maximum* amount of consideration received that the entity may have to repay.

#### Loss in value of financial assets

The Company recognizes a sva||tion for expected *credit/oss* "ECL"} losses for all financial assets rap| presented by debt instruments not held at lola *v0lue* recognized in the income statement. Specifically, |the *impojrment* provisions apply to all financial assets measured at amortized cost and fair va/ue re|ected in the comp|essive income statement, while financial assets measured at fair value through profit or loss are excluded. In addition, the following types of instruments are also included in the scope of application:

- Moon Commitment not evaluated at FV+PL;
- Financial guarantees in the scope of IFRS 9;
- *Lease* receivables within the scope of IFRS 16;
- Counterof *Assets* within the scope of IFRS 15.

ECLs are based on the difference between the contractual cash f|ows due in accordance with the contract and all fi|nancial *tlusses* the Company expects to receive, discounted at an approximation of the original effective interest rate. The cash flows that the Company expects to receive depend on the probability of a counterparty defou/t event occurring and how much, in such an event, it expects to be able to recover; the expected cash flows will therefore also include cash flows from the enforcement of collateral held or other credit guarantees that are an integral part of the contract terms.

According to the general approach under the standard, the manner of determining the impoirment of fi nancial assets is a function of the outcome of monitoring the creditworthiness of counterparties. Relativarnenfe to credit exposures for which there has been no significant increase in credit risk since the re|evaluation began, it is necessary to recognize te credit losses that arise from estimated deion/t events that are possible within the next 12 months (12-montfis ECL). For |e credit exposures for which there has been a significant increase in credit risk since initial recognition, you must recognize in full the expected losses that *relate to* the remaining life of the exposure, regardless of when the *default* event is expected to occur ("L/fetime ECL").

For trade credits and contract-derived assets, the Company applies a simplified approach in calculating expected losses. Therefore, the Company does not monitor changes in credit risk, but fully recognizes the expected loss at each reporting date *("Lifetime* ECL'). More ne]er specifically, the Company for the aforementioned financial assets adopts the practical expedient of the *provision* matrix for calculating impoirment, i.e., it has defined a matrix system based on historical collection information, revised to consider prospective elements with reference to the specific types of debtors and the economic forum environment, as a tool for determining expected losses.

#### *Financial Liabilities*

Financial liabilities are classified and measured at amortized cost using the effective interest rate with the exception of those financial liabilities that, since they do not meet the requirements to be measured at| amortized cost, *are*  classified at fair value through profit or loss. The latter includes financial liabilities held for trading purposes. The Company also may choose, at Initial recognition, to designate

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## FERRAGAMO

irrevocably financial liabilities to lair vo/ue with a charge to the income statement when this provides more relevant disclosures, as:

- eliminates or significantly reduces an inconsistency in measurement or recognition(also referred to as an "on *accoun- t¡nę mismatch")* that would emerge from|a measurement of assets or liabilities or from|a re|evaluation of profits or losses on a different basis;
- a group of financial assets or liabilities is managed and va\uted at *foir* value in appłication of a risk monogement połitic or on the basis of an investment strategy, and reporting on that group is provided internally to key managers on that basis.

Derivatives with negative *fair volue* are also classified and measured at /oir vo/ue recognized in the income statement except for those held as effective hedging instruments. All financial liabilities are initially recognized at *fair value* plus, in the case of finanz!aments and debt, transaction costs directly attributed to them. The Company's financial liabilities include trade and other payables, loans, including overdrafts, and derivative financial instruments.

The valuation of]financial liabilities depends on their classification, such as financial liabilities at noir *voIue* in the income statement and financial liabilities at amortized cost (loans and borrowings).

Financial liabilities at] fair *value* through profit or loss: financial liabilities at|Noir vo/ue recognized through profit or loss include liabilities held for trading and financial liabilities initially recognized at *fairvalue* with changes recognized through profit or loss. Liabilities held for|trading are all those assumed with the intention of extinguishing or transferring them in the short term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in a hedging re|action defined by|]o IAS 39. Embedded derivatives, unbundled from the main contract, are classified as financial instruments held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit/(loss) for the year. Financial liabilities are designated at *noir* vo/ue with changes recognized in profit or loss from the date of initial recognition, only if the criteria of IFRS 9 are met. At the time of initial re|evaluation, the Company has not designated financial liabilities at *Íair vol/ue* with changes recognized in profit or loss,

Financial liabilities at amortized cost (loans and financings): after the recognition initiìe, loans are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when |a liability is extinguished, as well as through the amortization process. The amortized cost is calculated by re|avoiding |or discount or premium on the|acquisition and the fees or costs that are an integral part of the effective interest rate. Amortization at the effective interest rate is included as part of the finance charges in the statement of|'utiIe/(loss}.

It is not possible to reclassify financial liabilities.

#### Cancellation

A financial liability is cance||ed when the obligation underlying the liability is extinguished, annu|lated, or adempted. Where an existing financial liability is replaced by another from the same lender, on substantially different terms, or |the terms of an existing liability are substantially changed, such an exchange or change is treated as an accounting cance||iation of the original liability, accompanied by the recognition of a new liability, with recognition of any difference between the carrying amounts in the statement of income/(loss) fortheyear.

#### Clearing of financial instruments

A financiüfia asset and liability may be offset and the net balance shown in the statement of financial position if there is a |ega|e current right to offset the amounts recognized in the accounts and there is an intention to extinguish the net residual, or rea|ize |'att vity and simultaneously es the à.

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#### *Strumen fi financial derivatives and hedge* **occounting**

#### Detection begins|and subsequent evaluation

The Company uses derivative financial instruments including: foreign currency forward contracts, to hedge financial risks re|lated to changes in exchange ratesOn foreign currency trade tfaDs. Such derivative financial instruments are initially recognized at *foir value* on the date the derivative contract is entered into and, thereafter, are va|uted back to Jair vo/ue. Derivatives are accounted for as financial assets when the *lo/r* name is positive and as financial liabilities when the *foir volue* is negative. As allowed byII IFRS 9 paragraph 7.2.21, |the Company has opted for the *application of* IAS 39 regarding *hed\$e occountin\$.*

Consistent with the provisions of IAS 39.88 and taken up byIl'lFRS 9.6.4.1, co- perturation derivative financial instruments may be accounted for in the manner established for *|'hedge accountin\$* only when:

- at the inception of the hedge, there is a formal designation and |a documentation of the hedging re|action itself, the entity's objectives in managing the risk, and the strategy in effecting the hedge;
- coverage is expected to be highly effective;
- for cash flow hedges, the planned transaction that is being hedged must be a|ltly pro- bable and must present an exposure to|the cash flow valuations that could affect the income statement;
- effectiveness can be reliably measured; and
- the coverage itself is highly effective during the different accounting periods for which it is designated.

All g|derivative financial instruments are measured at *fair value.* When g|derivative instruments have the characteristics to be accounted for according to òedge occounting, the following accounting treatments are applied:

- *Fair value* cold-if a derivative financial instrument is designated as a hedge of exposure to|changes in the current value of a balance sheet asset or liability or a firm commitment that may affect the income statement, the change in the foir *value* of the hedging derivative is recognized in the income statement and|a change in the *Lai "r* no/se of the hedged instrument attributable to the hedged risk is recognized as part of the ca- rico value of the hedged item and is also recognized in the income statement. In the case of an irrevocable commitment, the po;r vo/le *ó* in the component relating to the hedged risk is recognized in the balance sheet as an asset or liability, going to adjust\*y the balance sheet \ oce that will be affected by the irrevocable commitment at| the time of its realization.
- *Cold cash* how-if a financial derivative instrument is designated as a hedge of exposure al|to variabi- |ity of the cash flows of a balance sheet asset or liability or of a highly probable forecast transaction or firm commitment and that could have an effect on|the income statement, |the effective portion of the gain or loss on the financial instrument is re|recognized in equity and shown in the statement of comprehensive income; the cumulative gain or loss is removed from equity and recognized in the statement of income in the same period in which the hedged transaction is recognized; the gain or loss associated with a hedge, or that portion of the hedge that has become ineffective, is recognized in the statement of income when ineffectiveness is recognized.

If the conditions for | the application of the fiedge occount/ng are not met, the effects resulting from the valuation at the *"fair value"* of the derivative financial instrument are charged directly to the income statement.

### Cash and cash equivalents

Cash and cash equivalents and short-term deposits include cash on hand and demand and short-term termines, in the latter case with the original scheduled maturity of no more than three months.

#### Own shares

Purchased treasury shares are recognized at cost and deducted from equity, The purchase, sale or cancellation of treasury shares does not give rise to any gain or loss in the income statement. The difference between the *acpuìsto value and* the consideration, in the event of sale and/or assignment, is recognized in a reserve de|equity.

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### Inventories

Inventories are valued at the lower of purchase and/or production cost, determined by the weighted average cost method, and net realizable value. The purchase cost is inc|usive of incidental expenses; the production cost includes directly attributable costs and a share of indirect costs, which are reasonably im- putable to the products. Net realizable value is the normal estimated selling price minus estimated completion costs and estimated costs to realize the sale.

#### Provisions for risks and charges

Allocations to provisions for risks and charges are made when the Company is faced with an actual obligation (legal or implied) resulting from a past event, an outflow of resources is likely to faf meet that obligation, and a reliable estimate of its amount can be made.

When the Company considers that a provision for risks and charges will be partly or fully reimbursed, for example in the case of risks covered by insurance policies, the indemnity is recognized separately and distinctly under assets if, and only if, it is practically certain. In such a case, the cost of the provision, if any, is presented in the income statement net of the amount re|evoked for the indemnity.

If the effect of discounting the value of money is significant, provisions are discounted using a pre-tax discount rate that reflects, where appropriate, the specific risks of the liabilities. When |'atualization is made,|the increase in the provision due to the passage of time is recognized as a finance cost.

#### Liabilities for employee benefits

The net obligation of the Company arising from defined benefit plans is separately ca|co|ured for each plan by estimating the amount of future benefit that employees have accrued in exchange for the service rendered in the current and prior years; this benefit is discounted to calculate the present value. Actuarial gains and losses are recognized directly in the statement of comprehensive income, as required by IAS 19.

As of January 1, 2007, the 2007 Budget Law and its implementing decrees introduced significant changes in the rules governing severance pay, which resulted in the compulsory allocation of severance pay to supplementary pension schemes or to the Treasury Fund managed by INPS, which from that date, pursuant to IAS 19, takes on the nature of "Defined Contribution Plans," while the amounts recorded up to Dec. 31, 2006 in the severance pay fund maintain the nature of "Defined Benefit Plans."

The actuarial va|utation of the liability was entrusted to an independent actuary.

#### *Fair value*

IFRS 13 provides a single source of reference for fa/r value measurement and related disclosures when such measurement is required or permitted. *Fair value* is the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an orderly transaction between market participants at the date d! valuation. I| *fair* vo/ue of an asset or liability is measured by adopting the assumptions that market participants would use in pricing the asset or liability, assuming that they are acting to satisfy their economic interest in the best way possible.

A de| /o/r vo/ue valuation of a nonfinancial asset considers the ability of a market participant to gene- rate economic benefits by employing the asset to its highest and best use or by selling it to another market participant who would employ it to its highest and best use.

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| Management Report | Consolidated Statement of Non-Financial Nature | Consolidated |
|-------------------|------------------------------------------------|--------------|
|                   |                                                |              |

Financial Statements Exe ction Budget

All |e assets and liabilities for which]i i|lo/r vo/ue is measured or disclosed in the financial statements are categorized according to the de| fair vo/0e hierarchy, as described below:

- Level 1 the quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the valuation date;
- Ljlevel 2 *Inputs* other than quoted prices included in Level 1, observable directly or indirectly for the asset or liability;
- Level 3--valuation techniques for which the *input* data are unobservable for the asset or liability.

The valuation of the farr vo/ue is classified entirely in the same level of the *(a¡r value* hierarchy *in which the* lowest level *input* of the hierarchy used for valuation is classi- fied.

The methods of determining *fair* as with reference to financial instruments, with either an accounting or informational purpose, are summarized below with reference to|the main categories of financial instruments, to which they have been applied:

- Derivative instruments: appropriate df pricing models based on market values of interest rates and exchange ratios were adopted;
- Accounts Receivable and Accounts Payable and unlisted financial assets: for financial instruments with a maturity of more than one year, the d/scounÈed so/°/on method was applied, i.e., the attua}ization of expected *cash flows* in view of current interest rate and creditworthiness conditions;
- Listed financial instruments: the market va|our at the reference date is used.

#### **COSTS**

Costs are recorded when related to goods and services sold or consumed during the year or by *systematic* allocation, or when the future utility of the same cannot be identified.

*!* advertising and *research costs,* in *accordance* with IAS 38, are fully charged to the income statement when the service has been rendered and delivered to the Company.

Costs are recorded according to their nature considering the applicable principles under IFRS.

#### Revenues from contracts with customers

Ricayi from contracts with c|entients are re|received when the counter|loan of goods and services is transferred to the customer for a amount that reflects the consideration the Company expects to receive in exchange for such goods or services.

#### *Sale* of *goods*

Revenues from the|sale of goods are recognized at the time when control of the good passes to the customer, generally at|the time of shipment because of the|clauses applied.

The Company considers whether cf are other promises in the contract that represent obligations to do on which a portion of the transaction consideration is to be allocated (e.g., guarantees). In determining the price of|the transaction for the sale of goods, the Company considers the effects arising from|the presence of variable consideration, significant financing components, non-cash consideration, and consideration payable to the customer (if any}.

#### Right of return

A|some contracts allow the customer to return goods within a specified period of time. The Company uses the expected value method to estimate the assets that will not be returned obecause this method is the best way to predict the amount of variable consideration to which the Company will be entitled. IFRS 15's guidance on|and |implications to|recognition.

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**FERRAGAMO**

ne of variable consideration are applied in determining the amount of variable consideration that may be included in the transaction price. For goods that are expected to be returned |a Company adjusts revenue and records a liability for refunds. The right to return an asset (and the corresponding adjustment to changes in inventories of finished goods) is also recognized for the di�culty of receiving goods from the customer.

#### *Royalties*

Revenues for *royolties* derive from *"soles based royalties"* contracts with customers and are therefore recorded on an accrual basis with reference to the progress of the \licensee's sales, based on the contractual terms.

### Product recovery fees from customers for returns

The activity for right to return represents the Company's right to recover goods expected to be returned from customers. The asset is va|utated at the previous contabi|e value of inventories net of any costs for recovery, including possible reductions in the value of returned products. The Company periodically updates the estimate with reference to|the expected amount of returns from customers, as well as any further reductions in the value of returned products.

#### Liabilities for returns

The liability for redemptions represents the obligation to repay some or all of the! consideration received (or to be received} from the customer and is valued based on the value the Company expects to have to return to the customer. The Company updates its estimates of the redemption liability (and the corresponding change in the price of the|transaction) at the end of each reporting period.

#### Share-based payment plans

The Company recognizes additional benefits to certain employees, directors, and associates in senior positions through equity plans that fall under the equity-sett/edo category because they provide for ta physical delivery of shares, and through plans based on the value of the shares but adjustable for cash *("cash-settled").*

#### *Transactions with payment rego/ed* **with** *equity* **instruments**

In accordance with the provisions of IFRS 2 Share-based payments - rights granted to employees are valued at *(oir value at* the time of) the announcement of their assignment to the beneficiary, determined se- coning the binomial model. This model takes into account all the charactei- istics of these dìrights (duration, price and conditions of exercise, etc.), as well as the value of the underlying equity securities at the date of grant and the expected volatility of the same.

If the right becomes exercisable after a certain period of time from the award *(testing period) and* upon the occurrence of certain *performance* conditions*,* the cost of capita|e instrument-settled transactions, together with the corresponding increase in equity, is recognized over the period in which the conditions re\related to the achievement of targets and/or a|er service performance are met ending on the date on which the beneficiaries have fully accrued the right to receive the compensation ("vesting date").

At the end of each fiscal year, the previously determined fair *value* of the rights granted is not revised; instead, at that date, the estimated number of rights that will mature to maturity is updated. The costs cumu- vated against such transactions at the end of each fiscal year up to the maturity date are commensurate with the maturity dates of the vesting period and the best available estimate of the number of equity instruments that will actually vest. The cost or income on the income statement for the year represents the change in cumulative cost recognized at the beginning and end of the year.

No cost is recognized for rights that do *not* reach final maturity, except in the case of rights whose allocation is subject to market conditions.

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Aeration on Management Consolidated Statement of Non-Financial Characteristics Consolidated

Financial Statements Annual Report

#### *Cash-settled transactions*

In the case of transactions with payment based au a2ions settled in cash, the cost of the cash-settled transactions oauo is initially measured at fair value as of the date of disclosure of the award to| beneficiary. This eauo value is expensed over the period until maturity, with a corresponding liability recognized. Until the liability is extinguished, a recalculation of the *fair value* is made at each balance sheet date and at the settlement date, imputing all changes to the income statement. The approach used to account for *maLure* conditions when measuring equity-settled transactions also applies to *cash-settled* transactions*.*

#### Financial Income and Expenses

Financial income and expenses are recognized on an accrual basis based on the *interest* accrued on the ya]ore hettof|the related financial assets and liabilities, using the effective interest *rate*.

### Dividends

Dividends are recognized for accounting purposes when the shareholders' right to receive payment arises.

### Public grants

1Government grants are recognized when there is reasonable certainty that they will be received and that all condivisions referring to them are met. Operating grants are presented as a positive component in the income statement.

#### Income taxes

#### *Current taxes*

Current income taxes for the period are determined in relation to taxable income and in accordance with current rates and regulations; the current tax liability is recorded in the balance sheet net of any tax advances paid. The Company periodically evaluates the position taken in the tax return in cases where tax rules are subject to interpretation and, where appropriate, makes provisions.

Current taxes related to items recognized directly in equity or in the statement of *income com-*

plessive are also recognized directly in equity or in the statement of comprehensive income.

#### *diiTerite* taxes

Sound deferred taxes calculated *on the* temporary differences arising at the balance sheet date between the fisca|i values taken at reference for the assets and liabilities and values reported in the financial statements.

Deferred tax liabilities are re|ected against all taxable temporary differences, with the exception of:

- of when fe deferred tax liabilities derive from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction itself, does not affect either the profit for the year calculated for financial statement purposes or the profit or loss calculated for tax purposes;
- *with* respect to taxable temporary differences associated with investments in subsidiaries, associated ejo/"nt venture, where the reversal of temporary differences can be controlled and it is probable that it will not occur in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences and for |tax assets and liabilities carried forward, to the *extent* that it is probable that there will be adequate future taxable profits that may make the use of deductible temporary differences and tax assets and liabilities carried forward *applicable*, except where:

• the deferred tax asset associated with deductible temporary differences arises from the initial re|evaluation of an asset or liability in a transaction that is not a business combination and that, at the time of the transaction itself, does not affect either the year's profit calculated for financial statement purposes or the profit or loss calculated for tax purposes;

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## FERRAGAMO

• *with* respect to taxable temporary differences associated with investments in contra|late, coI|egate, and *joint ven- tures,* deferred tax assets are recognized only to the extent that it is probable that the deductible temporary differences will reverse in the immediate future and that there are adequate tax profits against which the temporary differences can be utilized.

The amount to be carried forward for deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available in the future to allow all or part of that credit to be utilized. Unrecognized deferred tax assets are reviewed annually at the balance sheet date and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow such deferred tax assets to be recovered.

To determine whether taxable income will be realized against which a de- ductible temporary difference can be used, the entity assesses whether or not local tax law imposes restrictions on the sources of taxable income against which it can make deductions on the annuIIation of said deductible temporary difference.

Deferred tax assets and liabilities are measured at|the tax rates that are expected to apply to the year in which such assets are realized or such liabilities are settled, considering the rates in effect and those already enacted or substantially enacted as of the balance sheet date.

Current taxes and deferred taxes related to items recognized directly in equity or in the statement of comprehensive income are also recognized directly in equity *or in* the statement of comprehensive eco- nomic account.

Deferred tax assets and liabilities are offset if there is a legal right to offset current tax assets against current tax liabilities and the deferred taxes refer to the same tax entity and tax authority.

#### *Value* added *tax*

Revenues, expenses, and assets are re|evaluated net of value-added taxes except where:

- such tax app|icata to the acauisto of goods or services is non-deductible, in which case it is recognized as part of the purchase cost of the asset or part of]the cost item recognized in the income statement;
- refers to trade receivables and payables for which an invoice has already been issued or received, the values of which are shown including the value of the tax.

The net amount of indirect sales and purchase taxes that can be recovered from or paid to the Treasury is included on the balance sheet in tax receivables or payables depending on the sign of the balance.

#### *Put* and *Coll* Agreements on Minority Interests.

Put A *Call* agreements are financial instruments in accordance with IFRS 9. The fair value of financial instruments that are traded in an active market is determined, at each balance sheet date, by reference to market quotations or dealer quotations (bid price for bid positions).

|long-term and demand price for short-term positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the /o/r *value* is determined using a currency technique. This technique may include: the use of arm's-length transactions; reference to the current fair value of another instrument that is substantially similar; an analysis of (|discounted cash flows; or other valuation fashions.

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ßthe aueio õ'Exercise

## Variazioni di principi contabili internazionali

The Company has not adopted any standards in advance, interpretation to improvement issued but not an- utiously in force. In addition to the standards described below that came into effect on January 1, 2023, 5i also report | introduction of IFRS 17 Insurance Contracts and its amendments, which does not apply to Salvatore Ferragamo S.p.A.

Deferred taxes relating to assets and liabilities arising from a sin\$ola tronsation (l-todifications a//o IAS f2ÿ The amendments narrow the scope of app]icy of the initiate recognition of deferred taxes in order to exclude transactions that give rise to equal and compensable temporary differences, such as in the case of leases and smante||ation obliques. The modifications took effect fromSyears beginning on or after January 1°, 2023. Deferred tax assets and liabilities related to the /eosing and decommissioning obligations must therefore be re|evaluated fromThe beginning of the earliest comparative period presented, re|evaluating any cumulative effect as an adjustment to retained earnings or among other components of equity as of that date. For all other transactions, the amendments apply to transactions occurring after the beginning of the first period presented. The Company does not represent such a case, so lápp]icy of the amendment had no impact on retained earnings as of January 1, 2022.

#### Definition of estimation account6i/e - /°fodifîche a//o IAS 8

Net February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of "accounting estimates." The amendments clarify the distinction was changes in accounting estimates and changes in accounting policies and error correction. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The modi(cations are effective for fiscal years beginning on or after Tth January 2023 and apply to changes in accounting standards and changes in accounting estimates that occur on or after the beginning of Ea|e period. Earlier application is allowed provided ta|e fact is disclosed. Such changes have had no significant fight on the biance sheet of the Company.

#### accounting standards disclosure - I-fodifications to IAS i and IFRS Practice Statement 2.

In February 2021, the IASB na issued amendments to|thelAS and IFRS Practice Statement 2 i4oking Materiality Jud\$ements, in which it provides |guidelines and examples to help entities app|icate materiality judgments to accounting policy disclosures. The modifines aim to help entities provide informazion ìon accounting standards orients by replacing the requirement for entities to provide their "signil\cant" accounting policies with a requirement to provide disclosures on their "re|relevant" accounting policies; in addition, quidelines are added on how entities aapply the materiality concert in making decisions about accounting policy disclosures. The amendments to IAS iare applicable from fiscal years beginning on or after iJanuary 2023, early application is conseritent. Since the motions toll'IFRS Practice Statement 2 / 4aking Moteriolity)ud\$ements provide nonmandatory guidance on the ap- plication of the definition of materiality to accounting policy disclosures, no effective date is required for these amendments. This paragraph "Basis of preparation" has been revised in light of the modi(cation.

#### mendainment to IAS I: Classification of liabilities into current and nanocurrent

In January 2020, the IASB published de]ivisions to paragraphs 69 to 76 of IAS 1 to specify the requirements for Classify liabilities as current or non-current. The amendments clarify:

- · What is meant by the right of postponement of maturity;
- That the right of subordination must exist at the close of the fiscal year;
- classification is not impacted by the probability with which the entity will exercise its subordination right;
- only if a derivative embedded in a convertible liability is itself an equity instrument the maturity of the liability has no impact on its classification.

The amendments will be effective for fiscal years beginning on or after iJanuary 2023, and are to be applied retrospectively, These amendments had no impact on the Company.

![](_page_67_Picture_1.jpeg)

#### /'fodi£ic *to the* /AS f2 *Income* Taxes*:* Domestication *Tax* Reform - SecondR*' lastro*

Effective January 1, 2024, the Sa|vatore Ferragamo Group, as a multinational group that exceeds the threshold of rlcavi of 750 million euros for two of the previous four fiscal years, falls within the scope of the second-pillar income taxes provided for by Directive (EU) 2022/2523, adopted in Italy by Legislative Decree Dec. 27, Dec. 2023, No. 209intesaagarantireunIiveIIofimpositionflscaemiimog|obaeforigigimumnationalcompaniesand large-scale national groups in the|Union (so-called *Global minimum* tox).

According to paragraph 4.A of IAS 12 (paragraph added by Regulation (EU) 2023/2468 of the Euro- pean Commission), which provides, as an exception to the provisions of ta|e standard, not to recognize and disclose information tulfe deferred tax assets and liabilities related to| second-pillar income taxes, no information is disclosed and no deferred tax assets and liabilities related to second-pillar income taxes are recognized.

Exposure to second-pillar income taxes descends, with respect to all Group companies that are located in each individual jurisdiction, from the level of effective taxation, which, for each of those jurisdictions, depends on various and even interrelated factors, such as primarily the income produced there, the level of the nominal tax rate, the tax rules for determining the tax base, and the provision, form and enjoyment of incentives or other tax benefits.

Moreover, given the novelty and | complexity underlying the determination of the level of effective taxation, the legislation of] the second pillar provides, for the first periods of effectiveness (so-called transitional regime valid for periods beginning before December 31, 2026 and ending no later than June 30, 2028), the possibility of applying a simplified regime (so-called.d. transitional *safe harbors* from country-by-country reporting) based primarily on accounting information available for each relevant jurisdiction that, in the event of passing a|least one of three tests, results in the reduction of compliance burdens and the elimination of second-pillar taxes.

Based on information known or reasonably estimable, the Company's exposure to second-pillar taxes on|red- finger as of the end of the fiscal year is estimated to be insignificant because:

- with respect to most of the Group's entities, which are located in jurisdictions that meet at least one of the three *tests* under the transitional country-by-country reporting *safe horbours*, the conoitions for zeroing second-pillar taxes are met; and
- for the remaining Group entities c|1e are located in jurisdictions that do not meet any of the three tests provided by the sole *horbourtransitors'* by country reporting, the level of effective taxation in those jurisdictions approximates the minimum level of 15 percent or the profits in those jurisdictions are small relative to the Group's total profits.

The Company, with the support of external consu\ents, is organizing and preparing for the compliances related to the second pillar legislation, also in order to manage its exposure for subsequent periods, through the preparation of appropriate systems and procedures aimed at:

- Identify, locate and characterize, including on an ongoing basis, for the purposes of second-pillar legislation all Group enterprises;
- compute simplified *tests*(so-called transitional s0fe fiarbour from country-by-country reporting) for each relevant jurisdiction in order to enjoy the related benefits ìn terms of reduced compliance burden and zero second-pillar taxes;
- make full and detailed calculations of relevant magnitudes as required by Pillar II legislation for any jurisdictions that fail any of the above tests.

![](_page_67_Picture_15.jpeg)

Salvatore Ferragamo - Annual Financial Report 2023 39

Budget Cooso1+data

#### Balance Sheet ù'Esercizio

## Principi emessi ma non ancora in vigore

Listed below are standards that, as of the date of preparation of the annual financial statements, were already isued but not yet in effect. The list refers to standards and interpretations that the Company expects will be reasonably applicable in the future. The Company intends to adopt these standards when they become effective.

#### Amendment to IAS I.' Classification of liabilities into currentand non-current

In 2020 and 2022, |o IASB published amendments to (AS 1 with the aim of clarifying the requirements for classificing liabilities as current or noncurrent, including in relation to liabilities subject to co enonts, and defining the disclosures to be provided in bi|ancio. The amendments will be effective for fiscal years beginning on or after Jan. 1, 2024, and should be applied retrospectively. The Company is currently assessing the impact the amendments will have on the financial statements.

#### t4changes to IFRS 16 Leases: lease liabilities in "Sale and Leasebock"

In September 2022, the IASB issued amendments to IFRS16 with the aim of specifying the para- meters that the lessor - seller must use to contai- led variable payments of the /eosing that occur in a "Sale and Leosebock" transaction. The amendments in troducon a new model for accounting for variable pa- payments and will require the lessor - seller to reevaluate and potentially reformulate sale and leaseback transactions entered into on or after 20a 9. The amendments will be effective for fiscal years beginning on or after lanuary 1, 2024, and must be applied retrospectively to "Sole and Lea- seback" transactions "initiated after the first application of IFRS16. Earlier application is permitted provided that this fact is disclosed. The Company is currently assessing the impact the changes will have on| the financial statements.

#### i Amendments to/IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments.

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments to clarify the characteristics of financial arrangements with suppliers and require more disclosures to be illu- dated in the financial statements. The increased disclosure details required are intended to enable readers to understand the effects of financial arrangements with suppliers on liabilities, cash flows, and exposure to liquidity risk. The amendments will be effective for fiscal years beginning on or after January 1, 2024; however, earlier application is permitted provided ta]e fact is disclosed. The Company is currently evaluating the impact the amendments will have on the financial statements.

#### Amendment to IAS2 I Effects of foreign currency exchange rate v'orifications.

In August 2023, fo IASB issued an amendment to IAS21 Effects of Changes in Foreign Exchange Rates clarifying:

- · When a currency is not exchangeable with other currencies;
- How a company should estimate timely exchange rates when a currency cannot be exchanged.

The amendments will require more disclosure details to DERMINE readers of financial statements to understand the spot exchange rate used, the estimation process, the nature and impact of using an estimated exchange rate on the financial statement data, and the company associated with]|a currency non-interchangeability. The changes will be effective for fiscal years beginning on or after January 1, 2025. Early application is permitted. The Company is currently evaluating the imDact the amendments will have on the financial statements.

## FERRAGAMO

![](_page_69_Picture_2.jpeg)

## 3. Financial Risk Management (IFRS 7)

Salvatore Ferragamo S.p.A. oversees, also from a Group perspective, the exposure to varying degrees to the various fi nancial risks associated with|its business, particularly attributable to the type of market risks, which can be further distinguished into:

- rate risks, relating to the effects of changes in market interest rates;
- foreign exchange risks, resulting from operations in currency areas other than that of the currency of denomination;
- liquidity risks, reÌatìve to]]he availability of financial resources and ease of access to the credit market and related to|the need to meet the Group's financial commitments in the short term;
- credit, commercial, or counterparty risks, which represent the risks of non-performance of com- commodity or financial obligations assumed by various counterparties and arising from normal business transactions or financing, lending, and risk hedging activities.

The management of financial risks is carried out on the basis of guidelines determined by the]]a Company, in compliance with the objectives defined centrally by the Board of Directors.This also makes it possible to have supervision and coordinate the operations of the individual Group companies, through more effective financial planning and control, to systematically monitor the levels of exposure to financial risks and treasury trends, and to provide useful indications for optimizing the management of relations with the reference credit institutions.

According to these directives, the management of individual financial risks is specifically supervised, intervening with the aim of mitigating their impact, including through the use of derivative instruments. Derivative instruments are used for hedging purposes only. In application of *IFRS* standards*,* some derivatives have been classified as negotion even though they were entered into ¢nly for hedging purposes.

Financial liabilities mainly consist of trade payables, bank payables (if pre- senti), other financial payables, as well as a|]*leosing* liabilities following the introduction of accounting standard IFRS16, The management of these liabilities is mainly aimed at financing the Group's operations.

Fluctuations in market interest rates affect the level of net borrowing costs and the market value of financial assets and liabilities.

Interest rate risk can be classified into:

- *flow* risk, which refers to the variability in the amounts of interest income and expense collected and paid as a result of movements in market interest rate levels;
- price risk, relating to|a sensitivity of the market value of assets and liabilities to changes in the level of interest rates (refers to fixed-rate assets or liabilities).

Salvatore Ferragamo S.p.A. is mainly exposed to Fior *risk, or* flow risk, i.e., the risk of achieving an increase in financial costs in the income statement due to an unfavorable change in interest rates. The Company uses thirdparty financial resources mainly in the form of variable-rate regulated bank debt and uses available liquidity mainly in money market instruments. Changes in market interest rates affect only! the cost of borrowing and the return on the forms of lending and thus the level of the Company's financial expenses and income and not also the fair value hole.

![](_page_69_Picture_19.jpeg)

Financial Statements

![](_page_70_Picture_1.jpeg)

Annual Report

of reference on the interbank market specific to the currency in which the loan is denominated) for the period plus a *spreod* that depends on the type of credit line used. As of December 31, 2023, there are no uti|iations. The aoplicable margins *are* comparable to the best market *standards.*

Cash surpluses are held in open current accounts or time *deposits* with relationship banks, remunerated at Euribor/Iibor/sofr rates or at| the reference rate on the interbank market specific to the currency in storage, in cosfi *pooling* structures *or* invested in *intercompony* loans*,* settled at current market conditions, aimed at containing the Group's exposure to the banking system, counterparty risk and the incidence of borrowing costs.

The Company, with a *view to* moderate diversification of its cash management, also entered in 2022 into a readily liquidable insurance policy Branch I investment and net during 2023 into an investment in short-term Italian government securities (Treasury bills).

Sensitivity to interest rate risk is monitored with appropriate consideration of overall *exposure* through coordinated management of debt and available cash and related maturities.

As of the date of the Financial Statements, there are no derivative financial instruments to hedge interest rate risk, aimed at transforming indebtedness from floating to fixed, nor did the Company [act use them in the previous year.

The Company conducted the sensitivity analysis to the interest rate risk to which it is exposed by considering the balance sheet items that originate interest settled at floating rates and assuming parallel increases or decreases in the reference rate curves by individual currency, proportional to the respective annual volatility observed *in the*  markets. The result of the analysis carried out for fiscal years 2023 and 2022, given the stocks of sensitive assets and liabilities, the trend of interest rates and the values of the relative volatilities expressed by the market, showed potential losses or gains in the income statement of almost zero.

The possible favorable or unfavorable change in market reference rates has almost no impact on the Company's economic performance.

Exposure to the risk of changes in foreign exchange ratios arises from trading in currencies other than the currency of account denomination, the Euro.

In particular, it is possible to classify foreign exchange risk on the basis of the nature of the exposure and the impact it de- fines on the economic result as a result of *the* different significance of costs and revenues in foreign currency from the time when the price conditions were defined (economic risk) and as a result of the conversion of *trade* or financial receivables and payables denominated in foreign currency (transactional risk).

The Company operates on an international liveI|o and is therefore exposed to risks arising from fluctuations in foreign exchange rates, which have an impact on the results of operations and the value of shareholders' equity.

The objective of the exchange rate risk hedging policy is to minimize economic and tran- stive exchange rate risks, i.e., risks arising from the possibility that currency parities may change unfavorably in the period between the time *when* the expectation arises of a commitment to pay or a right to collect currency other than the Euro for a future date (*budget* definition, price list fixing, order preparation), the recording of the accounting document (invoicing) and the moment when the collection or payment actually occurs, generating an effect in terms of exchange rate differences, with impact on the income statement.

![](_page_71_Picture_1.jpeg)

## **FERRAGAMO**

In continuity with the foreign exchange risk management pofitics adopted in recent years, |the Company manages the foreign exchange risk arising from its commercial activities, consistent with the provisions of the Foreign Exchange Risk Management *Policy* and the risk management objectives periodically defined, through the sîstematic hedging of commercial flows arising from sales expected in currencies other than the Euro, both to its own subsidiaries and to third parties, with the aim of mitigating the risk of variability in the expected margin arising from sales relating to future collections.

II Group also operates to a significant extent in international markets through trading companies located in countries that use currencies other than the Euro, principa!ly the U.S. Dollar and Chinese Renmimbi. In the year ended December 31, 2023, the percentages o f the Company's net revenues denominated in U.S. Dollars were about 319a, in Chinese Renminbi about 9o/r,ìn South Korean Won about II 6%, in Mexican Peso about i| 6%, and in Japanese Yen about 5%. In the year ended December 31, 2022, the percentages of Society's net revenues denominated in U.S. Dollars were about 40 percent, in Chinese Renminbi about J0 "ó, in South Korean Won about 6 percent, in Japanese Yen about 5 percent, and in Mexican Peso about 4 percent. Currency risks mainly originate from|the Company's exports in U.S. Dollars, Chinese Renminbi, Japanese Yen, South Korean Won, and Mexican Peso.

In relation to its own *business* fashions, the Group incurs a significant portion of its costs in Euro, costs incurred by Salvatore Ferragamo S.p.A. and relating to the production and management of the *Corporate* structure*,* while the revenues and costs recorded by the Group companies are mainly expressed in the currencies of their respective markets. The management of exchange rate risk is for the most part centralized on the Company, by means of direct invoicing in the currency of account of the subsidiary in order to hedge, by means o f taking out derivative instruments, the exposure that arises from sales denominated in va| currency other than the Euro. In particular, the Company is exposed to changes in the exchange ratio of the Euro against the U.S. Dollar, in reìection both a]ll sales in Dollars made on the North American market, and again on a circumscribed number of markets, preva|ently Asian. In this context, the Company is exposed to changes in the exchange rates of the currencies in which the sales are denominated, which results in the ris¢h risk that the countervalue in Euros of the revenues determined at the time of collection will not be sufficient to cover production costs or at any rate to achieve the target margin. This risk is accentuated because of the significant temporałe interval between the time when a collection's sales prices are set and the time when revenues are converted into Euro, which extends up to eighteen months.

The Company (as a production company) enters into forward currency sales contracts or options, designed to define in advance the conversion rate, or a predefined range of conversion rates, at future dates with a maximum expected ternporal horizon of twenty-four months. It is noted that in the years under review, |the Company hedged currency risk almost exclusively withforward currency sales through *forward* contracts.

To this end, depending on expectations and market conditions, hedges are taken out, before the definition of the sales lists, and in any case no later than the beginning of the sales campaign, for an amount generally between 50Pand 90% of the forecast currency sales, a percentage calculated on the expected overall exposure and not on the individual foreign currency. In the period following the flssing of the] list, the amount of outstanding hedges is supplemented in rełection to the orders actually acquired and put into production. In this way, the Company reconciles the trade risk to the risk arising from sales volumes only and not also to the risk arising from the exchange rate.

The Company additionally conducts control overThe exposure and the manner in which it manages the related foreign exchange risk of a|some Asian and Latin American subsidiaries that purchase goods in U.S. dollars or euros and sell in the currency of the country in which they operate. However, the values of the contracts involved are significantly lower than those conc|used directly by the Company to mitigate the Foreign Exchange Risk arising from sales denominated in the va|t of account of the various subsidiaries.

![](_page_71_Picture_9.jpeg)

![](_page_72_Picture_1.jpeg)

Consolidated Financial Statements

Exercise budget

In addition, the Company contlects and hedges the exposure arising from the change in value, as a result of the|changes in exchange ratios, of assets or liabilities expressed in currencies other than the company's own currency and which may affect the income statement (typically intercompany financial debit-credit ratios), by seeking a balance between financial receivables and payables denominated in the same currency, or through financial instruments, the accounting for which under İFRS follows |e Fair Value Hedge rules. The gain or loss de- rivating from subsequent valuations of the current va|or of the hedging instrument are recognizedin the income statement, as is the gain or loss on the hedged item.

Hedging relationships of the Company's future foreign currency transactions(quali+icable for IFRS purposes as Cash Flow Hedges) are accounted for under the rules of Hedge Accounting.

Changes in the Cash Flow Hedge reserve for the years ended December 31, 2023 and December 31, 2022 are shown below:

| ﺍﻟﺮﺍﺑﻂ ﺍﻟﻤﺮﺍﻗﺒﺔ ﺍﻟﻘﺎﺋﻤﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪ |          |          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|----------|
| (In thousands of Euros)                                                                                                                                                        | 2023     | 2022     |
| Initial balance                                                                                                                                                                | 9.495    | (8.426)  |
| * Increments for re evaluation of new positlve efficacy.                                                                                                                       | 15.707   | 14,430   |
| - decreases due to detection of new negative efficacy                                                                                                                          | (2.805)  | (22.173) |
| · Decreases due to transfer of effectiveness from the Cosfi wow hedge reserve and imputazlope of income to CA                                                                  | (20.219) | (3.554)  |
| + increments pef transfer of efficacia dała Rfsewa dt Cosfi Fłowhedge and imputazlone of cost to CE                                                                            | 3.374    | 29.2t8   |
| Final sabdo                                                                                                                                                                    | 5.552    | 9.495    |

The "Reserve," which includes changes in the value of sti uments to hedge deme expected transactions in foreign currencies, decreased in the complesso by 3,943 thousand euros during fiscal year 2023, while it had increased by 17,921 thousand euros during fiscal year 2022. The changes in value reflect the performance of the euro against the main hedged currencies, in particular the exchange rates between the U.S. dollar and the Chinese Renmimbi, which saw a general slight appreciation of the single currency during the year. The amount transferred from the "Reserve "to the yoce "Sales Revenues" when the underlying flows occurred was a total of 16,845 thousand euros posi ve in FY 2023; it had been a total negative 25,664 migha in FY 2022. During 2023, there were no interruptions of hedging relationships, which proved to be one hundred percent effective for the underlying object of the relationship.

Ineffectiveness of coverage may be realized as a result of:

Evchango Dick

- difference in the timing of cash flows generated by the hedged underlyings and hedging instruments;
- · changes in the expected cash flow amounts of the hedged underlyings and hedging instruments.

Shown in the]e tables below are the average time horizon and significance by risk factor of the risk hedges in place in the Company as of the closing date of fiscal years 2023 and 2022. The number of foreign currencies represented in the tables highlights how exchange rate risk management is almost totafely centralized at the Parent Company.

![](_page_73_Picture_1.jpeg)

## FERRAGAMO

## Planifestation of underlying flows

|  | 3 I December 2023 |  |
|--|-------------------|--|
|  |                   |  |

| (In migliaia)                      | feno of f month | 1 to 3 mesl | 3 to 6 mesl | 6 to 9 months | 9 to t2 months | Total flows<br>attitudes |
|------------------------------------|-----------------|-------------|-------------|---------------|----------------|--------------------------|
| Foreign currency forward contracts |                 |             |             |               |                |                          |
| Nozlonal amount in USD             | 27.000          | 36.MD       | 53,000      | 74.000        | NOOO           | 195.000                  |
| Average forward rate(EUR/USD)      | 1,051           | 1,07 f      | 1,090       | 1,096         | 1,088          |                          |
| Notional amount in CAD             | 2.000           | 500         | 5.000       | 2.000         |                | 9.500                    |
| Average forward rate (EUR/CAD)     | 1,449           | 1,478       | 1,479       | 4,802         |                |                          |
| Notional amount in CNY             | 40.000          | 100.000     | 50500       | 110.000       |                | 300.000                  |
| Average forward rate (EUR/CNY)     | 7,302           | 7.30S       | y,505       | 7,773         |                |                          |
| N otional Amount In GBP            |                 | 1.TO0       | 1.000       |               |                | 3.700                    |
| Average forward rate (EUR/GBP)     | 0,878           | 0,874       | 0,871       |               |                |                          |
| Nozjonale amount in HKD            | SOOO            | 1 000       | 7.000       | 18.000        |                | 42000                    |
| Average forward rate (EUR/HK0J     | 8,363           | 8,A18       | 8,473       | 8,405         |                |                          |
| Notional amount in SPY             | 400-000         | 1.000.000   |             | 800.000       |                | 2.800.000                |
| Average forward rate t£UR/jP/      | 137,631         | 145,682     | 153,665     | 151,440       |                |                          |
| lmporonoGonaleinKRA                | 4.000.000       | 10.000,000  | 12.000.000  | 14.000.000    |                | 40.000.000               |
| Average forward rate (£UR/KR       | 1.394,800       | à2¿,317     | 1.396,625   | 1.415,937     |                |                          |
| Notional amount In MXN             | 30.000          | 80.000      | 100.000     | 40.000        |                | 250.000                  |
| Average forward rate (EUR/MXN)     | 21,285          | 20,580      | 19,779      | 19,261        |                |                          |

![](_page_73_Picture_6.jpeg)

Salvatore Ferragamo – Relazione Finanziaria Annuale 2023

and and and the minimal of the comments of the comments of the comments of the comments of

![](_page_74_Picture_1.jpeg)

#### 3ł December 2022

| (In migliaia)                      | {least 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 1 y months | Yotale flows<br>expected |
|------------------------------------|----------------|---------------|---------------|---------------|-----------------|--------------------------|
| Foreign currency forward contracts |                |               |               |               |                 |                          |
| Notional amount in USD             | g2.000         | 65.000        | 86.000        | 79.000        |                 | 252.000                  |
| Average forward rate (EUR/U5D)     | 1,142          | 1, 130        | T,074         | T,026         |                 |                          |
| Notional amount in CAD             |                | 1.500         | 1.000         | Z.000         |                 | A.500                    |
| Average termine rate (£Uft/CAD)    |                | 1,370         | 1,353         | 1,359         |                 |                          |
| Notional amount in CNY             | 80.000         | 1 40.000      | 100.000       | 140,000       |                 | 460.000                  |
| Average forward rate (fUR/CZY)     | 7,360          | 7,294         | 7.26či        | 7,04y         |                 |                          |
| Notional amount in GBP             |                |               | 250           | .0DO          |                 | 1.250                    |
| Average forward rate (EUR/GBP)     |                |               | 0,887         | 0,901         |                 |                          |
| Notional amount in HKD             | 4.000          | Z1.000        | 5.000         | 8.00g         |                 | 35000                    |
| Tassp medium-term teUR/HKD)        | 8,854          | 8,800         | 8, T7S        | 8,107         |                 |                          |
| lmportonozioadeadeinlPY            | 500.000        | 1.200.000     | 1.050.000     | 800-000       |                 | 3.550.000                |
| Average forward rate (EUR/JPY)     | 129,656        | 133,220       | 137,817       | 137,278       |                 |                          |
| mpoi-to notional In KRW            | 5.000.000      | 13.000,000    | 10.000.000    | 14.000.00     | 4.000.000       | 46.000.000               |
| Average forward rate(-UfUK RW)     | 1.371,400      | 1.367,402     | 1.354,036     | 1.383,503     | 1.382,H0        |                          |
| Tamp n otion in MXN                | 40.000         | 140.000       | 40.000        | y 10.000      |                 | 430.000                  |
| Average forward rate (EUR/MXN)     | 23,570         | 23,790        | 23,455        | 22,112        |                 |                          |

![](_page_75_Picture_1.jpeg)

## MRRAGAMO

### Analysis of underlying flows: impact on income statement

183.000

3.050.000

1.250

3.500

350.000

30.000

250.000

Vendlte expected in USD

Expected Vendite In MXN

Expected sales in CAD

Expected sales in CNY

Expected sales in HKD

Expected sales in JPY Expected sales in GBP

|                       |                      |                    |               |               | for 9 months            |                  |
|-----------------------|----------------------|--------------------|---------------|---------------|-------------------------|------------------|
| (In migliaia)         | Total flows attested | within 3<br>months | 3 to 6 months | 6 to 9 mesl   | at 1 year               | o tre to 1 anf'o |
| Foreign exchange risk |                      |                    |               |               |                         |                  |
| Expected sales in USD | 1 44.000             | 56.000             | 73.000        | 15.000        |                         |                  |
| Expected sales in SPY | 2.600.000            | .300.000           | 500.000       | 700.000       | 100,000                 |                  |
| Expected sales in GBP | 2.700                | 1.700              | 1.000         |               |                         |                  |
| Expected sales in MXN | 140.000              | 100,000            | 40.000        |               |                         |                  |
| Expected sales )n CAD | 7.000                | 1000               | 6,000         |               |                         |                  |
| Expected sales in CNY | 275.000              | 1 10.000           | 90.000        | 75.000        | -                       |                  |
| Expected Sales In HKD | 30.000               | 8.000              | 17.000        | 8.000         | -                       |                  |
| Expected sales in KRW | 36.000.000           | 14.000.000         | 14.000.000    | 8.000.000     | -                       |                  |
|                       |                      |                    |               |               |                         |                  |
| December 31, 2022     |                      |                    |               |               |                         |                  |
| (In mig ia)           | Total expected flows | anthro 3<br>months | 3 to 6 months | 6 to 9 months | +to 9 mesh<br>at 1 year | over 1 year      |

89.000

40.0000

170.000

1 7.000

currencies: the U.S. Dollar, Renminbi cîne- se, Japanese Yen, South Korean Won, and Mexican Peso.

500

1.200.000

91.000

750

1.350.000

210 000

3.000

1 TO.000

13.000

3.000

500

30.000

500.000

Expected sales in KRW 36.000.000 14.000.000 14.000.000 8.000.000 The most significant hedging activity, in terms of notional vo|umi of currency denominated hedged, is aimed at mitigating the risk generated by fluctuations in the exchange rate tass between the following

From a time perspective, hedges with a term of more than one year are nu|le as of December 3, 2023 as well as December 31, 2022. The tables above show the dates of financial manifestation of the underlying deg by currency and the dates with which the impact on the income statement is registrated, which is determined following of the expected flows that are the subject of the foreign exchange risk hedge, as of the 2023 and 2022 fiscal years.

![](_page_75_Figure_7.jpeg)

![](_page_76_Picture_1.jpeg)

la Ivatore Ferrae ams - Tlela zin+ e E'Innny iaria Ann''sIø 3h2?

The impact of the hedged underlyings on the balance sheet -financial position is represented as follows:

#### \ Highly probable expected sales

|                   |                 | Cas0 f/oyy hedge reserve<br>/ change in dom v a l u e |                       |       |                      |
|-------------------|-----------------|-------------------------------------------------------|-----------------------|-------|----------------------|
|                   |                 | used to measure                                       | Balance               |       | sheet item           |
| (In thousands of  | National amount | ineffectiveness                                       | "otherCurrent assets" |       | current liabilities" |
| Euros}            |                 |                                                       |                       |       |                      |
| December 31, 2073 | 225.927         | 5.552                                                 |                       | 4.454 | (272)                |
| December 31, 2022 | 287.034         | 9.495                                                 |                       | 6.595 | (2.685)              |

In 2023, and particularly in the month of December, the sharp depreciation suffered by the Argentine peso as a result of local policy measures will be marked; however, the currency is not re|levant to the Company in terms of its exposure to| overall foreign exchange risk.

### Sensit/v/ty *Analysis*

*The sensitivity analysis* carried out in order to assess the Company's exposure to foreign exchange risk was conducted by assuming upward and downward percentage changes in the exchange rates of the various currencies, proportional to their annual volatility, applied to all relevant financial assets and liabilities expressed in the original currencies. Specifically, the analysis involved all currencies and the following items:

- Exchange rate derivative instruments;
- trade and other receivables;
- trade debts and a]tri debts;
- cash and cash equivalents;
- Short- and long-term financial liabilities;
- Liabilities for short- and long-term Teas/ng,

In addition, tabe|Ia shows the most significant impacts and the related va tutes and refers to the exposure to exchange rate risk as required by *IFRS.* Currency exchange ratios whose change generates an impact on the Income Statement and Shareholders' Equity, considered in absolute value, greater than *one* million *euros, have been*  considered.

![](_page_78_Picture_1.jpeg)

## FERRAGAMO

|  | Foreign exchange risk sensitivity analysis |  |
|--|--------------------------------------------|--|
|  |                                            |  |
|  |                                            |  |

| December 31,        |                   |                            |                                             |                                |          |
|---------------------|-------------------|----------------------------|---------------------------------------------|--------------------------------|----------|
| 2023                |                   | Rate<br>increase/ decrease |                                             | s Impacts on Income Statementa | Impact   |
|                     |                   | dl underlying change       | Underlying                                  | Equity                         | Net      |
| (In m gIle of EurO) | EUR/SPY           | 9,8°A                      | Derivative                                  | 2.000                          | 1.625    |
|                     |                   |                            | i n s t r u m e n t s                       | (2.376}                        |          |
|                     |                   |                            | Non-derivative                              |                                |          |
|                     |                   |                            | instruments                                 |                                |          |
|                     | EUR/USD           | 6,7B                       | Derivative                                  | 12.070                         | 9J64     |
|                     |                   |                            | instruments Non                             | (9.347)                        |          |
|                     | EUR/KRW           | 7,796                      | derivative instruments                      | 441                            | 1,984    |
|                     |                   |                            | Derivative                                  | (330)                          |          |
|                     |                   |                            | i n s t r u m e n t s                       |                                | 2.068    |
|                     | EUR/CNY           |                            | Non-derivative                              |                                |          |
|                     |                   |                            | instruments Strumend                        | 1.726                          | 833      |
|                     | EUR/MXN           | 12,296                     | non-derivative                              | (2.213)                        |          |
| POSITIVE CHANGE     |                   |                            | i n s t r u m e n t s                       | 1. 33                          | 228      |
|                     | EUR/GBP           | 6,0g                       | Derivative                                  | (21S)                          |          |
|                     |                   |                            |                                             | 382                            |          |
|                     | EUR/SGD           | 4,69'"                     | instruments Strumentl                       |                                |          |
|                     |                   |                            | non-derivative                              | (426)                          |          |
|                     | EUR/THB           | 8,2%                       | instruments                                 | 675                            |          |
|                     |                   |                            | Derivative                                  | (772)                          |          |
|                     | EUR/CAD           | 5,9%                       | instruments Non                             | 381                            | 331      |
|                     |                   |                            | derivative instruments                      | (634}                          |          |
|                     | EUR/BRL           | 14,0%                      | Strumentl non                               | 799                            |          |
|                     |                   |                            | derivative instruments                      | '1.034'                        |          |
| Total               |                   |                            | Derivative                                  | 2.509                          | 4 6.833  |
|                     |                   |                            | instruments                                 | (2.486)                        | (2.020)  |
|                     | EUR/jPY           |                            |                                             | 2.890                          |          |
|                     |                   |                            | Derivative                                  | t14.197)                       | (11.485) |
|                     | EUR/USD           | t6.7°ò)                    | instruments Non                             | 10.678                         |          |
|                     |                   |                            | derivative instruments                      | (574)                          | (2.357)  |
|                     | EUR/KRW           | (7,7W)                     |                                             |                                |          |
|                     |                   |                            | Derivative                                  | 385                            |          |
|                     |                   |                            | i n s t r u m e n t s                       |                                |          |
|                     |                   |                            | Non-derivative                              |                                |          |
|                     | EUSMXN<br>EUfUCNY | (12.2Ro)                   | StrumenEl<br>instruments Non<br>derivatives |                                | (1.072)  |
| NEGATIVE CHANGE     |                   |                            | derivative instruments<br>Non-derivative    | 2.830                          |          |
|                     | EUR/GBP           | (ò,O°A)                    | instruments                                 | (1,328)                        | (368)    |
|                     |                   |                            |                                             | 243                            |          |
|                     |                   |                            | Derivative                                  | (430)                          |          |
|                     |                   | (4,6%)                     | instruments Non                             | 467                            |          |
|                     |                   |                            | derivative                                  | (801)                          |          |
|                     | EUR/THB           | (8,29'")                   | i n s t r u m e n t s                       | 9i 1                           |          |
|                     |                   | EUR/CAD                    | Derivatl instruments                        | (907)                          | (385}    |
|                     |                   |                            |                                             |                                |          |
|                     |                   |                            | Derivative                                  | 713                            |          |
|                     |                   |                            | instruments Derivatl                        |                                |          |
|                     |                   |                            | instruments Derlvatl                        |                                |          |
|                     |                   |                            | instruments Non                             |                                |          |
|                     |                   |                            | derivative instruments                      |                                |          |

![](_page_79_Figure_1.jpeg)

![](_page_80_Picture_1.jpeg)

Bilancio d'Esercizio

31 December 2022

| (In thousands of Euros) |          | Increase/<br>Decrease in the<br>underlying exchange | SoŁtostante                | Impacts on the<br>Loss Account | lmpatti<br>Profit and<br>Net to |
|-------------------------|----------|-----------------------------------------------------|----------------------------|--------------------------------|---------------------------------|
|                         |          | rate.                                               | 5trumenti                  | 4.029                          | 2.119                           |
|                         | EUR/JPY  | 10,8%                                               | derivatives Non-           | t4.083)                        |                                 |
|                         |          |                                                     | derivative instruments     |                                |                                 |
|                         |          |                                                     | B Ł Derivative             | 4.'i66                         | 12.855                          |
|                         | EUR/USD  | 8,1 °ß                                              | Non-defi 3 and 2 a ments   | (5.211)                        |                                 |
|                         |          |                                                     | InstrumentT derivatives    | 705                            | 1.999                           |
|                         | EUR/KRW  | 8.6%                                                | Str ments not derived      | (860)                          |                                 |
|                         |          |                                                     | Derived instruments        | 883                            | 2.808                           |
|                         |          |                                                     | Non-derivative Srruments   | t942)                          |                                 |
|                         |          |                                                     | Derivative instruments     | 1.300                          | 1.33 6                          |
|                         | EUR/MXN  | 12,5%                                               | Non-derivative instruments | (1.862)                        |                                 |
| POSITIVE CHANGE         |          |                                                     | Derivative instruments     | 663                            | 103                             |
|                         | EUR/GBP  | 7.9-A                                               | Non-derivative instruments | (110)                          |                                 |
|                         | EUR/SGD  |                                                     | Derived instruments        | 2.068                          |                                 |
|                         |          | 5,9%                                                | Non-derivative instruments | (2.110)                        |                                 |
|                         |          |                                                     | Instrumentl derivatives    | ରେଚ                            |                                 |
|                         | EUR/THB  | 8,5%                                                | Strumenki non derivaki     | (732)                          |                                 |
|                         |          |                                                     | Drift instrumentski        | 144                            | 468                             |
|                         | FURICAD  | 7 5%                                                | Instrumenti not derlvati   | (3\$0)                         |                                 |
|                         | EUR/BRL  |                                                     | Derivative instruments     | "193                           |                                 |
|                         |          | ) 8, 9w                                             | Non-derivative instruments |                                |                                 |
|                         |          |                                                     |                            | (1.078)                        |                                 |
| Total                   |          |                                                     |                            | (1.791}                        | 11.388                          |
|                         | EUR/JPY  | (10,8%)                                             | Derived instruments        | (5.008)                        | (2.633)                         |
|                         |          |                                                     | Non-deriya(i) instruments  | 5.074                          |                                 |
|                         | EUR/USD  | (8,1%)                                              | Derivative instruments     | (5.371)                        | (15.121)                        |
|                         |          |                                                     | Non-derivative instruments | 61 30                          |                                 |
|                         | EUR/KRW  | (8,60)                                              | Strumen ti der vati        | (838)                          | (2.374)                         |
|                         |          |                                                     | Non-derivative instruments | 1.021                          |                                 |
|                         | EUR/CfiY | (6,3%)                                              | Derivative instruments     | (1.001}                        | (3.184)                         |
|                         |          |                                                     | Non-derivative instruments | 1.068                          |                                 |
|                         | EUR/MXN  |                                                     | Derived instruments        | (1.674)                        | (1.74 9)                        |
| VARIAZIOfJE NECATIVE.   |          | (12,50)                                             | Non-derivative             | 2.396                          |                                 |
|                         | EUR/GBP  |                                                     | struments Derivative       | (77T                           | t121)                           |
|                         |          | (7,99è)                                             | strumen ti Non-            | 30                             |                                 |
|                         | EUR/SGD  |                                                     | derivative strumentf       | (2.3Z8)                        |                                 |
|                         |          | (5,996)                                             | nofi derivatives           | 2.375                          |                                 |
|                         |          | (8,5%)                                              | Derivative strumentl       | (8Z6)                          |                                 |
|                         | EUR/THB  |                                                     | Derivative                 | 869                            |                                 |
|                         |          | (7,5%)                                              | instruments Non-           | (167)                          | (195)                           |
|                         | EUR/CAD  |                                                     | derivative instruments     | 407                            |                                 |
|                         |          |                                                     | Non-derivative             | (723)                          |                                 |
|                         | EUR/BRL  | (1, Pæ)                                             | instruments                | 1. fi79                        |                                 |
| Total                   |          |                                                     | Derivative                 | 2,337                          | (25.\$47)                       |
|                         |          |                                                     | instruments                |                                |                                 |

![](_page_81_Picture_1.jpeg)

## FERRAGAM@

As presented in the table above, a positive movement of the identified exchange rates (EUR/j PY, EUR/ USD, EUR/KRW, EUR/CNY, EUR/MXN, EUR/GBP, EUR/SGD, EUR/THB EUR/CAD and EUR/BRL) would have produced a profit of EUR 2.509 thousand as of December 31, 2023, and a loss of EUR 1,791 thousand as of December 31, 2022; ana|ogamen- tly, a negative movement in exchange rates would have produced a loss of EUR 3,415 thousand as of December 31, 2023, and a uEile of EUR 2,337 thousand as of December 31, 2022. The increase generated in equity by derivative instruments designated as hedges, as a result of the assumed Dositive changes in exchange rates, would have amounted to Euro 16,833 thousand as of December 31, 2023 and Euro 21,388 thousand as of December 31, 2022; |a reduction in equity as a result of the assumed negative changes in exchange rates would have amounted to Euro 19,932 thousand as of December 31, 2023 and Euro 25,347 thousand as of December 31, 2022. The sensitivity analysis carried out in the manner described above, on the results of which the value of the market volatility of exchange rates considered has a significant impact, shows a significant impact on the Company's shareholders' equity as a result of the possible va- ration in value of the derivative instruments designated as hedges, which is suspended in the "*Cash Flow* Hedge Reserve" and whose impact on the income statement will occur in subsequent years, at the time of the actual occurrence of the expected sales. The increase or decrease in the impact on the income statement and balance sheet in each of the years under consideration derives essentially from the effect of the trend in the exchange rates of individual currencies on the reference dates and the change in the amount of financial assets and liabilities exposed to fluctuations in exchange rates.

Liquidity risk represents the risk that the Company will be unable to meet its financial obligations due to the difficulty of raising funds at current market price conditions (funding *liquidity risk) or* liquidating assets in the market to raise the necessary financial resources *(asset liquidity risk).*

The first consequence is a negative impact on the income statement ne| if the Company is forced to bear Additional costs to fulfill their commitments.

The factors that prìncípically affect the Company's liquidity are the resources generated or absorbed by current operating and investing activities, any dividend distributions, and the maturity and renewal availability characteristics of debt or the maturity and |iquidity of financial investments of surplus cash.

Liquidity needs or surpluses are monitored on a daily basis by the Treasury Function of|a Company a|

in order to ensure effective raising of financial resources or adequate investment de||a liquidity.

The negotiation and management of credit lines is coordinated by the Company a \ive]]o Group, with the aim of prov-

see to the short- and medium- to long-term needs of||individual companies according to criteria of efficiency and economy. As of December 31, 2023, there were outstanding, with several bank counterparties, credit lines made available to the Company to meet short-term and revocable *(uncommitted)* financial needs*,* related to working capital management, totaling 176,199 thousand euros and *committed* short- and medium/long-term credit lines negotiated on a bilateral basis by the|company, totaling 380,000 thousand euros, entirely of a rendered/ving nature,

As of December 31, 2023, Salvatore Ferragamo S.p.A. does not use it either on *uncommitted* revocable credit lìnee or on the *committed* credit lines. As of December 31, 2023, the Parent Company had a net financial position in credit of Euro. 229,064 thousand, also considering |e *lease* liabilities with the application of the contabi|e IFRS 16 standard; as of December 31, 2022, the Company had a net financial credit position of 252,876 thousand euros.

As of December 31, 2023, the *committed* lines *have a* maximum remaining term of forty-one months and a weighted average remaining term of twenty-one months. The *committed* lines currently in place for the Parent Company, in the *revol-* ying form, do not require compliance with financial covenants. For more details see yeda \n note 20 "Loans and financing.

- Limitations on the use of|and financial resources."

Credit lines and related financial activity are distributed among major domestic and international banking institutions. It has always been the policy of the Company to enter into and maintain on an ongoing basis and with diversified banking counterparties an amount of *comrnitted* credit lines deemed congruous with respect to the needs of the individual companies and suitable to ensure at all times the liquidity necessary to meet and fulfill any financial commitment of the Group, under established economic conditions, as well as to ensure the availability of an adequate level of elasticity

![](_page_81_Picture_16.jpeg)

Annual Report

Ges tion Report CunsolicJa ta statement of a nonfinancial character. Consolidated

Financial Statements

operating f o r possible development programs. Also in FY 2023, Salvatore Ferragamo SpA's policy has been to use a substantial portion of its cash surplus, as well as to take out intercompany loans, settled at current market terms, so as to contain the increase de|l its debt exposure *to* the *banking system and \$ìÌ* related financial charges.

Cash surpluses are held in current accounts or t/me *deposits* opened with the relationship banks, remu- nerated at the Euribor/libor/sofr rate or at the reference rate on the interbank market specific to the currency in storage, or invested in *intercompany* loans*,* regulated a t current market conditions, aimed a t reducing the Group's exposure to the banking system and containing counterparty risk and the incidence of financial charges. The Company, with a view to moderate diversification of its cash management, has also during 2023 entered into an investment in short-term Italian government bonds (Ordinary Treasury Bonds) for Euro 20,000 thousand and has in- cremented the insurance investment policy Branch I readily liquidated by Euro 10,000 thousand made in 2022 for an additional Euro 5,000 thousand.

The |iquidity investment transactions themselves are carried out with the overriding objectives of making |available resources available at short notice and neutralizing the|risk of capital loss by avoiding speculative transactions. During 2022 with the aim of having more efficient cash and liquidity management at the Group level, Salva- tore Ferragamo S.p.A. also entered into a *cosh* poo/ing agreement with some subsidiaries. For more details, see notes 17 and 20. The *Company*'s Board of Directors has also during 2023 ap- proved a *policy* for the management and mitigation of liquidity risk with | the main objective of ensuring adequate coverage of financial requirements b y Group companies.

These choices, which also take into account the foreseeable future dynamics of cash flows together with a timely renegotiation of credit lines, even before their natural maturity, make it possible to significantly reduce exposure to the risk under consideration and to adjust the] cost of borrowing to]|e best market conditions. The Company has consistently maintained access to a wide range of financing sources at competitive costs, despite the external reference framework in which rigidities in the credit market remain. No- nostant the high capacity to generate cash from the GrupDo's current operating activities, having always maintained |a suitable amount of *committed* lines has made it possible to deal safely |with phases of greater market turbulence and possible volatility in the availability of loan capital in the market. On a monthly basis, the financial position of the Company and the Group is monitored and compared with the latest *Budget/Forecost* forecast. *Management* believes that the funds e|and credit lines currently available, with the addition of funds expected to be generated from current operating activities, will enable the Company df to meet with peace of mind the repayment of drawdowns on loans a|to|their natural maturity and to meet the needs arising from investment and ooerative cao capital management activities.

![](_page_83_Picture_1.jpeg)

ERRAGAMO

## Liquidity risk - Maturity analysis

| December 31, 2023                                |            |              |        |        |         |
|--------------------------------------------------|------------|--------------|--------|--------|---------|
| (In mlgllala dl Euro)                            | < 3 months | 3-ł 2 months |        |        | Total   |
| Due to suppliers                                 |            | 796          |        |        | 123.410 |
| Accounts payable to subsidiaries                 | 54.714     |              |        |        | 54,729  |
| Debits for loans vs. subsidiaries                |            |              |        |        |         |
| Debltl towards azIon st  for d v dend            |            |              |        |        |         |
| Possíz/iõ for tensing                            | 5.741      | 16.029       | 80.263 | 86.931 | 188.964 |
| Derivatl - non-hedging component                 |            |              |        |        | 510     |
| Derlvati - componentg coverage                   | 350        | 566          |        |        | 916     |
|                                                  | 183.929    | 1y.406       | 80.263 | 86.931 | 368.529 |
| December 31, 2022                                |            |              |        |        |         |
|                                                  | < 3 months | 3-t2 months  |        |        | ToŁale  |
| Payables to suppliers                            | 116.561    | 1.642        |        |        | 118.203 |
| Amounts owed to companies that have been audited | 24.435     | 8Z6          |        |        | 25.261  |
| Debits for loans vs. subsidiaries                | 21.521     |              |        | -      | 11.521  |
| Debİts to azlonistl for dividends                | 2          |              |        |        | 2       |
| Liabilities for leasing                          | 4.371      | 11.883       | 61.962 | 68.67  | 146.890 |
| Derivatives - non-hedging component              | 1.179      |              |        |        | 1.179   |
| Derlvat  - cover component                       | 5,335      | 2.057        |        |        | 7.392   |
|                                                  | 173.404    | 16408        | 61.962 | 68.674 | 320.448 |

The analysis performed on the balance sheet items representing financial liabilities shows distributed maturities, with those of a commercial nature concentrated within three months. For the year 2023, there are no payables to banks and other financiers, while the financial assets on the balance sheet have a maximum residual maturity of less than three months, being primarily related to cash and cash equivalents.

II credit rlsisk represents the Company's exposure to potential losses arising from the failure of the Company to ądeliver on its obligations to counterparties, both commercial and financial.

The Company has different exposure to credit risk based on the nature of the assets that generated the credit. The Company's exposure to trade credit rls risk is mainly related to so|called sales to third parties and receivables from revenues from licensing activities, which together account for about 20.6 percent of total sales: the remaining turnover is related to intercompany sales and *retail* sales with payment in cash or by credit or debit cards at the time of purchase.Trade receivables, essentially related to *wholesale* sales, are generically due in less than 90 days.

![](_page_83_Picture_9.jpeg)

EMARKET SDIR certifiei

The Company 8e\*lerally privileges business relationships with whom it has established relationships over time. It is the policy of Salvatore Ferragamo S.p.A. to subject customers requesting deferred payment terms to verification procedures on the relative credit class, both with reference to information obtainable from agencies specialists, as well as from]] observation and analysis of the performance data of non-newly acquired c (ents. In addition, the balance of receivables is constantly monitored during the year so as to ensure timeliness of intervention and to reduce the risk of losses. The fractionation of credit risk among a multiplicity of customers, the obtaining, where possible, of collateral or the adoption of more cauti|ative methods of payment for the creditor, such as letters of documentary credit, all represent actions aimed at further mitigating therisk in question.

Trade receivables are recognized in the balance sheet net of the write-down stjmulated on the risk of default of the counterparty, deterrned by considering |available information on the customer's so|lihood and considering historical data.

In general, the Company believes that the credit risk management policies adopted have made it possible to contain within acceptable limits the past due and|and insolvencies for which it has been necessary to resort to measures linked to credit recovery. The credit risk associated with financing, investment and derivative trading activities for the co- hedging of foreign exchange risk is represented by the inability of the counterparty or issuer of the financial instruments to fulfill their contractual obligations, so called counterparty risk. The Company manages this type of risk by selecting counterparties with high credit standing, who are considered solvi bii dat meıcato and with whom it retains ordinary and ongoing commercial and banking service relationships. With all counterparties with whom a derivative business is conducted, framework agreements have been negotiated and entered into in accordance with gfi international standards (ISDA Noster Agreements), in order to regulate |e various cases.

ി|Credit risk concerning the Company's other financial assets, which include cash and cash equivalents, financial assets at amortized cost, and certain derivative instruments, presents a risk equal to the se assets in the event of default of the counterparty.

|                                      | December 31, 2023 |                      | December 31 ż022 |                      |
|--------------------------------------|-------------------|----------------------|------------------|----------------------|
| (In thousands of Euros)              | Share<br>current  | tuota<br>non-current | Share<br>current | Share<br>non-current |
| Crediti and funding                  |                   |                      |                  |                      |
| Crediti vs clienti                   | 182.345           |                      | 161.1 14         |                      |
| CredIts for loans vs. subsidiaries   | 148.366           |                      | 1 22.199         |                      |
| Credití vs. credit cards             | 447               |                      | #26              |                      |
| liquíde availability and equal means | 203.180           |                      | 268,833          |                      |
| Security Deposits                    |                   | 206                  |                  | 192                  |
| Other current financial assets       | 35.240            |                      | 9.999            |                      |
| Derivatives                          | 8.348             |                      | 7.507            |                      |
| Total                                | 577.926           | z06                  | 570.078          | 192                  |

Maximum exposure to the risk of creclito

The table shows how the Company's exposure to credit risk, both commercial and counterparty, is rap- presented by the book value of the items representing financial assets outstanding as of December 31, 2023 and December 31, 2022, and, almost exclusively, limited to the current portion. The non-current portion is represented by the

![](_page_85_Picture_1.jpeg)

## FERRAGAMO

"Security Deposits," which mostly includes cash deposits paid byl the Company in respect of property leases, shown here at nominal vafore.

Concentrations of credit risk by geographic area

| (In Millions of Euros)    | 3J december 2023 | ટા      | 31 dicambre 2022 | %      |
|---------------------------|------------------|---------|------------------|--------|
| Italia                    | 22.29z           | 2,2%    | 18.0W            | 9,3%   |
| Europe                    | 24.161           | 13,29e  | 22.472           | 14,0 A |
| North America             | 59.201           | 32,8%   | 58.470           | 36,3%  |
| Japan                     | 3.939            | 2,296   | 4.411            | 2,7%   |
| Asla Pacific              | 34.475           | 18,9%   | 31.060           | 19,3%  |
| Central and South America | 38.277           | 21,0°a  | 29.657           | 18,4%  |
| Total                     | 182.345          | 100,096 | 161.1 1 4        | 100,0% |

The table shows the concentration of trade credit risk by geographical area of the Company's business in the two fiscal years under consideration.

|                              | Creditl not<br>expired and | Receivables past due but not written down |          |          |              |         |          |
|------------------------------|----------------------------|-------------------------------------------|----------|----------|--------------|---------|----------|
| (In thousands of Euros)      | not<br>devalued            | <80 days                                  | 30-GO gg | GO-90 gg | TO-4 20 days | >120 gg | Totale   |
| December 31, 2023            | 152,980                    | (1.013)                                   | 7.066    | 4.232    | 5.012        | 14.068  | 182,348  |
| December 31, 2022            | 1 44.905                   | 2.023                                     | 3.940    | 708      | 1.061        | 8.477   | 161.1 14 |
| Data in % December 31, 2023  | 83,9%                      | (0,6%)                                    | 3,9%     | 2,3 B    | 2,76         | 7,7P"   | 100,0°A  |
| Data in 96 December 31, 2022 | 89,90                      | 1,3%                                      | 2,4%     | 0,4%     | 0,796        | 5,3%    | 100,0%   |

The table shows the analsis carried out on the maturities of past-due and non-svated credits for the fiscal years ended December 31, 2023 and December 31, 2022.

The concentration of sales to major third-party customers is shown in the table below; for the concentration of sales by geographic area, please refer to the au- thorities presented earlier in the appropriate section:

Concentration of meicate rlsisk

|                                                               | 2013   | 2022  |
|---------------------------------------------------------------|--------|-------|
| Percentage of revenue realized  With the  major c lent.       | 12.5%  | 6,8%  |
| Percentage of revenues earned with top 3 largest clientsl     | 20,1°B | 14,9% |
| Percentage of ńcayi rea}{zed with the pñmi 10 largest clłenti | 33,5%  | 29,1° |

![](_page_85_Picture_12.jpeg)

| EMARKET<br>SDIR |
|-----------------|
| CERTIFIED       |
|                 |

Reiezione sułfa Dirkiiarozio 1e Consolic|ata di Caracter Non fiinanciario. Management

## Gestione del capitale

The primary objective of the Company's capita|on management is to ensure that sound credit roping and ade- guate levels of dipi'tale indicators are maintained so as to support the businize ge- strates the capita|e structure and modifies it in accordance with varfactions in economic conditions. To maintain or adjust the capital structure, the Company may adjust dividends paid to shareholders, redeem capital, or issue new shares, No changes were made to the objectives, policies, or procedures during fiscal years 2023 and 2022. For the purpose of achieving this objective, | the Company's capital management aims, among other things, to ensure that any covenants, related to bank borrowings, that define capital structure requirements are met.

The Company includes ne] net debt, if any, onerous loans, other borrowings, lease liabilities, trade debttafi and other payables, net of cash and cash equivalents. No va|ori and related effects produced by derivatives used for foreign exchange risk management are included in the table.

| (In thousands of CuroJ                                              | 31 di¢cember 2023 | 31 decerrjbre 2022 |
|---------------------------------------------------------------------|-------------------|--------------------|
| Onerous financing                                                   |                   | 21.390             |
| Liabilities for leasing                                             | 158.889           | 1 25,925           |
| Commerciali and other debts (net of derivative hedging instruments) | 202.813           | 87.462             |
| DTsponibility liqufde and equlyalent means.                         | 203,180           | 268.833            |
| Net debt                                                            | 158.522           | 6fi.944            |
| Total equity (net of rash flow hedge reserve)                       | 71 y.365          | 667.665            |
| Capital and net debt                                                | 87T.887           | 733.609            |
| Deblto/equity ratio                                                 | 22, j2E           | 9.88sc             |

![](_page_87_Picture_1.jpeg)

## **FERRAGAMO**

## 1, Business combinations *(business cOmbÌFlctÌO I)*

During FY2023 there were no dt business combinations *(business combinotion).*

It should be noted that on March 21, 2023, new shares were issued by Ferragamo Singapore Pte Ltd for a total of 43 million Singapore Do|lars, fully subscribed by Sa|vatore Ferragamo S.p.A. through the conversion of past financial receivables owed for a total of €29,957 thousand.

On November 3, 2023, the acquisition by the Ferragamo Group of the mino- rance interests in the subsidiaries Ferragamo Fashion (Shanghai) Co. Limited, Ferragamo Retail Macau Limited and Ferrimag Limited *(subfio/ding* of Ferragamo Retail HK Ltd., Ferragamo Retail Taiwan Limited and Ferragamo Fashion Trading (Shanghai) Co. Ltd.), held by Imaginex Ho|dings Limited and Imaginex Overseas Limited recon- ductible to the then board member Peter K. C. Woo, who subsequently resigned on November 13, 2023, through the transfer of the shareholdings and the simultaneous payment of consideration. Specifically, Salvatore Ferragamo S.p.A. acquired 24.8 percent of Ferragamo Retail N!acau Limited for a consideration of Euro

1.ì59 thousand and 25 percent of Ferragamo 1oda (Shanghai) Co. Limited for a total of USD 1.

![](_page_87_Picture_8.jpeg)

![](_page_88_Picture_4.jpeg)

## C.ornm "nts to" yrincigal items of the balance sheet and financial sitl'aziory (assets, equity c liabilities)

## 5. Property, plant and equipment

The composition of the item "Property, plant and equipment" as of December 31, 2023 and 2022 is shown in the statement following:

|                                       | December 31, 2023 |              |              | December 31, 2022 |                 |              |
|---------------------------------------|-------------------|--------------|--------------|-------------------|-----------------|--------------|
| {In migliaia di Euro}                 | Costo<br>Storico  | Fund<br>Adm. | Net<br>worth | Costo<br>Storico  | Fondo<br>Amm.to | Net<br>worth |
| Land                                  | 18.010            |              | 18.010       | 18.010            |                 | 18.010       |
| Fabbricati                            | 69.886            | 19.397       | 50.489       | 67.447            | 17.299          | 50.148       |
| Plant and machinery                   | 61.484            | 47.332       | 14.152       | 56.923            | 43.075          | 13.848       |
| Industrial and commercial equipment   | 22.115            | 20.096       | 2.019        | 21.28y            | 19.358          | 1.929        |
| Other assets                          | 80.716            | 44.318       | 6.398        | 44.1 Z2           | 39.505          | 4.617        |
| Leasehold improvements                | 27.439            | 22.315       | 5.124        | 23.43 6           | 21.353          | 2.083        |
| Construction in progress and advances | 6.729             |              | 6.729        | 4.343             |                 | 4.343        |
| Total                                 | 256.379           | 153.458      | f 02.92 f    | 235.568           | 140.590         | 9d.978       |

The following schedules show |a change in the item "Property, plant and equipment" for the years closed at 3Q December 2023 and 2022:

| (In thousands of Euros}                      | Value at<br>01.01.2023 | Increases | Decreases | Depreciation | Value al<br>31.12.2023 |
|----------------------------------------------|------------------------|-----------|-----------|--------------|------------------------|
| Land                                         | 18.010                 |           |           |              | 18,010                 |
| Buildings                                    | 50.148                 | 2.439     |           | (2.098)      | 50.489                 |
| Plant and machinery                          | 13.848                 | 4.762     | (4)       | (4.484)      | 14.152                 |
| Industrial and commercial equipment          | 1,929                  | તે જેવી સ | (45)      | (870)        | 2.019                  |
| Other assets                                 | 4.617                  | 4.244     | (1)       | (2.462)      | 6,398                  |
| Leasehold improvements                       | 2.083                  | 4.059     | (22)      | (996)        | 5.124                  |
| fixed assets under construction and advances | 4.3-13                 | f 6.900   | (14.514)  |              | 6.729                  |
| Total                                        | 94.978                 | 33.3 69   | (14.586)  | (10,840)     | 102.921                |

![](_page_89_Picture_1.jpeg)

## **FERRAGE/-tO**

| (In mlgllaia of Euro)                     | Va ore to the<br>01.01.2021 | Increases | Decreases | Depreciation | Value at<br>31.12.2022 |
|-------------------------------------------|-----------------------------|-----------|-----------|--------------|------------------------|
| Land                                      | 18.01 0                     |           | -         | -            | 18.010                 |
| Fabbr\caEi                                | 5'Z.141                     | 79        |           |              | 50.148                 |
| Plant and machineryl                      | 17.035                      | 1.381     | -         | (4.568)      | 13.848                 |
| Industrial and commercial equipment       | 2.067                       | 696       | (43)      | (791)        | 1.929                  |
| Other benl                                | 5.1 77                      | 2.024     | (1)       | (2.583)      | 4.61 7                 |
| Leasehold improvements                    | 2.612                       | 499       | (B)       | (1.020)      | 2.083                  |
| Immobillzzazlonl in progress and advances | 661                         | 6,406     | (2.724)   |              | 4.343                  |
| Total                                     | 97.703                      | 1 1.085   | (2.776)   |              | 94.978                 |

The increase in 2023 of the item:

- "Buildings" refers to some works carried out at the Osmannoro-Sesto Fiorentino plant;
- "Plant and machinarl" refers mainly to the purchase and a|'instaIIation of new plants at |o sta- bilimento in Osmannoro- Sesto Fiorentino among which the completion of a new *Reody-to-Wear otelier* department is to be noted at the beginning of 2023;
- "Industrial and commercial equipment" is mainly related to||the purchase of new furniture and equipment for stores, which were renovated during the year;
- "Other assets" mainly concerns equipment and furnishings destined for the Mi|ano *Showroom* and Offices in Corso Matteotti, the Osmannoro- Sesto Fiorentino plant, and the purchase for 802 thousand euros of computer equipment;
- "Leasehold improvements" refers mainly to Work done for the renovation of the Milan *Showroom* and Offices in Corso Matteotti.

The item "Tangible assets in progress and advances" mainly includes expenses incurred and advances disbursed, relating to renovations and openings of stores not yet operational at the end of the period (including work on the store in Milano Donna on which the new Ferragamo *concept* store opened in February 2024) and work finalized for the construction of a building to be used as a production building of general interest, at the area owned by Salvatore Ferragamo S.o.A. located in the municipality of Sesto Fiorentino - Osmannoro.

As required by|a procedure for ana|ysis of *impoirment* indicators, with which the Company is equipped, at the line year any impairment indicators that can be traced through internal sources or external sources of information were assessed. Typically external sources may consist of changes in the techno|ogical, economic, and legal context in which the Company operates, while internal sources are represented by business strategies that may or may not change the intended use of assets.

No indicators of *impoirment* on ta|e balance sheet item emerged from the analysis.

![](_page_89_Picture_13.jpeg)

fte)action on Management Bi|ancio

Annual Report

## 6.Activities by right of use

The composition of "Right of use assets" as of December 31, 2023 and 2022 is shown in the following table:

|                              |         | 3f dec 2023                        |         |         | 31 december 2022                             |         |  |
|------------------------------|---------|------------------------------------|---------|---------|----------------------------------------------|---------|--|
| (In thousands of             |         | Cost Storlce Provision fimm.to Net |         |         | valueCost Storlco Provision Amort. Net value |         |  |
| euros) Right-of-use          |         |                                    |         |         |                                              |         |  |
| assets:                      | 200.873 | 59.106                             | 141.767 | 162.853 | 47.609                                       | 115.244 |  |
| - Veico)i<br>_               | 5.622   | 2.712                              | 2.910   | 4.766   | 2.800                                        | 1.966   |  |
| - Equipment and other assets | CBO     | 480                                | -       | 480     | 480                                          |         |  |
| Total                        |         | 62.298                             | 144.677 | 168.O99 | DO.889                                       | 117.210 |  |

The following tables show the changes in right-of-use assets for the years ended Dec. 31, 2023 and 2022.

| (In mIllions]of Euro)           | Value at<br>01.01.2023       | Increases  | Decreases  | Depreciation  | Value at<br>31.12.20Z3       |
|---------------------------------|------------------------------|------------|------------|---------------|------------------------------|
| Right-of-use activities:        |                              |            |            |               |                              |
| - Buildings                     | 118.244                      | 45.944     | (436)      | (18.985)      | 141.767                      |
| - Vehicles                      | 1.966                        | 2.566      | (129)      | (1.493}       | 2.910                        |
| - Equipment and other<br>assets |                              |            |            |               |                              |
| Tota e                          | 117.210                      | 48.510     | (565)      | (20.478)      | 144.677                      |
| (In thousands of Euros)         | Value as<br>of<br>01.01.2022 | Increments | Derrements | DepreciationJ | Value as<br>of<br>12/31flO22 |
| Right-of-use activities:        |                              |            |            |               |                              |
| - Fabbrlcati                    | 102.8Z1                      | 28.507     | (815)      | t15.569)      | 115.244                      |
| - Veicnli                       | 1.844                        | 1.468      | (85)       | (1.3 11}      | 1.966                        |
| - Equipment and other<br>assets | 7g                           |            |            | (By)          |                              |
| Total                           | 404.744                      | 29.983     | (560)      |               |                              |

The item \*Fabricates" includes Assets for right of use relating mainly to leases of stores (amounting to approximately 75.0% detleases for right of use Buildings as of December 31, 2023) and to a residual extent to leases of offices, guest quarters and other spaces. The main increases recorded during delI year relate to new leases signed in the year while î main decremen ts relate to leases that were terminated early or for which a reduction in future rents was contracted.

For more details on cash outflows re|ated to leases, please refer to Note 24 Liabilities for *Leasing* and 33 Costs for services.

As required by the procedure for analyzing *impairment* indicators, with which the Company is equipped, any *impoirment* indicators that can be traced through internal sources or external sources of informa- tion were assessed at the end of the year. Typically external sources may consist of changes in the technological, economic, and alloy|e environment in which the Company operates, while internal sources are represented by company strategies that may or may not change|and decisions on |the |ocaIization ofsales outlets/offices.

The analyses conducted did not reveal any indicators of /mpairment on this balance sheet item.

![](_page_91_Picture_1.jpeg)

FERRAGE/-tO

420 Saly atore Ferragamo - Ralatiolle Financial Annual 2023 fte)action on Management Consolidated Statement of Non-Financial Nature Consolidated

Bi|ancio

Annual Report

## 7. Startup

The value of Goodwill amounting to 6,679 mig|iaia was fully acquired during FY2020 as a result of the acquisition and subsequent merger of Arts s.r.l. and Aura 1 S.r.I.. This item did not change during FY2023.

|                        |         | 3f dlembe 2023 |       |                  | December 31, 2022 |       |  |
|------------------------|---------|----------------|-------|------------------|-------------------|-------|--|
|                        | Cost    | iduzon         | Value | Cost             | Reductio          | Value |  |
| (In mlglieia of Euros) | Storloo | dT value       | net   | ns<br>Historical | dl value          | net   |  |
| Avyiamento             | 6.679   | -              | 6.679 | 6.679            | -                 | 6.679 |  |
| Total                  | 6.679   | -              | 6.679 | 6.679            | -                 | 6.679 |  |

As required by the procedure for analyzing *impoirment* indicators, which the Company has adopted, annually | avancement is subjected to valuation to determine the recoverable value. The impoirment test was conducted by grouping CGUs at the level of the Group as a whole.

In reviewing its *impairment* indicators, the Company considers, among other factors, the relationship between its market capitalization and its book value. As of Dec. 31, 2023, the Company's market capitalization was well above de|va|or accounting value of] e q u i t y , a situation that precludes the presence of an impairment indicator.

The value configuration used to determine the recoverable amount of the CGU was estimated on|the basis of of expected cash flows and on I Their discounting based on an appropriate discount rate *(Discounted cash flow' " analysis -* DCF *onalysis).*

The DCF *analysis* was prepared using for the year 2024 the budget(approved by the Board of Directors of Salvatore Ferragamo S.p.A. on December 20, 2023) and, for the next two explicit forecast years (2025

- 2026), the forecast data prepared by the company *management*, which represent the best estimate that can be made by the Company on the expected economic conditions during the period, as per the *impairment test* procedure approved by the

Board of Directors on January 25, 2024. t

The main assumptions for |determining recoverable va|ore are given below:

- Growth rate "g": 1.96% which was assumed to be equal toII expected inf|ation in the medium long term in the main markets in which the Group operates;
- Discount rate *(Weighted Averoge Cost od Copital,* WACC): equal to 10.72%; in view of the Group's positive *adjusted* net *(sur- plus)* financial position, it is based on the yield on government bonds of the main reference markets in which the Group operates, adjusted to take into account both the risk premium expected by investors on the specific investment in capita|e securities and the correlation of these securities to the reference market.

*Terminal Value* was determined using the perpetual annuity method at a long-term growth rate "g" and represents the present va|or, aIl the last year of projection, of all expected future cash flows.

The analyses conducted did not reveal a need to record *ìmpoirmentî* on this budget item. The sensit/vity *analysis* of the above relevant assumptions used in determining the recoverable value. |e, conducted onII goodwill, did not show different results on recoverable value, even with substantial changes in both parameters.

![](_page_92_Picture_19.jpeg)

![](_page_93_Picture_2.jpeg)

EMARKET SDIR certified

## 8. Im "aterial assets with a finite useful life.

The composition of "Intangible assets with finite useful life" as of December 31, 2023 and 2022 is shown in the following table:

|                                                             | December 31, 2023 |         |             | December 31, 2022 |         |               |  |
|-------------------------------------------------------------|-------------------|---------|-------------|-------------------|---------|---------------|--|
| (In thousands of                                            | Coast             | Honda   | Net<br>wort | Coast             | Fonda   | vlore<br>neto |  |
| Euros)                                                      | Storico           | Amm.to  | n           | Storico           | Amm.to  |               |  |
| Development costs                                           | 106.704           | 83.157  | 23.547      | 9*i.323           | 73.619  | 21.704        |  |
| Know how                                                    | 6.380             | 2.991   | 3.369       | 6.380             | 2.193   | ë.187         |  |
| Rights of brief and use of intellectual<br>works            | 1 9.901           | 19.299  | 602         | 19.496            | 19.002  | 494           |  |
| Concessions,  licenses and trademarks                       | 9.679             | 8.092   | 1.587       | 9.239             | 7.727   | 1.5 1 2       |  |
| Attïvlty immaterTali a  yita useful definiŁa<br>in progress | \$.377            |         | s.377       | 4.916             |         | %918          |  |
| Total                                                       | 148.041           | 113.539 | 34.502      | 135.356           | 102.541 | 32.81 £       |  |

The following tables show the changes in Intangible assets with finite useful lives for the years ended December 31, 2023 and 2022:

| (In thousands of Euros)                                  | Value as<br>of<br>0t.01.2023 | Incrementi | ਟ        | Decremant Depreciation | Reductions<br>of valore | Value at<br>3 f.f 2,202fi   |
|----------------------------------------------------------|------------------------------|------------|----------|------------------------|-------------------------|-----------------------------|
| Development costs                                        | 21.704                       | 11.381     |          | (9.300)                | (ż30)                   | 23.547                      |
| Know how                                                 | 4.187                        |            |          | (798)                  |                         | 3.389                       |
| Patent rights and rights of use of intellectual<br>works | 494                          | 405        |          | (297)                  |                         | 602                         |
| Concessions, licenses and trademarks                     | 1.5  2                       | 440        |          | (365)                  |                         | 1.587                       |
| Intangible assets with a finite useful life in progress  | 4.91 8                       | 12.055     | (11.596) |                        |                         | £,377                       |
| Total                                                    | 32.815                       | 24.281     | (11.596) | (10.7G8)               | (130)                   | 34.502                      |
| (In milllions of euros)                                  | Valore al<br>01.01 2022      | Increment  |          | Dacrements             | Depreciation            | Vałore at the<br>31.12.2022 |
| Development costs                                        | 21.1 00                      | 1 0.296    |          | (2)                    | (9.690)                 | 21.704                      |
| Know how                                                 | A984                         |            |          |                        | (797)                   | 4.187                       |
| Patent rights and rights to use the works<br>ingenuity   | 5 71                         | 367        |          |                        | (444)                   | 494                         |
| Concessionl, licenses and trademarks                     | 1,658                        | 21 1       |          |                        | (357)                   | 1.512                       |
| AŁtivjtà Immaterlali life uti e defined ongoing          | 3.333                        | 1 1.929    |          | (10.344)               |                         | 4.918                       |
| Total                                                    | 31.646                       | 22.803     |          | (10.346)               | (1 1.288)               | 37.815                      |

![](_page_94_Picture_3.jpeg)

The increase ne| 2023 of the item:

- · "Development Costs" is preva"ually attributable to the capitalization of expenses for the development of the company's software applications (SAP accounting system, ERP production management, reporting systems, IT platform for electronic commerce, "New POS Solution" project aimed at the introduction of the new cash and back office system, Oracle Xstore, for the Group's retoi/ channel). As of December 31, 2023, the Company has no intangible assets arising from internal development;
- · "Patent and intellectual property rights" for Euro 405 thousand refers to the cost of user licenses for softwore programs related to company management procedures;
- · "Concessions, licenses, trademarks" represents the] cost incurred for filing and registration fees for the Salvatore Ferragamo trademark.

The item "know," refers to the determination of know how arising from the valuation al fojr volue of the assets and liabilities acquired in 2020, as a result of the acquisition and subsequent merger of Arts S.r.l" for more details please refer to the Annual Financial Report 2020.

Intangible assets in progress as of December 31, 2023 are mainly represented by investments in software development to support business processes, including investments on the digital platform to support e-commerce activities and the "New Pos Solution" project aimed at introducing the new cash and back office system, "Orac|e Xstore." The item also includes advances for architectural consultancy for the new concept store, which will be imp|mented gradually in the main sEore locations, as part of the brand relaunch project.

As required by the procedure for analyzing impa/rment indicators, with which the Company is equipped, at the end of the year the possible presence of impairment indicators rintfaccible through internal sources of information was assessed. Typically external sources may consist of changes in the technological, economic, and alloy|e environment in which the Company operates, while internal sources are represented by business strategies that may or may not change the intended use of assets.

The reduction in value of 230 thousand euros refers to the item "Development cost" for expenses caoitalized in previous years and no longer satisfying the company's strategies, The analyses carried out did not reveal any additional Impairment indicators on this balance sheet item.

![](_page_94_Picture_12.jpeg)

![](_page_95_Picture_1.jpeg)

## FERRAGAMO

## S. Investments in subsidiaries

Changes in the item "Investments in subsidiaries" are shown in the following table:

| (1n thousand euros)                       |                                                                                        |          |       |         |      |      |                        |
|-------------------------------------------|----------------------------------------------------------------------------------------|----------|-------|---------|------|------|------------------------|
| Society                                   | Share<br>of possession % 01.01.2023 Increments Devaluationi Stock Grant Ric assificati | Value at |       |         |      | on   | Value at<br>31.13.2023 |
| Ferragamo Mexico S. de R,L. de C.V,       | 99,73                                                                                  | 238      |       |         | 6    | -    | 544                    |
| Ferragamo Austria Gmbh                    | 100                                                                                    | 4.434    |       |         |      |      | 4.434                  |
| Ferragamo Deutschland GmbH                | 100                                                                                    | 4.627    |       |         |      |      | 4.627                  |
| Ferragamo Bełgique SA                     | 100                                                                                    | 731      | -     |         | -    |      | 731                    |
| Ferragamo t5uisse) SA                     | 100                                                                                    | 890      |       |         |      |      | 890                    |
| Ferragamo U.K. Limited                    | 100                                                                                    | 5.591    |       |         |      | -    | 5.591                  |
| Ferragamo Austrąlia Ply Ltd.              | 100                                                                                    | 4.132    |       |         | -    | -    | 4.132                  |
| Ferragamo France S.A.S.                   | 100                                                                                    | 9.006    |       |         |      |      | 9.006                  |
| Ferragamo Mpana S.L.                      | 100                                                                                    | 1.001    |       |         |      |      | 1.001                  |
| Ferragamo Argentina S.A.                  | 9.2                                                                                    | 36       |       |         | -    | t*6) |                        |
| *erragarno USA I+ic.                      | 100                                                                                    | 57.875   |       |         | 43   |      | 57.918                 |
| Ferragamo Hong Kong Ltd.                  | 100                                                                                    | 12.771   |       |         | 28   |      | 12.799                 |
| Ferragamo (Malaysia) Sdn. Bfid.           | 100                                                                                    | 2.856    | -     | -       | -    |      | 2.856                  |
| Ferragamo Korea Ltd.                      | 100                                                                                    | 36.032   |       |         | 9    |      | 36.041                 |
| Ferragamo Retail Macau Limited            | 100                                                                                    | tZ41     | 1.159 | (2.400) |      |      |                        |
| Ferragamo Retail Nederland 8,V,           | 100                                                                                    | 4.337    |       |         |      |      | 1.337                  |
| Ferragamo japan K.K.                      | 89,13                                                                                  | 7.459    |       |         | 11   |      | 7.470                  |
| Ferragamo Chile S.A.                      | ਰੇਰੇ                                                                                   | 870      |       |         |      |      | 870                    |
| Ferragamo ReŁaíl India Private Limited    | 100                                                                                    |          |       |         |      |      |                        |
| FerragaMo Brasl Roupas e Acessorios Ltda. | ਰੇਰੇ                                                                                   |          |       |         | 2    |      | 2                      |
| Totale                                    |                                                                                        | 15 4.427 | 4.188 | (2.900) | ਰੇਰੇ | (36) | 150,249                |

On November 3, 2023, the purchase by the Ferragamo Group of the|e minority interests Ferragamo Moda (Shanghai) Co. Limited, Ferragamo Retail Macau Limited, held by|the companies Imaginex Ho|dings Limited and Imaginex Overseas Limited traceable to the then board member Peter K. C. Woo, who subsequently resigned on November 13, 2023, through the transfer of the shareholdings and the simultaneous payment of the consideration. Specifically, Salvatore Ferragamo S.p.A. acquired 24.8 percent of Ferragamo Retai|Macau Limited for a consideration of €1,159 thousand and 25 percent of Ferragamo Moda (Shanghai) Co. Limited for comp|essive USD 1.

#### For details related to the Stock Grant item, see note 42.

In accordance with the procedure for the analysis of impairment indicators, which the Company has adopted, at the end of the year the presence of impairment indicators and/or impairment losses traceable to internal sources or external sources of information on the value on subsidiaries or the possible disappearance of the reasons that had generated the impairment of the investments in question during previous years was assessed.

In particular, the recoverability of the residual value of equity investments was assessed in order to ensure that equity investments are not carried at a higher value than theirrecoverable value.

Consolidafo budget Annual Report EMARKET SDIR certifier

Eimpo/rment test was conducted considering quale CGU the subsidiary under analysis. The value configuration used to determine the recoverable value of the CGUs is the value in use, estimated on the expected cash flows and on their discounting by an appropriate discount rate (Discounted cosh-flow analysis - DCF).

As a result of these analyses, the CGU subjected to impøirment test was the equity investment in Ferragamo Retail Macau Limited, which showed dt weak marks, underperforming compared to expectations. On the other investments ]a Company did not identify indicators of impairment.

The DCF analysis was prepared by utilizing for the year 2024 the budget(approved by Consfelio di Amministrazione della Salvatore Ferragamo S.p.A. on December 20, 2023) and, for the next two explicit forecast years (2025 - 2026), the forecast data predicted by company management, which represent the best estimate that can be made by the Company on the expected economic conditions net period, as per the impairment rest procedure approved by the Board of Directors. The va|ors assigned to the main assumptions reflect |a company management's assessment of future segment trends and are based on both internal and external sources.

The main assumptions for determining de | yalore recoverable are given below.

| CGU subject ąd impairment lest | WACC (discount rate) | Growth rate "g" |
|--------------------------------|----------------------|-----------------|
| Ferragamo Retall Macau Limited | 10.fi896             | 4.70%           |

l | discount rate (Wel\$hted Avero\$e Cost of Capitol, WACC), considering de | | a net financial position odju-Group's positive

ted, it is based on the yields on net government bonds in the reference market and in the same currency as the financial flows, adjusted to take into account both the risk premium expected by investiments in equity securities and of the correlation of these securities to the reference market.

Il growth rate "g "was determined as the expected medium- to long-term inflation in the relevant market. Il Terminal Value was determined using the perpetual sale method at a long-term growth rate "g" which represent value, all the last year of projection, of all expected future cash flows.

Il result of the //rpo/rment test resulted in an impairment of 2,400 thousand euros, zeroing i| the value of the investment in Ferragamo Retail Macau Limited.

The sensitivity analysis of the |and assumptions mentioned above (WACC and g), used for determining the value recuperable, conducted on the CGU of Ferragamo Retail Macau Limited, evidenced that negative changes in underlying assumptions would not result in additional va|ore reduction losses.

With reference to the equity investments written down in previous years, it should be noted that no restoration of va|ore, in view of the still uncertain macro-economic scenario and lower than expected results. The table below shows the changes in the Excess Provision for Write-down of Equity Investments, which shows in the item "Provisions" the amount considered adequate to cover the losses (for the percentage share pertaining to it) that remain after | the book value of the equity investment has been reset to zero. The Ric|assifications column refers to equity investments that are no longer recorded and/or recorded for the first time with Excess Provision for Impairment of Equity Investments during 2023.

| (In migłia of Euros)            |                           |                        |          |                   |                      |                         |
|---------------------------------|---------------------------|------------------------|----------|-------------------|----------------------|-------------------------|
| Socletă                         | Share<br>of possession 96 | Value at<br>01.01.2023 | Incr.tl/ | (Decr) Provisions | Riclassificati<br>on | Valora at<br>31.12.2023 |
| Ferragamo (Singapore) Pte Ltd   | 100                       | (28.027)               | 29,957   | (8.003)           | -                    | (6.073)                 |
| Ferragamo Argentina S.A.        | 95                        |                        |          | (1.316)           | 36                   | (1.280)                 |
| Ferragamo (Thailand) Ltd        | 100                       | (3.460)                |          | (2.398)           |                      | (5.858)                 |
| Ferragamo Monte-Car o S.A.N.    | 100                       | (828)                  |          | (529)             |                      | (1.357                  |
| Ferragamo Moda (Shanghal) Co. I |                           | MAAN,                  |          | (8.916)           |                      | (13.496)                |
| Total                           | 2 3 -- 5 -- 5 -- 2 -- 2 3 |                        | 29.957   | (21.164)          | 36                   | (28.064)                |
|                                 | となさん<br>11:               | ﺎ ﺇﻟﻰ ﺃ                |          |                   |                      |                         |

![](_page_97_Picture_1.jpeg)

## FERRAGAMO

The increase of 29,957 thousand euros in Ferragamo Singapore Pte Ltd relates to the issuance on March 21, 2023, of new shares (for comD|exclusive 43 million Singapore dollars) fully subscribed by Salvatore Ferragamo S.p.A. through the conversion of past financial receivables claimed.

The following table shows the key figures from the financial statements of subsidiaries as of December 31, 2023 combined with the historical cost of equity investments and, if any, the Allowance for Impairment and/or Excess Allowance for Impairment of Equity Investments as of December 31, 2023:

| (in mfgliaia dl Euro)<br>Subsidiaries<br>F                  | Share<br>Possession<br>O<br>vo | Total Patrlm.<br>Net | Utlia tPerdlta)<br>dl exercise | Historical<br>participazloni<br>cost | F.do Sva I.ne<br>and F.do<br>Ecced.za<br>Part.ne | Net<br>Rartec)pation<br>Value |
|-------------------------------------------------------------|--------------------------------|----------------------|--------------------------------|--------------------------------------|--------------------------------------------------|-------------------------------|
| Ferragamo Austria Gmbh                                      | 100                            | 4.242                | 55                             | 4.434                                |                                                  | 4.434                         |
| Ferragamo DeuŁschląnd Gmb[n                                 | ton                            | 2.08)                | 287                            | 9.246                                | (4.619)                                          | 4.627                         |
| Ferragamo Belgique SA                                       | 100                            | 685                  | (26)                           | 1.066                                | (335)                                            | 731                           |
| Ferragamo France S.A.S.                                     | 1 00                           | 10.950               | 1 76                           | 12.332                               | (3.326)                                          | 9.006                         |
| Ferragamo (Suisse) SA                                       | too                            | 2.015                | 120                            | 890                                  |                                                  | 890                           |
| Ferragamo Espana S.L.                                       | 100                            | 4.247                | (195)                          | 6857                                 | (5.856)                                          | 1.001                         |
| Ferragamo U.K. Limiłed                                      | 100                            | 7n19                 | 285                            | 10.478                               | (4,88?)                                          | 5.591                         |
| Ferragamo Retail Neder and B,V.                             | 100                            | 1.613                | 21 1                           | 2.29 \                               | (9d4)                                            | 1.3j7                         |
| Ferragamo Australia Pty Ltd.                                | 1 00                           | 14. 189              | 252                            | 4,132                                |                                                  | 4,1 32                        |
| Ferragamo USA łnc. *                                        | 100                            | 82.671               | (8.554)                        | 57.918                               |                                                  | 57.918                        |
| Ferragamo Nexico S. de R.L. de C.V.                         | 99,73                          | 45.756               | 2.079                          | રવત્વ                                |                                                  | 544                           |
| Ferragamo Hang Xong LŁd.                                    | 100                            | 84.699               | 1.639                          | 12.799                               |                                                  | 1 2.799                       |
| Ferragamo (Ł "Ialaysia) Sdn. Bhd,                           | 100                            | 3.3 06               | (227)                          | 2.856                                |                                                  | Z.856                         |
| Ferragamo Retail India Priyate Limited                      | 100                            | (5.083)              | 19                             | 1 Q.21 1                             | (10.211)                                         |                               |
| Ferragamo Korea Ltd.                                        | 100                            | 56.900               | 903                            | 36.041                               |                                                  | 36.041                        |
| Ferragamo japan K.K.                                        | 89,13                          | 9.149                | 1.611                          | 33.960                               | (26.488)                                         | 7.470                         |
| Ferragamo Retail Macau Limited                              | 100                            | 26                   | (2.905)                        | 2.400                                | (2.400)                                          |                               |
| Ferragamo Cńfle S.A.                                        | ਰੇਰੇ                           | 704                  | (119)                          | 3.671                                | (2.801}                                          | 870                           |
| Ferrągamo Brasil Roupas e<br>Acessorios LŁda.               | ਰੇਰੇ                           | 4.082                | (122)                          | 47.734                               | (17.732)                                         | 2                             |
| Subtotal Panecipations<br>in subsidiary companiesś          |                                |                      |                                | y29.860                              | (79.609)                                         | 150.249                       |
| Ferragamo Monte-Carla S.A.M.                                | 100                            | (1.358)              | (529)                          | 1.063                                | (2.421)                                          | (1.35F)                       |
| Ferragamo Aręentina 8.A.                                    | ਰੇਤ                            | (1.347)              | (1.51 1)                       | 3.814                                | (5.094)                                          | (1.280)                       |
| I-erragamo Woda (Shari-ghai) Co. Ltd.                       | 100                            | (13.496)             | (7.968)                        | 3.732                                | t1 7.2g8)                                        | (13.496)                      |
| Ferragamo (Thailand) Limjted                                | 100                            | (5.859)              | (2.525)                        | 2.1 08                               | (7.967)                                          | (5.858)                       |
| ferragamo (Singapore) Pte Ltd                               | 100                            | (6.073)              | (8.1 1 3}                      | J3.053                               | (39.1 26)                                        | (6.0?3)                       |
| SuboLale Participations with Excess<br>Parteoipazjoni sling |                                |                      |                                | 43.370                               | (71.836)                                         | (28.064)                      |
| Total                                                       |                                |                      |                                | 273,630                              | (1 51.445)                                       | 122.185                       |

\* Data refer toFerragamo Group USA.

![](_page_98_Picture_2.jpeg)

## 10. Highand non-current assets

The item "Other non-current assets' amounting to 1,758 thousand Euro (as of December 31, 2022 amounting to 2,778 thousand Euro), refers to the non-current portion of credits, In Dparticular to the non-current portion of the Tax Credit for research and development, design and technological innovation and the Tax Credit arising from liberal donations in support of culture - so-called "Art Bonus'.

## 11. Other non-current financial assets

"Other non-current financial assets' amounting to 171 thousand euros (as of December 31, 2022 amounting to 157 thousand euros) refers to security deposits, mainly for existing lease liabilities, accounted for under the amortized cost method.

## 12. Inventories

The composition of |the item "Inventories" as of 3J December 2023 and 2022 is shown in the table below:

| (In migliala di Euro)                                | December 31, 2023 | 3 f December 2022 | Change<br>2023 vs. 2023 |
|------------------------------------------------------|-------------------|-------------------|-------------------------|
| Gross value Raw, subsidiary and consumable materials | 34.895            | 25.566            | 9.329                   |
| Provision for depreciation                           | (6.152)           | (2.781)           | (3.371)                 |
| Raw, subsidiary and consumable materials             | 28.743            | 22.785            | 5.958                   |
| Gross value Finished goods and mercl                 | 73.556            | 71.711            | 1.845                   |
| Allowance for depreciation                           | (22.614)          | (21.118)          | (1.496)                 |
| Prodotti finiti e merci                              | 50.942            | 50.593            | 349                     |
| Total                                                | 79.685            | 7i.378            | 6.303                   |

Stocks of raw, ancillary and consumable materials increased compared to 2022 by 5,958 thousand euros; the related provision reflects the obsolescence of raw materials (leathers and accessories) that have become unsuitable for the company's production plans related to future col\ections. Raw materials also include hides and fabrics sent to third parties for further processing.

Inventories of finished goods show a net increase of 349 mig|iaia Euro. The related provision reflects the difference between the purchase or production cost and the estimated realizable value of products mainly belonging to past collections.

For a better understanding of how the impairment provisions presented above are determined, please refer to Note 2 'Expression of IFRS Compliance and Basis of Preparation-Adiscretionary Accounting Estimates and Significant Assumptions'.

![](_page_98_Picture_13.jpeg)

![](_page_99_Picture_1.jpeg)

FERRAGAMO

The net provisions and/or (urilizations) of the inventory allowance were as follows:

| (In migłia of Euro} | 1023  | 2022    | Variation<br>2023 vs. 20y2 |
|---------------------|-------|---------|----------------------------|
| Mąterie Prime       | 3.371 | t1.229) | 4.600                      |
| Finished Products   | 1.496 | 18      | 1.478                      |
| Total               | 4.867 | (1.211) | 6.078                      |

## 13. prodOttl recovery rights from customers for returns

With reference to the right of return referred to in 'Revenues from contracts with customers' the item 'Rights to recover products from cJustomers for returns', amounting to 12,009 thousand euros as of December 2023 (12,654 thousand euros as of December 31, 2022), inc|ude |an estimate of the products, which it is assumed will be rest jused, valued at the lower of the previous inventory carrying value (estimated cost of production) and ii net realizable value, and decreased by any future costs for their recovery. This item is to be put in close connection with the item "Liabilities for returns" (see Note 26 'Liabilities for returns') and refers principally to|European companies of the Group and to a lesser extent to third-party customers.

## 14. Trade receivables

The composition of "Trade receivables" as of December 31, 2023 and 2022 is shown in the table below:

| (In migllaia di Euro}                            | December 31, 2023 | 31 dicambre 2022 | Change<br>2023 vs. 2022 |
|--------------------------------------------------|-------------------|------------------|-------------------------|
| Receivables from Łerzi                           | 35.736            | Z6.960           | 8.776                   |
| Fonda syalutazione credItİ - terel               | (2.597)           | (1.338)          | (7.259)                 |
| CredIti yerso company controlsŁe                 | S4.429            | 1 40.9JS         | 13.514                  |
| Loan loss allowance fund -corporate counterllake | (5.223)           | t5.423)          | 200                     |
| Total                                            | 182.345           | 161.11 4         | 21.231                  |

Trade receivables from third parties mainly represent credit exposure arising from sales ef- fected in the wholesole cana|e, are interest-free, and are generally due in less than 90 days. The related allowance for doubtful accounts is considered adequate to deal with any insolvency.

For details of receivables from subsidiaries, see Note 44 "Related party transactions" below.

Changes in the allowance for doubtful accounts netly 2023 were as follows:

| (In migl)aia of ßuro)                          | Value at 01.01.2023 | Provisions | Utifizzi | Velore at 31.12.2023 |
|------------------------------------------------|---------------------|------------|----------|----------------------|
| Allowance for doubtful accounts -third parties | 1.338               | 1.259      |          | 2.597                |
| (ondo write-down creditl -subsidiaries         | 5.423               |            | 200      | 5.223                |
| Total                                          | 6.761               | 1.259      | 200      | 7.820                |

Bi|ancio c|'Esercizjo

Consolidated

For an analysis of past-due trade receivables that have not been devalued, see Note 3 "Financial Risk Management - Credit Risk." Luti|ization referred to the Allowance for doubtful accounts - subsidiaries in the amount of Euro 200 thousand refers to the adjustment to period-end exchange rates of the *allowance for* doubtful accounts recorded against Ferragamo Retail India Private Limited, established in previous years and referring to trade receivables in foreign currencies.

## 15. Tax credits

The composition of the item is shown in the following table:

| December 31, 2023 | December 31, 2022 | Varlazone<br>2023 vs. 2022 |
|-------------------|-------------------|----------------------------|
| T0.985            | 12.039            | (1.054)                    |
| 5.467             | é389              | 1.108                      |
| 1.796             |                   | J .796                     |
| 18.248            | 16.398            |                            |
|                   |                   |                            |

In line with the previous year, the Receivable y from the Treasury for VAT outstanding as of December 31, 2023 will largely be claimed for refund in early 2024.

As of December 31, 2023, "Other Tax Credits" mainly includes:

- l|Tax credit for research and development, *design* and aesthetic ideation, and techno|ogical innovation amounting to a total of Euro 4,339 thousand, of which Euro 367 thousand refers to the estimated current portion of the credit, recorded relative to the year 2023; the remainder refers to the current portions accrued in previous years; the non-current portion of this credit is recorded under "Other non-current assets."
- the current portion in the amount of Euro 410 thousand of the tax credit related to|the liberal disbursements in support of cul- ture - so-called *"Art Bonus",* made during the fiscal years 2021, 2022 and 2023; the remaining noncurrent portion in the amount of Euro 474 thousand is entered under the item'A]three non-current assets'; the 2023 tax credit related to such liberal disbursements made in the fiscal year 2023 was entered under the income statement item 'Other income' in the amount of Euro 5^8 thousand,

## 16. Other current assets

The composition of "Other current assets" as of December 31, 2023 and 2022 is shown in the following table'

| (In thousands of Euros)                              | 3f december 2023 | 31 December 2022 | 2023 vs. 2022 |
|------------------------------------------------------|------------------|------------------|---------------|
| Other receivables for short-term hedging derivatives | 6.813            | 7.251            | (438)         |
| Deferred income                                      | y,649            | 2.626            | 23            |
| Other credits                                        | 3.998            | 3.146            | 852           |
| receivables from parent company                      | 14               |                  | 1 4           |
| Accounts receivable from credit card companies       | 447              | 426              |               |
| Receivables from Social Security Institutions        | 47               | 258              | (211}         |
| Total                                                | 43.9G8           | 13.707           |               |

![](_page_100_Picture_15.jpeg)

![](_page_101_Picture_1.jpeg)

FERRAGAMO

Derivative hedging instruments amounting to 6,813 thousand euros (7,251 thousand euros as of December 31, 2022) *acco|\$t* the va- luation at fair xo/se (fair value) of existing derivative contracts (hedging component), stipu|ed by the Company to manage foreign exchange risk on sales in currencies other than the euro.

*Prepaid expenses* include Euro 681 mig|iaia (Euro 638 thousand as of December 31, 2022) referring to contributions for a|le- stiation of stores and/or customized single-brand spaces managed by third parties (TPOS).

The item "Other receivables" refers for 1,364 thousand euros to the receivable from the Ministry of Economic Development and |a Region of Tuscany re|ated to the Agreement for Innovation (I-SUCCEED project); for more details see the Re|port on Operations, in the paragraph "Significant events during the year."

## 17. Other current financial assets

| (1ri thousand euros)                                 | 3T December 2023 | December 31, 2022 | 2023 ys 2022 |
|------------------------------------------------------|------------------|-------------------|--------------|
| Financial receivables from subsidiaries              |                  | 96.584            | (31.365)     |
| Financial receivables from subsidiaries(coshpoo!ing) | 83.4 47          | 25.615            | 57.532       |
| Short-Term Derivative Instruments                    | 1.S35            | 256               | 1.279        |
| Other current financial assets                       |                  | 9.999             | 25.241       |
| Total                                                |                  | 132.454           | 52.687       |

Loans receivable from subsidiaries include loans granted to the counter companies|Iate Ferragamo Monte-Carlo S.A.M., Ferragamo (Suisse) S.A., Ferragamo Deutschland GmbH, Ferragamo U.K. Limited, Ferragamo

)apan K.K., Ferragamo Canada Inc, Ferragamo (Singapore) PSE Ltd, Ferragamo (Thailand} Limited and Ferragamo Retail Nederland B.V., During 2022 with the aim of having a more efficient cash and liquidity management at the Group level, ]the Company also entered into a *cash pooling* agreement with some subsidiaries, in particular as of December 3ì 2023 it has a credit exposure of 83,J47 thousand euros. For i}details of financial receivables from subsidiaries, see Note 44 "Related party transactions" below.

"Short-term derivative instruments\* amounting to Euro 1,535 thousand, refers to the fair value valuation of derivative instruments for the non-hedging component (Euro 256 thousand as of December 31, 2022). For more details, please refer to Note 30 "Financial instruments and *fair value* measurement*"* below.

"Other current financial assets" refer for Euro 15,^44 thousand to an insurance investment readily liquidable Branch I policy (Euro 9,999 thousand as of December 31, 2022) and for Euro 19,796 thousand to an investment in short-term Italian government bonds (Buoni Ordinari del *Tesoto),* both made by the Company with a view to moderate diversification of its cash management.

Bi|ancio c|'Esercizjo

FERRAGAMO

Consolidated

## 18. Liquicle availability and equivalent means

The composition of "Cash and cash equivalents" as of December 31, 2023 and 2022 is shown in the following table:

| (In thousands dl hmo)            | 31 dlcambre 2023 | December 31, 2022 | VariazTona<br>2023 vs. 2022 |
|----------------------------------|------------------|-------------------|-----------------------------|
| Short-term bank deposits         | 127.000          | 85.000            | 42.000                      |
| Epostal bank deposits at sight   | 75.957           | 183.617           | (107.660}                   |
| Money and valuables Cash on hand | 223              | 216               |                             |
|                                  | 203.180          | 26%833            | t6S.653)                    |

Bank and postal deposits represent temporary liquid assets, held mainly for upcoming payments or to make *intercompany* loans, and also include short-term investments of Euro 127 million *time deposit).* As of December 31, 2023, the Company has unused credit lines of 556,199 mig\y euros; as of December 31, 2022, unused credit lines amounted to 527,502 thousand euros. For more details, please refer to Note 20 "Loans and financing'.

The item\*Cash and cash equivalents" as of] December 31, 2023 and 2022 consists of the following:

| (In thousands dl Euro)          | 3 T December 2023 | 3J December 2022 | Change<br>2023 vs. 202a |
|---------------------------------|-------------------|------------------|-------------------------|
| Cash and bank deporltl in y sta | 76.180            | 4 83.833         |                         |
| Short-term bank deposits        | 127,000           | 81000            | 42.000                  |
|                                 | 203.1 80          |                  | (65.653)                |

![](_page_102_Picture_11.jpeg)

![](_page_103_Picture_1.jpeg)

## **FERRAGAMO**

## 19. Share capital and reserves

The Company's approved, subscribed and paid-up share capital as of December 3J 2023 amounts to 16,879,000 euros, and consists of 168,790,000 ordinary shares. During FY 2023, there were no changes in the net number of shares elected.

The treasury stock reserve, amounting to Euro 56,223 thousand, consists of 3,261,034 shares of Salvatore Ferragamo S.p.A. purchased during 2018 (nr. 14,000), 2019 (nr. 136,000), 2021 (nr. 624,ì63) and 2022 (nr. 2,601.637), at an average price per unit of EUR 17.24; net of the free allocation that took place *during öthe* first half of 2023 to the Director and General Manager of nr. 114,766 shares, in *execu- tion* of the provisions of the Pia - no *Restricted Shares* (for details of which see Note 42 "Share-based payments"\$.

Capital contributions, amounting to 2,995 thousand euros, were made in a single lump sum in fiscal year 2003 by the parent company Ferragamo Finanziaria S.p.A. and were reduced, by demerger, in fiscal year 2007.

*The* alloy reserve, amounting to 4,188 mig|iae euros, was established in previous years.

The extraordinary reserve, amounting to 613,^76 mig ia euros, is made up of undistributed profits; the change recorded in the period was determined by an increase of 89,239 thousand euros, relating to *the* dividends *for the year*  2022, and a decrease of 46,348 thousand euros referring to dividends distributed in 2023.

The *revaluation* reserve totaling 25,478 thousand euros is composed as follows:

- Revaluation Reserve L. 342/00 amounting to Euro 4,592 thousand;
- Revaluation Reserve L. 350/03 amounting to 7,420 migìiaia Euro;
- Reserve from RivaluŁation L. 266/05 amounting to 13,465 thousand Euro.

No deferred taxes have been provided on the Revaluation Reserves on|]the basis of the assumption that integrated taxation will be deferred indefinitely for these reser- ves. There are, in fact, no transactions that would result in their de||ribution.

The positive *cash* č/or hedge reserve in the amount of 4,220 thousand euros is determined by the valuation of financial instruments defined as most how' hedges as of December 31, 2023, against the Company's foreign exchange risk hedging transactions and is reported net of the fiscałe effect.

The IAS 19 Equity effect reserve, negative in the amount of J.255 thousand euros, is deterrned by the valuation of actuarial gains and losses imDuted to equity, as required by IAS 19, and is reported net of the tax effect. This valuation was entrusted to an independent Łtuary.

The item "Other Reservesÿ amounting to 20,827 migI¡aia, accepts the changes arising from the application of IAS/IFRS compared to Italian accounting standards on the opening shareholders' equity as of January 1, 2010 and on the shareholders' equity as of December 3J 2010 of the Company and in addition able changes arising from the application of IAS/IFR8 made in *5aIvatore* Ferragamo S.p.A. following the merger by incorporation of Ferragamo Parfums S,p.A. into the Cąpo- group in 202\.

In addition, the item "Other reserves" accommodates:

- *Sto¢k Grunt* 2016-2020 reserve in the amount of 921 thousand euros;
- *Stock Gran I* reserve related to previous years in the amount of 5,037 thousand euros;
- the *Stock Grant* reserve for the two *top* single-gement incentive plans in place as of December 31, 2023, amounting to 7,750 thousand euros, details of which can be found in Note 42 below.

EMARKET SDIR certified

ßelation s' lła Management The 'cf' amz'one Consol rlata of CaraŁŁere Non Finanziario

Consolidated Exercise Balance Financial Statements

Finally, the item "Other reserves" includes 1.4 thousand Euro, the Fund ex. Art. 55 Presidential Decree 597/1973, relating to the VAT recovery based on Art. 15 of Law 26/04/1983.

Amounts are net of tax effects where applicable.

The following table shows, for each specific equity item, information concerning their possibility of utilization and distributability, as well as their use in the last three years.

| Net patronlmonio<br>(In migllala d Euro) | Value at<br>3T dløember 2023 | Posslbility of<br>use | Imports<br>dispoBibI R | Summary<br>of utIllzzazlonl<br>carried out negll<br>ultimï<br>three exercises |
|------------------------------------------|------------------------------|-----------------------|------------------------|-------------------------------------------------------------------------------|
| Capltale Social                          | 6,879                        |                       |                        |                                                                               |
| Azlonl Proprie Reserve                   | (56.223)                     |                       |                        |                                                                               |
| Capltal reserve                          |                              |                       |                        |                                                                               |
| Reserve from Rlvalutazio0e L.342/00      | 4.S92                        | A - B                 | 4.892                  |                                                                               |
| Reserve from Reyalutation L.350/03       | 7.420                        | A - B                 | 7.AZO                  |                                                                               |
| Reserve from Rlvaluation L.266/05        | 13.465                       | A - B                 | 13.465                 |                                                                               |
| Deposits to c/CapltaIe                   | 299fi                        | A - B                 | 2.995                  |                                                                               |
| Fonda ex, Art US                         | 1                            | A - B - C             | 1                      |                                                                               |
| Utili Reserves                           |                              |                       |                        |                                                                               |
| Legal Reserve                            | 4.188                        | B                     | 812                    |                                                                               |
| Extraordİnarla Reserve                   | 613.476                      | A - B -C              | 613.476                | (J03.083)                                                                     |
| IAS/IFRS Adoption Risk                   | 6.908                        | B*                    | 2.007                  |                                                                               |
| Treasury stock price difference reserve  | 567                          | A - B - C             | 567                    |                                                                               |
| Cumulative profits/losses                | (326)                        | B                     |                        |                                                                               |
| Casfi Flow Hedge Reserve                 | 4.220                        |                       |                        |                                                                               |
| IAS 19 reserve                           | (1.255)                      |                       |                        |                                                                               |
| Reserve dİ Ştock Gran I                  | 13.708                       | A - B - C             | ર છેરેક                |                                                                               |
| Operating Ut { e/(loss).                 | 87,000                       |                       |                        |                                                                               |
| Total                                    | 7 y 7.585                    |                       | 651.293                | (103,083)                                                                     |

Legends: A - for capital increase, B - for loss coverage, C - for shareholder disrribution, \* The reserve for disqonable pa "e can only be used following loss coper Lure and must be restored thereafter.

![](_page_104_Picture_9.jpeg)

![](_page_105_Picture_1.jpeg)

## 20. Loans and financing

| (In thousands of Euros)                                | December 31, 2023 | December 31, 2022 | Change<br>20Z3 vs. 2022 |
|--------------------------------------------------------|-------------------|-------------------|-------------------------|
| Financial debts to contracted companies (cash pooling) | -                 | 21.390            | (y1.390)                |
| Total                                                  | -                 | 21.390            | t21.390)                |

- i) lines of credit made available to the Company to meet short-term financial needs related to]the management of working capital, on a revocable *(uncommitted) basis;*
- ii)Committed short- and medium- to long-term lines of credit, in the form reso/ring or *term loan, ne\$ozÌai and on a* basis bilateral by the Society.

| (In thousands of Euros)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | December 31, 2023  | December 31, 2022  | Change<br>20Z3 vs. 2022 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------------------|-------------------------|
| Financial debts to contracted companies (cash pooling)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -                  | 21.390             | (y1.390)                |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -                  | 21.390             | t21.390)                |
| In case of utilization, the margins applied sareboero in line with the best merca to standards.<br>Available financing instruments are represented by:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                    |                    |                         |
| i) lines of credit made available to the Company to meet short-term financial needs related to]the management of<br>working capital, on a revocable (uncommitted) basis;<br>ii)Committed short- and medium- to long-term lines of credit, in the form reso/ring or term loan, ne\$ozÌai and on a basis<br>bilateral by the Society.<br>As of December 31, 2023, the available commitÈed lines have a maximum remaining term of forty-one months and<br>a weighted average remaining du- rity of twenty-one months. The credit lines and related financial activity are<br>distributed among major domestic and international banking institutions.<br>During 2022 with the aim of having a more efficient cash and liquidity management a ive to the Group, the Company<br>entered into such a pooling agreement with some subsidiaries; as of December 31, 2023, the Company's credit<br>exposure amounted to 83,147 mig ia, while as of December 31, 2022, the Company had a credit exposure of 25,615<br>thousand euros and a debt exposure of 2J,390 thousand euros. For details of financial payables to subsidiaries, please<br>refer to Note 44 "Related Party Transactions" below.<br>For further details of financial debts to banks, overdraft facilities granted for the Company and uses of credit lines, |                    |                    |                         |
| broken down by type, are represented as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                    |                    |                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 3Q December 2023   | December 31, 2022  |                         |
| thousand Euro)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Accorded           | Accorded           |                         |
| Revo/v/ng                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 380.000<br>380.000 | 365.000<br>365,000 |                         |
| Committed Lines<br>Term Loon<br>Lines to Revocation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | -<br>176.199       | 162.502            |                         |

Consolidated Financial Statements

Operating Budget

EMARKET SDIR certified

The following is a breakdown of the composition of and changes in the net financial position as of December 31, 2023 and December 31, 2022 restated in accordance with the format of Consob Communication No. DEM/6064293 of July 28, 2006, as supplemented by Consob's Attention Reminder No. 5/21.

| (In Millions of Euros)                                      | 31 dlcember 2023 | December 31, 2022 | Variazione<br>2023 vs. 2022 |
|-------------------------------------------------------------|------------------|-------------------|-----------------------------|
| A. Dłsponibilită   iquid.                                   | 76.f80           | 183.633           | (107.653)                   |
| B. Mezzł equivalent to liquid disponlbilities               | 177.000          | 85,000            | 42.000                      |
| C. Other current financial assets"                          | 185,142          | 132,484           | 52.6B8                      |
| D. Lłqułdity tA+B*CJ                                        | 38B.322          | 401287            | (12.965)                    |
| E. Current financial debt (Inc usl the debt instruments ).  | 369              | 22.486            | {22.1 t7)                   |
| F. Current part of noncurrent flnancial debt**              | 18.256           | 14.251            | 4.005                       |
| G. Current financial Indebtedness IE*F}                     | 1B.83 '          | 36.T37            | (18.1 2)                    |
| H. Net current financial debt (G-D)                         | (369.697)        | (364.5s0)         | (5.147)                     |
| I. Non-current financial debt (esc  use debt instruments)"" | 140.633          | 111.674           | 28.959                      |
| J. Debt instruments                                         |                  |                   |                             |
| K. Commercial debts and other deblts correntl               |                  |                   |                             |
| L Non-current financial Indeblation tl+)+K)                 | 140.633          | 111.674           | 28.959                      |
| M. Net financial debt (H* L)                                | (229.064)        | (252.876)         | 23JM2                       |

\* The item refers for Euro 1 48,366 migliaia to short-term loans granted to companies of the Grupp and to a cash pooling contract with two Group companies; for more details see Note 47 "Other assets fipanzia rie corfenti' and Note 44 "Transactions with related parties" (transactions

\* The item refers to the liability for/eos/ngcorrente(Note 24 Liabilities for Leasing), ô of which to related parties amounting to Euro 9,359 thousand, for more details on related parti see no a 44 "Transactions with parri correlate".

\*\*\* This item relates to non-current liabilities for/asmg tnota 24 "PassTyttä per Leosirjë"), of which to related parties amounting to 92,410 t h o u s a n d euros; for more details on related parties see Note 44 "Transactions with related parties."

## Limitazioni all'uso delle risorse finanziarie

The committed and uncommitted lines currently in place and underwritten by the Company do not require compliance with financial covenants.

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## FERRAGAMO

## 21. Provisions for risks and charges

Changes in | the tem "Provisions for risks and charges" as of December 31, 2023 are highlighted in the following table:

| (In mig iaïa of Euro)                             | Ya)hours<br>to<br>01.01.2023 | Provisions |       | Util)ises Reclassifica | (Increases)/<br>Decreases | Value as<br>of fi1.1<br>2.2023 |
|---------------------------------------------------|------------------------------|------------|-------|------------------------|---------------------------|--------------------------------|
| Sontenziosi Legąli                                | .243                         | 5.298      | (J49) |                        |                           | 6.192                          |
| Fonöo ger different rischl                        | 75                           |            |       |                        |                           | 7fi                            |
| Foundations exceptional impairment of investments | 36.893                       | 21.464     |       | (36)                   | (29.957)                  | 28.064                         |
| Total                                             | 38.211                       | 26.462     | (349) | (36)                   | (29.957)                  | 34.331                         |

Related con£ litigations mainly include provisions for probable liabilities related to proceedings brought against the Company for labor disputes in addition to open contractual and tax disputes ri fer to both litigations and slime of settlement amounts that|the Company expects to incur for pre-litigation settlement.

The provision for the period refers to some legal, labor, and tax disputes that arose net of the fiscal year 2023; for more details on tax disputes, please refer to the Report on Operations, section "Significant events during the year -Tax and customs audits and disputes'.

The use of the provision for legal disputes amounting to 349 miglfaia euros is ri\*related to the closure that took place during the period of some of the Company's legal, tax and labor disputes and/or litigation.

The provision for miscellaneous risks refers to the supplementary inden nity of a former agent related to the business

perfumes that operated in Ita|ia.

See Note 9 "Investments in Subsidiaries" for details and changes in the item "Excess Provision for Impairment" of investments.

Regarding potentia|| liabilities, for which no provisions have been ef\*ected, see the para- graph "Significant events during the year - Tax and customs audits and disputes."

EMARKET SDIR certified

![](_page_108_Picture_1.jpeg)

Di¢cation Consoli'la Declaration of Non-Financial CaratŁon.

Consolidated Budget J'Esercizio Financial Statements

## 22 Liabilities for employee benefits

The item includes |e "Liabilities for employee benefits" as of 3J December 2023 amounting to 4,882 thousand euros (5,310 thousand euros as of December 31, 2022). The following table shows the changes in it:

| (In mlgllaia dl Euro)                                           | 31 dicambre 2023 | December 31, 2022 |
|-----------------------------------------------------------------|------------------|-------------------|
| Current value of the obligation at the beginning of the period. | 5.310            | 6.333             |
| Financial charge/(income)                                       | 169              | 28                |
| Benefits provided                                               | (761)            | (q18)             |
| Actuarlal loss/(profit) resulting from:                         |                  |                   |
| - Financial Assumptions                                         | 229              | (963)             |
| - Demogro/leve hypothesis                                       | 1                | 18                |
| - Adjustments 6osote su//'esperienzo                            | (୧୧)             | 312               |
| Total PerOita/(proFitto attuar)ale}                             | 164              | (693)             |
| Current value from obbligazlone to f(rte daiperíodo.            | 4.882            | 5310              |

The principal assumptions used in determining the present value of severance pay are explained below:

|                                | 2023  | 2022   |
|--------------------------------|-------|--------|
| Annual rate of salary increase | 2,84% | 2,88R" |
| Annual discount rate           | 3,56A | 3,1B6  |
| Inflation rate                 | 2,10% | 2,00%  |

With regard to the demographic assumptions used in the defined benefit liability for the mortality rate, the mortality rate used was that of the Italian population re|evoked by 25%, broken down by age and sex; while the probability rate of exit from employment was estimated at 5.42% per year. A quantitative alla|ysis of sensitivity for Significant hires as of December 31, 2023 and 2022 for employee benefit obligations is summarized below:

|                           |           | 2023      |            | 2Q22      |           |
|---------------------------|-----------|-----------|------------|-----------|-----------|
| (In migliaia di Euro)     | Var %     | Increment | Decrementl | Increases | Decreases |
| Annual aftualization rate | +/- 0,5 Á | (179)     | 190        | (192)     | 203       |
| Mortality rate            | +/-0,025% |           |            |           |           |
| Tal o of staff rotation   | 4/-0.5%   |           |            |           | (8)       |

The sensitivity ana|ysis above were carried out assuming reasonable changes in the two periods being compared.

![](_page_108_Picture_12.jpeg)

![](_page_109_Picture_1.jpeg)

| Average headcount (huh time equal/ent)         | 20y3 | 2022 |
|------------------------------------------------|------|------|
| Executives, middle managers and store managers | f96  |      |
|                                                | 545  | 5y0  |
| Workers                                        | 171  | 1 61 |
| Temporary staff                                | 14   |      |
| TOtg4g                                         | 926  | 896  |

## 23. Other non-current liabilities

- the liability for leasehold improvement contributions amounting to 1.2g6 eiirzia Euro (354 thousand Euro as of December 3, 2022) and refers to the linearization of contributions received or to be received from landlords against the costs for the a|]estiation of stores;
- the liability for medium- and long-term incentive plans in cor+relation to the Company's management amounting to 1,065 thousand Euro, cuf 35a thousand Euro to the Chief Executive Officer and General Manager, for details of *which please* refer to the following Note 42 "Share-based payments."

## 24. Liabilities for *leasing*

| Average headcount (huh time equal/ent)                                                                                                                                                                                                                                                                                                                                                                                                         |                         | 20y3     | 2022    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|----------|---------|
| Executives, middle managers and store managers                                                                                                                                                                                                                                                                                                                                                                                                 |                         | f96      |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |                         | 545      | 5y0     |
| Workers                                                                                                                                                                                                                                                                                                                                                                                                                                        |                         | 171      | 1 61    |
| Temporary staff                                                                                                                                                                                                                                                                                                                                                                                                                                |                         | 14       |         |
| TOtg4g                                                                                                                                                                                                                                                                                                                                                                                                                                         |                         | 926      | 896     |
| Other<br>non-current                                                                                                                                                                                                                                                                                                                                                                                                                           | liabilities             |          |         |
| December 3, 2022) and refers to the linearization of contributions received or to be received from landlords<br>against the costs for the a ]estiation of stores;<br>to 1,065 thousand Euro, cuf 35a thousand Euro to the Chief Executive Officer and General Manager, for details of<br>which please refer to the following Note 42 "Share-based payments."<br>Liabilities<br>for<br>leasing                                                  |                         |          |         |
| 23.<br>The item totaling 2,361 thousand euros includes:<br>• the liability for leasehold improvement contributions amounting to 1.2g6 eiirzia Euro (354 thousand Euro as of<br>• the liability for medium- and long-term incentive plans in cor+relation to the Company's management amounting<br>24.<br>Changes in the lease liability that occurred in FY2023 and FY2022, divided into current and non-current portions,<br>are shown below. |                         |          |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                | Liabilities for leasing |          |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                | non-current             |          | Total   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1 1 1.674<br>48.516     | 14.251   | 48.516  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                | (559)                   |          | (559)   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |                         | 18,998   |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |                         | t16.340) |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |                         | 5.620    | 5.620   |
| (In thousands of Euros§<br>Value as of 3 f. f2.2022<br>Increases<br>Decreases<br>Reclassifications<br>Repayment of lease liabilities<br>Interest on lease liabilities<br>Interest on lease liabilities paid                                                                                                                                                                                                                                    |                         | (4.173)  | (4.273) |

 Conso)idar statement d\* Non-financial character. Management Report

Consolidated Financial Statements

Annual Report

EMARKET SDIR certifie

|                                    | PassMity for leasing |          |           |
|------------------------------------|----------------------|----------|-----------|
| (Irj mig]ia dl Euro)               | non-current          | currents | Total     |
| Value as of 31.J2.2021             | 96.452               | 15.1 77  | 111.629   |
| jncrements                         | 29.983               |          | 29.983    |
| Decreases                          | (940)                |          | (940)     |
| Reclassificfie                     | (13.B21)             | 13.821   |           |
| Remittance of lease liabilities    |                      | t14.968) | (1 4.988) |
| Interessl on pass'vitó per/eosing  |                      | 3.09'2   | 3.095     |
| Interest on lease liabilities paid |                      | (2.854)  | (2.854)   |
| Value as of December 31, 2022      | 111.674              | 14.251   | 25.925    |

The average pondefied IBR applied to contracts outstanding as of December 31, 2023 was 3.7%. With reference to other f|xed outflows related to leosing, see Note 33 "Costs for services."

## 25. Trade payables

The composition of "Trade payables" as of December 31, 2023 and 2022 is shown in the] table below:

| (In migliala of 8uro)              | 31 di¢cember 2023 | 31 dicember 2022 | Vaialone<br>2023 vs. 2022 |
|------------------------------------|-------------------|------------------|---------------------------|
| Accounts payable to third parties  | 104.733           | 96.147           | 8.586                     |
| Invoices to be received            | 18.677            | 22.055           | (3.378)                   |
| Payables vetso contfo late company | S4.729            | 25.262           | 29ã6?                     |
| Total                              | 178.739           | 143.464          | 31675                     |

Trade payables do not bear interest and are mostly settled at 60/90 days. This value includes payables related tol normal conduct of business activities by the Company, particularly costs for the purchase of raw materials, components and external processing.

For details of trade aebits with subsidiaries, see Note 44 "Related party transactions" below.

## 26. Liabilities for returns

With reference to the right of return mentioned in "Revenues from contracts with customers" the item "Liabilities for returns" (amounting to Euro 22,915 thousand as of December 31, 2023 and Euro 12,577 thousand in the previous period) refers to the liability to customers for the amount of product returns estimated to be returned. This item mainly relates to the estimated returns to the Group's European companies and is to the item "Recovery rights produced by customers for returns" (see Note 13 'Recovery rights produced by c|ienti for returns').

![](_page_110_Picture_13.jpeg)

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## FERRAGAMO

## 2"/. Tax liabilities

Lacomposizonede|avoice "Debititdbuta|"as ofDecember31,2023and2022isevdenlatedinthefollowingprospectus:

| (In mig ia]a Euro)                                  | December 31, 2023 | 3J dicem6re 2022 | GoGone<br>20?3v 2032 |
|-----------------------------------------------------|-------------------|------------------|----------------------|
| Deb]to for current IRAP taxes                       |                   | 3.938            | {3.938)              |
| IRES current tax liability                          |                   | 213              | (213)                |
| Tax payable to foreign tax authorities for  VA tUE) | t 9 f             | 19d              | (4)                  |
| Tax payables for withholding tax withheld           | f .888            | 2.179            | (291)                |
| A   other tax liabilities                           | 2.0f 5            | 2.016            | (1)                  |
| Tota   e                                            | 4.094             | &S41             | (4.447)              |

The decrease in tax payables compared to 2022 is mainly attributable to the credit balance for IRAP cor- rential taxes as of December 31, 2023 (refer to Note 15 "Tax receivables") and to the payment in June 2023 of 2T3 thousand euros referring to the remaining portion of the substitute tax liability paid to the Inland Revenue following the adhesion during 2021 to the franking regimes - "ordinary regime" for know how and "derogatory regime" forgoodwill. "Other Tax Payables" includes the debt arising from the R&D credit amnesty procedure for tax periods 20Q5 to 2018 to be paid by the extended deadline to December 16, 2024 in the amount of 2,012 mig|iaiaia.

## 28. Other current liabilities

The composition of "Other current liabilities" as of December 31, 2023 and 2022 is shown in the following table:

| (In migliaia di Euro)                                | December 31, 2023 | December 31, 2022 | 2013vs2022 |
|------------------------------------------------------|-------------------|-------------------|------------|
| Accounts payable to parent company                   | è.942             | 19.1 06           | (14,164)   |
| Payables to the person e                             | 11.464            | 14.386            | (2.922)    |
| Debts to previdenzia I institutions.                 | 3.473             | 3.456             | 46         |
| Other payables to third parties                      | 2.798             | 5.059             | (2.261)    |
| Other liabilities for derivative hedging instruments | 558               | 6.186             | (5.628)    |
| Accrued expenses                                     | ਤੇ ਰੋ             | 296               | t2S7)      |
| Deferred income                                      | 1.959             | 1.725             | 234        |
| Total                                                | 25,232            | fi0.1 84          | (24.952)   |

The item "Payables to counterparty companies" refers to | payable for IRES to Ferragamo Finanziaria S.p.A. For more details, please see Note 44 "Related party transactions" shown later.

The item "Payables to employees" mainly includes the Company's debt to employees for accrued fees not yet paid as of the balance sheet date.

"Amounts due to social security institutions" includes amounts due to social security institutions, settled in the month following the|closing date, related to compensation due to employees.

Miscellaneous payables to third parties mainly includes some payables to parli corre|ate, for more details see Note 44 "Related party transactions."

| Jesus Report |
|--------------|
|--------------|

EMARKET SDIR certifie

"Derivative hedging instruments" shows the valuation at fair vo/we) at the end of the fiscal year of the outstanding derivative instruments (hedging component), which were used by the Company to manage foreign exchange risk. See Note 30 "Financial instruments and va|utation at Noir no/ue" for na|er details.

The item 'Deferred income' mainly includes i} the contribution for advertising activities related to the |licensee eyewear i that will be carried out in the cor- ter of 2024, ii) the royalties invoiced but pertaining to future years based on the provisions of the contracts signed with the counterparties and ii) |a share pertaining to future years relating to the one-time indemnity received (żey money) from the company Marchon Europe B.V. (U.S. Marchon Group) licen- tiary of the Salvatore Ferragamo brand for the eyewear category (150 million euros).

## 29. Other current financial liabilities

The item "Other cotrential financial liabilities" complessively amounting to 369 thousand Euro as of December 31, 2023 includes short-term derivative instruments (1,096 thousand Euro as of December 31, 2022) and refers to fair volue of derivative instruments having negative market as of the closing date. For more details, please refer to Note 30 "Financial instruments and valuation at /o/r value" below.

## 30. Financial instruments and valuation at fuir value

The classification of financial instruments in the view of IFRS 9 cuts across several balance sheet items. The following table presents the book value of outstanding financial instruments, by category, compared with the corresponding fair values, as of December 31, 2023 and December 31, 2021.

## Classificazione degli strumenti finanziari e rappresentazione del loro fair volue

#### Financial assets

|                                                                                          | Dec. 81, 2023    |             |            | 31 december 2022 |              |            |
|------------------------------------------------------------------------------------------|------------------|-------------|------------|------------------|--------------|------------|
|                                                                                          | Accounting valoæ |             |            | oontabile value  |              |            |
|                                                                                          | Quota            | Quota       |            | Quota            | Share        |            |
| (In thousands of Euro)                                                                   | current          | non-current | Fair Valus | corrente         | non corrente | Fair Value |
| Financial assets at Noir vo/ue with changes charged<br>to income statement               |                  |             |            |                  |              |            |
| Derivatives - non-hedging component                                                      | 1.535            |             | 1.535      | 256              |              | 256        |
| Assets valued at amortized cost                                                          |                  |             |            |                  |              |            |
| Receivables vs. credit cards                                                             | 447              |             | 447        | 426              |              | 426        |
| Creditl vs. customers                                                                    | 182.345          | -           | 182.345    | 161.114          |              | 161.114    |
| Creditl for flnancimentl vs. ro jtrolled<br>firms                                        | 48.366           | -           | 148.366    | 122.199          |              | 122.199    |
| Deposits Cauzionall                                                                      |                  | 17-1        | 171        |                  | 187          | 157        |
| Other current financial assets                                                           | 35.240           |             | 35.240     | g ggg            |              | g ggg      |
| Disgonibilita liqulde and equivalent means                                               | 203.t80          | -           | Z03 SBO    | 268.833          |              | 268,833    |
| Financial assets a  Fair vo/ue with changes<br>charged to comprehensive income statement |                  |             |            |                  |              |            |

| Derivati - componente di copertura                                                                                                                                            | 3.7 4 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = | -   | 6.813   | 7.251   | -   | 7.251   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|---------|---------|-----|---------|
| Totale                                                                                                                                                                        | 141 44 11 17                                                                                                                                                                  | 171 | 578.097 | 570.078 | 157 | 570.235 |
|                                                                                                                                                                               |                                                                                                                                                                               |     |         |         |     |         |
| ﺮ ﺍﻟﻤﺴﺎﺣﺔ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤ | ાં મ                                                                                                                                                                          |     |         |         |     |         |
|                                                                                                                                                                               |                                                                                                                                                                               |     |         |         |     |         |
|                                                                                                                                                                               |                                                                                                                                                                               |     |         |         |     |         |

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## FERRAGAMO

#### Financial liabilities

|                                                                                           | 31 dicember 2023<br>contable value |                       |             | December 31, 2022 |                      |            |
|-------------------------------------------------------------------------------------------|------------------------------------|-----------------------|-------------|-------------------|----------------------|------------|
|                                                                                           |                                    |                       |             | Book value        |                      |            |
| (In thousands di Euro)                                                                    | Share<br>oorrente                  | Share<br>not <current | Foir V'ofue | Share<br>current  | Share<br>non-current | Fair Value |
| Liabilities at amortized cost                                                             |                                    |                       |             |                   |                      |            |
| Accounts payable to suppliers and advances                                                | 178.139                            |                       | 178.139     | 143.464           |                      | 143.464    |
| Payables for uloans to ucontrolled enterprises.                                           | 1                                  | 스트                    |             | 21.390            |                      | y 1.390    |
| Payables to shareholders for dividends                                                    |                                    |                       |             | 2                 |                      | 2          |
| PassiviLa for leasing                                                                     | 18.256                             | 140.633               | ma          | 14.251            | 1 1 1.674            | ma         |
| Financial liabilities at foir vajue with changes<br>charged to income statement           |                                    |                       |             |                   |                      |            |
| Derivatives - non-hedging component                                                       | 369                                |                       | 369         | 1.096             |                      | 1.096      |
| Financial liabilities ał Coil to/ue with changes charged<br>to complexyo income statement |                                    |                       |             |                   |                      |            |
| Derivatives - hedging components                                                          | 558                                |                       | ਦੇ ਦੇ ਉ     | 6.186             |                      | 6.186      |
| Totale                                                                                    | f97.322                            | t40.683               | 179.068     | 186189            | 1 1 1.674            | 172.138    |

\* | In app|iCation of the IFRSi 6 prínciple a!lz Lease liabilities do not appli'ca Ì) calrolo de | fair value.

The tabel|a shows that the bulk of the outstanding financial assets and liabilities are (in)assets and short-term liabilities, with the exception of lease liabilities; in view of the items, the contabi | e value is considered a reasonable approximation of fair value.

In all other cases, the determination of fair value is carried out according to methodologies classifiable in Level 2 rl the hierarchy of levels of significance of data used in the determination of fair volue as defined by lo stan- dard IFRS 13.

The Company makes use of internal valuation models, generally used in financial practice, onlya basis of prices provided by market participants or of ouotiations recorded in active markets by means of primary in/o providers. A pricing model is used to determine the Fo;r vo/ue of derivatives based on the market values of interest rates and exchange ratios observable on the valuation date.

Also for the item related to!"Security depositsiÿ the book value was considered a reasonable approximation of fair value.

There have been no changes in the valuation methods adopted from previous years or transfers from one Level to another in the hierarchy of assets or liabilities va|ucted at fair value.

The Company calculates the non-performonce risk, i.e., the risk that one of the parties will not honor its contractual commitments due to the e[fect of a possible defou// before the maturity of the] derivative, either with rí(erímento al counterparty risk (Credit Value Adjustment: CVA), or to its own risk of default (Debt Risk Adjustment: D\7A), applying it to the market value of the risk-free portfolio. These adjustments, given the type of derivative instruments in the portfolio represented exclusively by forward currency sale or purchase contracts (forwards), |the relative maturity, included in the twelve-month range, and the counterparties with whom the contracts were concluded and the Company, are not significant.

EMARKET SDIR certified

It should also be noted that, based on the ISDA / 4asferAgreement and existing framework agreements with | and counter-parties with which derivative contracts are entered into, it is in generalon possible to offset (netting) all ]and outstanding financial assets and liabilities originated by such derivative instruments.

The following table summarizes the effects produced in the Income Statement and Shareholders' Equity with reference to each category of financial instruments outstanding for the Company in fiscal years 2023 and 2022.

| (In thousands of Euros)                                                                                   | 3 December 2023 | 3 4 december 2022 |
|-----------------------------------------------------------------------------------------------------------|-----------------|-------------------|
| EU/(Net losses) re/eyotes to income statement on financial instruments:                                   |                 |                   |
| Financial assets/liabilities held for trading                                                             | 1,447           | (17.925)          |
| Oerivatives - hedging component                                                                           | 16,845          | (25.664)          |
| Net gains/(net losses) recognized in equity on financial instruments                                      |                 |                   |
| Derivatives - hedging corri ponent                                                                        | (3.943)         | 17.9:             |
| interest income/expense (at it Internal Yield) accrued on financial assets/liabilities<br>not to/ FVFP/-: |                 |                   |
| Interest income                                                                                           | 11261           | 2.323             |
| Interest expense                                                                                          | 313             | 611               |
| Interest on leasing passiyit§                                                                             |                 | 3,095             |
| \$ pesa and co aiatissiayl not included in the actual interest cough:                                     |                 |                   |
| of accrual of finauti ary liabilities                                                                     | ਰੇਤੀ            | 1.031             |
| Accrued interest income on financial instruments sko7utof/                                                |                 |                   |
| '4ccontonoment/persvo/ufisz/one of financial assets:                                                      |                 |                   |
| receivables/financing                                                                                     | L28J            | 112               |

![](_page_114_Picture_5.jpeg)

FERRAGAMO

![](_page_115_Picture_1.jpeg)

## Corr:rrientc to the main entries in the conte e "oriorriic

For a better understanding of the performance of the income statement items*, please* also refer to the comments included in the|a Management Report on the comparison of the annual figures for FY2023 with those for FY2022.

## 31. Revenues from contracts with customers

In fiscal year 2023 and 2022, revenues from contracts with customers amounted to 734,820 thousand euros and 734,820 thousand euros, respectively.

740,234 thousand. The following tables show the breakdown of the main categories of revenues from contracts with customers by sales channel and by geographical area.

| 2023                      |            |            |           |                                                 |                                                       |
|---------------------------|------------|------------|-----------|-------------------------------------------------|-------------------------------------------------------|
| (In thousands of Euros)   | e-rommarre | Wliolesale | Royalties | Other income<br>and<br>provision of<br>services | Total Revenues<br>from<br>contracts with<br>customers |
| Europe                    | 65.746     | 1 67.310   | 1 3.532   | 2,626                                           |                                                       |
| North America             | -          | 170,450    |           | 8.981                                           | 1 79.431                                              |
|                           | -          | 210.421    |           | 7.021                                           | 217.442                                               |
| Japan                     |            | 38.41 6    |           | 2.123                                           | 40.539                                                |
| Central and South America |            |            |           | 2.464                                           | 48.194                                                |
| Total                     | 65.746     | 632.327    |           | 3SIS                                            | 734.820                                               |
|                           |            |            |           |                                                 |                                                       |

| 2022                      |            |           |           |                                                     |                                                       |
|---------------------------|------------|-----------|-----------|-----------------------------------------------------|-------------------------------------------------------|
| (in thousands of euros)   | e-commerce | Wholesale | Royalties | A other<br>revenues and<br>provision of<br>services | Total Revenues<br>from<br>contracts with<br>customers |
|                           | 62.489     | 147.590   | 1 1.898   | 2.72S                                               | 224.702                                               |
| North America             | -          | 216.01 9  |           | 7,846                                               | 223.g6S                                               |
|                           |            |           |           | 5.977                                               | 205.680                                               |
| Japan                     |            | 48.597    |           | 7,046                                               | 50.643                                                |
| Central and South America |            | 33,744    |           | 1.600                                               | 35.344                                                |
| Tota]e                    | 62.48      | 645.653   | 1 1.898   | 20.1 94                                             | 740.234                                               |

The Company presents disclosures on revenue disaggregation following a qua|i-quantitative approach. The timing of revenue recognition, for sales of behi, whether through the recti/ or *wholes* channel*,* occurs at the time when the counterpart of the good has been transferred to the customer, generally at the time of delivery; while for other revenues and services, revenue recognition occurs based on the timing of service delivery to customers.

*Wholesale* revenues mainly refer to sales to Group companies and to a lesser extent to sales to retail operators,

Annual Report

Bi|ancio

Sales *retoi/* + e-commerce refer preva|ently to revenues generated by sales from directly operated Italian stores (DOS) and to a residual extent to sales generated through the Company's e *commerce* cana|e.

The item "Revenues for *royolties"* arises mainly from the licensing of the Sa|vatore Ferragamo brand in the eyewear product categories, licensed to the company Marchon Europe B.V., watches, licensed to the company Vertige B.V. (Timex Group), and perfumes licensed to the company Inter Parfums Inc. Revenues for royo/ties are accounted for on the basis of the licensee's sales progress.

"Other revenues and services" mainly includes i| recovery for transportation and packaging expenses and services to subsidiaries.

For details of revenues vers0 subsidiary companies, see Note 44 "Transactions with related parties" below.

## 32. Cost of raw materials, goods and consumables

The composition of "Cost of raw materials, goods and consumables" as of December 31, 2023 and 2022 is shown in the following table:

| (In migtaia dl Euro)                                             | zŒ3     | 2022   | Vajzona<br>2023 vs. 2022 |
|------------------------------------------------------------------|---------|--------|--------------------------|
| Platerie Prime                                                   | 118.436 |        | (3.63 6)                 |
| Finished Products                                                | 64.663  | 48.355 | 16.308                   |
| lmballaggl                                                       | 6,358   | 4.409  | 194g                     |
| Other Material Acqtiists                                         | 2.011   | 742    | 1.269                    |
| Cancelletia                                                      |         | 305    | 3g                       |
| Change in inventories of raw materials, supplies and consumables |         |        |                          |
| Total                                                            | 185.853 |        |                          |

## 33 Costs for services

The composition of "Cost of services" as of December 31, 2023 and 2022 is shown in the table below:

| (In thousands dT Euro)                                  | 2023    | 202j    | 2023 vs. 2022 |
|---------------------------------------------------------|---------|---------|---------------|
| external processing                                     | 131,571 | 149.144 | (17.573)      |
| Production, general administrative and selling expenses | 112.648 | 111.489 | t .159        |
| Costs{ for use of third party assets                    | 10.gB9  | 8.676   |               |
| Total                                                   | 255.208 | 269.309 | (14.10'f)     |

![](_page_116_Picture_14.jpeg)

![](_page_117_Picture_1.jpeg)

## FERRAGAMO

"Production, general, administrative and selling expenses" as of December 31, 2023 includes principa|mente:

- communication costs (advertising oagine, public relations, window displays, events and other public- Marie} expenses in the amount of 45,781 thousand euros;
- consulting costs and fees to third parties (legal, administrative, product, production process, IT and other minor) amounting to EUrO 30,132 mig|iaia;
- transport and |ogistics costs in the amount of 11,654 mig|ia Euro;
- costs for services from subsidiaries in the amount of Euro ^,656 thousand; for details of these costs see Note 44 "Related party t r a n s a c t i o n s " below;
- Maintenance and utility costs amounting to 7,224 thousand euros;
- Compensation to Directors and Statutory Auditors and Supervisory Board in the amount of 1,384 thousand euros; for the det- cutment of ta||s fees, see Note 45 "Compensation to Directors and Statutory Auditors" shown s iccessively.

The following are the new income statement impacts in fiscal years 2023 and 2022 from leases accounted for both under IFRS16 and outside the scope of the standard:

| (In migÏiaia of Euros                                                                                      | 2013   | ß on the Total | 2022   | No on the Total |
|------------------------------------------------------------------------------------------------------------|--------|----------------|--------|-----------------|
| Depreciation on aŁassets for right of use                                                                  | 20.478 | 70,596         | 6.967  | 79, %           |
| Net jnterests on lease liabilities.                                                                        | s.625  | 19,46          | 2.700  | 12,6B"          |
| Costs re ated to łocation in the short term (short term).                                                  | J3Q    | 1,198          | 470    | 2,296           |
| Costs related to location of assets of ya]ore modest<br>(low value assets}                                 | 484    | 1.7Po          | 441    |                 |
| CosŁj relatjing to cases with yariable payments not<br>included in the ]a yalutazlone of lease liabilities | 2.429  | 7.3Ro          | 1.036  | 4,B9'           |
| Rent reduction                                                                                             |        | 0,096          | (168)  | t0,8%)          |
| Total                                                                                                      | 29.041 | 100,0%         | 21.446 | 100,0°A         |

Some of the Company's leases contain variabife determined rent payments linked to revenues generated by points of sale (DOS), in leased space that are not included in the vaÌutbtation of *İ* leases, in accordance with IFRS t6, and are recognized on an accrual basis. Variable rent costs represent, as of December 3, 2023, a total of 7.3 percent of the total expenses in the income statement inherent in the *leases that are* incisive and not in the lease liabilities as per accounting standard IFRS16. Variable *rents* are dependent on|and sales and therefore on economic development in subsequent years. It is estimated that the variable rents will continue in future years to have a proportional incidence|of sales of the finished goods. Generally, the Company's leases contain clauses prohibiting sublease of the leased asset, but do not require the Company to comply with financial covenonr\$.

The Company has no early closure options that it intends to exercise but has not va|ued in the lease liability. With regard to r¡nnovo options, |the Company in its accounting policy for determining the *lease* term has considered *the*  renewal options that it intends to exercise.

The Company presents commitment values for short-term leases projected for if 2024 in line with the values recorded in the FY 2023 income statement.

![](_page_118_Picture_3.jpeg)

## 34. Staff costs

The composition of "Personnel cost" as of December 3, 2023 and 2022 is shown in the following table:

|                                                              |        |        | Vaiazone     |
|--------------------------------------------------------------|--------|--------|--------------|
| (In mlgllala dl Euro)                                        | 2023   | 3022   | 2023 ys 2022 |
| Wages and salaries                                           | 62.162 | 72.674 | (10.512)     |
| Costs for rfock grant plan                                   | 3.962  | 6.586  | (2.624)      |
| Casti for incentive plan a mil                               |        | 1 1 4  | 486          |
| Social charges and prevldenzIa i                             | 15.915 | 15.121 | 794          |
| Provision for severance pay and comp ementary pension funds. | %007   | 3.930  | 77           |
| Total                                                        | 86.646 | 98.425 | (1 1.779)    |

I| decrease in the item is attributable to the entry i n 2022 of some figures in the *top* rnonogement of the|a ' Company aimed at strengthening |a organizational structure.

## 35. Depreciation and amortization

The composition of "Depreciation and amortization" as of December 31, 2023 and 2022 is shown in the table below:

|                                           |         |         | Change        |
|-------------------------------------------|---------|---------|---------------|
|                                           | 2023    | 2022    | 2023 vs. 2022 |
| Depreciation on tangible assets           | 1 0.g40 | 1 1.033 | (193)         |
| AmrTjortization on assets by right of use | 20.478  | 16.967  | 3.511         |
| Amortization on Intangible Assets         |         | 1 1.288 | (520)         |
| Impairment of intangible assets           | 230     |         | 230           |
| Total                                     | 42.316  | 39.288  | 3.028         |

![](_page_118_Picture_11.jpeg)

![](_page_119_Picture_1.jpeg)

## F ERRAGAMO

## 36. Other oçerative costs

| (I n mlgliaią of Euro)                          | 2023   | 2022   | Variation<br>2023 s 202z |
|-------------------------------------------------|--------|--------|--------------------------|
|                                                 |        |        |                          |
| AggíusŁamenŁo EBIT to subsidiaries              | 52.072 | 22.374 | 29.698                   |
| Liberality                                      | 1.648  | 1.560  | 85                       |
| Provision of fund riscήf di'versi di'gestion(s) | 5.298  | 587    | 4.71 1                   |
| Provision for svalutazione crediti - terzl      | 1.283  |        | 1.283                    |
| Accrual of receivables - subsidiaries           |        | 12     | (1 1 2)                  |
| 7taxes and fees                                 | 1.199  | 1.223  | (24)                     |
| Contributi associativi                          | 394    | ਤੇਰੇਰੇ | (5)                      |
| Other operativi costi                           | 884    | 1.1 10 | (226)                    |
| Contingent liabilities                          | 822    | 1387   | (1.565)                  |
| Tota e Other costs operatiyi                    | G3.597 | 29,752 | 33.845                   |

The item park to Euro 63,597 mig|iaia as of December 31, 2023 accoglie mainly:

- costs for adjustment of Ebit to subsidiaries in the amount of Euro 52,072 thousand, which is attributable to the effect arising from the renewal of the Transfer Pricing Agreement with the Internal Revenue Service - Central Assessment Department - International Ruling Office, which took place on December 20, 2022, and is effective for a further five years from 2022 to 2026; this agreement is fully compliant with the previous one. For further details, please refer to the Management Report under "Significant events during the year" and Note 44 "Related party transactions" shown suc¢essively;
- · donations in the amount of Euro 1,645 mig ia including liberal disbursements made during 2023 to support culture - so-called "Art Bonus" amounting to Euro 794 thousand and the disbursement in favor of the Anna Meyer Onlus Pediatric Hospital Foundation in the amount of Euro 175 mig|iaia;
- Provisions for risks and charges in the amount of 5,298 thousand Euro;
- · Provisions at third-party bad debt fund in the amount of 1,283 thousand Euro.

![](_page_120_Picture_2.jpeg)

## 37. Other income

| (In thousands dl Euro)                                                       | 2023   | 3022    | Change<br>2023 vs 2022 |
|------------------------------------------------------------------------------|--------|---------|------------------------|
| Recovery of expenses from control ate companies                              | 2.229  | 1.885   | 344                    |
| Agglustamento EBIT positivo asocletà controllate                             | 530    | 8.484   | (7.954)                |
| Pubblicitary contributions                                                   | 4.774  | 4.499   | 2y5                    |
| Revenues from Tax Credits                                                    | 2.152  | 2.156   | (4)                    |
| Contributions received for miglorization and linearization                   | 58     | 57      | 1                      |
| contributions inconto esercizlo                                              | 1.114  | 2.3AS   | (1.031)                |
| Utllizzl Rlschl and Charges Fund and Provision for Writedowns of Receivables | 449    | 1.251   | (802)                  |
| Insurance RefundsŁiv                                                         | HO     | ਰੇ ਹ    | ਟਰੇ                    |
| Collections   1ostre Museali                                                 | 1 19   | 14      | 5                      |
| Proyenti dJyersi                                                             | 2.019  | 1.637   | 382                    |
| Tota e Other proventl                                                        | t3.794 | 2'2.519 | t8.72a                 |

The item "A!tri income" amounting to 13,794 thousand euros as of December 31, 2023 accog\ve mainly:

- . income for Ebit adjustments from controlled companies in the amount of 530 thousand euros. For further details, see the Management Report under "Significant events during the year" and Note 44 "Transactions with related parties" below;
- Advertising contributions from third parties amounting to 4,774 thousand euros;
- . expense recoveries from subsidiaries in the amount of Euro 2,229 mig\ia;
- revenues from the recognition of tax credits for a total of 2,152 million euros (including the recognition of the tax credit for research and development activities, design and technological innovation and the tax credit equal to 65% of liberal donations in support of culture - the so-called "Art Bonus" made during the year);
- utilizations of the allowance for doubtful accounts and charges totaling 449 migtia Euro;
- operating grants, of which Euro 1.88 thousand refer to the non-repayable grant accrued as of December 31, 2023 related to the Innovation Agreement signed on January 12, 2021 between the Company, II Ministy of Economic Development and the Region of Tuscany recorded against costs already incurred by the Company. For more details, please refer to "Significant events during the year" in the Management Report.

![](_page_120_Picture_12.jpeg)

![](_page_121_Picture_1.jpeg)

## FERRAGAMO

## 38. Financial charges

The composition of | the item "Financial charges" as of December 31, 2023 and 2022 is shown in the table below:

| (In migliaia di Euro)                                         | 2023   | 2022    | Variazione<br>2023 vs. 3022 |
|---------------------------------------------------------------|--------|---------|-----------------------------|
| Financial charges her adjustment al Noir value of derivatives | 14.535 | 28.593  | (1*.058)                    |
| Svaiutions/Accruals F.do -accruals Svalut. Particiqations     | 23.564 | 15.131  | 8.433                       |
| Losses on foreign exchange                                    | 22.376 | 22,901  | (525)                       |
| Interest on lease liabilities                                 | 5.630  | 3.096   | 2.524                       |
| Financial charges                                             | 1,314  | +338    | 76                          |
| Financial expenses employee benefits IAS 19                   | । ୧୦   | 28      | 141                         |
| Charges sut e liabilities for leasing                         | 12     | 1       | 11                          |
| ɨnteressi paasiyi                                             | 313    | 81 1    | (4ge)                       |
| Total                                                         | 6y.903 | 7j .799 | (3.896)                     |

For more details on Sva|utations/Accailtments Surplus on the item "Equity investments" please refer to Note 9 "Equity investments in subsidiaries".

## 39. Financial income

The composition of "Financial income' as of December 3, 2023 and 2022 is shown in the table below:

| (In thousands of Euros)                                         | 2023   | 202 ?   | Change<br>2022 ys 2022 |
|-----------------------------------------------------------------|--------|---------|------------------------|
| Proventi Fnancials for adjustment to Fair vo/ue of derivatives. | 15.982 | 10.668  | 5,314                  |
| Dlvider of from holdings from firms vs.]late                    | 25.512 | 1 1.212 | 1 4.300                |
| Fnancial income on lease liabilities.                           | 7      | 396     | (389)                  |
| Recovery of valore/Ri!asc) Excess Sval. Parteclpazioni.         |        | 59d     | (ਟਰਦ)                  |
| Utili su cambi                                                  | 13.789 | 28.439  | (14.650)               |
| Interessl attiyt                                                | 6.432  | 610     | 5.822                  |
| tnterests attiyi by counter  ate enterprises.                   | 4629   | 1.714   | 3.15                   |
| Total                                                           | 66.551 | S3.634  | 12.91 7                |

"Dividends from equity investments" includes for i| 2023 dividends distributed by the subsidiary Ferragamo Hong Kong Ltd.

> = -t \* .

Consolidated

EMARKET SDIR certified

## 40. Income taxes

The composition of "Income taxes" as of 3J December 2023 and 2022 is shown in the table below:

| (In thousands of Euros) | 20iJ      | ZO2I     | Varfaione<br>2023 vs 2022 |
|-------------------------|-----------|----------|---------------------------|
| Current taxes           | (29.1 99) | (29.946) | 747                       |
| differ   te taxes       | 2.851     | f6.524)  | 9.375                     |
| Total Income Taxes      | (26.348)  | (3G.470) | 0.122                     |

The positive pre-tax result of x113,347 thousand resulted in the recognition of taxes of x26,348 thousand, while in fiscal year 2022, the Company had recorded a positive pre-tax result of ¤25,709 thousand, recognizing taxes of ¤36,470 thousand.

Compared to] 2022, there was a decrease in the Company's tox rate from 29.0%, mainly attributable to the recognition in 2023 of a total of Euro 3,577 thousand referring to the Patent Box benefit for the 2021 tax period and the recognition of the best estimate of the Patent Box benefit for the years 2022 and 2023. For more details, please see the Management Report "Significant events during the year- Patent Box and Research and development, design and innovation credits."

| (In thousands dl Euro)                                                        | J023     | 2022      | Vaiaione<br>2023 vs. 2022 |
|-------------------------------------------------------------------------------|----------|-----------|---------------------------|
| Current taxes                                                                 |          |           |                           |
| IRES                                                                          | (24.719) | (23.275)  | (1.4fi4)                  |
| IRAP                                                                          | (4.580)  | (6.671)   | 2.091                     |
| Total                                                                         | (29,299) | (29.946)  | 647                       |
| Deferred taxes:                                                               |          |           |                           |
| - IRES deferred current year                                                  | 4.081    | 3.593     | 488                       |
| - IRAP deferred current year                                                  | y45      | 177       | 68                        |
| Use of deferred IRES in previous years                                        | (1.450)  | (10.081)  | 8.631                     |
| Use of deferred IRAP in previous years                                        | (28)     | (213)     | 188                       |
| Totale                                                                        | 2.6S t   | (6.524)   | 9.375                     |
| Utilization/(Acoordination) to Provision for Risks for Previous Years' Taxes. | 100      |           | 100                       |
| Total Income Taxes                                                            | (26.348) | (3 6.470) | 10.122                    |

![](_page_122_Picture_10.jpeg)

![](_page_123_Picture_1.jpeg)

## FERRAGAMO

#### Deferred *tax* assets *and liabilities*

The following table shows by nature the components of deferred tax assets and liabilities as of 3J Decem ber 2023 and 3J Decem ber 2022:

|                                      |               | 31       | December31 | December31                         |       |         |  |
|--------------------------------------|---------------|----------|------------|------------------------------------|-------|---------|--|
|                                      | December      | 20232077 | 2023       | 2022                               | 2023  | 1023    |  |
|                                      |               |          |            | Other components of the<br>Account |       |         |  |
| (In Millions of<br>Euros)            | Balance Sheet |          |            | Cheap comp]essTive                 |       |         |  |
| Deferred tax assets                  |               |          |            |                                    |       |         |  |
| - On employee benefits               | 416           | 360      | 397        | 357                                | 17    |         |  |
| - on material activities             |               | 1,162    |            |                                    | (S6)  |         |  |
| - On intangible assets               | 1.118         | 1.491    |            |                                    | (173) | t373)   |  |
| - On the valuation of inventories    | 6,904         | 5.736    |            |                                    | 1.168 | (290)   |  |
| - on tax losses                      |               |          |            |                                    |       | (9,017) |  |
|                                      | 4f 7          |          |            |                                    |       |         |  |
| - on taxed funds                     | f .752        |          |            |                                    | 1.409 | (95)    |  |
| - for other temporary differences    | 5.?79         | S.175    |            |                                    | 604   | 3,250   |  |
| Deferred tax assets                  |               | 14.602   | 397        | 3s7                                |       |         |  |
| Deferred tax liabilities             |               |          |            |                                    |       |         |  |
| - on the reserve of Cash F/ow' Hedge | (1.331)       | (2.277)  | t1,333)    | t2.279)                            |       |         |  |
| - for other temporary differences    | (2.898)       | (2.B9g)  |            |                                    |       |         |  |
| Deferred tax liabilities             |               |          |            | (2.279)                            | -     |         |  |
| Net Effect                           | 13.263        | 9.4i7    | (93 6)     |                                    | 2.851 |         |  |

Deferred taxes reflect the net tax effect of temporary differences between the reported value and |tax basis of assets and liabilities.

The recognition of deferred tax assets in the financial statements has been appropriately adjusted to reflect the actual possibility of realization.

certified

### Below is a reconciliation of the theoretical and |actual fisca|e burden as of December 31, 2023 and 2022:

| (In thousands of 8uros)                                                      | z021     | 0/0      | 2022    | %       |
|------------------------------------------------------------------------------|----------|----------|---------|---------|
| IRES                                                                         |          |          |         |         |
| Pre-tax profit                                                               | 1T3.347  |          | 125.709 |         |
| Theoretical taxes                                                            | Z7.203   | 24V°     | 30.170  | 24,0%   |
| Actual taxes                                                                 | 21.988   | 19,4%    | 29.763  | 23,7%   |
| Difference that is untied by-                                                | (5.215)  | (4,G9S)  | (407)   | (0,3s") |
| I} Transparency taxation effect                                              | 68       | 0,1%     | 30      | 0,0%    |
| (ii) Effect of accrual/(utilization) of tax provision for<br>previous years. | (100)    | (0,1%)   |         |         |
| (iii) Other effectl                                                          | 653      | 0,6%     | 1.080   | 0,9"6   |
| Increasing Variations                                                        |          |          |         |         |
| SvaTutacloni parteclpazloni                                                  | ર રજકર   | 5,0%     | 3.631   | 2,9%    |
| A other permanent differences                                                | 1.216    | 1,1%     | 1.472   | 1,1°A   |
| Varlazlonl in dlmlnuzion                                                     |          |          |         |         |
| Income from subsidiaries (dividends)                                         | (fi.817) | (S,1%)   | (2.556) | (2,0%)  |
| Reinstatement of value of investments                                        |          |          | (143)   | (0,196) |
| IRAP Deduction                                                               | (213)    | (0,2%)   | (398)   | (0,3%)  |
| Potent Box Effect                                                            | (3.077)  | (2,7%)   |         |         |
| Elle\to Tax Credits                                                          | (517)    | (0, °)   | (218)   | (p,4 )  |
| Other permanent differences                                                  | (3.083)  | (2,7'i6) | (3.005) | (2,4%)  |
| Fotale difference                                                            | (5.215)  | (4,6w]   | (407)   | (0,3%)  |

![](_page_124_Picture_4.jpeg)

![](_page_125_Picture_1.jpeg)

tionD chi art ion Co nsolicl a ta of N onancial Character. Bibanci o Co nsoli de ERORIA MO Report stilla Ges

| (In millions of euros)                             | 2023    | 0/0      | 20jZ    | 0/c     |
|----------------------------------------------------|---------|----------|---------|---------|
| IRAP                                               |         |          |         |         |
| Net production value                               | 114.698 |          | 143.875 |         |
| 1Theoretical Impositions                           | 4.473   | 3,9%     | 5.611   | 3,9%    |
| Actual taxes                                       | 4.360   | 3,88""   | 6,707   | 4,7%    |
| Oifference that is explained by:                   | (113)   | (0,1%)   | 1.096   | 0,8'B   |
| (i) Effect of regional aliquot maggiorazioni  rap. | 43      | 0,0%     | 67      | 0,0#"   |
| (il) Other effects                                 | (56)    | (0,m)    | t+8)    | (0,096) |
| Increasing Variations                              |         |          |         |         |
| Personala costs                                    | 3,323   | 3,96     | 3.775   | 2,6't+  |
| Other permanent diflererize                        | 2óz     | 0,2&     | 314     | 0,2%    |
| Variationl in dlminution                           |         |          |         |         |
| Tax Wedge                                          | (3.090) | t2,70/c) | (2.881) | (2,(a)  |
| fftect Potent Box                                  | (800)   | (o, 'w)  |         | t       |
| -ffeLLo Credits of  taxes                          | (84)    | (0,1%)   | (14)    | (0,0%)  |
| Alice permanent differences                        | (11)    | (0,0°A)  | t87)    | t0,1P") |
| Total difference                                   | (1138   | (0,1%)   | 1.096   | 0,8%    |

![](_page_126_Picture_1.jpeg)

## More information

## 41. Dividends

The Parent Company Salvatore Ferragamo S.p.A., in execution of the resolution of the Shareholders' Meeting of April 26, 2023, distributed to the shareholders a portion of the profits set aside in the Extraordinary Reserve, amounting to a dividend per share of Euro 0.28 for each of the 165,528,966 ordinary shares in circulation (net of the 3,261,034 treasury shares in portfolio) as of the ex-coupon date, for a total of Euro 46,348,110.48. As of December 31, 2023, dividends are fully paid.

## 42. *Actions-Based* Payments

The Shareholders' Meeting of December 14, 2021 in ordinary session approved two incentive plans for the benefit of the CEO and G e n e r a l Manager, Marco Gobbetti: the *"Special Aword* 2022-2026" plan and the "*Restricted Shares* Plan." These plans started for the CEO and General Manager on January 1, 2022. For more information about the *'Special Award* 2022-2026" Plan, see the appropriate docu- mentation available on the Company's *website* httpr://group.Ferragamo.com, section *Covernonce]Corporo-* te *Governance/Remuneration/ Share Incentive Plans.* Regarding the "Restricted *Stjares"* Plan and the related amendments approved by the Ordinary Shareholders' Meeting 2023, please refer to the section "Significant events during the year" of the Report on Operations and the documentation related to the Shareholders' Meeting of April 26, 2023, available on the Company's *website*  https.'//group.Ferragamo.com, section *GovernoncelAssembly of Shareholders/2023 as* well as the Section *and Governonce/ Corporate Governancel Remuneration/* Incenf/voz/o- *ne Share Incentive Plans.*

The Shareholders' Meeting of April 26, 2023 held in ordinary session approved a new incentive plan in favor of the *top mano\$ement of* the Ferragamo Group called "Performance Plan and *Restrìcted Shares* 2023- 2025' which started in October 2023, after the completion of the verifications preparatory to the commi- cation of the plan to the beneficiaries indìvtduated by the Board of Directors. For more information regarding the *Performance and*  ResÈr/cted *Shores* Plan 2023-2025, see the section "\*significant events during the year" of the Report on Operations and the appropriate documentation regarding aII the Shareholders' Meeting, available on the Company's website *https.'//\$roup,ferrogomo,¢om, section Covernance/Shareholders' Meeting/2023* as well as the Section *and Governoncel Corporate Governonce/ Remuneration/* Share *Incentive Plans.*

The *Restricted Shares* Plan*,* as amended byThe Shareholders' Meeting of April 26, 2023, provides for the allotment of shares of the Company in favor of the Chief Executive Officer and General Manager Marco Gobbetti (the "Benefciary"), insofar as it pertains to his or her employment relationship.

The plan is aimed at strengthening the alignment of interests between the Grantee and all Group *stakeholders,*  particularly fostering their motivation and loyalty to the Company and the Group, which are relevant to the realization of the major change in the Group's industrial and strategic plan.

![](_page_126_Picture_12.jpeg)

![](_page_127_Picture_1.jpeg)

FERRAGAMO Report on the Management Consoliclated Statement of Noj1 Financial Character Conso|id ato Financial Statements c|'est.

#### *Object of the Plan*

It is provided that the Grantee shall be assigned, at the beginning of each year, the right to accrue, free of charge, a number of Restricted *Shares* corresponding to a monetary equivalent of 2,500,000 euros on an *annual basis,*  determined by dividing this monetary equivalent by the average value of the shares (meaning the average of the official prices of the shares) during the 30 days preceding if i January of *each* year,

Each cycle of the Plan is for one year, commencing on January 1 of each year (for FY 2023, on January 1, 2023). The shares of the JRestricted Sfiores Plan will then vest at the end of the 12-month vesting period, provided that, in Ii accordance with the amendments approved by the Shareholders' Meeting of April 26, 2023 in ordinary session:

(1) the Company achieved the following minimal targets (so-called underpins) in the reporting year:

- a) Level of total revenues at CER (current exchange rates) for the reporting year equivalent to at least 70 percent of that of the previous year; and
- b) Group's ROIC at RER *[reporte't exchonge rates)* of positive sign for |'the reporting year, where ROIC is defined as net income for the period (as reported in the Group's annual consolidated financial statements for the reporting year) divided by average *adjusted* net invested capital (*adjusted* net capita|e represented by net invested capital excluding assets for right-of-use and those classified as investment properties);
- (2} the relationship between the Grantee and the Company is still in place at the end of the vesting period of each cycle.

Once allocated, the *Resiricted Shares* will in any case be subject to an intransferability restriction - so-called *lock-up* pe- riod *-* of 12 months starting from J" January of each year thereafter (subject to the mechanism of the so-called se// to cover). The /ock-up restriction will remain even in the event of termination of the relationship, for whatever reason that may have occurred, except only in the event of death or total and permanent disability resulting in the termination of the relationship.

The free allocation of clelia Company shares in execution of the Plan will take place by employing treasury shares from purchases authorized byThe Shareholders' Meeting, pursuant to Articles 2357 and 2357-ter of the Civil Code.

The incentive subject to the Restricted Sùores Plan will be subject to the ex post correction mechanisms provided by the Company's compensation policies (including c/aw *back and molus* clauses*).*

Movement in the period of the number of rights assigned to receive shares\*

|                                                           | 3t december 2023 | 3f decemdra 2o22 |
|-----------------------------------------------------------|------------------|------------------|
| (i)<br>In circulation at the beginning of the fiscal year | 1 14.766         |                  |
| (ii) Allocated during the period                          | 147.732          | 114.766          |
| (iii) Cancelled during the period                         |                  |                  |
| (vat Exercised in the period                              | (114.766)        |                  |
| (v) Expired during the period                             |                  |                  |
| (vi)  n circulation at the end of the period              | t47.732          | 114.766          |
| (vii) Exercisable at the end of the period.               | 147.7J2          |                  |

\*|The average price for the period has not been shown because it is a plan with free stock grants.

![](_page_128_Picture_1.jpeg)

## b) fdovimentation of the Grunt Stock Reserve

|                                                                                             | December 31, 2023 |            | December 31, 2022 |            |
|---------------------------------------------------------------------------------------------|-------------------|------------|-------------------|------------|
| Fgir value in thousands dl Euro)                                                            | Number            | Fair volue | NumÆFO            | Fair value |
| Rights to riceye(e ayions ottributed to/JAmminisčrokore Delegate.<br>and Diættore Genera(s) |                   |            |                   |            |
| - at the beginning of the year                                                              | 114.766           | 2.547      |                   |            |
| assigned during the fiscal year                                                             | 147.732           | 2.398      | 1 14.766          | 7.547      |
| exercised during the exercl                                                                 | (114.766)         | (7.547)    |                   |            |
| at the end of the period                                                                    | 447.732           | 2.398      | 1 44.7G6          | 2.547      |

On January 1, 2023, the Chief Executive Officer and General Marco Gobbetti accrued the right to redeem, free of charge, i14,766 shares of Salvatore Ferragamo S.p.A. ("Restricted Shares 2022") granted to him on January 1, 2022 under and in execution of the Restricted Shares Plan. The Restricted Sfires 2022, received in interestî from the provision of treasury shares acquired by Salvatore Ferragamo S.p.A., were transferred to the credit account held by the Chief Executive Officer and Director Generate in February 2023 and, it being understood that they were subject to a twelve-month lock-up, it should be noted that as of this report, this lock-up has expired.

The Board of Directors' meeting of April 26, 2023, held after the Shareholders' Meeting that approved the amendments to the Restri- cted Shores Plan, resolved, subject to the favorable opinion of the Remuneration and Appointments Committee, to grant Managing Director and General Manager Marco Gobbetti the right to receive, free of charge, 147,732 shares of Salvatore Ferragamo S.p.A. ("Restricted Shares 2025"), with e(fect from January 1, 2023. It Board of Directors' meeting of March 6, 2024, orevi|on the favorable opinion of the Remuneration and Appointments Committee, ascertained the achievement of the minimal objectives (so-called underpins) and, therefore, the Restricted S/bores 2023 will be transferred, free of charge, to the securities account in the name of CEO and Director Generate Marco Gobbetti. Ta|i shares are subject to a 12-month lock-up.

It should be noted inftne cfie, again in implementation of the Restricted Shares Plan, the Board of Directors held on January 25, 2024, granted Managing Director and General Manager Marco Gobbetti the right to redeem, free of charge, 205,255 shares of Salvatore Ferragamo S.p.A." effective January 1, 1024.

#### c) Methods of determining fair value

II fair value of the Restricted Shares Plan was deter\cinated as the if foir vo/ue of the shares at the time of grant, discounted by expected dividends.

The assumptions for the evaluation carried out of the Restricted Shares Plan for the CEO and Director generated are \the following:

| Date of assignment                            | 1 gennalo 2023 | January 1 ž02Z |
|-----------------------------------------------|----------------|----------------|
| Premo shares on the date of allocation (Guro) | 16,49          | 22,53          |
| Expected dividendl                            | 1.55%          | 1,518'         |
| Fair value per share at grant date (Euro)     | 16.23          | 22,19          |

![](_page_128_Picture_11.jpeg)

Rela tion on 1 the Management and Dic h iara tion Conso lina izin rio Bid ne's Consefer gon lina izin rio Bid ne's Conseffer RAYC

## Piano Special Award 2022 - 2026

### a) Descrizione del piano

Il Special Board Plan is designed to ra lorce the aJinement of interests between the top manager ent and all stokeño/der of the Ferragamo Group with a view to value creativizing the beneficiaries to achieve the me- dio-long-term objectives of the Company, which are also reflected in the strategic plan, and favoring altrest retention.

In view of and for the purpose of pursuing these objectives, the Special Award Plan provides rm a single cycle subject to a five-year performance period. This timeframe appears suitable, forfour, for the achievement of the south said long terrine objectives pursued by the Special Award Plan.

As of December 31, 2023 and as of this Report recipient det Piano Special Award is the Chief Executive Officer and General Manager of the Company. Jhe Board of Directors may identify additional recipients (at the beginning of the Plan or during the Vesting Period, with application, in that case, of a pro-rata temporal parameter that re-proportion the Special Award Bonus teriorising taking into account the actual length of service during the Testing Period), at its sole discretion, from among the top managers who hold and will hold the r io|o of directors, employees and/or co|laborators of the Company and subsidiaries.

#### Object of the Plan

Il Special Aw0rd Plan precedes | disbursement of a "Special Aword Bonus' in two tranches respectively: (a) at the line of the first three-year period from January 1, 2022 (va)ee to December 31, 2024), upon achievement of the first objective; and (b) at the end of the two-year successyo period (i.e., December 31, 2026), upon achievement of the second objective, subject to the existence on talk dates of an existing directorship and/or employment relationship between each Beneficiary and the Company or a Control|ata, as the case may be. The "Special Awcrd Bonus' for both froncfies will be paid 50% in cash and the remaining 50% in shares of the Company.

Each tranche shall be equal to a percentage amount (determined by the competent bodies of the Company and, for the Managing Director and General Manager equal to 0.5%) of the average capitalization value of the Company in a period between the 3 months preceding and the 3 months following the end of the first three-year period and the next two-year period from the beginning of the Relationship (i|"Nedio Value").

For the portion of the Special Award Bonus that will be disbursed through the free allotment of shares in the Company, treasury shares resulting from purchases authorized by the Shareholders' Meeting, pursuant to Articles 2357 and 2357-ter of the Civil Code, and/or from any appropriate capital increases pursuant to Article 2349 paragraph of the Civil Code, will be used.

The shares granted to the beneficiaries will be subject to an intransferability restriction (so-called lock-up) of 3 months.

The incentive subject to the Plan will be subject to the ex post correction mechanisms preyed by the Company's remuneration policies (including c/oc back clauses, limitate to any conduct attributable to the basis of wilful misconduct).

| anagement Report | Statement Cnnsoli'la ta cli Character hlon Financial |
|------------------|------------------------------------------------------|
|                  |                                                      |

Financial Statements

## b) Nloviating the *Stock Grant* Reserve and Cost of the Plan.

| ( n rnlglieia di Euro)                                                        | 3 f december 2023<br>Fair value | December 31, 2o22<br>Fair po/ue |
|-------------------------------------------------------------------------------|---------------------------------|---------------------------------|
| Dlùtti to receive shares! attributed toII CEO and General Manager             |                                 |                                 |
| - at the beginning of the year                                                | 2.576                           |                                 |
| - assigned during the exercise                                                |                                 | 2576                            |
| - at the end of the period                                                    | 5.153                           | 2.576                           |
| (In thousands of Euros)                                                       | 2023                            | 202i                            |
| Cost of transactions with share-based payment (payment in shares)             | 2.577                           | 2.576                           |
| (Cost adjustment)/Cost of]transazlonl with share-based payment (cash payment) | (1.'I 12)                       | 1,462                           |

### c) Ways of determining *Jair value*

| ( n rnlglieia di Euro)                                            | 3 f december 2023<br>Fair value                                                                                                                                                                                                                                                                                                                       | December 31, 2o22<br>Fair po/ue      |
|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
| Dlùtti to receive shares! attributed toII CEO and General Manager |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| - at the beginning of the year                                    | 2.576                                                                                                                                                                                                                                                                                                                                                 |                                      |
| - assigned during the exercise                                    |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| - at the end of the period                                        | 5.153                                                                                                                                                                                                                                                                                                                                                 |                                      |
| (In thousands of Euros)                                           | 2023                                                                                                                                                                                                                                                                                                                                                  |                                      |
| Cost of transactions with share-based payment (payment in shares) | 2.577                                                                                                                                                                                                                                                                                                                                                 |                                      |
|                                                                   | (Cost adjustment)/Cost of]transazlonl with share-based payment (cash payment)<br>(1.'I 12)                                                                                                                                                                                                                                                            |                                      |
|                                                                   | the grant date, for the valuation of the troncfie that provides for payment in shares, and at the reporting dates<br>(December 31, 2023 and 3J December 2022), for  the valuation of the troncfie that provides for payment in cash. II<br>Jair value of the troncfie that provides for cash payment will have to be assessed at each reporting date. |                                      |
|                                                                   |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| Evaluation at assignment                                          |                                                                                                                                                                                                                                                                                                                                                       | Jan. 1, 2022                         |
| Date of assignment                                                |                                                                                                                                                                                                                                                                                                                                                       | January 1, 2022                      |
| Share price on grant date (Euro)                                  |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| Diyldendi expected                                                |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| VolatllltS expectation"<br>Exit rate                              |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| Rate of return o n Salvatore Ferragamo S.pi shares"               |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| valuation at the date of repoN/ng                                 | December 31, 2023                                                                                                                                                                                                                                                                                                                                     |                                      |
| Date of assignment                                                | Jan. 1, 2022                                                                                                                                                                                                                                                                                                                                          |                                      |
| Price aZionÍ a Ha report/ng date (Euro)                           | 12,21                                                                                                                                                                                                                                                                                                                                                 |                                      |
| Expected dividends                                                | 1,S5%                                                                                                                                                                                                                                                                                                                                                 |                                      |
| Expected                                                          |                                                                                                                                                                                                                                                                                                                                                       |                                      |
|                                                                   |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| Exit                                                              |                                                                                                                                                                                                                                                                                                                                                       |                                      |
| rate Yield rate of Salvatore Ferragamo 5.p,A. shares"             |                                                                                                                                                                                                                                                                                                                                                       |                                      |
|                                                                   | Reasonable sfima based on historical volatility calculated by reference to the valuation dara.<br>-* Pledia of interest ra te swap rates at the valuation date rlspectlatively at the two maturities of three years and five years.                                                                                                                   | December 31, 20Z2<br>January 1, 2022 |

#### Exit

![](_page_130_Picture_14.jpeg)

![](_page_131_Picture_1.jpeg)

## FERRAGAMO

The *Performance and* Pesfr/cted S#ores Plan 2023-2025, approved by the Shareholders' Meeting on April 26, 2023, is aimed at reinforcing, in the context of the beneficiaries' comp|essive remuneration package, |'a|alignment of *mona\$emeni* interests *with all \$i\$er stakeholders* of the Group, fostering in particular their motivation and loyalty (in a retention ot- tic) to Salvatore Ferragamo S.p.A. and the Group, in a |ogic of sustainability and value creation in the medium to long term. For these reasons, the Plan is divided into three cycles, each with a three-year *testing*  period. Indeed, this time frame appears suitable for the achievement of the above objectives.

The *Performance* and *Restricted Shores* Plan 2023-2025 is reserved for selected employees and/or directors and/or colla- borators df Salvatore Ferragamo S.p.A. and/or of a|three companies belonging to the Ferragamo Group, considered key ne] pursuit of sustainable success in the medium to long term, who have been identified by! *Co nsi\$lio* di Ammini- strazione di Sa|vatore Ferragamo S.p.A., subject to the opinion of the Remuneration and Appointments Committee (for each of the cycles of the Plan), at its sole discretion ("Beneficiaries "J.

As of December 31, 2023, there were 45 recipients of the Plan (160,149 rights granted) and were identified among the employees of Salvatore Ferragamo S.p.A. and the following *counter)Ìate companies:* Ferragamo USA Inc., Ferragamo Mexico S. de R.L. de C.V., Ferragamo Brasil Roupas e Acessorios Ltda., Ferragamo Jaoan K.K., Ferragamo Korea Ltd., Ferragamo Hong Kong Ltd" Ferragamo Fashion Trading (ShanghaiJ Co. Ltd, Ferragamo Retail Taiwan Limited.

A member of the] Board of Directors is among the beneficiaries of the plan.

The Board of Directors may identify additional beneficiaries (during the] first year of testing of each cic|o, with application, in that case, of a pro-rata tempo ris parameter that reproportion the rights taking into account the actual length of service during the vest/ng period), at its sole discretion, from among the *top managers who*  recognize and will serve as directors, employees and/or co|laborators of the Company and subsidiaries.

#### Object of *the Plan*

The Plan is divided into three cycles. The first covering the vest/'ng period 2023-2025, the second covering the xezt/ng period 2024-2026 and the third covering the 2025-2027 vesting period.

Each individual cycle of the *Per(ormance* and *Restricted Shares* 2023-2025 Plan includes:

a) the free allocation to the beneficiaries *of* a certain number of initial rights (the "Initial Rights") to *attain* (each} the tito|arit y of no. 1 share of Salvatore Ferragamo S.p.A., subject to the achievement of *retention* and performance targets, as well as, in the aggregate, any additional number of rights at the end of each vest/ng period;

b) The definition, during the allocation of Initial Entitlements, of *performance* indicators for *each* cycle;

c) | allocation of shares to beneficiaries, depending on the level of *performance* indicators achieved and In re|ation to the achievement of retent/'on targets, at the end of each est/ng period and subject to the verification de|'fulfillment of the conditions set forth in the Performance and Restricted *Shares* Plan 2023-2025.

The vesting of the Initial Entitlements-divided into an amount equal to 75% of the same, linked to the achievement df *retention and performance* targets (the "*Performance* Entitlements*"),* and the remaining amount equal to 25% linked to the achievement of *retention-only* targets (the "Retention Entitlements"-and the corresponding allocation of the shares will be subject to review *by* the *Board of* Directors:

a) with respect to the *Performonce* Rights*,* of the attainment of the condition of permanence of the employment *eyo*  relationship of collaboration and/or administration between the beneficiary and Salvatore Ferragamo S.p.A. and/or other company of the Ferragamo Group (the 'Relationship') at the end of the *testing* period *of* each cycle of the Plan and the level of attainment of one or more *performonce* indicators at the end of the *vestin\$* period of each cycle of the Plan; and

| EMARKE<br>SDIR |
|----------------|
| CERTIFIED      |
|                |

Financial Statements Financial Statements

b) with regard to *Retention* Rights*,* of the achievement of only the condition of permanence of the Ratio a| the end of the testing period of each cycle of the Plan.

The relevant indicators for the accrual o f *Performance* Rights for the first Plan Cycle (2023-2025) are divided between economic-financial *performance* indicators (consistent with the Strategic Plan) and ESG indicators (in accordance with]the recommendations of the *Corporate Governance* Code and market *best practices*) and are as follows:

- a) average growth 96 in relation to *produces* net *sa/es* (Net sales), by which is meant the sum of sales in the *retoi/* and *wholes0le* channels (as reported in the financial statements) net of allocations and returns (other revenue components such as *royolties, Cash how* ùedging effect on revenues, real estate leases, etc. are not, therefore, included);
- b) Cumulative EBITDA over the three-year period 2023-2025, by which is meant the] operating rìsu]tate (as reported in the financial statements} before depreciation and amortization and impairment of tangible and intangible assets and right-of-use assets;
- c) average ROIC over the three-year period 2023-2025, by which is meant the net income for the period (as reported in the Salvatore Ferragamo Group's annual consolidated financial statements for the year of reference} divided i| average odjusted net invested capital (the latter represented by net invested capital excluding assets for right-of-use and those classified as investment properties);
- d) ESG, which represents the level of achievement of goals co|related to environmental and social sustainability of the Group's activities. These goals are:
	- i. metrics on *clim0te: \* 00% renewable energy in all ]and corporate locations worldwide by 2029;
	- ii. *Sender pay pop* measurement for employees of Salvatore Ferragamo S.p.A. and subsidiaries in North America, Korea and China;
	- iii. Uni PdR 125/22 certification (i.e. certification on|the effective adoption of the management system for gender equality with respect to 6 main areas: Culture and Strategy, Governance, HR Processes, Opportunities for Women's Growth and Inclusion in the Company, Gender Pay Equity, Parenting Protection and Work-life Balance).

The number of lnizia|i Rights is determined by the Board of Directors with the favorable opinion of the Compensation and Nomination Committee on the basis of an indicator equal to a multip|o/percentage of each beneficiary's fixed compensation and by dividing this monetary countervalue by the average of the official price of the Shares in the 30 days prior to January J° of the year of the beginning of each cycle of the Plan.

460 Salvatore Ferragamo - Re]azioiJe fiinancials Annual 2023 Gesfione Report Consolidated Statement o f Non-Financial Character Consolidated Subsequent to the completion of the *testing* period of each cycle of the Plan, each of the beneficiaries will, in addition, be granted, free of charge, an additional number of additional rights caIco|ated in accordance with the Initial Rights ma- turated and the cumulative amount of dividends per Share distributed to the shareholders of Salvatore Ferragamo S.p.A. in the period between the first day of the *vestin\$* period *and* ìì day before the date of the allotment of the Shares (both inclusive).

The allocation of Shares is further conditional:

- a) To the permanence (not in notice period) of the Relationship; and
- b)the absence of particularly serious violations of the Group's Code of Ethics that would result in the termination of the employment relationship.

The shares, in the number corresponding to the relevant total rights, will be allotted to the beneficiaries, through appropriate comu- nunication by Salvatore Ferragamo S.p.A., no later than the thirtieth ca|endary day following the date of approval of the consolidated financial statements for t h e last year of each cycle.

![](_page_132_Picture_20.jpeg)

![](_page_133_Picture_1.jpeg)

## FERRAGAMO

The free allotment of shares in execution of the Plan will be made by employing treasury shares derived from purchases self-regulated by the Assemb|ea, in accordance with Articles 2357 and 2357-ter of the Civil Code.

#### Movement ne] period of the number of rights assigned to receive shares"

|                                             | December 31, 7023 |
|---------------------------------------------|-------------------|
| (I) In circulation aII'JnizIo of the year.  |                   |
| (ii) Allocated during the period            | 1 64.475          |
| (iii) Annulati ne  period.                  | 4.326             |
| (iv) Exercised in the period                |                   |
| (v) Expired during the period               |                   |
| (vi) lfl circulation to fipe period         | 160,149           |
| (vii) Exercisable at the end of the period. |                   |

\* The rried/o price of theperiod is not sfafo indicated as it is a plan with free share allocation.

#### (b) Movements in the *Stock Grant* Reserve.

| (Fair value in thousands of Euros)                                                  | Number   | Fair value |
|-------------------------------------------------------------------------------------|----------|------------|
| Rights to receive/receive shares granted to employees of Salvatore Ferragamo S.p.A. |          |            |
| - at the beginning of the year                                                      |          |            |
| - assigned during   exercise                                                        | 80.Z47   | zoo        |
| - at the end of the period                                                          | BO.247   |            |
| rights to receive shares granted to employees of sociefò conmollate                 |          |            |
| - at the beginning of the year                                                      |          |            |
| - assigned durance the exercise                                                     | 84.228   | 107        |
| - cancelled during the exercise                                                     | 4.326    | 8          |
| - at the end of the period                                                          | 79.902   | 99         |
| Total rights to receive shares                                                      |          |            |
| - at the beginning of the year                                                      |          |            |
| - assign wings during the exercise                                                  | 4'64.475 | 207        |
| - cancelled during the exercise                                                     | 4.326    |            |
| - at the end of the period                                                          | 60. T49  |            |

As of the start date of the Plan (which occurred in October 2023, following the completion of the prope- ductive verifications for the communication of the] plan to the beneficiaries, identified by the Board of Directors, and the formal ac- ceptance of the same), there were 47 recipients of the Plan and J64,475 rights had been assigned. As of 3Q December 2023, there were 45 recipients of the Plan (160,J49 rights granted], given the departure of two employees of subsidiaries.

#### c) Methods of determining *fair* no/ue

The valuation of the fair va/ue of the assigned rights was carried out reflecting |e financial market conditions valid on the valuation date, adopting a methodology that follows the *risk neutral* approach typical of these pla-

| EMARKET<br>SDIR |
|-----------------|
| CERTIFIED       |
|                 |

Consolidated Statement o f Non-Financial Character Gesfione Report

Consolidated Financial Statements

Financial Statements

ni. With regard to the auantification of the Additional Rights for the average de | value of the stock as of December 2015, stochastic simulation with the Monte Carlo Method was used, which, on]]the basis of appropriate assumptions, allowed the definition of a substantial number of alternative scenarios in the time frame considered. Specifically, in each scenario the projection of the share price was made from the initial value, according to a geometric Brownian motion.

Below are the main assumptions for the Performonce and Restricted Shares 2023-2025 Plan as of the grant date.

| Evaluation at assignment Date                          |                 |
|--------------------------------------------------------|-----------------|
| of assignment                                          | October 1, 2023 |
| Share price at the grant date (Euro) Djvjdendi attesl  | 12,03           |
| Expected                                               | ો,\$5s6         |
| volatility* Exit                                       | 32,43%          |
| rate                                                   | 0°4             |
| Rate of return on Salvatore Ferragamo S.p.A. shares "* | 1,58°           |

" Reasonable estimate based on historical volatility calculated with reference to the valuation date.

+\*Derived from the interest rare swap rate curve at the valuation date with reference to the maturity of the plan

## 13. Industry Disclosures.

Paragraph 4 of IFRS 8 stipulates that in cases where the bi|portfolio contains both the consolidated financial statements and the parent company's annual financial statements, segment reporting should be presented only with reference to the consolidated financial statements.

![](_page_134_Picture_12.jpeg)

![](_page_135_Picture_1.jpeg)

## 44. Related party transactions

This section describes the related party transactions that took place during the years ended December 31, 2023 and 2022, and in particular, the following table shows the transactions with related parties, excluding the transactions with counterpart companies reported later in this section:

| December 31, 2073                                                                |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
|----------------------------------------------------------------------------------|---------------|-----------------|------------------|--------------------------------------------------------|---------------------------------|--------|------------------------------------------------|---------|-----------|--|
|                                                                                  |               | Costl Oparative |                  |                                                        |                                 |        |                                                |         |           |  |
| (In thousands of                                                                 | payable Alkre | (at net of      | PaasIvitt Ricayi | Charges Assets par                                     | Receivables<br>other proyefitl) |        | Other<br>Accounts<br>ITnanziari diritto di uso |         |           |  |
| euros) Controlling                                                               |               |                 |                  | commercials attiy/tă rornmerclali gassivită per/eozing |                                 |        |                                                |         |           |  |
| company                                                                          |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Ferragamo Finauziaria S.p.A.                                                     | S7            | (ਸਟਿ)           | (4 9)            | 500                                                    |                                 | 14     |                                                | (4.942) | (1138)    |  |
| (Company exercising management and coordination over Salvatore Ferragamo S.p.A.) |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Related companies                                                                |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Palazzo Feroni Finanziaria S.p.A.                                                | 26            | (9.228)         | (3.38)           | 76.524                                                 | 1.001                           | 6      | (212)                                          |         | (83.519)  |  |
| Lungarno Hotels S.r.l.                                                           | 19            | (2.796)         | (644)            | 16.564                                                 | 8                               |        | (24)                                           |         | (17,654)  |  |
| Ferragamo Foundation                                                             | 2             | (189)           |                  |                                                        |                                 |        | (SOS                                           |         |           |  |
| Companies reranducibJli to members of the Board of Directors                     |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Dal Barro S.r.I.                                                                 | 42            | (24)            |                  |                                                        |                                 |        | (7)                                            |         |           |  |
| Club swan Racing S.r.l.                                                          | 27            | (26)            |                  |                                                        |                                 |        |                                                |         |           |  |
| IIBarro S.r.I. Società agricofa                                                  |               | 16              |                  |                                                        | 19                              |        |                                                |         |           |  |
| Barro Tuscan Bistro S.r. .                                                       |               | (1)             |                  |                                                        |                                 |        |                                                |         |           |  |
| Ruby S.r.l.                                                                      |               | (55)            | (1)              | 57                                                     |                                 | 5      | (2)                                            |         | (ve       |  |
| Windowson Italy S.r.l.                                                           |               |                 |                  |                                                        | 1                               |        |                                                |         | S         |  |
| Sun Studio Sr.].                                                                 | 1             |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Halldis]talia S,r.I.                                                             |               | (ਰ)             |                  |                                                        |                                 |        | 1                                              |         |           |  |
| Alther related                                                                   |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| parties                                                                          |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Riccardo fefragamo                                                               |               | (':0)           |                  |                                                        |                                 |        |                                                | (3)     |           |  |
| GoavaFermemo                                                                     |               | {90)            |                  |                                                        |                                 |        |                                                |         |           |  |
| Administrator}, Mayors to Executives with Strategic Responsibilities <Le         |               |                 |                  |                                                        |                                 |        |                                                |         |           |  |
| Directors, Auditors andDirectors.<br>with strategic responsaöllity               | 8             | (10.339)        |                  |                                                        |                                 |        |                                                | (5.063) |           |  |
| Total                                                                            | 177           | (22.876)        | (g.Ofi J)        | 9g.64S                                                 | 1.039                           | 35     | (289) ( 10.008)                                |         | (101.768) |  |
| Total                                                                            | 734.820       | (620,122}       | (67.603)         | 144'677                                                | 182.345                         | 14.139 | (178.139) (27.593)                             |         | (158.888) |  |
| Companies<br>-o incidence                                                        | 0.0%          | 3.70            | 6.0%             | 64.013                                                 | 0.66                            | 0.2°A  | 0.26                                           | 36.3%   | 64.1%     |  |

Statement Conso|ir|ata of NonFinancial Character-°. Budget ConsolidaŁo Summer Budget Relazlone on JesŁon

| December 31, z022 |  |
|-------------------|--|
|                   |  |

|                                                                                          | Operating Costl<br>tal net de Sll<br>ChargesAssets |               | Other<br>forCredits  OtherDeblt |                                                            |         |        |           |             |           |
|------------------------------------------------------------------------------------------|----------------------------------------------------|---------------|---------------------------------|------------------------------------------------------------|---------|--------|-----------|-------------|-----------|
| (In thousands of                                                                         |                                                    | other income) |                                 | financial right of use commercial assets commerclal assets |         |        | current   | for leasing |           |
| Euros)                                                                                   |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Parent company                                                                           |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Ferragamo Finanziaria S.p.A.                                                             | 57                                                 | (79)          | (21)                            | 564                                                        | 14      |        |           | (19.4 06)   | (596)     |
| (company exercising actsWó of direction and coordination over Salvatore Ferragamo S.pA.) |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Related company                                                                          |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Palace Feronl Finanziaria S.p,A.                                                         | 32                                                 | g.037)        | (1.506)                         | 80,041                                                     | 2       |        | (46)      |             | (53.957)  |
| Lungarno Hotels S.r.I                                                                    | 15                                                 | (2.186)       | (647)                           | 1s.913                                                     | 4       |        | t (3)     |             | (17.832)  |
| Ferragamo Foundation                                                                     | 2                                                  | (494)         |                                 |                                                            |         |        | (રૂ)      |             |           |
| company recoriducibi+es to members det Board of Admini+ation                             |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Oal Borro S.r.l.                                                                         | 14                                                 | (32)          |                                 |                                                            | Z0      |        | OW        |             |           |
| ga-co S.rJ.                                                                              |                                                    | (2)           |                                 |                                                            |         |        |           |             |           |
| Castiglion del Bosco S,a.r.l.                                                            | 26                                                 | (2)           |                                 |                                                            |         |        |           |             |           |
| Club Swan Racing S.r.l.                                                                  | 14                                                 | (34)          |                                 |                                                            |         |        |           |             |           |
| Club Swan Yachts S.r.l.                                                                  | 4                                                  |               |                                 |                                                            |         |        |           |             |           |
| Il Borro S.r.l. Società agricola                                                         |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Ruby S.r.}.                                                                              |                                                    | (39)          |                                 | 51                                                         |         | 5      | (1)       |             | (51)      |
| Mndows on Italy S.r.I.                                                                   |                                                    | 0             |                                 |                                                            | 1       |        |           |             |           |
| So e Studlo S,r.I.                                                                       | 1                                                  |               |                                 |                                                            |         |        |           |             |           |
| Vivla d} Vivia Ferragamo 6' C.SAS                                                        | ﺎ                                                  | (97)          |                                 |                                                            |         |        |           |             |           |
| Ha  dis  talia S.F.I.                                                                    |                                                    | (12)          |                                 |                                                            |         |        | (3)       |             |           |
| Other related breads                                                                     |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Riccardo Ferragamo                                                                       |                                                    | (4't)         |                                 |                                                            |         |        |           | (5)         |           |
| Glovanna Ferragamo                                                                       |                                                    | (90)          |                                 |                                                            |         |        |           |             |           |
| Angiolo Ani<rlni                                                                         |                                                    | (22sJ         |                                 |                                                            |         |        |           | (75)        |           |
| Directors, Slndecl and Executives "on strategic responsibilities.                        |                                                    |               |                                 |                                                            |         |        |           |             |           |
| Administrators, Sindaci and Dirlgenti<br>with responsabil  tă strategictie               |                                                    | (g3.606)      |                                 |                                                            |         |        |           | (9.694)     |           |
| Total                                                                                    | 176                                                | (33.672)      | (2.174)                         | 66.569                                                     | 41      | 8      | (165)     | t*8884)     | t72.438)  |
| Totsle Society                                                                           | 740.234                                            | (596.360)     | (71.799)                        | f17.210                                                    | 16ì.114 | 13.864 | (143.464) | (52.115)    | (125.925) |
| 9s incidence                                                                             | 0,096                                              | 5,66          | 3,06                            | 56,8%                                                      | 0,0"/J  | 0,096  | 0,1%      | 55.4%       | 53,5%     |

![](_page_136_Picture_5.jpeg)

![](_page_137_Picture_1.jpeg)

![](_page_137_Picture_2.jpeg)

Sales and purchases between related parties are made at the normal meımarket price. Balances outstanding at the end of the period are not *assÌsted* by guarantees, do not generate interest and are settled on a spot basis. Bank fi- dejussions issued in favor of Palazzo Feroni Finanziaria S.p.A. in the amount of 2.1 GB thousand euros, in favor of Lungarno Alberghi S.r.l. in the amount of 488 thousand euros and in favor of Ferragamo Finanziaria S.p.A in the amount of 23 migîiaia euros, for use in renting d! real estate owned by them, are reported. There are no additional guarantees, given or received, in relation to receivables and debts with related parties. The Company has not made any provision for doubtful debts against the amounts owed by related parties, it should be noted that|the Company has recorded as of 2017 a provision for doubtful debts against the subsidiary Ferragamo Retail India Private Limited amounting to Euro 5,223 thousand as of December 31, 2023. For further details, please refer to Note J4 "Trade credits."

With reference to cash flows, it should be noted that on November 3, 2023, an agreement was finalized between the Ferragamo Group and the companies Imagines Holdings Limited and Imaginex Overseas Limited, which are related to Peter K. C. *Woo (the* Company's board member who resigned on November 13, 2023}, concerning the purchase of minority interests in distribution companies operating in the strategic market of Greater China. Therefore, since it is a transaction with a related party of greater importance, the transaction was subject to examination by the Control and Risk Committee, which is also responsible for Related Party Transactions, which expressed its favorable vincołante opinion. T he consideration agreed upon and duly paid was USD 42 *million* (equivalent to Euro 39 million). Specifically, Salvatore Ferragamo S.p.A. acquired 24.8 percent of Ferragamo Retail Macau Limited for a consideration of Euro 1,159 migIia¡a and 25 percent of Ferragamo Moda (Shanghai) Co. Limited for a total of USD 1. For more details, please refer to nola 4 "*Business combinations"* and toI]a note 9 "Participactions in controlled."

Below are the comments to the previous tables:

#### Ferragamo Finanziaria S.p.A.

As part of the national fisca|e consolidation to which Salvatore Ferragamo S.p.A. is a party jointly with Ferragamo Ünaniaria lpA (consolidating entity),si eidenba between Altce liabilities corenti a debt of Euro ê942 migüaa Referred to] net to IRES liability as of the date.

Salvatore Ferragamo S.p.A. also has a lease agreement with Ferragamo Finanziaria S.p.A., relating to the lease of a warehouse adjacent to the Osmannoro plant, which the Parent Company has used as a *mo-* linery for the development of leather products. Falling within t h e scope of application of lFRS16, the contract has been accounted for with the *entry of* theAsset for right of use, amortized over the life of the contract, as a contra-entry to the lease liability.

## Related companies

These reports princ¡pałely concern transactions of a commercial nature that have affected *revenues,* costs operating, on *commercials* receivables and payables, in particular:

- sale of products;
- leases; if within the scope of IFRS 16 accounted for as required by the standard (i.e., with the recognition of assets for right of use, lease liabilities, depreciation and finance charges), otherwise the lease payments are accounted for in the income statement on a straight-line basis over the term of the contract and the related payables are included in Trade payables;
- provision of services.

Of particular note are the following rappor ts:

### Palazzo Feroni Finanziaria S.p.A.

Revenues and re|receivables refer mainly to IT and administrative services.

Assets for right of use and liabilities for /eos/ng, operating costs and financial expenses are mainly related to rents for the premises of the Florence headquarters and some stores of the Italian chain, mostly falling within the scope of IFRS16.

#### Lungarno Hotels S.r.I.

Revenues (and related credit balances) refer to sales of products; right-of-use assets, lease liabilities, operating costs, and financial expenses refer mainly to a contract for the rental of premises used as a retail outlet of the Italian *retail* chain, which falls under the scope of lFRSì6.

## Ferragamo Foundation

Costs (and related debit balances) refer for 99 thousand euros to services rendered for the management of the Salvatore Ferragamo historical archlvio (101 thousand euros in 2022} and for 90 thousand euros to donations to support the Foundation's institutional activities (90 thousand euros in 2022).

## Companies traced back to the n emóri of the Constglio di Arnrn!nistrazione

Ta|i dealings mainly involve transactions of a commercial nature that had an effect on revenues, operating costs, and trade receivables and payables, in particular:

'Product sales;

- leases; if they fall within the scope ofI|'lFRS 16 accounted for as required by the standard (i.e., with the recognition of *right-of-use* assets*,* lease liabilities, depreciation and finance charges), otherwise lease payments are counted in the income statement on a straight-line basis over the term of the contract and the related payables are included in Trade payables;
- provision of services.

## Other related parties

With regard to|other related parties, costs, and related payables, refer to the cost incurred principally by the Company in connection with|relationships existing during the year.

## AdministratzJtors, auditors and directors with strategic responsibilities.

Regarding directors and auditors, see Note 45 "Compensation of Directors and Auditors" below. Managers with strategic responsibilities are shown in the table below:

| First and last name | Function                                                                                            |
|---------------------|-----------------------------------------------------------------------------------------------------|
| Giacomo Ferragamo   | Ch!ef £rons/ormotion & Sustoino6i/ityOllicer                                                        |
| Alessandro Corsi"   | C/jieFFinonc/a/ O(ticer e Executive in charge of  the preparation of corporate accounting documents |

I|employment relationship and related assignments ended on September 30, 2023, as a result of the resignation resigned by I|him with effect from1 oftobre 2023.

Costs related to executives with strategic responsibilities, refer to the cost incurred by the Company in relation to the intervening employment relationship, including the variable *bonus* and the notional cost of the *Performance Restricted Shares* 2023-2025 plan. In FY 2023 they amounted to 872 thousand euros, (while in FY

![](_page_138_Picture_25.jpeg)

FERRAGAMO

![](_page_139_Picture_1.jpeg)

## Rapporti infragruppo

The following tabs show the total values, in thousands of Euros, of transactions with subsidiaries.

| (In migliaia di Euro)                        | Trade<br>credits]j |                | Aftre<br>CurrentFinancial<br>Currents |         |        | AssetsDebtsAltre<br>LiabilitiesCommerciall £inanziarle |      |        |  |
|----------------------------------------------|--------------------|----------------|---------------------------------------|---------|--------|--------------------------------------------------------|------|--------|--|
| Società                                      | 202fi              | 2022 "         | 2023                                  | 2032    | 2028   | 2022                                                   | 2023 | 2022   |  |
| Ferragamo Deutschland GmbH                   | 233                | 1.920          | 5.500                                 |         | 5.279  | 2.17                                                   |      |        |  |
| Ferragamo France S.A.S.                      | 4.796              | 3.733          |                                       |         | 8.324  | 7.718                                                  |      |        |  |
| Ferragamo (Suisse) S.A.                      | 829                | 901            | 5.022                                 | 3.148   | Z.099  | 1.221                                                  |      |        |  |
| Ferragamo Santa-Carlo S.A.I f.               | 290                | 216            | 1,600                                 | 1.200   |        |                                                        |      |        |  |
| Ferragamo 8e gique S.A.                      | 419                | 277            |                                       |         | 525    | 360                                                    |      |        |  |
| Ferragamo Espana S.L.                        | 3,661              | 3.019          |                                       |         | 10     | 1                                                      |      |        |  |
| Ferragamo U.K. limited                       | 1053               | 1.124          | 10.126                                | 7.216   | 8.295  | 6.805                                                  |      |        |  |
| Ferragamo Austria Gmóh                       | 782                | રું રહ્યું રહિ |                                       |         | 498    | 421                                                    |      |        |  |
| Ferragamo Retail Nederland BV                | 488                | 2.190          | 1.400                                 | 1.400   | 7      | 441                                                    |      |        |  |
| Total Europe                                 | 14.721             | 13.916         | 23.648                                | 12.964  | 2£.037 | 19.138                                                 |      |        |  |
| Ferragamo Hong Kong Ltd.                     | 24-161             | j9.044         | 41.035                                |         | 18     | 132                                                    |      | 21.390 |  |
| Ferragamo Retail Hong Kong Ltd.              |                    |                |                                       |         |        |                                                        |      |        |  |
| Ferragamo Australia Pty Ltd.                 | 1.153              | 1.788          |                                       |         | 5.871  | 3.134                                                  |      |        |  |
| Ferragamo Japan KK                           | 3.851              | 4.411          | 17,911                                | 37.680  | 352    | 285                                                    |      |        |  |
| Ferragamo f'toda (Shanghai} Co. Ltd.         | 40                 | રેક            |                                       |         |        |                                                        |      |        |  |
| Ferragamo ReŁaïl India Private Limited       |                    |                |                                       |         | YES    |                                                        |      |        |  |
| Ferragamo Retail Taiwan Limited              | ટરૂ                | 34             |                                       |         |        |                                                        |      |        |  |
| Fer+agamo ReŁaif Macau Limited               |                    |                |                                       |         |        |                                                        |      |        |  |
| Ferragamo Fasfifon Trading(Shanghai) €o. Ltd | 433                | 245            |                                       |         | 34     | 28                                                     |      |        |  |
| Ferragamo Korea Ltd                          | 7.937              | 15.002         |                                       |         | 3.007  | 610                                                    |      |        |  |
| Ferragamo (Singapore) PTO LT0                | 122                | 329            | 6.8 54                                | 37.063  |        | 4                                                      |      |        |  |
| Ferragamo Thailand Limited                   | 100                | 183            | 8.611                                 | 6.877   |        |                                                        |      |        |  |
| Ferragamo (the Ialaysla) SDN BHD             | 27                 | 15             |                                       |         |        |                                                        |      |        |  |
| Total Asia Pacifics                          | 38.484             | 41.087         | 74.411                                | 83.620  | 9.333  | 4.193                                                  |      | 21.290 |  |
| Ferragamo Group Usa Inc.                     | 59.042             | 5Zg3 0         | 50.307                                | 25.615  | 16.495 | 4.190                                                  |      |        |  |
| Total North America                          | 59.042             | 52.830         | 50.307                                | 25.615  | 16.495 | 1.100                                                  |      |        |  |
| Ferragamo Mexico S. de R.L. de C.V.          | 22.42S             | 16.701         |                                       |         | 1.997  | 326                                                    |      |        |  |
| Ferragamo Cúlle S.A.                         | 2.017              | 1.944          |                                       |         | 247    | 64                                                     |      |        |  |
| fierragamo Argentina S.A.                    | 2.464              | 1.875          |                                       |         |        |                                                        |      |        |  |
| Ferragamo Brasil Roupas & Acessorios Ltda.   | 1 0.053            | 7.139          |                                       |         | 1.620  | 350                                                    |      |        |  |
| Tota]e Central and South America             | 36.959             | 3 . 659        |                                       |         | 3.864  | 740                                                    |      |        |  |
| Total                                        | 49.206             | 35.492         | 148.366                               | 122.198 | 84.729 | 25.261                                                 |      | 21.390 |  |

![](_page_140_Picture_2.jpeg)

| Rioavi of the<br>Ricavl<br>Proceeds           |                          |                |                                 |                  |                    |            |                    |         |                      |                |
|-----------------------------------------------|--------------------------|----------------|---------------------------------|------------------|--------------------|------------|--------------------|---------|----------------------|----------------|
|                                               |                          |                |                                 | Benefits<br>More |                    |            |                    |         |                      |                |
| 'in millions of euros)                        | delle Sales<br>2023      | 2022           | (Including royalties) I<br>2073 | 2CE22            | n<br>c o m<br>2023 | e<br>2022  | finanziari<br>2023 | 2022    | Tota]e<br>2023       | 2022           |
| SOCIØty                                       | 4.44t                    | 3.Z40          | 77                              | 97               |                    | 37         |                    |         |                      |                |
| Ferragamo Devtscfiland GmbH                   |                          |                |                                 |                  | 45                 |            | 1   7              |         | 4.680                | 3.474          |
| Ferragamo France S.A.S.                       | 9.416                    | 8. 68          | 135                             | નટર્ભ            | ર્દિક              | 28         | 5                  | -       | 9.621                | 8.382          |
| Ferragamo (Sulsse) S.A.                       | 4.461                    | 4.048          | 71                              | 76               | 15                 | 26         | 92                 | (Z      | 4.639                | 4.162          |
| Ferragamo Nonte-Carlo S.A.M.                  | 500                      | 372            | 29                              | ਦੇ 9             | 5                  | 3          | ટેર                | 9       | 590                  | 413            |
| Farragamo Belgique S.A.                       | 562                      | 293            | 21                              | 33               | 7                  | 5          |                    |         | 590                  | 33             |
| Ferragamo Espana S.L.                         | 9.209                    | 6.408          | 117                             | 1 1 4            | 62                 | 492        | 321                |         | 9.388                | y.014          |
| Ferragamo U.K. Limited                        | 10.103                   | 10.43g         | 117                             | 145              | 40                 | 47         |                    | ર્દિક   | 10.581               | 10.687         |
| Ferragamo Austria Gmbh                        | 1.454<br>603             | 1.452<br>2.611 | 38<br>33                        | 36<br>47         | 11<br>540          | 10<br>8    | 28                 | -<br>1  | 1.503<br>1.229       | 1.498<br>2.677 |
| Ferragamo Retail Neõerland BV<br>ToNla Europe | 40.749                   | 37.424         | 638                             | 733              | 790                | ୧୫୧        | 644                | ರಿಕ     |                      | 38.638         |
| Ferragamo Hong Kong LŁd.                      | 147.989                  | 148. 8t        | 597                             | 542              | 256                | 290        | 25.836             |         | 4y.821<br>174.678    | 149.1 13       |
| Ferragamo Retąil Hong Kong Ltd.               |                          |                | 42                              | ટ્વ              | 31                 | 32         |                    |         | 73                   | 86             |
| Ferragamo Austra ia Pty Ltd.                  | 8.419                    | 7.545          | 421                             | 3 63             | 83                 | 60         |                    |         | 8.9Z3                | 7.968          |
| Ferragamo japan KK                            | 36.772                   | 34.329         | રતું ર                          | 707              | 188                | 1 10       | 129                | ਸਰੋਰੇ   | 37.78Z               | 35'.345        |
| Ferragamo Noda (Shanghai) Co. Ltd.            |                          |                | 45                              | 62               | 34                 | 33         |                    |         | 79                   | ਰੇਟ            |
| Ferragamo Retail India Private Limited        |                          |                | 1                               |                  |                    |            |                    |         |                      |                |
| Ferragamo Retail Taiwan Limited               |                          |                | રેણ                             | 41               | 42                 | 33         |                    |         | 78                   | 74             |
| Ferragamo ReŁal! Nacau Limited                | 1                        |                | б                               | 12               | 10                 | 10         |                    |         | 16                   | 22             |
| Ferragamo fashion Trading(Shanghai) Co. Ud.   |                          |                | 334                             | 262              | 244                | 177        |                    |         | 578                  | 439            |
| Ferrągamo Eorea Ltd                           | 50.187                   | 56.918         | 604                             | 624              | 245                | 4.575      |                    | 1 1.212 | 51.036               | 73.329         |
| Ferragamo (Singapore) PTE LTD                 |                          |                | 34                              | 36               | ਤਰੇ                | 42         | 608                | 831     | 731                  | ਰੇ ਹੋਰ         |
| Ferragamo Thailand Limited                    |                          |                | 13                              | ા ટે             | 20                 | 1 ਰੇ       | 257                | 743     | 290                  | 777            |
| Ferragamo(Malaysia) SDN BHD                   |                          |                | t7                              | 20               | 2/                 | M          |                    |         | 38                   | 41             |
| Total Asia Pacifics                           | 243.367                  | 247.073        | 2.842                           | 2.738            | 1.2t3              | 5.402      | 26.880             | t Z.985 | 274.302              | 268.1 98       |
| Ferragamo Group Usa Inc.                      | 155.132                  | 232.175        | 7.991                           | 6.996            | 502                | 1.098      | 2.8T7              | 440     | 1 66.442             | 240.709        |
| Total North America                           | 155.132                  | 232.1 '5       | 7.991                           | 6.996            | 502                | 1.098      | 2.BJ7              | 440     | 166.442              | 240.709        |
| Ferragamo Mexico S. de ß.L. de C.V.           | 40.981                   | 34.113         | 631                             | 51 1             | 246                | 3.173      |                    |         | 44.858               | 37.797         |
| Ferragamo Chile S.A.                          | 1.404                    | 1,054          |                                 |                  | 1                  | 1          |                    |         | 1.405                | 1.055          |
| Ferragamo Argentina S.A.                      | 738                      | 417            |                                 |                  | 1                  | 1          |                    |         | 739                  | 418            |
| Ferragamo Brasil Roupas & Acessorios Ltda.    | 4.758                    | 4.337          |                                 |                  | S                  | 9          |                    |         | 4.763                | 4.346          |
| Totale Centro e Sud America                   | 4y.B8139                 | .921           | 63151 1                         |                  | 253                | 3,184      |                    |         | 48.765               | 43.g16         |
| Totale                                        | 48y.129 55 6.<br>591.161 |                | 293t 2.102 0.978                |                  | 2.                 | 758ł 0.370 |                    |         | 30.34113 520 532.330 |                |

![](_page_140_Picture_4.jpeg)

![](_page_141_Picture_1.jpeg)

## FERRAGAMO

Salvatore Ferragamo - Annual Report and Financial Statements 2023 46

![](_page_142_Picture_1.jpeg)

Consolidated Statements of Financial Carattere hlon Management Report Financial

| (In thousands of<br>Euros)                   | Acq. P.F., M.P., suss,<br>and consumption |      | COstl<br>perServ)zi |         | Alther<br>Costs | Oyerative | Charges<br>financizlari |      |        | Totale |
|----------------------------------------------|-------------------------------------------|------|---------------------|---------|-----------------|-----------|-------------------------|------|--------|--------|
| Society                                      | 2023                                      | 2022 | 2023                | 2022    | 2023            | 2022      | 2023                    | 2022 | 2023   | 2022   |
| Ferragamo DeoŁschjand GmbH                   | 16                                        | 73   | ી                   |         | 5.276           | 2.167     |                         | -    | 5.293  | 2,190  |
| Ferragamo France S,A.S.                      | 29                                        |      |                     | 78      | 8.317           | 7.632     |                         |      | 8.346  | 7.731  |
| Ferragamo (Suisse) S.A.                      | -                                         | 12   |                     | -       | 2.0999          | 1.221     |                         |      | 2.099  | 1.233  |
| F-erragam o { job te-Carlo S.A.M.            | 1                                         | 1    |                     |         |                 |           |                         |      | 1      | 1      |
| Ferj "agamo Belgigue S.A.                    | 3                                         | 1    |                     |         | G24             | 3 60      |                         |      | S27    | 361    |
| Ferragamo Espana S,L.                        | 17                                        | 26   |                     |         |                 |           |                         |      | 17     | Z6     |
| Ferragamo U.K. Limited                       | -                                         | - 41 | 44                  | За      | 8.250           | 6.768     |                         |      | 8.y94  | 6.766  |
| Ferragamo Austria Gmbh                       | 1                                         | 1    |                     |         | 498             | 421       |                         |      | 499    | 4z2    |
| Ferragamo Retail Nederland BV                | 7                                         | 4    |                     |         |                 | 441       |                         |      | 7      | 445    |
| Total Europe                                 | 74                                        | 48   | 45                  | 117     | 24'964          | 19.010    |                         |      | 25.083 | 19.175 |
| Fer amoHogK'mgtd                             |                                           | -    | 68                  | 74      |                 |           | 254                     | 179  | 322    | 253    |
| Ferragamo ßeŁail Aong Kong Ltd.              |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragamo Australia Qty Ltd.                 |                                           |      | ਤੇ ਹ                | 254     | 5.71 0          | 2.949     |                         |      | 6.061  | 3.203  |
| Ferragamo japan KK                           |                                           |      | 1.06J               | 769     |                 |           |                         |      | 1.061  | 769    |
| Ferragamo Noda (Shanghai) Co. Ltd.           |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragarrto Retai  }odła Private Limited     |                                           |      | 13                  | 47      |                 |           |                         |      | 113    | 47     |
| Ferragamo Retall Taïwan Limited              |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragamo Retail Macau Limited               |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragamo fashion Trading tShangha\$ Co. Ltd |                                           |      | 34                  | 28      |                 |           |                         |      | 34     | 28     |
| Ferragamo Korea Ltd                          |                                           |      | 1.341               | 611     | 1.684           |           |                         |      | 3.025  | el I   |
| Ferragamo (Singapore) PTE LTD                |                                           |      |                     | 4       |                 |           |                         |      |        | 4      |
| Ferragamo Thailand limited                   |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragamo (Nalaysia) SDN BHD                 |                                           |      |                     |         |                 |           |                         |      |        |        |
| Photal Asia Racifiro                         |                                           |      | 2.968               | 1.787   | 7.594           | 2.949     | 254                     | 179  | 10.616 | 4.915  |
| Gr@po Ferragamo Usa Inc.                     |                                           |      | 6'28                | 423     | 16.070          |           |                         |      | 16.698 | 423    |
| Totąle North America                         |                                           |      | 628                 | 48      | I 6.070         |           |                         |      | 16.698 | 423    |
| T-erragamo Nexico S. de R.L. de C.V.         |                                           |      | 1.015               | 1.1 56  | 1.777           |           |                         |      | 2.792  | 1.156  |
| Ferragamo Chj e S.A.                         |                                           |      |                     |         | 247             | 64        |                         |      | 247    | 64     |
| Ferragamo Argentina S.A.                     |                                           |      |                     |         |                 |           |                         |      |        |        |
| Ferragamo Brasil Roupas & Acessorios Ltda.   |                                           |      |                     |         | .620            | 350       |                         |      | 1.620  | 350    |
| Total Central and South America              |                                           |      | 1.015               | 1.1 fi8 | 3.644           | 41 4      |                         |      | 4.65g  | 1.570  |
| Tota]e                                       | 74                                        | 48   | 4.656               | 3.483   | S2.072          | 22.373    | 254                     | 179  | 57.056 | 26.083 |

FERRAGAMO

![](_page_143_Picture_1.jpeg)

## 45. Compensation to Amrninistrators and Auditors.

## Ar "ministratci i

|                               |                                              |                               |    | @033  |                                 |                                     |          |        |              |
|-------------------------------|----------------------------------------------|-------------------------------|----|-------|---------------------------------|-------------------------------------|----------|--------|--------------|
| (In migliaia di Euro)         |                                              | Periods for<br>cul ê staŁaper |    |       |                                 | 6onus rlcoperta Deadline for<br>not |          |        |              |
| First and Last<br>Name        | Carlca covered                               | la oarica of carléa carlca    |    |       | altrIStock<br>'omitatl monetary |                                     | IncenOvi | Grants | Total        |
| Leonardo Ferragamo            | President                                    | 1.0J -31.12                   | a) | 400   |                                 | b)                                  |          |        | 400          |
| Angelica VIsconti             | Vice President                               | 1.01-31.12                    | a) | 200   |                                 |                                     |          |        | 200          |
| Narco Gobbettl                | Managing Director and<br>Director Generera]e | 1.01-31.12                    | a) | 120   | -                               | (b) (c) (d)<br>(e)                  | 4.220    | 3.863  | g.203        |
| James Ferragamo               | Amministratore                               | 1.01-31.12                    | a) | ટાઉ   |                                 | (b) (c) (dJ)                        | 600      | 9      | ર્ણને સ્ટેતુ |
| Frédéric Biousse              | AmmInfstraLore                               | 1.01-31.12                    | a) | 50    | 14                              |                                     |          |        | 64           |
| 9atrizia flichela Giangualano | Administrator                                | 1.01-31.12                    | a) | 50    | JO                              |                                     |          |        | 80           |
| Annajisa Loustau Elia         | Administrator                                | 1.01 -31.12                   | a) | 50    | 20                              |                                     | -        |        | 70           |
| Umberto Tombari               | AdmInistrator                                | 1.01 -31.t2                   | a) | 50    | ട്ട                             |                                     |          |        | તેરિ         |
| Laura Donnini                 | Amministratore                               | 26.04-31.12                   | a) | 34    | ાર                              |                                     |          |        | 49           |
| Peter Woo f&wong Ching        | Amministratore                               | 4.01 -1 3.4 4                 |    |       |                                 |                                     |          |        |              |
| Anna Zanardi cappon           | AmmlnistraLore                               | 1,0I -26,04                   |    | ો 6   | 15                              |                                     | -        |        | 31           |
| Total                         |                                              |                               |    | 1.020 | 139                             |                                     | 4.820    | 3.B 2  | s.8s1        |

a) With the approval of the closed budget for fiscal year 2023;

b) car; cJ te|phone ce|lu|are; d) insurance policies; eJ foresterią.

|                                                 |                |                                                       |                              | 2023                     |    |                                                                                  |          |  |
|-------------------------------------------------|----------------|-------------------------------------------------------|------------------------------|--------------------------|----|----------------------------------------------------------------------------------|----------|--|
| t n migllala of<br>Euro)<br>First and Last Name | Caries covered | Period for<br>which has been<br>covered the<br>charge | Scadenya<br>of the<br>charge | for the cartca coinpenes |    | Altrl compensation<br>EmolumentsAltrl received from sociatå Total<br>coøtro late | generate |  |
| Andrea Balelli                                  | President      | 01.01-31.12                                           | a)                           | 64                       | 15 |                                                                                  | 79       |  |
| Paola Caramella                                 | Acting auditor | 01.01-31.12                                           | a)                           | 48                       | 12 |                                                                                  | 60       |  |
| Gloyanni Crostarosa Guicclardi                  |                | OJ.01-31.12                                           | a)                           | 48                       | 12 |                                                                                  | 60       |  |
| Total                                           |                |                                                       |                              | 180                      | 39 |                                                                                  | 199      |  |

a) with \ approval of the closed budget for FY2025.

\* Other remuneration refers to the remuneration as Presidenle or member of the Supervisory Board under Legislative Decree

231/2001. It should be noted that the members of the collooard of auditors did not receive any other compensation paid by

Group companies.

It should be noted that there are no end-of-office allowances for directors and auditors.

![](_page_144_Picture_0.jpeg)

![](_page_145_Picture_1.jpeg)

F ERRAGAMO

## 46. Commitments and risks

II detail of commitments and risks is as follows:

| (In thousands dl Euro)                                                                      | December 31, 2023 | 3 | December<br>ZO22 |
|---------------------------------------------------------------------------------------------|-------------------|---|------------------|
| Sureties/guarantees given by third parties to third parties in the İntaresSe of the Soclety | 9.94'2            |   | 9.S94            |
| Sureties/guarantees lent by Łerzi to third parties in the interests of Group companies.     | 9.65'f            |   | 10.253           |
| Guarantees given by the Company ą terz] in the interest of Group companies                  | 8a969             |   | 105.167          |
| Total                                                                                       |                   |   | 125.014          |

SuretyshipsJ and guarantees given by third parties in the interest of the Company highlight bank suretyships and guarantees rițasciate on contracts of|ocation.

Sureties and guarantees given by *third parties* in the interest of Group companies highlight the sureties and guarantees issued on tocation contracts entered into by|]e Group companies and include a guarantee for 6 million Usd (5,430 thousand Euro) related to a lease contract of the Ferragamo Group USA.

The guarantees given by the Company to third parties in theI interest of Group companies are mainly in favor of credit institutions to guarantee credit lines that can be used IocalmenŁe.

## 47. Public disbursements Disclosure pursuant to Article 1, paragraphs 125-129 of Law No. 124/2017

In relation to the provision of art. 1, paragraph 25, of Law 124/2017, regarding the obligation to give evidence in the explanatory notes of any sums of money received in the year by way of grants, contributions, inca- rents paid and otherwise economic benefits of any kind from public administrations and the entities referred to in paragraph 125 of the same article, it should be noted that during 2023 Salvatore Ferragamo S.p.A. received:

• Euro 2.1 million as an advance payment in relation *to the* Innovation *Agreement* signed by Salvatore Ferragamo S.p.A. with the Ministry of Economic Development and the Region of Tuscany on January 12, 2021; for more information see the Report on Operations - Significant events during the year.

Pursuant to the provisions of Article 3-quater of DL 135/201B, converted with amendments by Law No. 12 of February 11, 2019, for disbursements received, please refer to the indications contained in the National Register of State Aids referred to in Article 52 of Law No. 235 of December 24, 20J2.

## 48. Significant non-recurring events and transactions

It should be noted that during FY2023 there were no significant non-recurring events or transactions entered into by the Company.

## 49. Transactions arising from atypical and/or unusual transactions.

The Company has not entered into any atypical and/or unusual transactions, i.e., those transactions that, due to their significance/ relevance, nature of the counterparties, subject matter of the transaction, method of determining the transfer price and timing of the event, may give rise to doubts as to the correctness/completeness of the information in the financial statements, conflict of interest, safeguarding of the company's assets and protection of minority shareholders.

Consolidated Bi]ancium

Army Budget

EMARKET SDIR certified

## 50. Detail delve direrte and indirect subsidiaries of Salvatore Ferragamo S.p.A.

The direct and indirect subsidiaries of Salvatore Ferragamo S.p.A. as of December 31, 2023 are |and as follows:

|                                              |                            |                      | December 31, 2023   |               |               |     |
|----------------------------------------------|----------------------------|----------------------|---------------------|---------------|---------------|-----|
|                                              |                            |                      |                     | "ń of control |               |     |
| Denomlnation                                 | રેકવણ                      | Divisa               | Capitals<br>Sociale | Direct        | Indirect Note | S   |
| Ferragamo Retail Nederland B.V.              | Amsterdam, Bas-i Countries | Euro                 | 500.000             | too "ê        |               |     |
| Ferragamo Franre S.A.S.                      | Paris, France              | Euro                 | 4.334.094           | 10096         |               |     |
| Ferragamo Deutschland GmbH                   | Munich, Germania           | Euro                 | 3.300.000           | ીળીની         |               |     |
| Ferragamo Austria GmbH                       | Vienną, Austria            | Euro                 | 1.853.158           | 100%          |               |     |
| Ferragamo U.K. Limited                       | London, United Kingdom     | English Łerlina      | 7.672.735           | 10096         |               |     |
| Ferragamo (Suisse) SA                        | Mendrisio, Switzerland     | Swiss Franc          | 1.000.000           | 100°ó         |               |     |
| Ferragamo Be}g}qiJe SA                       | Brussels, Belglo           | Euro                 | 750.000             | 100%          |               |     |
| Ferragamo Monte-Car   o S.A.N.               | Principality of l'fonaco   | Euro                 | 304.000             | 100%          |               |     |
| Ferragamo Espana S.L.                        | Nadrîd, Spain              | Euro                 | 4.600.000           | 10096         |               |     |
| Ferragamo USA InC.                           | New York, Unltl States     | U.S. dollar          | 74.011.969          | 10096         |               |     |
| Ferragamo Canada Inc.                        | Vancouver, Canada          | Canadian dol   aro   | 4,441.461           |               | 100Y-         | (1) |
| S-Fer International Inc.                     | New York, United States    | American dollar      | 4.600.000           |               | 100%          | (1) |
| Saror Realty Inc.                            | New York, U.S.             | Dol  aro amerlcano   | 100.000             |               | 100 "A        | (1) |
| Ferragamo Mexico S, de R.L. de C.V.          | Cltta of Mexico, Łdessico  | Mexican Peso         | 4.592.700           | 99,73%        | 0,279t        | (1) |
| Ferragamo Chile S.A.                         | Santiago, Chile            | Chilean Peso         | 3.187.970.000       | gg-ź          | 1 "A          | (1) |
| Ferragamo Argantlna S,A.                     | Buenos Aires, Argentina    | Argentine peso       | 16.000.000          | ਰੇਟਰ "        | ટેન્ડર્લ      | (1) |
| Ferragamo Brasí Ro upas e Acessorios Ltda.   | Sao Paulo, Brazil          | Raal braslliani      | 55.615.000          | 99 "A         | 1%            | (1) |
| Ferragamo Hong Kong Ltd.                     | Hong Kong, Clna            | Hong Kong dollar     | 10.000              | 100 "B        |               |     |
| Ferragamo japan KK.                          | ToKyo, Giapgone            | Japanese Yen         | 305.700.000         | 89,13%        |               |     |
| Ferragamo Australia Pty Ltd.                 | Sldney, Australia          | Australian dollar    | t3.637.003          | t00%          |               |     |
| Ferrimag Limited                             | Hong Kong, Clna            | Hong Kong dollar     | 109.200.000         |               | 10096         | (2) |
| Ferragamo Fashion Trading(Shanghai] Co. Ltd. | Shanghai, China            | U.S. dollar          | 200.000             |               | 100P"         | (3) |
| Ferragamo Noda (Shangf+si) Co, Ltd.          | Shanghai, Cirta            | U.S. dollar          | 1.400.000           | 100 6         |               |     |
| Ferragamo Retall HK L mited                  | Hong Kong, Clna            | Hong Kong dollars    | 39.000.000          |               | 100%          | (3) |
| Ferragamo Retai Taiwan Limited               | Taipei, Taiwan             | New Taiwanese dollar | 136.250.000         |               | 100°B         | (3) |
| Ferragamo Re1ail Macau Limjted               | Macau, Cina                | Macau Pataca         | 25.000              | 100%          |               |     |
| Ferragamo Retail ndla PrIvaŁe Limited        | New Delhl, India           | Rup)a Indiana        | 300.000.000         | 10096         |               | (4) |
| Ferragamo Korea Ltd.                         | Seoul, Korea de   South    | South Korean Won     | 3.291.200.000       | t009""        |               |     |
| Ferragamo (Singapore) PŁe Ltd.               | Singapore                  | Singapore dollar     | 47.600.000          | 100°4         |               |     |
| Ferragamo (Thąiłand} Limited                 | Bangkok, Tallandia         | Baht                 | 100.000.000         | 100%          |               |     |
| Ferragamo (Malaysia) Sdn. Bhd.               | Kuala Mmpur, Malaysia      | Ringgit of lalesia   | 1.300.000           | 100%          |               |     |

1. Through Ferragamo USA Inc.

7, Via Ferragamo Horig Kong LU.

3. Through Ferrimag Limited.

4. Non-operating partnership.

472

![](_page_146_Picture_12.jpeg)

## F ERRAGAMO

![](_page_147_Picture_2.jpeg)

## 51. Significant events after the end of the fiscal year

On January 22, 2024, the Company informed the market of the appointment of Pierre La Tour as Group CFO, *effective* as of J8 March 2024. at ta|e venue it also specified that La Tour was also designated by the Company's Board of Directors as an Executive with Strategic Responsibilities, due to the prerogatives and tasks assigned to him relating to the areas of Administration, Finance, Control and lnvestor Relations,

On January 25, 2024, the Board of Directors, with the favorable opinion of the Remuneration and No- mine Committee, resolved, in implementation of the Restricted Shares Plan*,* to grant to|| the CEO and General Manager f4arco Gobbetti the right to receive, free of charge, 205,255 shares of Salvatore Ferragamo S.p.A., effective January 1, 2024.

At its meeting held on March 6, 2024, the Board of Directors, inter alia, I]tro: (i) approved the draft Financial Statements as of December 31, 2023, the Consolidated Financial Statements as of December 31, 2023, and the Directors' Report on Operations for the year 2023, containing the Consolidated Non\*financial Statement for the year 2023, which includes non\*financial information pursuant to Legislative Decree No. 25^ of December 30, 20a 6; (ii) approved \the Report on Corporate Governance and Ownership Structure, relating to the year 2023 prepared by the Company pursuant to Art. J23-bis of the *TO\*,'* (iii) approved, with the favorable opinion of the Remuneration and Nomine Committee, the Report on the remuneration policy for the year 2024 and on the compensation paid in the year 2023, prepared in accordance with the provisions ofIts. 123-ter of the TUF, Article 84-quater and Annex 3A, Schedule 7 bis of CONSOB Regulation No. 11971/1999, as amended, and Article 5 of the Corporate Governance Code of auotate companies; for approval by the next Shareholders' Meeting. For more details, please refer to the documentation made available on the Company's website https.'//group.*ferro\$amo.com/en* section

*\$overnoncefassembIea-degI shareholders/2024.*

At the same meeting, the Administrative Council also]:

- I resolve to convene the Ordinary Shareholders' Meeting of Salvatore Ferragamo S.p.A. for if next April 23, 2024;
- verified in the implementation of the Restr/cted *Shores* Plan and with the favorable opinion of the Remuneration and No- mine Committee, the vesting by the Chief Executive Officer and General Manager *Marco*  Gobbetti of the right to receive, free of charge, 147,732 shares of Salvatore Ferragamo S.p.A. allotted to him with effect from January 1, 2023.

## 52. Proposed approval of the budget and allocation of the result

The Board of Directors of Salvatore Ferragamo S.p.A., in relation to the results achieved in 2023, proposes:

- T. to approve the budget for fiscal year 2023;
- 2. to approve ]to allocate the profit for the year 2023, amounting to 86,999,603 euros, to the Extraordinary Reserve;
- 3, and to approve the distribution to the Shareholders of auota part of the "Extraordinary Reserve" (which as of December 31, 2023 amounted to Euro 613,475,486), in the amount of Euro 0.10 for each share outstanding at the time of the ex-dividend date. The total dividend is estimated at a total of 16,552,896.60 euros, taking into account the shares outstanding as of March 6, 2024 (165,528,966 shares).

![](_page_148_Picture_1.jpeg)

 Consolidated Statement of Financial Character fi}on,ario

Consolidated Financial Statements

![](_page_148_Picture_4.jpeg)

## EMARKET SDIR certified

## Disclosure pursuant to Article 149-dUodecies of the lssuers' reo|lement

| (ii) Rete del revisore della Capogruppo | Capogruppo | 36 |
|-----------------------------------------|------------|----|
|                                         |            |    |

i { L\*vocesi ritwia aifzttenaiieotren aii 0ictilziitt(t)ne weuf4+t-dlcmltereHerr tViu8uto zF\*ti\*snzii "iedelwedito nfuca 6Development. (z) m fecea ritettu:r pm<1pigmnte z m-vizi dlmuitenze asipporto'felfftttdent\*tiuntoddie\*oi-ttl Ad4osuta.

Florence, March 6, 2024

For the Board of Directors.

President Leonardo Ferragamo

![](_page_148_Picture_12.jpeg)

474

![](_page_149_Picture_1.jpeg)

## Attestation Pursuant to Article 1u4 bis of Ü.lgs. 24 fchbraio 1998 n. ü8 (Consolidated Law on Finance)

- 1. The undersigned Marco Gobbetti in h i s capacity as "Chief Executive Officer" and Erika Peruzzi in her capacity as "Executive in charge of the preparation of corporate accounting documents" of Salvatore Ferragamo S.p.A. certify, also taking into account the provisions of Article 54-bis, paragraphs 3 and 4, of Decree ]egislative 24 February 1998, n,58:
- The adequacy in re|on to the characteristics of the enterprise and
- the effective app|ication, of the administrative and accounting procedures for the formation of the balance sheet during the period from January 1 to December 31, 2023.
- 2. The adequacy of adminisŁrative and accounting procedures for the preparation of the 2023 financial statements was assessed suI]on the basis of the Internal *Control - Integrated Framework* model *issued by the Commitee*  o/SpoAsor/ng *Qr- ionizations cf the Treodway* Commission, which is the generally-accepted *international*  reference model.
- 3. It is further attested that.
	- 3.1 II operating budget as of December 31, 2023:
		- a. is prepared in accordance with the applicable international accounting standards recognized by the European Union pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of July 19, 2002, as amended;
		- b. corresponds to the findings in the books and records;
		- c. is suitable to provide a true and fair representation of the Issuer's financial, economic, and asset situation.
	- 3.2 The management report includes a reliable analysis of the performance and results of operations and the situation of the Issuer, together with a description of the main risks and uncertainties to which they are exposed.

Florence, March 6, 2024

Chief Executive Officer Marco Gobbetti

Manager in charge of preparing corporate accounting documents Erika Peruzzi

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llelazionc of the Board of Sin'lacalt to the Asseinblea t the **Shareholders.** (Pursuant to art. t53 clcl Legislative Decree 55/1998)

Shareholders,

the Board of Statutory Auditors of Salvatore Ferragamo S.p.A. (hereinafter also "Ferragamo" or the "Company"), pursuant to art. 153 of Legislative Decree no. 58/1998 ("TUF"), is called upon to report to11 the Shareholders' Meeting convened to approve the financial statements on the supervisory activities carried out during the year and on any omissions and reprehensible facts that may have been detected. 11 Board of Statutory Auditors is also called upon to make any proposals regarding1the financial statements and their approval and matters within its competence.

This report reports on the activities carried out by the Board of Statutory Auditors of Feiragamo during the fiscal year ended December 31, 2023 (hereinafter also referred to as the "Report").

The annual (or separate) financial statements 2023 closed with a profit of 87 million euros compared with a profit of 89.2 million euros in the previous year. At the consolidated level, profit attributable to the Group amounted to €26.1 million compared with a profit pan €70 million ne1 previous year.

#### **PTtNltSSfi**

During the fiscal year ended December 31, 2023, the Board of Statutory Auditors carried out the supervisory activities required by law, taking into account the principles of conduct recommended by the National Council of Certified Public Accountants and Accounting Experts, Consob regulations on corporate controls, and the guidelines contained in the Code of Corporate Goxetnance approved in January 2020 by the Corporate Governance Committee.

The activities described below have been noted in the minutes of the 14 meetings of the Board of Statutory Auditors held in the *coìfo* of 2023 and the 4 meetings held ne1 2024 up to the writing of this Report.

It is represented that the Board met throughout the year alternating between in-person meetings with access at the Society's headquarters with remote connections iii video conferencing.

Appointment of the Board of Statutory Auditors

11 Board of Statutory Auditors in office as of the date of this report was appointed, using the list voting system, in accordance with the law and the Articles of Association, also taking into account the provisions on gender balance, by1the Shareholders' Meeting of April 26, 2023, and is composed of Andrea Balelli (Chairman), Paola Caramella (standing member) and Giovanni

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Crostnrosa Guicciardi

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Pursuant to Article 149 de1 TUF, the Board of Auditors supervises:

- On compliance with the law and statutes;
- *On* compliance with the principles dt proper administration;
- on the adequacy of the company's organizational structure for those aspects within its competence, the internal control system and the administrative-accounting system, as well as the reliability of the latter in correctly representing operating events;
- on how to concretely implement the corporate governance rules laid down in codes of conduct drawn up by companies managing regulated markets or by trade associations, which the company, by means of Public Disclosure, declares that it complies with;
- On the adequacy of the provisions issued by the company to its subsidiaries pursuant to11 Article 114(2) of the TUF.

## Supervisory activities on11 compliance with the law and statutes

The Board of Statutory Auditors acquired the information instrumental to the performance of the supervisory duties assigned to it through participation, as a collegial body or with the presence of at least one member, in meetings of the Board of Directors and the endoconsiliar committees, hearings of the *management of* the Company and the Group, and meetings with the auditing firm.

The Board of Statutory Auditors has always attended meetings of (i) the Board of Directors, (ii) the Audit and Risk Committee, which also serves as the Related Party Transactions and Corporate Sustainability Committee, and (iii) the Compensation and Nominating Committee.

Evtntl of msgpoior riliev o econ oinie o, finanzi ario and pu triirioniale of the eset-cizio

The Board of Statutory Auditors has obtained from the Directors, on a monthly basis, information on the activities carried out and on the most significant economic, financial, and equity transactions carried out by the Company, as well as on the Group's strategic guidelines. The Board of Statutory Auditors can reasonably assure that the transactions resolved and carried out comply with the law and the bylaws and are not manifestly imprudent, or risky, or in conflict of interest, or in conflict with the resolutions passed by1the Shareholders' Meeting, or such as to compromise the integrity of the Company's assets. There are also no atypical or unusual transactions.

In particular, the Board of Statutory Auditors reports the following transactions and events of particular significance in 2023:

On February 27, 2023, Director Anna Zanardi Cappon tendered her resignation effective from the Shareholders' Meeting convened for April 26, 2023.

On March 2 and subsequently on April 20 and December 20, 2023, the Board of Directors, with a view to streamlining the orgnarizational structure and following roles, fia resolved on the modification of the *powers* of the1'CEO and *Dlzettote* General.

On April 26, 2023, the Shareholders lia (i) elected independent director Laura Donnini to replace the resigning coiisigliera and (ii) approved the identification of the

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beneficiaries of the "LTI Performance& Restricted Shares Plan 2023-2025"; (iii) approved the Schedule of the piaiio called "Restricted Sliares", the latter approved by11 the Assembly1ea of December 14, 2021, in favor of the CEO and General Manager; (iv) approved the revision of the Procedure regarding Privileged and Relevant Infonnations and Internal Dealing, then updated in March **2024**.

On the same date, the Board of Directors: (i) verified the independence requirements of the Non-Executive Directors; (ii) approved the integration of members in the Intetri Committees of the Board of Directors and the related compensation; and (iii) entrusted a1 Board of Statutory Auditors with the task of Supervisory Board pursuant to Legislative Decree 231/2001.

On June 30, 2023, the Company acknowledged the resignation of CFO and Executive in Charge Alessandro Corsi effective September 30, 2023, notifying the market.

lu on July 6, 2023, the Board of Directors: (i) approved the amendment of the Information Flow Regulation; (ii) resolved to approve the update of the Statement on Modem Slavery; and (iii) updated the Company's Code of Ethics and Group Whìstleblowing Policy;

(iv) awarded the assignment to IHMG S.p.A. for limited assiirance on the DNF pursuant to Legislative Decree No. 254 of December 30, 2016, for fiscal year 2023.

On August 3, 2023, the Board of Directors: (i) approved the Consolidated Half-Yearly Financial Report as of June 30, 2023, (ii) approved the appointment of Dr. Erika Peruzzi as Financial Reporting Officer effective October l, 2023, and (iii) approved the update of the Conelated Parties Procedure.

On October 9, 2023, the Company was admitted to the collaborative compliance regime (pursuant to Legislative Decree l 28/2015), effective as of tax year 2022.

n October 19, 2023, the Board of Directors: (i) approved the People Strategy and succession plans for management; (ii) approved the revised Budget 2023; and (iii) adopted a cyber risk management policy, called "Cyber Security Incident," prepared through the identification of the most relevant business processes in the cyber sphere, the most significant cyber threats, and the security measutes implemented, integrating the risk analysis within the ERM Model. The establishment of an ad hoc comìtatus chaired by1 Chief Infonnation Technology Officer was also planned in this area.

On October 25, 2023, it was resolved for the Ferragamo Group to acquire the minority interests held by linaginex Holdings Limited and linaginex Overseas Limited - companies attributable to the1'a11'now board member Peter K. C. Woo - in the three joint venhues Ferragamo Moda (Shanghai) Co. Limited ("FMS"), Ferragamo Retail Macau Limited ("FRM") and Ferrimag Limited ("FIM"), established to distribute Ferragamo products in the Greater China area. The transaction was finalized on November 3, 2023, the shareholding subject to the purchase was 25% of FMS and 24.8% of FRM for the Company and 25% of FIM for Ferragamo Hong Kong Ltd, with the result that the Company and Ferragamo

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On December 20, 2023, the Board of Directors approved (i) the Budget 2024; (ii) changes to the composition and Regulations *ùe1* Ethics Committee; (iii) changes to the Group Whist1eblo\ving Policy; and (iv) the Cash Management Poticy.

The following transactions and events of particular significance neJ during 2024 are also noted, up to atta date:

On January 25, 2024, the Board of Directors. (i) approved 1 approval of the allocation of shares under the Restricted Shares Plan for the year 2024 in favor of the Chief Executive Officer and General Manager; (ii) approved the Audit Plan 2024; and (iii) approved the "Crisis Management" Policy for the management of responses by the Company in the event of critical events of a nature other than cyber,

n March 6, 2024, the Board of Directors: (i) approved the draft financial statements and consolidated financial statements as of December 31, 2023, accompanied by the Statement of Non-Financial Data as of December 31, 2023, pursuant to Legislative Decree. 254/2016; (ii) approved the consuntivation sheets of variable reinunerations linked to the Short Term Incentive for CEO; Strategic Executive and Director lA in relation to fiscal year 2023 and consuntivation of the 2023 targets of the Restticted Shares Plan of the CEO and General Manager; (iii) approved the Report on Remuneration Policy; (iv) approved 1 update of the ERM Model; (v) resolved to approve the new Organizational Model pursuant to Legislative Decree. 231/2001 as well as 1 update of the Code of Ethics; (vi) resolved to approve 1 assignment to KMPG S.p.A. of the limited review of the consolidated sustainability reporting of the Salvatore Ferragamo Group, pursuant to Article 34, paragraph 1 second subparagraph, of Directive 2013/34/EU as amended by Directive no. 2022/2464 (concerning *Corporate* Sustainability Reporting Directive - CSRD), for the fiscal years with chiiisura from December 31, 2024 to December 31, 2028 inclusive and finally (vii) resolved to submit to the1 Shareholders' Meeting of April 23, 2024 the proposal of the Board of Statutory Auditors for the review of the remuneration of the auditing firm.

The Board of Statutory Auditors also reports that:

- has evaluated, in its capacity as the Supervisory Board pursuant to Legislative Decree 231/2001, the profiles of interest under the aforementioned decree, and in this regard there are no anomalies or significant censurable facts;
- held periodic meetings with gfi representatives of the auditing company a1 for the purpose of the mutual exchange, as required by Article 150, paragraph 3, of the TUF, of data and information *tilevant* to the performance of its duties. In this regard, it should be noted that no relevant data and information emerged that should be reported in this report;
- received no complaints cx art. 2408 de1 Civil Code;
- la expressed opinions cx Article 2389, Paragraph 3 of the Civil Code on the remuneration of anuninistrators holding special offices;
- expressed opinions in relation to so-called "non-audit fees" for non-audit services, as required by current regulations and the internal procedure adopted by the Company, verifying in particular their effects on independence, setiza detect exceptions to be reported.

Further, the Board of Statutory Auditors, as to corporate bodies and functions, reports that:

— the Board of Directors in 2023 met 10 times;

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- the Audit and Risk Committee in 2023 met ri.18 times (of which ciii n.13 as the RPT Committee and n. ò for Sustainability i1 Enterprise);
- the Remuneration and Appointments Committee ne1 during the 2023 eset'cizio met n.12 times (of which n.9 as the Remuneration Committee and n.7 as the Appointments Committee);
- The Supervisory Board pursuant to Legislative Decree 231/2001 met 13 times during FY2023.

Supervisory activities on1 compliance with the principles of proper administration and the adequacy of the organizational structure

The Board of Auditors:

- acquired knowledge of and supervised, to the extent of its competence, the adequacy of the Company's organizational structure and compliance with the principles of proper administration, through direct observation, collection of information from the heads of corporate lìinctions, and meetings with the auditing firm for the purpose of mutual exchange of relevant data and information, and to this figuardo has no particular observations to report, considering the Company's organizational structure to be substantially adequate to the needs of the Company and the Group and suitable for ensuring compliance with the principles of proper administration;
- assessed and supervised the adequacy of the administrative and accounting system, as well as the reliability of the latter in correctly representing management events, by obtaining information from the heads of the respective functions, examining company documents and analyzing the results of the work carried out by the auditing firm, and in this regard has no particular observations to report.

The Board of Statutory Auditors has found that adequate documentation, in support of the topics discussed at board meetings, is made available to arriers and auditors reasonably in advance.

On the basis of the information acquired, the Board of Statutory Auditors acknowledges that management decisions are based on the principle of fair information and reasonableness, and that the directors are aware of the riskiness and effects of the transactions made.

The Board of Statutory Auditors found no atypical and/or unusual signiftcatixe transactions, including intragroup transactions or transactions with intragroup and non-intergroup related parties.

The Board of Statutory Auditors also assessed the adequacy of the information made within the management report about the non-existence of significant atypical and/or unusual transactions.

## Supervisory activities on how corporate governance rules are actually implemented

In relation to the provisions of Article 149, paragraph 1, lett. *Q-bis,* of the TUF regarding the supervision by the Board of Statutory Auditors *".on the modnlity cli concrete implementation Jelle Jivei'no corporate governance rules provided by codes of conduct drawn up by companies Ji management of regulated markets or Ja trade associations, which the company, through fnformative to the ptihblico, declares to comply with,"* the Board of Statutory Auditors reports that it has supervised:

— On how to concretely implement the corporate governance rules provided for in the codes of dì behavior to which the Company, med' t Company has drafted, pursuant t o Art. f **rmatè** to the public, it declares to abide by. The

Corporate and Ownership Structure relati '

nual Report on Govertxo on March 6, 2024, in the

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in which information is provided about (i) the Company's ownership structure; (ii) the corporate governance practices actually applied by the Company; (iii) the main features of the existing risk management and internal control systems, also in relation to the financial reporting process, including consolidated; (iv) the mechanisms for the functioning of the1 Shareholders' Meeting, its main powers, the rights of Shareholders and the procedures for their exercise; (v) the composition and functioning of the administrative and control bodies and their committees, as well as other information required by Art. 123-bis of the TUF;

- onI1adoption of the Policy for Remimei-ation of Directors and Executives with Strategic Responsibilities, in line with the provisions of the Corporate Governance Code;
- on the LTI Share Plan called Performance and Restricted Shares 2023 2025 aimed at Gnippo managers, in line with the provisions of the Corporate Governance Code;
- On the application of the share plan called Restricted Shares;
- On the application, in the cotsof the year, of the procedure for 1appointment of the auditing company within the Ferragamo Group.

The Board of Statutory Auditors also acknowledges: (i) that it has verified, based on the criteria pievised by Art. 148, paragraph 3 of the TUF and in accordance with the indications provided by the National Council of Chartered Accountants and the Corporate Governance Committee, the possession by its cor-reponents of the requirements of independence, professionalism, competence and honorability required by the regulations; (ii) that it has found the con-ept application of the criteria and procedures adopted by the Board of Directors to assess annually the independence of its independent directors, as well as 1 carrying out by the Board of Directors an assessment based on substantive profiles and consistency with the decisions made on the identification of related parties to Ferragamo. The independence assessment was carried out during the year and the Board has no observations to make in this regard and (iii) that it has supervised the process aimed at adopting the policy for the remuneration of directors and executives with strategic responsibilities, in line with the provisions of the Code of Corporate Govetvance,

## Supervisory activities on the adequacy of the arrangements made by the Company to its subsidiaries

Pursuant to Article 114, paragraph 2 de1 TUF: (i) listed issuers shall issue the necessary instructions for subsidiaries to provide all the news necessary to comply with the disclosure requirements of the law; (ii) subsidiaries shall promptly transmit the required news.

The Board of Statutory Auditors monitored the adequacy of the instructions given to the subsidiaries, having ascertained that the Company is able to promptly and regularly comply with the reporting requirements of the law. This was also through the collection of information from the heads of organizational *functions* and periodic meetings with the auditing firm for the purpose of mutual exchange dl relevant data and information. In this regard, there are no particular *observations* to report.

*many and,* on the Boards of Directors of subsidiaries there are generally present, with operational proxies, Directors and/or Executives of the Capognippo who ensure coordinated direction and an adequate flow of news, also supported by appropriate accounting information.

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Dpcra/ieni iiifragr Mp po o with pa rti corrella te

Pursuant to Article 2391-bis of the Italian Civil Code and Consob Resolution No. 17221 of March 12, 2010 containing the "Regulation of Transactions with Related Parties" (as amended), on March 30, 2011, Ferragamo's Board of Directors, after receiving the favorable opinion of the Committee for Transactions with Related Parties, composed solely of independent directors (appointed to do so pursuant to Article 4, paragraph 1, of the aforementioned Regulations with a specific resolution of the Board of Directors), adopted the "Procedure for the regulation of opei'actions with related parties," which was subsequently updated most recently on August 3, 2023.

Pursuant to Article 4 of the aforementioned Regulations, we report that the Procedure adopted by the Company (i) is consistent with the prtnciples contained in the Regulations themselves and (ii) is published on1 the Company's website *(https.//group.ferragamo.com).*

During fiscal year 2023, based on the information received, a number of transactions with coiTelated parties were carried out both within the Group and with third parties. Transactions with related covenants were carried out, to the best of our knowledge, also as a result of the supervisory activities effethiate, in substantial adherence to the above procedure and Regulations. Sol for the above-mentioned transaction involving the acquisition by the Ferragamo Group of the minority interests held by linaginex Holdings Limited and Imaginex Overseas Limited, companies related to the a1lora board member Peter IX.C. Woo. In this regard, the Board verified:

(i) the fairness of the transaction, as a result of the preliminary investigation conducted in the CCR as the RPT Committee, concluded with the fairness opinion prepared by EY regarding the fairness of the purchase price of the equity investments; (ii) the corporate interest in the transaction; and (iii) the convenience and fairness of the related conditions.

The additional intercompany transactions we examined were of ordinary nahira, as they essentially consisted of commercial services and reciprocal provision of administrative, financial and organizational services. The aforementioned transactions were settled by applying normal mei'catory conditions, determined with standard parameters, reflecting the actual use of the services and were carried out in the interest of the Company. The non-intercompany related party transactions that we have examined are also of an ordinary nature (insofar as they fall ne11 to the ordinary exercise of operating activities or related financial activities) and concluded on terms equivalent to market or standard terms. Transactions with related parties are disclosed in the notes to the Company's financial statements and consòlidated financial statements, in which the resulting economic effects are also reported.

In our opinion, all of the aforementioned transactions appear to have been carried out in

the interest of the Company, Attivit'i ili Y igi1anz.t pursuant to 'lel D. Lgs. 39/2010

Pursuant to Article 19 of Legislative Decree No. 39/2010, as amended by Legislative Decree No. 135/2016, the Board of Statutory Auditors (identified as the "Audit and Legal Review Committee") is in charge:

— to informi-e the administrative body of the audited entity of the outcome of the statutory audit and transmit to that body the additional report referred to in Article 11 of the European Regulation (EU Reg. No. 537/2014), together with any comments;

di monitorare il processo di informativa finanziaria; di montorare il processo di informativa finanziania.
di controllare l'efficacia dei sistemi di controllo interna e di gestione interna e di gestione del rischio;

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7

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- To monitor the statutory audit of the annual and consolidated accounts;
- to verify and nionitoi'are the independence of statutory auditors or auditing firms in accordance with Articles 10, 10-bis, 10-ter, 10-quater and 17 of the aforementioned decree and Article 6 of the European Regulation, particularly with regard to the adequacy of the provision of non-audit services to the audited entity, in accordance with Article 5 of that regulation;
- of the responsibility for the procedure to select statutory auditors or statutory audit firms and recommend the statutory auditors or statutory audit firms to be appointed in accordance with Article 16 of the European Regulations.

The Board of Statutory Auditors interacted with the Audit and Risk Committee, established *within M* Board of Directors, in order to coordinate their respective responsibilities and avoid overlapping activities.

In this regard, the practice introduced at Ferragamo of inviting the entire *Board of* Statutory Auditors to the meetings of the Control and Risk Committee makes relations fluid and facilitates coordination and information exchange fia the two bodies, even when *the* activities of the Control and Risk Committee refer to issues of specific relevance for the purposes of Legislative Decree No. 39/2010 and the supervisory matters mentioned above.

With specific reference to the activities envisaged by Legislative Decree 39/2010 on Statutory Audit we point out the following.

Disclosure to11 Board of Directors on the outcome of the statutory audit and the Additional Report referred to in Article 11 of eru opean Regulation No.537/2014

Pursuant to Article 19 of Legislative Decree No. 39/2010, the Board of Statutory Auditors informed the board of directors of the outcome of the statutory audit and forwarded the additional report eri to Article 11 of European Regulation No. 537/2014, issued by the auditing firm today.

## Supervisory activities on the financial reporting process

The Board of Statutory Auditors has verified the existence of rules and procedures to safeguard the process of formation and dissemination of financial information. In this regard, the Report on Corporate Governance and Ownership, defines the guidelines of the internal control and risk management system, as well as the methods and procedures for imade adequate financial reporting.

The Board of Statutory Auditors examined, with the assistance of the Manager in charge of preparing the company's financial reports, the procedures relating to the Company's financial statements and the consolidated financial statements, as well as the other periodic accounting documents. The Board of Statutory Auditors also had evidence of1 the process that enables the Manager in charge of preparing the Company's accounting and corporate records and a11 the Director delegated to do so to issue the attestations required by Article 154-bis of the TUF.

The Board of Statutory Auditors has been informed clie the administrative/accounting procedures for the preparation of the financial statements and all other financial disclosures are prepared under the responsibility of the Manager Responsible for Financial Reporting, who, jointly with the Chief Executive Officer, certifies 1'a'tatezza and effective application of these procedures at the time of the annual and consolidated financial statements and the half-yearly financial report.

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On d March 2024, certifications of the consolidated financial statements and the annual financial statements were issued by the1 Chief Executive Officer and tlel Executive in charge of drafting corporate accounting documents pursuant to Article 81-ter of Consob Regulation No. 11971/1999 as amended and supplemented.

The Board of Statutory Auditors, therefore, expresses an assessment of the adequacy of the process of formation of the finanzimia information and considers that there are no issues to be submitted to the1 Asseinblea.

### Supervisory activities on the effectiveness of internal control, internal audit and risk management systems

The Board of Statutory Auditors, also jointly with the Audit and Risk Committee, has met periodically with the Head of the Internal Audit Function, and has been informed about the results of audit interventions aimed at verifying the adequacy and operation of the internal control system, compliance with the law, procedures and business processes, as well as about the implementation activities of the related improvement plans. It has, likewise, received the Audit Plan for the year 2024, approved by the Board of Directors on January 25, 2024 (the contents of which were positively evaluated by the Audit and Risk Committee and the Board of Statutory Auditors at their meeting on January 22, 2024), and has been periodically updated on the progress of the 2023 Plan and any corrective actions identified. It also received the Report of the Head of the Internal Audit Function for the year 2023. ln addition, on a semi-annual basis, it received from the Audit and Risk Committee the report on its activities.

It should also be noted that the Company adopts an integrated tischi management model, in line with recognized standards in ERM ("Enterprise Risk Management") and best practices, inspired by the frameworlc issued by the "Committee of Sponsoring Organizations of the Treadway Commission" ("COSO ERM").

The Company completed, during 2023, the activity of revising the Enterprise Rìsk Model

Management, which, in compliance with the ERM Standards, interprets risk management not only as an internal control tool but also and above all as an articulated and dynamic set of activities to support management iaei decision-making processes and in strategic planning activities. The ERM Model, in fact, analyzes the main areas of risk with direct and indirect impact on the achievement of the objectives de1 Strategic Plan. During the year, the Company proceeded to strengthen within de1 rìsk management model the analysis of ESG factors. Risk scenarios with possible direct ìimpacts also on the achievement of the targets defined by the company in the Sustainability Plan were qualified as sustainability-relevant.

A project was also launched, with regard to climate change and in line with the priorities defined de11'European Sccurities and Market Authority (ESMA) of October 25, 2023, to introduce and integrate into the ERM model a specific framcwoi'k, aligned with the main international references, dedicated to the analyses on related risk factors, both in the area of physical risks and with reference to the so-called transition risks and opportunities. The analyses led to an assessment of the risk related to climate change, i.e., the main climate exposures conducted on the Group's most relevant sites over a short-to-medium-term horizon, The Company is committed to strengthening, also in 2024, the assessment of the risk of change

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The Board of Statutory Auditors, therefore, expresses an assessment of the substantial adequacy of the internal control system as a whole and points out that there are no *significant* findings to be submitted to1the Assembly.

Supervisory activities on the leeal audit of annual and consolidated accounts

- the accounts were audited in accordance with the regulations by the auditing firm KPMG to which the Shareholders' Meeting of April 18, 2019 appointed as statutory auditors for the 2020-2028 fiscal years;
- the Board of Statutory Auditors met periodically with the auditing firm KPMG for the purpose of the mutual exchange of information for the performance of its duties also pursuant to Article 150, paragraph 3, of the TUF. From the meetings held, no significant facts worthy of reporting emerged concerning 1 levision activities nor deficiencies detennant on the integrity of the internal control system with regard to the financial reporting process in particular;
- KPMG today e:nsured its reports containing its opinion on the statutory and consolidated financial statements prepared in accordance with the International Financial Reporting Standat'ds issued by the1'IntematìonaI Accounting Standards Boai-d ("IASB") and endorsed by the European Union, as well as the measures issued in implementation of Article 9 of Legislative Decree No. 38/05. In addition, in the same report, KPMG issued (i) an opinion on compliance with the Single Disclosure Format ("ESEF-") provisions of Delegated Regulation (EU) 2019/815 and (ii) an opinion on the consistency of the Management Report and the information in the Corporate Governance Report with the financial statements. Said report does not contain any qualifications or disclosure requirements. In the report on the consolidated financial statements, it is acknowledged that the non-financial statement has been approved by the Directors.

Independence of the audit *firm.* ìspecifically with regard to the provision of non-audit services. With regard to the annual confirmation of independence, the Board of Statutory Auditors represents that it has received written confirmation from the auditing firm with the transmission of the Additional Report issued today pursuant to Article 11 of the European Regulations.

The Board of Statutory Auditors supervised the1 independence of the auditing firm and, in particular, received periodic evidence of the assignments other than audit services to be attributed (or attributed by virtue of specific regulatory provisions) to the auditor. As can be seen from the consolidated financial statements of the Ferragamo Group, during fiscal year 2023 KPMG, also through its network, carried out in favor of the Group the aktivities summarized below:

| Company and reporting period<br>(Etiro/00ù) |        | Audit services | Non-audit services | Total |
|---------------------------------------------|--------|----------------|--------------------|-------|
| Salvatore Ferragamo SpA                     | (2023) | 322            | 158                | 480   |
| Ferragamo Group                             | (2023) | 707            | 45                 | 752   |
| Total                                       |        | *O2O           | 203                | 1.232 |

The Board of Auditors considers that the aforementioned fees are appropriate to the size, complexity and characteristics of the Iwork performed, and also considers that the assignments (and related fees) other than review services are not likely to affect the1 independence of the auditor

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legal. The Board of Auditors also verified that the tasks entrusted to the auditing firm did not fall within the scope of those forbidden *for* the incumbent auditing firm under the aforementioned Eiuopean Regulations.

In relation to the independent auditors, the Board of Statutory Auditors reports that the aforementioned IHMG Supplementary Report does not reveal any deficiencies in the internal control system in relation to the financial reporting process such that they should be reported to this auditing body, nor have any cases of actual or alleged non-compliance with laws and regulations or statutory provisions emerged.

Consolitlated statement of characteristic and non-lrnancing (BN1)

Ferragamo, as a public interest entity (PIE) and a large Group, is required to disclose nonfinancial information in accordance with the provisions of Legislative Decree 254/2016 issued in implementation of Directive 2014/95/EU and entered into force on January 25, 2017.

In compliance with the abovementioned nonrative, the Ferragamo Group's DNF for the year ended December 31, 2023, approved by resolution of1 the Board of Directors on March 6, 2024 and included in the Annual Financial Report as of December 31, 2023, has been prepared to the extent necessary to ensure an understanding of1 the Group's activities, performance, results and impact produced by it. On October 25, 2023, the European Sectirities and Markets Authority (ESMA) published Public Statement ESMA32-193237008-1793 "European common enforcement priorities for 2023 annual financial reports" in relation to **non-financial**  information for **the** year 2023 to be published by listed companies.

The Group, as anticipated, carried out an analysis during the year to identify climate change risks and their potential impact on the Group's activities, and also began a process of adapting to the requirements of the Eiiropean Tassonoinia, in line with the requirements of Article 8 of Regulation (EU) 2020/852, with the aim of providing, to investors and the market, a comprehensive view of the Group's economic activities with respect to the first two objectives of climate change mitigation and adaptation.

The DNF: (i) contains a description of issues concerning corporate governance*,* corporate policies, the company's management and organizational model, and the companies' achievements with regard to relevant issues concerning the environment, social aspects, personnel management, human rights, and anti-corruption, (ii) is structured into five macro-sections: (a) culture of sustainability, (b) responsibility to people, (c) responsibility to the environment, (d) responsible and transparent procurement, and (e) social responsibility.

With specific regard to11 examination of the consolidated non-financial statement, the Board of Statutory Auditors monitored compliance with the provisions set forth in Legislative Decree 254/2016, within the scope of the powers attributed to it by the1 legal system. In this regard, it is represented that:

- Pursuant to ai11i. 3, paragraph 10, of Legislative Decree 254/2016 and att. 5 of Consob Regulation No. 20267/2018, the Company engaged KPMG to conduct the limited review of

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the statement

Teleborsa: distribution and commercial use strictly prohibited | EMARKET
 SDR

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- KPMG today issued the pto9tia report certifying that the information provided in DN F complies with the *nYetimento* standards and reporting *stalidal-d* used;
- KPMG issued on o'tìema its report containing an opinion on the conformity of the annual financial statements (hereinafter also "Financial Statements") and consolidated financial statements, in which it acknowledges that it has verified the amenute preparation of the non-financial statement.

The Board of Statutory Auditors is not *vznu'o* aware of any violations of the relevant regulatory provisions and, therefore, expresses an assessment of the adequacy of the process of formation of nonfinancial reporting and believes that there are no findings to be submitted to1the Assemb1ea.

*Financial* statements, consolidated financial statements and management report.

Ferragamo's draft financial statements, approved by a resolution of the Company's *Board* of Directors on March 6, 2024, have been prepared in accordance with the IAS/IFRS issued by the1 Intemationa1 Accounting Standards Board (IASB) and endorsed by the European Union, as well as in accordance with the provisions issued in atRation of Article 9 of Legislative Decree No. 38/2005.

With specific regard to the examination of the financial statements for the year ended December 31, 2023, the consolidated financial statements as of December 31, 2023, and the directors**'** report on the gcstion of the year 2023, the Board of Statutory Auditors reports:

- That the Company's Financial Statements and Consolidated Financial Statements are prepared in accordance with the structure and formats tmposed by current regulations;
- that the financial statements are accompanied by the directors' report on operations where the main risks and uncertainties are summarized and the outlook is given. It complies with current regulations and is consistent with the resolutions of the administrative body and coauthors the findings of the financial statements. It also contains adequate information on the year's activities, intercompany transactions*, and* possible impacts on business objectives and risks arising from the conflicts in Ukraine and Palestine. The section containing 1 disclosure on related party transactions has been included, in accordance with IFRS, in the notes to the financial statements;
- that the Report on Corporate Governance and Ownership and, pursuant to Article 123-bis of the TUF, the Report on Remuneration were also prepared;
- that the **financial statement file** was delivered to the Board of Auditors in time for its filing at the Company's registered office accompanied by this report;
- To have verlfied the rationality of the valuation procedures applied and their compliance with the logic of international accounting standards;
- that he has verified the correspondence of the Financial Statements to the facts and information of which he has become aware as a result of the performance of his duties; therefore, he has no comments in this regard;
- clie to the best of the Board of Statutory Auditors' knowledge, the directors, in preparing the financial statements, have not departed from the provisions of the law pursuant to Article 2423 of the Civil Code;
- clie the Board of Directors of Ferragamo, consistent with the indications of the joint Banca d'1talia/Consob/ISVAP document of March 3, 2010, approved the procedure and results of the1 impairment test independently and in advance of the time of approval of the1 draft financial statements, ascertaining that they complied with the requirements of the

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cont'abile international standard IAS 36. The notes to the financial statements provide information and outcomes of the valuation processes conducted.

1. Budget el à à1 December 2023

In conclusion, the Board of Statutory Auditors - to the extent of its competence, having acknowledged the results of the Financial Statements as of December 31, 2023 and taking into account the observations made in this report - pi1'oposes the Assemb1e to approve the Financial Statements as presented by the Board of Directors.

2. Remuneration **Policy** i!el Group We inform you that the Board of Statutory Auditors has no objections to foi'inu1on the Remuneration Policy 2024 submitted to the binding resolution of11'the Shareholders' Meeting.

## Final considerations

The Board of Statutory Auditors has no findings to report with regard to the information obtained and the supervisory activities carried out; it has not noted any omissions, censurable facts or irregularities or circumstances such as to require reporting in this report or to11 the Supervisory Authority.

Florence, March 28, 2024

LL COLLEGE OF SINDACALTS

Andrea Balelli (President)

Paola Caramella (°ff tive auditor) Giovanni Crostarosa Guicciardi (regular auditor)

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.

: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :

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KPMG S.p.A. Auditing and accounting organization Niccolò Machiavelli Avenue, 29 50125 FLORENCE FI Phone +39 055 213391 Email [it-fmauditaly@kpmg.it](mailto:it-fmauditaly@kpmg.it) PEC [kpmgspa@pec.kpmg.it](mailto:kpmgspa@pec.kpmg.it)

## **Report of the independent auditors pursuant to Art.**

14 of Legislative Decree No. 39 of January 27, 2010, **and 10 of Regulation**  (EU) No. 537 **of April 16, 2014**

*To the Shareholders of Salvatore Ferragamo S.p.A.*

## **Report on the audit of the annual financial statements**

## *Judgment*

We have audited the accompanying financial statements of Salvatore Ferragamo S.p.A. (hereinafter also referred to as the "Company"), which comprise the statement of financial position as of December 31, 2023, the income statement, the statement of comprehensive income, the statement of cash flows, and the statement of changes in equity for the year then ended, and the no(e to the financial statements, which include significant disclosures about the accounting principles applied.

In our opinion, the financial statements give a true and fair view of the financial position of Salvatore Ferragamo S.p.A. as of December 31, 2023, and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union as well as with the measures issued in implementation of Article 9 of Legislative Decree 38/05.

## *Elements underlying* **def** *judgment*

We conducted our audit in accordance with International Standards on Auditing (ISA ltalia). Our responsibilities under those prlnciples are further described in the section *"Audit Firm's Responsibilities for Auditing the Financial Statements"* of this report.

We are indlpendent with respect to Salvatore Ferragamo S.p.A. in accordance with the standards and principles on ethics and independence applicable in Italian law to the audit of financial statements. We believe that we have acquired sufficient and appropriate audit evidence on which to base our 9iudgment.

## C/iiaxe *aspects of the* **confaói/e** *review.*

Key audit aspects are those aspects that, in our professional judgment, were most significant in the audit of the financial statements

de Ta da ta table and in the de tapets not we express a glu

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Salvatore K-erragamo 8.p.A. Ralozlona of the auditing company Dec. 31, 20?0

#### Valuation of inventories of finished goods

Notes to the financial statements: Note 2 "Expression of compliance with IFRS and Basis of Preparation" and Note 12 "Inventories"

| Key aspect                                                                                                                    | Revision procedures in response to the appearance<br>ehiave                                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| The operating budget as of December 31, 2023<br>includes.                                                                     | The audit procedures performed included:                                                                                                                                                                                 |
| inventories of finished products of €51 million, net of U.,<br>dl allowance of €23 million.                                   | - understanding of the business processes overseeing<br>Of the valuation of inventories of finished goods and                                                                                                            |
| The determination of the inventory allowance of<br>8 അംഗ്ലീഷ് നിന്നും അവലംബം ഒരു കോഹസnting estimate controls deemed relevant; | examination of the configuration and put in ako<br>the anallsi of the movement of stocks of                                                                                                                              |
| As influenced by multiple factors, including:                                                                                 | inventory in the fiscal year, taking into account the cycle of                                                                                                                                                           |
| · the characteristics of the industry in which the Company operates;<br>on                                                    | expected life of finished goods inventories based                                                                                                                                                                        |
| market trends and the influence of fashion;<br>•                                                                              | to the seniority of the same;                                                                                                                                                                                            |
| The seniority of the collections in storage;                                                                                  | · documentary analysis to discussion with the                                                                                                                                                                            |
| pricing policies and sales capacity<br>elsewhere t-o the different distfibutive channels.                                     | corporate functions involved about the<br>assumptions adopted in the estimation of the<br>finished goods inventory allowance, aimed at                                                                                   |
| For this reason, we considered the valuation of<br>finished goods inventories to be a key aspect of<br>the audit activities.  | understanding the assumptions underlying the<br>expected dynamics of finished goods disposal,<br>and the comparison of these assumptions with<br>historical data and with ìthe context in which the<br>Company operates; |
|                                                                                                                               | · examining the appropriateness dall disclosure<br>tarnished in the notes to the financial statements<br>with regard to inventories of finished goods.                                                                   |

Other aspects - Management and coorc/inamenfo.

The Company, as required by the legge, has included in the notes to the financial statements the essential data from the latest financial statements of the company that exercises management and coordination over it. The opinion on the financial statements of Salvatore Ferragamo S.p.A. does not extend to such data.

#### Responsibilities of egfi Directors and the Board of Statutory Auditors of Salvatore Ferragamo S.p.A. for f/annual financial statements

The Directors are responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union as well as with the measures issued in implementation of Article 9 of Legislative Decree 38/05 and, within the terms of the law, for that part of the internal control they deem necessary to enable the preparation of financial statements that do not contain material misstatements due to fraud or unintentional conduct or events.

The Directors are responsible for assessing the Company's ability to continue as a going concern and, in preparing the annual financial statements, for the appropriateness of the going concern assumption, as well as for adequate disclosure in this regard. Directors use the going concern assumption in preparing the annual financial statements unless they have assessed that conditions exist for the Company to be liquidated or discontinued or have no realistic alternatives to such choices.

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2

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*Salvatore Ferragamo S . p.A.*  Re/action of rev/sion company 3f *dl¢ember 2023*

II Board of Statutory Auditors is responsible for supervising, within the terms prescribed by law, the process of preparing the Company's financial reporting.

### *Responsibility of the rev'is*ion *company for revísione* contabi/e cfe/ ii/ancio **operating**

Our objectives are to obtain reasonable assurance that the financial statements, taken as a whole, do not contain material misstatements, whether due to fraud or unintentional conduct or events, and to issue an audit report that includes our opinion. Reasonable assurance means a high level of assurance that, however, does not provide assurance that an audit

performed in accordance with International Standards on Auditing (ISA I(alia) always identifies a significant error, if any. Errors may arise from fraud or from unintentional conduct or events and are considered signlficant if they can be reasonably expected, individually or in the aggregate, to influence the economic decisions of users made on the basis of the financial statements.

As part of the audit performed in accordance with International Standards on Auditing (ISA ltalia), we exercised professional judgment and maintained professional skepticism throughout the audit. ln addition:

- we have identified and assessed the risks of material misstatement of the financial statements due to fraud or unintentional conduct or events; we have defined and performed audit procedures in response to those risks; and we have acquired sufficient and appropriate audit evidence on which to base our opinion. The risk of failing to detect a material misstatement due to fraud is higher than the risk of failing to detect a material misstatement resulting from unintentional conduct or events, because fraud may ìimply the existence of collusion, falsification, intentional omissions, misleading representations, or forcing of internal control;
- we have acquired an understandingłone of internal control relevant to the audit for the purpose of dafining audit procedures appropriate in the circumstances and not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
- we evaluated the appropriateness of the accounting principles used as well as the reasonableness of the accounting estimates made by the Administfactors, including the related disclosures,
- we have reached a conclusion onThe appropriateness of the Directors' use of the going concern assumption and, on the basis of the evidence obtained, on whether a signiÑcant uncertainty exists with respect to events or circumstances that may cast significant doubt about the Company's ability to continue as a going concern. If there is a signlficant uncertainty, we are required to draw attention in the audit report to the related financial statement disclosures or, if such disclosures are inadequate, to reflect this in the formulation of our opinion. Our conGlusions are based on the evidence acquired ln the date of this report. However, subsequent events or circumstances may result in Sooieté ceasing to operate as a going concern;
- we have assessed the presentation, structure, and i( content of the net financial statements as a whole, including the ínformation, and whether the financial statements present the underlying transactions and events in a manner that provides a fair representation.

We have communicated to those responsible for goçe activities , identified at an appropriate level as rlquired by ISA ltalia, among other aspe(ti, the porta}ą .t mp'îtia planned for the audit and significant findings that have emerged, including any in the course of the audit. in the control Inferno identïficate

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**Sa/value Fewgamo S.***p.A.*  Pe/az/one of the *soc/e/a* d/ *review Dec 31, 2023*

We have also provided those responsible for *governance* activities with a statement that we have complied with the rules and principles onethics and independence applicable in the Italian legal system and have disclosed to them any situation that could reasonably be expected to have an effect on our independence and, *ore* applicable, the actions taken psr eliminate the related risks or the safeguards applied.

Of the matters communicated to those responsible for *governance* activities*,* we identified those that were most relevant to the audit of the financial statements for the year under review, and thus constituted the key aspects of the audit. We described these aspects in the audit report.

#### *Other* **comna/cafe** *information pursuant toArticle 10 of* **Rego/amenfo** *(EU) 537/14*

On April 18, 2019, the Shareholders' Meeting of Salvatore Ferragamo S.p.A. appointed us to audit the Company's statutory and consolidated financial statements for the fiscal years from December 31, 2020 to December 31, 2028.

We declare that no non-audit services prohibited under Article 5(1) of Regulation (EU) 537/14 were provided and that we remained independent of the Company in performing the statutory audit.

Gonferm that the opinion on the financial statements *expressed in* this report is in line with what is ìnded in the additional report intended for the Board of Statutory Auditors, in its function as the Audit Committee, prepared pursuant to Article 1 of the aforementioned Regulations.

#### Report on other statutory and regulatory **provisions**

Judgment *on the* compliance with/the *provisions of the* Oe/EP *Regulation (EU) 2019/815*

The Directors of *Salvatore* Ferragamo S.p.A. are responsible for applying the provisions of the European Commission's Delegated Regulation (EU) 2019/815 on regulatory technical standards relating to the specification of the E u r o p e a n S i n g l e Electronic Format (ESEF*)* for communications to the financial statements as of December 31, 2023, to be included in the annual financial report.

We have performed the procedures specified in Auditing Standard (SA ltalia) 700B in order to express an opinion on whether the financial statements comply with the provisions of Delegated Regulation (EU) 2019/815.

In our opinion, the *financial* statements *as of* December 31, 2023 have been prepared in the XHTML format in accordance with the provisions of Delegated Regulation (EU) 2019/815.

#### *Judgment pursuant to art. 14, paragraph 2, letter e),* of*Legislative Decree* 39/10 and *ad. 123-bis, paragraph 4,* de/ 0.Lgs. *58/98*

The Directors of Salvatore Ferragamo S.p.A. are responsible for the preparation of the Management Report and the Report on Corporate Governance and Ownership Structure of Salvatore Ferragamo S.p.A. as of December 31, 2023, including their consistency with the related annual financial statements and their Ii compliance with n0rms of Iegislation.

We have performed the procedures.set forth in auditing standard (SA Italy) 720B in order to express an opinion on the consistency of the management report and certain specific information contained in the report on corporate governance and ownership structures set forth in Article 123-bis, paragraph 4, of Legislative Decree.

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*Salvatore Ferragamo* **S,p,A.** *Report of the audit saciaty* 3f *december 2023*

58/98, with the financial statements of Salvatore Ferragamo S.p.A. as of December 31, 2023, and on their compliance with le9se regulations, as well as to issue a statement on any significant errors.

In our opinion, the management report and certain specific information contained in the report on corporate governance and ownership structure referred to above are consistent with the financial statements of Salvatore Ferragamo S.p.A. as of December 21, 2023, and have been prepared in accordance with the Iegislative regulations.

With reference to the statement referred to in Article 14(2)(e) of Legislative Decree 39/10, made on the basis of the knowledge and understanding of the company and its environment acquired in the course of the audit, we have nothing to report.

Florence, March 28,

2024 KPMG S.p.A.

Andrea Rossi **SOGO**

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## SALVATORE FERRAGAMO Ordinary meeting April 23, 2024

| Allegato " D "al Numero ____________________________________________________________________________________________________________________________________________________ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| l del Reportatio e si Numero  2885 O                                                                                                                                         |

Item 2

Oestination of *the profit for* the year *and dislóution of* porfe of *the* Extraordinary Reserve. *Pertinent and consequent resolutions.*

|                                                                                                                                   | no.<br>votes | %<br>votes<br>represented<br>in<br>assembly | % of Voting Rights |
|-----------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------|--------------------|
| Constitutive quorum assembly                                                                                                      | 249.288.928  | 100%                                        | 89,810%            |
| Votes<br>for<br>which<br>the<br>RD<br>has<br>instructions<br>for<br>the<br>SO<br>on<br>the<br>ballot<br>(deliberative<br>quorumj: | 249.288.928  | 100,000%                                    | 89,810%            |
| Votes<br>for<br>which<br>the<br>RD<br>did<br>not<br>have<br>instructions:                                                         | 0            | 0,000%                                      | 0,000%             |

|            |             | % voting participants<br>\$% | of voting rights |
|------------|-------------|------------------------------|------------------|
| Favorable  | 243.260.463 | 97,582%                      | 87,638%          |
| Contrary   | 0           | 0,000%l                      | 0,000%           |
| Abstained  | 22.015      | 0,009%l                      | 0,008%           |
| Not Voting | 6.006,450   |                              | 2,164%           |
| Totals     | 249.288.928 | /_                           | 89,810%          |

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## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

Punfo Z

Oestinoction of the operating utile and distribution of part of the Extraordinary Reserve. Relevant resolutions and consegoenf.

#### List of participants in the vote for i/ through the Designated Representative source securities S.p.A. in the person of Ooh.sso Claudia Amórosini

| AC1S                                                                                                        | p.0s5      | 0,004%    | F  |
|-------------------------------------------------------------------------------------------------------------|------------|-----------|----|
| ACM ALLEGRO 1240                                                                                            | 12.9 f 7   | 0.005 fi  | T- |
| ACM A£rEGeO 304T                                                                                            | 5.446      | 0,002@    | F  |
| ACOMEA PMITALIA ECG                                                                                         | 21.629     | 0,009%    | F  |
| GLOBAL DYNAMIC ACOMEA S]gATEGY.                                                                             | 13.258     | 0,005@    | F  |
| ADVANCED SERIES TRIST ASD GLOBAL 80ND PORTFOLIO                                                             | ) 07       | 0,000%    | F  |
| ALASKA PERMANENI FUND COPPORATION.                                                                          | 54         | 0,000P    | F  |
| AME9ICAN CENTURY ETF TRUSF-AVANTIS INTERNATIONAL EQUITY ETF.                                                | 5.327      | 0,002%    | F  |
| AMERICAN CENTUR Y ETF 7RU'iT-AVANT)S INTERNAT] ONAL EQUITY FUNO                                             | 31         | 0,000%    | F  |
| AMFRICAN CENIUI2Y ETF TRUPT-AVANTIS iNi£R N#tIONAL SMALL CAP<br>EQUITY ETF                                  | " 42       | 0.000s    | f  |
| AMERICAN CENTURY ETF FRUIT-AVANTIS RESPONSIBLE IN TERNA/ IQNAL<br>EQUITY ETF                                | 31d        | 0.000 'B  | C  |
| AM5P}CAld rUNDS INSUKANCE SERIESGROWTH FUMD                                                                 | 2.\ 74.4Z7 | 0.8Z2W    | E  |
| AMtJNDI FTSE Mj8                                                                                            | 38, 174    | 0,0G%     | f  |
| AMIJNOI INOEX EUPOPF £X UK SMALL AND MID CAP FUND                                                           | 1.944      | 0.001     | E  |
| AMUNDI M CI EMU SMALL CAP ESG CAB N7 AMB                                                                    | 90.827     | 0,030%    | F  |
| AmUriO MfiC! Europe Small Cap ESG Climate Net Zero Ambifion CT8                                             | 17.857     | 0.%Z%     | F  |
| #M5 NDI SGk SPA / AMUNDI 9tSP#R MIO ITALY.                                                                  | /5.S22     | 0.026%    | F  |
| AFJIMA CRMCITA ITALY NEW                                                                                    | 0.Z58      | 0,004@    | F  |
| ANIMA FUCIDS PUBLIC LIMITED COMPANY                                                                         | 12.554     | 0.00SA    | F  |
| SOUL INITIATIVE ITALY                                                                                       | 199.784    | 0,080X    | F  |
| Arca Shares Italy                                                                                           | 130.000    | 0.05gB    | F  |
| Ark Economy keole Budget to )tclTo 30                                                                       | 330.000    | 0.132(d)  | F  |
| Ark Real Economy 8ilanciato Ilaria 55                                                                       | 43.000     | 0.0177    | F  |
| Aet7ONA STATE eETIREMENT S7STEM                                                                             | T          | 0,000%    | F  |
| APKOI^/STKEET (DELAI^/ARE) L/S FUNO L.F ARPOWSTREET CAPITAL LED<br>PARTN ERSHIP-ARRO\^/STREET DELAWAI2F L S | 10         | 0,000%    | F  |
| ARROW/STREFT CAPITAL COPLEY FUNDLfMITEO.                                                                    | f3.468     | 0,005\$<  | F  |
| ARROWSTPEET CAPITAL ESG GLOBAL EQUfry £OHG/SHOP7 FUAD                                                       |            |           |    |
| IMITE.                                                                                                      | 3.900      | 0.002%    | F  |
| ATOME                                                                                                       | t 6.36     | 0,%Zg     | F  |
| AUSTRALIEN PET}REMEfJT TPUST                                                                                | 7.062      | 0.003%    | F  |
| AVENIR INVESTISSEMENTS                                                                                      | 7.838      | 0.0037    | F  |
| AXA MPX FINANCIAL DESfGNATED ACTIVTTY CO.                                                                   | 72.000     | 0,029\$   | F  |
| AXA Vorsorge Fonds II Equifies Global Markats Coll Cag Passive<br>Credil Suisse Eunds AG                    | g pdf      | 0,003@    | 5  |
| AXA \^/OPLD FUNOS SICAV                                                                                     | 364.441    | 0,140@    | F  |
| A2 FUND 1 A7 ALLOCATION ITALIAN PREND                                                                       | l 5.0ifi f | 0,000(0)  | F  |
| AZ FUND ) A 7 ALLOCATION PIP ITAL 1AN EXCELLENCE 30                                                         | 2.50 I     | 0,001 (0) | F  |
| AZ FUND T AZ ALLOCATION PIR ITALIEN EXCELLENCE 70                                                           | 5 1 .7 S   | 0.021     | F  |
| 41 EIJED 1-AZ ALLOCATION-)TALIAN LONG PERM OPPOPTUNIIIES                                                    | 60.772     | 0,024@    | F  |
| AttMUI CAPITAL MANAGEMENT SGR SPA                                                                           | 25.865     | o,010@    | F  |
| A7IMJE CAPITAL MANAGEMENT SGP SPA                                                                           | I 7.10P    | 0,007@    | F  |
| ZL DEA INTERNATIONAL CORE FQtJITY FUND.                                                                     | 1.885      | 0,001%    | F  |
|                                                                                                             |            |           |    |

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| BANK 8ILBAO VIZCAYA ARGENTARIA ŞA                                                  |                  | 700,469          | 0,281 %          | F      |
|------------------------------------------------------------------------------------|------------------|------------------|------------------|--------|
| a ANc oP osTA ReNAsciMENT.                                                         |                  | 25,347           | 0,010%           | F      |
| B8VA DURB INTL EUROPEAN EQUITY FUND                                                |                  | 12.464           | 0,005B           | F      |
| 8EBGAMOTIA SRL                                                                     | 05949850488      | 1 .720.756       | 0,d90%           | F      |
| BEACKROCK ASSET MAHAGSMENT SCHWEI7 AG ON 8EHAEF OF                                 |                  | ଞ୍ଚିର            | ОООВ             | F      |
| ISHABES WORLO EX SWIT/EREAND<br>BLACKRUC K U HORISED CON\eAC\UAL SCHrMr I          |                  | }00              | 0,000%           | ್      |
| 8LACKROCK FUND MANAGERS LTD                                                        |                  | too              | 0,000%           | f      |
| 8LACKROCK INDEX SELECTION FUND                                                     |                  | ) 00             | 0,000%           | f      |
| 8LACFROCK INSTITUTIONAL TRUST COMPAN'Y, N.A. INVESTMENT FUNDS                      |                  | 125.655          | 0,050@           | F      |
| FOR EMPLOYEE BENEFIT TKUSTS.                                                       |                  |                  |                  |        |
| 8LACKROCP LIFE WTO                                                                 |                  | too              | 0,00@@           | F      |
| 8LACKROCE MSCI EAF5 SMALL CAP EQUITY INDEX FUND 8 (EAFESMLB                        |                  | 3.882            | 0,002\$          | F      |
| BNP PARIBAS EASY - MSC) ELIROPE SMALL CAPS SPI S-SERIES 5 CAPPED                   |                  | 129550           | 0,032%           | F      |
| eNP PARI8AS EQUITY - FOCUS IfALIA.                                                 |                  | fi.854           | 0,004@           | F      |
| 8NPP / MODERATE - FOCUS I7ALIA                                                     |                  | 5'7.786          | 0,024%           | F      |
| BOPRAGINE SPL                                                                      | 089498b0487      | 1.720.7d6        | 0.dg0%           | F      |
| C frives issements                                                                 |                  | 3.534<br>T.768   | 0,001%           | F<br>F |
| CALIFOand IA STATE TEACHEeS' RETIREMENT SYSTEM.<br>CATILLON I                      |                  | 7.184            | 0,00\y<br>0,003s | F      |
| CENTRAL PENSION FUND OF THE   NTEPNATIONAL UNION OF                                |                  | 157              | 0,000%           | F      |
| OPEfiATjNG                                                                         |                  |                  |                  |        |
| CHRYSOLE ET PIAT                                                                   |                  | 10.103           | 0,004%           | F      |
| CI WISDOMTREE EUROPE HEDGED EQUIfy INDEX ETF.                                      |                  | 328              | 0,0005           | r      |
| CI WISDOMTREE INTERNATIONAL QUALITY OIVI GROWTH                                    |                  | 8.253            | 0,003%           | F      |
| c /Y OF EW YORK eO z iz si                                                         |                  | d.fi4d           | 0,003\$          | r      |
| Cify OF PHFLADETPHIA PLI8LIC EMPLOYEES REFIREMENT SYSTEM.                          |                  | 3.d25            | 0,00T@           | r      |
| COLLEGE RETIPFMENT EQUITIES FUND<br>CONNrCTicUi GENERAL Lir-E IHSUeANCE COMPANY.   |                  | ].OOH<br>177     | 0,000%<br>0,000@ | F<br>F |
| CPEDIT SUFSSE INDEX FUND LUX                                                       |                  | 27.d4d           | 0.0tJ%           | F      |
| CsIF CH Equity World ex CH Small Cap BJue Credit Suisse funds AG                   |                  | 4.433            | 0,002@           | F      |
| cslF cH Equity World ex CH small Cop ESG Blue Credit Suisse Fuods                  |                  | 5.718            | 0,001%           | ದ್     |
| AG                                                                                 |                  |                  |                  |        |
| C3IF CH )U Eqvily World ex CH Small Cap ESG Blue Pension Fund<br>Plus              |                  | 7.621            | 0.003s           | r      |
| Credit Suisse FUnds AG<br>DE SHAW US BROAD MARKET CORF ALPHA EXTENSION CUSTOM FUND |                  | 421              | 0,000%           | F      |
| ALLE.                                                                              |                  | 5.544            | 0,002%           | F      |
| DEEARA8                                                                            |                  | 82,980           | 0.033X           | F      |
| Edmond de Rothschild Fund Euro and Synergy                                         | 04403z10488      | 6.972.180        | 2797@            | F      |
| EFFESETTE SRL                                                                      |                  | 1.175            | 0.000B           | F      |
| ENSIGN PEAK ADVISORS INC                                                           |                  | 80.000           | 0,032%           | F      |
| EURtZON AZ\OHI ITA£\A                                                              |                  | 332.943          | 0.T34@           | E      |
| EURI7ON AZIOHI PM} ITALY                                                           |                  | 59.111           | 0.024%           | F      |
| EURIZON CAPITAL 3GR-PIR )TAL!A 30<br>EURITON SUND                                  |                  | B4.869           | 0.034R           | F      |
| EU917ON PIR ITALY SHARES                                                           |                  | 21.222<br>84.278 | 0.0098<br>0,034@ | F<br>F |
| EUk}7ON PROJECT TTALIA 20                                                          |                  | 249.752          | 0.100@           | F      |
| zURiZON reOGe'/O IiArlA 40                                                         |                  | 18.5l]           | 0.04ZB           | F      |
| EuelzoH PeocElro rr uA zo                                                          |                  | 7. b26           | 0,005s           | F      |
| F&L CAPITAL                                                                        |                  | ?' 988           | 0.003@           | F      |
| FAD5LiS )NVEST                                                                     | 02607380033      | 948.7b8          | 0,380@           |        |
| FAFF SRL                                                                           |                  | b.760            | 0.0045           |        |
| @F BEAUpOpl                                                                        |                  | 8,207            | 0.003B           |        |
| FDFI CALISS ON) 947                                                                |                  | 6.900            | 0.003@           |        |
| FDFI SMYL2206<br>FDFI TONTON RAOUL                                                 |                  | 12.825           | 0,005@           |        |
| FDF2 DCP                                                                           |                  | 8. Zla           | 0,005B+          | F      |
| FDF2 HBC FAMILY INVESTMENT                                                         |                  | 24.089<br>15.250 | 0.010R.<br>0006" | F<br>Y |
| FDF2 SSR                                                                           |                  | 1-1-2-736        | 0,004%           | F      |
| FDF2 NEW ALLEGPO T144                                                              |                  | 171665           | 0,003%           | F      |
| FDF2 OA CAPITAL                                                                    |                  |                  | 0,005%           | F      |
| FDF2 OSMOSE                                                                        | FRPFRC45P09DSZSX |                  | 0.406%           | P      |
| rrPe cAvo rEPeucclo                                                                |                  |                  |                  |        |
|                                                                                    |                  |                  |                  |        |

![](_page_180_Picture_1.jpeg)

| AND #CLOVE FINAN7IAPI A SPA                                                                             | 041 (b) 460J82    | 183.223.820       | 73.4P8(a),          | F       |
|---------------------------------------------------------------------------------------------------------|-------------------|-------------------|---------------------|---------|
| FERFiAGAMO GIOVANNA                                                                                     | FPRG NN43C66D875V | 1.012.6A0         | 0,fiO6(a)           | F       |
| FIDEETT CONCORO STEFET SPURS: FIOELITY SA! IriTERNATIONAL S                                             |                   | રી રે             | 0.000@              | F       |
| FIDELITY FUNDS - SU3IAIHABLE COMJL/MEP 8RANDS POOL                                                      |                   | 604.155           | 0,24'2%             | F       |
| FIOEMTY GLOBAL CONSUMER INDUSTRIES FUND                                                                 |                   | 3d.4óó            | 0,015g-             | F       |
| FIDEEIN MANAGEMENT AN0 RESEARCH COMPANY LLC                                                             |                   | 2.402             | 0.00FB              | F       |
| FIDELITY SALgM STF'EET TPUST: FIDELITY TOTAL INTERNATIONAL IFIOEX<br>FUND.                              |                   | TJ.P) 4           | 0,006(a)            | F       |
| FtDEURAM COMPARFO PIANO ANTONY ITALIA                                                                   |                   | 347.359           | 0.139%              | F       |
| FIDEUPAM COMPAPTO PIANO 8ILANCIATO ITAL)A 30                                                            |                   | )0.000            | 0.004%              | F       |
| FIDSUPAM COMPAPTO P ANO BALANCED ITALY 50                                                               |                   | 52.000            | 0,021%              | F       |
| FINVIS SIRL                                                                                             | 04S00b104B1       | \$ 9F2.f80        | 3,797B-             | F       |
| FLFXSHARES MORNINGSTAP DEVELOPED fvtARKEfiS EX-US FACTOR TILE<br>INDEX FUND                             |                   | 269               | 0,000%              | F       |
| FLONADA                                                                                                 |                   | 7.573             | 0.003'7-            | T-      |
| FORSTA AP - FONDEN                                                                                      |                   | 4.970             | 0,002P<             | F       |
| G&C PLACEMENT                                                                                           |                   | 2T.338            | 0.Q097              | F       |
| GAMAX FLINDS - JUNIOR                                                                                   |                   | 140.7'2T          | 0,056%              | F       |
| GEStIFEEE PRO ITALIA.                                                                                   |                   | તે રહ્યા          | 0.004(a)            | F<br>F  |
| GIQIJATIRO SP L<br>HSBC ETFS PUBLIC LIMITEN COMPAN Y - HSBC MCCI WORLD SMALL                            | 00514 180976      | 6.972.180         | 2,777%              |         |
| CAP ESG UCITS ETF                                                                                       |                   | T.882             | 0.00) (a)           | F       |
| FAM NATIONAL PENSION FUND                                                                               |                   |                   | 0,000               | 1       |
| IBM 40' F) PLMS PLAN +RUS\.                                                                             |                   | 18#               | 0,000               | P       |
| IELO INVi=ST<br>INTERNATIONAL COPS FQU!TY PORTFOLIO OF DFA INVESIMEN7                                   |                   | 1845<br>59.809    | 0.003B<br>0.0y4B    | P<br>ಕ್ |
| DIMEMSIONS GPOLIP INC                                                                                   |                   |                   |                     |         |
| INTERNACIONAL MOMEFAPY F/JNO.                                                                           |                   | 4.086             | 0.002%              | F       |
| INVESCO FISE RAFI DEVELOPOD MAPKETS EXUS 8NA LLI iD ETF                                                 |                   | 1.005             | 0,000%              | F       |
| INVE3CO fNCOME ADVALITAGE INTERNACIONAL ETNO.<br>INVESCO MARKZS 4 PLC                                   |                   | 26<br>789         | 0,000%<br>0.000%    | E<br>F  |
| IMVESTFPINGSFOREN\NGEN DANSKE INVESI SELECI TACTICAL ASSET                                              |                   |                   |                     |         |
| ALLOCATION - DANMAPK AKKUMULERENDE EL<br>INV 2IEPINGSFOeFNINGEN OANSKE INVEST SELECT TACtICAL ASSEI     |                   | 8.099             | 0,003%              | F       |
| ALTO CATION EURO - ACCtJMUtA7NG KL                                                                      |                   | 3. I 3ff0         | .001 S              | F       |
| INVESTERINGSFOPENINGEM DANSK; INVEST SELECT IACTICAT ASSETT<br>RELOCATION NORGE - ACCUMULATING KL       |                   | 2.1K              | 0,00!               | ದ       |
| INVESTEPINGSFORENINGEN DANS 412 INVE37 SELECT TACTICAL ASSEI<br>ALLOCALION SVERIGE - AC CUMIJ£ATING ML  |                   | 3.002             | 0.001 B             | F       |
| INVESTERINGSFORENINGEM SPARINVSST INDEX ELIROP A                                                        |                   | 4.291             | 0,002%              | F       |
| ISHARES ALL-COUNT 'Y EQUITY INDEX FUND                                                                  |                   | 185               | 0,000%.             | F       |
| ISHAR6S COPY MICT EAFE EU                                                                               |                   | 407.24Y           | 0, y63B<            | į"      |
| ISHARES COe£ MSCI EArl= iMi /NDeX ETF.                                                                  |                   | 641               | 0,000%              | F       |
| ISH AMES CORE MSC I EUROPE ETF                                                                          |                   | 13814             | 0,000(a)            | F<br>F  |
| iSHAREs CORE MSCI INERNA\OHAtDI=V£tOP£D MAR Kz/S ETF<br>ISHARE2 CORE MSCS TOTAL INTERNATIONAL STOCK ETF |                   | ) 0 . H9<br>/2303 | 0,004%<br>0,029(a), | F       |
| ISHARES If! PtJOLIC LIMITED COMPANY                                                                     |                   | 808               | 0,000(a)            | F       |
| ISHARES MSC I EAFE SMALL-CAP ETF                                                                        |                   | 79.933            | 0,032%              | F       |
| ISHARES MSC  EUROPE IMI INOEX ETF                                                                       |                   | ) . 234           | 0,0008              | F       |
| )SHARES MSCI EUROPE SMALL-CAP CF                                                                        |                   | 1.00s             | 0,000%              | F       |
| ISHAPES V# PUBLIC LIMITED COMPANY                                                                       |                   | 40.3fi5           | 0.0Jó%              | F       |
| JAN TNV£2TISSEN EN7S                                                                                    |                   | 18,507            | 0,007(a),           | F       |
| JHF II IN^L SMALL CO FUND                                                                               |                   | 3.934             | 0,002%              | F       |
| JHVIT INTL SMALL CO IRLIST.                                                                             |                   | 2.4úi2            | 0,0Q1(a)            | F       |
| JOHN HANCOCK FUNDT II FUNDAMEN7AL ALL CAP CONE FUND.                                                    |                   | T70. 148          | 0.068%              | F       |
| JOHN HANCOCK FUNOS II FUNDA/VIENTAL GLOBAL FRANCHISE FUND.                                              |                   | 400329            | 0, J 6la            | f       |
| JOHN HANCOCK IRUST COMPANY COLLBCII E INVESTMENT IPUST I                                                |                   | óg.084            | 0,028%              | F       |
| JOHN HANCOCK VIT FNDAMENTAL ELL CAP CORE TF'USI                                                         |                   | 88P.619           | 0,35Z(a),           | P       |
| KEVA                                                                                                    |                   | 1,87   .053       | 0,751%              | F       |
| LA VILLETTE                                                                                             |                   | 0,951             | 0,003%              | F       |
| LACERA MASIER OPEB TRUST                                                                                |                   | 1.275             | 0,000\$8            | F       |
| =<br>tEAO£R5Et P.M.I.                                                                                   |                   | 6.07 i            | 0,002%              | F       |
| LEGAL & GENERAL ICA V.                                                                                  |                   | 2.421             | 0.00TP              | F       |

![](_page_181_Picture_1.jpeg)

| Anagrafica - Anagrafica                                                                                          | CF/PI PART   | Voti             | % su votanti Voto |        |
|------------------------------------------------------------------------------------------------------------------|--------------|------------------|-------------------|--------|
| LEGAL AND GENERAL ASSURANCE (PENSIONS MANAGEMENT) LIMITED                                                        |              | 1.776            | 0,001%            | F      |
| INGOT ALTRMVE INVSTMNTS MASTER F ID ICV-LNGTTO SPC£ OPPOR<br>LOCKHEED MARTIN COPPOPATION MASTEP RETIREMENT TRUST |              | 294.701          | 0,118%            | F      |
| LOS ANGEEES COUNTY EMPLOYEI=S PETIREMENT ASSOCIATI LVIP                                                          |              | 25               | D,000&            | F      |
| DIMEMS OH AE INTFRNATIONAL CORE EQUITY FUND LYXOR                                                                |              | 11               | 0.000B            | F      |
| FTSE ITAtJA NtfD CAP PIR                                                                                         |              | 2.493            | 000%              | F      |
| M & G Securities Limited                                                                                         |              | 17.434           | 0.00Z%            | F      |
| M NTERNATIONAL EQUITY FUND                                                                                       |              | 184.417          | 0,074%            | F      |
| M3P                                                                                                              |              | 78               | 0,000%            | F      |
| lvt3P g                                                                                                          |              | 8.445            | 0.0£08            | P      |
| MANULIFE ASSET MANAGEMENT LED                                                                                    |              | 8.531            | 0,000%            | F      |
| MANULIFF GLOBAL FRANCHISE FUND.                                                                                  |              | -                | 0,000%            | F      |
| NIJLIFE INVESTMENT EXCHANGE FUNDS COkP. - MANULIFE.                                                              |              | 255.642          | 0103              | F      |
| BALANCED<br>MANILIFICE INVESTMENT EXCHANGE FUNDS CORP. MANUALIFE II.S. £01                                       |              | 271.285          | 0,109             | F      |
| MANIFILIE ENTRESS ALENTAL ANTAL CARA A STANLEY PER ALL A COLORICAL POLICITY PER PERSON                           |              | 137.605          | 0,0588            | F      |
| MANIJLIFE U.S. ALL CAP CORE EQUITY FUND                                                                          |              | 96.493           | 0,0398            | F      |
|                                                                                                                  |              | 2.528            | 0,001%            | F      |
| MANUEIFE U,S. ALL CAP EQUITY FUND                                                                                |              | 514 14           | 0.20dg            | F      |
| MARCH INTEPMATIONAL - the FAMILY BUSINESSES FUNO                                                                 |              | 235,359          | 0,094(a)          | F      |
| MARK LAND DATE RSTIPEMENT PENSION SYSTEM                                                                         |              | 3.903            | 0,002(a)          | F      |
| MAUPERTUIS                                                                                                       |              | 7.92 I           | 0,00:3%           | F      |
| MEDIOLANLIM GEJTIONE PONOI MGR - FLEXIBLE SV\LUPPO FALIA                                                         |              | 316.6090         | , T27'(a)         | F      |
| MERCER QIF COMMON CONTRACTUAL FUND                                                                               |              | 10.063           | 0,004%            | F      |
| MERCERQIF FUND PLC                                                                                               |              | 17. 3940         | .00 ffi           | F      |
| MERCEE' UCfT\$ COMMON CONTPACTUALFUND                                                                            |              | 7.1 80           | 0.003%            | r      |
| MOLIN THE                                                                                                        |              | 18.804           | 0,00z%0           | గా     |
| MOLINEL 15                                                                                                       |              | 4.933            | 0.002B            | F      |
| MOLINEL 16                                                                                                       |              | 29.862           | 0,012@            | F      |
| MOLINEL 17                                                                                                       |              | 12.919           | 0.00S(a)          | F      |
| MOLINEL 18                                                                                                       |              | 5.79 I           | 0,002%            | F      |
| MOV SLA CORPORAT' TON                                                                                            |              | 2.4990           | .001 (a),         | F      |
| MUX- LYX FTSE If ALL CA9 PU 2                                                                                    |              | 4.02 1           | 0.002%            | F      |
| rr PISrAPMIO ITALY                                                                                               |              | 3.127            | 0,00 1%           | F      |
| NrS LIMITED                                                                                                      |              | 2.4)             | 20.001 (a)        | F      |
| NORGES BANK<br>LIORTHERN TRUST COMMON ALL COUNTRY WORLD MX-US INVESTABLE                                         |              | I S9.495         | 0.064P<           | F      |
| MAR                                                                                                              |              | 3.   52          | 0,001 (a)         | F      |
| NORTHERN jeUST GLOBAL INVrSiME iS COLLrCTIVr FUNDS iRUSi                                                         |              | 53,901           | 0.022%            | F      |
| NC+RTHERN IPLIST UCITS COMMON CONTPACTUAL FUND OLD                                                               |              | 18.1g7           | 0.0079            | F      |
| WESTBURY SMALL AND MCD CAP SIPATEGIES FUND.<br>ONFPAJ+I GLOBAL SHARES - SMALL CAP (UNHEDGED) INDEXPOO£           |              | 172.985<br>1.871 | 0,069<br>0,001 %  | F      |
| PIP EQUITY AXA AsslCUeAzION1                                                                                     |              | 30.000           | 0,012@            | F<br>F |
| PK CsG \/oild EquityCredif Suisse Funds AG                                                                       |              | 229              | 0,000\$<          | F      |
| PUBLIC AUTHORITY FOR SOCIAL INSURANCE                                                                            |              | 2.070            | 0,001%            | F      |
| PUBLIC EMPLOYEES RETIPEMMT ASSOCIATION OF COLORADO PUBLIC                                                        |              | 20.452           | 0,008%            | F      |
| EMPLOYEES RETIREMENT SYSTEM OF OHIO                                                                              |              | 5.600            | 0,002%            | F      |
| YOU DHILL S&P GLOBAL LUXUeY ETF RUF                                                                              |              | 105              | 0,000%            | F      |
| OE \A PATX                                                                                                       |              | 5.6d6            | 002%              | F      |
| SACRE COEUR                                                                                                      |              | 50.9P            | 0,012%            | F      |
| SAGEPNO INVWTISSMENTS                                                                                            |              | 13.994           | 0,006%            | F      |
| SAWA SPL                                                                                                         | 0692} 130487 | d.772. 180       | 2,717%            | F      |
| sCH\'YA8 FUNDAMENTAL INTEkNAfIONAL SMALL COMPANY INDEX ETC                                                       |              | 71.254           | 0.02P             | F      |
| SCHWA8 FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX rUND<br>SCHWAB INTEPNAtIONAL SMALLCAP EQUITY ETF.           |              | 1,462            | 0.005&            | F      |
| 5EftEN S ADAG<br>I)                                                                                              |              | tg7.075          | 0,051%            | F      |
| SHELLICANADAC200708ENSION PLAN                                                                                   |              | 2.773            | 0.00%             | F      |
| WTO DIVEST SSEMENTS                                                                                              |              | િટેરે            | 0.000%            | F      |
| SMALLCAP WOPLD FUND INC                                                                                          |              | 7.414            | 0,0036            | F      |
| sPARTA ePouP iPiJsi roe EMPLOYEE OEHEFIT PLA s.                                                                  |              | MARIC 274.573    | 1,314%            | F      |
|                                                                                                                  |              | ాన్న న<br>Sin    | 0.000             | F      |

![](_page_181_Picture_3.jpeg)

![](_page_182_Picture_1.jpeg)

| SPDO PORTFOLIO DEVELOPED WOPLD EXUS ETF                                                         |                  | S.967                                                                                                                                                                         | 0.%2%               | I  |
|-------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|----|
| SPDP PORTFOLIO EUROPE ETF                                                                       |                  | 1.55                                                                                                                                                                          | 0,%f %              | F  |
| SSB MCCI ACW1 EX USA IMI SC REENFD NONLENDING COMMON TRUST FUNO                                 |                  | 1.783                                                                                                                                                                         | 0,001%1             | F  |
| SJ8 MCCI EAFE SMALL CAP INDEX SECURITIES LENDING COMMON FWD                                     |                  | 8.924                                                                                                                                                                         | 0,004&              | F  |
| SXGA SPDg ETAS ECPOF'E II PLI8tTCLTMTTED COMPANY                                                |                  | 1.280                                                                                                                                                                         | 0,001@              | F  |
| S\$GLOBADVfAXEXEXEVFTk0PfMfh!P1AN£                                                              |                  | 88.745                                                                                                                                                                        | 0,03b(a),           | F  |
| STATE OF NEW / MEXICO STATE INVESTME IT COUNCIL                                                 |                  | T T.281                                                                                                                                                                       | 0,005(a),           | F  |
| SiAiE OF WISCOMSIN INVESTMENT 80APD                                                             |                  | 1.702                                                                                                                                                                         | 0.001(a)            | F  |
| STATE STREET GLOBAL ALL CAP EQUITY EXIJS INDEX PORTFOLIO                                        |                  | T.170                                                                                                                                                                         | 0,000(a)            | F  |
| STATE TEACHERS gEfIRE:ME:NO SYSTEM OF OH)O                                                      |                  | 800.000                                                                                                                                                                       | 0,321P              | F  |
| STICHTING BEORIJFSTAKP6NSIO-M FOND3 VOOR DG MEDIA PNO                                           |                  | 7.655                                                                                                                                                                         | 0.003(a)            | F  |
| SIICHTtN G BPV PENSIOEN MANDAAT U8'i AM OT                                                      |                  | 2.448                                                                                                                                                                         | 0,001%              | F  |
| STICHTING PENSIOENFONDS VOOR HUISARTSEN                                                         |                  | 1.99                                                                                                                                                                          | 0,000s              | I  |
| STICHTING PHILIP PENSIOENFONDS                                                                  |                  | 873                                                                                                                                                                           | 0.000B              | F  |
| SIRAIEGIC INTEPN ATIONAL EQUIIY FOND                                                            |                  | 2.f53                                                                                                                                                                         | 0,001s              | F  |
| SYNAPSE                                                                                         |                  | 9.7461                                                                                                                                                                        | 0,004%              | F  |
| TERESA L MCGRATH REVOCASLE TPOST                                                                |                  | 18.90J                                                                                                                                                                        | 0,000               | రి |
| THE BAP CLAYS BANE U K RETTREMEMTFUMD                                                           |                  | 2.802                                                                                                                                                                         | 00018               | C  |
| THE CONTINENTAL SMALL COMPANY SERIES BY                                                         |                  | 1T0103                                                                                                                                                                        | 0,068               | C  |
| THE EUROPEAN CENIPAL BANK                                                                       |                  | 29.454                                                                                                                                                                        | 0,01z%              | fi |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITO                                            |                  | 4.104.600                                                                                                                                                                     | I ,647(a)           | F  |
|                                                                                                 |                  |                                                                                                                                                                               |                     |    |
| THE MONETARY AUTHORITY OF SINGAPOPE                                                             |                  | 449                                                                                                                                                                           | 0,000@              | F  |
| THE REGENTS OF THE UNIVERSIW OF CALIFORNIA                                                      |                  | 1.299                                                                                                                                                                         | 0,00)%              | F  |
| THE 'UATE OF CONNECOCLI? ACTING THROUGH ITS TREASURER                                           |                  | 37.716                                                                                                                                                                        | 0.0T5(a)            | F  |
| THEMES EUROPEAN tUX0eY ETF.                                                                     |                  | KS25                                                                                                                                                                          | 0,00f(a),           | F  |
| TONTI SRI                                                                                       | 12582220963      | 253.T66                                                                                                                                                                       | 0.102(a)            | F  |
| TRUST II BPIGHTHOUSEDIMENSIONAMNT SMALL COMPAN Y POGTFOXIO                                      |                  | રોને                                                                                                                                                                          | 0,000%              | F  |
| UBS (IRLj ETC PLC                                                                               |                  | 2 1.899                                                                                                                                                                       | 0,009(a)            | F  |
| UBS FUND MAMAGFMENT (SWITZERLAND) AG ON BEHALF OF 7URICH                                        |                  | 2.08                                                                                                                                                                          | 0,001%              | F  |
| IhIVESTINStITuTIONAL FAN.                                                                       |                  |                                                                                                                                                                               |                     | F  |
| I es FUND MA AGrMz T s\ /iiZEerAND) AG. LIBS<br>LUX FOND SOLUTIONS                              |                  | J ).SI 2<br>'2S.752                                                                                                                                                           | 0,005(a),<br>0,010% | F  |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT M8H ON 8EFIALF OF 5TBV-N\^Y-                                  |                  |                                                                                                                                                                               |                     |    |
| UNIVERSAL-FONDS                                                                                 |                  | ?360                                                                                                                                                                          | 0,00                | ?  |
| VANGIJAPD DEVELOPED MARKETS INDEX FUND                                                          |                  | 8201T                                                                                                                                                                         | 0109                | fi |
| VAN GUARD ESG DEVE£ OPED WORLO ALL CAP EO INDEX AND UK                                          |                  | 80d                                                                                                                                                                           | 0.000B              | f  |
| VANGUAPD ESG INTERNATIONAL SIOCK ETF                                                            |                  | 7.840                                                                                                                                                                         | 0.003(a)            | F  |
| VANGUARD EUROPEAN STOCO INDEX FUND                                                              |                  | T30.809                                                                                                                                                                       | 0.052%              | F  |
| VANGUAPD FIDUCIARY TRUST COMPANY DEVELOPED MARKETS INDEX<br>TRUST                               |                  | 10.39 I                                                                                                                                                                       | 0,004%              | F  |
| VANGUARD FIDUCIA 'y TPUST COMPANY INSTITUTIONAL TOTAL<br>INIERNATIONAL STOCK MARKET INDgX TRUSf |                  | a2338                                                                                                                                                                         | 0.025'B             | E  |
| VANGUARD FIDUCIARY TRUST COMPANY TN3TITUT)ONAL TOTAL                                            |                  |                                                                                                                                                                               |                     |    |
| INTERNATIONAL STOCK MARKET IRON TROT !!                                                         |                  | 4.361                                                                                                                                                                         | 0.002(a)            | F  |
| VANGUARD FUE ALtWOPLD EXuS SMALLCAP INDEX FUND.                                                 |                  | T8LJ77                                                                                                                                                                        | 0,0738°             | F  |
| V NGU AeD FTSE DEvELOPED ALL CAPEX NORTH AMeICA I 0£X ETr                                       |                  | 9,011                                                                                                                                                                         | 0.004(a)            | F  |
| VANGUARD FTSE DEVELOP ID EUPOF E ALF CAP INDEX ETF                                              |                  | fi53                                                                                                                                                                          | 0,000@              | F  |
| vAN GRIA e0 ruNDS PUB LLC uMiirD COMPANY                                                        |                  | તેરતું તે તે તે તે તે તે તે આ ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામના લોકોનો મુખ્ય વ્યવસાય ખે | 0.000(a)            | E  |
| VANGUARD INTERNATIONAL SMALL COMPANIES INDEX FUND                                               |                  | 1.035                                                                                                                                                                         | 0.000(a)            | F  |
| VANGUAPD IMVES FMENT fiftRTEfi PUBtIC LIMITED COMPANY                                           |                  | 5.719                                                                                                                                                                         | 0,002%              | F  |
| VANGU ARO SOFAS INTERNA7IONAL STOCK INDEX FUND                                                  |                  | 315.088                                                                                                                                                                       | 0,126(a),           | F  |
| VANGLIARD TOTAE WORLO STOCK INDEX FUND                                                          |                  | 58.39ff                                                                                                                                                                       | 0.015%              | F  |
| VERDIF APIpFONDST KLP AKSJEGLO&A £ SMALL CAP                                                    |                  | 98                                                                                                                                                                            | 0,000(a),           | F  |
| INDEKS VIOENTE                                                                                  |                  | 1/.500                                                                                                                                                                        | 0,007               | F  |
| V r  CVC VANG UARO F/s£ GLOBAL ALL CAP iND5x rUNo                                               |                  | 260                                                                                                                                                                           | 0,000%              | F  |
| Vt\$C ONTI ANGELICA CAMIL£A CON30LATA WAN                                                       | VSCHLC73E44F205N | 253,164                                                                                                                                                                       | 0, 102%)            | F  |
| VISCONTI G)MEVPA CAMILt A                                                                       | VSCGVP75A65F205B | 250.16d                                                                                                                                                                       | 0.1025              | F  |
| VIICONT I MARIA CONSOLA 7A                                                                      | VSCMCN79He3F205M | 253,166                                                                                                                                                                       | 0,102%              | F  |
| WASHINGTON STATF INVES AMONG BOARD                                                              |                  | 18d                                                                                                                                                                           | 0,000%              | F  |
| WELLE INVE2I                                                                                    |                  | વ તેરી I                                                                                                                                                                      | 0,003s              | F  |

![](_page_183_Picture_1.jpeg)

| WISDOMIREE DYNAMIC CURRENC Y HEDGEO INTERNATIONAL<br>SMALLCAP EQUIly FUND | 1.791     | 0.001B. | E  |
|---------------------------------------------------------------------------|-----------|---------|----|
| WISDOMTREE EUPOPE HEDGED EQUITYFUNO                                       | 4.592     | 0,002%  |    |
| WISDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUID                             | 289       | 0.000%  | E  |
| WISDOMEREE INTERNATIONAL HEDGEDQUA LITS OWDEND GPOWITH<br>FUND            | 4.686     | 0,002%  |    |
| WISDOM(PEE INTERNATIONAL QUALITY DIV)DEND GPOWIH FUND.                    | 2.596     | 0.001%  |    |
| WISDOMTREE INTERNAT}ONAL SMArECAP DIVIDEND FUND.                          | 5.892     | 0.      | E  |
| WMD FLINOS                                                                | 7.723     | 0.003%  | E  |
| XTPACKFPS MSCI EUROZONE HEDGED EQUITY ETF                                 | 488       | 0.000'g | E  |
| YORFLA                                                                    | 47.253    | 0.019%  | E  |
| CHALLENGE FUNDS - CHALLEFJGE ITALIAN EQUITY                               | 22.000    | 0.009%  | A  |
| The eose K. fiwedlow Trusf DTD 03/T 9/92                                  | 15        | 0.000%  | A  |
| Global Elite Commercial Inc                                               | 8.00      | 0.0038. | NV |
| Ma' stic Honour Limited                                                   | 6.000.000 | 2.407%  | NV |
| School Maximilian Alexonde'                                               | 150       | 0.000%  | NV |

| 7otole votonti | 249,288,928 | 100% |
|----------------|-------------|------|
| e              |             |      |

F - Foyoreyole
C - Contrario
 A - Astenulo
 A - Astenulo +jV - Non Valance

![](_page_183_Picture_5.jpeg)

![](_page_184_Picture_1.jpeg)

![](_page_185_Picture_1.jpeg)

## SALVATOREFERRAGAAAO S.p.A. Ordinary Assembly April 23, 2024

| Allegato" - " al Numero _ 857 24   |  |
|------------------------------------|--|
| l del Rovennilo e el Mumero 2005 Q |  |
| A made i more you                  |  |

Section 3.1

Report on Oi remuneration policy and compensation paid. DeTiberations/ inherent and consequent: Oeliferations pertaining to the Company Ós remuneration policy referred to in the report pursuant to Article i23-ter, paragraphs 3-0)s and 3ter, Del D.lgs. 24 feoDroio 1998. n. 58 ("TUF").

|          |                                                                                              | no. votes   | % votes represented in | % of Voting Rights |
|----------|----------------------------------------------------------------------------------------------|-------------|------------------------|--------------------|
|          |                                                                                              |             | assembly               |                    |
|          | Constitutive quorum assembly                                                                 | 249.288.928 | 100%                   | 89,810%            |
|          | Votes for which the RD has instructions for the<br>BOD being voted on (deliberative quorum): | 249.288.928 | 100,000%               | 89,810%            |
|          |                                                                                              |             |                        |                    |
|          | known for which the RD                                                                       |             |                        |                    |
|          | did not have instructions:                                                                   |             | 0,000%                 | 0,000%             |
| Constant |                                                                                              |             |                        |                    |
|          |                                                                                              | U. VOti     | % voting participants  | % of voting rights |
| メン       | Favorevole                                                                                   | 228.299.447 | 91,580%                | 82,248%            |
|          | Contrary                                                                                     | 14.961.016  | 6,001%                 | 5,390%             |
|          | Abstained                                                                                    | 22.015      | 0,009%                 | 0,008%             |
|          | Not Voting                                                                                   | 6.006.450   | 2,409%                 | 2,164%             |
|          | Totals                                                                                       | 249.288.928 | 100,000%               | 89,810%            |

![](_page_186_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

Report on remuneration policy and compensation paid. Oelioerozioni inerenfi and conseguent/: oelioezazioni inherent to the politica of remuneration of the Societo referred to in the first section of the report pursuant to or! . /U-let, paragraphs 3-bis and 3-ter, of Legislative Decree February 24, T998, no. 68 ["fUF "j;

#### List óe participants in voting for/through óel Pappresenton(s) Designated Mount Tifoli. S.p.A. in the person Óe/and/and Dr. Claudia AmDrosini

| DC OMEA PMPALIA ESG                                                         |                        | 21,629      | 0,009(a), | F  |
|-----------------------------------------------------------------------------|------------------------|-------------|-----------|----|
| ACOMEA DYNAMIC GLOBULE STRATEGY                                             |                        | 13.258      | 0,005%    | F  |
| AMEPICAN FUNDS INSURANCE SERIESGK OWTH FUND.                                |                        | 2.174.4Z7   | 0,87g%    | F  |
| BEP GAIL OTTA SRI                                                           | 06Pe9850488            | 1.720.768   | 0,690%    | F  |
| BOgRAgINE URL                                                               | 069498604B7            | 1.720.786   | 0,690%    | F  |
| EFFESETTE SRL                                                               | 04403710488            | b.972.180   | 2,797%    | F  |
| FAFF SRL                                                                    | 02b07380033            | 948.768     | 0,380%    | F  |
| FERk AGAMO FEPRUC CIO                                                       | FPRFRC45P09D575X       | 1.012.660   | 0.406%    | F  |
| FEPRAGAMO FINANZIARIA SPA                                                   | 04 161460482           | 183.223.620 | 73,478(a) | F  |
| FERD AGAMO GIOVANNA                                                         | FR and GNN 43C66D 575V | 1.012.660   | 0,40's(a) | F  |
| FINVIS SRL                                                                  | 04500810481            | 6,972.IB0   | 2.797%<   | F  |
| FLEXSH ARES MORNINGSTAR DEVELOPED MARKETS LX-US FACTOR TELA<br>IMOEX FOND   |                        | ንሰዓ         | റ റററന%   | f  |
| GIQUATTPO SPL                                                               | 00514180975            | 5.972.180   | 2.797%    | F  |
| If INGOTTO ALTRITVE INVilMN7S MASTER FND ICV-LNGTTO SPCL<br>OPPOR           |                        | 294.701     | 0.T f8@   | F  |
| N ORTHERN TRUSICOMMON ALL C OUNTRY WORLD EX-US INVESTARL E<br>MAR           |                        | 3.152       | 0.00lw    | C  |
| NORTHERhi TRUST GLOBAL INVE TIMENTS COLLECTIVE FU/JDS TRUST                 |                        | 53.901      | 0.022     | F  |
| NORTHERN IROST UCI7S COMMON CONTPACTUAL FUND                                |                        | 18.1 97     | 0.00ZB    |    |
| PUBLIC AUTHORITY FOR SOCIAL TNSUPANC -                                      |                        | 2.070       | 0.00H     | F  |
| SAWA SRI                                                                    | 0a921 3048T            | ó.772 ! 80  | 27 7%     | F  |
| SMA£LCAP WORLD FUND INC                                                     |                        | 3.274.573   | 1,314%    | F  |
| THIHONGKONGANDFHANGHA3ANKNGCOPPOPAWONIHITED                                 |                        | 4.104,600   | 1,647%1   | F  |
| LPG ROUNDS                                                                  | I 2582220963           | 253.166     | 0102'8    | ್ಕ |
| VISCONTI ANGELICA CAMI£LA CONSOLATA \ VAN                                   | VSCNLC73£'t4£205N      | 253.184     | 01 02T    | F  |
| VISCONTI GINEVRA CAMILLO                                                    | VSCGHR 75AS5F205B      | 253.   64   | 0.102%    | F  |
| MAKIA CONS OLATA ACCOUNTS.                                                  | VSCM CN79H63F205M      | 253. I ó6   | 01 02%    | E  |
| ACC                                                                         |                        | 9.055       | 0.004%    | C  |
| ACVAtEG801 ? 40                                                             |                        | I2 917      | 0.005%    | C  |
| ACM ALLEGRO 3041                                                            |                        | 5.44ó       | 0002%     | C  |
| ADVANCEO SERIES OPUS} ASD GLOBAL BOND POP!FOL[0                             |                        | 107         | 0.000     | C  |
| ALASKA PEPMANENT FUND CORPORATION                                           |                        | ો રેપે      | 0.0(a)%   | C  |
| AMERICAN CENTUP Y ETF TRUST-AVANTIS INTEBN ATIONAL EQUITY ETF               |                        | 5.327       | 0,002'8   | C  |
| AMERICAN CENTIJRY ETF IRUST-AVANIS INTERNATIONAL EQUITY FUND                |                        | 3]          | OOOM      | C  |
| AMERICAN CENTUPY ETF TRUST-AVANTES INTERNATIONAL SMALL CAP.                 |                        | w2          | 000       | C  |
| EQUITY ETF<br>AMERICAN CENTIJRY ETA TRUST-AVANIS RESPONSI8LE INTEPNAT)ONAL. |                        | 314         | 0.000%    | C  |
| EQUITY ETF<br>AMUNOI PHASE MI8                                              |                        | 38.174      | 0,015%)   |    |
| AMUNDI INOEX EUPOP8 £X UX SMAL£ AND MID CAP FIJND                           |                        | f .9J4      |           | C  |
| AMUNDI MSCT E/vtU 3MALt CAP ESG CAB N7 AMB                                  |                        | P0.82P      | 0,001%    | 00 |
|                                                                             |                        |             | 0,036%    |    |

![](_page_187_Picture_1.jpeg)

| Amundi MSCI Europe Small Cap ECG Ctimale Net Black Ambltion CTB                                               | 1185Z            | 0,007             | C      |
|---------------------------------------------------------------------------------------------------------------|------------------|-------------------|--------|
| AMUNDI SGP SPA / AMUNDI PISPAR MIO ITALIA                                                                     | 65.522           | 0,028B            | C      |
| ANIMA C 'ESCINA IIALIA NEW                                                                                    | 10.758           | 0,004%            | C      |
| ANIMA FUNDS PUBLIC LIMITED CO MPAMY                                                                           | 12.554           | 0,005'g           | C      |
| SOUL INITIATIVE ITALY                                                                                         | 199.754          | 0.0B0%            | C      |
| Arca Azion) Italy                                                                                             | T30.000          | 0,052@            | C      |
| Arco Real Economy Balanced Italy 30                                                                           | 330,000          | 0,132"B           | C      |
| i^rca Economy Raale Balanced Italy Six<br>AR\70NA STATE RET\REMENT SYSTEM                                     | 43.000<br>T      | 0.0175<br>0.000s  | C<br>C |
| AL ROWSTRFET (DELAWAPE) L/S FUND L.P ARRO\^/SIREET CAPITAL LED<br>PARTN ERSHIP-ARROWSTREET DELAWAPE L'S       | 10               | 0,000@            | C      |
| ARROWSieEET CAPI Ar COPLEY FUNDLIMI\ED.                                                                       | (3.458           | 0.005@            | C      |
| ARRO\'/STPEEf CAP fA£ WSG GLOBAL EQUIIY LONG/SHOkT rUND<br>UMITE.                                             | 3.900            | 0,002R            | C      |
| ATOME                                                                                                         | 16.361           | 0,007%            | C      |
| AUSTPALIAN REIIPEMENT IRUST                                                                                   | 7.062            | 0,005%            | C      |
| AVENIR INVESTISSEMENTS                                                                                        | 7.858            | 0.003@            | C      |
| AXA MPS FINANCIAL DES   GNATED ACIIVIIY CO<br>AXA Vorsorge Fonds II Fquitias Global Markets Small Cap Passive | 72.000           | 0,02g\$<          | C      |
| Credit Suisse Funds AG                                                                                        | 8.045            | 0003g             | C      |
| AXA WOPrD FUNDS SICAV                                                                                         | 3d444            | 0,1 4d@           | C      |
| AZ FUNQ I AI ALLOCATION ITALIAN TREND                                                                         | 15.057"          | 0,006%            | C      |
| AZ rund 1 AZ ALLOCATION PIP ITALIAN EXC FLLENCE 30                                                            | 2.501            | 0,0018            | C      |
| AZ FUND T AZ ALLOCATION PIP ITALIAN EXCELLENCE 70                                                             | SI.Z)S<br>60.972 | 0,021%            | C<br>C |
| AZ FUND J-AZ ALLOCATION-ItALTAN LOMG TERM OPPORTUNITIES<br>AZIMUT CAPITAL MANAGEMENT SGD SPA                  | 25.865           | 0,024@<br>0,0/0%  | C      |
| tlMUT CAPiiAL MANAGEMENT sGR sPA                                                                              | 17.109           | 0,007%            | C      |
| AES DFA INTERNATIONAL CORE EQUITY FUND                                                                        | 1.885            | 0,00]%            | C      |
| eANCO BILBAO VIZ CAY A ARGENTARIA BA                                                                          | 700.489          | 0,28t%            | C      |
| BANCOPOsT Ri AsCiMiNG                                                                                         | 25.34Z           | 0,0108            | C      |
| BBVA DUR8 INTL EUk OPEAN EQUITy FUND                                                                          | (2.464           | 0,005%            | C      |
| BLACKROCK ASSET MANAGEMENT SCHWEIZ AG ON 8FHALF OF ISHAPES<br>WOPLD £X \$\ññ/ITZERLAND                        | 100              | 0,000%            | C      |
| 8EACKROCK AUTHOPISED CONTRACTUAL SCHEME I                                                                     | 100              | 0,000R.           | C      |
| BLACKROCK FUND MANAGERS LED                                                                                   | 100              | 0,000B<           | C      |
| BLACKPOC K INDEX fiELEC7ION FUNO                                                                              | 100              | 0,000%            | C      |
| 8LACBLOCK INSTITUTIONAL TRUST COMPANY. H.A. INVESTMENT FUNDS<br>FOR EMPLOYEE BENEFIT TRUSTS                   | 125.655          | 0,000%            | C      |
| 8EACKROCK LIFT BID                                                                                            | 100              | 0,000%            | C      |
| 8LACPROCK MSCI EAFE SMALL CAP EQUITY INDEX FLIND 8 (EAFESML8                                                  | 3.882            | 0,002%            | C      |
| BNP PARIBAS EAST - MSCI EUROPE SMALL CAPS SRI S-SER1ES 5 CAPPED                                               | 129.550          | 0.05W.            | C      |
| BNP pAR 8AS EQUITY - FOCUS ITArIA                                                                             | 9.854            | 0,004%            | C      |
| BNpp MOoERATE - FOCM OTAL)A                                                                                   | 59286            | 0,024X            | C      |
| C INVESTISSEMENTS                                                                                             | 3634             | 0,001%            | C      |
| C r rOR IA siAiE TrACHEes' ezTIREMrNi SYsirM<br>CATILLON 1                                                    | 1-88<br>/ .18J   | 0,00   %<br>0003% | C<br>C |
| CENISAL PENSION FUND OF THE INFERNATIONAL UNIOH OF.                                                           | 157              | 0,000%            | C      |
| OPERATING<br>CHRYSOLE ET PIAT                                                                                 | 10.103           | 0,004%            | C      |
| CI WISD OMTREE £UPOPE HEDGED EQUIZY INDFX ETF                                                                 | 328              | 0,000%            | C      |
| CI WISDOMTREE IN7EPNANONAL QUALTrY DM GPOWTH                                                                  | é.263            | 0,003%            | C      |
| City OF NEW YORK GROUP TPUST.                                                                                 | +.946            | 0,003@            | C      |
| CITY OF PHITADELPHTA PUBLIC EMPLOYEES PETT9EMENT SY3TEM.                                                      | 3.825            | 0,00}%            | C      |
| COLLEGE RETIREIv\ENT EQJ\TES FUND.                                                                            | 1.001            | 0.000%            | C      |
| CONNECTICUT GENERAL LIFE INSURANCE COMPANY                                                                    | 177              | 0.000@            | C      |
| CPEDIT SUISSE INDEX FUNO LUX]                                                                                 | 27ñ4             | 0,05 %            | C      |
| CDPF CH Eqvity \/orld aX CH Small Cap BlUe Credit Suisse Funds AG                                             | 4.433            | 0,002@            | C      |
| CSIF CH 5qoi1y Wotld ex CH Small Cop ESG Blue Credil Su!sse Fvnds<br>AG                                       | 3,716            | 0.001 y           | C      |
| CS)r CH II) Equity World ex CH Small Cap ECG B ue Pension Fund Plus<br>CredT't Suisse Funds AG                | 7.421            | 0 £03B            | C      |
| DE SHAW US B90AD MA9KET CORE ALPHA EXTEN3ION CUSTOM FUND<br>ILL.C.                                            | 42\              | 0,000X            | C      |

![](_page_188_Picture_1.jpeg)

| OEKA-PAB                                                      | 4.544   | 0,002@   | C |
|---------------------------------------------------------------|---------|----------|---|
| -dmond de Rolhschild Fund Europe S nergy                      | 82.g80  | 0,0335   | C |
| ENSIGN PEAE AOVISOP S ANC                                     | ] 175   | 0,00D@   | C |
| EURIton A710NI IIaLIA                                         | 80.000  | 0,032%   | C |
| EURIZON A7IONI PMI KAtTA                                      | 332.943 | 0.T34@   | C |
| EURIZON CAPITAL SGP-PIP IfaLIA                                | 59.11]  | 0,024@   | C |
| 30 EURIZON FUND                                               | 84.3âg  | 0,034%   | C |
| fU8B0MpRFAUAAZOM1                                             | 21.222  | 0,009@   | C |
| EURI/ON PROJECT ITALY 20                                      | 84,2Z8  | 0,034%   | C |
| EUfilton PROJECT ITAlia +0                                    | 249.752 | 0,100@   | C |
| EUPI7ON PROGETTO ITALY 70                                     | 18.3J 1 | 0,047%   | C |
| F&L CAPITAL                                                   | 7.fi36  | 0,00W    | C |
| FADELIS INVES/                                                | Z.986   | 0,003@   | C |
| FDF) 8£AUPORT                                                 | b.Zd0   | 0,003T < | C |
| FDF1 CALISSON t 947                                           | 8£07    | 0,003@   | C |
| FOFI SMYL2206                                                 | \$.900  | 0,003%   | C |
| FDFI ION {ON PAOUL                                            | 12.823  | 0,005%   | C |
| For2 DCP.                                                     | 6.719   | 0,003%   | C |
| FOF2 H6C FAMTLY TNVEfiTM£NT                                   | 24.089  | 0,010@   | C |
| FDF2 MSR                                                      | IS.250  | 0,006@   | C |
| FDF2 NEW ALLEGfi O 1144                                       | 9.736   | 0,004@   | C |
| FDF2 OA CAPITAL                                               | 7.665   | 0,003%   | C |
| FDF2 OSMOSE                                                   | 12.938  | 0.005@   | C |
| riDEIJ\Y coucoeo stPrer feusi: nDEu sA1 IN15PNATIONAL S       | d13     | 0,000%   | C |
| FIOE£ITY STUDS - SLSIAIHABLE CONSUMER BRANDS POOL             | 604.155 | 0.242@   | C |
| FTDEL)TY GPO&AL CONSUMER INDUSTRIES FUND                      | 36.466  | 0.015%   | C |
| FIDELITY MANAGEMENT ANO RESEARCH COMPANY LLC                  | 2.402   | 0,001%   | C |
| FIDELITY SALEM STREW TPUST: FIDELITY TOTAL INTERNAWOHAL INQX  |         |          |   |
| FUND                                                          | T4.PT d | 0,00b@   | C |
| FIDFLIRAM COMPAPTO PIANO A7joni ITALY                         | 347.369 | 0,1 39A  | C |
| FTOSLIRAM COMPA WTO PIANO BILAN CIALO ITALY 30                | f0.000  | 0.004@   | C |
| FIDEUR AM COMPAPTO PIANO 8ILANCIA{O ITALY 50                  | 52.000  | 0,021@   | C |
| £LON ADA                                                      | 7.573   | 0,003S   | C |
| FORSTA AP - FONDEN                                            | é9r0    | 0,002%   | ് |
| G&C P&ACEMFN T                                                | 21.33s  | 0.009%   | C |
| GAMAX FUNDS - JLINIOP                                         | 40.721  | 0,058%   | C |
| GESTT5L£F PRO ITA£IA                                          | P650    | 0,0D4%   | C |
| HSBG EIFS PUBLIC LIMITED COMPANY - HSBC MSCS WORLD SMALL      | 1.8821  | 0,001%1  | C |
| CAP ESG UCITS EIF                                             |         |          |   |
| IAM NATIONAL PENSIOM FUND                                     | 1\      | 0.000%   | C |
| IBM 401 K PLLIS PLAN TRUST                                    | 184     | 0,000@   | C |
| ELO INVEST.                                                   | b.845   | 0.003%   | C |
| INTERNATIONAL COKE £QUITY PORTFOLIO OF DFA INVESTMENT         | 59.809  | 0,024@   | C |
| DIMENSIONS GROUP INC.<br>INTERNATIONAL MONETARY FUND          | 4086    | 0,002%   | C |
| INVEJCO FTSE RAFI DEVELOPED MARKETS EXUS SMALtMID ETF         | 1005    | 0.00%    | C |
| TNVZCO INCOME ADVANTAGE INTERNATIONAL FUND                    | 2é      | 0.%0%    | C |
| INVMCO MAPKETS II PLC                                         | 789     | 0,000%   | C |
| INVESTERING FO9ENINGEN OANSKE INVMI SELECT IACTTCAL WSFT      |         |          |   |
| ALLOCATION - DANMARK AKKOMOLEPFNO£ KE                         | 8,099   | 0.003 fi | C |
| INVESTERINGSFOPENINGEN DAN8KE INVEST SELECT TACTICAL ASSET    |         |          |   |
| A£tOCATION EURO - ACCUMULATING KL                             | 3.133   | 0.001%   | C |
| INVESTERINGSFORENtINGEN DANSKE INVESI SELECT(ACICAL AJSET     | 2. T20  | 0,001 X  | C |
| ALLOcA1iON uoecE - rccuu' ii "G ct                            |         |          |   |
| INVE'itEFilMGSFOREX!NGEN BY ISKE INVEST SELECT TACTICAL ASSET | 3.0fi2  | 0£01%    | C |
| ALIOCAT)ON SVERIGE - ACCEMULATING KL                          |         |          | C |
| INVESTERINGS FOPENING EN SPARINVEST INDEX EUROPA              | 4.291   | 0.002@   | C |
| ISHARES ALL-COUNTRY EQUITY INDEX FUNQ.                        | 185     | 0,000%   |   |
| 15HAkES CORE MSCI F-AFE EFF                                   | 407.249 | 0.1d3(@  | C |
| fSHAkES COPE MSCI EAFE TMI TNO£X ETF.                         | s4 T    | 0.00H    | C |
| ISHAREs COPr / isCi EUPOPE ETr                                | 13.8T 4 | 0,0065   | C |
| ISHARGE COKE MCCI INTERN ATIONALDEVELOPED MARKETS ETF         | 10.X9   | 0,Q046   | C |
| ISHA9ES CORE Mt CI TOTAL INTERN ACTIQNAL STOCK EFF            | ?210d   | 0.029@   | C |
| SHARES III pLI8LIC LIMITED COMPANY                            | 808     | 0.000@   | C |
| ISHAKES MSCI EAFE SMAI.L-CAP Eff                              | /9.933  | 0,0327   | C |

![](_page_189_Picture_1.jpeg)

| UHARES MSCI EUROPE IUN INDEX ETC                                   | ) .234         | 0,000(a)             | C      |
|--------------------------------------------------------------------|----------------|----------------------|--------|
| ISHAPFJ MSCI FUtiOPE SMALL-CAP Eff                                 | 1,037          | 0,000%               | C      |
| ISHARES VII PUBLIC LIIv l'IED COMPANY                              | #0,395         | 0,016%               | C      |
| JAZ INVESTISSEMENTS.                                               | j8.507         | 0,007B               | C      |
| JHFII INJ'L SMALL CO FUNO                                          | 3.934          | 0.002%               | C      |
| JHVITINT'L SMALL CO TRUST                                          | 2.42           | 0.001%               | C      |
| JOHN HANCOCK FUNDS It FUNDAMENTAL ALL CAP CORE FIND.               | 1/0148         | 0.0dB(a)             | C      |
| JOHN HANCOCK rUNDS II FUNDAMENIAL GLOBAL FfianC HIS E FUND,        | 400.129        | 0,161%               | C      |
| JOHN HANCOCK TRUST COMPANY COLLECITYE INVESTMENT TPUSTI            | 69.084         | 0,028@               | C      |
| JOHN HANCOCK VII FNDAMENTAL ALL CAP CORE TPUST                     | 889.6i9        |                      | C      |
| REVA                                                               | 1.871.053      | 0.357(a)<br>0,751    | (      |
| LA GILLETTE                                                        | 6.951          | 0,003%               | C      |
| £ACEPA MASIFR OPEB TRUST                                           | 1.275          | 0,00)B               | (      |
| LEADERSEL P.M.I                                                    | a.oz1          | 0,00Z(a),            | C      |
| LEGAL & GENERAL IC A V.                                            | 2.421          | 0,001(a)             | (      |
| LI2GAL AND GF-NO-RAL ASSURANCE IPENSIONS MANAGEMENT) LIMIT£D       | 1.7Z6          | 0,001%               | (      |
| LOCKHEED MAeTN CO rO" i O M iEe PzTleEMENi TRUSi                   | ટેરે           | 0,000@               |        |
| LOS ANGELES COUNTY EMPLOYEES RETIPFMENT ASSOCIATES                 | lt             | 0,000g"              | C<br>C |
| LVIP DIMENSIONAL INTERNATIONAL CO9E EQUITY FUND                    | 2.#93          | 0.001B               | (      |
| LYXOR FTSE ITALIA MID CAP PIP                                      | .z.xa'         | 0,00 /e.             | C      |
| M & G Securities limited                                           | 184.417        | 0,074(a),            | (      |
| M INTI=RNATIONAL FQUITY FUND                                       | 78             | 0.00££               | C      |
| M3P 1                                                              | 8.445          | 0,003(a),            | (      |
| M3P 2                                                              | 8.53T          | 0,003%               | (      |
| MANULIFE ASSET MANAGEMENT LTD                                      | I              | 0.000%               | (      |
| MANULIFF GLOBAL FR ANCHISE FUND.                                   | 25SA42         | 0,103%               | (      |
| MANUL)FE IN'VEUMENT EXCHANGF FUNDA CORF. - MANLILIFE<br>BALANCED   | 27 1 .265      | 0, T09B              | (      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU.      | 37.605         | 0,055'g              | C      |
| MANUL)FE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND            | 9d.493         | 0,0as                | C      |
| MANULIFE U.S. ALL CAP COPY EQUITY FUND                             | 2,528          | 000 I (a)            | (      |
| /ytANULIFE U.S. AND CAP EQUITY FUND.                               | 5 4.114        | 0,206(a)             | (      |
| MARCH INIEPNATIONAL - THE FAMILY BUSINESSES FUND                   | 235.359        | 0.0P4%               | (      |
| MAPYLAND STATE RETIREMENT PENSION SYSTEM                           | 3.903          | 0.002(a)             | (      |
| MAUPERTUIS                                                         | 7.921          | D,003&               | (      |
| MEDIUM UM MANAGEMENT AND FO OF SGP - FLESI8IrE DEVELOPMENT iiALIA. | 316.609        | 0.127\$              | (      |
| MERCEP QIF COMMON CONTRACTUAL FUND                                 | 10.083         | 0004%                | (      |
| MERCER QIF FUND PLC                                                | 17.394         | 0,007(a),            | (      |
| MEeCEe UCiiS COMMON CONTRACiU FUuD.                                | 7. 180         | 0,003%               | (      |
| MOLINEL 11                                                         | 16.804         | 0,007%               | (      |
| MOLINEE15                                                          | 4.933          | 0,002&               | (      |
| M O L hIEL i 6                                                     | 29.862         | 0,012%               |        |
| MOLINFL 17                                                         | 1 2.919        | 0,005(a),            | (      |
| MOLINEL 18                                                         | 5.79T          | 0.002(a)             | (      |
| M07ILrA CORPOPANON                                                 | 2.49P          | 0,001%               |        |
| /vtUL- LYX FTSE IN ALL CAP PIN 2                                   | 4.021          | 0(a)02%              |        |
| NEF plsPARMIO rrArlA                                               | 3.127<br>2.4 2 | 0,001 X              |        |
| CFS LIMITED                                                        | 1 59495        | 0,00   (a)           |        |
| NOPGES BANK<br>oLD \/KTBIJeY SMALL AND MID CAP s rATrGIEs FUND.    | 172.985        | 0,0d4(a),<br>0.00g%  |        |
| ONEPATH GLO8AL tHARES - SMALL CAP (UNHEDGED) INDEXPOO£             | 1.871          | 0,001 (a)            |        |
| ale zoun Y e4<br>ssicue zioN1                                      |                |                      |        |
| pK CSG World Equit Credit Suisse Funds AG                          | 30.000<br>229  | 0,012\$'<br>0.000(a) |        |
| PUBLIC EMPLOX YES RETIREMENT ASSOCIATION OF COLO9ADO               | 20452          | 0.008(a)             |        |
| F UBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO                        | 5d00           | 0,002(a)             |        |
| R QUNDHILL S&P GLOBAL LUXURY EU                                    | 105            | 0.000%               |        |
| PUE DE LA PAIX                                                     | 5,d46          | 0,002(a)             |        |
| SACRE COEU9                                                        | 30.991         | 0.012B               |        |
| SAGES NO INVF-STISS EMENIS                                         | 13,994         | 0.000(a)             |        |
|                                                                    |                |                      |        |

![](_page_190_Picture_1.jpeg)

| SCHWAB FUNDAMENTAL INTEPNATIONAL SMAfL COMPANY INDEX ETF                                       | 7 1.254          | 0,029%             | C      |
|------------------------------------------------------------------------------------------------|------------------|--------------------|--------|
| SCHWAB FUNDAMENIAL INTERNATIONAL SMALL COMPANY INDEX                                           | T1.462           | 0,005(a),          | C      |
| FUNO                                                                                           |                  |                    |        |
| SC w B 1 PER AT ONAL SMALLCAP EQUIY +F<br>S ERENIS ADAGIO 1103                                 | T27.075<br>2.773 | 0,051%             | C<br>C |
| SHELL CANADA 2007 PENS1ON PLAN                                                                 |                  | 0,001(a)           | C      |
| SIFTO INVEST!3JfMfN7J                                                                          | 183              | 0,000B             |        |
| SPARTAN GROUP fRUSE FOR EMPLOYEE BENEFIT PLANS.                                                | 7,414            | 0,003%             | C      |
|                                                                                                | rZZ              | 0,000Z             | C      |
| SPDR PORTEOMO DEVELOPED \^/OPLD EXUS ETF                                                       | 5.967<br>1.5i    | 0,002%<br>0001s    | C<br>C |
| SPDR PORTFOLIO I2UROPF ETF                                                                     |                  |                    |        |
| SS  MSC ACWEEX USA IMI SCREENED NONLENDING COMPON TRUST<br>FUND                                | I 7830           | ,001 7             | C      |
| SSB MSCI EAFE SMALL CAP INDEX SECURITIES LENOING COMMON FND                                    | 8.924            | 0,004%             | C      |
| SGA POR ZFS EUROPE T PUBLICMMITED COMPANY                                                      | 1 .280           | o,0o1%             | C      |
| ISI GLO8 AOV fAX SXEMFT EEfIPEMENT PAN5                                                        | 88.745           | 0,036%             | C      |
| STATE OF NEW MEXICO STATE INVESTMENT COUNCIL                                                   | 11.261           | 0.00S(a)           | C      |
| STAIL OF- \/ISCONS IN INVESTMENT BOARD                                                         | 1.702            | 0.001%             | C      |
| sTAiE sieEET GLOeAL ALL CAT eQUiiy cXr/s I DCX rO9ir OlJO                                      | 1.170            | 0,00008            | C      |
| STATE TEACHSPS PFf)REMENj SYSTEM OF OHto                                                       | 800.000          | 0,321%             | C      |
| JTIC hTING BEOplJF5TAkPENS IOEN FONDS VOOR DE MEDIA PNO                                        | Z.65S            | 0,003 %            | C      |
| ST1CHT1NG BFL P ENSIOEN MANOAAT UBS AM LV                                                      | 2.448            | 0001%              | C      |
| STICHTIMG P5NSIOENFOnJDS VOOR HU15APTSEN                                                       | 1 69             | 0,000'g            | C      |
| STIC HTIN G P HILIPS PENS IOENFONDS                                                            | 873              | 0,0(a)%            | C      |
| STRATEGIC INTER'NATIONAL EQUITY FUND                                                           | 2. ) 53          | 0,001%             | C      |
| SYNAPSE                                                                                        | 9.7#6            | 0.004%             | C      |
| SERESS £ M CGPATH P EVOCAB LE TRUST                                                            | 18.900           | 0.006%             | C      |
| THE 8ARCLAYS BANK UK RETIREMENTFUND                                                            | 2.802            | 0,00)(a)           | C      |
| THE C ONTINENTAL SMALL COMPANY SERI52 MY                                                       | 170.103          | 0,068%             | C      |
| THE EUPOPEAN CEOOPAL BANK                                                                      | 29.454           | 0.012(a)           | C      |
| THE M ONETARY AUTHORITY OF SINGAPO R E                                                         | 449              | 0.000(a),          | C      |
| IHE REGENTS OF THE UNIVERSITY OF CALI FORNIA                                                   | 1.299            | 0.001 fi           | C      |
| THE STATE OF COUHEC!iCUI, ACIIN G !H ROUGH TT'i TREY JPEG                                      | 37.71 ó          | 0,01 5%            | C      |
| THAMES EUROPEAN LUXURY EU                                                                      | T.529            | 0,00 1(a)          | C      |
| TPUST JI BE jGH HOUSEDIMENSIOMALINT SMALL COMPANY PO PTFOLIO.                                  | ર વે             | 0.000%             | C      |
| UBS IR L )ETF PLC                                                                              | 21.599           | 0007%              | C      |
| UBS FUND MANAGEMENT (SWITZERLAND) AG ON BEHALF OF 7URICH                                       |                  |                    |        |
| TNVE2 TINSfIT 17IONAt FINN                                                                     | 2.1 45           | 0.001%             | C      |
| UBS F-UND MAMAGEMENT SWITZERLAND AG.                                                           | .5 I2            | 0003#              | C      |
| UBS LUX FT ND SOLUT ONS                                                                        | 35.782           | 0.010%             | C      |
| UNIVERSAL-INV6STMENT-GESF£LSCHAFT M8H OF BEI-IAL' OF 5T8V-N^/-                                 |                  |                    |        |
| UN\VERSAr-FOND5                                                                                | 2.3 ; 0          | 0,00?              | C      |
| VANGUARD DEVELOPED MARKETS INDEX FUND                                                          | 520.25)          | 0,209%             | C      |
| VANGUARD ESG DEVELOPED WORLD ALL CAP EQ INDEX FMO LIK                                          | 80ó              | 0.000              | C      |
| VANGUARD ESG INTERNATIONAL STOCK ETC                                                           | 7.840            | 0.003%             | C      |
| VANGUARD WROPEAN STOCK IMDEX FUND                                                              | 130.809          | 0.052(a)           | C      |
| VANGUARD FIQUCIARY TRUST COMPANY DEVELOPED MARKETS INDEX<br>IRUSI                              | 1 0.391          | 0.004(a)           | C      |
| VANGUAPD FIDt/ClAPY TRUJ7 COMPANY TNS7)TUTIONAL TOTAL                                          | 62138            | 0.026              | C      |
| INTERNATIONAL STOCK MARKET INDEX TRUST<br>VANGUARD FIDUCIARY TRUST COMPANY INSTITUTIONAL TOTAL |                  |                    |        |
| IN72RMATIONAt SIOCK N APTE/INDEX TRUST II                                                      | 4.36t            | 0.002@             | C      |
| VANGUARD FTSE A££WORLD EXUS SMALfCAP INDEX FUND.                                               | I8LI7'7          | 0,073%             | C      |
| VANGUARD FTSE DEVELOPED ALL CAPEX NORTH AMERICA INDEX ETF                                      | 9.01T            | 0,004(a),          | C      |
| VANGUARD FTSE DEVELOPED EUROPE ALL CAP INDEX ETF                                               | 653              | 0.000(a)           | C      |
| VANGUARD FUNDS PU8LIC UMITED COMPANY                                                           | વેટિકે           | 0,000%             | C      |
| vANGUAPD IN75E'N ACTIONAL SMALL COMPANIES INDEX FEIND                                          | 1.035            | 0.000%             | C      |
| VANGUARD INVESTMENT SERIES PUBLIC LIMIT ED COMPANY                                             | 5.719            | 0,002(a),          | C      |
| VANGUARD TOIAL INTERNATIONAL STOCK INDEX FUND                                                  | 3'i5.iS5         |                    | C      |
| VANGUARD TOTAL \' / 0 PLO STOCK INDEX FUND                                                     | 38.395           | 0,128%             | C      |
|                                                                                                | 98               | 0.015(a)           | C      |
| VEPOTPAPIPF ONOET RFP AKSJEGLO8 AE S MALE CAP INDEKS<br>VICENTE                                | 16 500           | 0,000(a)<br>0 0075 | C      |

![](_page_191_Picture_1.jpeg)

| VIF ICVC VANGUARD FTSE GLOBAL ALL CAP INDEX FUND<br>WASHINGTON STATE INVESTMENT BOAfiD.<br>WELLE INVEST. | 263<br>464<br>6.951 | 0,000@<br>0,000@<br>0,003B | C<br>C<br>C |
|----------------------------------------------------------------------------------------------------------|---------------------|----------------------------|-------------|
| W SDOMTREE DYNAMIC CURRENCY HEDGED INTEPNATIONAL<br>SMALLCAP EOUITY F\JND                                | 1.7P1               | 0,00 I @                   | C           |
| WISDOMTREF EUROPE HEDGED EQUIIYFUND                                                                      | d.5g2               | O,0O2%                     | C           |
| WjSDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND                                                            | 289                 | 0,000%                     | C           |
| WISDOMfREE INTEPNAflONAL HEDGEDQUA LIfY DIVIDEND GRO\^/TH<br>FUND                                        | 4.686               | 0,0027                     | C           |
| WISDOMTRFE INTERNA1JONAL QUALITY DIVIDEND GRO\/YTH EUN0                                                  | 2.5g6               | 0.001B                     | C           |
| WISDOMTREE INTFPNATIONAL fiMALLCAP DIVIDEND FUND.                                                        | 5.892               | 0,002%                     | C           |
| WMI FUNDS.                                                                                               | 7.723               | 0,0036                     | C           |
| XTPACKERS MCCI EUROZONE H£DGED EOUITY ETF                                                                | 488                 | 0,000%                     | C           |
| YOREf A                                                                                                  | 47.263              | 0.0lg@                     | C           |
| CHALLENGE FUNDS - CHALLENGE IIALIAN EQUITY                                                               | 22.000              | 0,009%                     | A           |
| Zhe Rosa K. Swedlow lrusf DTD 03/19/92                                                                   | IN'                 | 0,000%                     | A           |
| Global £life Commercial Inc.                                                                             | 6.300               | 0.003@                     | NV          |
| Majesl{c Honour Limited                                                                                  | 5.000.000           | 2,4075                     | NV          |
| School Maximilian Alexander                                                                              | ]50                 | 0,000@                     | NV          |
|                                                                                                          |                     |                            |             |

Total votontl 24g.288.928 100%

NE - "Not Upgraded

![](_page_191_Picture_8.jpeg)

![](_page_192_Picture_1.jpeg)

![](_page_193_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 22, 2024

|                                                                                                                  | できましたときになるというときてきてきてきてきましたいときちゃいま |  |
|------------------------------------------------------------------------------------------------------------------|-----------------------------------|--|
| Allagato " F " al Numero _______________________________________________________________________________________ |                                   |  |
| del Reportatio e al Numero 28850                                                                                 |                                   |  |
| Maile Carrenia                                                                                                   |                                   |  |

Punfo 3.2

Report onl/ policy on diremuneration and on/ compensation paid. Resolutions pertaining from. defDerations Orefered to. To the second section of the report pursuant to sen3es of arf. T23-ter, paragraph d, Óe/ TUF.

|                                                                                              | no. votes   | % votes represented in<br>assembly | % of Voting Rights |
|----------------------------------------------------------------------------------------------|-------------|------------------------------------|--------------------|
| Constitutive quorum assembly                                                                 | 249.288.928 | 100%                               | 89,810%            |
| Votes for which the RD has instructions for the<br>BOD being voted on (deliberative quorum): | 249.288.928 | 100,000%                           | 89,810%            |
| Votes for which the RD<br>CEF<br>did not have instructions:                                  |             | 0,000%                             | 0,000%             |
| 1                                                                                            | n. voti     | % voting participants              | % Of voting rights |
| Fèyorevole                                                                                   | 223.777.792 | 89,766%                            | 80,619%            |
| Cjsntrario                                                                                   | 19.482.671  | 7.815%                             | 7,019%             |
| ėstenuto                                                                                     | 22.015      | 0.009%                             | 0.008%             |
| ្រុ<br>Not Voting Totals                                                                     | 6.006.450   | 2,4099é                            | 2,164%             |
|                                                                                              | 249.288.928 | 100,000%                           | 89,810%            |

![](_page_194_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary meeting April 23, 2024

Section 3.2

Report s of policy in m atena eli remoceroziooe and cofripoifi compensation. Inherent resolutions and consecue nts: detib erations Oi cui ella second section of the relozione ci pursuant to!'ort. 12a-ter. paragraph 6, of the EUR.

#### Elenco dei partecipanti alla votazione per il tramite del Rappresentante Designato Monte Titoli 6.p.A. in the person of Dr. Claudio Ambrosini

| ACOMEA PMITALIA ESG                                                                                          |                    | 21.529      | 0.009(a),             | F |
|--------------------------------------------------------------------------------------------------------------|--------------------|-------------|-----------------------|---|
| ACOMEA GLOBAL DYNAMIC STRATEGY                                                                               |                    | 13.25B      | 0,0056                | F |
| ALASKA PERMANENT FIJNO COPPOPATION                                                                           |                    | 67          | 0,000%                | F |
| BERGAMOTfA SRL                                                                                               | 069a9850488        | 1.720.76b   | 0.6W                  | F |
| 80RPAGE SPF                                                                                                  | 08949860487        | T.Z20.786   | 0,690(a)              | F |
| EFFFSETTf SPL                                                                                                | 04403710488        | b.972.T80   | 2,797%                | F |
| FAFF SRL                                                                                                     | 02807380033        | 946.768     | 0,380%                | F |
| FEB9AGAMO FEBRUCCIO                                                                                          | FPRFPC45F'09O'i75X | 1.012.880   | 0,405%                | F |
| FEk RAGAMO FINANCIAL7IARY \$ PA                                                                              | 04 Ió 1 460482     | 183.223.620 | 73,498(a)             | F |
| GIOVANNA FERRAGAMO                                                                                           | FRRGNN 43C86 D575V | 1.012.6S0   | 0,40ú%                | F |
| FID ELITY TUNDS - SUSTAINABLE CONSUM EIZ BRANQS POOt.                                                        |                    | 604.155     | 0,242B                | F |
| FIDELITY GLOBAL COTS UM EN IMOUSTRIES FUND                                                                   |                    | 36.466      | 0,015%                | F |
| FINVIS S RL                                                                                                  | 04600610461        | 8.972.180   | 2,797(a),             | F |
| FLEXSHARES M ORN N GSTAP DEVELO PED MAR KEYS EX-JS FACTOR TILT<br>INDEX FUND                                 |                    | 269         | 0,000%                | F |
| GIQIJATIRO SRR                                                                                               | 005 T4 T8OP7S      | S.g72.IB0   | 2,7g7%                | F |
| IBM 401 K PLIJS PLAN TpUST                                                                                   |                    | 184         | 0,000y                | F |
| IhITEkNATIONAL M ONEFARY FUND                                                                                |                    | 1 476       | 0,001 A               | F |
| ALTBNTVE LINGOT IN VSTMNFS MASTER MNO ICV-£NGTTO gP CA                                                       |                    | 294.70T     | 0,1 16%               | F |
| OPPOR                                                                                                        |                    |             |                       |   |
| NFS LIMITED                                                                                                  |                    | 2M12        | 0,00] %               | C |
| NORGES BANK                                                                                                  |                    | 159.495     | 0,0A4%                | F |
| NORTI4ERN TRUST COMMON ALL COUNTRY WORLD EX-US INVESTA8L5                                                    |                    | 3.152       | 0,001%                | F |
| MAR                                                                                                          |                    | 53.901      | 0,022%                | F |
| NORTHERN TRUST GLO8AL INVESTMENTS COLL£C7 VS FUNDS TPIJST<br>NOPTHER N TPUST UCITS COMMON COIL TRACTUAL FUND |                    | 18.197      | 0,007%                | F |
| PUBLIC A6THOPITY ION 30CIA£ INSURANCE                                                                        |                    | 2.07"0      |                       | F |
| SAWA SRL                                                                                                     | 06921 130487       | 6.Z72.180   | 0,001(a)<br>2,757(a), | F |
| 3POP PORTFOMO DEVELOPED \'OPLD EXUS ETF.                                                                     |                    | 5.9ff7      | 0,002%                | F |
| SPDR POPFOLLO EVROPE ETF                                                                                     |                    | 1.55t       | 0,001%                | F |
| 5S8 MSCI ACWI EX USA IMI SCPEENED NONLENDING COMMON TPOST                                                    |                    |             |                       |   |
| FUND                                                                                                         |                    | T 783       | 0 001 %               | F |
| 558 MSCI EAFE SMALL CAP INGEX SECURITIES LENDING COMMON FED.                                                 |                    | 8.g24       | 0,004%                | F |
| SAW SPDR ETFS FUPOPE II PUBLIC £IMITED COMPANY                                                               |                    | ) .280      | 0.001 (a)             | F |
| SAT GLOB ADV TAX EXENPT PETIREMENT PLANS                                                                     |                    | 8B.745      | 0.036%                | F |
| State STREEI GEO8A£ ALL CAP EQIJITY EXUS INDEX PORTFOrIO.                                                    |                    | 1.170       | 0.000%                | F |
| THE EUROPEAN CENTRAL BANK                                                                                    |                    | 13.236      | 0.0057                | F |
| THE HONGKONG AND SHANGHAI BANKING CORPOPAJION LIMITED.                                                       |                    | 4. 04.600   | 1.647%                | F |
| fOgfl Spa                                                                                                    | ?2587220943        | 253. Ióó    | 0. T02s               | F |
| VIACONTI ANGELICA CAMILLA CONSOLATA WAN                                                                      | VSCNECT3B44£206N   | 2S3.Ifi4    | 0,102(a),             | F |
| DEFERRED INCOME GINEVRA CAMILLA                                                                              | VSCGVRZ5A63F20S8   | 253.184     | 0.1027                | F |
| V  SCONII MARIA CONSOLATA                                                                                    | vTCVCNZ9I£206M     | 283.166     | 0,102%                | F |
| WASHINGTON STATE tNVESTMENT 8QARD.                                                                           |                    | 484         | 0.000%                | F |
| Ag1S                                                                                                         |                    | 9.OSS       | 0.004%                | C |
| ATM ALLEGRO 1240                                                                                             |                    | 12 917      | 0.005%                | C |
|                                                                                                              |                    |             |                       |   |

![](_page_195_Picture_1.jpeg)

| ACM ALLEGRO 3041                                                                             | 5.44b                    | 0.002%           | C      |
|----------------------------------------------------------------------------------------------|--------------------------|------------------|--------|
| ADVANCED SERIES TRUST ART GLOBAL 80ND PORTFOLIO                                              | 107                      | 0,000%           | C      |
| ALASKA PEPMANENT FIND CORPORATION                                                            | 87                       | 0.000%           | C      |
| AMERICAN CENJURY ETF TKUST-A'VANTIS INTERNATIONAL EQUITY Eff                                 | 5.327                    | 0.002%           | C      |
| AMERICAN CENTUR Y ETF TPIJSI-A VANZIS INTERNATIQNAL EQUITY FIJND                             | 31                       | 0,000%           | C      |
| AMERICAN CENIURY ETF TRUST-AVANTIS INIEPNAIIONAL SMA££ CAP<br>EQUITY Eff                     | 442                      | 0,000&           | C      |
| AMERICAN CgNTURY ETF IRUST-AVANIIS RESPONSIBLE INTFRNAIIONAL.<br>EQUITY ETF                  | 314                      | 0,000(a),        | C      |
| AMER)CAN FUNDS )NSUeANCE SERIMGROWTH FUND.                                                   | 2.ì 74.47f               | 0,8728           | C      |
| AMUNDI FISE MIB                                                                              | 38. 174                  | 0,01 5%          | C      |
| AMUNDI INDEX EUROPE EX UK SMALL AND MID CAP FUND                                             | 1.944                    | 0,001 (a)        | C      |
| AMUNDI MCCI EMIJ SMALL CAP F-SG CTB NE AMB                                                   | 90.829                   | 0036%            | C      |
| Amuno MSCI Eorope Small Cap ECG Climale Net Zero Ambition CT8                                | 17.857                   | 0,007%           | C      |
| AMUNDI SGft SPA / AMdNDI PISPAR MIO ITALY                                                    | SS.522                   | 0,026%           | C      |
| SOUL GROWTH  TALY IN THE                                                                     | 0.758                    | 0,004S           | C      |
| AfJIMA FUFIDS PUBLIC LIMITED COMPANY.                                                        | T2.554                   | 0,005%           | C      |
| SOUL INITIATIVE ITALY<br>Arc Actions Halia                                                   | 199.ZS4<br>130.000       | 0,0B0%           | C<br>C |
| Arca Economia Reale Balanciato Italia 30                                                     | 330.000                  | 0,052B<br>0,132% | C      |
| Arca Real Economy Balanced  to 1a 55                                                         | 43.000                   | 0.01Z%           | O      |
| AR ZONE SIAIE eE leEMENi SYSTEM.                                                             | 1                        | 0.0              | C      |
| ARROWSTREFT (DELAWAPE) L/S FUND L.P APPOWSTREET CAPITAL LiD PARTN                            | 10                       | 0,000B           | C      |
| EPSHIP-ARROWSTREET DELAWAPE L'S<br>ARROWSTREET CAPITAL COPLEY FUNDL)MI7FD                    | 13.488                   | 0,005(a),        | C      |
| ARROWSTREET CAPITAL ESG GLOBAL EQUIfY LONG/SHOPZ FUND.                                       | 3.900                    | 0,002P           | C      |
| ATOMS                                                                                        | 16.361                   | 0.0078<          | C      |
| AUSTRALIAN RETIPEM ENT TRUST                                                                 | 7.06.2                   | 0,003%           | C      |
| Av£NIP IN VESTISSEMENn                                                                       | 7.838                    | 0,003(a),        | C      |
| AXA MPA FINANCIAL DE2 GNATED ACTIVITY CO                                                     | 72.000                   | 0,029%           | C      |
| A'XA Vorsorge Fonds II Equities Globa) Markets Sma f Cap Passive                             | 8.045                    | 0,003%           | C      |
| Credit Suissa Funds AG<br>AXA WOPLO FUNDS SICAV                                              | 364.441                  | 0.146A           | C      |
| AZ rUND 1 AZ ALLOCATION ITALIAN TREND.                                                       | J6.05Z                   | 0.006s           | C      |
| AZ FUND I AZ ALLOCATION PIR JALIAN EXCELLENCE 30 AZ                                          | 2.501                    | 0,00 B           | C      |
| FUJD   AE ALLOCATION PIR ITALIAN EXCELLENCE 70                                               | 51 ,7 5                  | 0,021%           | C      |
| AZ FUND I -AZ ALLOCATION-ITALIAN LONG TERM OPF'O RIUNIFIES                                   | 50.972                   | 0,024            | C      |
| AZIMUT CAPITAL MAFIAGrME T SGR SPA                                                           | 25,Bfi5                  | 0,010%           | C      |
| AEIMUI CAPITAL MANAGEMENT SGP SPA                                                            | 17. 109                  | 0.00/            | C      |
| AZL DBA INTERNAFIONAr CORE EQUITY FUND                                                       | I .885                   | 0,001            | C      |
| BANCO 8IL8AO V17CA*A ARGENTARIA EA<br>8ANCOPOSTA RINAS CIMENTO.                              | 200,489                  | 0,281R           | C      |
| B8VA DUP8 INTL EUROPEAN EQUITY FUND                                                          | 25,347<br>1 2,464        | 0.010w<br>0,005  | C<br>C |
| BLACKPOCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF                                           |                          |                  |        |
| ISHARM WORLD EX SWIZERLAND                                                                   | 100                      | 0.000%           | C      |
| eLAC KNOCK AUTHORISED CONIRACIUAL sCHrME I                                                   | 100                      | 0,00             | C      |
| 8LACKROCK FUND MANAGER LED                                                                   | 100                      | 0,00D%           | C      |
| 8rACKROCK INDEX SELECTION FUND<br>eLACKeOCK I S\liUTIONAL RUST COMPAMY, N.A. INVES\MENT +NDs | 100                      | 0.000%           | C      |
| FOR EMPLOYEE BENEFIT TRUSTS                                                                  | 25.655                   | 0060W            | C      |
| BLACKROCK LIFE LTD                                                                           | 00                       | 0.0009           | C      |
| 8rAC KROCK MSCI EAFE SMALL CAP EQUITY INDEX FUND B (£AEESMLB                                 | 3.882                    | 0.002#           | C      |
| 8NP PAPIBAS EASY - MSCI EUROPE SMALL CAPS SKI S-SERIES 5 CAPPED.                             | 129.550                  | 0,052(a),        | (      |
| BNP PAPI8AS EQUITY - FOCUS ITALY BNPP                                                        | 9.854                    | 0,004@           | (      |
| MODERATE - FOCUS ITALY                                                                       | 59.786                   | 0,024%           | (      |
| O LIVESTISSEMENTS                                                                            | 3.634                    | 0,00)%           | (      |
| CALIEORNIA SIATETEACHEPS RETIPFMENT SYSTEM                                                   | 1.768                    | 0,001'B          | (      |
| CATILLON I<br>CENTRAL PENSION £UN0 OF THE INTERNATONAL UNION OF                              | 7.184                    | 0.003(a)         | (      |
| OPERATING                                                                                    | 157                      | 0,000%           | (      |
| CHRYSOLE ET PIAT                                                                             | -10, 103<br>Singlish And | 0,004%           | (      |

![](_page_195_Picture_3.jpeg)

![](_page_196_Picture_1.jpeg)

| CI WTSOOMTPSE EUROPE HEDGED EQUITY INDEX ETF                                                        | 328        | 0.000%    | C |
|-----------------------------------------------------------------------------------------------------|------------|-----------|---|
| CI WISDOMTPEE INTERNATIONAL QU ALITY DIVI GROWIH                                                    | d.2d3      | 0,003s    | C |
| CITY Or NEW YORK GROUP TRUST                                                                        | 6.948      | 0,003%    | C |
| CITY OF PHTEADELPHIA PUBLIC EMPLOYEES REIIfFEMENT SYSIEM.                                           | 3.525      | 0,001%    | C |
| COLLEGE RETIREMEETH EQUITIES FUNO.                                                                  | 1.001      | 0,000(a), | C |
| CONNECTICUT GENEPAŁ LIFE INSURANCE COMPANY                                                          | 177        | 0,000%    | C |
| CRE-OUT EUROPE (NDEX HUMID LUX)                                                                     | 27.fi46    | 0,01 %    | C |
| CPU CH Equily World ex CH Small Cap Blue Credit Suisse Funds AG                                     | 4.433      | 0.002%    | C |
|                                                                                                     |            |           |   |
| CSIF CH Equity World ex CH Small Cop ESG Blue Credit Suisse Funds<br>AG                             | 3.7 IS     | 0.001 (a) | C |
| CJTF CH )J) Equity World ex CH Small Cap ESG Blue Pension Fund Plus<br>Credit Suisse Funds AG       | 7.62]      | 0.003(a)  | C |
| DE SHAW US 6POAD MAPKET CORE ALPHA EXTENSION CUS!OM FUND<br>II L.L.C.                               | 421        | 0,000     | C |
| DEKA-9A8                                                                                            | 4.544      | 0,002(a)  | C |
| Edmond de RothscfiJjd Fund Evrooe Syner y ENSIGN                                                    | 82.980     | 0,033(a)  | C |
| PEAK AOVISORS INC.                                                                                  | 1.175      | 0.000%    | C |
| EU gIZON Actions ITALY                                                                              | B0.000     | 0,032%    | C |
| £UPTZ OU A7 ONt PMI jTALIA                                                                          | 337943     | 0.134%    | C |
| EU fil7 ON CAPITAL SGe-PIg ITALY 30                                                                 | 5年         | 0,024%    | C |
| EURI7ON FUND                                                                                        | 84.369     | 0,034@,   | C |
| FUR)ZON PIP ITALIA /^2ION                                                                           | 21.222     | 0.009%    | C |
| EU R IRON PROG ETTO ITALIA 20                                                                       | 8#.2Zd     | 0,034     | C |
| EURIZON PkOGETTO ITALIA 40                                                                          | 249.752    | 0100%     | C |
| EIJPI7 ON PROGETTO ITALIA 70                                                                        | I18.31 I   | 0.047%    | C |
| F&L CAPITAL                                                                                         | ?'.d38     | 0,003%    | C |
| F"\DELIS INVESt                                                                                     | Z.986      | 0,003B<   | C |
| FDFI BEAUPORT.                                                                                      | 6.7é0      | 0.003(a)  | C |
| PDF1 CALISSON1 947                                                                                  | 8.207      | 0,0Q3%    | C |
| FDF1 SM YL2206                                                                                      | 6.900      | 0.003%    | C |
| FDFI TONTON RAQUL                                                                                   | 12.823     | 0,005%    | C |
| FDF2 DCP                                                                                            | 6.719      | 0,003(a)  | C |
| FDF2 HBC FA NIILY INVESTMEN 7                                                                       | 24.089     | 0,010%    | C |
| FDF2 MSR                                                                                            | 15.250     | 0,000%    | C |
| FDF2 N EyY ALLEGRO 1144                                                                             | 9.73d      | 0,004T    | C |
| FOF2 OA CAPITAL                                                                                     | 7,665      | 0,003%    | C |
| FDF2 OSMOSE                                                                                         | 12,938     | 0,005%    | C |
| BID ELITY CONCORD STREET TRUST: FIGELIIY SAI INTER NASOCIAL S                                       | 613        | 0,000%    | C |
| EIDELIH i dAHAGE/ 1ENT AND RENEAP CH COMPANY LLC                                                    | 2.402      | 0.0018    | C |
| F-IDELITY SAREM STREET TRUST: FIDELITY TOTAL INTERNATIONAL INDEX.<br>FUND                           | 14.914     | 0.0087    | C |
| F)DEUPAM COMPAPTO PLAN EQUITY ITALY                                                                 | 347.36P    | 03398     | C |
| FIDEURAM COMPAPTO PLAN BALANCED ITALY 30                                                            | 10.000     | 0,004     | C |
| FIDEURAM COMPAPTO PLAN BALANCED T7ALTA 50                                                           | 52.000     | 0,02}     | C |
| FLONADA                                                                                             | 7.573      | 0.003x    | C |
| FORSTA AP - FONDEN                                                                                  | (a)970     | 0.002%    | C |
| G&C PLACEMENT                                                                                       | 21.336     | 0,009     | C |
| GAMAX FUNDS - JUNIOfi                                                                               | 140.721    | 0,056     | C |
| GMTIELEE PkO ITALY                                                                                  | P650       | 0.004w    | C |
| HS8C FTFS PUBLIC LIMITED COMPAN Y - HS8C MSCI WORLD SMALL                                           | L882       | 0.001%    | C |
| CAP ESG UCITS EFF<br>IAM NATIONAL PENSION FUND                                                      | 11         | 0.000%    | C |
| IELO INVENT                                                                                         | \$,845     | 0.003%    | C |
| INTERNATIONAL CORE EQUITY PORTFOLIO OF DFA INVESTMENT SIZE                                          |            |           |   |
| GROL/P IEC                                                                                          | રતે 800 તે | 0,024%    | C |
| INTERNATIONAL MONETAPY FUND                                                                         | 2é ()      | 0,00t%    | C |
| INVESCO KTSE PAFI DEVEŁOPED MARKETS EXUS \$MALLMID ETF                                              | K005       | 0,000%    | C |
| fNVESCO INCOME AOVANTAGE IN7EPNAT}ONAL FMND                                                         | 26         | 0.000%    | C |
| INVESCO MAREkTS The PLC                                                                             | 789        | 0,000S    | C |
| INVESIEPINGSFO8ENIMGEN DANSKE tNVESI SELECI fACTICA; ASSET<br>A££OCATION - OANMARK AKKUMU£EBENDE KG | 8.099      | 0,003(a), | C |
| INVESTERINGSFORENINGEN DANSKE INVES   SELECT TACIICAL ISEE                                          | 3.133      | 0,001B    | C |
| ALLOCATION Et/PO - ACCLMULATING KL                                                                  |            |           |   |
| INVESTE9INGSFOPENINGEN DANSKE INVEST SELECT TACTICAL ASSET<br>ALLOCATION NORGE - ACCUMIJLATING KL   | 2.120      | 0.001(a)  | C |
|                                                                                                     |            |           |   |

![](_page_197_Picture_1.jpeg)

| INVESTERINGSFORELJINGEN DANSKE INVEST SELECT TACTICAr A5\$ET<br>ALLOCATION'S VEPIGE - ACCUMULATING KU | 3,0;2             | 0,00                | C      |
|-------------------------------------------------------------------------------------------------------|-------------------|---------------------|--------|
| IHVESIERINGSFORENINGEN SPAPINVEST INDEX EUROPE                                                        | 4.291             | 0,002(a),           | C      |
| ISHARES ALL-COUNTRY EQUITY INDEX FUND                                                                 | 185               | 0,000%              | C      |
| ISHARES CORE MSC I EAFE ETF                                                                           | 407.249           | 0,183%              | C      |
| ISHA9ES CORE MyC I EAF£ IMI INDEX ETF.                                                                | 841               | 0.                  | C      |
| ISHARES COPF MCCI EUROPE EIF.                                                                         | 13.814            | 0.006(a)            | C      |
| ISHAPFS COPE MSC I INTFRNATIONALDEVELOPED MARKETS ETF                                                 | 10,359            | 0.004%              | C      |
| ISHAerS COeE MtCI TOTAL INTER ASIO AL sTOCr ETF.                                                      | 72. I OS          | 0,029%              | C      |
| ISHARES III PUBLIC LIMITED COMPANY                                                                    | 808               | 0,00(a,             | C      |
| ISHARES MSCS EAFE SMALL-CAP ETF                                                                       | 79.P33            | 0,032X              | C      |
| ISHAPES MSCI EU 'OPE IMI INDEX ETF                                                                    | 1.234             | 0,000%              | C      |
| ISHARE'i MCCI EUROPE SMALL-CAP ETF<br>ISHARES VII PUBLIC LIMITED COMPANY                              | 1.03s<br>40.395   | 0.000%              | C<br>C |
| JAz INVESTISSF-MENUS.                                                                                 | 18.507            | 0,0)d(a)<br>0.007%  | C      |
| JHFII INT'L SMALL CO FUND                                                                             | 3.934             | 0,002(a),           | C      |
| JHVIT INTL SMALL CO TPUST                                                                             | 2.452             | 0,001%              | C      |
| JOHN HANCOCK FUNDS II FUNDAMENTAL ALL CAP CORE SMOKE                                                  | 170.148           | 0,0d8%              | C      |
| JOHN HANCOCK FUNDS II FUNDAMENTAL GLOBAL FRANCHISE FUND.                                              | d00.1 29          | 0,161%              | ੁ      |
| JOHN HANCOCK TRUST COMPANY COLLECTIVE I IVESTMENT fRUST I                                             | 69.084            | 0,028(a),           | C      |
|                                                                                                       |                   |                     |        |
| JOHN HANCOCK VIT FNDAMENTAL ALL CAP CORETRUST                                                         | 889.619           | 0,357%              | C      |
| KEVA                                                                                                  | 1.671053          | 0.751(a)            | C      |
| THE VILTETTE                                                                                          | 6,951             | 0,003(a),           | C      |
| LACEeA MASTER OPEB TkUSI                                                                              | 1.275<br>8.07J    | 0,001%              | C      |
| LEADEPSEL P.M.I<br>LEGAL & GENERAL ICAV.                                                              | 2.421             | 0,002(a)<br>0.00IB  | C<br>C |
| LEGAL AND GENEPAL CSIJPANCE (PENSIONS MANAGEMENT) LIMITED                                             | 1.776             | 0,001%              | C      |
|                                                                                                       |                   |                     |        |
| LOCKHEED MARTIN C OBPORATION MASTER RETIREMEN { TEUST                                                 | ટર્ટ              | 0,000               | C      |
| LOS ANG ELEs COUNTY EMPLOYEES eriiRME i ASSOCIAIS.                                                    | 11                | 0,00&               | C      |
| LVIP DIMENSIONAL INTERNATIONAL CODE EQUITY FUND                                                       | 2.493             | 0,001               | C      |
| rYXOq FTSE iiALIA MCD CAP /ie.<br>M & G Securities Limited                                            | 17.434<br>184.417 | 0,007               | C      |
| /"t INTEPNATIONAL EQUITY FUND.                                                                        | 78                | 0.£JF4              | C<br>C |
| M3P 1                                                                                                 | 8.445             | 0,000<br>0,003(a),  | C      |
| fvt3P 2                                                                                               | 8.531             | 0,003@              | C      |
| MANULIFE ASSET MANAGEMENT LTD                                                                         | 1                 | 0,000'g             | C      |
| MANULIEg GLOBAL FRANCHISE FUNO.                                                                       | 255.842           | 0,103%              | C      |
| MANIJLIFE INVESTMENT EXCHANGE FUNDS COfiP. - MANULIFF                                                 |                   |                     |        |
| BALANCED                                                                                              | 27 i .255         | 0, 1098             | C      |
| MANULIFE INVESTMENT EXCHANGE FUNDS COPP. - MANULIFE U.S. EQU                                          | 1 37 .605         | 0,055               | C      |
| MANUTIFE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND.                                              | 98.493            | 0.039               | C      |
| MANULIFE U.S. ALL CAP CORE EQUITY FUND                                                                | 2.528             | 0.001(a)            | C      |
| MANULIFE U,S. AtL CAP EQUITY FUND                                                                     | 514.114           | 0,206%              | C      |
| MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND                                                      | 2M.359            | 0,094B              | C      |
| MARYLAND STATE PETIREMENT PENSION SYSTEM                                                              | 3.903             | 0.00H               | C      |
| MAUPEPTUIS                                                                                            | 7.9y1             | 0.003'g             | C      |
| MEDIOLANUM FUND MANAGEMENT SG9 - FLEXIBLE DEVELOPMENT ITALY                                           | 316.609           | 0.127B              | C      |
| /viFRCER QIF COMMON CONTRACTUAL FUEJD                                                                 | 10.083            | 0,004T              | C      |
| MSRCEP QIF FUND PLC                                                                                   | 17.394            | 0,007%              | C      |
| MEPCEP UCIfS COMMON CONTPACTLIALFIJND.                                                                | 7.180             | 0,003P.             | C      |
| MOLINEL 1 I                                                                                           | 1 6.804           | 0.007B              | C      |
| MOLINEL 15                                                                                            | 4.933             | 0,002(a)            | C      |
| /VOLINEL IB                                                                                           | 29.8ff2           | 0.012(a),           | (      |
| MOLINEL 17                                                                                            | 1 2,9  9          | 0,005(a),           | (      |
| MOLINEL 18                                                                                            | 5.79              | 0,002(a)            | C      |
| /vt0ZiLLA BODy.                                                                                       | 2.4g9             | 0.00IB              | (      |
| /vtUL- LYX FTSE IT ALL CMP PIR 2                                                                      | 4.021             | 0,002(a),           | (      |
| REF RISPARMIO ITALTA<br>OLD YESTBURY SMALL AND MID CAP SJRATEGM FUND.                                 | 3.127<br>U2 . 985 | 0,001 (a)<br>0,0d9% | (<br>( |
|                                                                                                       |                   |                     |        |
| ONEPATH GLOBAL SHAPES - SMALL CAP (UNHFDGED) IHDEXPOOD                                                | 1.812             | 11.00)1%1 7         |        |

![](_page_197_Picture_3.jpeg)

![](_page_198_Picture_1.jpeg)

| PIR EQUITY AXA ASSICURANCE.                                                                        | 30.000       | 0,02               | C      |
|----------------------------------------------------------------------------------------------------|--------------|--------------------|--------|
| PK CSG World Equity Credit Suisse Funds AG                                                         | 229          | 0.00DA             | C      |
| PUBMC EMPLOY EET REIIREMFNT USS OCIfi tION OF COLORADO.                                            | 20,452       | 0,008B             | C      |
| PU8TC EMPLOYEES RET)REMEIJT SYSTEM OF OHIO                                                         | 5.b00        | 0,002              | C      |
| ROUNDHILL S&P GLOBAL £UXUPY ETF                                                                    | ()રે         | 0.000%             | C      |
| RUE DE LA PAIX                                                                                     | 5.046        | 0,002A             | C      |
| SACRE COEIJR                                                                                       | 30.99 T      | 0,012%             | C      |
| SAGERHO )NVESTISSEMENIS                                                                            | 13.894       | 0.004              | C      |
| SCHWA8 FUE DAMENTAL INTERNATIONA£ SMALL COMPANY INDEX ETF.                                         | 7 1.254      | 0,029(a),          | C      |
| fichwa8 FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX<br>FUND.                                     | 11.482       | 0,005%             | C      |
| SCHWAB INIERNATIONAL SMALLCAP EQL/ITY FTF                                                          | 127.075      | 0,051y             | C      |
| SERg-NISADAGIO 1103                                                                                | 2.773        | 0.001%             | C      |
| SHELL CANADA 2007 PENTION PLAN                                                                     | IB3          | 0,000(a)           | C      |
| SIFIO INVESIISSEMENIS.                                                                             | 7.414        | 0,003B             | C      |
| SMALLCAP WOPLO FUND INC                                                                            | 3.274.573    | 1,314(a)           | C      |
| SPARIAt) GROSP TRUST FOR EMPLOYEE SENEFII PLANS.                                                   | ó37          | 0,00(a)            | C      |
| fit#iE OE NEW MEXICO STAIE INVESIMENT COUNCIL                                                      | 11 28        | 0,005(a),          | C      |
| STATE OF WISCONSIN INVESTM ENS BOAPD                                                               | 1.702        | 0,001(a)           | C      |
| SIAIE fEACHEPS RETIROM -NT SY3TEM OF OH)O                                                          | 800.000      | 0,321(a)           | C      |
| ST)CHT)NG BEDPIJFSTAKPENSIOEN FONDS VOOP DE MEDIA PNO S                                            | 7.655        | 0,005%             | C      |
| jCHIING BPL PENA IOEN MANDAAT UBS AM LT                                                            | 2. 448       | 0.001'B            | C<br>C |
| 5TICHING PENSIOENFONDS VOOR HUISA PISEH                                                            | 169          | 0,00(a)            | C      |
| SEC Hi!NG PHiLIR3 PFNSIOFNFOfJDS                                                                   | 873<br>2.153 | 0,00(a),<br>0,00J@ | C      |
| STRATEGIC INTEPNAIIONAL EQIJITY FUND SYNAPSE                                                       | 9.748        | 0,004\$            | C      |
| IEPESA L MC GRAIH PEVOCA8L5 TRUST                                                                  | 18.900       | 0,008%             | C      |
| IHF 8ARCLAYS BANK UK                                                                               | 2.802        | 0,001%             | C      |
| R511IREMEN {FUND<br>THE CONIINENTAL SMALL COMPANY SERIEN NY                                        | i 70.103     | 0,068              | C      |
| THE EUROPEAN CENTRAL BANK                                                                          | 15.218       | 0,007%             | C      |
| IHE M ONETAI2Y AT/THOPIIY OF STNGAPOPS.                                                            | 449          | 0,000S             | C      |
| THE R8GENTS OF THE UNIVERSITY OF CALIFORNIA                                                        | 1 .299       | 0,00 T%            | C      |
| THE STATE OF CONNECTICUT. ACTING THPOUG H ]IS IREASURER                                            | 37.716       | 0,01 5%            | C      |
| THE/YES EUROPEAN LUXURY ETF                                                                        | 1.529        | 000 1%             | C      |
| IRUST THE BRIGHTHOIJS EDIMENSION ALINT SMALE COMPANY PORTFOL                                       | 5 9          | 0,000%             | C      |
| fo U8\$ IPL ETF PLC                                                                                | 21.599       | 0,009%             | C      |
| U8S FUMD MANAGEMFN7 (fiW)T2EffLAND) AG ON BEHALF OF ZUPICH                                         |              | 0,001 %            | C      |
| INVESTINSTITUTIONAL FUN.                                                                           | 2.145        |                    |        |
| UBS FUND MANAGEMENT [SWITZERLAND AG.                                                               | 11.512       | 0.005%             | C      |
| UBS LUX FUNO SO£0TIONS<br>UNIVERSAL-INVESTMEN-GESELESCHAFT MBH ON BEHALF OF STBV-NW-.              | 25,7é2       | 0,01 0%            | C      |
| UNI "YERSAL-FONDS                                                                                  | 2.360        | 0,001%             | C      |
| VANGUARD MUSTEOPEO MAPKETS INDEX FUID                                                              | 520.251      | 0,209%             | C      |
| VANGU ARO ESG DEVEŁOPFD WOPLD ALt CAP 5Q TNDŁX UNO UK                                              | 806          | 0000%              | C      |
| VANGUARD MG INFERNATIONAL STOCK ETF                                                                | 7.840        | 0,003%             | C      |
| VANGUARD EUROPEAN S7OCk IFIDEX FUND.                                                               | 130.809      | 0,052%             | C      |
| VANQUARD FIDUCIARY IRUSI COMPANY DEVELOPED MARKETS INDEX<br>TRUST                                  | 10.39 I      | 0.004              | C      |
| VANGUARD FIDUCIARY TRUST COIL\PANY INSTITUTIONAL TOTAL<br>INTEPNATIONAL STOCK MAREET INDEX TRUST   | 62.138       | 0,025%1            | C      |
| VANGUARD FIDUCIAR Y IRUST COMPANY INSTIT6TTONA: TOTAL<br>IWBRNA! IOHAL STOCK MARKEf INDEX TRUST II | 4.36         | 0,002%             | C      |
| VANGUARD FTSE ALL (109LD EXUS SMALLCAP INDEX FUND VANGUARD                                         | 8 T. I ?7    | 0,073%             | C      |
| FISE OEVEROPED ALL CAPEX NORTH AMERICA INDEX WT-.                                                  | 90)          | 0.004%             | C      |
| VANGUARD FTSE OEVELOPED EUROPE ALL CAP INDEX ETF                                                   | 653          | 000W               | C      |
| VANGUARD FUNDS PUBLIC LIMITED COMPANY                                                              | රිදිව        | 0.000&             | C      |
| VANGUARO fMTERNAt@NAL SMAL£ COMPANIES INOEX FLND                                                   | 1.035        | 0,000(a)           | C      |
| VAN GUARD INVES {MENT SERIES PUBLIC LIMITED CO/XPANY                                               | S.71 9       | 0.002              | C      |
| VANGUARD IOTAL INTERNATIONAL STOCK INDEX FUND                                                      | 315.155      | 0028%              | C      |
| VANGUAPD IOIAt WORLD STOCK INOEX FUND                                                              | 38.396       | 0,0 %              | C      |
| VEI20IPAPIRFONO5T K£P AKSJ£G£08AL SMALL CAP INDEkS                                                 | 98           | 0.000              | C      |
| VjCENTE                                                                                            | 16.500       | 0. 'mZ             | C      |

![](_page_199_Picture_1.jpeg)

| VIF ICVC VANGUAPD FUSE GLOBAL ALL CAP INDEX FUND          | 263       | 0,000%   | C  |
|-----------------------------------------------------------|-----------|----------|----|
| WELLE INVEST                                              | 8.95T     | 0,003%   | C  |
| WISDOMTREF DYNAMIC CURRENCY HEDGED INTEPNATIONAL          |           |          |    |
| SMALLCAP EQUITY FUND                                      | .791      | 0,001    | C  |
| / ASDOMIREE EUIZOPE HEDGED EQUItyFiJND                    | 4 592     | 0.002%   | C  |
| WISDOMTREE EUPOPE HEDGED SMALLCAP EQUITY FUND             | 289       | 0,000    | C  |
| WISDOMTREE INTERNATIONAL HEDGED QUA LITY DIVIDEND GROV/TH | 4.686     | 0.002%   | C  |
| FUND                                                      |           |          |    |
| WISDOMTPEE IN {EPNAIIONA; OUALI7Y DIVIDEND GROV>EH FUND   | 2.596     | 0.001%   | C  |
| WISDOMTPEE INFERNATIONAL SMALLCAP DIVIDEND FUND.          | 5,892     | 0,002(a) | C  |
| WYMI FUNDS.                                               | 7.723     | 0.003%   | C  |
| XTRACKERS MSC I EURO7ONE HEDGED EQUITY ETF                | 488       | 0,000%   | C  |
| YORE£A                                                    | 47.263    | 0,019%   | C  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                | 22.000    | 0.0098<  | A  |
| The Rose K. Swedlow Trust DID 03/ 19/92                   | ।         | 0.000B   | A  |
| Global Elite Commercial Inc                               | 5.300     | 0.003%   | NV |
| Ma'esfic Honour Limited                                   | 6.000-000 | 2,407%   | HV |
| School Maximilian Alexander                               | 150       | 0.000%   | NV |
|                                                           |           |          |    |
|                                                           |           |          |    |

lolole volonli

248.288.928

Legenda

![](_page_199_Picture_6.jpeg)

![](_page_200_Picture_1.jpeg)

![](_page_201_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

| Allegato "G al Numero . S.5.72.32.5.3.2.1.<br>lo e al Numero  2885.e. |  |
|-----------------------------------------------------------------------|--|
|                                                                       |  |

ltem 4.1

Appointment of the Board of Directors, subject to defermination de/ numbers, Oella term of office, and determination Oei compensation. domino Oel Chairman. Resolutions pertaining to and consegoenfi: determination Oe/ number Oe members Óe/ Board of Directors:

|                  |                                                                                      | no. votes   | % votes represented in<br>assembly | % of Voting Rights |
|------------------|--------------------------------------------------------------------------------------|-------------|------------------------------------|--------------------|
|                  | Constitutive quorum assembly                                                         | 249.288.928 | 100%                               | 89,810%            |
| - 3 37 -<br>できると | Votes for which the RD has instructions for<br>J dG in voting (deliberative quorum): | 249.288.928 | 100,000%                           | 89,810%            |
|                  | dl R<br>iDtructions:<br>qepone a                                                     |             | 0,000%                             | 0,000%             |
|                  | ,可以为<br>2007 - - - - - - - - - - - - - - - -                                         | no. votes   | % voting participants              | of voting rights   |
|                  | fa°vòrevole                                                                          | 243.256.827 | 97,580%                            | 87,637%            |
|                  | ntrary                                                                               | 3.636       | 0,001%                             | 0,001%             |
|                  | Abstained                                                                            | 22.015      | 0,009%                             | 0,008%             |
|                  | Not Voting                                                                           | 6.006.450   | 2,409%                             | 2,164%             |
|                  | Totals                                                                               | 249.288.928 | 100,000%                           | 89,810%            |

29/84

![](_page_202_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

Section 4.1

Appointment of the Board of Administrafion, subject to determination of the number of componente, durofa of the charge, and determination of compensation. Appointment of the Presidente. Pertinent and consequent de/resolutions: defermination of the number of the Board of Adminisfaction;

#### List of participants in the voting through the Designated Representative Monte titoli 8.p.A. in the person of Dr. Claudia AmDrosini

| ACIS                                                                     | 9.055      | 0.0046   | F |
|--------------------------------------------------------------------------|------------|----------|---|
| IC/OF ALLEGNO T2J0                                                       | 2.917      | 0.005\$  | F |
| ACM ALLEGRO 3041                                                         | 5.446      | 0,002%   | F |
| ACOMEA PMITAtIA ESG                                                      | 21.629     | 0.009@   | F |
| ACOMEA GLOBAL DYNAMIC STRATEGY                                           | 13,258     | 0,0057   | F |
| ADVANCED SERIES TkLIST A 'Yes GLOBAL BOND PORTFOLIO                      | 107        | 0,000%   | F |
| ALASKA PEPMANEN} FUND CORPORATION                                        | 154        | 0,000B   | F |
| AMERICAN CENIURY ETF TRUST-AVANT S INTERN ATIONAL EQUITY ETF             | 5.327      | 0,002@   | F |
| AMERICAN CENTURY ETF ]ftUNT-AVANTI\$ INtEPNATIONAL EQUITY FUND.          | 31         | 0.000@   | F |
|                                                                          |            |          |   |
| AMERICAN CENTURY ETF TRUST-AVANTIS INTERNATIONAL SMALL CAP<br>EQUITY ETF | 442        | 0.000s   | f |
| AMEFICAN CENTUR Y ETF TPU6T-AVAIdTIS RESPONSIBLE INTERNATIONAL           |            |          |   |
| EQUITY ETF                                                               | 3 14       | 0,000%   | P |
| AMERICAN FUND INSURANCE SEk)ES GROWTH FUND.                              | 2.\ 74.477 | 0,8Z2    | F |
| AMUNDI FTSE MIB                                                          | 38.174     | 0,0!3    | 6 |
| AMUNO! INDEX EEPOPE EX CK fiMA££ ANO MCD CAP FUND.                       | 1 .9 44    | 0.00lw   | F |
| AMUNDI MSCI EMU SMALL CAP ESG CAB N/ AMB                                 | 90.829     | 0.038s   | f |
| Amundi MSCI Europe Small Cap ESG Climate In Black Ambifion CAB           | J7.857     | 0,00 ? % | C |
| AMUNDI SGP SPA / AABOND} PISPAP /yt)O ITALTA                             | ó5.522     | 0,026%   | F |
| ANIMA CRE3CITA IfALIA NEW                                                | 10.758     | 0,004X   | F |
| ANFMA FUNDS PL8£fC LIMITEO COMPANY.                                      | 12.5 54    | 0.005%   | F |
| SOUL INITIATIVE ITALY                                                    | 199.704    | 0,0805   | F |
| Area Actions Ilalia                                                      | 130.000    | 0,052B   | F |
| Area Economio Reole Balance Sheet Italy 30                               | 330.000    | 0,132%   | F |
| Area Economic Beale 8ilanciafo Ifo4a SP                                  | 43.000     | 0.017%   | F |
| ARIZONA STATE KETIKEMENT SYSTEM.                                         | l          | 0,000%   | F |
| APROWSTREET (DE£AWAPE) £/S FMD L.P ARROWSTPEET CAPITAL LTD               |            |          |   |
| PARTN ERSHIP-AkROyYSTREET DEfAWAPE I S                                   | 10         | 0.000@   | F |
| AR90WSTREET CAPITAL COPLEY FLINDLIMITED.                                 | 13.458     | 0.005S   | F |
| ARROWSTREET CAPIfAL ESG GLOBAL EQUITY LONG/SHORT FUND.                   | 3.900      | 0.002@   | F |
| LIMILE.                                                                  |            |          |   |
| ATOME                                                                    | 1 ó.361    | 0.007X   | F |
| AUSTRALIAN RETIPEMENI IRUST                                              | 7.062      | 0,0035   | F |
| AVENIfi INVESTISSEMENTS                                                  | 7.838      | 0.003X   | F |
| AXA MPS FINANCIAL DESIGNATED ACTIMIY CO                                  | 72.000     | 0,029(d) | F |
| AXA Vorsorge Fonda II Equities Global Markets Small Cop Passive          | ರು         | 0,003%   | F |
| Credit Suisse Funds AG                                                   |            |          |   |
| AXA WORLD FUNDS SICAV                                                    | 364.441    | 0346%    | ಕ |
| AZ FUND   AZ ALLOCATION ITALIAN SPEND                                    | )5.057     | 0,006%   | F |
| AE FUND 1 AZ ALLOCATION PIR ITALIAN EXCELLENCE 30                        | 2.50 t     | 0,001%   | F |
| AZ FUND 1 AZ ALLOCATION PIR ITALIAN EXCELLENCE 70                        | 5) .715    | 0.021%   | F |
| AZ FUND 1-AZ ALLOOATION-ITALIAN LONG IEPM OPPORTUNITIES                  | 80.9s      | 0,024%   | F |
| AZ MUT CAPliAr MANAGEMENT sGe SPA.                                       | 23.8%      | 0,010%   | f |

![](_page_203_Picture_1.jpeg)

| ZIMUI CAPITAL MANAGEMEFIT SGP SPA                                                             |               | 17.109                                                                                                                                                                                   | 0,007\$<          | F      |
|-----------------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------|
| A7L DFA INTERNATIOrJA£ CORP EQUITY FUND.                                                      |               | 1.885                                                                                                                                                                                    | 0,001%            | F      |
| BANCO BIL8AO VIZCAYA AkGFNTAPIA SA                                                            |               | 700.469                                                                                                                                                                                  | 0.28tB            | F      |
| BANKOPO8TA RINASC)MENTO                                                                       |               | 25.347                                                                                                                                                                                   | 0,010'B           | F      |
| 8BVA DUPB INTO EUROPI2AN EQUITY FUND                                                          |               | 12.464                                                                                                                                                                                   | 0,005(a),         | F      |
| BERGAMOTTE SPL                                                                                | 06949850488   | 1.720.766                                                                                                                                                                                | 0,690             | f      |
| BLACKPOCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF<br>ISHARES WORLD EX SWITZERLAND            |               | 100                                                                                                                                                                                      | 0.0006            | f      |
| 8LACKROCK AUTHORIZED CONTRACTUAL SCHEME \                                                     |               | 100                                                                                                                                                                                      | 0.000%            | E      |
| BLACKROCK FUND MANAGERS LED<br>8LACYPOCK INDEX SELFCIION FUND                                 |               | 400<br>100                                                                                                                                                                               | 0,000%<br>0.0D7,  | C<br>? |
| 8LACKPOCE INSTITUTIONAL TRUST COMPANY, N.A. INVG/MFNT FUNDS<br>FOP EMPLOYEE BENEFIT TRUSTS.   |               | 125,655                                                                                                                                                                                  | റ റേറ്ററം         | F      |
| BtACtROCKNFEtD                                                                                |               | 100                                                                                                                                                                                      | 0,000\$<          | F      |
| 8LACKROCK MCCI EASE SMALL CAP EQUITY INDEX FUND B EAFESML8                                    |               | 3.882                                                                                                                                                                                    | 0,002(a)          | F      |
| BNP PAPIBAS EASY - MCCI EUPOPE SMALL CAPS SPI S-SEPIET 5 CAPPED                               |               | 129.550                                                                                                                                                                                  | 0,0525            | F      |
| BNP PARI8AS EQUITY - FOCUS ITA£IA                                                             |               | 9.854                                                                                                                                                                                    | 0,0047            | E      |
| BNPP MODERATE - FOCUS ITALY                                                                   |               | 59.78+                                                                                                                                                                                   | 0,024(a)          | F      |
| B098AG1NI=URL                                                                                 | 06g4 98\$0487 | 1.720.765                                                                                                                                                                                | 0,890(a)          | F      |
| C INVMTISSEMENTS                                                                              |               | 3.634                                                                                                                                                                                    | 0,001(a)          | F      |
| CALIFORNIA STATE TEACHERS' PETIREMENT SYSTEM                                                  |               | i .7d8                                                                                                                                                                                   | 0.001%            | F      |
| CATIrLON T                                                                                    |               | 7.184                                                                                                                                                                                    | 0,003P            | F      |
| CENTRAL PENSION FUND OF THE INTERNATIONAL UNION OF<br>OPERATING                               |               | 157                                                                                                                                                                                      | 0,000%            | F      |
| CHPYSOLE ET PIAT                                                                              |               | 10.103                                                                                                                                                                                   | 0,004%            | F      |
| CI WISDOMTREE EUROPE HEDGED EQUITY INDEX EDI-                                                 |               | 328                                                                                                                                                                                      | 0,000%            | F      |
| CI WISDOMTREE INTERNATIONAL QUALITY DCVI GPOWTH                                               |               | 8.2d3                                                                                                                                                                                    | 0,003(a)          | F      |
| CITY OF NEW WORK GPOUP fRUST.                                                                 |               | 6.946<br>LOOl                                                                                                                                                                            | 0.003fi'          | I      |
| COLLEGE RETITIEMENT EQUITIES EUtil<br>CONNECTICUT GENERAL LIFE INSURANCE COMPANY              |               | 177                                                                                                                                                                                      | 0,000%<br>0,000B  | t<br>F |
| CREDIT SUTSSE INDEX FUND (LLIX                                                                |               | 27.d4d                                                                                                                                                                                   | 0,01%             | fi     |
| CSIF CH Eqvily World ex CH Small Cap Blue Credil Suisse Funds AG                              |               | 4.433                                                                                                                                                                                    | 0.0 °             | t      |
| C8IF CH Equify World ex CH Small Cap ESG Blue Credil Suisse Funds                             |               |                                                                                                                                                                                          |                   |        |
| AG                                                                                            |               | 3.7 Id                                                                                                                                                                                   | 0,001'8           | F      |
| CS)F CH III Equity Wodd ex CH Small Cap ECG Blue Pension Fund PIUs.<br>Credit SUisse Funds AG |               | ?.d21                                                                                                                                                                                    | 0.003%            | F      |
| DE SHAW US B 'OAD MARKET CORE ALPHA EXTENSION CUSTOM FUND<br>III.I.C.                         |               | 421                                                                                                                                                                                      | 0,000             | f      |
| DEKA-PAB                                                                                      |               | 4544                                                                                                                                                                                     | 0,002%            | fi     |
| Edmond de Rothschild Fund Euto and Synergy                                                    |               | 82.P80                                                                                                                                                                                   | 0,033(a)          | F      |
| EFECTED TE SPS                                                                                | 04403 Z1 0488 | 6.972.180                                                                                                                                                                                | 2,797(a)          | F      |
| ENSIGN PEAL ADVISORS INC                                                                      |               | 1.175<br>80.000                                                                                                                                                                          | (), s             | 5<br>F |
| EUPIZ ON ACTIONS ITALY                                                                        |               | 332.943                                                                                                                                                                                  | 0.032@            | F      |
| EUP 7ON SME SHARES 17ALIA.<br>EURI ON CAPITAL SGR-fIR ITAL\A 30                               |               | 59.It 1                                                                                                                                                                                  | 0,15d%<br>0.024B° | F      |
| EUPIZON FUND                                                                                  |               | 84.369                                                                                                                                                                                   | 0,0348            | F      |
| EUPIZON PIR IIALIA A2IONI                                                                     |               | 2T.222                                                                                                                                                                                   | 0,009%            | F      |
| EIJRIZON PPOGETTO 1TALY 20                                                                    |               | 84,276                                                                                                                                                                                   | 0,034(a)          | F      |
| EURI7ON PROJECT ITALY 40                                                                      |               | 2d9.752                                                                                                                                                                                  | 0, 0002           | F      |
| EURI7ON PROJECT OTAL}A 70                                                                     |               | 118.3J1                                                                                                                                                                                  | 0.047(a)          | F      |
| F&L CAPITAL                                                                                   |               | 7.63+                                                                                                                                                                                    | 0.003(a)          | F      |
| FADELIS INVEST.                                                                               |               | 7.9B6                                                                                                                                                                                    | 0,003\$           | F      |
| FAFF SQL                                                                                      | 026073B0033   | 94b.788                                                                                                                                                                                  | 0,380(a)          | F      |
| FDF1 BEAUPORT                                                                                 |               | 5.760                                                                                                                                                                                    | 0,003(a)          | E      |
| FDF1 CALISSON} g47                                                                            |               | 8.207                                                                                                                                                                                    | 0,003(@           | F      |
| FDF1 SMY£2206                                                                                 |               | 6.900                                                                                                                                                                                    | 0,003(a)          | F      |
| PDF I TONTON PAOUL                                                                            |               | 12.823                                                                                                                                                                                   | 0,005\$           | F      |
| FDF2 DCP                                                                                      |               | d.719                                                                                                                                                                                    | 0,003%            | r      |
| FDF2 HBC FAMILY INVESTMENT<br>FOF2 MSR                                                        |               | /4.089<br>------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 0,010%            | F<br>F |
|                                                                                               |               | 0.16, ¢0.                                                                                                                                                                                | 0,00d#            |        |
| ID F2 NEW ALLEGPO 1144<br>FDF2 OA CAP ITA£                                                    |               | : "<br>3<br>-                                                                                                                                                                            | 0, 4 4            | 1<br>f |
| FDF2 OSMOSE                                                                                   |               | '- /, QUIP ' " ' 0.003X<br>'? <. f 2, '' F 0,005x                                                                                                                                        |                   |        |
|                                                                                               |               | <' ' ' * ' ' * ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '           |                   |        |
|                                                                                               |               |                                                                                                                                                                                          |                   |        |

![](_page_204_Picture_1.jpeg)

| FERRAGAMO FERRLICCIÓ                                                                                  | FRFk C45P09D575X   | 1.0T2.660    | 0,#0/(a)  | F      |
|-------------------------------------------------------------------------------------------------------|--------------------|--------------|-----------|--------|
| FERRAGAMO FINANZIARIA SPA                                                                             | 04151460462        | T83,223.fr20 | 73,498(a) | F      |
| £EPRAGAMO GIOVANNA                                                                                    | FRRGNN 43C 66D575V | 1.012.660    | 0.40S(@   | F      |
| FIDELITY CONCORD STREET TRUST: FIDELITY SAI INTEPNAJ30NAL S                                           |                    | રીકે         | 0,0006    | F      |
| FIDEL TY FUND - SUSTAINABLE CON8UMEk BRANDY POOL.                                                     |                    | 604.155      | 0.242%    | F      |
| FIDELTY GLOBAL CONSUMER INDUSTRIES FUND.                                                              |                    | 5d.4d6       | 0.015(a)  | F      |
| £IDELfl\ MANAGEMgMT AND F"ESFARCH COMPANY LLC                                                         |                    | 2.402        | 0,001(a)  | F      |
| FIDELITY SALEM STREET TPUST: FIDELITY TOTAL INTERNATIONAL INDEX FUND                                  |                    | 14.914       | 0.006%    | F      |
| EIDEURAM COMPARTMENT PLAN SHARES ITALY                                                                |                    | 347.369      | 0.139(a), | F      |
| FIDEURAM COMPARTMENT PLAN BjLANCIAl ITALY 30                                                          |                    | TO,000       | 0,004(a)  | F      |
| F/DEL/PAM BALANCED PLAN COMPARTMENT ITALY 50                                                          |                    | 52.000       | 0.021%    | F      |
| FINVIS SRL                                                                                            | 04800610481        | 6.972.180    | 2.797%    | F      |
| FEEXSHARM MORNINGStAR DEV5tOPED MARKETS EX-US PAC iOR TItT<br>INDEX FUND.                             |                    | 26P          | 0,000B    | F      |
| FLONADA                                                                                               |                    | 7.573        | 0.003%    | E      |
| FORSTA AP - FONDEN                                                                                    |                    | 4.970        | 0.002(a), | F      |
| G&C PLACEMENT                                                                                         |                    | 2T.336       | 0.009(a)  | F      |
| GAMAX FONDS - SENIOR                                                                                  |                    | 140.721      | 0,0567    | F      |
| GESTIELLE PRO ITALIA                                                                                  |                    | 9.850        | 0,004'Z-  | F      |
| GIQUATTRO SRL                                                                                         | OOSI 4j 80975      | 6.g 72.180   | 2,79 7%   | F      |
| HSBC EffS PUBLIC LIMITED COMPANY - HSBC MSCI WORLD SMALL.                                             |                    | 1.B82        | 0.00! (a) | F      |
| CAP ECG IJCITS ETF                                                                                    |                    |              |           |        |
| izM 'OI (E) PLUS PLAN iRUSi                                                                           |                    | 84           | 0,000%    | F      |
| IELO INVEST.                                                                                          |                    | 6.845        | 0,003%    | T-     |
| IMTEBNATIONAL CORE EQUITY POP7FO£IO OK DFA INVESTMFNT<br>DIMENSIONS GROUP INC                         |                    | 59.809       | 0,024%    | F      |
| INTERNATIONAL MONETARY FLAD                                                                           |                    | 4.085        | 0,002(a)  | F      |
| INVESCO FTSE RAFI DEVELOPED MARKETS EXU5 SMALLMID ETF                                                 |                    | 1.005        | 0.000%    | F      |
| INVESCO INCOME ADVANTAGE INTERNATIONAt FLINO.                                                         |                    | ટર્ડ         | 0,000%    | F      |
| {NVESC O MARKETS )   PLC                                                                              |                    | 789          | 0,000%    | F      |
| INVESTERINGSFOPENINGEN DANSKE INVEST SELECT IACTICAL ASSET                                            |                    | 8.099        | 0,003%    | F      |
| ALLOCATION - DANNAPK AKKUMUffEPENDE KL<br>INVESTERINGSFORENINGEN DANSKE IN®/EST SELECT TACTICA: ASSET |                    | 3333         | 0.001     | F      |
| ALLOCATIO / EURO - ACCUMUtATING KL<br>INVES/ERINGSFOPENINGEN DANSKE INVEST SELECT TACIICAL ASSEI      |                    | 2.120        |           | F      |
| ALLOCAItOM LIOFI GE - ACCUMLtATING KL<br>INVEsTERINGSFORENINGEN DANSKE INVEIT SELECT TACTICAL ASSET   |                    |              | 0,001%    |        |
| ALLOCATION SVERIGE - ACCUMULATING KL                                                                  |                    | 3.06Z        | 0,00 %    | F      |
| INVESTERINGSFORENINGEN SPARINVESI INDEX EUROPA                                                        |                    | 4.291        | 0.002%    | F      |
| ISHAkES ALL-COUNTRY EQUITY INDEX FUHD                                                                 |                    | 185          | 0.000(a)  | F      |
| TSHAPEfi COPY MSC) EAFE kTF                                                                           |                    | 407.249      | 0.1d3(a)  | F      |
| ISHARES COPE MCCI EAFE IMI INDEX ETF                                                                  |                    | 641          | 0.000(a)  | F      |
| ISHAFTES CORE MSCI EUROPE ETF.                                                                        |                    | 3.814        | 0.00d%    | F      |
| ISHAPES COPE MSCI INTERNATIONALDEVELOPED MARKETS ETF                                                  |                    | 10.359       | 0,004%    | F      |
| ISHARES COPE MSCI TOTAL INTEBNATIONAL STOCK ETF                                                       |                    | Z2.105       | 0,029%    | F      |
| ISHARI=S TTT PUBLIC LIM  ED COMPANY                                                                   |                    | 808          | 0,000     | F      |
| ISHARES MSC IEAFE SMALL-CAP ETF                                                                       |                    | 7'9.P33      | 0,032(a)  | F      |
| ISHARES MSCIEUROPE IMI INDEX ETF                                                                      |                    | 1.234        | 0.000'B   | F      |
| ISHAPES MSCI EUROPE SMALL-CAP EFF                                                                     |                    | 1 .037       | 0,000%    | F      |
| ISHARES VI   PUBLIC LIMITED COMPANY                                                                   |                    | 40.395       | 0,018%    | F      |
| JAZ )NVEST)S\$EMENTS                                                                                  |                    | 18,507       | 0,007%    | E      |
| JHFII IHTL fiMALL CO FUND                                                                             |                    | 3.934        | 0.002B    | 5<br>F |
| JHVff INTL SMALL CO TPL/ST                                                                            |                    | 2.452        | 0,001(a)  | F      |
| JOHN HANCOCK FUNDS II FUNDAMENTAL ALL CAP CORE FUND JOHN                                              |                    | 170.1 d8     | 0.0+8B<   |        |
| HANCOCK FUNDS II FUNDAMENTAL GLOBAL FB ANCHISE FUND.                                                  |                    | 400.129      | 0.16 %1   | F      |
| JOHN HANCOCK TRUST COMPANY G OLLECTIVE INVESTMENT TRISST                                              |                    | 6g084        | 0,02(a)   | F      |
| JOHN HANCOCK VIT FNDAMENTAT ALL CAP CORE TRUST                                                        |                    | 88P.dl I P   | 0.V?%     | E      |
| KEVA                                                                                                  |                    | 1 .871 .053  | 0V5tB     | C      |
| LA VILLETTE                                                                                           |                    | b.951        | 0,003s    | f      |
| £ACERA MASTEk OPEB IPUST                                                                              |                    | 1.275        | 0.00      | F      |
| LEADEeSFL P.M.I.                                                                                      |                    | 6.071        | 0,002ñ    | F      |
| LEGAL & GENERAL ICA V.                                                                                |                    | 2.421        | 0,00) %   | ದ      |

![](_page_205_Picture_1.jpeg)

| Anagrafica ·                                                                                        | CF/Pl        | Voti                   | % su votanti Voto |        |
|-----------------------------------------------------------------------------------------------------|--------------|------------------------|-------------------|--------|
| LEGAL AND GENEPAL ASSURANCE (PENSIONS MANAGEMENT) LIMITED                                           |              | 1.776                  | 0,001%            | F      |
| LINGOTTO ALTRNTVE INV8TMNTS MASIEP END CCV-LNGTTO SPCL                                              |              | 294. ? 01              | 0,118%            | F      |
| LOCKHEED MARTIN CORPORIATION MASTEP RETIREMENT TRUST                                                |              | 25                     | 0,0009            | F      |
| POS ANGFLES COUNT EMPLOYEES REZIREMENT NSOCIATI                                                     |              | 11                     | 0,000%            | F      |
| £VIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND                                                     |              | 2.493                  | 0,001%            | F      |
| LYXOR FTSE ITALY MID CAP Ple.                                                                       |              | 17.434                 | 0,007%            | F      |
| M & G Securities Limited                                                                            |              | 184.417                | 074%.             | F      |
| M INTERNATIONAL EQUIlY FUND                                                                         |              | 78                     | 0,000%            | F      |
| M3P 1                                                                                               |              | 8,445                  | 0,003%            | F      |
| M3P 2                                                                                               |              | 8.531                  |                   | F      |
|                                                                                                     |              |                        | 0,003%            | F      |
| MANULIEE ASSET MANAGEMENT LTD                                                                       |              | 255.842                | 0.000%            | F      |
| MANI)L)FE GLOBAL FRANCHISE FDND.<br>MANULIFE INVESTMENT EXCHANGE FUNDF COPP. - MANULIFE<br>BALANCED |              | 24283                  | 0,1 03B<br>0,109% | F      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU.                                       |              | 137.605                | 0.0555            | F      |
| MANULIFE INVESTMENT MANAGEMENT GLO8AL FOCUS POOLED FUND                                             |              | 96.493                 | 0,039%            | F      |
| MANULIFE U.8. ALL CAP CORE FQUILY FUND                                                              |              | 2.528                  | 0,001(a)          | F      |
| MANULIFE U.S. ALL CAP EQUITY FUND                                                                   |              | 514 114                | 0,206             | F      |
| MAPCH INTERNATIONAL- IHE FAMILY BUSINMSFS FUND                                                      |              | 235.359                | 0.09dX            | F      |
| MARYLAND STATE RET  8FMENT PENS)ON SYSTEM                                                           |              | 3.903                  | 0.002&            | F      |
| MAUPEPTIS                                                                                           |              | 7.fi21                 | 0,003%            | F      |
| MEDIOLANUM GESTIONE FONDI SGR - EL£2S181LE SVILUPPO ITALIA                                          |              | 316.609                | 0,127fi           | F      |
|                                                                                                     |              | 10.083                 | 0.004X            | F      |
| MERCER QIF COMMON CONTRACJUAL I "UND                                                                |              | 17.394                 |                   | F      |
| MEKCER QIF FUND PLC                                                                                 |              |                        | 0,007(a),         |        |
| MEPCER UCIIS COMMON CONTRACTUALFUND                                                                 |              | 7.180                  | 0,003B            | F      |
| MOLIN THE 1                                                                                         |              | 15.804                 | 0,007%            | F      |
| MOLINEL 15                                                                                          |              | 4.933                  | 0,002(a),         | F      |
| MOLINEL 16                                                                                          |              | 29.862                 | 0,012%            | F      |
| MOLIN THE                                                                                           |              | t2.919                 | 0.005T            | F      |
| MOLINEL 18                                                                                          |              | 5. Z9                  | 0,002B            | F      |
| M07ILLA CORPOPATION                                                                                 |              | 249P                   | 0,00T(a)          | F      |
| MUL- LYX FISE IT ALL CAP PIR 2                                                                      |              | 4.02                   | 0,002%            | F      |
| NEW RISPARMIO ITALIA.                                                                               |              | 3.12Z                  | 0,001 (a),        | F      |
| NFS LIMITED                                                                                         |              | 2.412                  | 0,001 '           | F      |
| NORGES BANE                                                                                         |              | 159,475                | 0,064%            | F      |
| NORTHERN TPUST COMMON ALL COUNTR Y WOPED EX-US INVESTABLE<br>MAR                                    |              | 3.152                  | 0,001(a)          | F      |
| NO8THEPS TRUST GLOBAL INVESMPN'S COLLECTIVE FUNDS TRUST                                             |              | 53.901                 | 0.022%            | F      |
| SOUTHERN TRUST UCTS COMMON CONTRACTUAL FUND                                                         |              | 18.197                 | 0,007%            | F      |
| OLD WESTBURY SMALL AND MCD CAP STPATEGIM FUND,                                                      |              | 72.985                 | 0.06P(a)          | F      |
| OHEPATH GLOBAL SHAPK - SMALL CAP (UNHEDGED) INDEXPOO£                                               |              | 1.871                  | 0,001 (a)         | F      |
| PIR EQUITIY AXA INSURANCE                                                                           |              | 30,000                 | 0,012@            | F      |
| PK CSG World Equity Credil Suisse Funds AG                                                          |              | 22g                    | 0,000%            | F      |
| PUBLIC AUTHORITY FOR SOCIAL INSURANCE                                                               |              | 2.070                  | 0,001%            | F      |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO                                                 |              | 20.d52                 | 0,008             | F      |
| PUBLIC EMPLOYEES REfIPEMENT SYSTEM OF OHIO.                                                         |              | 5.600                  | 0,002%            | F      |
| POUNDH]LL S&P GLOBAL £UXUPY ETF                                                                     |              | 10fii                  | 0000%             | F      |
| RUE D£ LA PAIX                                                                                      |              | 5.d48                  | 0,%2%             | F      |
| SACRE COEUR                                                                                         |              | 30.99t                 | 0,01 2@           | F      |
| SAGERNO IN VESTISSEMENTS                                                                            |              | 13.994                 | 0,006(a)          | F      |
| SAWA KPL                                                                                            | 06fi21130d87 | 6.772. T60             | 2,717%            | F      |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX ETF                                            |              | 71.254                 | 0,029%            | F      |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX<br>FUND                                        |              | 11.4d2                 | 0,005%            | F      |
| SCHWAB INIERNAERNA110NAL SMALLCAP EQUITY ETF                                                        |              | 127.075                | 0,051 @           | F      |
| SEPENIS ADAGIO 1103                                                                                 |              | 2,773                  |                   | r      |
| SHELL CANADA 2007 PENSION PLAN                                                                      |              | 183                    | 0,001%<br>0,000%  | F      |
| \$IFFO INVESTISSEMENTS                                                                              |              | 7.414                  |                   | F      |
| SMALLCAP WORLD FUND INC.                                                                            |              |                        | 0.003%            |        |
| SPARTAN GROUP TPUST FOP EMPLOYEE BENEFIT PLANS.                                                     |              | 3:274.573<br>De ca 637 | 1,314%            | F<br>F |
|                                                                                                     |              |                        | 0,000B            |        |

![](_page_205_Picture_3.jpeg)

![](_page_206_Picture_1.jpeg)

| fiPDP PORTFOr)O DL-VE£OPED \^YORLD EXUS ETF                           |                    | 5.967                                                                                                                                                                         | 0,002%    | F  |
|-----------------------------------------------------------------------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----|
| SPDR POgiEO LIO EUROPE ETF                                            |                    | I .Sui f                                                                                                                                                                      | 0.00 i fi | F  |
| 558 MSCT ACWT EY USA IMI SCPEEN ED bJONLENDING COMMON IRUSI<br>FUND.  |                    | 1.783                                                                                                                                                                         | 0.001%    | F  |
| SSB MSCI EAFE SMALL CAP ItJDEX SFCURITIES SENDING COUM ON AND.        |                    | 8.924                                                                                                                                                                         | 0,004x    | 지  |
| fifiCA SPDP ETFS £UPOPE II PUBLICLIMITED COMPANY                      |                    | L280                                                                                                                                                                          | 0.001A    | 8  |
| SST G£O8 ADV TAX EXEMPT RETIPEMENT PLANS.                             |                    | 88,745                                                                                                                                                                        | 0.030%    | E  |
| STATE OM NEV MEXICO STAIF ¡NVFSTMENI COUNCIf                          |                    | 11.281                                                                                                                                                                        | 0,005%    | F  |
| SIATE OF WISCONSIN tNVESTMENT 80APD                                   |                    | 1.702                                                                                                                                                                         | 0.00tX    | F  |
| CULTE STPEEt GLOBAL ALL CAP EQUITY EXUS {NO£X PORTFO£JO               |                    | 1.170                                                                                                                                                                         | 0,0005    | F  |
| SIATE IEACHERS PETIREMENT SYSTEM OF OHIO                              |                    | 800.000                                                                                                                                                                       | 0,321%    | F  |
| STICHTING 6EDRIJFSTAKPENSIOEN FOODS VOOP DL MEDTA PNO                 |                    | 7.655                                                                                                                                                                         | 0,003%    | F  |
| SIIC HTING 8P£ PENSIOEN MANDAAI UB\$ AM LT                            |                    | 2.448                                                                                                                                                                         | 0.001%    | F  |
| STICHTING PENSIOENFONDS VOOR HIJISARTSEN                              |                    | 169                                                                                                                                                                           | 0.000s    | F  |
| SIICHTING PHILIPS PENSIOENFONDS                                       |                    | 873                                                                                                                                                                           | 0,000%    | F  |
| STRAIEGIC IMTERNAIIONAL EQUITY FUND                                   |                    | 2.)53                                                                                                                                                                         | 0,001%    | F  |
| SYNAPSE                                                               |                    | 9.74ó                                                                                                                                                                         | 0,004%    | F  |
| TEPESA L MC GRATH REVOCASLE TRUST                                     |                    | T8.P00                                                                                                                                                                        | 0,008(a), | F  |
| THE BAPCLAYS BANE UE RETIR EMENIFUND                                  |                    | 2.802                                                                                                                                                                         | 0,001%    | €  |
| THE CONTINENTAL SMALL COMPANY SESIES NY                               |                    | T7'0.103                                                                                                                                                                      | 0,068B'   | F  |
| THE £LIPOP£AN C5F'ITPA\ BASF                                          |                    | 29.454                                                                                                                                                                        | 0.012%    | F  |
| THE HON GEONG AND SHANGHAI BANKING CORPORATION LIMITED                |                    | 410 800                                                                                                                                                                       | 1,647     | F  |
| THE MONETARI AUTHORITY OF SINGAPORE                                   |                    | 449                                                                                                                                                                           | 0,<br>く   | F  |
| IHS REGENTS OF VHF UNIVEPSITY OF CAUFORNIA                            |                    | 1.299                                                                                                                                                                         | 0,001%    | t  |
| THE STATE OF CONNECTICUT, ACTING IHPOUGH ITS TREASUPER                |                    | 37.716                                                                                                                                                                        | 0,015@    | F  |
| TI-IENtES EUROPEAN LUXUPY ETC.                                        |                    | 1.529                                                                                                                                                                         | 0.00!(a), | F  |
| TONTI SRL                                                             | 1 25822209+3       | 253.166                                                                                                                                                                       | 0.102(a)  | F  |
| TRUST II BRIGHIHOUSEDTMENSIONALINT SMALL COMPANY PORTFOLIO            |                    | રીતે                                                                                                                                                                          | 0,000     |    |
| UBS {KPL) ETF PLC                                                     |                    | 21 .5?9                                                                                                                                                                       | 0,009     | F  |
| UBS FUND MANAGEMENT (SWITZERLAND) AG ON BEHALF OF ZURICH              |                    |                                                                                                                                                                               |           |    |
| INVGTINSTITUTIONAL SUN                                                |                    | 2.145                                                                                                                                                                         | 0.001%    | F  |
| UB'i FUND MANAGEMENT SWIT7ER£AND) AG. U8S                             |                    | I I .512                                                                                                                                                                      | 0.005%    | F  |
| LUX FLIMD SOLUTIONS                                                   |                    | 25.752                                                                                                                                                                        | 0.01 0%   | F  |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH ON BEHALF OF STBV-NW-           |                    | 2.360                                                                                                                                                                         |           | F  |
| UNIVERSAL-FONDS                                                       |                    |                                                                                                                                                                               | 0,001     |    |
| VANGUARD DEVELOPED MARKETS INDEX FUND                                 |                    | 520.251                                                                                                                                                                       | 0.209%    | F  |
| VANGUARD ESG DEVELOPED WORLD ALL CAP EQ INDEX FND UK                  |                    | 806                                                                                                                                                                           | 0,000@@,  | F  |
| VANGUARD ESG INTEPNATIONAL STOCK EfF                                  |                    | 7.840                                                                                                                                                                         | 0,003%    | F  |
| VANGUAR D EUROPEAN frock INDEX FUND                                   |                    | 130.809                                                                                                                                                                       | 0,052(a), | F  |
| VANGLIAPD FID UCIABY TPUS7 COMPANY DEVECOPED AdAPKET3 TNDEX<br>ાજપિટી |                    | T0.39 I                                                                                                                                                                       | 0.004(a)  | F  |
| VAMGUARD FIDIJCIAPY TRU6T COMPANY IN3TIIIJTIONAL 70TA£                |                    |                                                                                                                                                                               |           |    |
| INTERNACIONAL STOCK MARKET INDEX TRUST                                |                    | 62.138                                                                                                                                                                        | 0,0E5@,   | F  |
| VANGUAPD FIDUCIARY TRt'I5f COMPANY TNST)TUT)ONAL TOTAL                |                    |                                                                                                                                                                               |           | F  |
| INIERNATIONAL STOCK MARKET INDEX TRUST IT                             |                    | 4,36 J                                                                                                                                                                        | 0.002%)   |    |
| VANGLAPD FTSE ALLWOPLO FXIIS S MALLCAP INDEX FUND                     |                    | 181.177                                                                                                                                                                       | 0,073(a), | F  |
| VANGUARD FTSE DEVELOPED ALF CAPEX NORTH AMERICA INDEX ETF             |                    | 9.01                                                                                                                                                                          | 0,004(a), | F  |
| VANGUARD FUSE DEVELOPED EUPOPE ALL CAP INDEX ETF                      |                    | 653                                                                                                                                                                           | 0.000%    | F  |
| VAHG CARD Ft/NOS PL/8£IC LIMITED COC PANY                             |                    | તેરતું રહેતું તે તે તે તે તે તે તે તે તે તે તે તે તે તે તે તે આ વિત્તાન કરતે તે આ રાજ્યના પાકની ખેતી કરવામાં આવે છે. આ ગામનાં પ્રાથમિક શાળા, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સ | 0.000@@   | F  |
| VANGUARD INIERHAIIONAL SMALL COMPANIES INDEX FUNO.                    |                    | 1.035                                                                                                                                                                         | 0.000E    | E  |
| VANGLIAPD INVES7M5MT SERIES PUBLIC LIMITED COMPANY                    |                    | 5.7 I 9                                                                                                                                                                       | 0,002(a)  | F  |
| VANGUAPD IOTAL INTERNATIONAL STOCK INDEX FUND                         |                    | 31 5.155                                                                                                                                                                      | 0.126%    | F  |
| VANGUARD TOTAL WORLD STOCK INDEX FUMD                                 |                    | 38.396                                                                                                                                                                        | 0,0157    | F  |
| VEPDIPAPIPFONDET KLP AKSJEGEOBAL SMALL CAP INDEKS                     |                    | તેકે                                                                                                                                                                          | 0.000     | F  |
| LICENSE                                                               |                    | i 6.500                                                                                                                                                                       | 0,007%    | F  |
| VIE ICVC VANGUARD VANGUARD FTSE GLOBAL ALL CAP INDEX FUND             |                    | 263                                                                                                                                                                           | 0,000(a), | F  |
| VISCONTI ANGELICA CAMILLA CONSOLATA WAN                               | VSC MLCZ3E44F205N  | 253.164                                                                                                                                                                       | 0.T02(a), | t- |
| VISCONII G)NEVRA CAMILLA                                              | VSCGVft75Aó5F205B  | 253. I ó4                                                                                                                                                                     | 0.102a    | F  |
| VISCONTI MARIA CONSOLATA                                              | VSCMC N7' Ho3F205M | 253. I dó                                                                                                                                                                     | 0.i02'g   | F  |
| WA3HING7ON STATE INVESTMENT BOARD                                     |                    | 484                                                                                                                                                                           | 0,000     | F  |
| WELLE INVEST.                                                         |                    | ó.951                                                                                                                                                                         | 0,003(a)  | F  |

![](_page_207_Picture_1.jpeg)

| WISDOMIRSE DYNAMIC CUPRFNCY HEDGED INTERNATIONAL                 | 1.791     | 0,00 i   | f  |
|------------------------------------------------------------------|-----------|----------|----|
| SMALLCAP I2QUITY FUND.                                           |           |          |    |
| WISDOH/TREE EUROPE HEDGED EQUFYFUND                              | 4.5P2     | 0,002'g  | E  |
| WISDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND                    | 289       | 0,000'g  | f  |
| WISDOMIREE INTERNATIONAL HEDGEDQLIA LILY DIVID8ND GPOWTH<br>FUHD | 4 . SV    | 0,002X   | F  |
| WISDOMTgEE INTERNATIONAL QUALITY DIVIDEND GROWIH FUND.           | 2.596     | 0.001@   | F  |
| WISDOM:REE INTERNATIONAL SMALLCAP DIVIDEND FUND.                 | 5.892     | 0,002'B  | F  |
| WM FUNDS                                                         | 7.723     | 0.003%   | F  |
| XfRACKEPS MSCI EUPOZONE HEDGED EQUITY ETF.                       | 488       | 0,000%   | F  |
| YOPELA                                                           | 47,263    | 0,01P@   | F  |
| CITY OD PHILADELPHIA PUBL)C EMPLOYEES PETIREMENI SYSTEM,         | 3.625     | 0.001(a) | C  |
| TAM NATIONAL PENSION FUND                                        | 11        | 0,000N   | C  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                       | 22.000    | 0.0097   | A  |
| The Rose K. Swedlow Trust DTD 03/1 9/92                          | 15        | 0,000@   | A  |
| Global Elite Comónsrcial Inc                                     | fi. 300   | 0.003(a) | NV |
| Majestle Honour Limited                                          | 6.000.000 | 2,407\$  | NV |
| Schoal Mcixirrilian Alexander                                    | 150       | 0.000%   | NV |
|                                                                  |           |          |    |

Totole vołonti

249.288.728

A - Aslenuło

NV - Non Volante
NE - Non Espresso

![](_page_207_Picture_7.jpeg)

![](_page_208_Picture_1.jpeg)

i .

![](_page_209_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

| Allagato " H " al Numero ___________________________________________________________________________________________________________________________________________________ |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| l del Reportario e al Numero 20852                                                                                                                                           |  |
| I dolo Rocolla.                                                                                                                                                              |  |

Section 4.2

*Appointment of the Board Òof Directors, subject to determination of the number of members,* de/ *term of* office and determination *of compensation. Appointment* of *the* Chairman and Vice Chairman. Related *and consequent resolutions: determination of* the *term of office of* directors.

|  |                                                                                              |              | %<br>votes<br>represented<br>in<br>assembly | % of Voting Rights |
|--|----------------------------------------------------------------------------------------------|--------------|---------------------------------------------|--------------------|
|  | Constitutive quorum assembly                                                                 | 249.288.928  | 100%                                        | 89,810%            |
|  | Votes for which the RD has instructions for the<br>BOD being voted on (deliberative quorum): | 249.288.928  | 100,000%                                    | 89,810%            |
|  | Votes for which the RD<br>rfoo<I sponeva of instructions:                                    | 0            | 0,000%                                      | 0,000%             |
|  |                                                                                              | no.<br>votes | %<br>voting<br>participants                 | % of voting rights |
|  |                                                                                              | 243.254.058  | 97,S79%                                     | 87,636%            |
|  |                                                                                              | 6.405        | 0,003%                                      | 0,002%             |
|  |                                                                                              | 22.015       | 0,00996                                     | 0,008%             |
|  |                                                                                              | 6.006.450    | 2,409%                                      | 2,164%             |
|  |                                                                                              | 249.288.928  |                                             | 89,810%            |

![](_page_210_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

Item4.2

domination of the Board of Administration, subject to delermination of members, term of office and defermination of compensation. Appointment of the president. Related and consequent resolutions: defermination of the durafo in charge of the amministrafori

#### List of voting participants through the Designated Representative Monfe 7ito(s) 6.p.A. in the person of Dr. Claudia Amórosini

| AC}S                                                                      | 9.0fi5     | 0,004(a)  | F |
|---------------------------------------------------------------------------|------------|-----------|---|
| ACM ALLEGRO 1 240                                                         | 12.817     | 0,005S    | F |
| ACM ALLEGRO 3041                                                          | di 446     | 0,002%    | E |
| ACOMEA PMITALIA ESG                                                       | 2129       | 0,00PS    | 7 |
| ACOMEA DYNAMIC GLOB AL STRATEGY                                           | 13.258     | 0.005(a)  | F |
| ADVANCEO SEPIES TPUST ISO GLOBAL BOND POPTFOLIO                           | Tod        | 0,000'B   | F |
| ALASKA PERMANENT FUND CO8PORATION                                         | ો રેવ      | 0,000@    | F |
| AMERICAN CEN URY ETF TRUST-AVANTIS INTERNATIONAL EQUITY ETF               | 5.327      | 0,002(a)  | F |
| AMERICAN CENIUPY ETF TRUST-AVANTIS INTERNATIONAL EQUITY FUND              | 31         | 0.000(a)  | F |
| AMERICAN CENTURY ETA TRUST-AVANTIS INTERNAOONAL SMALL CAP<br>EQUITY ETF   | 442        | 0,000%    | F |
| AMERICAN CENTUPY CF TRUST-AVANTIS RESPONSIBLE INTERNATIONAL<br>EQUITY ETF | 314        | 0,000Z    | E |
| AMERICAN FUNDS INSURANCE SERIESGROWTH FUND                                | 2.T 74.477 | 0.872%    | F |
| .€MUNDI FrSF MTB                                                          | 38. 174    | 0.01 5%   | F |
| AMUNDI INDEX ELIR OP E EX UK SMALL AND MID CAP FUND                       | 1.944      | 0.001 (a) | t |
| AMUNDI MSCI EMU SMALL CAP ESG CAB NZ AMB                                  | 90.829     | 0.03óg    | F |
| Amundi MSCI Europe Small Cap ESG Climote Net Zero Ambifion CTB            | 17.857     | 0.007S    | F |
| AMUNDj SGR SPA / AMUNDI RISPAR MIO ITALY                                  | 65.522     | 0,026(a)  | F |
| ANIMA CRESCITA ITALY NEW                                                  | 0.758      | 0.004%    | F |
| ANIMA FUNDS PUBLIC LIMITED COMPANY                                        | 1 2.554    | 0.005%    | F |
| SOUL INITIATIVE ITALY                                                     | 199.764    | 0,080(a), | F |
| Ark Azloni I)alio                                                         | 130.000    | 0,052(a), | F |
| Arca Economa Reale Silonciato Italy 30                                    | 330.000    | 0,132(a)  | E |
| Arca Economia Peale Balanciato Italia 55                                  | 43.000     | 0,0f7"(a) | F |
| Afil2ONA STATE RETIREMEN T SYSIEM.                                        | 1          | 0,000B    | F |
| AR RO\/STkEET (DELAWAR E) L/S FUND L.P ARROWSTREET CAPITAL LOO            | 10         | 0.000fi'  | F |
| PARTN ERSHIP-ARRO\\\'STREET DELAVYARE LS                                  |            |           |   |
| ARROWS GREET CAPITAL COPLEY FUNDLIMITED                                   | 13.458     | 0,005(a)  | F |
| APPO\/STREET CAPITAL ESG GLOBAL EQUITY LONG/SHORT FUND                    | 3.900      | 0,002(a), | F |
| ATOME                                                                     | 1 ó.3ó 1   | 0.007(a), | F |
| AUSTRALIAN PETIFIEMENT TRUST.                                             | / . 062    | 0.003(a), | F |
| AVENIR INVEST 1 SEMENTS                                                   | 2838       | 0.003%    | E |
| AXA MP\$ FINANCIAL DI2SIGNAT -D ACTIWIY CO.                               | 72.000     | 0,029B    | E |
| A XA Vorsorge Fonds II Equities Global Markets Small Cap Passive          | 8.045      | 0,003(a), | F |
| Credit Suisse Funds AG                                                    |            |           |   |
| AxA WOPLD FUNDS SICAV                                                     | 364.441    | 0,146(a)  | F |
| A7 FUND   AZ ALLOCATION ITALIAN TREND                                     | 15.057     | 0,000%    | F |
| A 7 FUND I At ALLOCATION F'IR ITALIAN EXCELLEfiJCE 30                     | 2.501      | 0,001 (a) | F |
| 7 FUND 1 AZ ALLOCAtION PIR'ITALIAN EXCELLENCE 70                          | Sl.715     | 0,021(a)  | F |
| AZ FUND 1-AZ ALLOCATION-ITALIAN LONG TERM C'PPORTUNITIES                  | 60.972     | 0,024T    | F |
| AZIMUT CAPITAL MANAGEMENT SGg SPA                                         | 28.855     | 0,010(a)  | F |

. 1

![](_page_211_Picture_1.jpeg)

| AZIMUT CAPITAL MANAGEMT SGR SPA                                                               |                                     | 17.109          | ' 007#              | F      |
|-----------------------------------------------------------------------------------------------|-------------------------------------|-----------------|---------------------|--------|
| AEL DFA INTEPNAT}ONAL CORE EQUITY FUND                                                        |                                     | 1.885           | 0.001(a)            | F      |
| BANCO BILBAO VI7CAYA SILVERERIA SA                                                            |                                     | 700.46g         | 0.281X              | f      |
| BANCOPOS7A PINASCIMENTO                                                                       |                                     | 25,347          | 0,010%              | F      |
| B8VA DUR8 INTL EUROPEAN EQUIIY FUND                                                           |                                     | t2.454          | 0,005(a),           | F      |
| BERGAMOTTA SRL                                                                                | 06949B50488                         | L720.76S        | 0,690@,             | F      |
| 8LACKPOCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF<br>ISHARES WOPLD EX SWTZEPŁAND             |                                     | 100             | 0.000N              | F      |
| BLACKROCK AUTHOPItFD CONTPACIUAL SCHEME I                                                     |                                     | 100             | 0.000X              | F      |
| 8LACEROCK FUND MANAGERS LTD                                                                   |                                     | 100             | 0.000%              | t      |
| BLACKROCK INDEX SEtECTION FUUQ                                                                |                                     | 100             | 0.000(a)            | F      |
| BLACKROCK INSTITUTIONAL TRUST COMPANY. N.A. INVESTMENT FUNDS<br>FOR EMPLOYEE BEHEFT T TBUSTS. |                                     | 175 ९५५         | ი ინისፌ             | F      |
| BLACKROCK LIFE LED<br>BLACKPOCK MSCI RAFE SMALL CAP EQUITY INDEX FUND B (EAFESMLB             |                                     | 100<br>3.882    | 0.000(a)<br>0,002B- | F<br>F |
|                                                                                               |                                     |                 |                     |        |
| BNP PARIBAS EASY - MSCI EUPOPE SMALL CAPS SPI 5-SERIES 5 CAPPED                               |                                     | 129.550         | 0,0529              | F      |
| BHP PAR]BAS EQU]TY - FOCUS )TALIA                                                             |                                     | 9.854           | 0,004(a),           | F      |
| 8NPP MODEPATE - FOCUS ITALY                                                                   |                                     | 59.786          | 0,024X              | F-     |
| 80RRAGINE SOL.                                                                                | 06949860487                         | J.720.766       | 0,690Z              | F      |
| C INVESTSSEMENTS                                                                              |                                     | 8.634           | 0,001&              | f-     |
| CATILLON                                                                                      |                                     | 7.184.          | 0,003%              | f      |
| CENTRAL PENSION FUND OF THE INTEPNATIONAL UNION OF<br>OPERATING                               |                                     | 157             | 0.000(a)            | F      |
| CHRYSOLE ET PIAT                                                                              |                                     | 10303           | 0 04%               | L      |
| CI WISDOMTREE EUROPE HEDGED EQUITY INDEX ETF                                                  |                                     | 328             | 0,000A              | f      |
| CI W ISDOMTREE INTERNATIONAL QUALITY DIVI GROWTH                                              |                                     | 6.265           | 0 03%               | C      |
| CITY OF NEW YORK GROUP THUST.                                                                 |                                     | i 94d           | 0,003%              |        |
| CONNECTICUT GENERAL LIFE INSURANCE COMPANY                                                    |                                     | Z7              | 0.000%              | f      |
| CREOIT SU/SSE INDEX FUND  LUX                                                                 |                                     | 25848           | 0,01s               | f      |
| CSIF CH Equily World ex CH Small Cap Blue Credit Suisse Funds AG                              |                                     | 4.433           | 0,002%              | F      |
| CSU CH Equity World ex CH Small Cap ESG Blue Credit Suisse Funds<br>AG                        |                                     | 3,71 ó          | 0,001%              | F      |
| CPU CH III Equity World ex CH Small Cap ESG Blue Pension Fund Plus                            |                                     | 7.821           | 0,003%              | C      |
| Credit Suisse Funds AG<br>DC SHAW US BROAD MARKET CORE ALPHA EXTENSION CUSTOM FUND            |                                     | 421             | 0,0                 | F      |
| II L.£,C.                                                                                     |                                     |                 |                     |        |
| DEKA-PAB                                                                                      |                                     | 4.544           | 0.003B              | F      |
| Edmond de Rothschild Fund Euro and Synerg                                                     |                                     | 82.980          | 0.0338              | 5      |
| EFFESEFE S T                                                                                  | 044037 j 0488                       | 6.972.180       | 2,7g7(a)            | F      |
| ENSIGN PEAK ADVISOPS INC<br>EUR)ZON A7 ONI ITAL A                                             |                                     | 1.175<br>80.000 | 0,000B              | F<br>F |
| EUPIZON A7IONI PMI ITALIA                                                                     |                                     | 332.943         | 0,032B<br>0.134fi   | F      |
| EURFZON CAPITAL SGR-PIR ITALIA 30                                                             |                                     | 59. 111         | 0.0246              | F      |
| EIJPIZON I "UND                                                                               |                                     | 84.369          | 0,034(a)            | E      |
| EURI7ON Plg ITALY SHARES                                                                      |                                     | 21.222          | 0,009%              | F      |
| EURIZON PROJECT IIALIA 20                                                                     |                                     | 84.275          | 0,034B              | F      |
| EUPIZON PPOGEITO ITALY 40                                                                     |                                     | 249.752         | 0.100%              | F      |
| EURIZON PROJECT ITAL\A 70                                                                     |                                     | T 18.31 I       | 0,047(a)            | F      |
| F&L CAPITAL                                                                                   |                                     | F.ó3ó           | 0,003B              | F      |
| FADF-LIS INVEST                                                                               |                                     | 7.986           | 0.003%              | 7      |
| FAFF KPL                                                                                      | 02607380033                         | P46.768         | 0.380B              | F      |
| FDF1 BEAUPOk 7                                                                                |                                     | ó,7ó0           | 0,003(a)            | F      |
| FDI=1 CALISSON1 g47                                                                           |                                     | 8.207           | 0.003%              | F      |
| FDF I SMYL2206                                                                                |                                     | 8.900           | 0.003N              | F      |
| FDF I TONTQN eAOUL                                                                            |                                     | 12,823          | 0,005(a)            | F      |
| EDF2 DCP                                                                                      |                                     | ó.7 9           | 0.003(a)            | F      |
| £DF2 HBC FAMILY NVESTM£NT                                                                     |                                     | 24.089          | 0,0/0B              | F      |
| FDF2 MSR                                                                                      |                                     | 15.250          | 0,00b(a)            | F      |
| F-DF2 NE\'/ ALLEGRO 1144                                                                      |                                     | 9.730           | 0,004X              | F      |
| FDF2 OA CAPITAL                                                                               |                                     |                 | 0,003(a)            | F      |
| FDF2 OSMOS E                                                                                  |                                     |                 | 0.005(a)            | F      |
| FER kAGAMO FER eUCCIO                                                                         | FRFFRC45P09D575X                    |                 | 0,406%              | F      |
| FER PAGAMO FINANZ ARIA SPA                                                                    | 04161460482<br>171<br>ಳ<br>। ਤੇ<br> | FRICA S 317     | 73,498%             | F      |

![](_page_212_Picture_1.jpeg)

| FERPAGAMO GIOVANNA<br>FIDE:ITY CONCORD STREET TRUSI: FIOI2LitY SAI INTERNATIONAL S<br>FJD£UTY FUND3 - SUSTAINABLE CONSUMER BRAND3 POOL<br>FIDELITY GLOBAt CONSUMER INDUSTRIPS FUND.<br>F106LITY MANAGEMENT AND RESEAPCH COMPANY SIC | FRFGNN43C66DS/SV | 1.012.650<br>Q13<br>604.155<br>ió.4dó<br>2.402 | 0,406%<br>0,000%<br>0,242%<br>0,013<br>0.001Z | F<br>F<br>E<br>F |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|------------------------------------------------|-----------------------------------------------|------------------|
| FIDENTY SALEM STREET TRUST: FIDELITY TOTAL INTERNATIONAL INDEX.<br>FUND                                                                                                                                                             |                  | 14.91 4                                        | 0.006%                                        | F                |
| FIDEURAM PLAN COMPARTMENT EQUITIES ITALY<br>FIDEURAM COMPARTMENT BALANCED PLAN ITALY<br>30 fIDfUPAM WITH PAPIQ PfAN 0 BI£ANCJAIO HACIA                                                                                              |                  | 347.3fi9<br>T0.000<br>52.000                   | 0,139B<br>0,004%<br>0,021 (a),                | F<br>F<br>F      |
| રેી<br>FINVU SQL                                                                                                                                                                                                                    | 04000ó 10481     | é.972.180                                      | 2,7978                                        | T                |
| FLExSH ARES MORMI GSrAR DrVmOPcD MARKETS EX-r/s rAC/Oe T/LT<br>INDEX FUND                                                                                                                                                           |                  | 269                                            | 0.000B                                        | f                |
| FLONADA                                                                                                                                                                                                                             |                  | 7.573                                          | 0,003%                                        | E                |
| FOPSTA AP - FONDEN                                                                                                                                                                                                                  |                  | 4.970                                          | 0.002(a),                                     | F                |
| G&C PLACEMENT                                                                                                                                                                                                                       |                  | 21.336                                         | 0.00PS                                        | F                |
| GAMAX FUNDS - JUMIOR<br>G ESTIELLE F RO ITAL)A                                                                                                                                                                                      |                  | 140.721<br>9.450                               | 0,0568<br>0,004(a),                           | F<br>F           |
| GIQUATTPO 5PL                                                                                                                                                                                                                       | 00514 ! 80P75    | ó.972. I BO                                    | 2787                                          | F                |
| HSBC €773 PUBt}C £0MITED COMF ANY - HSBC MSCI WORLD SHALL<br>CAP ESG UCITS ETF                                                                                                                                                      |                  | 1 887                                          | 0-001 '8                                      | C                |
| IBM 40 I KI PLuS PRAM iRUsT                                                                                                                                                                                                         |                  | 184                                            | 0.000                                         | F                |
| IELO INVES {                                                                                                                                                                                                                        |                  | 6.845                                          | 0.003(a)                                      | F                |
| INTERNA11ON AT CO9E EQUITY PORTFOLIO OF OF OF OF A TNVESFMBNY.<br>DIM ENSIONS GROUP INC                                                                                                                                             |                  | 5'7.809                                        | 0.02Ja                                        | F                |
| INTERNAL ION AT MONFTAgY FUND.<br>INVESCO FUSE PAFI DEVIL OPFD MARKPTS MUS SMALL BID ETF                                                                                                                                            |                  | 4.086<br>1.005                                 | 0.002'g                                       | F<br>F           |
| INVESCO INCOME ADVANTAGE INTERNATIONAL FUND                                                                                                                                                                                         |                  | 26                                             | 0,000(a)<br>0,0W                              | F                |
| IN'VESCO MAR BETS II PLC                                                                                                                                                                                                            |                  | 789                                            | 0,000%                                        | F                |
| INVESTERINGSEOfi'ENT NGEN DANSKE INVEST SELECT TACTICAL AST ET<br>ALLOCATION - 0 ANMARE AKKUMULER ENDE KL                                                                                                                           |                  | 8.099                                          | 0,003%'                                       | F                |
| 5VESTEPTNGSFOP FUN GEN DANS ke INVEST S ELECT TACTICAL ASSEI<br>ALLOCATION EURO - ACCUM LLA1 NG ML                                                                                                                                  |                  | 3133                                           | 0,001 (a)                                     | F                |
| INVESTEPEPINGSFOPEN}NGEU DANSKE IN VAST SELECI TACTICAL AST ET<br>ALLOCATION NORGE - AC CU MILA {ING KL                                                                                                                             |                  | 2320                                           | 0,001%                                        | F                |
| INVESTEPINGSFORENINGEN DANSKE TI VAST SELECT TACT)CAT ASSET<br>ALLOCATION SVERIGE - ACC EMULATING KB                                                                                                                                |                  | 3.05.2                                         | 0,001%                                        | F                |
| INVESTERINGSFORENINGEN SPASIM LIST INDEX EUROPA                                                                                                                                                                                     |                  | 4.29 1                                         | 0,002%                                        | F                |
| jSHARES ALL-COUNTRY EQUIly INDEX FUND.                                                                                                                                                                                              |                  | 185<br>407.249                                 | 0,000%<br>0,163(a)                            | F<br>F           |
| ISHARE8 CORE MSCI EAFE ETF<br>ISHARES COP5 MSCS EAFE {M) )ND£X ETF                                                                                                                                                                  |                  | ó41                                            | 0,000@                                        | F                |
| ISHARES CORE MS CI EUROPE Eff                                                                                                                                                                                                       |                  | J 3.81 d                                       | 0,006X                                        | F                |
| tsHakes CORE MSC TINTER N Allonal O EVELOPED MAPK5tS ETF                                                                                                                                                                            |                  | 0.359                                          | 0.00fi%                                       | F                |
| TSHARES CODE MS CI TOTAL INTERNATIONAL STOCK ETF                                                                                                                                                                                    |                  | Z2. 05                                         | 0,029\$                                       | F                |
| ISHARES III PUBLIC LIMITED COMPANY                                                                                                                                                                                                  |                  | 808                                            | 0.000(a)                                      | F                |
| ISHABES MSC I EDGE SMALL-CAT EIT-                                                                                                                                                                                                   |                  | 19.933                                         | 0,032(a),                                     | f                |
| ISHAP ES MSC I EUROPE IMI INDEX ETF                                                                                                                                                                                                 |                  | 1.234                                          | 0,000%                                        | F                |
| tSHA9 ES M\$CI EUROPE \$ MAIL-CAP EIF                                                                                                                                                                                               |                  | 1<br>40.395                                    | 0,000%<br>0.016%                              | F<br>F           |
| TSHAPES V!) PU8£¡C UM¡TED COMPANY.<br>JP INVESTISSEMENTS                                                                                                                                                                            |                  | 18.301                                         | 0,007(a),                                     | F                |
| JHFII INT'L SMALL CO FUNO                                                                                                                                                                                                           |                  | 3.934                                          | 0.0026                                        | F                |
| JHVITINT SMALL CO TRUSI                                                                                                                                                                                                             |                  | 2.452                                          | 0,001(a)                                      | F                |
| JOHN HANCOCK FUNDA It FUNDAMENTAL ALS CAP CORE FUND.                                                                                                                                                                                |                  | 70. J 48                                       | 0,066(a)                                      | F                |
| JOHN HANCOCK FUNDA II FUNDAMENTAL GLOBAL FRANCHITE FIJND.                                                                                                                                                                           |                  | 4001 29                                        | 0,Tolg<                                       | F                |
| JOHN HANCOCK TRUST COMPANY COLLECITYE INVESTMENT TRUE I                                                                                                                                                                             |                  | 89.084                                         | 0.028(a)                                      | F                |
| JOHN HANCOCK VIT FNDAMI2N7AI. AU CAP COR£ 7RIJ3T                                                                                                                                                                                    |                  | 889.61 fi                                      | 0.357%                                        | F                |
| KEVA                                                                                                                                                                                                                                |                  | 1,871 .053                                     | 0,751%                                        | F                |
| LA VILLEITIE                                                                                                                                                                                                                        |                  | 0.95 T                                         | 0,003(a),                                     | F                |
| tACERA MASTEF' OPEB TPUS7<br>£EADERSEL P.M.I                                                                                                                                                                                        |                  | 1.275<br>ó.071                                 | 0.00IB®<br>0.002F                             | F<br>F           |
| LEGAL & GENERAI ICA V                                                                                                                                                                                                               |                  | 2.421                                          | 0.001%                                        | F                |
| LEGAL AND GENEOA£ ASSUPANCE (PENSIOW MANAGEMENT) LIMITED                                                                                                                                                                            |                  | 1.776                                          | 0,001%                                        | F                |
|                                                                                                                                                                                                                                     |                  |                                                |                                               |                  |

![](_page_213_Picture_1.jpeg)

| LINGOTTO ArTRNTVE INVSIMNTS MASTER MNO ICV-LNGTTO SPCL                             |             | 29d.70 I        | 0,18%            | F      |
|------------------------------------------------------------------------------------|-------------|-----------------|------------------|--------|
| LOCKHEED MARTIN CORPORATION MASTEP PETIREMENT TRUE                                 |             | ર્ટ             | 0,000B           | -      |
| POS ANGFLES COUNTY EMPLOYEES RE/i R FM ENT ASSOCIATES.                             |             | l I             | 0,000\$          | F      |
| LV!P DIMENSIONAL INTERNATIONAL COPE EQUFY FUND                                     |             | 2.d93           | 0.001s           | F      |
| LYXOR FTSE IfALIA MID CAP PIR                                                      |             | 17.434          | 0.00FS           | F      |
| M & G Securities Limited                                                           |             | I 84.4' 7       | 0.07d            | F      |
| M INTERNATIONAL EQUITY FUND                                                        |             | 78              | 0,0005           | F      |
| M3P 1                                                                              |             | 8.445           | 0,003            | F      |
| M3P 2                                                                              |             | 8.531           | fi,0p3n          | F      |
| MANUL)FE ASSET MANAGEMENT LTD                                                      |             | 1               | 0,000            | F      |
| MANULIFE GLOBAL FRANCHISE FUND.                                                    |             | 255.642         | 0,J03R           | F      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE<br>BALANCED                    |             | 27T .265        | 0,109&           | F      |
| MANIJLIFE INVESIMENTEXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                       |             | 13K605          | 0.055            | F-     |
| MANULIFE INVESTMENT MANAGEMENT GLOBAL FOCJS FOOLED FUND                            |             | 96.493          | 0,039            | F      |
| MANULIFE II.S. ALL CAP CORE EQUITY FUND                                            |             | 2528            | 0.XI%            | F      |
| MANLLIFE U.S. ALL CAP EQUITY FUND                                                  |             | 5 I 4.1 T4      | 0,206%           | f      |
| MARCH INTERNATIONAL - THE FAMED BUS NESSES FUND                                    |             | 3M.359          | 0,094%           | F      |
| MARYLAND STATE RETIREMENT PENSION SYSTEM                                           |             | 3903            | 0,002%           | F      |
| MAUPERTUIS                                                                         |             | 7.92T           | 0.003            | F      |
| MEDIOLAMUM GESTION FONDI SGR - FLEXI8)LE DEVELOPMENT (TAL)A                        |             | 36509           | 0122%            | f      |
| MERCER QIF COMMON CONTRACTUAL FUND                                                 |             | 10.083          | 0.004%           | F      |
| MERCER QIE I "UND FLC                                                              |             | ) 7.394         | 0,002%           | દ      |
| MERCER UCITS COMMON CONTRACTUALFUND                                                |             | 7180            | 0,003T,          | F      |
| MOLINEL 11                                                                         |             | 6.804           | 0,00/            | ಟ್     |
| MOLINEL 15                                                                         |             | 4.933           | 0,002%           | ದಿ     |
| MOLINEL 16                                                                         |             | 29.862          | 0.01M            | ಗಳು    |
| MOLINEL 17                                                                         |             | 2.P19           | 0.005%           | f      |
| MOLINEL T8<br>M07ILLA CORPORATION                                                  |             | 5.79 T<br>2.499 | 0,002            | F      |
| MUL- LYX FfSE IT ALL CAP PIR 2                                                     |             | %021            | 0,X)7,<br>0.002% | C<br>r |
| NEF PUPAE MIO ITALY                                                                |             | 3.127           | 0.001%           | F      |
| NFS LIMITED                                                                        |             | 2.412           | 0.001'B          | F      |
| NOPGES BANK                                                                        |             | 159.#93         | 0,0#%            | r      |
| NORTHERN TRUST COMMON ALL COUNTRY WORLD EX-US INVESTABLE                           |             |                 |                  |        |
| MAR                                                                                |             | 3d52            | 0,001            | F      |
| NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FONOS TRUST                           |             | 53.P01          | 0,022X           | F      |
| NORTHERN TPUST UCTS COM/viON CONTPACTUAL FUND.                                     |             | 18.197          | 0,007%           | F      |
| OLD WESTBURY SMALL AND MID CAP STPATEGIES FUND.                                    |             | 172.985         | 0.06PB           | F      |
| ONEPAIH GLOBAL SHA9ES - SMALL CAP (UNHED GED) INDEXPOOL                            |             | 1.871           | 0.001s           | B      |
| PIP -QUID #x# INSURANCE ION1                                                       |             | 30.000<br>229   | 0.0) 2           | F      |
| PK CSG World Eauit Credit Suisse Funds AG<br>PUBLIC AUTHOPITY FOP SOCIAL INSURANCE |             | 2.070           | 0 , ADW          | t<br>F |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO                                |             | 20.452          | 0.001s           | r      |
| PUBLIC EMPLOYEES }}ETIPFMENT SYSTEM OF OHIO.                                       |             | 5.600           | 0,008%<br>0,002% | k      |
| POUNDHI£L S&P GLOBAL LUXURY ETF                                                    |             | ો ઉર્ડ          | 0,000%           | f      |
| RUE DE LA PAIX                                                                     |             | 5.d4d           | 0,002%           | F      |
| SACP£ COgUR                                                                        |             | 30.991          | 0,0) 2%          |        |
| SAGERNO INVESNSSEMENTS                                                             |             | T3.994          | 000              |        |
| SAWA URL                                                                           | 06921130487 | 6.772.180       | 1217'B           | f      |
| SCHWA8 FUNDAMENTAL INTERNATIONAL SHALL COMPANY INDEX ETF                           |             | 71 .254         | 0.029            | f      |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX<br>FUND                       |             | 1.462           | 0.005            |        |
| SCHMAB INTERNATIONAL SMALLCAP EQUITY ETF.                                          |             | 127.075         | 0.05 R-          |        |
| SERENIS ADAGIO I  03                                                               |             | 2,773           | 0,001(a),        |        |
| SHELL CANADA 2007 PENSION PLAN                                                     |             | 183             | 0,000(a)         |        |
| IIFTO INVES{ )SSEMFNTS                                                             |             | 7.414           | 0,0038           |        |
| SMALLCAP WOPLD FUND INC                                                            |             | 3.274.573       | 1,314%           |        |
| SPARTAN GROUP TRUST FOR EMPLOYEE BENEFIT PLANS.                                    |             | 637             | 0,000%           |        |
| SPDP PORTFOLIO DEVELOPED WORLD EXUS ETF                                            |             |                 | 0.002S           |        |
| SpDP PORTFOLIO EUROPE ETF                                                          |             |                 | 0.00tB           |        |

![](_page_213_Picture_3.jpeg)

![](_page_214_Picture_1.jpeg)

| SSB MSCI AC YI EX UtA IMI SCkEENED NONLEMDING COMMON TREIST<br>FUND                                 |                   | 1.783             | 0.q01%           | (      |
|-----------------------------------------------------------------------------------------------------|-------------------|-------------------|------------------|--------|
| SS8 MSC1 EAFE SMALL CAP INDEX SECURITIES LENDING COMMON FND                                         |                   | 8.924             | 0,000g           | I      |
| SSGA SPDR ETFS EUROPE IT P£/8 £ICLIMTT8D COMPAN /                                                   |                   | T.280             | 0,001%           | F      |
| SST GLOB ADV FAX EXEMPT RETIREMENT PLANS                                                            |                   | 88.745            | 0,036%           | F      |
| SIAIE OF NE\^ MEXICO JTA7E INVESTMF-NT COUP CCL                                                     |                   | 11.281            | 0,005%           | F      |
| STATE OF \/15CONS IN INVESTMENT BOARD                                                               |                   | I .702            | 0,001%           | F      |
| STAFF STPE£T GLOBAL ALL CAP EQLTTY £XUS )NDFX PORTFOLIO                                             |                   | I.170             | 0,000%           | F      |
| STATE {EACHERS RETIREMENT SYSTEM OF OHIO                                                            |                   | 800.00            | 0,321(a),        | F      |
| STICHTiNG 8EDPIJFSTA KPENSIOFN FOODS VOOR DC MEDIA PNO<br>STICHT ING BPL PENSIOEN MANDAAT UBS AM LI |                   | 7.855<br>2,à 48   | 0.003%<br>0,001% | F<br>F |
| SICHilHG PENSIOENFO PDS VOOfti HUIfi APiSEK                                                         |                   | 1 69              | 0,000%           | F      |
| STICHTING PHILIPS PENS IOEN FORDS                                                                   |                   | 873               | 0,000(a)         | F      |
| SIPAT6GIC INTERNATIONAL EQUITY FUND.                                                                |                   | 2. T53            | 0,001(a)         | F      |
| SYNAPSE                                                                                             |                   | 9.748             | 0,004%           | F      |
| 75RESA L MCGOATH RR VOCA8L£ 7PLIST                                                                  |                   | 18.900            | 0,008(a),        | F      |
| THE 8 ARC LAYS BANE UK RETIREMENTFUND                                                               |                   | 2.802             | 0,001(a)         | F      |
| THE CON TINFNTAL SMALL COM PANY SERIES NY                                                           |                   | 170. T03          | 0,008(a)         | F      |
| THE EUROPEAN CENTRAL BANK                                                                           |                   | 29.454            | 0,012(a)         | F      |
| THE HONGKONG AND SHANGHAI BANKING COPPORATION LIMIFED                                               |                   | 4. J 04.600       | 1,647%)          | F      |
| THE MONETARY AUTHORITY OF SINGAPORE                                                                 |                   | 449               | 0,000%           | F      |
| THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                         |                   | I.29'7            | 0,00l(a),        | F      |
| 7HE STATE OF CON 4ECTICUT, ACTING THROUGH US TkEASUkER.                                             |                   | 37.718            | 0.0I^i%          | F      |
| THEMES EUPOPEAN LUxURY OF                                                                           |                   | 1 .529            | 0.001(a)         | F      |
| TOFIJI URL                                                                                          | 12582220963       | 253166            | 0,102(a)         | F      |
| TPUST II B9IGHIHOUSEDIMENSIONALINT SMALL COMPANY PORTFOLIO                                          |                   | 319               | 0,000            | F      |
| UBS (IkL) ETF- PLC                                                                                  |                   | 2f .T"PP          | 0.0DP            | f      |
| UBS FUND MANAGEMENT (SWILZER LAND) AG ON BSHALF OF ZUP ICH<br>INVESTINSTITIJTIONAL FUN              |                   | 2.145             | 0,001%           | F      |
| UBS FUND MANAGEMENT SW IT7ERLAND AG.                                                                |                   | 11.512            | 0.005            | F      |
| UBS LLIX FUND SOLUTIONS                                                                             |                   | 25.762            | 0,010'8          | F      |
| UNIVERSAL-INVESTMENT-GB ELLS CHAFT MB H ON BEHALF OF STBV-NW-<br>bNIVERSAt-FONOS                    |                   | 2.360             | 0.001(a)         | F      |
| VANGU APD DEVELO PED MARKETS INDEX FUND                                                             |                   | 520.251           | 0,209X           | E      |
| VANGUARD ECG DEVELOPED WORLD ALL CAP EQ INDEX FND UK                                                |                   | 80ó               | 0,000%           | F      |
| HAN GUARD ESG INTERNAT)ONAL STOCK ETF                                                               |                   | 7.840             | 0,003B           | F      |
| VANGUARD EUROPEAN STOCK INDEX RUND                                                                  |                   | 130.809           | 0.05(a)          | F      |
| VANGUARD F)0UCIAR Y TRUST COMPAN DEVELOPED MARKEIS INDEX<br>TRUSI                                   |                   | 10.39             | 0.004%           | F      |
| VANGUARD FIDUCIARY TPU8T COMPANY INSTITUTIONAL TOIAL                                                |                   | S2.138            | 0.025(a)         | F      |
| INTEeNATIONAL SIOCK MARKET INDEX TRUSf<br>VANGUARD FIDUCIARY IRUSI COMPANY INSTILUTIOMAL TOTAL      |                   | 4.36              | 0.002%           | F      |
| INIERNATIOn AT sTOCK MAeKrT IMOrX iR sr II                                                          |                   |                   |                  |        |
| VANGUARD PHASE AL£WOP£D EXUS SMALLCAP INDEX FUND                                                    |                   | 181.177           | 0,073(a)         | F      |
| VANGUARD FISE DEVELOFED ALL CAPEX NORTH AMERICA INDEX ETF                                           |                   | 9.0!7             | 0.004%           | F      |
| vANGUARO PHASE DEVEr OPED EIJPOPE ALL CAP INDEX ETF.                                                |                   | ર્રર્ડક           | 0.000%           | F      |
| VANGUARD FINDS PUBLIC LIMITED COMPANY                                                               |                   | તેરતું            | 0.000%           | F      |
| VANGUAPD INIE9NA,IIOHAL fiMAGA COMPANYES INDEX FUND.                                                |                   | 1.035             | 0.000B           | F      |
| VANGUARD INVESTMENT SERIES PUBLIC LIMITED COMPANY.                                                  |                   | 5.719             | 0.002'B          | F<br>F |
| VANGUAPD 707AL TNTEPNATIONA£ S{OCK INDEX FUNO<br>VANGUARD TOTAL WQPLD STOCK INDEX I "UND            |                   | 315,155<br>38.396 | 0.12+%<br>0.0IS@ | F      |
| VERQIPAPTRFONDET XLP AKfiJEGt OBA£ SMALL CAP INDEKS.                                                |                   | 98                | 0,000(a)         | E      |
| VICENTE                                                                                             |                   | 18.500            | 0,00W            | F      |
| 7/F ICVC VANGOARO EtS£ CLOBAt ALS CAP INDEX FUND.                                                   |                   | 253               | 0,000(a),        | F      |
| VISCONTI ANGELICA CAMILLA CONSOLATA YAN                                                             | V\$CNLC73E44F205N | 253.184           | 0,102%           | F      |
| YIS CONII GiNEYRA CAMIt LA                                                                          | VSCGVR75A65F205B  | 253.164           | 0,102(a)         | F      |
| VISCONTI MARIA CONSOLATS                                                                            | VSCMCNZ9H63F205M  | 253.1d6           | 0.102(a)         | F      |
| AASHTNGTON STATE INV£8TMENI 80AgD                                                                   |                   | 484               | 0,000(a)         | F      |
| WgLLE INVEST                                                                                        |                   | 0.95j             | 0,003%           | F      |
| WThDOMTR;I2 DYXAMIC CURPENCY HEDGED INIERNATIONAL<br>SMALLCAP EQUITY FUND.                          |                   | 1.79              | 0,001%           | F      |

![](_page_215_Picture_1.jpeg)

| WUDOMTREE EUROPE HEDGED EQIJIIY FUND                            | 4.592     | 0.002@  | F  |
|-----------------------------------------------------------------|-----------|---------|----|
| WISDOMIKEE EUPOPE HEDGED SMALLCAP EQUITY FUND.                  | 289       | 0,000@  | F  |
| WISDOM)0EE IN7ERNATIONAL HKDGFDQUA LITY DIVIDEND GROWTH<br>FUND | 4.d8d     | 0,002%  | F  |
| MISDOMTREE INTERNATIONAL QUALITY DIV DEND GROWTH FUND           | 2.596     | 0.001%  |    |
| \^/)SDOMTRE5 [N/EPNATIONAL SMA£LCAP DIVIDEND FUND               | 5.892     | 0,002%  | F  |
| WMI FUNDS.                                                      | 7.723     | 0,003'g | F  |
| XTRACKERS MSCIEUROZ ONE HEDGED EQUITY" ETF                      | વસેવ      | 0,000%  | F  |
| YORELA                                                          | 47.253    | 0.019@  | F  |
| CALIFORNIA TEACHEPS' RET)PEMENT SYSTEM                          | 1.758     | 0.001@  | C  |
| CILY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTI2M.       | 3.é25     | 0,001@  | C  |
| COLLEGE kEfiREMENT EQUITIES FUND.                               | LOOK      | 0.000%  | C  |
| IAW NATION TO PANSION FUND                                      | 11        | 0.000%  | C  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                      | 22.000    | 0,009@  | A  |
| The kose K, Swedlow Trusf DTD 03/ 1 '?/fi2                      | 15        | 0,000@  | A  |
| Global file Commercial Inc                                      | 6.300     | 0,003%  | NV |
| Ma estic Honour Limited                                         | + 000-000 | 2,407P. | NV |
| School Maximilian Alexander                                     | 150       | 0.000%  | NV |
|                                                                 |           |         |    |

Totolevotontl 249.288.928

າ - ເພາະສະພາ C - Contracio

NV - Non-Flying NE
- Non-Expressed

![](_page_215_Picture_6.jpeg)

![](_page_216_Picture_1.jpeg)

# ﺑﻴﺮ ﺍﻟﻤﻮﺿﻮﻉ ﺍﻟﻤﻮﺿﻮﻋﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ : : :

![](_page_217_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. **Ordinary Assembly** April 23, 2024

| Allegato" 1 " al Numero ___ 85 +24 |
|------------------------------------|
| del Repartnrio e al Numero 28850   |
| הרחמה המחלה האחרי                  |

Section 4.3

*Appointment of* the Board of Directors, subject to determination of the number of members. of *the Óuroto* de/la load and determination *Oei compensation. Appointment Oel Presioenle* and Ó and Ó/ *Vice* Chairman. De/iDerations inherent and consequent: appointment *of directors.*

|  |                                                                                    | no. votes   | 9à votes represented in | 96 of Voting Rights         |
|--|------------------------------------------------------------------------------------|-------------|-------------------------|-----------------------------|
|  |                                                                                    |             | assembly                |                             |
|  | Constitutive quorum assembly                                                       | 249.288.928 | 100%                    | 89,810%                     |
|  | ti for which the RD has instructions for G<br>in voting (deliberative quorum): for | 249.288.928 | 100,000%                | 89,810%                     |
|  | which the RD<br>isposed<br>of<br>instructions:                                     |             | 0,000%                  | 0,000%                      |
|  |                                                                                    | no. votes   | % voting participants   | %<br>of<br>voting<br>rights |
|  | List<br>1                                                                          | 223.822.557 | 89,784%                 | 80,635%                     |
|  | 2<br>List                                                                          | 15.355.306  | 6,160%                  | 5,532%                      |
|  | Contrary                                                                           | 0           | 0,000%                  | 0,000%                      |
|  | Abstained                                                                          | 15          | 0,000%                  | 0,000%                      |
|  | Not Voting                                                                         | 10.111.050  | 4,056%                  | 3,643%                      |
|  | Totals                                                                             | 249.288.928 | 100,000%                | 89,810%                     |

![](_page_218_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

Section 4.3

Appointment of the Board of Directors, preyio determination of the number of comoonents, term of office and determination of comoens. Appointment of the President and Vice Eresident, Resolutions pertaining thereto: appointment of the adminisfrofori

## List ciei participants in voting for il through Óe/ Representative Designatefo Monte Titoli. S.p.A. in the person of 0off.ssa Claudia Ambrosini

| ACOMEA PMITATIA MG                                                                                     |                  | 21.629      | 0.009%    | Ll  |
|--------------------------------------------------------------------------------------------------------|------------------|-------------|-----------|-----|
| ACOMEA DYNAMIC STRATEGY GLO8AL AMERICAN                                                                |                  | 13.258      | 0,005\$"  | LI  |
| FUNDS INSURANCE SERIESG POWTH FUND                                                                     |                  | 2.174,477   | 0,872%    | LI  |
| BERGAMOTTA 5RL                                                                                         | 06949850488      | !.720.766   | 0.690(a)  | t   |
| 60PPAGTNE fiPL                                                                                         | 0b949860487      | 1.720.78+   | 0,690%    | LI  |
| EFFESETTE SPL                                                                                          | 04403710488      | ó.972.180   | 2.797(@)  | LT  |
| EAFF SRL                                                                                               | 02607380033      | 946.708     | 0.380%    | LI  |
| FERRAGAfv O FEPPUCCIO                                                                                  | FR8FRCd5P09O575X | 1.012.+S0   | 0,408%    | LT  |
| FERD AGAf"\ O FINAN Z ARIA SPA.                                                                        | 04 To I#fi0482   | )83.223.620 | 73,498%   | LI  |
| FERPAGAMO GIOVANNA                                                                                     | FRRGNN43CóD575V  | 1.012.860   | 0,406%    | LI  |
| FINVIS SRL                                                                                             | 04600510481      | 8.972.180   | 2.7PZX    | L   |
| GIQL/AJTRO SPL                                                                                         | 00514180975      | 6.972. 80   | 2,797%    | LI  |
| SAWA SRL                                                                                               | 0é921130487      | 6.772.180   | 2,717     | LI  |
| SMALLCAP WORLD FUAD IMC                                                                                |                  | 3.274.573   | 1,314%    | LI  |
| SPL ACCOUNTS                                                                                           | 12582220963      | 253.158     | 0.102fi   | LV  |
| VI5CONTI ANGELICA CAMILLA CONS OLATA WAN                                                               | VSCHLC73E44F205N | 253. Tó4    | 0, 102(a) | LI  |
| VTSCONTT G)NEVPA CAMTLLA                                                                               | VSCGVB75AS5F205B | 253.184     | D, 102@   | LI  |
| DEFERRALS MARIA CONS OLATA                                                                             | VS0MCN79Ho3F205M | 253.166     | 0.J02(a)  | L'  |
| ACIS                                                                                                   |                  | 9.OSS       | 0.004@    | L2  |
| ACM A£LEGPO 1 240                                                                                      |                  | 12,917      | 0.005%    | L2  |
| ACM ALLEGRO 3041                                                                                       |                  | 5.448       | 0.002%    | L2  |
| ADVANCED SERIES TPUST ASD GLOBAL 80N0 PORTFOLIO                                                        |                  | 107         | 00005     | L2  |
| ALASKA PEgMANENT FUND CORPORATION.                                                                     |                  | T54         | 0,000(a), | ಕೆನ |
| AMERICAN C ENTURY ETF TRUST-AVANWS IN7EeNA 710N AL EQUIP ETF.                                          |                  | 5.327       | 0,002%    | L2  |
| AMERICAN CENTURy ETF TRUST-AVANTIS INTERNATIONAL FQOITY FUND                                           |                  | 31          | 0.000%    | L2  |
| AMEPICAN CENt5R Y ETF IBLifil-AVAfififi TNTEPNATIONAL SMAL£ CAP.                                       |                  | 442         | 0,000%    | L2  |
| EQUITY EFF<br>AMERICAN CSNTURY ETF TRUST-AVAN7Iff RESPONSIBLE INTERNAT ONAL                            |                  | 314         | 0,000%    | L2  |
| EQUITY EFF                                                                                             |                  |             |           |     |
| AMUNDI PHASE MI8                                                                                       |                  | 38.174      | 0.015%    | L2  |
| AMUNDI INDEX EUROPE EX UK SMA££ AND MID CAP FUND                                                       |                  | 1.944       | 0,00t(a)  | L2  |
| AMUND1 MSCI EMU SMALL CAP ESG CAB NE AMB                                                               |                  | 90.829      | 0,035%    | L2  |
| AmunO MSCI Europe Small Cap RSG Cfimote Nef 2ero Amoition CTB                                          |                  | T7.857      | 0,007%    | £2  |
| AMLINDI 3CR fiPA / AMUNDI PISPAP MIO ITALY                                                             |                  | 65,522      | 0,026%    | L2  |
| SOUL GROWTH ITALY NEW                                                                                  |                  | 10.758      | 0.004'fi  | £2  |
| ANIMA FINDS PUBLIC LIMITED COMPANY                                                                     |                  | 12.554      | 0,005%    | L2  |
| ANIMA INIZ AIIVA ITALIA                                                                                |                  | 199.784     | 0,080%    | L2  |
| arc fi:flowers Italy                                                                                   |                  | ! 30.000    | 0.052%    | L2  |
| Arco Economia keale Balanced Economy Italy 30                                                          |                  | 30%000      | 0.132%    | L2  |
| Arco Real Economy Balanced Italy 55                                                                    |                  | 43,000      | 0,017(a), | L2  |
| ARIZOMA SICEE PETIPEMEN7 SYJTEM                                                                        |                  | 1           | 0,000%    | L2  |
| ARPOWSTREET (DELAWARE) L/S FUND L.P ARROWSTREET CAPITAL LTD<br>PAPTN ERSHIP-APPO\/STPFCT DEVA\/ARE £/3 |                  | 10          | 0,000%    | L2  |
|                                                                                                        |                  |             |           |     |

![](_page_219_Picture_1.jpeg)

| ARPOWt7PEET CAPITAL COPLEY FUNDLIMITED.                                                   | 13.468   | 0,005(a),        | L2 |
|-------------------------------------------------------------------------------------------|----------|------------------|----|
| APROWSIREET CAPITAL ESG GLOBAL EQUITTY LONG/SHORT FUND LIMIT.                             | 3.900    | 0,002&           | L2 |
| ATOME                                                                                     | 1d.3d1   |                  | L2 |
| AUSTRALIAN RETIREMENT IPU5T                                                               | 7.062    | 0.007%<br>0.003X | L2 |
| AVENIR INVESTISSEMFNTS                                                                    | F.838    | 0,003(a),        | 12 |
| AXA MPS FINANCIAL DESIGNATED ACTIVITY CO                                                  | Z2.000   | 0,029@,          | L2 |
| AXA Vorsorga bonds II Equities Global Markets Small Cao Pass/va<br>Credit SUisse funds AG |          |                  |    |
| AXA WORLD FUNDS SICA V                                                                    | 8.045    | 0,003(a),        | L2 |
| AZ FUND 1 A7 ALLOCATION ITALIAN TREND                                                     | 364.441  | 0,146X           | L2 |
| AZ FUND 1 A2 ALLOCATION Plk IfALIAN EXCELLENCE 30                                         | 15.057   | 0,006\$          | L2 |
| AZ FUND 1 AZ ALLOCATION PIR ITALIAN EXCELLENCE 70                                         | 2.501    | 0.001%           | £2 |
| AZ FUND ]-AZ ALLOCA {{ON-ITALIAN LONG TEPM OPPORTUNITIES                                  | 51.715   | 0.021%           | L2 |
| AZIMUT CAPITAL MANAGEMENT SGP SPA                                                         | 60.P72   | 0.024%           | L2 |
| AZIMUT CAPITAL MANAGEMENT SGR SPA                                                         | 25.865   | 0.010%           | L2 |
| AZL DFA INTERNATIONAL CORE EQUIfY FUND                                                    | 17.10P   | 0,007(a),        | t2 |
| 8ANCO 8IL8AO V)tCAYA ARGENTAR)A BA                                                        | 1.885    | 0,001(a),        | L2 |
| BAFICOPOSTA RINASCIMEFIO                                                                  | 700.#S9  | 0,281(a)         | L2 |
| 8BVA DURB INTL EUROPEAN EQUITY FUND                                                       | 25.347   | 0,010(a)         | L2 |
| BLACKROCK ASSET MANAGEMENT SCHWELAG ON BEHALF OF                                          | 1 2.46'4 | 0.005%           | L2 |
| ISHARES WORLD EX SwITZEPLAND                                                              | 00       |                  | L2 |
| BLACKROCK AUTHOPISED CONTRACTUAL SCHEME I                                                 |          | 0.000(a)         |    |
| BLACKPOCK FUND MANAGERS LTD                                                               | ] 00     | 0,000%           | L2 |
| BLACKROCK INDEX SELECTION FUND                                                            | 100      | 0,000%           | L2 |
| BLACKROCK INSTITUTIONAL TPUS/ COMPANY. N.A. INVESTMENT FUNDS                              | 100      | 0,000%           | 12 |
| FOP EMPLOYEE BEN EF { TRUSTS.                                                             | T25.B55  | 0,050            | t2 |
| 8LACXR OCE LINE LOO                                                                       | 100      | 0.000%           | t2 |
| BLACKROCK MSCIEAFE SMALL CAP EQUITY INDI2X FUND B (EAFESMLB                               |          |                  |    |
| BNP PARIBAS EASY - MSCI EUROPE SMALL CAPS SRI S-SERIES 5 CAPPED                           | 3.882    | 0,002%           | L2 |
| BNP PARIBAS EQUITY - FOCUS IfALIA.                                                        | 129550   | 0,052@           | L2 |
| BNPP MODERATE - FOCUS IIALIA                                                              | 9854     | 0.004%           | £2 |
|                                                                                           | 59.785   | 0,024%           | L2 |
| C jNVESTISSEMENTS.<br>CALIFORNIA STATE TEACHEPS' RETIREMENT SYSTEM                        | 3.634    | 0,00             | L2 |
| CATILLON 1                                                                                | 1.7d8    | 0,001 %          | L2 |
| CENTRAL PENSION SMOKE OF THE INTERNATIONAL UNION DF                                       | 7. 184   | 0,003%           | 12 |
| OPEPATNG                                                                                  | 157      | 0,000            | £2 |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                                                | 22.000   | 0.009@           | L2 |
| CHPYSOLE ET PIAT                                                                          | 10.403   | 0,004%           | L2 |
| CI WISDOMIREE EUROPE HEDGED EQUITY INDEX ETF                                              | 328      | 0,000\$          | L2 |
| CI WISDOM?REE INTERNATIONAL QUALITY DIVI GROWTH                                           | d.2d3    | 0,003%           | L2 |
| CITY OF NEW YOPK GPOUP TITUSI.                                                            | d.94 6   | 0,0038           | £2 |
| CITY OE PHILADELPHIA PUBMC EMPLOYEES RETIREMENT SYSTEM.                                   | 3é25     | 0.001(a),        | L2 |
| COLLEGE RETIPEMENI EQUITIES FUND                                                          | 1 .00T   | 0,000B           | L2 |
| CONNECTICUT GENERAL LIFE INSURANCE COMPANY                                                | 177      | 0,000(a)         | 12 |
| CREDIT SUISSE UNDER FUND  LUX)                                                            | 27.fi4d  | 0,011 &          | L2 |
| CSIF CH Equity World ex CH Small Cap Blue Credit Suisse Funds AG                          | 4.433    | 0.002'g          | £2 |
| CSIF CH Equity World eg CH Small Cap £SG Blue Credit Suisse Funds                         |          |                  |    |
| AG<br>CSIF CH III F-qUity World ex CH Small Cap ESG 8fUe Pension Fund P US                | 3.716    | 0.001%           | t2 |
| Credit Suisse Funds AG                                                                    | 7'.d21   | 0.fi03           | L2 |
| DE SHA'N US BROAD MARKET CORE ALPHA EXTENSION CUUOM FUND II<br>L.KC,                      |          |                  |    |
| DEKA-fiA8                                                                                 | 421      | 0,000(a)         | £2 |
| Edmond de Rothschild rund Europe Syner                                                    | 4.544    | 0.002B           | L2 |
| ENSIGN PEAK ADVISORY INC                                                                  | 2.980    | 0.033B.          | L2 |
| EUPIZON SHARES IIALIA                                                                     | 1. TZS   | 0,000R           | L2 |
| EUPIZON SHARES PMI 1TALY                                                                  | 80.000   | 0,032'B          | L2 |
| £UPIZOH CAPITAL SGR-FOR ITALY 30                                                          | 332.g43  | 0,t34Br          | L2 |
| EUPIZON FUND                                                                              | 59.111   | 0,024B           | L2 |
| EUPIZON PIP IIALIA A7IONI                                                                 | 84.369   | 0,0345           | L2 |
| EUPI7ON PROGRTTO ITA£IA 20                                                                | 2 222    | 0,009(a)         | 12 |
| £IJP170N PROJECT ITALY 40                                                                 | 276      | 0,034(a),        | £2 |
|                                                                                           | 249.757  | 0.100(a)         | 12 |
|                                                                                           |          |                  |    |
|                                                                                           |          |                  |    |
|                                                                                           | C        |                  |    |
|                                                                                           |          |                  |    |
|                                                                                           |          |                  |    |

્તિ

![](_page_220_Picture_1.jpeg)

| =<br>EUP) ON P*ROGEITO ITA£IA 70                                                                 | 18311             | 0.047@    | L2 |
|--------------------------------------------------------------------------------------------------|-------------------|-----------|----|
| F&t CAPIIAL                                                                                      | 7.636             | 0.X3Z     | U  |
| FADE£TS TNVEffT                                                                                  | 7.986             | 0,0037    | t2 |
| FDFI BEAUPORT                                                                                    | ó.7'S0            | 0,00w     | 12 |
| EDF I CALISSON £947                                                                              | 8.207             | 0,003A    | t2 |
| FDF1 SMYt2206                                                                                    | ó.900             | 0,003A    | 12 |
| FDFI TONTOLI PAOUL                                                                               | 2.823             | 0,005@    | L2 |
| FDF2 DCP                                                                                         | 6.719             | 0.003B    | L2 |
| FDF2 HBC FAMILY INVE2TMENT                                                                       | 24.08g            | 0.010(a)  | L2 |
| FDF2 MSB                                                                                         | 15.250            | 0.006S    | £2 |
| FDF2 NEW ALLEGPO 1144                                                                            | 9.Z36             | 0,004(a)  | L2 |
| ? DF 20 ACAMTAL                                                                                  | 7.665             | 0,003     | L2 |
| FDF2 OSMOSE                                                                                      | 12.938            | 0,008     | t2 |
| F {D5LIIY CONCOPD STRI2ET TRUST: FIDELITY SAI INTERNACIONAL S                                    | 613               | 0,000z    | L2 |
| FtDELITY FUNDA - SUSIAINABLE CONSUMER 8RANDS POOL.                                               | 604.155           | 0.242     | 12 |
| FIQELII X GLOBAL CONSUMER INDUITTPILS FIJND.                                                     | 36.466            | 0,015'8   | I2 |
| FIDELITY MANAGEMENT AND RESEARCH COMPANY LLC                                                     | 2402              | 0.00}%    | t2 |
| FIDPLITY SéLEM STeEf IPUS T' FIDEtIlY NOIA L TNIEPNAIIONAL )NDEX                                 | T4.914            | 0,006\$   | L2 |
| FUND                                                                                             |                   |           |    |
| FIDEL/RAM COMPARrO PIBCO SHARES ITALTA.                                                          | 347.369           | 0,139%    | r2 |
| FIDEURAM BALANCED PLAN COMPARTMENT ITAL Y 30                                                     | 0.000             | 0,004%    | L2 |
| FIDEUPAM COMPARIO PLAN 6LANCIAIO ITALY 50                                                        | 52.000            | 0.021(a)  | r2 |
| FLEX2HARES MORNINGSTAP DEVELOPED MARKETS EX-US FACTOR TILL                                       | 259               | 0,000(a)  | L2 |
| INDEX FUND<br>FLONADA                                                                            | 7.573             |           | r2 |
| FORSIA AP - FONDEN                                                                               | 4.970             | 0,003(a)  | L2 |
|                                                                                                  |                   | 0,002%    |    |
| G&C PLACEMENT                                                                                    | 21.336            | 0,009E    | £2 |
| GAMAX FUNDA - JUNIOR                                                                             | I CO.72)<br>9.650 | 0,050%    | L2 |
| GESTIELLE PPO IIALIA<br>NSBC ETFS PUBLIC LIMITED COMPANY - HSBC MCCI WORLD SMALL                 |                   | 0.004(a)  | L2 |
| CAP ESG UCITS EIF                                                                                | 1.882             | 0,001%    | t2 |
| IAM NATIONAL PENSION FUND                                                                        | Ll                | 0,000     | 12 |
| IBM 401 K PLUS PLAN TkUST                                                                        | 184               | 0,000%    | L2 |
| IELO INVEST                                                                                      | 9848              | 0003      | 12 |
| IN7FPNAT}ON4t COPY EQUITY PORTFOLIO OF DFA INVESTMENT.                                           |                   | 0,024(a)  | L2 |
| DIMENSIONS GROUP INC                                                                             | 59.809            |           |    |
| TN7FPNATIONAL MO JETARY FUND                                                                     | 4088              | 0,002S    | L2 |
| INVESC O FTSE RAFI DEVELOPED MARKETS EXUS SMALLMID EIF                                           | K005              | 0,000(a)  | 12 |
| invESCO INCOME ADVANTAGE INIFRNA I {{ONAL FUND.                                                  | 2a                | 0,000@    | L2 |
| INVESCO MAPKEIS The PLC                                                                          | 789               | 0,000'g   | L2 |
| INVGTERIMGSFORENIMGFM OANSKE INVEST 3ELECT TACT)CAt WET                                          | 8.099             | 0,003B    | L2 |
| ALLOCATION - DANMAR K AKKL MULERENDE KG                                                          |                   |           |    |
| iNVESTEEIHGSFORENINGEN DANSKS TNHEST SELECT TACTICA: ASSET.<br>ALLOCATION EUPO - ACCUMULATING KL | 3.133             | 0,001 %   | L2 |
| INVESTERINGSFORENINGFN OANJKF INVEST SELECT TACTICAL ASSET.                                      |                   |           |    |
| ALLOCATION IJORGE - AC CUMULATING KL                                                             | 2.120             | 0,001 B   | £2 |
| INVESTEPIMGSFORENINGEN DAWKE )NVEST SELECT TACTICAL CS ET                                        |                   |           |    |
| ALLOCATION SVERIGE - AC CUMULAIING KL                                                            | 3.062             | 0,001 (a) | L2 |
| IMV£2TERINGSFOP5NINGEN SPARINVEST 1NDC ELIROPA.                                                  | 4.291             | 0,002(a)  | L2 |
| ISHAPES ALL-COUNTRY EQUITY INDEX FUND                                                            | 185               | 0,000%    | L2 |
| ISHARES COBS MSCI EAFF ETF                                                                       | 407.24P           | 0, 63     | L2 |
| ISHARES COPE MSCI EASE IMI INDEX ETF                                                             | 641               | 0.000'B   | L2 |
| ISHARES CORE MSCI EOROPE ETF.                                                                    | 13.614            | 0,008(a)  | L2 |
| TSHARES CORE MSCI [NTERNATIONALDEVELOPED MARKETS ETF                                             | 10.359            | 0,004%    | L2 |
| ISHARES CODE MSCI IOTAL INTERNATIONAL STOCK ETF-.                                                | 72.105            | 0,029(a)  | L2 |
| ISHAPES III PUBLIC LtMITEO COMPANY.                                                              | 808               | 0,000'g   | L2 |
| tSHAPES MSCI EAFE SMALL-CAP ETF                                                                  | 79.933            | 0,0328    | L2 |
| ISHAPES MSC  EUROPE IMS INDEX ETF.                                                               | 1.234             | 0,000%    | L2 |
| ISHAPE MSC IELIROPE SNAIL-CAP ETC                                                                | !.037             | 0.000X    | L2 |
| ISH#RES VU PUBLIC MMtTED COMPANY .                                                               | 40.395            | 0.018%    | L2 |
| JA2 INVESIISSEMENTS                                                                              | 18.507            | 0.007B    | 12 |
| JHFIT INf SMALL CO FUND                                                                          | 3.934             | 0.002%    | L2 |
| JHVIT IN {L SMALL CO fRUST.                                                                      | 2.452             | 0,001%    | L2 |
| JOHN HANCOCK FUNDS II FUNDAMENTAL ALL CAP COPE FRED                                              | 0140              | 0.068%    | 12 |
| JOHN HANCOCK FUNDS )I FUNDAMENTAL GLOBAL FRANCHISE FUND.                                         | 400.129           | 0,161 @   | L2 |

![](_page_221_Picture_1.jpeg)

山北小区:

ﻟﻌﻨﺎ

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| JOHN HANCOCK TRUST COMPANY COLLECTIVE INVMTMENT TPUST I                                             | 69084             | 0,028@           | L2       |
|-----------------------------------------------------------------------------------------------------|-------------------|------------------|----------|
| JOHN HANCOCK VII FNDAMENTAL ALL CAP COPETPUST                                                       | 889.é P           | 0,357@           | L2       |
| KEVA                                                                                                | 1.87 .053         | 0.75j'B          | ನ        |
| THE VI£LETTE                                                                                        | 6.951             | 0,003B           | L2       |
| LACERA MASTEP OPEB TRUST                                                                            | 1.275             | 0,00]@           | L2       |
| LEADERSEL P.M.I                                                                                     | d.07s             | 0.002@           | ಕೆನ      |
| LEGAL & GFNEPAL ICAV.                                                                               | 2.42J             | 0.00IX           | L2       |
| LEGAL AND GENERAL NSUPANCE (PENSIONS MANAGEMENT) LIMITED                                            | 1.776             | 0.00H %          | L2       |
| INGOT ALTRNTVE INVSTMNTS MASIEP FND ICV-LNGTTO SPCL                                                 | 294.701           | 0,118'g          | L2       |
| LOCKHEED MARTIN CORPORATION MASTER PETIREMENT IPUSI                                                 | 25                | 0,0005           | L2       |
| LOS ANGELES COUNTY EMPLOY EES RETIREMENT ASSOCIATES                                                 | 1                 | 0,000@           | L2       |
| LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND                                                     | 2.493             | 0,00]@           | L2       |
| LYXOR FTSE ITALIA MID CAP PIP                                                                       | 17.434            | 0,007%           | L2       |
| M & G Secuntias Limited                                                                             | 164.417           | 0.0Z4S           | L2       |
| M INTERNATIONAL EQUITY FUND                                                                         | 78                | 0.000%           | L2       |
| M3P 1                                                                                               | 8.445             | 0,003%           | L2       |
| M3P 2<br>MANULIFE ASSET MANAGEMENI LTD                                                              | 8,53<br>-         | 0,003B<br>0.000@ | L2<br>£2 |
| MANULIFF GLOBAL FRANCHISE FUND.                                                                     | 255.642           | ૦,103R           | L2       |
| MANULIFE INVESTMENT EXCHANGE FUNDS COkP. - MANULIFE                                                 |                   |                  |          |
| BALANCED                                                                                            | 271.265           | 0,1I             | £2       |
| MANULTFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                                        | 137,605           | 0,055'B          | L2       |
| MANULIFE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND                                             | 96.493            | 0.039@           | L2       |
| MANUEIFE U,S, ALL CAP COKE EQUITY FUND.                                                             | 2.528             | 0.001(@          | L2       |
| MANULFFE U.S. ALL CAP EQUITY FUND.                                                                  | 514.M4            | 0.20\$%          | L2       |
| MAPCH INTERNATIONAL - THE FAMJLY BUSINESSES FUND                                                    | 235.359           | 0,094X           | L2       |
| MAWLAND BIASE RETIREMENT PENSION SYSTEM                                                             | 3.903             | 0,002@           | L2       |
| MAUPERTUIS                                                                                          | 7.P2]             | 0,003%           | L2       |
| MEDIOLANUM GESTIONE FONOI SGR - FLEXIBLE DEVELOPMENT ITALY A<br>MEITCEP QjF COMMON CONTRACTUAL FUND | 316.809<br>10.083 | 0,127@<br>0,004@ | L2<br>L2 |
| MEPCER QIF FUND PLC                                                                                 | t7€94             | 0.007Br          | L2       |
| MERCER IJCITS COMMON CONTPACTUALFUND                                                                | 7.180             | 0,003@           | ಕನ       |
| MOLINEL 11                                                                                          | 16.804            | 0,007B           | L2       |
| MOLINEL 1 5                                                                                         | 4.933             | 0.002@           | L2       |
| MOLINEL 1+                                                                                          | 29.862            | 0.012%           | L2       |
| MO£INEr 17                                                                                          | 12.919            | 0.005%           | L2       |
| MOLINEL   8                                                                                         | 5.791             | 0.002@           | L2       |
| GORILLA CORPORATION                                                                                 | 2.499             | 0,0016           | L2       |
| MUL-LYX FTSE IT ALL CAP FOR 2<br>NSF SAVING ITALY                                                   | 4.021<br>3.127    | 0,002%<br>0,001@ | L2<br>L2 |
| NFS LIMITED                                                                                         | 2.412             | 0.001@           | L2       |
| NO9GES BANK                                                                                         | 159.495           | 0,064%           | L2       |
| NOPTHEPN TKUST COMMON ALL COUNIPY WORLD EX-US INVESTABLE                                            | 3.152             | 0.001%           | L2       |
| MAR                                                                                                 |                   |                  |          |
| NORTHERN TPUSI GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUSI                                            | 53,901            | 0,022%           | L2       |
| NORTHEPN TRUST UCI7S COMMON CONTRACTUAL FUND.<br>OLD WESTBUPY SMALL AND MID CAP STRATEGIES FUND.    | 18  97<br>1 2985  | 00077.           | L2<br>12 |
| ONEPATH GLOBAL SHARES - SMALL CAP [UNHEDGED) INDEXPOOL                                              | 1,871             | 0,07(@<br>0,001% | L2       |
| PIR EQUIfY AXA ASSURANCE2IONS.                                                                      | 30.000            | 0,0 2@           | L2       |
| PK CCG World Equit Credit Suisse Funds AG                                                           | 229               | 0,0007"          | ಕೆನ      |
| PUBLIC AUTHOPITY FOP SOCIAL INSUE ANCE                                                              | 2.070             | 0,0015           | L2       |
| PUBLIC EMPLOYEES PETIREMENT ASSOCIATION OF COLORYDO                                                 | 20.452            | 0,008B           | L2       |
| PUBLIC EMPLOYEES REIREMENT SYSTEM OF OHIO                                                           | 5.800             | 0,002%           | L2       |
| POUNDHItL S&P GLOBAL LUXURY ETF.                                                                    | 105               | 0.000@           | L2       |
| PUE D£ LA PAIX                                                                                      | 5.b46             | 0.0W<            | L2       |
| SACRE COEUR<br>SAGEPNO INVESTISSEMENIS                                                              | 80.99<br>13.994   | 0,012%           | L2       |
|                                                                                                     |                   | 0,006%           | 12       |
| SCHWAB FUNDAMENTAL INT5RNA{IONAL SMALL COMPANY INDEX ETF                                            |                   | 0,029%           | 12       |
|                                                                                                     |                   |                  |          |

![](_page_222_Picture_1.jpeg)

| SCHWAB FUNDAMENIA; INTERNAIIONAL SMALL COMPANY TNDEX                         | 11.462    | 0.005@     | L2 |
|------------------------------------------------------------------------------|-----------|------------|----|
| FUND<br>SCHWAB INTERNACIONAL SMALLCAP I2QUITY NF                             | 127.075   | 0.051%     | L2 |
| SEPENIS ADAGIO 1103                                                          | 2.773     | 0,001(a),  | L2 |
| SHEtL CAMADA 2007 PE ISION P£AN                                              | 183       | 0,000%     | L2 |
| SIFTO INVESTItSEMENIS                                                        |           |            | L2 |
|                                                                              | 7.414     | 0,003(a),  |    |
| SPAP7AN GROUP TRUST FOP FMPLO'TEE BFNFFIT PLANS.                             | 637       | 0,000'g    | L2 |
| SPDR PORTFOLIO DEVELOPED WORLD EXUS ETF                                      | 5.967     | 0,002%     | L2 |
| SP DR PQRTFOLIO EUROPE ETF                                                   | 1,557     | 0.001'g    | L2 |
| sSB MSCI ACY // EX USA PMI SCREENED LONENDING COMMON TRUSI<br>FUND           | 1.783     | 0,001%     | L2 |
| SSB MSC TEAFE SMALL CAP INDEX SECURITIES LENDING COMMON FND                  | 8.P24     | 0,004(a),  | L2 |
| SIG A SPD9 ETFS EUROPE II P UBLICEIMFED CO MPANY                             | 1.280     | 0.001(a)   | L2 |
| SST GLO8 ADV TAX EXEMPT RETIPEMENT PLANS                                     | 88.7fi5   | 0,03è%     | L2 |
| SIAIE OF NEW MEXICO STATE IN VESTMENT COUNCIL                                | II .28    | 0,005(a)   | L2 |
| State OF WISCONSIM INVESTMENT 80APD                                          | 1.702     | 0,001      | L2 |
| STATE SIPEET GLOBAL ALL CAP EQUITY EXES INDEX PORTFOLIO                      | 1.170     | 0,000'g    | L2 |
| BE TEACHERS RETIREMENT SYSTEM OF OHIO                                        | 800.R0    | 0.321(a)   | L2 |
| ST CHTTNG BEDPHFSfAKPENSIOEN FONDS VOOR DE MEDIA PNO.                        | I.653     | 0,003(a)   | L2 |
| STICHTING 8 PL PENSIOEN MANDAAT UBS AM LT                                    | 2.48      | 0,00i(a),  | L2 |
| STICHTING P -NSIOFNFONDS VOOP I-IUISARIfi EN                                 | 149       | 0,000(a)   | L2 |
| STICHTING PHILIPS PENSIOENFONDS                                              | 8?3       | 0,000      | L2 |
| SU'ATEGIC INTER NATION AL EQUIIY FUND                                        | 2.R3      | 0,001(a)   | L2 |
| SYNAPSE                                                                      | ?746      |            | L2 |
|                                                                              |           | 0.004(a)   |    |
| ERED A L MCGRATH REVOCABLE TRUST                                             | ! 8 . POO | 0,008%     | L2 |
| THE BARC LAYS BANK UK REffR6MENTFUND                                         | 2.802     | 0,001B     | 12 |
| THE CONTINENTAL tMALL COMPANY SERIES NY                                      | 1/0303    | 0,068B     | 12 |
| THE EUROPEAN CENTRAL BANK                                                    | 29.454    | 0,012B     | L2 |
| THE MONXTAF'Y AUTHOPITY OF filNGAPOPE.                                       | 449       | 0.000'B    | L2 |
| THE REGENTS OF THE UNIVEPSITY OF CALIFORNIA                                  | J.299     | 0.00l'fi   | L2 |
| THE STATE OF CONNECTICUI, ACTING THPOLIGH ITS TRR-AST 'ER                    | 37.716    | 0,015%     | L2 |
| THEMES EUROPEAN LUXURY ETF                                                   | .52q      | 0,001(a)   | 12 |
| TRUST II BRIGHIHOUSEDIMENSIONALINI SMALL COMPANY PORT FOLIO                  | રી તે     | 0,000's    | L2 |
| UBS IPL E/E PLC                                                              | 2 T.599   | 0,00P(a)   | L2 |
| UBS FLIND MAHAGEMEN7 (S\'Y'ITZER£AND) AG OR 8£HALF OR ZUR)CH                 | 2.145     | 0,001#     | £2 |
| INVESTINS 17UTIONAL FUN                                                      |           |            |    |
| UBS FUND MANAGEMENT 5W1 7ERLAND AG.                                          | 11.512    | 0,005'B    | L2 |
| UBS LUX FUND SOLUTIONS                                                       | 25,762    | 0.010%     | 12 |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH ON BEHALF OF tTBV-NCY-.                | 2.360     | 0,001X     | t2 |
| UNIVEPSA £-FONDS                                                             |           |            |    |
| VANGUARD DEVELOPED MAPKEIS INDEX FUND                                        | 520.25 I  | 0,209"(a), | L2 |
| VANGUARD ECG DEVErOPED WORLD ALL CAP EQ INDEX FND UK                         | 80ó       | 0,000B     | L2 |
| VANGU ARD ESG INTERNATIONAL STOCK ETF                                        | 7.840     | 0,003%     | 12 |
| VANGUAPD EUROPEAN SIOCK INDEX FUND                                           | 130.809   | 0,052%     | L2 |
| VANGUARD FIDUCIARY TRUST COMPANY DEVELOPED MARKETS INDEX                     | 1 0.391   | 0.0046     | L2 |
| IRt/ST<br>VANGUARD FIDUCIARY TRUST COMPANY INSTITUTIONAL TOTAL INTEPNATTONAL |           |            |    |
| STOCK MAE'KET INOEX 7P0S7                                                    | 62.138    | 0.025%     | L2 |
| VANGUARD FIDUCIARY IRIISI COMPANY INSTITUTIONAL TOTAL                        | 4.361     | 0,002%     | L2 |
| INTERNATIONAL STOCK MARKET INDEX TRUST II                                    |           |            |    |
| VANGUARD FTSE ALLWORLD EXUS SMALLCAP INDEX FUND                              | 181.177   | 0,073%     | L2 |
| VANGUARD FTE DEVELOPED ALL CAPEX NORTH AMERICA INDEX ETF                     | 9.0T1     | 0,004%     | 12 |
| VANGUARD FTSE DEVELOPED EUROPE ALL CAP INDEX ETF                             | 653       | 0,000s     | L2 |
| VANGUAFID FIJMOS PUBLIC tIMI7ED COMPANY.                                     | તેરતે     | 0,000%     | 12 |
| VANGUARD INTERNATIONAL SMALL CO/vtPANIES INDEX FUND.                         | 1.035     | 0,000%     | L2 |
| VANGUARD INVESTMENT SEPIES PUBLIC LIMITED COMPANY                            | 5,719     | 0,002%     | L2 |
| VANGUARD TOTAL INTEPHATIONAL STOCK INDEX FUND                                | 315.155   | 0.128%     | 12 |
| VANGUARD TOTAL YORED STOCK INDEX FUND.                                       | 38.396    | 0,015s     | £2 |
| VEPDtPAPIRFONDE KIP AKSJEGLOBAL SMALL CAP TNDEKS                             | 98        | 0,000%     | L2 |
| VICENTE                                                                      | 18.500    | 0,007%     | L2 |
| VIF IOVC VANGUARD FTSE GLOBAL ALL CAP INDEX FUND                             | 263       | 0,000%     | L2 |
| WASHINGTON S7AT£ INVESTMENT 80APD                                            | 484       | 0,000%     | L2 |
|                                                                              |           |            |    |

![](_page_223_Picture_1.jpeg)

| \INVEST.                                                                  | 6.951     | 0.003%   | L2 |
|---------------------------------------------------------------------------|-----------|----------|----|
| WISD OMTREE DYNAMIC CURRENCY HEDGED INTEPNATIONAt.<br>SMALLCAP FOUKY FUND | I.79 T    | 0.001@   | L2 |
| W!5OOMTREE EUROPE HEDGED EQUITYFUND                                       | 4592      | 0.002%   | t2 |
| WISDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND                             | 289       | 0,000%   | L2 |
| WISDOMTREE INTERNATIONAL HEDGFDQUA LEY DIVIDEND GROWTH<br>FUND            | 4.686     | 0,002%   | L2 |
| WISDOMTREE INIEPNATIONAL QUALITY DIVIDEND GROWTH FUND                     | 2.ñ'9d    | 0.001%   | L2 |
| WISDOMTREE INTERNATIONAL SMAL£CAP DIVIDEND FUND                           | 5,892     | 0,002%   | L2 |
| WMI FUNDS.                                                                | 7.723     | 0,003@   | L2 |
| XfRACKFRS MCCI EUROZONF HEDGED EQUITY ETF                                 | d88       | 0,000@   | £2 |
| YORELA                                                                    | 47.263    | 0,019%   | L2 |
| The Rose E. Swedlow Trust DTD 03/19/92                                    | 15        | 0.0005   | A  |
| Global Elife Commerciol Inc                                               | 6.300     | 0,003&   | NV |
| Majestic Honovr Limited                                                   | d.000.000 | 2,407@   | NV |
| Schad Moximiicm Alexander                                                 | 150       | 0,0006   | NV |
| IHE HONGKONG AND SHANGHAI BANKING CORPOPATION LIMITED                     | 4.104.800 | 1 ,S47\$ | NV |

**Total votontl 249.288.g2e** 100X"

![](_page_223_Picture_6.jpeg)

.. .. 1 8 1

> .

: .. .

![](_page_224_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

| Allegato " L " al Numero  9572 €    |
|-------------------------------------|
| del Reperintio e al Numero          |
| 1. 1. 2. 2. 2. 2. 2. 2. 2. 2. 2. 2. |

certified

Section 4.4

domino de/ Board of Directors, subject to defermination de/ number of members, durafa de/ of office and determination of compensation. Appointment of Oel President. Reloted and consequent resolutions: determination of spef/ant compensation to the members of the Board of Directors.

|  |                                                                                     | n. voti     | 9à votes represented in | % of Voting Rights |
|--|-------------------------------------------------------------------------------------|-------------|-------------------------|--------------------|
|  |                                                                                     |             | assembly                |                    |
|  | Constitutive quorum assembly                                                        | 249.288.928 | too%                    | 89,810%            |
|  | Votes for which the RD has instructions for<br>BOD in voting (deliberative quorum): | 249.288.928 | 100,000%                | 89,810%            |
|  | @,.ò@for which the RD<br>@ isposed of instructions:                                 |             | 0,000%                  | 0,000%             |
|  |                                                                                     | no. votes   | % voting participants   | % of voting rights |
|  | Favorevole                                                                          | 242.965.762 | 97,464%                 | 87,532%            |
|  | Contrario                                                                           |             | 0,000%                  | 0,000%             |
|  | Abstained                                                                           | 316.716     | 0,127%                  | 0,114%             |
|  | Not Voting                                                                          | 6.006.450   | 2,409%                  | 2,164%             |
|  | Totals                                                                              | 249.288.928 | 100,000%                | 89,810%            |

![](_page_226_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting
 April 23, 2024

Section 4.4

Appointment def Board ó omministrorione, subject to determinion of the re umbers of the duration 6of the office and defermination of compensation. Appointment of the President. Oand inherent resolutions and consequenti: defermination of compensation speffonte of the Board of AdminInisIrotion;

#### List of voting participants through the Designated Representative / ionte T/f0/i S.p.A. in the person of Dr. Claudia Amórosini

| AC)S                                                                                                | 9.055     | 0.004%    | F |
|-----------------------------------------------------------------------------------------------------|-----------|-----------|---|
| ACM ALLEGRO 1240                                                                                    | I2.9 T 7  | 0,005%    | F |
| ACM ALLEGRO 3041                                                                                    | 5.d 46    | 0,002%    | F |
| ACOMEA PMIFALIA ESG                                                                                 | 21.d29    | 0.00P'g   | F |
| ACOMEA STRAIEGIA OINAMIC GLOBAL.                                                                    | 13.258    | 0,005(a)  | F |
| ADVANCED SERIES TRILIST ASD GLOBAL BOND PORTFOLIO                                                   | 107       | 0,000(a), | F |
| ALASKA PERMANENT FUND CORPORATION                                                                   | 15d       |           | F |
|                                                                                                     |           | 0.000(a)  |   |
| AMERICAN CI2NTURY ETF TRUST-AVANTIS INTERNATIONAL EQUITY ETF                                        | 5.327     | 0,002%    | F |
| AMERICAN CENTURY ETF TRUST-AVANTIS INTERNATIONAL EQUITY FUMD                                        | 31        | 0,Q(a)B   | F |
| AMEelCAN C5NT£/RY ETF TRUffit-AVANTT3 TNT8RNAT}ONAL SMALL CAP<br>EQUITY ETF.                        | 442       | 0.000s    | I |
| A/dER/CAT C£NTUPY ETF TRUST-AVANTIS RESPONSIBLE INTERNATIONAL<br>EQUITY ETF                         | 314       | 0.000%    | F |
| Aft ERICAN FUNDS INSUPANCE SERIESGROWTH FUND.                                                       | 2.174.477 | 0.872s    | I |
| AMUNDI FUE MIB                                                                                      | 38.174    | 0.0)Sg    | F |
| AMUNDI INDEX EUPOPE EX UK SMALL AND MID CAP FUND                                                    | 1,944     | 0,001%    | F |
| AMUNDI MSCI EMS SMALL CAP ESG CAB NZ AMB                                                            | 90.82P    | 0,036%    | I |
| Amundi MSCT Poroge hmo)) Dop ESG Climote Net Black Ambition CAB                                     | 17.857    | 0,007%    | F |
| AMUNDI IGP SPA / AMUNDI RISPARMIO MIO ITALIA                                                        | 85.522    | 0.026%    | F |
| ANIMA CgESCITA ffA£IA NE\^/                                                                         | 10.758    | 0.004(a)  | F |
| ANIMA FUNDS PUBLIC LIMITED CO/vtPANY                                                                | 12.554    | 0.005%    | F |
| SOUL INITIATIVE IFAL(A                                                                              | 199.764   | 0,0801    | F |
| Ark Actions Itolia                                                                                  | 1 30.000  | 0052%     | F |
| Arca Economy eeale Balanced Itatia 30                                                               | 330.000   | 0. M28    | I |
| Arca Real Economy Balance Sheet Italy 55                                                            | 43.000    | 0,01 7@,  | I |
| ARIZONA STATE RETIREMENT SYSTEM                                                                     | -----     | 0.000(a)  | F |
| ARROWSTREET (DELAWARE) L/S FUND L.P ARROWSTREE CAPITAL LTD<br>PARZ eeSH/P-ARPOWSTREET DrtAW Rr<br>C | 10        | 0,000'g   | F |
| ARftOWSTREET CAPITAL COPLEY FUND£IMIIED.                                                            | T3.468    | 0.00H     | F |
| ARPOW/STREET CAP/TC FSG GLOBAL EQUITY LONG/SHOPT FUND.<br>SIMILE.                                   | 3.900     | 0.002%    | F |
| ATOME                                                                                               | 1 ó,3ó l  | 0,007(a), | F |
| AUSTPALIAN RETIREMENT TRUSf                                                                         | f.062     | 0.003(a)  | - |
| AVENIR INVESIL5SEMENI\$                                                                             | 7.838     | 0,003(a), | F |
| AXA MFS II HAN CIAL DESIGN ATED ACT VI { CO                                                         | 72.000    | 0,029B    | F |
| AXA Vorsorge Fonds II Equities Globol Markets Small Cop Fas sive Credit<br>Suisse Funds AG          | 8.045     | 0.003(a), | F |
| AXA WO kLD FUNDS SICA V                                                                             | 364.441   | 0,146\$.  | F |
| AZ FUND 1 A7 ALLOCATION ITALIAN 712 END                                                             | 15.057    | 0,000%    | F |
| A 7 FUND I A 7 ALLOCATION PIP ITALIAN EXCELtEN CE 30                                                | 2.501     | 0.00]%    | F |
| AZ FUND 1 AZ ALLOCAITON Pfp IFALIAN EXCEt LENCE 70                                                  | 51.7 TY   | 0.021%    | F |
| A2 FUND 1-AZ ALLOCATION-ITALIAN LONG TERM OPPO9TUNITIES                                             | 50.972    | 0,024B    | F |
| A7IMUT CAPKAL MANAGEMENT SGD SBM                                                                    | 25.8é5    | 0,0\0%    | F |
|                                                                                                     |           |           |   |

![](_page_227_Picture_1.jpeg)

| AZIMUT CAPITAL MANAGEMENT SGk SPA                                                                                                           |              | 7.109                | 0,007%             | F       |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------------------|--------------------|---------|
| AZL DFA INTERNATIONAL CORE FQUPY FUND                                                                                                       |              | 1.885                | 0,001(a)           | F       |
| 8ANCO BILBAO VIZCAYA APGENTAPIA SA                                                                                                          |              | 700.469              | 0.2816             | F       |
| BANCOPOSTA RINASCIMENTO                                                                                                                     |              | 25.347               | 0,010%             | F       |
| BBVA DUPB INTL EUROPEAN EQUITY FUND                                                                                                         |              | 12.454               | 0,005(a),          | F       |
| 8EPGAMOTTA SRL                                                                                                                              | 06949B50488  | .720.766             | 0,690              | 7       |
| BLACKROCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF                                                                                          |              | Hoo                  | 0,000(a)           | E       |
| ISHAPES WOPLD EX SWITEERt AND.<br>8LACKROCE AUTHORIZED CONTRACTUAL SCHEME I                                                                 |              | I 00                 | 0,000%             | F       |
| BLACKROCK FUND MANAGERS LTD                                                                                                                 |              | 00                   | 0,000%             | Ei      |
| BLACKROCK INDEX SELECTION FUND                                                                                                              |              | Hoo                  | 0.bw               | ದ       |
| BLAC;KPOCK INSTITUTIONAL TRUST COMPANY. N.A. INVESTMENT FUNDS                                                                               |              | 125,655              | 0,050B             | F       |
| FOP EMPLOYEE BENEFIT TPUSIS                                                                                                                 |              |                      |                    |         |
| BLACKROCK LIFg LTD                                                                                                                          |              | 100                  | 0.000%             | F       |
| 8LACKPOCK MSCI EAFE SMALL CAP EQUiTY INDEX FUND B (EAFKMLB                                                                                  |              | 3882                 | 0,002(a)           | F       |
| BNP PAel8AS EASY - MSCI £UPOPE SMALE CAPS SPI S-SERIEN 5 CAPPED                                                                             |              | 129.550              | 0,052%             | F       |
| BNP PARIBAS EQUITY - FOCUS IIALIA                                                                                                           |              | 9.804                | 0,Q04%             | F       |
| BNPP MODERATE - FOCUS ITALIA                                                                                                                |              | 5P.786               | 0,024(a)           | E       |
| SOL BORRAGINE.                                                                                                                              | 069498ó0487  | I .720.700           | 0.690%             | F       |
| C INVMTSEMENTS                                                                                                                              |              | 3.634                | 0,001%             | E       |
| CALIFORNIA STATE IEACHEPS' PETIPEMENT SYSTEM<br>CATTrLON 1                                                                                  |              | 1.Z68<br>7.184       | 0.00 %             | F       |
| CENTRAL PENSION FUND OF THE INTERNATIONAL UNION OF                                                                                          |              |                      | 0,003%<br>0,000%   | F<br>F  |
| OPERATING                                                                                                                                   |              | 157                  |                    |         |
| CHRFSOLE ET PIAT                                                                                                                            |              | 10.103               | D,004%             | F       |
| CI WISDOMIREE EUROPE HEDGED EQUIN INDEX ETF                                                                                                 |              | 32B                  | 0,000%             | F       |
| CI WISDOM RE5 INTERNATIONAL QUALITY DIVI GROMH                                                                                              |              | 6.263                | 0,003%             | F       |
| C)7'f OF NEW MORE GROUP TPUST.                                                                                                              |              | ó.94ó                | 0,003R             | F       |
| CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM,                                                                                    |              | 3,625                | 0,001%             | F       |
| COLLEGE RETIREMENT EQUITIES FUND                                                                                                            |              | 1.001                | 0,000T             | F       |
| CONNECTICUI GENERAL LIFE INSJRANCE COMPANY                                                                                                  |              | i 77                 | 0,000%             | F       |
| CREDIT SUISSE INDEX FUND (LUX<br>CSIF CH Equity World ex CH Smatl Cop Blue Credit Suisse FUnds AG                                           |              | 27.ó4ó<br>4.433      | 0,0T1(a),<br>0002L | E<br>fi |
|                                                                                                                                             |              |                      |                    |         |
| CSU CH Equlty World ex CH Smoll Cap ESG Blue Credit Suisse Funds AG<br>C£ IF CH III Equily World ex CH 3moll Cop fSG Blue Pension Fund Plus |              | 3,716                | 0,001%             | F       |
| Credit SUisse Funds AG<br>DE SHAW US BROAD MAPKET COff'E ALPHA MTEFISION CUSTOM FUND.                                                       |              | 7.S21                | 0,003%             | F       |
| Il L,L.C.                                                                                                                                   |              | 421                  | U,OUUR.            | F       |
| DEKA-RAB                                                                                                                                    |              | 4.544                | 0,002%             | E       |
| Edmond de Rothschild Fund Europe Syner                                                                                                      |              | 82,980               | 0,033(a),          | F       |
| EFEESE ITE SRL                                                                                                                              | 0440371 0488 | ó.972.1B0            | 2,7978             | F       |
| ENSIGN PEAK ADVISORS INC                                                                                                                    |              | 1.1 75               | 0,000%             | F       |
| EUPI7ON AZjONI ITALY                                                                                                                        |              | 80,000               | 0,032%             | F       |
| EURIZON AtlONI SME ITALY                                                                                                                    |              | 332.943              | 0, 34(a)           | F       |
| EURI7ON CAPITAL SGP-PIR ITAEIA 30<br>FUPI2ON FUND                                                                                           |              | રતું III I<br>84,369 | 0,024%             | F<br>E  |
| EURIZON PIB HALIA AII ONI                                                                                                                   |              | 21.222               | 0,034\$<br>0,009%  | F       |
| EURI7ON PROJECT ITALY 20                                                                                                                    |              | 84.27b               | 0,034%             | F       |
| EURIZON PROJECT ITALY 40                                                                                                                    |              | 249.752              | 0.100%             | F       |
| EUPI7ON PROGEOO ITALY 70                                                                                                                    |              | 118.3f I             | 0,047%             | F       |
| F&L CAPITAL                                                                                                                                 |              | 7,636                | 0,003B             | F       |
| FADELIS INVEST                                                                                                                              |              | 7.985                | 0.003%             | F       |
| FAFF SRL                                                                                                                                    | 02fi07380033 | 948.758              | 0,380(a)           | F       |
| FDF1 BEAUPORT                                                                                                                               |              | ó.760                | 0,003(a)           | F       |
| FDFI CALISSON 1 947                                                                                                                         |              | 8.207                | 0,003              | F       |
| FDF   SMY L2206                                                                                                                             |              | 6.900                | 0,003\$            | F       |
| FDF1 TONION F'AQUL<br>FDF2 DCP                                                                                                              |              | 12.823<br>6.719      | 0,005%             | F<br>F  |
| FDF2 HBC FAMILY INVESTMENT                                                                                                                  |              | " () "<br>r-, -M, 89 | 0,003%<br>0,010%   | F       |
| FDF2 /VISR                                                                                                                                  |              | 13,                  | 0,000%             | F       |
| FDF2 NEW ALLEGRO 1144                                                                                                                       |              | 1999,736             | 0,004%             | F       |
| FDF2 OA CAPITAL                                                                                                                             | ਾਂ           | 1 79.665 -           | 0.003B             | F       |
|                                                                                                                                             |              |                      |                    |         |
|                                                                                                                                             |              |                      |                    |         |

![](_page_228_Picture_1.jpeg)

| FD f2 OSMOSE                                                                                       |                   | 12.938            | 0.00dz           | 6  |
|----------------------------------------------------------------------------------------------------|-------------------|-------------------|------------------|----|
| WE PAY FERFIUCC I                                                                                  | FRPFPC45P09D575X  | 1.0 2,660         | 0,406'%          | E  |
| FER PAGAMO FINAN ZIARTA SPA                                                                        | OF IN1460482      | 88.223.620        | Z3M98%           | F  |
| GIOVANNA FERRAGAMO                                                                                 | FRRGNN43C6605?"5V | 1.0 12.000        | 0,406%           | F  |
| FID ELIT / CONCORD STREET TPO/S7: FIDELITY fia) INTEPTATI ONAL S                                   |                   | 613               | 0,000%           | F  |
| FIDELITY FUNDS - SUSTAIN ABLE CONT IJMER BRANDS POOL                                               |                   | 604.155           | 0,242%           | f  |
| FIDELITY GLOBAL CONSUM ER IND USTRIE2 FUND                                                         |                   | 36.486            | 0.05%            | F  |
| F)D£tU MANAGEMENT AND RESEARCH COMP ANY LLC.                                                       |                   | 2.402             | 0,001%           | C  |
| I "IDELITY SALEM STREET TRUST: FIDELILY TOTAL INTERNATIONAL INDEX<br>FUND                          |                   | 14.914            | 0,000%           | F  |
| FIDEURA/y\y COMPARIO PIANO AEIONI ITALY                                                            |                   | 347,369           | 01 3F(@,         | F  |
| FIDEURAM COMPA9TO PLAN BI(ANCIfifO ITALTA 30                                                       |                   | 10000             | 0,004%           | F  |
| FIDEUPAM COMPARTMENT PLAN 8ILANCIATO ITALIA 50                                                     |                   | 53000             | 0.02 %           | F  |
| FINVIS SFIL                                                                                        | 04ó00õ 10d8 I     | A9?2}80           | 2797%            | F  |
| FLSXJHAPM MORN) IGSTAP DEVELOPED MARKETS EX-US FACTOR TILT                                         |                   | ንሽዓ               | 0 000            | F  |
| INDEX FUND<br>FLOMADA                                                                              |                   | 7.573             | 0.0036           | F  |
| FORSTA AP - FONDEN                                                                                 |                   | 4.970             | 0.002%           | F  |
| G&C PLACEMENT                                                                                      |                   |                   | 0.009%           | F  |
| GAIV\AX FUNDS - JUNIOR                                                                             |                   | 21,336<br>140.721 |                  | F  |
| GESTIELLE PRO IIALIA                                                                               |                   | 9.0E              | 0,056(a),        | F  |
| GIQUATIRO SR£                                                                                      | 00514180975       | 6.972.180         | 0,004B<br>2.797B | F  |
| HSBC ETFS PUBLIC LIMITED COMPANY - HS8C MSC1 WOPLD SMALL                                           |                   | 1.8B2             | 0.00 &           | f- |
| CAP ESG UCIIS ETF                                                                                  |                   |                   |                  |    |
| IAM NATIONAL PENSION FUND                                                                          |                   | 11                | 0.000%           | F  |
| IBM 40l (c) PLUS PLAN iRUSI                                                                        |                   | ) 84              | 0,0005           | F  |
| IELO {NVZT                                                                                         |                   | 8.845             | 0,003%           | F  |
| INTERNATIONAL CORE EQUIlY PORTFOLIO OF DFA INVESIMENT.<br>DIMENSIQNS GROUP UC                      |                   | 59.809            | 0.024            | F  |
| INIERNATIONAL MONETARY FMND                                                                        |                   | 4.086             | 0,002%           | F  |
| INVESCO FTSE RATI DEVELOPED MARKETS BKIS SMALLMID ETF.                                             |                   | 1.005             | 0,000%           | F  |
| INVESCO INCOME ADVANIAGE INTERNATIONAL FUND                                                        |                   | 2ó                | 0,000%           | F  |
| INVMCO MARKETS II PLC                                                                              |                   | 789               | 0.0113%          | F  |
| INYESTEPIMGSFOPENINGEN DANSX TVDSB SELECT TACTICAL ASSEI<br>AŁLOCATION - DANMARK AKKUMULEPENDE KL  |                   | 8.099             | 0.003(a),        | F  |
| INVŒTERIMGSFORENIMGEN DANSŁE TNVEST SELECITACT)CAŁ ASUET<br>ALLOCATION EURO - ACCUMULATING KL      |                   | 3. 133            | 0.001 %          | F  |
| INVESIERINGSFORENINGEN DANSKE IDVIST SELECT TACTICAL ASSE7<br>ALLOCATION NORGE - ATCUMULATING KL   |                   | 2. T20            | 0,001 &          | E- |
| INVESTERINGSFORENINGEN DANSKE INVEST SEECT TACTICAL ASSET.<br>AtLOCATION SVERIGE - ACCUMULATING KL |                   | 3.062             | 0.00) (a)        | آ  |
| INVWTEPINGSFORENINGEN SPARINVEST IIJDEX EUROPE                                                     |                   | 4.291             | 0,002B           | F  |
| IJHAPES ALt-COUNTRY EQUiTY INDEX FUND.                                                             |                   | 185               | 0.000%           | F  |
| INHALES CORE MSCI EAFE ETF                                                                         |                   | 407.24'           | 0,163(a)         | F  |
| SHARES CORE MCCI EAFE IMI tNOEX ETF                                                                |                   | \$41              | 0,000%           | F  |
| ISHAgEs CORE MSC IEUROPE EIF                                                                       |                   | 13.81 4           | 0.008%           | F  |
| SHA9ES CORE MCCI INTERNATIONALDEVELOPED MARKETS ETF                                                |                   | 10.35P            | 0,004(a),        | F  |
| ISHARES CORP MWCl TOTAL TNTERNAT)ONAL SiOC T ETC                                                   |                   | 72. 05            | 0,029(a)         | F  |
| ISHARES III PUBLIC LIMITED COMPANY                                                                 |                   | 808               | 0.0              | F  |
| ISHAPES MSC I EAFB SMALL-CAP ETF                                                                   |                   | 79.933            | 0,032(a)         | F  |
| ISHARES MSCIEUROPE IMI INDEX ETF                                                                   |                   | 1.234             | 0,000@a,         | F  |
| ISHARES MSCI EUROPE SMALL-CAP ETC.                                                                 |                   | I.B37             | 0,000%           | F  |
| ISHAPF2 VII PUBLIC LIMITED COMPANY                                                                 |                   | 40.395            | 0.016            | F  |
| JAZ INVESTISSE/VIENTS                                                                              |                   | 850f              | 00pZ%            | 0  |
| JHF II INT'L SMALL CO FUND                                                                         |                   | 3.93ff            | 0.002%           | F  |
| JHVIT INTL SMALL CO TRUST                                                                          |                   | 2.452             | 0,001(a)         | F  |
| JOHN HANCOCK FUNDS II FUNDAMENTAL ALL CAP HOPE FUND                                                |                   | T70.148           | 0,068%           | F  |
| JOHN HANCOCE FUNDS II FUNDAMENTAL GLOBAL FRANCHISE FUND.                                           |                   | 400. 29           | 0.6 &            | F  |
| JOHN HANCOCK TRUST C OMF ANY COLLECTIVE INVESIMENT T9USt I                                         |                   | 69,084            | 0,028%           | F  |
| JOHN HANCOCK VYT FNDAM EN7AL ALL OAP COE'E TRUST                                                   |                   | 889.619           | 0,357%           | F  |
| KEVA                                                                                               |                   | 1.871.053         | 0,751%           | F  |
| LA VILLETTE                                                                                        |                   | b.95a             | 0,003%           | F  |
| 11<br>£ACERA MAS FOR OP£B SRI 31                                                                   |                   | 1.275             | 0.0017           | f  |
| LEADERSEL P.tv\1                                                                                   |                   | 6.071             | 0.002(a)         | F  |

![](_page_229_Picture_1.jpeg)

| LEGAI- & GENERAL ICA V.                                                                           |             | 2,4211              | 0,001%               | F      |
|---------------------------------------------------------------------------------------------------|-------------|---------------------|----------------------|--------|
| LEGAL AND GENERAL AStUPANCE (PENSIONS MANAGEMENT) LIMITED                                         |             | 1.726               | 0,00 1 -             | F      |
| LOCKHEED MARTIN CORPORATION MASTER RETIREMENT TRUST                                               |             | 25                  | 0.0007"              | F      |
| LOS ANGELES COUNFY EMPLOYEES RETIREMENT AST OCIATI.                                               |             | 11                  | 0.000%               | F      |
| LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND.                                                  |             | 2.493               | 0.001%               | F      |
| LYXOR FISE IfA£IA MID CAP PIR                                                                     |             | 17.434              | 0,007%               | F      |
| M & G Securifies Limited                                                                          |             | i84.417             | 0.07d(a)             | F      |
| M INTERNATIONAL EQUEY FUND.                                                                       |             | 78                  | 0,000'g              | F      |
| M3P 1                                                                                             |             | 8.d45               | 0,003(a)             | F      |
| M3P 2                                                                                             |             | 8.531               | 0.003X               | F      |
| MANULIFE ASSET MANAGEMENT LID<br>MANULIFE GLOBAL FRANCHISE FUND.                                  |             | T<br>255.642        | 0,000%<br>0, )03(a), | t<br>5 |
| k ANUL } FE INVMTMENT EXCHANGE FUNDS CORP. - MANULIFE<br>8A £ A N CED                             |             | 27'1.265            | 0, 109(a),           | F      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                                      |             | 13Z.605             | 0,055%               | F      |
| MANULIFE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND                                           |             | g6.493              | 0,039(a),            | F      |
| MANULIFE U.S. ALL CAP COPE EQUITY FUND                                                            |             | 2.528               | 0,001%               | F      |
| MANULIFE U.S. ALL CAP EQUITY FUND                                                                 |             | 514.1 4             | 0,206%               | F      |
| MAPCH INTERNATIONAL - THE FAMILY BUSINMSES FUND                                                   |             | 235.359             | 0,0949               | F      |
| MAPYLAFJD STATE RETIREMENT PENSION SYSTEM<br>MAUPER1UIS                                           |             | 3.903<br>7.921      | 0,002%               | E<br>F |
| MEDIOLANIJM FUND MANAGEMENT SGP - FLEXIBLE ITAMA                                                  |             | 316.b0P             | 0,003%<br>0.127(a)   | F      |
| DEVELOPMENT                                                                                       |             |                     |                      |        |
| MERCER QIE COMMON CONTRACTUAL FUND                                                                |             | TO.083              | 0,004X               | F      |
| MERCER QIF FUNO PLC                                                                               |             | 17.394              | 0,007(a),            | F      |
| MERCEP UCIfs OOMMON CONTPACTLIALFIJND.                                                            |             | 7,180               | 0,003%               | F      |
| MOLINEL                                                                                           |             | 16.804              | 0,007'&              | F      |
| MOLMEL 15<br>MOLINEL 16                                                                           |             | 4.P33<br>29.852     | 0.002%               | F<br>F |
| MOLINEL   Z                                                                                       |             | 12.919              | 0.012B<br>0,005%     | F      |
| MOLINEL 18                                                                                        |             | 5.791               | 0,00W                | F      |
| M07fLLA CORPOPATION                                                                               |             | 2.49P               | 0,001(a)             | F      |
| MUL- LYX FTSE IT ALL CAP PIP 2                                                                    |             | 4.021               | 0,002%               | F      |
| NEF SAVING ITALY                                                                                  |             | 3.127               | 0.001%               | F      |
| NFS LIMITED                                                                                       |             | 2.412               | 0.001%               | F      |
| NORGES BANK                                                                                       |             | 159.495             | 0,084(a),            | F      |
| NORTHERN IPUST COMMON ALL COUNTRY WORLD EX-US IN TESTABLE<br>lv\AP                                |             | 3.152               | 0,001%               | F      |
| NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TPUST                                          |             | 53.901              | 0,022%               | F      |
| NORTHERN TRUST UCIIS COMMON CONTRACTUAL FUND<br>OLD \fYEST8URY SMALL AND MCD CAP 5T9A1EGIES FUND. |             | T8.197<br>172.985   | 0.007(a),<br>0.059%  | F      |
| ONEPATH GLOBAL SHARES - S NT At L CMP   UNHEDGED) INDEXPOOL                                       |             | I .871              | 0,001 %              | F<br>F |
| PIR EQUITY AXA ASSICURA7ONS                                                                       |             | 30.000              | 0,0 2%               | I      |
| PK CSG World Equily Cradit Suisse funds AG                                                        |             | 229                 | 0,000%               | F      |
| PU8£!C AUTHORTTY FOR SOCIAL INSURANCE                                                             |             | 2.070               | 0,001 %              | F      |
| PUBLIC EMPLOYEES RETIREMENT AST OCTATION OF COLORADO                                              |             | '20.452             | 0008%                | F      |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO                                                        |             | 2600                | 0002%                | F      |
| POUNDHILL S&P GLOBAL LUXURY ETF                                                                   |             | ] 05                | 0.000%               | F      |
| PUE DE LA PAIX                                                                                    |             | s.d48               | 0.002%               | F      |
| SACRE COFUR                                                                                       |             | 30.991              | 0,012(a)             | F      |
| SAGERNO INVESTISSEMENTS.<br>SAWA SRL                                                              |             | T3.994<br>5.772.180 | 0.006X               | F<br>F |
| 5CHWA8 FUNDAMENTAL INTEPNATIONAL SMALL COMPANY INDEX ETF                                          | 06921130487 | 7) .254             | 2,717%<br>0,029%     | F      |
| SCHVAR FUNDAMENTAL INTERNATIONAL 3MA£L COMPANY INDEX                                              |             | 11.462              | 0,005%               | F      |
| FUND<br>SCHWAB INTERNATIONAL SMAŁCAP EQUITY Eff.                                                  |             | 127.075             | 0,051%               | F      |
| SEPENIS ADAGIO 1103                                                                               |             | 2233                | 0,001%               | P      |
| SHI2LL CANADA 2007 PENSION PLAN                                                                   |             | } B3                | 0.000                | t      |
| SIFTO INVEST ISSEMENTS                                                                            |             | .414                | 0,003%               | F      |
| SMALLCAP WORLD FUND INC                                                                           |             | 3-274-573           | 1,314%               | F      |
| SPARTAN GROUP TPUST FOR EMPLOYEE BENEFIT PLANS.                                                   |             | 657                 | 0,000%               | F      |
| SPDR PORTFOLIO DEVELOPED WOPLD EXUS EXUS ETF                                                      |             | \$5.967             | 0,002%               | F      |
|                                                                                                   |             |                     |                      |        |

![](_page_230_Picture_1.jpeg)

| 8PDP PORTFOLIO EUROPE ETF                                                                        |                                        | । "ટેરે !        | 0,001              | F      |
|--------------------------------------------------------------------------------------------------|----------------------------------------|------------------|--------------------|--------|
| USB MSCI ACWI EX USA IMI SCPEENED NONLENDi fG COMMON 7RUST<br>FUND                               |                                        | 1.783            | 0,001%             | F      |
| SVB MSCI EAFE SMALL CAP INDEX SECUPITIES LEIDING COMMON FND                                      |                                        | 6,924            | 0,004%             | F      |
| SSGA SPDR ETFS EUPOPE \I PU8tICLIMITED COMPAN Y                                                  |                                        | 1 280            | 0.001%             | F      |
| SSI GLOB ADV IAX EXEMPI PETIREMENI PLANS                                                         |                                        | 88.745           | 0.03a              | I      |
| STATE OF NEW MEXICO STAE INVGTMENT CO£INCI£                                                      |                                        | 11.281           | 0.005W             | F      |
| SIATE OF WISCONSIN INVESTMENT 80ARD.                                                             |                                        | 1.702            | 0,00 %.            | F      |
| SIATE SIREET GLOBAL ALL CAP EQUITY EXUS INDFX PORFOLIO.                                          |                                        | J.170            | 0000               | F      |
| SIATE IEACHERS RETIREMENT SYSTEM OF OHIO                                                         |                                        | 800.000          | 0.3?%              | F      |
| SICHING BEDPIJFSTAKPENSIOEN FONDS VOOR DE MEDIA PNO                                              |                                        | 7.655            | 0,003              | f      |
| SIjCHTING BPL PENSIOEN MANDAAT UBS AM LT                                                         |                                        | 2.48             | 0,00) %            | F      |
| STICHTING PENSIOENFONDS VOOR HU18APTSEN                                                          |                                        | 169              | 0,000%             | F      |
| ST)CHT)NG PHILIP8 PENSIOENFONDS                                                                  |                                        | 873              | 0.000              | F      |
| STRATEGIC INTERNAT   ONAL EQUITY FUND                                                            |                                        | 2.153            | 0.001 (a)          | F      |
| SYNAPSE<br>IERESA L MCGPATH PEVOCASLE TRUST                                                      |                                        | 9.745<br>1 8.900 | 0,004\$            | F<br>F |
| THE 8APCLAYS BANK UK PETTPEVENTFuND                                                              |                                        | 2.802            | 0,008%<br>0,001%   | F      |
| THE CONTINENTAL SMALL COMPANY SEPIES NY                                                          |                                        | 70.103           | 0.068(a),          | F      |
| THE EUROPEAN CEM7RAL BANK                                                                        |                                        | 29.454           | 0.012B             | F      |
|                                                                                                  |                                        | %104a00          |                    |        |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED<br>THE MONEFAPY AUTHORITY OF SINGAPORE.    |                                        | 449              | 1,ö47X<br>0,000%   | F<br>T |
| fHE REGENTS OF THF UNIVERSITY OF CALIFORNIA.                                                     |                                        | 1.299            | 0,001%             | F      |
| THE STATE OF CONNECTICUT. ACTING TH ROUGH IIS TREAS UREA.                                        |                                        | 32.7 +           | 0,015%             | F      |
| THEMES PUROFEAN LUKL/g Y ETF                                                                     |                                        | 1.529            | 0,001%             | F      |
| TONTI URL                                                                                        | 1 2582220953                           | 253 aa           | 0,102%             | F      |
| TRUST II 8RIGHTHOUSEDIMENSIONALINT SMALL COMPANY PORTFOLIO                                       |                                        | ਨਾ 9             | 0.0004             | F      |
| UBS PL EU- PLC                                                                                   |                                        | 21 .599          | 0,009'g            | F      |
| UBS FUND MANAGEMENT {SWIT7 ERLAND) AG ON BEHALF OF 7URICH<br>INVESTIMSTITIONAL FUN.              |                                        | 2.145            | 0,001%             | F      |
| UBS FUND MANAGEMENT SWIT7 ERLAND AG.                                                             |                                        | 11.512           | 0,005(a)           | E      |
| bBS CLIX FUND SOL £ITIONS.                                                                       |                                        | 25.762           | 0,010(a)           | F      |
| UNIVER 1 AL-INVESTMENT-GESELLSCHAFF MBH ON BEHALF OF STBV-NW-.                                   |                                        |                  |                    |        |
| UNIVEfiSAL-FO IDS.                                                                               |                                        | 2.3+0            | 0.00IT             | F      |
| VAN GUAPD DEVELOPED MARKETS INDEX FUND                                                           |                                        | 520.251          | 0,209E             | F      |
| VANGUARD ECG DEVELOPED WORLD ALL CAP EQ INDEX FND UK                                             |                                        | 806              | 0,000(a)           | f      |
| VANGUARD ESG IN7FRNATIONA£ SIOCK SIF                                                             |                                        | 7,840            | 0,003%             | F      |
| VANGUARD EIJROPEAN SPOCK INDEX RUND                                                              |                                        | 130.809          | 0.052(a)           | F      |
| VANGUAPD TRUSTPY TRUS7 COMPANY 0EVELOPED MARKETS INDEX                                           |                                        | వ్య              | 0,004              | F      |
| VANGUARD FIDLICTARY TPUST COMPANY INSTIIUTIONAL TOTAL<br>INTERNATIONAL STOCK MAF'KET INDEX TRUST |                                        | 62 J 38          | 0,025%             | F      |
| VAT GUARD FIOUCIAPY TRUST COMPANY INSTITUTIONAL {OTAL                                            |                                        |                  |                    |        |
| INTEPNATIONAr STOCK MARKET INDEX TRUST II                                                        |                                        | 4.36 1           | 0.002@             | F      |
| VANGUARD FTSE At LwORLD EXUS SMALLCAP IND£X FUND.                                                |                                        | 181.177          | 0,073%             | F      |
| VANGUARD FTSE DEVELOPED ALL CAPEX NOKTH AMERICA INDEX ETF                                        |                                        | 9.0T 1           | 0,004%             | F      |
| VANGUARD FTSE DEVELOPED EUkOPE ALL CAP INDEX ETF.                                                |                                        | b!fi3            | 0,000%             | F      |
| VANGUARD FUNDS PU8MC LIMITED COMPANY                                                             |                                        | તેરતું           | 0.00(a)            | F      |
| VANGUARD INTERNATIONAL SMALL COMPANIES INDEX FUND                                                |                                        | 1033             | 0,000B             | F      |
| VANGUARO INVESIMEW SEPIES PUBLIC LIMITED COMPANY                                                 |                                        | 5.719            | 0,002(a),          | F      |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND                                                    |                                        | 31 5.155         | 0.12d(a),          | F      |
| VANGUARO TOTAL WORLD STOCK INOEX FUNO                                                            |                                        | 38.39é           | 0,015X             | F      |
| VERDIPAPIPFONDET KIP AKSJEGLO8AL 5MA£L CAP INDEKS                                                |                                        | ರಿ8              | 0.0008             | F      |
| VICENTE                                                                                          |                                        | 18.500           | 0.007%             | F      |
| VIF tCVC VANGUAPD FTSE GLOBAL ALL CAP INDEX FUND.                                                |                                        | 263<br>253.164   | 0.00(a)><br>0.102X | F<br>F |
| VESCONTS ANGELICA CAMILLA CONSOLA7A WAN<br>VISCONTI GINEVRA CAMILEA                              | VSC PLC 73844F205N<br>VSCGVR75A65F2058 | 253.\ fi4        | 0,102%             | F      |
| VISCON } j MARIA CONSOLATA                                                                       | VSCMCN 7PHb3F20SM                      | 283.1 SS         | 0. 028             | F      |
| WASHINGTON TTATE INVESTMENT BOARD                                                                |                                        | 484              | 0,000%             | F      |
| INVEST.                                                                                          |                                        | (b,95)           | 0003%              | F      |

![](_page_231_Picture_1.jpeg)

| W SDOMTRE: DYNAMIC CUkkENCY HEDGED INTERNATIONAL                | 1.791     | 0.001B    | F  |
|-----------------------------------------------------------------|-----------|-----------|----|
| SMALLCAP EQUIfY FUND.                                           |           |           |    |
| WTSDOMTREE EUROPE HEDGED EQUITYFUND                             | 4.fig2    | 0,002s    | F  |
| W SDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND                   | 289       | 0,000(a)  | f  |
| WISDOMTPEE INTEANATIONAL HEDGEDQUA LITY DIVIOEND GROWTH<br>FUND | 4.686     | 0,002(a), | F  |
| W/SDOMfREE INTERNATIONAL QUALITY DIVIDEND GROWTH FUND           | 2.596     | 0,001(a), | F  |
| W SDOMTREE )NT5RNAT ONAL \$MALLCAP DIVIDEND FUND.               | S.8P2     | 0,002(a)  | F  |
| WMI FUNDS.                                                      | 7.723     | 0.003X    | F  |
| XTRAOKERS MSCI EUROzONE HEDGED EQUITY ETC                       | 4B8       | 0,000X    | F  |
| YORELA.                                                         | 47.253    | 0,019@    | F  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                      | 27000     | 0,009%    | A  |
| LINGOTTO ALTPNIVE INVSTMNIS MASTEP AND ICV-LNGTTO SPCL          | 294.701   | 0.118%    | A  |
| The Rose K. Swed)ow Trusl DCD                                   | । ર       | 0.0005    | A  |
| 03/19/92 Global Elite Commercial Inc.                           | 6300      | 0.003     | NV |
| Majestic Honour Limited                                         | 6.000.000 | 2.407     | NV |
| School Maximilian Alexander                                     | 150       | 0,000     | NV |

Total volenti

Z4?.288.?28 | IOO'F

of

NO- Not Expressed

![](_page_231_Figure_7.jpeg)

: .

![](_page_232_Picture_1.jpeg)

![](_page_233_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

| Allegato " n " al Numero  85724  |
|----------------------------------|
| del Recortorio e al Numaro 28850 |
| Andrews Schools                  |

Section 4.5

*Appointment of the Board of Directors, after determining Oel* number of *members, Oel term of office and determination* of *compensation.* Appointment de/ President and *Vice* President. De/iDerations inherent and consequent: *appointment of/* Chairman of the Board of Directors;

|  |                                                                                                         | no.<br>votes | 9f votes rappresemati in<br>assembly | % of Voting Rights          |
|--|---------------------------------------------------------------------------------------------------------|--------------|--------------------------------------|-----------------------------|
|  | Constitutive quorum assembly                                                                            | 249.288.928  | 100%                                 | 89,810%                     |
|  | Votes<br>for<br>which<br>the<br>RD<br>has<br>instructions<br>for<br>1G in voting (deliberative quorum): | 249.288.928  | 100,000%                             | 89,810%                     |
|  | V@\<br>for<br>which<br>the<br>RD<br>n, _'I1Óhad instructions:                                           | 0            | 0,000%                               | 0,000%                      |
|  |                                                                                                         | no.<br>votes | % voting participants                | %<br>of<br>voting<br>rights |
|  | 'favorable                                                                                              | 241.905.566  | 97,038%                              | 87,150%                     |
|  | Contrary                                                                                                | 147.827      | 0,059%                               | 0,053%                      |
|  | Abstained                                                                                               | 1.229.085    | 0,493%                               | 0,443%                      |
|  | Not<br>Voting                                                                                           | 6.006.450    | 2,409%                               | 2,164%                      |
|  | Totals                                                                                                  | 249.288.928  | 100,000%                             | 89,810%                     |

![](_page_234_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

Point d,6

Appointment of the Board of Directors, subject to deferment of thembers, term of office and determination of compensation. Appointment of the President. Related and consequent resolutions: appointment of the Presidenfe of the Board of Directors:

#### List of participants in the voting for/through the Designated Representative Monfe securities S.p.A. in the person of Dr. Claudia AmOrosini

|                                                                                           |            | X.        |    |
|-------------------------------------------------------------------------------------------|------------|-----------|----|
| ACIS                                                                                      | '7.065     | 0,004(a)  | F  |
| ACMAtEGk01240                                                                             | 12.917     | 0,005(a)  | F  |
| ACMALtfGP03D4                                                                             | 5.445      | 0,002(a)  | F  |
| ACOMEA PMITALIA ESG                                                                       | 21.029     | 0,009%    | F  |
| ACOM EA STRAFFG A DYNAMIC Ct OBALE.                                                       | 3.258      | 0,0057    | t  |
| ADVANCED SERIES IRUST AST GLOBAL BOND PORTFOLIO                                           | 107        | 0,000d    | F  |
| ALNKA PERMANEXT NUTD COPPORAT)ON                                                          | 154        | 0,000%    | F  |
| AMEPICAN CENTURY ETF TRUST-AVANTIS INTERNATIONAL EQUITY ETF                               | 5.327      | 0,002%    | F  |
| AMERICAN CENTURY ETF TRUST-AVANIIS INTERNATIONAL EQUITY FUND                              | 31         | 0,0007-   | F  |
| AMERICAN CENTURY ETF IRUST-AVANTIS INTERNAnONAL SMAL L CAP                                | 442        | 0.000B    | F  |
| EOLITY ETF                                                                                |            |           |    |
| AMERICAN CENTUP Y FRUST-AV ANTIS RESPONSIBLE INTERNATIONAL<br>EQUITY ETF                  | 314        | 0.000%    | F  |
| AMERICAN FONDJ TNSt/PANCE fiFRIES GROWTH FUND                                             | 2. 174.4t7 | 0.872\$   | F  |
| AMIJNDI USE MTB                                                                           | 38.174     | 0.015%    | E  |
| AML/NDI INDEX ELIROPE EX UK SMART AND MID CAP FLIND                                       | 1.944      | 0.001%    | F  |
| AMUNDI MSCI EMU SMALL CAP ESG CTB NZ AMB                                                  | 90.829     | 0.036X    | F  |
| Amundi 1v\SCI Europe Small Cap ESG Cfimale In Zero Ambition Ct8                           | 17.857     | 0,007&    | F  |
| AMUNO) SGR SPA / AMUNDI RISPAR MIO ITALY                                                  | ó5.522     | 0,026X    | F  |
| ANIMA C R ESCITA ITALIA NEW                                                               | 10.758     | 0.004'B   | ¥  |
| ANIMA FUNDS PUBLIC LIMITED COMPANY                                                        | I 2.55d    | 0.£105&   | F  |
| ANIMA INITIATIVE ITALY                                                                    | 199, 76d   | 0,08W     | F  |
| ARU ONA STATE RETIREMENT SYSTEf t                                                         |            | 0.000     | F  |
| ARROWSTPEET {DELAYARE} L/S FUND L.P ARROWSIREET CAPITAL LED                               |            |           |    |
| PARTN ERSHIP-ARRO\ /SIREET DELAWARE L S                                                   | 10         | 0,000'B   | F  |
| ARROWSTPEET CAPITAL COPLEY EUNDLIMITED                                                    | T0.468     | 0.00SA    | F  |
| AR90WSTREET CAPITAL MG GLOBAL EQUITY LONG/SHORT FUND                                      | 3.900      | 0,002'g   | F  |
| LIMIT.                                                                                    |            |           |    |
| AUSTRALIAN REt/SEMENT TRUSI                                                               | 7.002      | 0,003%    | f  |
| AVENIR INVESTISSEMENTS.                                                                   | 7.838      | 0.003(a)  | F  |
| AXA MPS FINANCIAL DESIGNATED AC 0V11Y CO.                                                 | 72,000     | 0,0298    | F  |
| AXA Vorsorge Fonda II Equities Global Markets Small Cop Passive<br>Credit Sufsse Funds AG | 8 0d5      | 0.003%    | F  |
| AXA WORLD BLINDS SICA V                                                                   | 3d4.441    | 0.14ófi   | F  |
| AZ FUND AZ ALLOCATION I7ALTAN 7eEND                                                       | 15.057     | 0.000m    | F  |
| AE FUND 1 AZ ALLOCATION Plk ITALIAN EXCELLENCE 30 AZ                                      | 2.50       | 0,001(a)  | P  |
| FUND I Ai' éLLOCAtION PU II/*LIAN EXCELLENCE 70                                           | 5 1.715    | 0.021s    | I- |
| AZ FUND I-A2 A££OCATION-ITALIAN LONG IEPM OP PORTUNITIES                                  | ó 0 . 9    | 0.024s    | F  |
| AZIML/T CAPITAL MANAGEMENT MGR GPA                                                        | 72         | 0.0J0(a), | F  |
| AZIMU} CAPITAL MANAGEMENT SGp'SPA                                                         | 25.8ff5    | 0.007     | F- |
| A7t D£A INT6PMATIONAL CODE EQUITY FUND                                                    | 17.10g     | 0.001     | f  |
| BANCO 8ILBAO VIZÇAYA AkGEf4TARIA SA                                                       | 1.B8s      | 0,281%    | F  |
|                                                                                           | 700 469    |           |    |

![](_page_235_Picture_1.jpeg)

| BANCOPOSTA PINASCIMENTO                                                                       |                   | 25.347             | 0,01 0%   | F |
|-----------------------------------------------------------------------------------------------|-------------------|--------------------|-----------|---|
| B&VA DUkB INTL EUROPEAN EQUITY FUND                                                           |                   | 12.454             | 0.0061%   | F |
| BERGAMOTfA SOL                                                                                | 069q9850488       | } .720.766         | 0,690     | F |
| BLACKPOCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF<br>ISHARES WORLD EX SWITEEPLAND            |                   | 100                | 0.000     | F |
| BLACkROCK AUTHORISED CONTRACTUAL SCHEME I                                                     |                   | 100                | 0,000%    | F |
| BLACEROCK FUND MANAGEPS LTD                                                                   |                   | 100                | 0.000(a), | F |
| BLACKPOCK INDEX SELECTION FUND                                                                |                   | 100                | 0.0009    | F |
| BLACEPOCK INSTITUTIONAL TPUST COMPANY, N.A. INVESTMENT FUNDS                                  |                   | 125.655            | 0.050%    | F |
| FOR EMPLOYEE BENEFIT TRUSTS.                                                                  |                   |                    |           |   |
| 8LACKPOCK LIFE LTD                                                                            |                   | ) 00               | 0.000     | F |
| BLACKPOCK MSCI EAFE SMALL CAP EQUIIY INDEX FUND B (EAFESMLB                                   |                   | 3.882              | 0,002(a)  | F |
| gNP PARIBAS EASy - MSCI EUROPE SMALL CAPS SRI 5-SERIES 5 CAPPED                               |                   | 2q.550             | 0,052     | F |
| BHP PAeIBAS EQUIIY - rOCŁIS liALIA                                                            |                   | 9.85d              | 0,004%    | 5 |
| BNPP MODERATE - FOCUt ITALY .                                                                 |                   | 59.785             | 0,024(a), | F |
| BOPRAGINE SRL                                                                                 | 06949860487       | .720.766           | 0.690B    | F |
| C INVESTISSEMENTS                                                                             |                   | 3.434              | 0.001(a)  | F |
| CATILLON 1                                                                                    |                   | 7.184              | 0,003%    | F |
| CENTRAL PENSION FUND OF THE INTEPNATIONAL UNION OF<br>OPEBAIING                               |                   | ISZ                | 0.000E    | t |
| CHPYSOLE ET PIAT                                                                              |                   | 10.103             | 0,004%    | F |
| CI WesDOMIREF EUROPE HEDGED EQUITY INDEX ETF.                                                 |                   | 328                | 0,000%    | E |
| CI WISD OMTREE INIEPNATIONAL QUALITY DIVI GROWTH                                              |                   | ó.253              | 0,003%    | F |
| CITY OF NEW YORK GROUP TRUE                                                                   |                   | ü.94a              | 0,003%    | F |
| COLLEGE PETIREMENT EQUITIG FUND                                                               |                   | 1.001              | 0.000%    | F |
| CONNECTICUT GENERAL LIFE INSURANCE COMPANY                                                    |                   | 177                | 0.000%    | F |
| CREDIT SUISSE INDEX FUND LUX                                                                  |                   | 27,646             | 0,011%    | F |
| CSIF CH Equity World ex CH Small Cop Blue Credif Suisse Funds AG                              |                   | 4,433              | 0,002%    | F |
| CSIF CH Eauity World ex CH Small Cap ESG Blue Credil SUisse Funds<br>AG                       |                   | 3.716              | 0,001 %   | F |
| CSIF CH III Equity World ex CH Small Cap ESG Blue Pension Fvnd Plus<br>CredIt 5Uissa Funds AG |                   | 7.62T              | 0,003%    | F |
| D£ SHA\/ US 8POAD MARKET CORE ALPHA EXTENSION CUSTOM FUND<br>II L.L.C.                        |                   | 421                | 0,000(a)  | F |
| DEKA-RA8                                                                                      |                   | 4.544              | 0,002%    | F |
| Edmond de Rothschild Fund Europe Synergy                                                      |                   | 82,980             | 0,033%    | F |
| EFFESENE SkL                                                                                  | 0dd0371 0488      | ó.972.i80          | 2.797%    | F |
| ENSIGN PEAK ADVISORS INC                                                                      |                   | 1.t75              | 0,000%    | F |
| EUPIZON SHARES ITALY                                                                          |                   | 80.000             | 0,032%    | F |
| EUPIZON SHARES PMI ITALIA                                                                     |                   | 332.943            | 0.134     | F |
| EURIzON CAPITAL SGk-PIR ITALIA 30                                                             |                   | 59.11              | 0.024%    | F |
| EURIZON FUND                                                                                  |                   | 84.3b9             | 0,034%    | F |
| EUPIZON PIP ITALIA AEIONI                                                                     |                   | 71 777             | 0,009@    | F |
| EURIZON PROJECT ITALY 20                                                                      |                   | 8d.27ô             | 0,034%    | F |
| EURIZON PPOGEITO ITALY 40                                                                     |                   | 249.752            | 0,100%    | F |
| EUPI7ON PROGELITO ITALIA 70                                                                   |                   | T18.311            | 0,047%    | F |
| F&L CAPITAL                                                                                   |                   | 7.636              | 0,003%    | f |
| FADELIS INVESI                                                                                |                   | 7.986              | 0.003%    | F |
| FACE SQL                                                                                      | 02607380033       | 9'a.7sg            | 0,Zg0X    | I |
| FDFI 85AUPORT                                                                                 |                   | ó.760              | 0.003%    | F |
| FDF I CALISSON1947                                                                            |                   | 8.207              | 0.003%    | F |
| FDF1 SMYL2206                                                                                 |                   | 6.900              | 0,003%    | F |
| CDM TONTON RAOUL                                                                              |                   | 12.823             | 0,005%    | F |
| FDF2 DCP                                                                                      |                   | ó.719              | 0,003@    | F |
| FDF2 HBC FAMILY INVESTMENT                                                                    |                   | 24.089             | 0,010%    | F |
| FDF2 MSfi'                                                                                    |                   | 15.250             | 0,008g    | F |
| FDF2 NEW ALLEGRO 1144                                                                         |                   | 9.750              | 0,004%    | F |
| FDF2 OA CAPITAL                                                                               |                   | 7.665              | 0.003ff   | F |
| FDF2 OSMOSE                                                                                   |                   | 12.938             | 0,005%    | F |
| FEPILAGAMO FERPUCCIO                                                                          | FREFRC45P09 D575X | 1.012 +o0          | 0,406%    | F |
| FERT/AGAMO FINANCIAL SPA                                                                      | 041 fi14+0482     | লি এন্ড্র<br>3.620 | 73,498%   | F |
| FEReAGAMO G)OVANNA                                                                            | FRRGNN43C66D575V  | 012-660            | 0,406%    | F |
| FIDELITY CONC OPD STREET IRUSI: FIDELITY SATINTERNATIONAL S                                   | ಿಗೆ ಸ             | ્રજૂર્તિ           | 0,000%    | F |
|                                                                                               | ্বা<br>0          |                    |           |   |
|                                                                                               |                   |                    |           |   |

![](_page_236_Picture_1.jpeg)

| FIDELITY FUNDS - 5USTAINA8LE CONSUMER BPANDS POOL FIDELITY                                              |              | 604.155    | 0,242%       | F  |
|---------------------------------------------------------------------------------------------------------|--------------|------------|--------------|----|
| GLO8AL CONSUMER INDUSTRIES FUND                                                                         |              | :30.4 óó   | 0,016%       | F  |
| FIDELITY MANAGEMENT AND RESEARCH COMPANY LLC                                                            |              | 2.402      | 0,001%       | F  |
| FIDELITY SALEM STREET TRUSI: FIDELjIY TOTAL INTERNATIONAL INDEX                                         |              | 14.914     | 0.000%       | F  |
| FUND.<br>FINVIS SkL                                                                                     | 04ó00ó 10481 | ó .972.180 | 2797%        | F  |
| FLI=XSHARFS MOeNINGSTAP DEVELOPED MAPKETS EX-US FACTOP 7jLT INIBEX                                      |              |            |              |    |
| FUND                                                                                                    |              | 289        | 000008       | F  |
| FLONADA                                                                                                 |              | 7.573      | 0,0037       | F  |
| FOPSTA AP - FONDEN                                                                                      |              | 4.970      | 0,002%       | F  |
| G&C PLACEMENT                                                                                           |              | 21.336     | 0,009%       | F  |
| GES IELLE PRO IIALIA                                                                                    |              | 9.650      | 0.004%       | F  |
| JOURNEY SPL                                                                                             | 00514 T80975 | 6.972.180  | 2,797%       | F  |
| HSBC ETF8 PUBLIC LIMITED COMPANY - HSBC MSC I WOPLD SMALL<br>CAP ESG UCTS ETF                           |              | 1,882      | 0.001%       | F  |
| IBM 401 IK PLUS PLAN ieUs/                                                                              |              | 184        | 0.000'g      | F  |
| IELO INVEST.                                                                                            |              | fi.845     | 0,003(a)     | F  |
| INTERNATIONAL CORE EQUILY PORTFOLIO OF DFA INVESTMENT.                                                  |              | 59.809     | 0.024%       | F  |
| DIMENSIONS GROUP INC                                                                                    |              |            |              |    |
| INTERNATIONAL MONETAgY FJND                                                                             |              | 4.080      | 0,002%       | F  |
| INVMCO FTSE kaff DEVELOPED MARKETS EXUS SMALLMID ETF.                                                   |              | 1.005      | 0.000%       | F  |
| INVESCO INCOME ADVANTAGE INTERNATIONAL FE/ND                                                            |              | 2ó         | 0,000%       | F  |
| INVESCO MARKETS II PLC                                                                                  |              | 289        | 0.000(a)     | F  |
| INVESEPINGSFORFNINGEN DANSKS INVEST SEIK7 TACTICAL ASSEI<br>AŁŁOCATIO N - DANMAR K AKŁU MUŁE8 FND E KŁ  |              | 8.099      | 0.0035       | fi |
| INVI-JI8PINGaf-OPENJNGEN DANSflif I IVISI S£tECI TACTICAL ASSEI<br>ALLOCATION EURO - AC CUTY\ULATING KL |              | 3. J 33    | 0.0017       | F  |
| ILJVESTERINGSFORENINGEN DANSKE INVEST SELECT TACTICAL ASSET<br>ALLOCATION NOPGE - AC CUM DILATING KL    |              | 2,120      | 0.001 %      | F  |
| INVESTEPINGSFOPENINGEN DANSKE INVEST SELECT TACTICAL ÆSET                                               |              | 3.062      | 0,00I %      | F  |
| ALLOCATION SVERIGE - ACCIJMIJLAONG KL                                                                   |              |            |              |    |
| INVSSIEPINGSFORENINGEN SPARINVEST INDEX EUROPE                                                          |              | 4.291      | 0,002B       | F  |
| ISHARES ALI-COUNTRY EQUILY INDEX Fi/ND                                                                  |              | 185        | 0,000(a),    | F  |
| ISHARES COPE MSC I EAFE ETF                                                                             |              | 407.249    | 0.1č3%       | F  |
| ISHARES CORE I tSCI EAFE IMI INDEK ETF                                                                  |              | ö41        | 0.000%       | F  |
| ISHAPES CORE MSCI EUROPE ETF                                                                            |              | 13,814     | 0,006y       | E  |
| ISHARES CORE MSCI INT5RNATIONALDEVELOPE-D MARKETS £IF                                                   |              | 0.359      | 0,004        | F  |
| ISHARES CORE MSC I IOTAL INIERNATIONAL STOCE ETF.                                                       |              | 72.105     | 0,029%       | F  |
| ISHAPES III PUBLIC LIMITED COMPANY                                                                      |              | 808        | 0,000%       | F  |
| ISHARES MSCS EAFE SMALL-CAP ETF                                                                         |              | 79.933     | 0,032(a),    | F  |
| ISHAPES MSCI EŁ/POPE IMI TRDEX ETF                                                                      |              | 1.234      | 0,000(a)     | F  |
| ISHARES MSCI EUPOPE SMALL-CAP ETF                                                                       |              | .037       | 0.000        | F  |
| ISHARES VII PUBLIC LiMILED COI IPANY.                                                                   |              | 40.375     | 0.016(a)     | F  |
| JAN INVESTISSEMENTS                                                                                     |              | 18.507     | 0,007(a)     | F  |
| JHF II INI'L SMAŁŁ CO FMO                                                                               |              | 3.934      | 0.002%       | F  |
| JHVIT INTO SMALL CO TRUST                                                                               |              | 2.452      | 0,001%       | F  |
| JOHN HANCOCK FLINDS (1) FUNDAMENTAL ALL CAP COPE FUND                                                   |              | 170.148    | 0,068(a)     | F  |
| JOHN HANCOCK FUNDS II FUNDAMENTAL GLOBAL FRANCHISE FUND.                                                |              | 400.1 29   | 0.1 ó l (a), | F  |
| JOHN HANCOCK TRUST CO MPAMY COLLECTIVE INVESTMENT TRUST I                                               |              | 69.064     | 0.02BX       | F  |
| JOHN HANCOCK VIT FNDAMENTAL ALL CAP CORETRUSI                                                           |              | 889.6T 9   | 0.357%!      | F  |
| KEV,A                                                                                                   |              | 1.871.053  | 0,751'B      | F  |
| THE VItLETTE                                                                                            |              | 6.98)      | 0,003 A      | E  |
| LACEPA MASTER OPEB TPUST                                                                                |              | 1.275      | 0.001%       | F  |
| rEADERSEL P.M.I.                                                                                        |              | ó.071      | 0.002%       | F  |
| LEGAL & GENERAL ICA V.                                                                                  |              | 2.421      | 0,001%       | F  |
| LEGAL AND GENERAL ASSURANCE (PENSIONS MANAGEMENI) LIMITED                                               |              | 1.776      | 0,130 1      | f- |
|                                                                                                         |              |            |              | F  |
| LOCKHEED MARWN CORPO8AI/ON MASTER R8TIPEMENT TPIJSI                                                     |              | 25         | 0,000(a)     |    |
| LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATES                                                      |              |            | 0,000%       | E  |
| LDIP OIMSNSIONAL INTEF'NAITONAt CORE EQUITY FUNO                                                        |              | 2.493      | 0,001        | F  |
| LYXOP FTSE ITALY MID CAP Plp.                                                                           |              | 17.434     | 0,007(a),    | F  |
| M & G Securîhes tîmiłed                                                                                 |              | 184.417    | 0,074(a)     | F  |
| M INIERNATIONAL EQUITY FUND                                                                             |              | 78         | 0.0006       | F  |
| M3P T                                                                                                   |              | 8,445      | 0.0030       | F  |

![](_page_237_Picture_1.jpeg)

| M3P2                                                                                               |             | 8,531            | 0,003&              | F       |
|----------------------------------------------------------------------------------------------------|-------------|------------------|---------------------|---------|
| MANULIFE ASSET MANAGEMENT LTD                                                                      |             | 1<br>255.442     | 0,000               | F<br>f- |
| MANULIFE GLOBAL FPANCHISE FUND.<br>MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE<br>BALANCED |             | 271 .265         | 0,103s<br>0,109%    | F       |
| MANOLIFE INVMTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                                        |             | 137.605          | 0,055%1             | F       |
| MANULIFE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND                                            |             | 96.493           | 0.039%              | F       |
| MANULIFF U.S. ALL CAP CORE EQUITY FUND                                                             |             | 2.528            | 0,001               | f       |
| MANULIFF U.S. ALL CAP EQUITY FUND                                                                  |             | 514.T 14         | 0,206%              | F       |
| MARCH INTERNATIOHAL-THE FAMILY BUSINESSES FUND                                                     |             | 235.359          | 0,0P4%              | F       |
| MARYLAND STATE RETIREMENT PENSION SYSTEM                                                           |             | 3.903            | 0,002%              | P       |
| MEDIOLANUM MGR FUNDS MANAGEMENT - FLESS Bj£E SVIrUPPO ITALIA.                                      |             | 3 y ó,009        | 0,127'B             | F       |
| M£BCER QIF COMMON CONTRACTUAL FUND                                                                 |             | 10.083           | 0.004F              | F       |
| MERCER QIF FUND PLC                                                                                |             | 17.394           | 0,007(a),           | F       |
| MERCEP UCITS COMMON CONTRACTUALFUND                                                                |             | 7.180            | 0,003%              | F       |
| MOLINEL 1 I                                                                                        |             | 6,B04            | 0,007%              | F       |
| MOLINEL 5                                                                                          |             | 4.933            | 0,002A              | F       |
| MOL IN 1é                                                                                          |             | 29.862           | 0,0T2(a)            | F       |
| MOLINEL 17<br>MOLINEL 18                                                                           |             | 12.g 19<br>5.791 | 0,005(a)            | F<br>F  |
| MOZIELA CORPORATION                                                                                |             | 2.499            | 0,002(a),<br>0.001% | F       |
| MUL- LYX FISE IT ALL CAP PIR 2                                                                     |             | 4.021            | 0.002%              | F       |
| NEF PISR ARM O FALIA.                                                                              |             | 3.127            | 0,001(a),           | F       |
| NFS LIMITED                                                                                        |             | 2,412            | 0,00t(a),           | F       |
| NORGES BANK                                                                                        |             | 159.495          | 0,064\$             | F       |
| NORTHERN TPUST COMMON ALL COUNTPY WORLD EX-US INVESTABLE<br>MAR                                    |             | 3.152            | 0,001%              | F       |
| NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST                                           |             | 53.P01           | 0,022(a)            | F       |
| NORTHERN TRUST UCI'IS COMMON CONTRACTUAL FUND                                                      |             | 18.177           | 0,007%              | F       |
| OLD WESIBURY SMALL AND MID CAP STRATEGIES FUND.                                                    |             | 1 72.g85         | 0,069(a)            | F       |
| OMEPATH GLOBAL SHARES - SMALL CAP (UNHEDGED) INDEXPOOL                                             |             | 1.871            | 0.00 I Z            | F       |
| Pifi EQUITY AXA INSURANCE1                                                                         |             | 30.000           | 0,012%              | F       |
| RK CCG World EqUit Credit Suisse Funds AG                                                          |             | 229              | 0000%               | F       |
| PUBLIC AUTHORITY FOR SOCIAL INSURANCE                                                              |             | 2.070            | 0,001%              | F       |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO                                                |             | 20.452           | 0.008 B             | F       |
| PUBLIC EMPLOYEES PPTIREMENT SYSTEM OF OHIO                                                         |             | 5.600            | 0,002%              | 00      |
| POUNDHILL S&P GLOBAL LIJXUP Y ETF<br>RUE DE LA PAIK                                                |             | 105              | 0.000%              | f       |
| SACPE COFUR                                                                                        |             | 5.046<br>30991   | 0,002%              | f<br>F  |
| SAGEPNO INVESOSSEMENTS                                                                             |             | 13,'794          | 0,012<br>0006%      | F       |
| SAWA SPL                                                                                           | 06P21 30487 | 6.772.180        | 2.717%              | F       |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX ETF                                           |             | 71.254           | 0,029               | F       |
| SCHWAB FUNDAMENTAL INTEPNATIONAL SMALL COMPANY INDEX                                               |             |                  |                     |         |
| FUND                                                                                               |             | 11.462           | 0,005               | F       |
| SCHWAB INTERNATIONAL SMALLCAP EQUITY ETF                                                           |             | 127.075          | 0,051%              | F       |
| SEPENIS ADAGIO 1103                                                                                |             | 273              | 0,001%              | F       |
| SHELL CANADA 2007 PENSION PLAN                                                                     |             | 183              | 0.000R°             | F       |
| SIFTO INVESTISSEMENTS                                                                              |             | 7.414            | 0.003%              | F<br>F  |
| SMAcLCAP WORLD FUND INC<br>SPARTAN GROUP TRUST FOR EMPLOYEE BENEFIT PLANS,                         |             | 3.274.573<br>ó37 | 1,314(a)<br>0,000X  | F       |
| SPDR PORTFOLIO DEVELOPED WORLD EXUS EXUS ETF                                                       |             | S.90Z            | 0,002(a)            | E       |
| SPDR PORTFOLIO EUROPE ETF                                                                          |             | 1,551            | 0,001%              | F       |
| 558 MSCI ACWEEX USA IMI SCREENSD NONLENDING COMMON TRUST<br>EUND                                   |             | 1.783            | 0.00 I              | F       |
| SS8 MSCI EAEE SMALL CAP INDEX SECURIIIES SENDING COMMON FND                                        |             | 8.924            | 0,004               | F       |
| SSGA SPDR ETFS EUROPE II PUBLICEIMITED COMPANY                                                     |             | K280             | 0,001%              | f       |
| SET GLOB ADD FAX EXEMPT RE7)REMENT PLANS                                                           |             | 14 % 88.7.45     | 0,038%              | F       |
| STATE OF NEW MEX CO STATE INVESIMENT COUNCIL                                                       |             |                  | 0,005               | r       |
| STATE STREET GLO8AL ALL CAP EQUITY EXUS INDEX PORTFOUO                                             |             |                  | 0.01                | f       |
| STATE ZEACHERS RETIREMENT SYSTEM OF OHIO                                                           |             |                  | 0.31%               | It      |
|                                                                                                    |             |                  |                     |         |

![](_page_238_Picture_1.jpeg)

| ST)GHIjNG BEDPIJFSTAKPENSIOEN FONDS VOOR DE MEDIA PNO.                                                   |                   | 7a8            | 0,003%             | F      |
|----------------------------------------------------------------------------------------------------------|-------------------|----------------|--------------------|--------|
| STCHIING BPL PENSIOEN MANDAAT UBS AN LV                                                                  |                   | 2.é8           | 0,00T8             | I      |
| STICHTING PENSIOENFONDS VOOR HUISARTSEN                                                                  |                   | 169            | 0,000&             | F      |
| STICHTING PHILIPS PENSIOENFORDS                                                                          |                   | 823            | 0,0006             | F      |
| STRATEGIC INTERNATIONAL EQUITY FUND                                                                      |                   | 2J53           | 0,0018             | F      |
| SYNAPSE                                                                                                  |                   | 9.I4ä          | 0.004%             | B      |
| TEPESA L MCGRATH REVOCABLE TPUST                                                                         |                   | 18T00          | 0.008%             | F      |
| THE BARCŁAYS BANK UK RETIREMENTEUND                                                                      |                   | 2802           | 0.001%             | F      |
| THE COHTINENIAL SMALL COMPANY SERIES NY                                                                  |                   | 110]03         | 0.0687             | F      |
| THE EUROPEAN CEHTRAL BANK                                                                                |                   | 29J34          | 0.012fi'           | I      |
| THE HONGKONG AND SHANGHAT 8AN kING CORPORATION LIMITED                                                   |                   | 404d00         | 1.ä47%             | T      |
| THE MONETARY AUTHORITY OF SINGAPORE                                                                      |                   | 4 9 9          | 0,000%             | F      |
| THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                              |                   | T.299          | 0.001%             | F      |
| THE STATE OF CONNECTICUT. ACTING THROUGH US TREASURER                                                    |                   | 37.716         | 0.015fi'           | F      |
| THEMKEUROPfANLUXUPYETT                                                                                   |                   | 1.529          | 0,001%             | F      |
| TONI SRL                                                                                                 | 2582220963        | 253.1 óó       | 0,t02%             | F      |
| TRUGT II BRIGHTHOUSEDIMEN6IONALINT SMALL COMPANY PORTFOLIO                                               |                   | રીતે           | 0.000%             | F      |
|                                                                                                          |                   | 2 I .S9P       | 0.00fiB            | F      |
| UBS (IRLj EIF PLC.<br>UBS FUND MANAGEMENT {SWIFZERLAND) AG ON BEHALF OF 7URICH                           |                   | 2145           | 0.001%             |        |
| INVESTINSTITUTIONAL SUN                                                                                  |                   |                |                    | I      |
| UBS rUND MANAGEMENT SWfT7ERLAND AG.                                                                      |                   | 1 1 .512       | 0,005%             | F      |
| VB8 LUX FUND SOLUTIONS                                                                                   |                   | 25.762         | 0,010%             | F      |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH ON BEHALF OF STBV-NW-                                              |                   |                |                    |        |
| 0MVFPALFOND3                                                                                             |                   | 2.360          | 0.001 %            | F      |
| VANGU AeD DEVELOPEO MARKETS INDEX FUND.                                                                  |                   | 520,25 I       | 0.                 | F      |
| VANGUARD ECG DEVELOPED WORLD ALL CAP EQ INDEX FND UK                                                     |                   | 80õ            | OÖOOOB             | F      |
| VANGUARD ESG INTERNATIONAL STOCK ETF                                                                     |                   | 7.840          | 0,003%             | F      |
| VANGUARD EUROPEAN STOCK INDEX FUND                                                                       |                   | 130.809        | 0.052(a)           | F      |
| VANGUARD FIDUCIARY IRUSI COMPANY DEVELOPED MARKETS INDEX<br>TRUST                                        |                   | 10.391         | 0.004%             | F      |
| VANGUARD FIDUCIARY TRUSI COMPANY ILISTITUTIONAL TOIAL<br>INTERNATIONAL STOCK MARKET INDEX TELLST         |                   | ó2. 38         | 0,025%             | F      |
| VANGUARD FIDUCIARY TRUST COMPANY INSTILUTIONAL IOTAL                                                     |                   | 4.361          | 0,002%             | F      |
| INTERNATIONAL STOCK MARKET INDEX IKUST II<br>VANGUARD FTSE At WORLD EXUS SMALLCAP INDEX FUND.            |                   | 181.177        | 0.073X             | F      |
| VANGUARD FTSE DEVELOPED ALt CAPEX NORTH AMERICA INDEX ETF.                                               |                   | 9.011          |                    | F      |
|                                                                                                          |                   |                | 0,004\$            |        |
| VANGUARD FTSE DEVELOPED EUROPE ALL CAP INDEX EIF                                                         |                   | 653            | 0,000%             | F      |
| VANGU APD FUNDS PUBLIC LIMITED COMPANY                                                                   |                   | bરેજે          | 0,0007             | F      |
| VANGUARD INTEPNAT)ONAŁ SMALL COMPANIES INDEX FUND<br>VAN GUARD INVESIMENT SERIES PUBLIC LIM ITED COMPANY |                   | 1.035<br>5.714 | 0,000(a)           | F<br>F |
| VANGUARD TOTAL INTERNAWONAL STOCK INDEX gND                                                              |                   | 3   5.155      | 0.002'g            | F      |
| VANGUARD TOTAL \ YORLD STOCK INDEX FUND.                                                                 |                   | 38.396         | 0.120(a)<br>0,015% | E      |
| VERDIPAPIREONDET KLP AKSJEGLOBAL SMALL CAP INDEKS                                                        |                   | 98             | 0.1300&            | F      |
| VIČEMTČ                                                                                                  |                   | 1 6.500        | 0.002\$            | F      |
| VIE ICVC VANGUARD VANGUARD FTSE GLOBAL ALL CAP INDEX FUND                                                |                   | 2d3            | 0.XOF              | C      |
| VISCONII ANGELICA CAMILLA CONSOLATA \/AN                                                                 | VSCHLC73E44F205N  | 253. j 64      | 0,102              | C      |
| viScoNii clNEveA cA/VI)ŁtA                                                                               | VSC GVR75Aó5F205B | 253.1 64       | 0102               | F      |
| VISCONTI MARIA CONSOLATA                                                                                 | VSCMCN79H63F205M  | 253. I ó 6     | 0002B              | P      |
| WASHINGTON STATE INVESIMEN T BOARD                                                                       |                   | 484            | 0.000%             | ಟ      |
| WELLE INVEST.                                                                                            |                   | 8.951          | 0.003(a)           | F      |
| YISDOMTREE DYNAMIC CURRENCY HEDGED INTERNATIONAL                                                         |                   | 1.791          | 0.001 %            | F      |
| SMAtčCAP EOUITY FRED.                                                                                    |                   |                |                    |        |
| WISDOMTREE EUROPE HEDGED EQUITY FUND                                                                     |                   | 4.592          | 0.002g             | F      |
| WISDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND                                                            |                   | 289            | 0,000%             | F      |
| \^YJSDOMTREE INTERNATIQNAL HEDGEDQUA LITY DIVIDEND GROWTH<br>FUND                                        |                   | 4.686          | 0,002%             | F      |
| wisDo/u/ez£ INTzzu/ioN 'OlJAu\Y DIVIDEND GeOWIH FUND                                                     |                   | 2.590          | 0,001 X            | F      |
| WISDOMTREE INTERNATIONAL SMAŁLCAP DIVIDEND FUND                                                          |                   | 5.8g2          | 0,002%             | F      |
| \^MI FUNDS.                                                                                              |                   | 7.723          | 0,003B             | F      |
| XTPACKERS MSCI EUROZ ONE HEDGED EQUITY ETF.                                                              |                   | 488            | 0.000B             | F      |
| CA1FOENAHAF:18ACHEBSRfIfIBVfNI6UTFM                                                                      |                   | 1.768          | 0,001 S            | C      |
|                                                                                                          |                   |                |                    |        |

![](_page_239_Picture_1.jpeg)

| CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIPEMENT SISIEM,     | 3.625     | 0.001(a,  | C  |
|--------------------------------------------------------------|-----------|-----------|----|
| GAMAX FUNDS - JUNIOR                                         | 40.721    | 0,056%    | C  |
| TAM NATIONAL PENSION FUND                                    | J1        | 0.000@a   | C  |
| STAIL OF WISCONSIN INVESTMENT BOAPD                          | +.702     | 0.001(a)  | C  |
| Ark Actions III to                                           | 130.000   | 0.052@    | A  |
| Arca Real Economy Balanced Ilal+a 30                         | 330.000   | 0, 32B    | A  |
| Ark Royal Economy Bilonciato Itolia 55                       | 43.000    | 0.01 FC   | A  |
| CHALLENGE FUNDS - CHAL£ENGE ITALIAH EQUITY                   | 22.000    | 0,00g@    | A  |
| FIDEUPAM COMPARTMENT PLAN SHARES ITALY                       | 347.389   | 0,t39X    | A  |
| FIDEURAM BALANCED PLAN COMPARTMENT ITALY : 50                | 0-000     | 0.004%    | A  |
| FIDEURAM COMPAPTO BALANCED PLAN ITALIA 50                    | 52.000    | 0,021(a), | A  |
| INGOT ALTRNTVE INVSTMNTS MASTER FND ICV-LNGTTO SPCL<br>OPPOP | 294.701   | 0-1185    | A  |
| The Rose K. Swedlow Trust DCD 05/ i                          | 15        | 0.000s    | A  |
| 9/92 Global Elite Commercial Inc.                            | ó.300     | 0,003B    | IV |
| M stic HonoiJr Lirnilad                                      | ó 000 000 | 2,407@,   | NV |
| School Moxirrilion Aiexonder                                 | ISO       | Q.000@@   | NV |

Total voters 249.288.g28 100%

I egend
I-- favorable
C - Con|rorio
A - detained

NV - Non Volante
NE - Non Espresso

![](_page_239_Figure_6.jpeg)

![](_page_240_Picture_1.jpeg)

![](_page_240_Figure_2.jpeg)

![](_page_241_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

| Allegato " N " al Numero __ 85724 |  |
|-----------------------------------|--|
| del Reportario e al Numero 28850  |  |
| . T . " ! . " " .                 |  |

Punfo 4.6

Appointment of the Board of Directors, subject to determination of the number of the office and determination of remuneration. Appointment Oel President. Related and consequent resolutions: appointment of the Vice Chairman of the Board of Directors;

|        |                                                                                           | no. votes    | % votes represented in<br>assembly | 96 of Voting Rights |
|--------|-------------------------------------------------------------------------------------------|--------------|------------------------------------|---------------------|
|        | Constitutive quorum assembly                                                              | 249.288.928  | 100%                               | 89,810%             |
| 15     | Votes for which the RD has instructions for<br>il OdG in votazione (quorum deliberative): | 249.288.928  | 100,000%                           | 89,810%             |
|        | Votiper i quali il RD<br>non dispo neva di istruzioni:                                    |              | 0,000%                             | 0,000%              |
|        | ﺔ ﺍﻟﻘﺎﻧﺔ                                                                                  | no. votes    | % voting participants              | % of voting rights  |
|        | Favo "oar                                                                                 | 241.894.285  | 97,034%                            | 87,146%             |
| 1210 1 | Contrario                                                                                 | 159.108      | 0,064%                             | 0,057%              |
|        | Abstained                                                                                 | 1.229.085    | 0,493%                             | 0,443%              |
|        | Not Voting                                                                                | 6.006.450    | 2,409%                             | 2,164%              |
|        | Totals                                                                                    | 249.288.9281 | 100,000%                           | 89,810%             |

![](_page_242_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

#### Item 4.ó

domination of the Board of Administrozione. subject to determination del number of componently, the duration of cocco and defermination of compensation, Appointment of the President and Vice President. Resolutions pertaining thereto and consequent thereto: appointment òel Y'ice Chairman of the Board of Adminisfrozione;

List of parfecipanfi on the ballot through the designated representative/vlorite Titles S. p. A. ne'//a [oefsoria Òe'//a OO tt.SSa CIOLiO!O A FFIÒfOS!rli

| Anagrafica                                                                                |           |           |   |
|-------------------------------------------------------------------------------------------|-----------|-----------|---|
| ACIS                                                                                      | e.oss     | 0.00 Z    | I |
| ACM ALLEG RO   240                                                                        | 12.917    | 0.005     | F |
| ACM ALLEGRO 3041                                                                          | 5.446     | 0,002&    | F |
| ACOMEA PMITALIA MG                                                                        | 21.629    | 0,009%    | F |
| ACOMEA GLOBAL DYNAMIC STRATEGY                                                            | 13.2£18   | 0.005%    | F |
| ADVANCED MERIT TPIJST IT GLOBAL BOND POPTFO£IO                                            | 107       | 0,000%    | F |
| ALASKA PERMANENI FUND COPPORATION                                                         | ો રવ      | 0.000(a)  | F |
| AMERICAN CENTURY ETF TRUST-AVANTIS INTERNATIONAL EQUITY ETF                               | 5.327     | 0,002'B   | F |
| AMERT CAN CENTURY ETF TBUST-AVANTIS INTERNATIONAL EQUITY FUND                             | 31        | 0.000(a), | F |
| AMERICAN CENTURY ETF TPUST-AVANTIS INIERNATONAL SMALL CAP<br>EQUITY ETF                   | 442       | 0.000Z    | F |
| AMERICAN CENTURY ETF TRUST-AVŞNTIS RESPONSIBLE INTERNATIONAL<br>EQUITY ETF                | 31 4      | 0.000(a), | F |
| AMERICAN FUNDS INSURANCE SERIES GROWTH FUND.                                              | 2.174.477 | 0.872%    | F |
| AMUNDI FUSE MIB                                                                           | 38.17'4   | 0,015%    | F |
| AMUNDI INDEX EUROPE EX Uk SMALL AND MID CAP FUND                                          | 1.944     | 0.001%    | F |
| AMIJNDI MSC I gMU SMALL CAP ESG CT8 N7 ABB.                                               | 90.829    | 0,036(a), | F |
| Amundi MSCI Eurooe Small Cap MG Climate Net Zero Ambition CT8                             | 17.857    | 0,007%    | F |
| AMLINDI SGR SPA / AMUNDI BISPAP MIO IZALIA                                                | 65.522    | 0,026%    | F |
| ANIMA CRES CITA ITALIA NM                                                                 | 10,75B    | 0,00'4%   | F |
| ANIMA FUNDS PUBLIC LIMITED COMPANY                                                        | 12.5'i4   | 0.OOSA    | 7 |
| SOUL TNTZTA7IVA TTALTA                                                                    | )9g.7ó4   | 0,080@    | F |
| ARIZONA STATE RETIREMENT SYSTEM                                                           | 1         | 0.000%    | F |
| ABROWSZREET (DE£AWARE) L/S FUND L.P ARRO\STREET CAPITAL LTD                               | 10        | 0,000(a)  | F |
| PARTN ERSHIP-ARPOWSTREET DELAWARP L S                                                     |           |           |   |
| ARROWSTREET CAPITAL COPLEY FUNDt ICITED.                                                  | 13468     | 0.005%    | F |
| ARROWS REET CAPITAL ESG GLOBAL EQUITY LONG/PHOPT FUND.<br>LIMIT.                          | 3.900     | 0.002%    | F |
| AIOME                                                                                     | 16.3ól    | 0.007%    | F |
| AUSTRALIAN RETIREMENT TPUST                                                               | 7.062     | 0,003(a)  | F |
| A VENIP INVESIISSEMENIS                                                                   | 7,838     | 0,003%    | F |
| AXA MPA FINANCIAL DESIGNATED ACTIVITY CO                                                  | 72.000    | 0,029B    | f |
| AXA Vorsorge Fonds II Equities Global Markets Small Cap Passive<br>Credit Suisse Funds AG | 8.045     | 0.003%    | F |
| AXA WOPLD FUNDS SICAV                                                                     | 364.4JI   | 0.146(a)  | F |
| A/ FUND   A2 ALLOCATION ITALIAN TREND                                                     | 15.05Z    | 0.000(a), | F |
| AZ FUND 1 AZ ALLOCATION Plk ITALIAN EXCELLENCE 30                                         | 2.501     | 0,001%    | F |
| AZ FUND 1 AZ ALLOCATION PIR ITALIAN EXCELLENCE 70                                         | 51.715    | 0.02IB    | F |
| AZ FUND I-AZ ALLOCATION-ITALIAN LONG TEkM OPPORTUNITIES.                                  | S0.972    | 0,034%    | F |
| A7IMUI CAPITAL MANAGEMENT SGe SPA                                                         | 25.868    | 0,010(a)  | F |
| AZIMUT CAPITAL MANAGEMENT SGk SPA                                                         | 17.109    | 0,007B    | F |
| AEL DFA INTERNATIONAL CORE EQUITY EIJNB                                                   | 1.885     | 0,001%    | F |
| BANCO BILBAO VIECAYA Ag GENTAgIA SA                                                       | 700.469   | 0.28T%    | F |
|                                                                                           |           |           |   |

![](_page_243_Picture_1.jpeg)

| 1999 - 1999<br>Anagrafica                                                                                                                                                     | CF/Plant College of Career                                                                                                                                                                          | Voti                          | 1% su votanti Voto |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|--------------------|--------|
| BANCOPOSTA RENAISSANCE                                                                                                                                                        |                                                                                                                                                                                                     | 21347                         | 0.010%             | F      |
| BBVA DUPB INTL EUROPEAN EQUITY FUND                                                                                                                                           |                                                                                                                                                                                                     | 12464                         | 0,0067             | F      |
| BEPGAMOTTA KPL                                                                                                                                                                | 06949850488                                                                                                                                                                                         | 1.Z20.766                     | 0090%              | F      |
| BLACKPOCK ASSET MANAGEMENT SCHWEIZ AG ON BEHALF OF<br>ISHARES WOPLD EX SW1 7ERLAND                                                                                            |                                                                                                                                                                                                     | \ 00                          | 0.000%             | F      |
| 8LACEROCK AUTHORIZED CONIPACTUAL SCHEME I                                                                                                                                     |                                                                                                                                                                                                     | 100                           | 0,000%             | F      |
| 8LACKPOCK FUND MANAGERS LTD                                                                                                                                                   |                                                                                                                                                                                                     | 100                           | 0,000%             | F      |
| BLACKROCK INDEX SELECTION FUND                                                                                                                                                |                                                                                                                                                                                                     | 100                           | 0,000%             | F      |
| 8LACKROCK INSTITUCIONAL TPUST COMPANY, N.A. INVESTMENT FUNDS<br>FOR EMPLO\ EE BENEFIT TRUSTS.                                                                                 |                                                                                                                                                                                                     | ૩૬ ૮૮૮૮                       | 0 050%             | F      |
| BLACEROCK LIFE LED                                                                                                                                                            |                                                                                                                                                                                                     | 100                           | 0,00               | F      |
| BLACKPOCK MSCIEAFE SMALL OAP EQUITY INDEX FUND B (EAFESML8                                                                                                                    |                                                                                                                                                                                                     | 3.882                         | 0.002%             | F      |
| ONP PARIBAS EASY - MSCI EUROPE SMALL CAPS SPI E-SERIES 5 CAPPED                                                                                                               |                                                                                                                                                                                                     | 129.550                       | 0,052              | F      |
| BNP PARIBAS EQUITY - FOCUS ITALY                                                                                                                                              |                                                                                                                                                                                                     | 9,854                         | 0.004B             | F      |
| BNPP MODERATE - FOCUS ITALY                                                                                                                                                   |                                                                                                                                                                                                     | 59.788                        | 0,024'B            | F      |
| 80RPAGE URL.                                                                                                                                                                  | 00949880487                                                                                                                                                                                         | 1.720.786                     | 0,690'B            | F      |
| C INVESUSSEMEN /S                                                                                                                                                             |                                                                                                                                                                                                     | 3.634                         | 0,001 (a)          | F      |
| CATILLON 1                                                                                                                                                                    |                                                                                                                                                                                                     | 7.184                         | 0,003(a),          | F      |
| CENTRAL PENSION FUND OF THE INTERNATIONAL UNION OF<br>OPEPATING                                                                                                               |                                                                                                                                                                                                     | 157                           | 0,000(a)           | F      |
| CHRYSOLE ET PEAT                                                                                                                                                              |                                                                                                                                                                                                     | 10.103                        | 0,004B             | F      |
| CI WISDOMTPEE EUROPE HEDGED EQTITY INDEX ETF                                                                                                                                  |                                                                                                                                                                                                     | 328                           | 0,000'g            | F      |
| CI WISDOMTPEE INTERNATIONAL QUALITY DIVI GROWTH                                                                                                                               |                                                                                                                                                                                                     | fi.203                        | 0,003(a)           | F      |
| CITY OF NEW YORK GROUP TRUST                                                                                                                                                  |                                                                                                                                                                                                     | 8.946                         | 0,003\$            | F      |
| COLLEGE RETIREMENT EQUITIES FUND                                                                                                                                              |                                                                                                                                                                                                     | 1.001                         | 0,000%             | F      |
| CONHECICUT GENERAL LIFE INSURANCE COMPANY                                                                                                                                     |                                                                                                                                                                                                     | 177                           | 0.                 | F      |
| CREDIT ON SSENDEX FUND FUX                                                                                                                                                    |                                                                                                                                                                                                     | 27.ó4b                        | 0,011%             | F      |
| CSIF CH Equily World ex CH Small Cop Blue Credit Suisse Funds AG                                                                                                              |                                                                                                                                                                                                     | 4,433                         | 0.002%             | F      |
| CSIF CH Equity World ex CH Small Cop ESG Blue Credit Suisse Funds                                                                                                             |                                                                                                                                                                                                     | 3.716                         | 0.0017             | F      |
| AG<br>CSIF CH III Equity World ex CH Small Cap ECG Blue Pension Fund Plus                                                                                                     |                                                                                                                                                                                                     | 7,621                         | 0.0036             | F      |
| Credit Suisse Funds AG<br>PESTAN US BROAD MAKKET COPE ALPHA EXTI=NSION CUSTOM FUND.                                                                                           |                                                                                                                                                                                                     | 421                           | 0 000%             | F      |
|                                                                                                                                                                               |                                                                                                                                                                                                     | 4.544                         |                    | F      |
| DEVACKAB<br>gy                                                                                                                                                                |                                                                                                                                                                                                     |                               | 000200             | F      |
| Edmond de Rounsenila Fund Europe Syner                                                                                                                                        |                                                                                                                                                                                                     | 82 980                        | 033(a              | F      |
| FFFESET IF SKL<br>ENSION PEAK ADVISUKS INC                                                                                                                                    | 044057110488                                                                                                                                                                                        | 0.972.180                     | L191%<br>0.000(a)  | F      |
| EUPIZUIN SHAKES TIAL Y                                                                                                                                                        |                                                                                                                                                                                                     | 12<br>BULUUU                  | "0,032%0           | F      |
| SUPIZOIN STUCK PMITHALIA                                                                                                                                                      |                                                                                                                                                                                                     | 552.145                       | 0, 1 34(a)         | F      |
| EURIZON CAPITAL SGR-PIP TIALIA 30                                                                                                                                             |                                                                                                                                                                                                     | ാറ്റു.                        | U.UZ4FF            | F      |
| EURIZON FUIND                                                                                                                                                                 |                                                                                                                                                                                                     | 84.50 7                       | 0,034(a)           | f      |
| EUKIZAUN KILATITATATATATATATUINI                                                                                                                                              |                                                                                                                                                                                                     | MARKALEZA                     | OLDUS (a)          | F<br>F |
| FUIHTAUNTKUJIE OLDARDAZU                                                                                                                                                      |                                                                                                                                                                                                     | 84.270                        | 0,034(a            | F      |
| FUNIZUNT KUNE UND THAT THE THE                                                                                                                                                |                                                                                                                                                                                                     | 118:31 f                      | O, LOOR            | F      |
| FLUKCHANDAKUJIKU BANDARA BATATA                                                                                                                                               |                                                                                                                                                                                                     |                               | U.U4 / 6           | F      |
| F&I CAPITAL                                                                                                                                                                   |                                                                                                                                                                                                     | 7.056                         | 0,003(a)           | F      |
| FADE IN INVINTI                                                                                                                                                               |                                                                                                                                                                                                     | 1.750                         | 0,005(a)           | F      |
| EAFF SPL                                                                                                                                                                      | UZOU / SOUUSS                                                                                                                                                                                       | 740.706                       | 033800             | F      |
| FDFT BLAUFORT                                                                                                                                                                 |                                                                                                                                                                                                     | 0.180                         | 005(a              | F      |
| FIDE LEAST STOINTS ON THE FI                                                                                                                                                  |                                                                                                                                                                                                     | 0.207                         | 0,00 8             | F      |
| 00222 2 1 1 1 2 1 1 1 1 1 1 1 2 2 2 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 |                                                                                                                                                                                                     | 1.900                         | 0.005 (0.          | F      |
| FIFT TUNIVINI TACUL                                                                                                                                                           |                                                                                                                                                                                                     | 12.823                        | 0.005(a)           | F      |
| TDIZ DCP                                                                                                                                                                      |                                                                                                                                                                                                     | 0.119                         | O. OUSTO           | F      |
| FUL Z FIDU FAWILL I INVITE TINVESTINGEN                                                                                                                                       |                                                                                                                                                                                                     | 15:08                         | ORCHULLED          | F      |
| FD £2 Type                                                                                                                                                                    |                                                                                                                                                                                                     | 9.                            | 0,000 ca           | F      |
| ITTAL INIVE ALLE UNU TITH                                                                                                                                                     |                                                                                                                                                                                                     | 130                           | 0,004 (00          | F      |
| FIDE ZA CAR CANCITAL<br>FDF2 OSIVIUDI                                                                                                                                         |                                                                                                                                                                                                     | 7.005<br>12.938               | 0,0035<br>0,005 %  | F      |
| ੀਂ<br>FERRAUAIVIO FERITUC C                                                                                                                                                   | PICT FREE DISTRICT PART                                                                                                                                                                             | I .UIZZOUU                    | LEGIULOW           | F      |
| FER KALJANVAU TITINTAIN CHINTAIN CHAID TITA                                                                                                                                   | UATO 1 400 TO 2                                                                                                                                                                                     |                               | /3,                | F      |
| GIOVANINA FERRAGAMO                                                                                                                                                           | 605754<br>FIRKTNINGSU                                                                                                                                                                               | "Frida " " " " "<br>1.012.650 | 0,400(a            | F      |
| FIDELINE SUNCOLARD STITUS BE IN CONTRACTOR THE SATINT SECTIVATIONAL S                                                                                                         | 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000<br>11801 - 185 - 185 | 015                           | 0.000              | F      |

![](_page_243_Picture_3.jpeg)

![](_page_244_Picture_1.jpeg)

| FIDELITY FUNDS - SUSTAINABLE CONSUMER BRANDS POOL                                                    |               | +04.155               | 0.242            | F      |
|------------------------------------------------------------------------------------------------------|---------------|-----------------------|------------------|--------|
| FIDELITY GLOBAt CONSUMER INDUS7PIES FUND.                                                            |               | 3d,4dd                | 0,015            | F      |
| FIDELITY MANAGEMENF ANO PESEAPCH COMPAD Y UC                                                         |               | 2.402                 | 0,001%           | F      |
| FIDELITY SALEM STREET TRUSI: FIDELITY TOTAL INTERNATIONA; INDEX<br>FUND                              |               | 14,914                | 0,005%           | F      |
| FINV)S KPL                                                                                           | 04+0061048 I  | é. 272.) BO           | 2,797B           | F      |
| FLEXSHARES MORNILGSTAP DEVELOPED MAPKETS EK-US FACTOR IIILI<br>INDEX FUND                            |               | 2d9                   | 0,000(a),        | F      |
| FLONADA                                                                                              |               | 1523                  | 0,003(a)         | F      |
| FOPSTA AP - rONDEN                                                                                   |               | 4P/0                  | 0,00@            | F      |
| G&C PLACEMENT                                                                                        |               | 21.336                | 0,009%           | F      |
| G£2TIELLE PRO ITALIA                                                                                 |               | 9.650                 | 0,004%           | F      |
| GIQUATTHO SRL                                                                                        | 005 141 80975 | 6.9z1180              | 2,797fi'         | F      |
| HSBC ETFS PUBLIC LIMITED COMPANY - HSBC MSC   WORLD SMALL<br>CAP ESG UCITS ETF                       |               | 1.882                 | 0.00 I &         | F      |
| IBM 401 (E PLUS PLAN {RUST                                                                           |               | 184                   | 0,000¥           | F      |
| IEto INVEST.                                                                                         |               | @845                  | 0.003(a)         | F      |
| INTERNATIONAL CORE EQUITY PORTFOLIO OF DFA INVESTMENT                                                |               | 2.6B00                | 0.02d(a)         | E      |
| DIMEMSIONS GROUP INC<br>INTERNATIONAL MONETAPY FUND                                                  |               | 4.085                 | 0,002\$          | F      |
| INVESCO FTSE KAFI DEVELOPED MARKETS EXUS SMALLMID ETF.                                               |               | L005                  | 0.000(a)         | F      |
| INVOCO INCOME AO VANTAGE TNTEPNATIONAL FUND                                                          |               | 2a                    | 0,000(a)         | F      |
| INVESCO MARKETS II PLC                                                                               |               | 189                   | 0,000(a)         | F      |
| INVESTEPINGSFORENINGEN DANSKE INVEST SELECI TACTICAL ASSET                                           |               |                       |                  |        |
| ALLOCATION - DANMARK AXKUMIJLERENDE KL<br>INVESTERINGSFOPENINGEN DANSKE INVEST SELECT TACTICAL ASSET |               | 8.099                 | 0.0038           | F      |
| EURO ALLOCATION - AC CUMULAIING KL                                                                   |               | 3.133                 | 0,001%           | F      |
| ALLOCALION NORGE - ACCOMONS FINASE SELECT {ACTICAL ASSET                                             |               | 2120                  | 0,001(a)         | F      |
| INVESTERINGSFORENINGEN DANSKE INVESt SELECT TACTICAL ASSET<br>ALLOCATION SVEPIGE - ACCUMULATING KL   |               | 3.062                 | 0.001\$'         | F      |
| INVESTERINGSFORENINGEN SPARIRIVDT INOEX EUROPE                                                       |               | 4.29J                 | 0,00(a)          | F      |
| ISHARES ALL-COUNTRY EQUITY INDEX FUND                                                                |               | 82                    | 0,000(a)         | F      |
| ISHARES CORE MSCI EAFE ETF                                                                           |               | 407.249               | 0,153(a),        | E      |
| ISHARES CORE MSCI EAFE IMI INDEX EFF.                                                                |               | 6Jj                   | 0,000(a)         | F      |
| ISHARES COkE MSCI EUROPE ETF                                                                         |               | 13.814                | 0,008B           | E      |
| ISHARES CORE MSC I INTERN A TIONALDEVELOPED MAREETS ETF                                              |               | 10.359                | 0.004'g          | F      |
| ISHAPES CORE MSCI TOTAL fNTEPNATIONAL STOCK ETF.                                                     |               | 72. 05                | 0,029"B          | F      |
| IS HARES II PUBLIC LIMITED COMPANY.                                                                  |               | 808                   | 0,000'g          | F      |
| ISHARES MSC I EAFE SMALL-CAP ETF                                                                     |               | 79.933                | 0,032(a),        | F      |
| ISHARES MSCi rueorc in iHorx Arr                                                                     |               | 1.534                 | 0,000            | F      |
| ISHARES MSCI EUROPE SMALL-CAP ETF                                                                    |               | .037                  | 0,000            | F      |
| ISHARES VII PUBLIC LIMITED COMPANY                                                                   |               | '40.395               | 0,016(a)         | F      |
| d AI {NV -S1ISSFM8AIS                                                                                |               | T&507                 | 0,007(a),        | E      |
| JHFII INI'L SMALL CO FUND                                                                            |               | 3.934                 | 0,002%           | F      |
| JHVIT INT'L SMA£f CO TRUST                                                                           |               | 2.452                 | 0,001(a)         | F      |
| JOHN HANCOCK FMDS II FUNDAtv\ENTAL ALL CAP COPE FtUD                                                 |               | )70.148               | 0,068(a),        | L      |
| JOHN HANCOCK FUNDS II FUNDAMENTAL GLOBAL FRANCHISE FUND.                                             |               | 400.129               | 0,181 %          | F      |
| JOHN HANCOCK TRUST COMPANY COLEECTIVE INVESIMENT 7RUSF I                                             |               | 68,084                | %028Z            | f      |
| JOHN HANCOCK VIT ENDAMENIAL ALL CAP COPE TRUST<br>KEVA                                               |               | 889,819<br>1.871 .053 | 0.357B<br>0.75tS | E<br>F |
| THE VI£LEPE                                                                                          |               | 6.951                 | 0.003'g          | F      |
| LACERA MASIEP OPEB TRUST                                                                             |               | .275                  | 0.0017           | F      |
| LEADEP512L P.M.I                                                                                     |               | 6.071                 | 0.002            | C      |
| LEGAL & GENERAL ICA V,                                                                               |               | 2.421                 | 0.001R           | F      |
| LEGAL AND GENERAL ASSURANCE (PENSIONS MANAGEMENT) LIMITED                                            |               | 1,776                 | 0.001%           | F      |
| LOCKHEED MARTIN CORPORATION MASTER FETIREMENT TRUST                                                  |               | 25                    | 0.000(a)         | F      |
| LOS ANGELES COUNTY EMPLOYEES BETIRF-MENT ASSOCIATES                                                  |               |                       | 0,000(a)         | F      |
| LVIP DIMENSIONAL INTERNATIONAL COPE EQUITY FUND                                                      |               | 2.4P3                 | 0,00\X           | F      |
| LY XOR FTSE TTALIA MID CAP PIR                                                                       |               | 17,434                | 0.007(a),        | F      |
| M & G 5ecurities LimiTed                                                                             |               | 184.417               | 0.074#           | F      |
| M INjERNANONAL EQUITY FUND.                                                                          |               | 78                    | 0,000%           | f      |
| M3P T                                                                                                |               | 8.445                 | 0,003(a),        | F      |

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| M3P'2"                                                                                                |              | B.531                 | 0,005%               | F      |
|-------------------------------------------------------------------------------------------------------|--------------|-----------------------|----------------------|--------|
| MANULIFE ASSET MANAGEMENT LID                                                                         |              | -                     | 0,000                | f      |
| fvtANtJLIEE GLOBAL FRANCHISE FUND,<br>MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULJFE<br>8ALANCED |              | 255.fi42<br>27] .2fi5 | 0.03<br>0.1 09(a)    | f<br>F |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U,S. EQLI                                         |              | 137aDS                | 0.055(a),            | F      |
| MANULIFS INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND.                                              |              | ਰੇਟ #93               | 0,039B               | F      |
| MANULIFE U.S. ALL CAP CODE EQUITY FUND                                                                |              | 2.528                 | 0,00T (a),           | F      |
| MANIJLIFE U.S. ALL CAP EQUIV FUND                                                                     |              | 514 T14               | 0.20€S               | F      |
| MARCH INTERNATIOHAt - THE FAMItY 8USINB2SES FUND.                                                     |              | 235.35P               | 0,094(a),            | F      |
| MARYLAND STAFF RETIPEMENT PENSiON SYSTEM.                                                             |              | 3.g03                 | 0.002X               | F      |
| MAUPERIUIS                                                                                            |              | 7.921                 | 0,003%               | F      |
| MEDIOLANUM GESTIOHE EONDI SGP - FLEXIBILE DEVELOPMENT IffatIA                                         |              | 316.809               | 0,T27X               | F      |
| MERCER QIE COMMON CONT 'ACTUAL FUND                                                                   |              | 10.083                | 0,004%               | E      |
| MERCER QCF FUND PLC                                                                                   |              | 7.394                 | 0,007X               | f      |
| MERCER UCITS COMMON CONTRACTUALFUND                                                                   |              | 80                    | 0,003ñ               | F      |
| MOLINEL   I                                                                                           |              | M%0A                  | 0,007%               | t      |
| MOLINEL 15<br>MOLINEL j6                                                                              |              | 4933<br>29.842        | 0,002z               | F<br>F |
| MOL{NEL \ 7                                                                                           |              | 12.919                | 0,0) 2%<br>0,00s%    | F      |
| MOLENEL 18                                                                                            |              | 579 I                 | 0,002%               | F      |
| MOZ{LLA CORPORATION                                                                                   |              | ?499                  | 00D1%                | F      |
| MUL- LYX FTSE IT ALL CAP PIR 2                                                                        |              | 4021                  | 0,002(a)             | F      |
| NEF PISPARMIO ITALIA                                                                                  |              | 31 27                 | 0,001 %              | F      |
| NFS LIMITED                                                                                           |              | 2412                  | 0,001 (a)            | F      |
| NORGES BANK                                                                                           |              | 28492                 | 0,0é4%               | F      |
| NORTHERN TPUST COMMON ALL COUNTRY WOPLD EX-US INVESTABLE<br>MAR                                       |              | 3.52                  | 0,001 B              | F      |
| NORTHERN TPUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST                                              |              | 53.901                | 0.022%               | F      |
| NORTHERN TRUST UCTS COMMON CONTRACTUAL FUND                                                           |              | 18.19Z                | 0,007(a),            | F      |
| OSD WEST8UPY SMALL AND MCD CAP STPATEGIES FUND.                                                       |              | 122.985               | 0,059(a),            | F      |
| ONEPATH GLOBAL SHAPES - SMALL CAP (INHEOGED) INDEXPOOL                                                |              | 1.871                 | 0,00 1%              | F      |
| PIN' EQUITY AXA ASSICURA7ONS                                                                          |              | 30.000                | 0,0126               | F      |
| PK CSG World Equit Credit Suisse Funds AG                                                             |              | 229                   | D,000%               | F      |
| PUBLIC AUTHORITY FOR SOCIAL INSURANCE                                                                 |              | 2.070                 | 0,00  X              | F      |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLOPAQU                                                   |              | 20.d52                | 0,008(a),            | F      |
| PUBLIC EMPLOYEES RETIGEMENT SYSTEM OF OHIO<br>ROUNDHILL S&P GLOBAL LUXURY ETF                         |              | 5.600<br>102          | 0.002(a),            | F<br>F |
| PUE D£ LA PAIX                                                                                        |              | 5,646                 | 0,000(a)<br>0,002(a) | F      |
| SACRE COFUR                                                                                           |              | 30.871                | 0,012                | F      |
| SAGERNO INVESTISSEMENTS                                                                               |              | 13.994                | 0.006                | F      |
| SAWA URL                                                                                              | 0SP2T T30487 | 6.772.180             | 2,717%               | F      |
| SCHY/AB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX ETF                                             |              | 71.254                | 0,029(a)             | F      |
| SCHWAB FUNDAMI=NTAL INTERNATIONAL 8MA£L COMPANY INDEX                                                 |              | 1] . 482              | 0.005%               | F      |
| FUND<br>SCHWAB INTERNATION AT EMALLCAP EQUIFTETF.                                                     |              | I 27.075              | 0.051 %              | F      |
| SEPENIS ADAGfO 1103                                                                                   |              | 2.773                 | 0,001%               | F      |
| SHPLL CANADA 2007 PENSION PLAN                                                                        |              | 183                   | 0.000g               | F      |
| SIFTO )NVESTISSEMENTS                                                                                 |              | 7.414                 | 0,003%               | F      |
| SMA LLCAP WOPLD FUND INC                                                                              |              | 3.274.573             | 1,314                | F      |
| SPARTAM GROUP TRUST FOR EMPLOYEE 8ENEFF PLANS.                                                        |              | 637                   | 0,000%               | F      |
| SPDR PORTFOLIO DEVELOPED WORLD EXU5 ETF<br>SPDR POPIFO£IO £UPOPE E/F                                  |              | 5.967                 | 0,002(a)             | F<br>F |
| USB MSCI ACWI EX USA IMI 5CPEENED NONLENDING COMMON TKU3T                                             |              | ાં રેરી               | 0,0(a)%              |        |
| FUND                                                                                                  |              | 1.783                 | 0,001%               | ಕ      |
| SS8 MSC1 EAFE SMALL CAP INDEX SECURITIES LEADING COMMON FWD                                           |              | 8,92a                 | 0,004%               | F      |
| SSGA SPDR ETFS EUPOPE II PU8LICLIMITED COMPANY                                                        |              | T.280                 | 0.001%               | E      |
| SST GLOB ADD TAX EXEMPT RETIREMENT PLANS                                                              |              | 88.745                | 0.036s               | F      |
| STATE STPEET GLO8A£ ALL CAP EQUIlY EXUS INDEX PORTFOLIO                                               |              | 1.170<br>             | 0,000%               | F      |
| STATE TEACHEPS RETIREMENT SYSTEM OF OHIO                                                              |              | B00.000               | 0.321%               | 5      |
| STICHTING BEDRIJF8IAKPENS10EN FONDS VOOR DE MEDIA PNO                                                 |              |                       | 0,003(a)             | F      |

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| STICHTING BPL PENSIOEN MANDAAT UBS AM LI<br>STTCHTTNG PENS/OENFO IDS VOOP HUISARTSEN<br>5TICHTING P HILIP8 PENSIOENFONDS |                  | 2.448<br>159<br>873 | 0,00) B<br>0,000(a)<br>0,000(a) | F<br>E<br>F |
|--------------------------------------------------------------------------------------------------------------------------|------------------|---------------------|---------------------------------|-------------|
| STRATEGIC INT5RNAFIONAL EQUIFY FUND.                                                                                     |                  | 2,163               | 0001%                           | F           |
| SYNAPSE                                                                                                                  |                  | 9.746               | 0,004&                          | F           |
| TEFIESA L MCGRAI H REVOCABLE TRUST.                                                                                      |                  | 8.900               | 0,008%                          | F           |
| THE 8ARCLAY5 BANK UW PETIREMENTFLIND                                                                                     |                  | 2.802               | 0.001x                          |             |
| THE CONTINENIAL S/Y\ALS COMPANY SERIES NY                                                                                |                  |                     |                                 | 8           |
|                                                                                                                          |                  | I ZO. I 03          | 0.0ä8                           | f           |
| I-IE EUROPEAN CE /TPAL BANK                                                                                              |                  | 2Ad 54              | 0,012                           | t           |
| TH£ HONGKO IG AND SHANGHAI BANKING CORPORATION LIMITED                                                                   |                  | 4. 04.600           | 1,647%                          | F           |
| THE MONETARY AUTHORITY OF SINGAPORE                                                                                      |                  | 44g                 | 0.000(a),                       | F           |
| THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                                              |                  | 1.299               | 0.00T(a)                        | F           |
| VHF fiTATE OF CONNECIJCUT ACTING THROUGH ITS TRENUREP                                                                    |                  | 37.71 6             | 0,015%                          | F           |
| THEMES EUROPEAN LUXURY ETF                                                                                               |                  | 1 .529              | 0,001%                          | F           |
| IONIC SQL                                                                                                                | 12582220963      | 253.1 65            | 0,102%                          | F           |
|                                                                                                                          |                  |                     |                                 |             |
| TRUCK )f 8R)GHIHOU5EDIMENSIONALIN'I SMALL COMPANY PORTFOLIO                                                              |                  | ਟੈਰੇ                | 0,000(a),                       | F           |
| UBS IPS) EIF PLC                                                                                                         |                  | 21.59P              | 0.009%                          | E           |
| UBS FUND MANAGEMENT (SWITZERLAND) AG ON BEHALF OF ZU9ICH<br>{NVESIINSTITUTIONAL FUN                                      |                  | 2. T45              | 0,001 %                         | r           |
| UBS FUND MANAGEMENT SWITZEPEAND) AG.                                                                                     |                  | t T.ST 2            | 0.005%                          | F           |
| UBS LT/X FUND SOLUTIONS                                                                                                  |                  | 2s.7d2              | 0,010@                          | F           |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH ON BEHALF OF STBV-NW-                                                              |                  | 2.360               | 0,001 %                         | F           |
| UNIVERSAL-FOMDS                                                                                                          |                  | 520.251             |                                 | F           |
| VANGUARD DEVELOPED MARKETS INDEX FUND                                                                                    |                  |                     | 0,209g                          |             |
| VANGUARD ECG DEVELOPED WORLD ALL CAP EQ INDEX FND UK                                                                     |                  | 80d                 | 0,000(a),                       | F           |
| VANGUARD ESG INTERNATIONAL STOCK ETF<br>VANGUARD EU 'OPEAN STOCK INDEX FUNO                                              |                  | 7840<br>I 30.80P    | 0,003g<br>0,0M%                 | P<br>F      |
| VANGUARD FIDUCIARY TRUST COMPANY DEVELOPED MARKETS INDEX                                                                 |                  |                     |                                 |             |
| TRUST                                                                                                                    |                  | 10.391              | 0,004%                          | ಟ್          |
| VAN GUAR D FID UC IARY TRUSt COMPANY INSTITUTIONAL TOTAL<br>INTEBNA!IONAL SiOC T MARKET INDEX TRUST.                     |                  | 82.   38            | 0,025%                          | F           |
| VANGUARD FIDUCIARY TRUST COMPANY INSTITUTION AT IOTAL.<br>IN7FPMATION AL 8COC7 MAe K Et INDEX TPUST 8                    |                  | 4.361               | 0,002(a)                        | F           |
| VANGUAPD FTSE ALLWORLD EXUS SMALLCAP INDEX FUND                                                                          |                  | 81.11               | 0,075(a),                       | F           |
| VANGIJARQ FTSE DEVELOPED ALL CAPEX NORTH AMERICA INDEX ETF                                                               |                  | 9.0Tj               | 0,004T>                         | F           |
| VANGUARD FTSE DEVELOPED EUcOPE ALL CAP IMOEX ETF.                                                                        |                  | 653                 | 0,000@                          | F           |
| VANGUARD FUNDS PU8LIC LIMITED COMPANY                                                                                    |                  | કરતે                | 0,000(a)                        | F           |
| VANGUARD INTERNATIONAL SMALL COMPANIES INDEX FUND                                                                        |                  | 1.035               | 0,000%                          | F           |
| VANGUAPD INVESTMENT SER!I2S PUBLIC SIM ITED COMPANY                                                                      |                  | 5.719               | 0,002(a)                        | F           |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND                                                                            |                  | 3 5.188             | 0,12d'g                         | I           |
| VANGUARD TOIAL WORLD STOCK INDEX FUND                                                                                    |                  | 38.3P6              | 0.01 SA                         | F-          |
| VERDIPAPIRFONDET KLP AKSJEGLOBAL SMALL CAP INOEKS                                                                        |                  | તેજ                 | 0,000(a),                       | E           |
| VICENTE                                                                                                                  |                  | 16.500              | 0,007(a),                       | F           |
| VjF TCVC VANGUAPD FfSE GLOBAL ALL CAP INDEX FJND                                                                         |                  | 283                 | 0,000%                          | F           |
| VISCONTI ANGELICA CAMILLA CONSOLAIA WAN                                                                                  | VSCNLC73E44P205N | 253.t6#             | 0,T02(a)                        | F           |
| VISCONTI GINSVRA CAMILLA                                                                                                 | VSCGVk75A65F205B | 283.164             | 0,102(a)                        | F           |
| VISCONTI MAFIIA CONSOLATA                                                                                                | VSCMCN79Hd3F205M | 253.166             | 0,102%                          | F           |
| WAS HINGTON STATE INVESTMENT BOARD                                                                                       |                  | 484                 | 0,000%                          | F           |
| WF£t£ INVEST.                                                                                                            |                  | 8.951               | 0,0037                          | F           |
| WISDOMTPEE DYNAMIC CURRENCY HEDGED INTERNATIONAL<br>SMALECAP EQUILY MND                                                  |                  | 1.791               | 0,001(a)                        | F           |
| WISDOMTREE EUROPE HEDGED EQUITYFUND                                                                                      |                  | 4.52                | 0.X2                            | C           |
| 1/1500MTREE EUROPE HEDGED SMALLCAP EQUITIY FUND.                                                                         |                  | 289                 | 0.000                           | f           |
| WISDOMTREE INTEPNATIONA£ HEDGEDQUA LITY Of VIDEND GROWTH                                                                 |                  | 4.586               | 0,002%                          | F           |
| RUND<br>WISDOMTREE INTERNATIONAL QUALITY DIVIDEND GROWIH FUND                                                            |                  | 2,596               | 0.001X                          | F           |
| WISD OMTREE INTERNATIONAL SMALLCAP DIVIDEND FUND                                                                         |                  | i, 8P2              | 0,002%                          | F           |
| wM I FIJh Dfi                                                                                                            |                  | 7.723               | 0,003%                          | F           |
| XTRACKERS MSCI EURO7ONE HEDGED EQUITY EIF                                                                                |                  | 488                 | 0.000Z-                         | F           |
| YORELA                                                                                                                   |                  | 47.2fi3             |                                 | F           |
|                                                                                                                          |                  |                     | 0.019(a)                        |             |
| CALIFORNIA STAIE TEACHERS"ETIREMENT SYSTEM                                                                               |                  | 1.758               | 0.001(a)                        | C           |
| CITY OF PHILADELPHIA PUBLIC EMPLOYEES RWeEMgNT S YSFEM.                                                                  |                  | 3.625               | 0.001%                          | C           |

![](_page_247_Picture_1.jpeg)

| GAMAX FUNDS - JUNIOR                               | 140.72l   |         | C  |
|----------------------------------------------------|-----------|---------|----|
|                                                    |           | 0.056@  |    |
| IAM NATIONAL PENSION FUND                          | 11        | 0.000'q | C  |
| STATE OF NEW MEXICO STATE INVESTMENT COUNCIL       | T1.281    | 0,005@  | C  |
| STATE OF WISCONSIN INVESTMENT 80ARD                | 1.702     | 0,001/  | C  |
| rca shares Italy                                   | 30.000    | 0.052%  | A  |
| Area Econornio eeole 8i}anciato )ta)ia 30          | 330.000   | 0.132@  | A  |
| Area Economic Reale Biloncioto Italia 55           | 43000     | 0,017%  | A  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY         | 22,000    | 0.009%  | A  |
| FIDEURAM COMPARTO P1,4NO AEIONI ITALIA             | 347.3é9   | 0. 139% | A  |
| FIDEURAM COMPARTO PIANO 8ILANC1AIO ¡¡ALIA 30       | 10.000    | 0.004%  | A  |
| FIDEUPAM COMPARTO PIANO BIEANCIAIO ITALIA 50       | 52.000    | 0.021@  | A  |
| INGOT ALTPNIVF 1NVSTMNTS MATER FND ICV-£NGTTO SPCL | 294,701   | 0.118%  | A  |
| The Rose K. Swadlow Trust DTD 03/ i P/92           | 15        | 0.000%  | A  |
| Global Gite Commercial Inc                         | ó.300     | 0.003'q | NV |
| Majestic Honour Limited                            | ó.000.000 | 2,407%  | NV |
| School Maximilian Alexander                        | 160       | 0.000B  | NV |

| Total voters | 1992 (<br>11 N<br>240.200.9 15<br> |  |
|--------------|------------------------------------|--|

r - favorable
C - ConTorio

N"Y - Not Flying NE
- Not Expressed

![](_page_247_Picture_6.jpeg)

![](_page_248_Picture_1.jpeg)

![](_page_249_Picture_1.jpeg)

II III III III III III III III III III III III III III III III III III III III III III III III III III III III III III III

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

|  |  |  |  |  |  | Allegato " O " al Numero SS 224 |  |
|--|--|--|--|--|--|---------------------------------|--|
|  |  |  |  |  |  | സ്കാരം                          |  |

Section 4.7

Appointment of the Board of Directors, after determination of the term of office and determination of compensation. Appointment of/the Chairman. Pertinent and consequent de/ resolutions: any resolutions pursuant to Article 2390 of the Civil Code.

|           |                                                                                                 | fl.¥0ti     | % votes represented in | 9S of Voting Rights |
|-----------|-------------------------------------------------------------------------------------------------|-------------|------------------------|---------------------|
|           | Constitutive quorum assembly                                                                    | 24a.288.928 | assembly<br>100%       | 89,810%             |
|           |                                                                                                 |             |                        |                     |
| F RA      | Votes for which the RD has instructions for<br>the BOD being voted on (deliberative<br>quorum): | 249.288.928 | 100,000%               | 89,810%             |
|           | nti for which the RID<br>buoy had instructions:                                                 |             | 0,000%                 | 0,000%              |
|           |                                                                                                 |             |                        |                     |
|           |                                                                                                 | no. votes   | % voting participants  | % of voting rights  |
|           | FAsdrevole                                                                                      | 229.510.822 | 92,066%                | 82,684"%            |
| Contrario |                                                                                                 | 11.878.588  | 4,765%                 | 4,279%              |
|           | Astenuto                                                                                        | 1.893.068   | 0,759%                 | 0,682%              |
|           | Not Voting                                                                                      | 6.006.450   | 2,409%                 | 2,164%              |
|           | Totals                                                                                          | 249.288.928 | 100,000%               | 89,810%             |

Teleborsa: distribution and commercial use strictly prohibited EMARKET
SDIR

![](_page_250_Picture_1.jpeg)

![](_page_251_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Assembly April 23, 2024

#### Punto 4.7

Appointment of the Board oi amministrazione, hours via determination òel nufilero of the members, the duration of the cori'ca and deteuninozione of compensation. Appointment of the President. OciOeroz/on/ /neren// and consequent: any defiberazòni pursuant to Article 2390 of the CiYile Code.

### List of poriecipons to!the station by/through the pappLesen!one Designated Mount li!oli. 8.p.A. in the person of Dr. Claudia èmórosini

| ACOMEA PMITALt A ESG                                                                          |                   | 21.é29     | 0,009B    | F |
|-----------------------------------------------------------------------------------------------|-------------------|------------|-----------|---|
| ACOMEA ST9ATEGY DYNAMIC GLO8CE                                                                |                   | 13.258     | 0,005%    | F |
| AMERICAN FUNDS INSURANCE SERIES GROWTH FUND                                                   |                   | 2.174.477  | 0,872%    | F |
| 8ERGAMOTTA 'i ML                                                                              | 06949850'488      | 1,720,700  | 0.670(a)  | F |
| 80and I2AGIME SQL                                                                             | 069498é0487       | 1,720.786  | 0,590%    | F |
| EFFESETTE SRL                                                                                 | 04403710488       | 6.972.180  | 2,79W     | F |
| FAFF SkL                                                                                      | 02607380033       | 9d8.7fi8   | 0,380%    | F |
| rEkeAGéMo rEeeucclo                                                                           | FRPFRC45P09D575X  | 1.012.B80  | 0,406(a)  | F |
| FERRAGAMO FINAN7IARIA SPA                                                                     | 04s ó \ 4fi0482   | 83.223.620 | 73,4g8    | F |
| GIOVANNA FERRAGAMO                                                                            | FPRGNN43C66DSZ5V  | ).012.000  | 0.406S    | F |
| FINvI5 SeL                                                                                    | 0450061048 t      | 6.972.180  | 2,787?    | F |
| GIQUATIRO SRL                                                                                 | 005 4180975       | 6.972.180  | 2,1g1%    | F |
| LINGOITO A£TRNTVE INVSTMNIS MASTEP FND ICV-LNGTTO SPCL                                        |                   | 294.70 1   | 0.118(a), | F |
| SAWA SRL                                                                                      | 0a92   3038       | S.7Z2. TBO | 2.717X    | F |
| SMALLCAP WORLD FUND INC                                                                       |                   | 3.274.573  | 1,3 14%   | F |
|                                                                                               |                   |            |           |   |
| IHE HONGKONG AND CHA JGHAI BANKING C:ORPOPAIION LIMITED                                       |                   | 4304000    | 1,841%    | F |
| TONTI SRL                                                                                     | 2582220963        | 253,166    | 0.102%    | F |
| VANGUAPD DEVELOPED MARKETS !NDEX FUND                                                         |                   | 520.251    | 0, 20'76  | F |
| VANGUARD ESG DEVELOPED \^/ORLD ALI CAP EQ INDEX FND UK                                        |                   | 606        | 0,000(a)  | F |
| VANGUARD ESG INTERNATIONAL STOCK ETF                                                          |                   | 7840       | 0.00W     | F |
| VANGUARD EUROPEAN STOCK INDEX FUND                                                            |                   | 130.809    | 0.0526    | F |
| VANGUARO FIDUCIARY TPUS7 COMPANY DEVECOPED MARKETS INDEX.<br>TFUST                            |                   | 10391      | 0.004%    | F |
| VANGUARD FIDUCIAP 7 IRUST COMPANY INSTITUTIONAL TO7A£                                         |                   | 62.138     | 0.02SB    | F |
| NTEPNATjONAL STOCK MARKET INDEX TRUST.<br>VANGUARD FIDUCIARY TRUSFCOMPANY  NStITUTIONAL TOTAL |                   |            |           |   |
| INTERNATIONAL STOCK MARKED INDEX TPUST IJ                                                     |                   | 4.361      | 0.002(a), | F |
| VANGU APD FTSE ALLWORLD EXUS SMALECAP INDEX FUND                                              |                   | 18T, 17Z   | 0.073(a), | F |
| VANGUARD FTSE DEVELOPED ALL CAPEX NORTH AMERICA INDEX E 5                                     |                   | 9.0T I     | 0,00d%    | I |
| VAMGUARD FTSE DEVELOPED EUROPE ALL CAP INDEX ETF                                              |                   | ર્વર્ડર    | 0.000%    | F |
| VANGUARD FUNDS PUBLIC LIMITED COMPANY                                                         |                   | વેરમાં     | 0,000%    | F |
| VANGUAPD )tITERNATIONAL SMALL COMPANIES INDEX FUND.                                           |                   | 1.035      | 0.000(a)  | F |
| VANGUARD INVESTMENT SERIES PU8MC LIMITED COMPANY                                              |                   | 5.719      | 0.002fi.  | F |
| VANGUARD TOTAL INTERNATIONAL SFOCK INDEX fillIND                                              |                   | 3T8.135    | 0.12éB    | F |
| VANGUARD TOTAL \'/ORLD STOCK INDEX FUND                                                       |                   | 38.398     | 0.015%    | F |
| VIF ICVC VANGUARD FTSE GLOBAL ALF CAP INDEX FUND                                              |                   | 2a3        | 0.000B    | F |
| VISCONTI ANGELICA CAMILLA CO ISO£A7A WAN                                                      | VSC NOC73E44£205N | 253J64     | 0,1026    | F |
| VTSCONTS GIVE\YQfi.CAMjLLA.                                                                   | VSC GVR75A65F205B | 2833a4     | 0, 02%    | F |
| VISCONTI MARIA CONSOLATA                                                                      | VSCMCN 79H63F205M | 2d3358     | 0,102(a)  | I |
| ACID                                                                                          |                   | 9.055      | 0.0045    | C |
| ACM ALLEGRO 1240                                                                              |                   | 12.917     | 0.005%    | C |
| ACM ALLEGPO 3041                                                                              |                   | 5.446      | 0.002(a)  | C |
|                                                                                               |                   |            |           |   |

![](_page_252_Picture_1.jpeg)

| ADVANCED SERIES TRUST AST GLOBAL BOND PORTFOLIO<br>ALASKA PERMANENT FUND COPPOPATION                   | 107<br>154       | 0,000%<br>00006  | C<br>C |
|--------------------------------------------------------------------------------------------------------|------------------|------------------|--------|
| AMERICAN CENTUEY ETF IPUST-AVANTIS INTFPNATIONAL £QUITY ETF.                                           | 5.327            | 0,0027>          | C      |
| AMERICAN CENTURY E/FTRUST-AVANTIS INTEPNATTONAL FOUITY FUND.                                           | 31               | 0,000&           | C      |
| AMERICAN CENTIJRY ETETRUST-AVANIIS INIEPNATIONAL SMALL CAP<br>EQUITY ETF                               | 442              | 0,000H           | C      |
| AMEPICAN CENTUPY ETF TRUST-AVANIIS RESPONSIBLE INTERNATIONAL<br>EQUITY ETF                             | 314              | 0,000Z           | C      |
| AMUND1 FTSE MTB                                                                                        | 38 I Z4          | 0.0 SP           | C      |
| AMUNDI INDEX EUROPE EX UK SMALL AND MCD CAP FUND                                                       | t914             | 0,001%           | C      |
| AMUNDI MSCI ECU SMALL CAP ESG CAB N2 AMB                                                               | 90.829           | 0,038(a),        | C      |
| Amundi MCCI EUrope Small Cag ESG Climo1 and Net hero Ambition CAB.                                     | 17.857           | 0,007%           | C      |
| AMUNDI SGR SPA / AMUNDI PISPAP MIO ITALIA                                                              | 85.522           | 0,026(a)         | C      |
| ANIMA CRES CITA ITALIA NEW                                                                             | i 0.758          | 0,0048'          | C      |
| ANIMA FUMDS PUBLIC L;MITED COMPANY                                                                     | 12.554           | 0.005(a)         | C      |
| SOUL INITIATIVE ITALY                                                                                  | 199.764          | D,080%           | C      |
| Ark Azionl Itafio                                                                                      | 130.000          | 0,052(a)         | C      |
| Arch Economy keale Balanced hola 30                                                                    | 330.000          | 0.132(a)         | C      |
| Arca Economia Reale Bilanciato Ilalio SS                                                               | 43.000           | 0,017%           | C      |
| Ag / ZONE STATS REFIPEMELTT SYSTEM.                                                                    | l                | 0.00DF           | C      |
| ARROWSTBEET   DELAWARE   L/S FUND L.F APROwSIREEt CAPITAL LTD<br>PARTN ERSHIP-ARROWSIREE7 DSLAWARE L S | 10               | 0,000%           | C      |
| ApRO\STP.EET CAPITAL COPLEY FUMDLIMITED.                                                               | 13,468           | 0,005(a),        | C      |
| APROWSIREET CAPITAL ECG GLOBAL EQUITY LONG/SHORT FUND LIMITE.                                          | 3.900            | 0,002(a)         | C      |
| ATOME                                                                                                  | 16,361           | 0,007%           | C      |
| AUSTRALIAN fi£NPEMEN¡ TRUST.                                                                           | 7.062            | 0,003(a)         | C      |
| AVENIR INVESTISSEMENTS                                                                                 | Z.838            | 0.003            | C      |
| AXA MPA FINANCIAL DESIGNATED ACTIVITY CO                                                               | 72.000           | 0,0297"          | C      |
| AXA Vorsorgs Fonds I   Equities G  obol Markets Small Cap Passive.<br>Credit Suisse Funds AG           | 8.045            | 0,003            | C      |
| AXA WORLD FUNDS SICA V                                                                                 | 364.441          | 0, 146%          | C      |
| AZ FUND 1 AZ ALLOCATION ITALIAN TREND                                                                  | 15.057           | 0,000%           | C      |
| AZ FUND I A7 AL LOC NAOH PIP ITALIAN EXCELLENCE 30                                                     | 2.501            | 0,001%           | C      |
| At FUND 1 AT ALLOCATION FOR WALIAN EXCELLENCE 70                                                       | 51.715           | 0,021%,          | C      |
| AZ FUND 1-AZ ALLOCATION-ITALIAN LONG TPPM OPPORTUNITIES                                                | 60.972           | 0,02d&           | C      |
| AEIMUT CAPITAL MANAGEMENT SGR SPA                                                                      | 25.868           | 0.010(a)         | C      |
| AZIMUT CAPITAL MANAGEMENT SGR SPA                                                                      | AZ. 09           | 0,00Z%           | C      |
| A7L DFA INTERNATIONAL CORE EQUITY FUND                                                                 | 1.8B5<br>700.489 | 0,001%           | C<br>C |
| 8ANCO B)L8AO VIZCAYA ARGENTARIA SA<br>BANCOPOSTA PINASCIMENTO                                          | 25.34Z           | 0,281%<br>0,010% | C      |
| 8BVA DUMB INTL EUROPEAN EQUITY FUND                                                                    | 12.454           | 0,005%           | C      |
| BLACKROCE ASSET MANAGEMENT SCH\^E)7 AG ON BEHALF OF                                                    | 400              | 0,000            | C      |
| ISHAPM \/WORLD EX SWITZERLAND                                                                          |                  |                  |        |
| 8LACEBOCK AUTHORISED CONTeACIUAL SCHEME I                                                              | 100              | 0,000'g          | C      |
| 8LACKPOCK FUND MANAGERS LTD                                                                            | 100<br>T00       | 0.000(a)         | C      |
| BLACKS'0 CK INDEX SELECTION FUND<br>BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. INVESTMENT FUNDS       |                  | 0,000%           | C      |
| FOR EMPLOYEE BENEFITS 180212                                                                           | 28,655           | 0,050            | C      |
| BLACKROCK LIFE ITD<br>BLACKROCK MSCI EAFE SMALL CAP EQUW\INDEX FUND B (EAFEfiMLB                       | 100<br>3.882     | 0,000%           | C<br>C |
|                                                                                                        |                  | 0,002(a),        |        |
| BNP PABI8A3 EASY - MSCI EUPOPE SMALL CAPS SRI S-SERIES 5 CAPPED                                        | 1 29,550         | 0,052%           | C      |
| BNP PARIBAS EQUITY - FOCUS \TALIA                                                                      | 9.854<br>59.786  | 0,004(a),        | C<br>C |
| BNPP MODERATE - FOCUS ITALY<br>C INVESTISSEMENTS                                                       |                  | 0,024%<br>0,001% | C      |
| CALIFORNIA SI #IE TEACHERS' RETIREMENT SYSTEM                                                          | 5.1,34<br>1.788  | 0,00T%           | C      |
| CAIILLON I                                                                                             | 7.184            | 0,003%           | C      |
| CEHIRAL PENSION FUND OF THE INTEPNATIONAL UNION OF                                                     | રે તે            | 0,000(a)         | C      |
| OPERATING<br>CHPYSOLE ET PIAT                                                                          | 01 03            | 0,04%            | C      |
| CI WISDOMTREE EUROPE HEDGEO EQUITY INDEX ETF                                                           |                  |                  | C      |
|                                                                                                        | 28               |                  |        |
| THERE WISDOMTREE INTERNATIONAL QUALITY DIVI GPOWTH                                                     | 2531             | 0,000%<br>0,003% | C      |
|                                                                                                        | 的<br>0           |                  |        |

![](_page_253_Picture_1.jpeg)

| CITY'OF NEW YORK GROLIP TRUST                                                                       | ó.94 ó     | 0.003%    | C |
|-----------------------------------------------------------------------------------------------------|------------|-----------|---|
| Ctl\ OF PH¥ADE£PHIA PUBLIC EMPLOYEES PETIPEMENT S YSTEM.                                            | 3725       | 0.001%    | C |
| COLLEGE RETIREMENT EQUITIES FUND                                                                    | 1.00T      | 0000      | C |
| CONNECTICUT GENERAL LIFE INSURANCE COMPANY                                                          | 177        | 0,000     | C |
| CREDIT SUISSE INDEX FUND LUX                                                                        | 27.ó4ó     | 0.0]      | C |
| CS)F CH Equity World ex CH Smoll Cap BIUe Credit Suisse Funds AG                                    | 4.433      | 0,002 -   | C |
| CS  F CH 8quily World ex CH Smal   Cap ESG Blue Credit Suisse Funds                                 | 3.716      | 0,001%    | C |
| AG<br>CSIF CH III Equity World ex Ch Small Cap ECG Blue Pension Fund Plus<br>Credif Suisse Funds AG | 7.62 T     | 0.0038-   | C |
| D£ SHAW US BPOAD MARKEI CORE ALPHA EXTENSION CUSTOM FUND<br>II LLC.                                 | 421        | 0,000     | C |
| DEKA-LAB                                                                                            | 4.544      | 0,002%    | C |
| Edmond de Rothschild Fund Eorope Syner8                                                             | 82.960     | 0,033B    | C |
| EMSIGN PEAK ADVTi ORS TIC                                                                           | 1113       | 0.000s    | C |
| ELRf20N A7jOfJI 1TAUA                                                                               | 80000      | 0.0G2B    | C |
| EURIZON STOCK PM ITALIA                                                                             | 3319J3     | 0.134     | C |
| EURIZON CAPITAL SGk-PIk ITALY 30                                                                    | S9.111     | 0.024s    | C |
| EURIZ ON FUND                                                                                       | 84.3+9     | D,034(a)  | C |
| EURtZON PIR KALIA SHARES                                                                            | 2 222      | 0.009%    | C |
| EU/2IZON PROJECT T7ALIA 20                                                                          | 84.278     | 0.034'g   | C |
| EUPI2ON PPO GEITO ITALY 40                                                                          | 24P.ZS2    | 0,i00%    | C |
| EU RIZON PROJECT ITALY 70                                                                           | 118.311    | 0.047B    | C |
| F&L CAPITAL                                                                                         | 7.638      | 0,003     | C |
| FADELIS INVES                                                                                       | 7.986      | D,003%    | C |
| FDFI BEAUPOgl                                                                                       | 8.7fi0     | 0,003 B   | C |
| FDFT CALISSON TP47                                                                                  | 8.207      | 0,003@    | C |
| FDFI SMYt2206                                                                                       | b.P00      | 0,003B    | C |
| FDF1 TONtON RAOUL                                                                                   | 12.823     | 0,005(a), | C |
| FDF2 DCP                                                                                            | é.7]9      | D,003'B   | C |
| FDF2 H8C FAMILY INVESTMENI                                                                          | 24.089     | 0.0108'   | C |
| FDF2 MAR                                                                                            | 15.250     | 0,008(a,  | C |
| FDF2 NEW ALLEGRO ) ) 44                                                                             | 9.736      | 0.004%    | C |
| FDF2 OA CAPITAL                                                                                     | 7.665      | 0,003%    | C |
| FDF2 OSMOSE                                                                                         | 12.938     | 0.0058    | C |
| FIDELITY CONCORD STR'EET TRUST: FIDELITY SAI INIERNATIONA: S                                        | 613        | 0.000     | C |
| FIDELITY FUNDS - SUSTAINA8LE CONSUMEP 8BANDS POOL                                                   | é04.155    | 0.242(a)  | C |
| FIDI=LITY GLOBAL CONSt ME 'TNDUS7R)ES FUIJD                                                         | 30,400     | 0,01 U    | C |
| FIDELITY MANAGE/VIENT AND RESEARCH COMPAN'Y LOC                                                     | 2.d02      | 0.00 1 &  | C |
| F)DEL TY SALEM STREET TRUST: FID ELITY TOTAL INTER NATIONAL INDEX<br>FUND                           | 4 4.91 4   | 0,000&    | C |
| FIDEURAM PLAN COMPARTMENT EQUITIES ITALY                                                            | 347 369    | 0,13P%    | C |
| FIDELIRAM COMPARTMENT PLAN BTLANC)ATO ITALY 30                                                      | 10.000     | 0,00(a),  | C |
| NOEURAM BALANCED PLAN COMPARTMENT TTALY 50                                                          | 52.000     | 0,02}B    | C |
| FEEXSHARES MORNINGSTAR DEVELOPED MARKETS EX-UV TACTOR IILT INDEX                                    | 269        | 0000W     | C |
| EUND                                                                                                |            |           |   |
| rLONADA                                                                                             | 7.5?'3     | 0.003R    | C |
| FORSTA AP - FONDEN                                                                                  | 4.970      | 0,00W     | C |
| G&C PACACEMEST                                                                                      | 2i.33B     | 0,009     | C |
| GAMAX FUNDS - JLINIOR                                                                               | Td0.721    | 0,05A(a), | C |
| GESTIE:LE PPO ITALY                                                                                 | 9.650      | 0,004(a), | C |
| HS8C ETFS PUBLIC LIMITED COMPAHY - HSBC MSCt WOPED SMALL<br>CAP ESC UCITS ETF                       | 1882       | 0,001 Z   | C |
| IAM NATIONAL PENSION FUND                                                                           | EN         | 0,000s    | C |
| IBM 40/ E) PLUS PLAN TPUST                                                                          | IBI        | 0,000X    | C |
| IELO INVEST                                                                                         | 6.845      | 0,003(a), | C |
| INIEBNATIONAŁ CORE EQUITY PORTFOLIO OF OF OF OFA INVZIME/Jt.                                        | રતે 800 રત | 0,024%    | C |
| DIMENSIONS G OUP INC.                                                                               |            |           |   |
| TNT5PNATjON4L MONEfARY rUND                                                                         | 4.086      | 0,0025    | C |
| INVESCO FTSE KAFI DEVELOPED MARKERS EXIJS SMALIMID EFF                                              | ).005      | 0.000(a)  | C |
| INVESCO INCOME AD\VANTAGE  N £RNATIONAL F£IN0                                                       | 2ó         | 0,000s    | C |
| INVES CO MARKETS II PIC                                                                             | 789        | 0,000E    | C |
| INVESTEPINGSFORFNINGEN DANSKE INVI26T 3EECT 7ACTICAL ASSET                                          |            |           |   |
| AtLOCATION - DAN/vtARK AKEUMULERENDE kL                                                             | 8.0g9      | 0,003B    | C |

![](_page_254_Picture_1.jpeg)

| INVESTERINGSFORENINGEN DANSEE INVEST SELECT TACTICAL ASSET<br>ALLOCATION EURO - ACCUMULATING EL INVESTERINGSFORENINGEN | 3333                                                                                                                                                                                | 0,001%              | C      |
|------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|--------|
| DANSKE INVEST SELECI TACTICAL ASSET ALLOCATION NOPGE -<br>ACCUMULATING KL INVESTERINGSFORENINGEM DANSKE INVEST         | 2.1 20                                                                                                                                                                              | 0,00 B              | C      |
| SELECT JAW CAFASSET ALLOCATION SVERIGF - ACCUMULATING<br>KL INVE2TERINGSFORENINGEN SPARINVEST INDSX EUROPA             | 3.062                                                                                                                                                                               | 0.001%              | C      |
| IS N+fiTES ALL-COUNTRY EQUITY INDEX FUND.                                                                              | 4,29 i                                                                                                                                                                              | 0.002X              | C      |
| ISHARES CORE MSCI EAFE ETF                                                                                             | 185                                                                                                                                                                                 | 0,000.              | C      |
| ISHAPES CORE MSCI EAFE IMI INDEX ETF                                                                                   | 407.2'49                                                                                                                                                                            | 0. 163(a),          | C      |
| ISHARES CORE MSC) EUROPE ETF                                                                                           | ó41                                                                                                                                                                                 | 0.00 (a)            | C<br>C |
| ISHA9E\$ CORE MSCI  NTERNATIONALDEVELOPED MARKETS ETF.                                                                 | 13,814<br>I 0.M9                                                                                                                                                                    | 0,006s<br>0,004(a)  | C      |
| )SHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF ISHAR5S<br>III PUBLIC LIMITED COMPANY.                                 | 72,105                                                                                                                                                                              | 0,029(a)            | C      |
| ISHARES MSC I EAFE SMALL-CAP ETF                                                                                       | 808                                                                                                                                                                                 | 0.000%              | C      |
| ISHAPES MSCIEUROPE IMI NDEX E/F                                                                                        | 79.933                                                                                                                                                                              | 0.082               | C      |
| ISHARES MCCI EUROPE SMALL-CAP ETF                                                                                      | 1.234                                                                                                                                                                               | 0,00D%              | C      |
| ISHARES VII PUBLIC LIM!IED COMPANY                                                                                     | .037                                                                                                                                                                                | 0,000%              | C      |
| JAZ INVESTISSEMENTS                                                                                                    | 40.3P5<br>18.507                                                                                                                                                                    | 0.01 ó(a),          | C<br>C |
| JHFII INT'£ SMALL CO FUND                                                                                              | 3954                                                                                                                                                                                | 0,007%<br>0,002%    | C      |
| JHVIT INT'L SMALL CO TRUS{<br>JOHN HANCQCE FUNDS II FUNDAMENTAL ALL CAP CORE FUND                                      | 242                                                                                                                                                                                 | 0,001(a)            | C      |
|                                                                                                                        | 701 48                                                                                                                                                                              | 0.068%              | C      |
| JOHN HANCOCK FIJNDS II FUF'IDAMENTAL GLOBAL FRANCHISE FUND.                                                            | 400.129                                                                                                                                                                             | 0,161%              | C      |
| JOHN HANCOCK IRUSI COMPANY COLLECTIVE INVESIMENT TRUST I                                                               | 69.084                                                                                                                                                                              | 0.028               | C      |
| JOHN HANCOCK VIT FNDAMENTA£ ALL CAP CORE TPUST                                                                         | 889 - 519                                                                                                                                                                           | 0,357%              | C      |
| LA VILLE THE                                                                                                           | S.SSI                                                                                                                                                                               | 0,00ZV              | C      |
| LACEBA MASTER OPEB TPUSf                                                                                               | 1.27'5                                                                                                                                                                              | 0,001%              | C      |
| LEADEeSEL P.M.I.                                                                                                       | 6.0ZT                                                                                                                                                                               | 0.002(a)            | C      |
| tEGAL & GENERAL ICAV.                                                                                                  | 2421                                                                                                                                                                                | 0001%               | C      |
| LEGAL AND GENERAL ASSURANCE {PENSIONS MANAGEMENT} £IMjTED                                                              | L77ó                                                                                                                                                                                | 0.001               | C      |
| LOCKHEED MARTIN CORPORATION MASTER REZ)REMENT TRUE;<br>LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIALI               | ર્ટ<br>II                                                                                                                                                                           | 0,000               | C      |
| LVIF DIMENSIONALINTERNA7IONAL CORE EQUITY FUND                                                                         | 2.4930                                                                                                                                                                              | 0,000s<br>.001 (a)  | C<br>C |
| LYXOR FTSE ITALIA MID CAP PIP                                                                                          | 17.434                                                                                                                                                                              | 0,007%              | C      |
| M & G Securities Limited                                                                                               | 184.4t7                                                                                                                                                                             | 0,074%              | C      |
| M IN7EPNAIIOMAL EQUITY FUND                                                                                            | 78                                                                                                                                                                                  | 0,000%              | C      |
| M3P 1                                                                                                                  | 8,445                                                                                                                                                                               | 0,003%              | C      |
| M3F' 2                                                                                                                 | g.ssJ                                                                                                                                                                               | 0,                  | C      |
| MANULFE ASSET MANAGEMENT LTD<br>MANULIFI2 GLOBAL FRANCHISE FUND.                                                       | 1<br>255.642                                                                                                                                                                        | 0,000(a)            | C      |
| MANULIFE INVESIMFNT EXCHANGE FUNDS COPP. - MANULIFE                                                                    | 271.265                                                                                                                                                                             | 0,1035<br>0,109%    | (<br>C |
| 8ALANCED                                                                                                               |                                                                                                                                                                                     |                     |        |
| MANULIFE INVESTMENT EXCHANGF FUI IDS CORP. - MANULIFE U.S. EQU                                                         | 137,605                                                                                                                                                                             | 0.055               | C      |
| MANUTIFE INVESTMENT MANAGEMENT GLOBAL FOCUS POOLED FUND                                                                | 96.493                                                                                                                                                                              | 0,039               | C      |
| MANULIFE U.\$. ALL CAP COPE EQUITY FUND                                                                                | 2.528                                                                                                                                                                               | 0,00 %              | C      |
| MANULIFE IJ.S. ALL CAP EQUITY FUND                                                                                     | 514.1 \ 4                                                                                                                                                                           | 0,206%              | C<br>C |
| MARCH INTEPNATIONAL - tHE FAMILY BUSINESSES FUND<br>MAPYLAND STATE RETIREMENT PENSION SYSTEM                           | 235,359<br>3,903                                                                                                                                                                    | 0.094(a)<br>0.02 B  | C      |
| MAUPEPItJIS                                                                                                            | 7.921                                                                                                                                                                               | 0.03 (a),           | C      |
| MEDIOLANUM GESTIONE I "ONDI SGk - FLMSIBLE DEVELOPMENT I { arIA                                                        | 31 6.7.09                                                                                                                                                                           | 0,127               | C      |
| MEPCER QIF COMMON CONTRACTUAL FUND.                                                                                    | 0.083                                                                                                                                                                               | 0,004(a)            | C      |
| MERCEP QIF FUND PLC                                                                                                    | 17.394                                                                                                                                                                              | 0,007               | C      |
| MEPCER UCITS COMMON CONTRACTUALFUND                                                                                    | Z.180                                                                                                                                                                               | 0,005(a)            | C      |
| fvtOLtNEL 11<br>MOLINEr 15                                                                                             | 1+.804<br>4.935                                                                                                                                                                     | 0.007(a),<br>0.002% | C      |
| ld.                                                                                                                    | 29.862                                                                                                                                                                              | 0.0) 2'fi           | C<br>C |
| MO£INE£ 17                                                                                                             | 12,919                                                                                                                                                                              | 0,005               | C      |
| MQLINEL 18                                                                                                             | 5.791                                                                                                                                                                               | 0,002(a)            | C      |
| MO/IL/A CORPORATION                                                                                                    | 2.499                                                                                                                                                                               | 0.001%              | C      |
| MVL- LYX FTSE )T ALL CAP PIR 2                                                                                         | 4,021                                                                                                                                                                               | 0,002B              | C      |
| NEW PISPARMIO ITALIA                                                                                                   |                                                                                                                                                                                     | 0,00\6              | C      |
|                                                                                                                        | ਡੈ<br>ﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟ |                     |        |

![](_page_255_Picture_1.jpeg)

| RFS tl/vtl7FD                                                                                       | 2412             | 0,001%               | C      |
|-----------------------------------------------------------------------------------------------------|------------------|----------------------|--------|
| NORGES BANK.                                                                                        | I 5?49S          | 0,0b4(a)             | C      |
| NORTHERN TPUST COMMON ALL COUNTRY WOPLO EX-US INVESTAS LE                                           | 3. iS2           | 0.001 fi             | C      |
| MAR<br>NORTHERN TkUST GLO8AL INVESTMENTS COLLECTIVE FUNDS IRUST                                     | 55.90            | 0,022B               | C      |
| NORTHERN TRUST UCtIS COMMON CONTRACTUAL FUND.                                                       | 18.197           | 0,007%               | C      |
| OLD VESTBUPY SMALL AND MY CAP STRATEGIC FUND.                                                       | 172.985          | 0.069%               | C      |
| ONEPATH GLOBAL SHARES - SMALL CAP (tJNHEDGED) INOEXPOOL                                             | 1.87 I           | 0,001%               | C      |
|                                                                                                     | 30.000           |                      | C      |
| Plp EQUITY AXA A3STCUR WIONf<br>PK CSG World Equif Credil Suisse Funds AG                           | 229              | 0,012\$r<br>0.000(a) | C      |
| PU8LIC AUTHORITY FOB SOCIAL INSURANCE                                                               | 2.0Z0            | 0.001%               | C      |
| PLI8LIC EMP LOYEES RETIREMENT ASSOC IATION OF COLOR AD O                                            | 20432            | 0,008%               | C      |
| PUB LIC EMPIO YFSS RSTIPEMENT SYSTEM OF OH)O                                                        | 5600             | 0,0028               | C      |
| ROLJIJDFIJLL S&P GLOBAL LUXURY Eff.                                                                 | 106              | 0,00 f7'             | C      |
| kUE DE LA PAIX                                                                                      | 3.846            | 0,002%               | C      |
| SACPE COEIJk                                                                                        | 07991            | 0.012%               | C      |
| SAG kNO TNVESTTSFIEMENTS                                                                            | 3.99             | 0.00d%               | C      |
| SCHWAB FUNDAMENTAL TNTERHATIONAL SMALL COMPANY INDEX ETF                                            | 71.254           | 0,029%               | C      |
| SCHWA8 FUNDAMENTAL )NTEPNATtO IAL SMALL COMPANY INDEK<br>FUND                                       | T1.452           | 0.005                | C      |
| SCHWAB INTE9NATIONAL S M ALLCAP EQUITY ETF                                                          | 1 27,075         | 0.0ST%               | C      |
| S AND 'EGIS ADAGIO 1103                                                                             | 2.773            | 0,001(a)             | C      |
| SHELL CANADA 2007 PENSION PLAN                                                                      | ાં 83            | 0.000(a)             | C      |
| SIFIO INVESTISSEMEN US                                                                              | 7.414            | 0,003(a)             | C      |
| SPARTAN G90dP TRUST FOR EMPLOYEE 6EN EFTT PLANS.                                                    | d37              | 0,000(a)             | C      |
| SPOR PORTFOLIO DEVELOP ED WORLD EXUS ETF<br>SpDR PORTFOLIO EUROPE ETF                               | S.gd7<br>T.US I  | 0,002%<br>0.00f(a),  | C<br>C |
| 558 MSC I ACWI EX USA IMI SC8EENED NONEENDTNG COMMON TE'UST                                         |                  |                      |        |
| FUND                                                                                                | 1.783            | 0,001                | C      |
| 558 M3CT £AFE fiMA££ CAP IND£X SECURITIES LENDI IG COMMON FND                                       | 8.924            | 0,004                | C      |
| FSG A SPDR ETF3 EUPOPE )) PUBL)CLIMITED COMPANY                                                     | 1.280            | 0.001%               | C      |
| SST GLOB ADV TAX EXEMPT PETIPEMENT PLANS                                                            | 88.ZAR           | 0.036s               | C      |
| STATE OF NEW MEXICO STATE INVESIMENI COUNCIL.                                                       | 11.28            | 0,005w               | C      |
| STATE OF WISCOMSIM iNVESTMENT BOARD.                                                                | 1.702<br>1.1 70  | 0,001                | C      |
| STATE STREET GLOBAL ALL CAP EQUITY EXUS INDEX PORTFOLIO<br>STATE TEACHERS PETIREMENT SYSTEM OF OHIO | 800.000          | 0年00<br>0.3?%        | C<br>C |
| STICH ING BEDRIJFS7AKPENSIOEN FONDS VOOP DE MEDIA PRO                                               | 7.855            | 0,003%               | C      |
| STICHfING BPM PI=NSIO£N MANDAAT UBg AM LT                                                           | 2.448            | 0,001%               | C      |
| 1TICHT\NG PENSIOENFONDS VOOR HUISARTSEN                                                             | 189              | 0.AB%                | C      |
| STICHTING PHIFIPS PENSIOEN] "ONDS                                                                   | 873              | 0,000                | C      |
| STRATEGIC INTERHATIOMAL EQIJIIY FUND                                                                | 2.153            | 0.0017               | C      |
| SYNAPSE                                                                                             | 9.746            | 0004%                | C      |
| IEPESA L MCGRATH REVOCABLE IRUSI                                                                    | 18.P00           | 0508                 | C      |
| THE 8ARCLAYS BANK UK RETIREMENTFUNO<br>IHI2 CONTINENTAL SMALL COMPANY SERIES BY.                    | 2.002<br>170.103 | 0.001                | ్<br>C |
| THE EUROPEAN CENTRAL 8ANK                                                                           | 29.454           | 0.0d8(a)<br>0,01(a)  | C      |
| THE MONETARY AUTHORITY OF SINGAPORE.                                                                | 449              | 0.000%               | C      |
| THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                         | 1.299            | 0,001 %              | C      |
| THE STATE OF CONNEC7ICIJT, ACTING THROUGH US TREASURER                                              | 37,71 S          | 0.0 T(a)             | C      |
| THEMES EUROPEAN LUXURY ETF                                                                          | T,529            | 0.00H                | C      |
| TPUSF II BPIGHIHOUSEDIMENSIONALINT SMALL COMPANY PORTFOLIO                                          | 519              | 0.000(a)             | C      |
| UBS IRL ETF PLC                                                                                     | 21599            | 0,009'g              | C      |
| UBS FUND MANAGEMENT (SWITZERLAND) AG ON BEHALF OF ZUPICH<br>INVEStINSTITUTIONAL FUN.                | 2 4d             | 0,001(a)             | C      |
| UBS FUND MANAGEMENT 8VYITZERLAND AG. UBS                                                            | 11.512           | 0,005%               | C      |
| LUX FUND SOLUTIONS<br>UNIVERSAL-INVESTMEMI-GESELLSCHAFT M8H OF BEHALF OF ST8V-LJW-                  | 25.762           | 0,010%               | C      |
| UNIVERSAL-FONDS                                                                                     | 2.360            | 0.001                | C      |
| VERDIPAPI9FONDET KLP AKSJEGLOBAL SMALL CAP INDEKS                                                   | 98               | 0,t100J              | C      |
| TICENSE                                                                                             | ] 5.500          | 0,007J               | C      |
| MUHING7ON STATE TNVESTMEET 7 BOARD.                                                                 | 484              | 0,000W               | C      |
| WELLE INVEST.                                                                                       | â. 95a           | 0,003B               | C      |

![](_page_256_Picture_1.jpeg)

| \^/ISDOMTREE DYNAMIC CUPRENCY HEDGED INTERNATIONAL<br>SMALLCAP EQUITY FUND | 1.791     | 0,00T @  | C  |
|----------------------------------------------------------------------------|-----------|----------|----|
| WISDOMTREE EUPOPE HEDGED EQUITYEIJND                                       | 4.592     | 0,002\$r | C  |
| WISDOMTREE EUPOPE HEDGED S/VIALLCAP EQUITY FUND                            | 289       | 0,000@   | C  |
| WISDOMTREE INTERNATIOMAL HEDGEDQUA LITY DIVIDEND GROMH<br>FUND             | 4.d88     | 0,002&   | C  |
| WI\$DOMTRE INTEBNATIONAt QUALITY DIVIDEND GROWTH FUND.                     | 2.596     | 0,001%   | C  |
| WISDOMTREE INTERNATIONAL SMA£££CAP DIVIDENO FUND                           | 5.892     | 0.0026   | C  |
| WMI FJNDS                                                                  |           | 0,005%   | C  |
| XTRACKERS MCCI E\JROZONE HEOGED EQUITY ETF                                 | 488       | 0.000%   | C  |
| YORELA                                                                     | 47.2\$3   | 0,019%   | C  |
| CHALLENGE FUNDS - CHALLENGE ITALIAN EQUITY                                 | M.000     | 0.0097   | A  |
| KEVA                                                                       | 1.871.053 | 0,751%   | A  |
| The lose K. Swedlow Trust DTD 03/] 9/fi2                                   | 15        | 0,000%   | A  |
| Global Emile Commercial Inc                                                | fi.300    | 0,003@   | NV |
| Majestic Honour Limilad                                                    | 6.000.000 | 2,407@   | NV |
| School Maximilian Alexander                                                | 150       | 0.000B'  | NV |

Total votes 249.288.928 J00%

![](_page_256_Picture_8.jpeg)

![](_page_257_Picture_1.jpeg)

![](_page_258_Picture_1.jpeg)

## SALVATORE FERRAGAMO Ordinary Meeting April 23, 2024

| Allagato "P" al Numero _______________________________________________________________________________________________________________________________________________________ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| del Repertario e al Numero 28850                                                                                                                                               |
| 1 - 10:20:10                                                                                                                                                                   |

Punlo 5

*Modification in* reduction. *upon reasoned proposal* of/ *Board of Auditors, of the fee of the* auditing firm *KPIvIG* S.p.è., *appointed* Of the statutory audit for the period 2020-2028. Relevant resolutions and consequenfi.

|                                                                                                                                   | no.<br>votes | %<br>votes<br>represented<br>in<br>assembly | % of Voting Rights          |
|-----------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------|-----------------------------|
| Constitutive quorum assembly                                                                                                      | 249.288.928  | 100%                                        | 89,810%                     |
| Votes<br>for<br>which<br>the<br>RD<br>has<br>instructions<br>for<br>The<br>SO<br>on<br>the<br>ballot<br>(deliberative<br>quorum): | 249.288.928  | 100,000%                                    | 89,810%                     |
| nti<br>for<br>which<br>the<br>RD<br>Or<br>had<br>instructions:                                                                    |              | 0,000%                                      | 0,000%                      |
|                                                                                                                                   | no.<br>votes |                                             | %<br>of<br>voting<br>rights |
| dvorevole                                                                                                                         | 243.260.463  |                                             | 87,638%                     |
| Contrary                                                                                                                          | 0            |                                             | 0,000%                      |
| Abstained                                                                                                                         | 22.015       |                                             | 0,008%                      |
| Not Voting                                                                                                                        | 6.006.450    |                                             | 2,164%                      |
| Totals                                                                                                                            | 249.288.928  |                                             | 89,810%                     |

![](_page_259_Picture_1.jpeg)

## SALVATORE FERRAGAMO S.p.A. Ordinary Meeting April 23, 2024

Punto 5

i Vioditic in reduction, upon reasoned pTopose of the Board of Statutory Auditors, of the auditing firm SP/dG' S, a.A., entrusted with the statutory audit for if period 202&2028. Olnherent and consequent resolutions.

#### List òe oil participants voting for il through del Designated Representative Monte liloli S.p.A. in the person of Dotf.ssa Claudia Ambrosini

| ACIS                                                                                                   | 9.055     | 0.00fi% | F  |
|--------------------------------------------------------------------------------------------------------|-----------|---------|----|
| ACM GLLEGRO J240                                                                                       | ) 2.917   | 0,005%  | F  |
| ACM ALLEGRO 3041                                                                                       | 5.446     | 0.002@  | F  |
| ACOMEA PMITALIA MG                                                                                     | 21.ù29    | 0,009%  | F  |
| ACOMEA STRATEG ta GLOBAL QINAMIC.                                                                      | 13.2d8    | 0.005%  | r  |
| ADVANCED SERIES TRUST AST GLOBAL BOND PORTFOLIO                                                        | 107       | 0,000%  | F  |
| ALASKA PE9MANENT FUND CO9E'ORAtION.                                                                    | 154       | 0.000%  | F  |
| AMERICAN CENTURY ETF TPUST-AVANTIS INTERNATIONAL EQUITY' ETF                                           | 5.32Z     | 0002%   | r  |
| AfmERICAN CENTURY ETF IRUST-AVANTIS INTFRNATIONAL EQUITY FUND                                          | 31        | 0.000   | P  |
| AMERICAN COPIUMY ETC iRC81.-fi^"VAK58 INTERNATIONAL SMALL CAP.<br>EQUITY ETF                           | 442       | 0,000@  | F  |
| AMERICAN CENTURY ETF IPUST-AVANTIS RESPONSIBLE INTERNATIONAL                                           |           |         |    |
| EQUITY ETF                                                                                             | 314       | 0.000@@ | F  |
| AMERICAN FUNDS INSURANCE \$ERIESGRO\^/EH FUND                                                          | 2. 74.477 | 0,872S  | F  |
| AMUfJDI FUE M)B                                                                                        | 38.174    | 0,015S  | E  |
| AMUNDI INDEX EUROPE EX UK SMALL AND MCD CAP FUND                                                       | 1.944     | 0,001@  | E  |
| AMUNOI MSC EMU SMALL CAP ESG CTB Nz AMB                                                                | 90.829    | 0,036%  | F  |
| Amundi MSCI Europe Small Cap ESQ Climate In Zero Ambition CTe                                          | 7.857     | 0,007%  | E  |
| AMUNDT SGP SPA / AULINDI RISPAR MIO Itafia                                                             | BT'.522   | 0,026@  | F  |
| ANIMA CRES CITA IIALIA NEW                                                                             | 10.758    | 0.004@  | F  |
| ANIMA FUNDS PUBLIC LIMITED COMPANY                                                                     | ]2.554    | 0,005@  | F  |
| ANIMA INITIATIVE ITALY                                                                                 | Tg9.7óJ   | 0.080@  | F  |
| Arco Actions Italy                                                                                     | 130.000   | 0.052@  | F  |
| Arca Real Economy 8fianciato ItaTta 30                                                                 | 330.000   | 0.132@  | F  |
| Ark Economy Peate Bilonciolo Italy 55                                                                  | 43.000    | 0.0176  | ಗಿ |
| A,Ri10W YesAi£ REilREMENT SYSTEM.                                                                      |           | 0.0006  | F  |
| ARROWST9FET (DE£AWARE) L/S FUND L.P ARKO\^/SIREET CAPITAL LED<br>PARTN ERSHIP-ARROWSTPEET DELAWARE L 5 | 10        | D000%   | F  |
| APROWSTREET CAPITAL COPEEY Ft/NDLIMIT -D                                                               | 13.438    | 0.003%  | F  |
| A 'T OK &iREEi CAPITAL ESG GLOBAL EQUITY LONG/SHOPT FUND.                                              | 3.900     | 0,002%  | F  |
| IMITE.                                                                                                 |           |         |    |
| AUSTPALIAN REVIREMENT TRUST                                                                            | 7.062     | 0.003s  | r  |
| AVENIR INVESTISSEMENTS                                                                                 | 7.838     | 0,003X  | F  |
| AXA MPX FINANCIAL DESIGNAIED ACZIVITY CO                                                               | 72.000    | 0,029'g | F  |
| AxA Vorsorge Fonds I) £quifies Global Markets Smoll Cap Passive<br>Credit Suisse Funds AG              | 8.043     | 0.0035  | F  |
| AXA WORLD FUNDS SICAV                                                                                  | 364.44 I  | 0.146%  | F  |
| AZ FUND 1 AS ALLOCAŁON KALIAN FPEND                                                                    | 1 5.057   | 0,006%  | F  |
| A2 FUND 1 AE ALLOCATION PU ITALIAN EXCELLENCE 30                                                       | 2.501     | 0.001%  | F  |
| AZ FUND T AZ ALLOCATION PTP ITALIAN EXCELLENCE 70                                                      | DI.715    | 0.021%  | F  |
| A7 rUND I-AZ ALLOCATION-ITAtIAN LONG TERM OPPORTUNITIES.                                               | 60.972    | 0.024&  | F  |
| A7IMUI CAPITAL MANAGEMENT SGR SPA                                                                      | 25.86Ti   | 0.010B  | F  |
| A2IMUT CAPITAL MANAGEfvtEN  AGR SPA                                                                    | 17', i 09 | 0.00Z@  | F  |

![](_page_260_Picture_1.jpeg)

| ALL DFA INTEPNATIONAt CODE EQUITY FUND.                                            |             | *<br>I 882 |           |        |
|------------------------------------------------------------------------------------|-------------|------------|-----------|--------|
| 8ANCO BILBAO VIZCAYA ARGEHTARIA SA                                                 |             | 700.469    | 0,001%    | F      |
| 8ANCOPOST PINASCIMENTO                                                             |             | 25.347     | 0,281%    |        |
| BBVA DUPB INTL EUROPEAN EQUITY FUND                                                |             | 12.464     | 0,010%    | ת רדות |
| BERGAMOTTA KPL                                                                     | 06949850488 | .720.7óé   | 0,005%    | F      |
|                                                                                    |             |            | 0.690%    | F      |
| BLACKPOCK NSEI MANAGEMENT SCHWE!Z AG ON BEHALF OF<br>ISHARES WORLD EX SWITZERLAND  |             | too        | 0,000&    | F      |
| BLACKPOCK AUTHORIZED CONTRACTUAL SCHEME I                                          |             | too        | 0,000%    | F      |
| 8LACEROCE FLIND MANAGERS LTD                                                       |             | 100        | 0.000(a)  | F      |
| BLACKPOCK INDEX SELECTION FUND                                                     |             | 100        |           | F      |
| 8LACKPOCK INTITUTIONAL IRUST COMPANY. N.A. INVESTMENT FUNDS                        |             |            | 0,000B    |        |
| FOR EMPLOYEE BENEFIT TRUSTS.                                                       |             | 125.d55    | 0,050%1   | F      |
| BLACKfiOCK LIFE LTD                                                                |             | 100        | 0.W%      | I      |
| OLACKPOCK MSC I SAFE SMALL CAP EQUITY INDEX FUND 8 (EAFESMLB                       |             | 3.882      | 0.002g    | I      |
| BHP PARI8AS EASY - MSC I FUPOPE SMALL CAPS API S-SEkIES 5 CAPPED                   |             | 1299£0     | 0,052&    | F      |
| BNP PARI8A5 EQUITY - FOCUS ITALY.                                                  |             | 9.854      | 0.004S    | F      |
| BNPP MODERATE - FOCUS ITALI A                                                      |             | 5y.Z86     | 0,024(a)  | F      |
| 80RRAGINE KPL.                                                                     | 069d8860487 | 1.720.766  | 0,69(a),  | I      |
| C INVESTISSEMENTS                                                                  |             | 3.834      | 0.001(a)  | F      |
| CALIFORNIA SIATF TEACHERS' RETIREMENT SYSTEM                                       |             | 1.768      | 0.00TX    | F      |
|                                                                                    |             |            |           |        |
| CATILLON 1                                                                         |             | 7.184      | 0,003%    | E      |
| CENTRAL PENSION FUND OF THE !NTERNATONAL UNION OF<br>OPERATING.                    |             | 157        | 0,000     | F      |
| CHRYSOLE ET PIAT                                                                   |             | 10303      | 0,004%    | F      |
| CI WISDOMTREE EUPOPE HEOGED EQUITY HOES ETF                                        |             | 328        | 0,000%    | F      |
| CI WISDOMEREE INTEPNATIONAL QUALITY DIVI GROWTH                                    |             | । / 2d3    | 0,003%    | -TZ    |
| CITY OF NE'6/ YORK GROUP TPU8T                                                     |             | £94ä       | 0,003     | F      |
| CITY OF PHILADFLPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM.                           |             | 3.625      | 0.001N    | 6      |
|                                                                                    |             | I.00 i     |           |        |
| COLLEGE RETIREMENT EQUITIES FUUD                                                   |             |            | 0,000w    | મ      |
| CONNECIICUI GENERAL LIFE INSURANCE COMPANY                                         |             | 177        | 0,000w    | E      |
| CPEDIT SUISSg INDEX FUND LUX                                                       |             | 27.646     | 0 . Oww   | t      |
| CSIF CH Equity World en CH Small Cao 8lve Credit Suisse Fupds AG                   |             | 4.433      | 0,002\$>> | F      |
| CSIF QH Equity World ex CH Small Cap ESG Blue Credit Suisse Funds<br>AG            |             | 3,71 ó     | 0,001%    | F      |
| CSIF CH III Eqvity World ex CH Smac Cap £SG 8!ue Pension Fund Plus                 |             | 7.62)      | 0,003P<   | F      |
| Credit Suisse Funds AG<br>DE THAW US BROAD MARKET COPE ALPHA EXTENSION CUSTOM FUND |             |            |           |        |
| HLLS.                                                                              |             | 421        | 0,000B    | F      |
| DEKA-RAB                                                                           |             | 4.5'44     | D.002%    | F      |
| Edmond de Rothschild Fund Evrope Synergy                                           |             | 82.g80     | 0,033%    | F      |
| EFFESETTE SRL                                                                      | 04J037104BB | ó.972. 180 | 2,7g7%    | F      |
| ENSIGN PEAK ADVISOftS INC                                                          |             | 1.175      | 0,000%    | F      |
| EURVON AZJONI 17ALIA                                                               |             | 80.000     | 0,032%    | F      |
| EIJRI7 ON SHARE1 PMI ITAtIA                                                        |             | 332.943    | 0,134%1   | F      |
| EIJgIEON CAPITAL MGR-PIP KALIA 30                                                  |             | 59. TII    | 0024%     | F      |
| EURI7OM FUND.                                                                      |             | 84.359     | 0,034%    | F      |
|                                                                                    |             |            |           |        |
| EURIZON PIR ITALIA A2IONI                                                          |             | 2\ .222    | 0,0W"     | F      |
| EURIZON PROJECT ITALIA 20                                                          |             | 84.275     | 0,034%    | F      |
| FIJRIZON PROGETTO IZALIA 40                                                        |             | 24g.752    | 0.100%    | F      |
| EUR/ZON PROJECT ITALIA 70 F6L                                                      |             | 118.311    | 0,047%    | I      |
| CAPhAL                                                                             |             | 7.636      | 0.003(a), | F      |
| FADELIS INVEST                                                                     |             | 7.986      | 0,003(@,  | F      |
| FAFF SRI                                                                           | 02a02380033 | 94ô,7b8    | 0,380S    | F      |
| FDFI BEAUPORT                                                                      |             | ó.760      | 0,003(a), | F      |
| FDFt CALISSONt 947                                                                 |             | 8.207      | 0,00(a)   | F      |
| FDF] SMYL2206                                                                      |             | 6.900      | 0,003(a)  | F      |
| FDF   TONTON RAOUL                                                                 |             | 2.823      | 0.00S(a)  | F      |
| FDF2 DCP                                                                           |             | ó.719      | 0,003 \$r | F      |
| FDF2 HBC FAMILY INVESTMENT                                                         |             |            |           | F      |
|                                                                                    |             | 24,089     | 0,010B    |        |
| FDF2 MSk                                                                           |             | 15.250     | 0.000(a)  | F      |
| HDF2 NEW ALLEGPO T I 44                                                            |             | 14 : 9.736 | 0,004(a)  | F      |
| FOF2 OA CAPITAL                                                                    |             | 11:60      | 0,003%    | F      |
| FDF2 OSMOSE                                                                        |             | 2003 381   | 0,005\$<  | F      |
|                                                                                    |             |            |           |        |

![](_page_261_Picture_1.jpeg)

| FERRAGAMO FEPRUCCIO                                                                                 | FRRFkC45P04D575X     | 1 .0) 2.d60 | 0,408B    | F  |
|-----------------------------------------------------------------------------------------------------|----------------------|-------------|-----------|----|
| FEFTRAGAMO FINANCE SPA                                                                              | 04 T6 14b0482        | 83.223.620  | 73,498(a) | F  |
| FEPPAGAMO GIOVANNA                                                                                  | APR GNN 43 C68 D575V | I .012.680  | 0,40d     | F  |
| FIDELITY CONCORD STREET TPUST: FIDj=LTS SAI INTO-PNAT)OLIAL S                                       |                      | 613         | 0.000(a)  | F  |
| FIDELITY FUNDS - SUSTAINABLE CONSUMER BRANDS POOL                                                   |                      | 604.155     | 0.242fi-  | F  |
| F DELTTY GLOBAL CONSUMER IND USIPIES FUND                                                           |                      | 5d.d6d      | 0.0188    | F  |
| FIDELITY MANAGEMENT AND RESEARCH COMPANY LLC                                                        |                      | 2.402       | 0.001B    | E  |
| FIDELITY SALEM ST9EET TRUSA: FIDELITY TOTAL HTEPNATIONAL INDEX<br>FUND                              |                      | I4.914      | 0 . Ows   | F  |
| EIDE!JR#M COMPAR70 PLAN ACTIONS )TALtA.                                                             |                      | 34?359      | 0,139%    | ר  |
| FIDEURAM COMPARTMENT PLAN BALANCE IGAMA 30                                                          |                      | 10.000      | 0,004%    | F  |
| FIDEURAM BALANCED PLAN COMPARTMENTIED ITALIA 50                                                     |                      | 5?000       | 0,021%    | F  |
| FINVIS URL                                                                                          | 046006 1048 1        | 6.9Z2380    | 2,797%    | F  |
| FLEXSHAPES fv ORNINGSTAR DEVELOPED MARKETS EK-US FACTOR TILT.                                       |                      |             |           |    |
| INDEX FUMD                                                                                          |                      | 269         | 0,000(a)  | f  |
| FLONADA                                                                                             |                      | 7.fi'73     | 0,003'g   | F  |
| FORSTA AP - FONDEN                                                                                  |                      | 4.9ZO       | 0,00W     | F  |
| G&C PLACEMENT                                                                                       |                      | 2   .33d    | 0.009%    | F" |
| GAMAX FUNDS - JUNIOR                                                                                |                      | 140.721     | 0.058%    | F  |
| GESTIELLE PRO ITAMA                                                                                 |                      | 9.650       | 0,004(a)  | F  |
| GIQUATTRO LTD.                                                                                      | 00514180975          | 6,972.IBO   | 2,191%    | F  |
| HS8C ETFS PUBLIC LIMITED COMPANY - HSBC MSCI WORLD SMALL                                            |                      | 1.882       | 0,00\ %   | F  |
| CAP ECG UCITS ETF                                                                                   |                      |             |           |    |
| IAM NATIONAL PEMSION FUND                                                                           |                      | 11          | 0,000%    | F  |
| IBM 401 E PLUS PLAN TRUSFIELO                                                                       |                      | 184         | 0.000%    | t  |
| INVEST.                                                                                             |                      | 6.845       | 0,003%    | F  |
| INTE 'NA 7TONAL CORP £QLI)IY PORTFOLIO OF DFA INVESTMENT<br>DIf "tENSIONS GROUP INC.                |                      | 59,809      | 0,024%    | F  |
| INTERNATIONAL MONETARY FUND                                                                         |                      | 4.086       | 0.002%    | F  |
| INVESCO FUSE 8AFI DEVELOPED MARKETS EXE/S SMALEMID ETC                                              |                      | 1.005       | 0.000%    | F  |
| INVESCO INCOME AD VANTAGE INT5gNATIONAL FLIND                                                       |                      | 2/          | 0,01      | P  |
| INVESCO MARKE/3 Ij PLC                                                                              |                      | 789         | 0,000B    | F  |
| INVESTEPINGSEORENINGEN DANSKE INVEST SELECT TACTICAL ASSET                                          |                      |             |           | F  |
| ALLOCATION - DANMAR K AKAŬ MUtEREND E KL                                                            |                      | 8,099       | 0,003%    |    |
| INVESTERINGS FORENINGFN DANSKS INVE2T SEEKS TACTICAL ASSET                                          |                      | 3.133       | 0,001&    | F  |
| ALFOCATION GUIO - P CCIJMUL4T1 IG KL                                                                |                      |             |           |    |
| INVE JTEPINGSEORENINGEN DANS KE INVEST SELECT TACTICAL ASSET<br>ALLOCATION NOftGE - ACCUMULATING EL |                      | 2.120       | 0.001s    | f  |
| INVMTERINGSFOPSNINGEN DANSKE INVESTSELEC7 TACTICAL ASSET.                                           |                      |             |           |    |
| ALLocAlloN sMEe!cE - AcculVtuLAiHc cL                                                               |                      | 3.0+2       | 0.0%7     | F  |
| )NVESTERINGSFORENINGEN SPARINVEST INDEX EUROPE                                                      |                      | 429         | 0.002%    | F  |
| ISHA9E5 ALL-COUNTRY EQUITY INDEX FUNO                                                               |                      | 185         | 0,000(a)  | F  |
| ISHARES CORE MSCI EAFE ETF                                                                          |                      | 407.249     | 0.163a    | E  |
| ISHARES CORE MSC I EAFE IMI INDEX ETF                                                               |                      | d41         | 0,000(a), | F  |
| ISHARES CORE MSCI EN RORE ETF                                                                       |                      | T3.814      | 0.00d%    | F  |
| ISHAPP2S CORP MACH INTERMATIQNALDEVELOPED MARKETS ETF.                                              |                      | 10.369      | 0,004(a), | F  |
| SHAPES CORE MSC I TOTAL INTERNATIONAL STOCK EfiF                                                    |                      | Z2. I OS    | 0,029%    | F  |
| ISHARES III PUBLIC LIMITED COMPANY                                                                  |                      | 808         | 0,000%    | F  |
| ISHARES MSCI EAFE SMALL-CAP ETF                                                                     |                      | 7f1.933     | 0,032%    | E  |
| ISHAPES MSCIEUROPE IMI INDEX ETF                                                                    |                      | .234        | 0,000(a)  | F  |
| ISHAPES MSCI EcPOPE SMALL-CAP ETF                                                                   |                      | 1.037       | 0.000%    | F  |
| ISHAPES VII PUBLIC LIMTTED COMPAFIY                                                                 |                      | 6.395       | 0.0TdX    | F  |
| JAz I VEs iSSrMrNis.                                                                                |                      | 18.507      | 0,007%    | E  |
| JHF11 INT'L SMALL CO FUND                                                                           |                      | 3.g24       | 0.002%    | F  |
| JHVIT INT'L 5MA£L CO TRUCT                                                                          |                      | 2.452       | 0.001%    | F  |
| JOHN HANC:OCE FUNDS II FUNDAMENTAL ALF CAP CORP FL:ND                                               |                      | 170.148     | 0,0d8%    | E  |
| JOHN HANCOCK FLINDS II FUNDAMENTAL GLOBAT FRANCHISE FE/ND.                                          |                      | 400. 29     | 0.161 %   | F  |
| JOHM HANCOCK TRUST COMPANY COLLECTIVE INVESTMENT TRUST I                                            |                      | 69.084      | 0,020(a)  | F  |
| JOHN HANCOCK V   FNDAMENTAL ALL CAP CORE TRUST                                                      |                      | 88909       | 0357%     | F  |
| KEVA                                                                                                |                      | 1.81.053    | 0.751 (a) | F  |
| LA VILLETTE                                                                                         |                      | 6.951       | 0,003g    | F  |
| LACERA MA5TEg OPEB TRU8T                                                                            |                      | 1.275       | 0,001%    | E  |
| LEADERSEL P.M.I                                                                                     |                      | 6.07        | 0002%     | F  |
| LEGAL & GENERAL IC A V .                                                                            |                      | 2.42J       | 0,001 %   | F  |

![](_page_262_Picture_1.jpeg)

| LEC'AL AND GENERAL ASSURANCE (PENSIONS MANAGEMENT) LIMITED. '                          |             | 1.776                                                                                                                                                                                    | 0,00 T@            | F      |
|----------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
| LINGOITO ALTRNTVE INVSTMNTS MASTER FND ICVJNGTTO SPCL                                  |             | 294.70T                                                                                                                                                                                  |                    | F      |
|                                                                                        |             |                                                                                                                                                                                          | 0,118%             |        |
| LOCMEED NARTIN CORPORATION MASTER RETIREMENT TRUST                                     |             | 25                                                                                                                                                                                       | 0.000%             | F      |
| LOS ANGEEE5 COUNTY EMPLOYEES 95TIPEMENT ASSOCIATED                                     |             | 11                                                                                                                                                                                       | 0.000%             | F      |
| L'VIP D}MENS)ONAl INTERNA00NA£ COPY EQUITY FUND                                        |             | 2,493                                                                                                                                                                                    | 0,001%             | F      |
| £YXOP FTSE ITALIA MID CAP PIR                                                          |             | 17.434                                                                                                                                                                                   | 0,007B             | F      |
| M 6- G Securflies Limited                                                              |             | T84.4f 7                                                                                                                                                                                 | 0,074@             | F<br>F |
| M INTERNATIONAL EQUITY FLIND                                                           |             | 78                                                                                                                                                                                       | 0,000%             |        |
| M3P                                                                                    |             | 8.445                                                                                                                                                                                    | 0.003%             | F      |
| M3P 2                                                                                  |             | 8.531                                                                                                                                                                                    | 0,003%             | F      |
| MANU£IFE ASSET MANAGEMENT £{D                                                          |             | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------<br>255é42 | 0,000R®            | F      |
| MANUf)FE GLOBAL FRANCHISE FUND,<br>MANUEIFE INVESTMENT EXCHANGE FUNDS CORP. - MANUETFE |             |                                                                                                                                                                                          | 0,103%             | F      |
| BALANCED                                                                               |             | 27] .265                                                                                                                                                                                 | 0,109%             | F      |
| MANULIFE INVESTMENT EXCHANGE FUNDS CORP. - MANULIFE U.S. EQU                           |             | T37.805                                                                                                                                                                                  | 0,0555             | F      |
| MANUMFE INVESTMENT MANAGEMENT GLOBAL FOCLIS POOLED FUND                                |             | 96.493                                                                                                                                                                                   | 0,039%             | F      |
| MANULIFE U,5. ALL CAP CORE EQUITY FUNO                                                 |             | 2.528                                                                                                                                                                                    | 0,001%             | F      |
| MANULIFE U.S, ALL CAP EQUITY FUND                                                      |             | 514.1 T4                                                                                                                                                                                 | 0,20d%             | F      |
| MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND                                       |             | 235.359                                                                                                                                                                                  | 0,094%             | F      |
| MARYLAND STATE PETIPEMENT PENSION SYSTEM                                               |             | 3.903                                                                                                                                                                                    | 0.002%             | F      |
| MAUPERTIJIS                                                                            |             | 7.921                                                                                                                                                                                    | 0,003%             | E      |
| MED10LANtJM MGR FUND MANAGEMENT - FLEXI8ILE DEVELOPMENT ITAUJA                         |             | 316a09                                                                                                                                                                                   | 0,127P°            | F      |
| MEgCER QIF COMMON CONTRACTUAL FUND.                                                    |             | 10,083                                                                                                                                                                                   | 0,004%             | F      |
| MW-PCER QIF FUND PLC                                                                   |             | 1Z.394                                                                                                                                                                                   | 0.007@             | F      |
| MERCEP UCITS COMMON CONTPACTUALFUND                                                    |             | 7. ] 80                                                                                                                                                                                  | 0.003%             | F      |
| MOLINEL 1 \                                                                            |             | 1 d.804                                                                                                                                                                                  | 0,007%             | F      |
| MOLINEL 1S                                                                             |             | 4.935                                                                                                                                                                                    | 0,002B°            | F      |
| MOLINEL 1é                                                                             |             | 29,862                                                                                                                                                                                   | 0,0]2%             | F      |
| MOLIHEL 17                                                                             |             | 12.91g                                                                                                                                                                                   | 0,005@             | F      |
| MOLINEL 18                                                                             |             | 5.79                                                                                                                                                                                     | 0,002%             | F      |
| MOZTLEA CORPORATION                                                                    |             | 2.499                                                                                                                                                                                    | 0.00J%             | F      |
| MUL- LYX FTSF- EN ALI CAP PjR 2                                                        |             | 4,021                                                                                                                                                                                    | 0,002%             | F      |
| NEF RISPARMIO \TAEtA                                                                   |             | 3.127                                                                                                                                                                                    | 0,00T%             | F      |
| NFS LIMITED.                                                                           |             | 2.41g                                                                                                                                                                                    | 0.001%             | F      |
| NORGES BANK                                                                            |             | 159.495                                                                                                                                                                                  | 0.0d4%             | F      |
| NORTHERN TRUST COMMON ALL COUNTRY MORLD EX-US INVESTABLE                               |             | 3.1 'i2                                                                                                                                                                                  | 0.001%             | F      |
| MAR<br>NORTHERN TRUST GLO8AL INVESTMENTS COLLECTIVE FUNDS TRUST                        |             | 53901                                                                                                                                                                                    | 0,022%             | E      |
| NORTHERN TPU8I UCIn COMMON CONTRACTUAL FUND                                            |             | 18.197                                                                                                                                                                                   | 0,007B             | F      |
| OLD WESTBURY SMALL AND MID CAP STRATEGIES FUND.                                        |             | 172,985                                                                                                                                                                                  | 0,059%             | F      |
| ONEPAIH GLOBAL SHAPgS - SMALL CAP (UNHED GED) INDEXPOOL                                |             | 4.871                                                                                                                                                                                    | 0.001%             | F      |
| PIR EQUITY XXA INSURANCE.                                                              |             | 30.000                                                                                                                                                                                   | 0.0125°            | F      |
| PE CSG World Equity Credit Suisse FUn¢/s AG                                            |             | 229                                                                                                                                                                                      | 0,000%             | F      |
| PUBLIC AUTHORITY FOP SOCIAL INSURANCE                                                  |             | 2.070                                                                                                                                                                                    | 0,001%             | F      |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO                                    |             | 20.452                                                                                                                                                                                   | 0.008@             | F      |
| PUBLIC EMPLOYER REEREMENT SYSTEM OF OHIO                                               |             | 5.600                                                                                                                                                                                    | 0,002%             | E      |
| POUNDHIEL S&P GLOBAL LUXUPY ETF                                                        |             | 105                                                                                                                                                                                      | 0,000%             | F      |
| RUE DE LA PAIX                                                                         |             | 5.d4d                                                                                                                                                                                    | 0,002%             | F      |
| SACRE COEUR                                                                            |             | 30.991                                                                                                                                                                                   | 0,012%             | F      |
| SAGEPNO INVESTISSEMENTS                                                                |             | 1 3.994                                                                                                                                                                                  | 0.00d%             | F      |
| SAWA LTD.                                                                              | 06921130487 | 6,772.180                                                                                                                                                                                | 2,7]7%             | F      |
| SCHWAB FUNDAMENTAL INTEPNATIONAL BM A*LL COMPANY INDEX ETF                             |             | 7 \ .254                                                                                                                                                                                 | 0,029R<            | F      |
| SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX                                   |             |                                                                                                                                                                                          |                    |        |
| FLIND<br>SCHWAB INTERNATIONAL SMALLCAP EQUITY ETF                                      |             | 1 \ .462                                                                                                                                                                                 | 0.005B             | F      |
| SERENIS A0AGIO 1103                                                                    |             | 1270?5<br>2.Z?3                                                                                                                                                                          | 0.051%             | F<br>E |
| SHELL OANADA 2007 PENSION PLAN                                                         |             | 183                                                                                                                                                                                      | 0.001@             | E      |
| S)FTO INVESTISSEMENIS                                                                  |             |                                                                                                                                                                                          | 0.                 | E      |
| SMALLCAP WOPLD FUND INC.                                                               |             | 13.27                                                                                                                                                                                    | 0,003@             | F      |
| SPARTAN GPOUP TRUST FOP EMPLOYEE BENEFIT PLANS.                                        |             |                                                                                                                                                                                          | 1,3   4%<br>0,000@ | F      |
|                                                                                        |             |                                                                                                                                                                                          |                    |        |

![](_page_263_Picture_1.jpeg)

| \$PDR POPTFOMO DEVELOPED \ ORLD EXUS OF                                                            |                    | 5.967             | 0.00(a)           | F      |
|----------------------------------------------------------------------------------------------------|--------------------|-------------------|-------------------|--------|
| SPDR PORTFOLIO EUgOPE ETF.<br>USB MCCI ACWI EX USA IMI SCREENED NONLENDING COMMON tRaISI<br>FUND   |                    | 1,551<br>f.783    | 0,001%<br>0, 1301 | F<br>f |
| USB MSC I 12AFE SMALL CAP INOFX SECURITIES SENDING COMMON FNO                                      |                    | 8.924             | 0.004s            | I      |
| SSG A SPDR ETAS EUROPE II PUSLICLIMITFD COMPANY                                                    |                    | 1.280             | 0.001%            | F      |
| SSL GLO8 ADV TAX EXEMPT PETIKEMENT PLANT.                                                          |                    | 6B745             | 0.036B            | F      |
| STATE OF NEW MEXICO STATE INVESTMENT COUNCIL                                                       |                    | 11.281            | 0,005s            | I      |
| STATE OF WISCONSIN INVESTMENT BOARD                                                                |                    | 1.702             | 0,001%            | F      |
| STATE STPEET GLOBAL ALL CAP EQUITY EXES IMDEX PORiFOtIO.                                           |                    | 1.1/0             | 0.000%            | F      |
| SfATE T6ACHEPS RETIREMENT SY'7EM OF OHIO.                                                          |                    | 800.000           | 0,321(a)          | F      |
| STICHTENG SEDRIJFSTAKPENSIOEN FONDS VOOR DE MEDIA PNO                                              |                    | 7.CSSS            | 0,003@            | F      |
| STICHTING BPL PENSIOEN MANDAAT UBS AM LT                                                           |                    | 2.448             | 0,001%            | F      |
| STICHTING PENSIOENEONDS VOOR HUISAPTSEN                                                            |                    | 169               | 0.000%            | F      |
| STICHTING PHILIPS PENSIOFMFONOS                                                                    |                    | 873               | 0,000%            | I      |
| S7PATEGTC INTERNATIONAL EQUitTY FIJND.                                                             |                    | 2.153             | 0,001(a)          | F      |
| SYNAPSE                                                                                            |                    | 9.7#d             | 0,004%            | F      |
| IEPESA L MCGRATH REVOCABLE TPUST                                                                   |                    | 18.900            | 0,008%            | F      |
| THE BARCLAYS 8AMK uK PEfIREMENTFUND                                                                |                    | 2.802             | 0.001%            | F      |
| THE CON7TNENTAL 3MA£t COMPANY SERIES NY                                                            |                    | 1z0303            | 0.0d8(a),         | F      |
| THE EUPOPEAN CENTgAL 8ANK.                                                                         |                    | 29.4d4            | 0,0i2%o           | F      |
| THE NO IGKOJJG AND SHANGHAT BANKING COPPORATION LIMITED.                                           |                    | 410 600           | 1,647%l           | F      |
| THE MONETARY AUTHOPily OF SINGAPORE.                                                               |                    | 449               | 0.000%            | F      |
| THE REGENTS OF THE UNIVERSITY OF CALIFORNIA                                                        |                    | T,299             | 0,001 %           | F      |
| THE STATE OF CONNECIICUI. ACTING THROUGH ITS TREASLIREP                                            |                    | 37.71 S           | 0.015%            | F      |
| THEMES EUROPEAN LUKURY ETF                                                                         |                    | 1.529             | 0,001%            | F      |
| SPL TONTS                                                                                          | 1V82220983         | 253.166           | 0.102%            | F      |
| THUST II 8RIGHTHOUSEDTMENTONALINT SMALL COMPANY PORFFOLIO                                          |                    | રી વે             | 0.000F            | F      |
| UBS IRL ETF PLC                                                                                    |                    | 2/ -599           | 0,009%            | F      |
| U8fi FUND MANAGEMENT (5W1{ZERLAND) AG ON BEHALF OF ZURICH                                          |                    | 2.T 4S            | 0,001'B           | F      |
| INVESTINSTITUTIONAL FUN.                                                                           |                    |                   |                   |        |
| UBS FUND MANAGEMENT (5WIT7E8LAND AG.<br>ABS LUX Ft/ND SOLUITON8                                    |                    | 11 .512<br>25.752 | 0,005%<br>0,010'B | F<br>F |
| UNIVERSAL-INVESTMENT-GESELLSCHAFT M8H ON BEHALF OE STBV-NW-                                        |                    | 2.350             | 0,001B            | F      |
| UNIVERSAL-FONDS<br>VANGUARD OEVELOPED MARKETS INDEX FUND                                           |                    | 520.251           | 0.209%            | F      |
| VANGUARD ECG DEVErOPI2D WORLD ALL CAP EQ TNDLX FWD UK                                              |                    | 806               | 0,000@a,          | F      |
| VANGUARD ESG INTERNATIONAL STOCK ETF                                                               |                    | 7.840             | 0.003(a),         | F      |
| VANGUARD EUROPEAN STOCK INDEX FUND                                                                 |                    | 30.809            | 0.052&            | F      |
| VANGUARD FIDUCIARY TPUST COMPANY DEVELOPED MARKETS INDEX<br>TkUCT                                  |                    | 0.39              | 0,004(a),         | F      |
| VANGUARD FIDUCIAR Y TRVST COMPANY INSTI7UTTONAL TOTAL<br>TNTEPNATIONA STOCK MARKET INDEX TRUST     |                    | 62.138            | 0,02S(a),         | F      |
| VANGUAPD FIDUCIARY TRUST COMPANY INSTITUTIONAL TOTAL<br>INTEPNA 710NAL STOCK MARKET INDEX HOUSE II |                    | 4,361             | 0,002%            | 77     |
| VAtIGLIARD RISE AL£WOPLD EXT SMALLCAP INDEX FUND.                                                  |                    | 181. 77           | 0,073%            | F      |
| VANGuARD FTSE DEVELOPED ALL CAPEX NOPTH AMERICA INDEX ETF.                                         |                    | 9.011             | 0,004%            | F-     |
| VANGUARD FTSE OEVELOPED EUROPE ALL CAP TND£X ETF                                                   |                    | 653               | 0,000             | F      |
| VANGLAPD FUNDS PM8£tC f!MITED COMPANY.                                                             |                    | તેરતું            | 0,00(a)           | F      |
| VANGUARD INTERNATIONAL SMALL COMPANIES INDEX FUND                                                  |                    | 1.038             | 0,000\$           | F      |
| VANGUAPD INVESTMENT SEPIES PUBLIC LIMITED COMPANY                                                  |                    | 5.7 jq            | 0,002'B           | F      |
| VANGUARD TOTAL INTEPNATIONAL STOCK INDEX FUND                                                      |                    | 315.1 55          | 0,126s            | F      |
| v'ANGOARD TOTAL WOPLD STOCK INDEX FUND.                                                            |                    | 38.398            | 0,015%            | F      |
| VEED)PAPIRFONDET KLP AKSJEGLOBAL SMALL CAP INDEKS                                                  |                    | 98                | 0,000(a)          | F      |
| VICENTE                                                                                            |                    | 18,500            | 0,007%            | F      |
| VIF ICVC VANGUARD FTSE GLOBAL ALt CAP INDEX FUND.                                                  |                    | 263               | 0,000%            | F      |
| VISCONTI ANGELICA CAM LLA CONSOLATA WAN                                                            | VSCNLC 73E44F205N  | 253.I d4          | 0,t02(a)          | I      |
| VII CONT) GINEVRA CAMILLA                                                                          | vSCGVR75Ad5F20SB   | 253. t 64         | 0,102(a)          | F      |
| VISCONTI MARIA CONSOLATA                                                                           | VSC/v\CN79H65F205M | 253. T +8         | 0, 02(a)          | F      |
| WASHINGSON STATE INVESTMENT BOAkD.                                                                 |                    | -184              | 0.0000B           | F      |
| WELLE INVEST                                                                                       |                    | 6.95 I            | 0,003%            | F      |

![](_page_264_Picture_1.jpeg)

| WISDOMTREE DYNAMIC CURRENCY HEOGED INTERNATIONAL<br>SMALLCAP EQUITY FUND | 1.791     | q,001B   | F  |
|--------------------------------------------------------------------------|-----------|----------|----|
| WISDOMTREE EUROPE HEDGED EQUWYFUND                                       | 4.592     | 0.002B   | E  |
| WISDOMTREE EUROPE HEDGED SMA£ CAP EQUIfY FUND.                           | 289       | 0.000%   | ್  |
| WISDOMfREE INTERNATIONAL HEDGEDQUA LITY DIVIDEND GROWTIJ<br>FUNO         | 4.d8s     | g,002R   | -  |
| WISDOMTREF INTFPNATONAL QUALITY DIVIDEND GROWTH FUND                     | 2596      | 0.X17    | C  |
| WISDOMTREF INTEPNATIONAL SMALLCAP DIVIDEND FUND                          | 1892      | 0.002@   | F  |
| MI FUNDS.                                                                | /.Z23     | 0.0038   | F  |
| XTPACKERS MSCI EUPOZ ONE HEDGED EQUITY ETF                               | 488       | 0.000'B  | F  |
| YOPELA                                                                   | 4A2a3     | 0.0198>  | F  |
| CHALLENGE GRINDS - CHALLFNGE }TAL)AN EQUITY                              | 22.000    | 0.009ff' | A  |
| The lose K. Swedlow Trusf DID 03/19/92                                   | 15        | 0.0005   | A  |
| Global Elite Commercial Inc                                              | 6.300     | 0.003%   | NV |
| M "estIc Honour Limited                                                  | 6.000.000 | 2,407X   | NV |
| School Maximilian Alexander                                              | 150       | 0,000@   | NV |
|                                                                          |           |          |    |

Total votontl

249.2e8.g28 100%

Legenda
F – Favorevole
C - Contrario

NV - Non Votonle
NE - Non Opresso

![](_page_264_Picture_8.jpeg)

![](_page_265_Picture_1.jpeg)