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Amplifon AGM Information 2022

May 16, 2022

4030_agm-r_2022-05-16_568b9a1c-998a-425c-aec5-70fa70e955b6.pdf

AGM Information

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AMPLIFON S.P.A. ORDINARY SHAREHOLDERS' MEETING 22 APRIL 2022

The ordinary shareholders' meeting of Amplifon S.p.A. is opened on this 22 nd day of April 2022 at 10:00 am.

The Ordinary Meeting is chaired, under art. 11 of the Company's Articles of Association, by Ms. Susan Carol Holland, Chairman of the Board of Directors, who - first of all - thanks the Company's staff who intervened at its headquarters to make this Shareholders' Meeting possible which, as specified also into the notice of call, it will take place without physical participation by the shareholders.

She points out in the first place that the Shareholders' Meeting of Amplifon S.p.A. was called in this place and at this time by a notice, an abstract of which was published on the daily newspaper "Il Sole 24 Ore" on 11 March 2022, while the complete text was published on the Company's website on the same date, and that - as a consequence of the persistence of the health situation caused by the COVID-19 and in compliance with the provisions of article 106 of the Law Decree of 17 March 2020 n. 18, "Cura Italia" coverted, with amendments, by the Law no. 27 of 24 April 2020 (and as last extended by virtue of paragraph 1 of article 3 of the Law no. 15 of 25 February 2022 which converted the Decree-Law "Milleproroghe" 2022).

She communicates that, in order to ensure the regular performance of the Shareholders' Meeting in compliance - inter alia - with the sanitary measures provided for by the circumstances and by the various decrees to deal with the health situation, the Company has set that the participation in the Shareholders' Meeting will only take place through the Designated Representative, appointed in accordance to art. 135-undecies TUF, which has provided for the collection of all voting proxies received by the Shareholders, in compliance with the legal timeframe as defined in the notice of call.

She informs that the Designated Representative of Amplifon S.p.A. is the company Aholding S.r.l., in the person of Mrs. Monica Rossetton, who has proceeded to verify the regularity of the proxies received and the related certifications attesting the ownership of the shares, in accordance with the current regulatory provisions, documents that have been acquired in the Company's records.

She asked the Designated Representative to communicate the number of proxies she has been provided with, as well as the related number of ordinary shares and the relevant percentage of the share capital.

The Designated Representative communicates that no. 1,769 shareholders participate to the Meeting representing (in person or by proxy) no. 194,219,995 ordinary shares (equal to 85.971% of the share capital) and that the shares with increased voting rights represented in the Shareholders' Meeting are equal to no. 95,720,713.

The Chairman thanks the Designated Representative, acknowledges and declares that the Shareholders' Meeting is duly constituted and, therefore, can validly deliberate in ordinary session.

She informs that the undersigned and the Chief Executive Officer, Mr. Enrico Vita, are physically present at the Company's registered office. She also invites the lawyer Mr. Luigi Colombo - who is also physically present at the Company's registered office - to act as a secretary and to draw up the minutes of this Shareholders' Meeting and to provide assistance for the execution of the Meeting itself.

She reminds the attendees that the Meeting has been called to discuss and resolve on the following:

Agenda

  1. Approval of the Financial Statements as at 31 December 2021:

1.1 Approval of the Financial Statements as at 31 December 2021; reports prepared by the Board of Directors, the Board of Statutory Auditors and the Independent Auditors. Consolidated Financial

2

Statements as at 31 December 2021 and Report on Operations in accordance with Commission Delegated Regulation (EU) 2018/815 and subsequent amendment. Consolidated Non-Financial Statement as at 31 December 2021.

1.2 Allocation of the earnings for the year.

  1. Appointment of the Board of Directors, after having determining the numbers of members:

2.1 Determination of the numbers of members.

2.2 Appointment of the Board of Directors.

    1. Directors' remuneration for FY 2022.
    1. Remuneration Report 2022 pursuant to art. 123-ter Legislative Decree 58/98 ("TUF") and art. 84-quater Issuers' Regulations:

4.1 Binding resolution on the first section pursuant to art. 123-ter, par. 3 bis of the TUF.

4.2 Non-binding resolution on the second section pursuant to art. 123-ter, par. 6 of the TUF.

    1. 2022-2027 Co-investment Plan in favour of the Managing Director and General Manager (Sustainable Value Sharing Plan 2022-2027): resolutions pursuant to Article 114-bis of Legislative Decree 58/1998 ("TUF") and Article 84-bis of the Issuers' Regulations.
    1. Approval of a plan for the purchase and disposal of treasury shares pursuant to articles 2357 and 2357-ter of the Italian Civil Code, following revocation of the current plan. Related and consequent resolutions.

She informs that an audio system is in place for recording the meeting at work, for the only purpose of making the drafting of the minutes easier.

She informs the attendees, under the legislation on protection of personal data, that Amplifon S.p.A. is the Data Controller and that the personal data (first name, surname and possibly other information such as birth place, address and professional qualifications) of the Meeting's attendees have been and will be collected in the forms and within the limits set forth in by the applicable laws. The data will be recorded in the Meeting minutes after being processed manually and/or electronically and they may be disclosed and disseminated

even abroad, including out of the European Union, in the forms and within the limits set forth in by the applicable laws.

She points out that all information requirements under art. 125-bis of the TUF have been met.

She acknowledges that the Directors' Reports on the items of the agenda have been made available to the public at the Company's registered office, on the Company's website and in the other manners indicated in the Issuers Regulations, within the deadline for the publication of the notice of call, as required by art. 125-ter of the TUF.

She points out that the Company has not received any request of integration of the agenda under art. 126 bis of the TUF.

She also clarifies that the questions received before the Meeting pursuant to art. 127-ter of TUF were answered through publication in the specific section of the Company's website.

As regards any shareholders' agreements currently existing under art. 122 TUF, the Company does not know any agreement in force as of today's date. She reads the list of names of the persons whose shareholding, either held directly or indirectly, is significant in the meaning of art. 120 TUF, as recorded in the register of shareholders, supplemented by the notices received under art. 120 TUF and by other information available. The relevant percentage refers to the share capital as at the date on which the Company received the notice:

Ampliter S.r.l. owner of no. 95,604,369 shares corresponding to 42.23% of the share capital and 59.27% of the voting capital.

She reminds the attendees that art. 13 of the Company's Articles of Association, in line with the provisions of art. 127-quinquies TUF, gives two votes to each share belonging to the same party for an ongoing period of at least twenty-four months, starting from the date of registration in the list referred to in the same article.

The total amount of the voting rights that can benefit from this provision has been made public within the dates indicated in art. 85-bis of the Issuers' Regulation.

4

The Chairman declares that the subscribed and paid-in share capital as at today's date amounts to Euro 4,527,772.40 divided into no. 226,388,620 ordinary shares of a nominal value of Euro 0.02 each.

She specifies that as at today's date, the Company directly owns no. 2,169,042 treasury shares, as communicated by the Designated Representative, corresponding to 0.958% of the share capital.

On the date of the Meeting, the total of the ordinary shares with increased voting rights are equal to no. 96,232,886.

The following Directors are physically present at the Company's registered office:

  • Maurizio Costa
  • Maria Patrizia Grieco
  • Giovanni Tamburi

The following Directors participate to the Shareholders' Meeting via teleconference connection:

  • Andrea Casalini
  • Laura Donnini
  • Lorenzo Pozza

The Director Alessandro Cortesi is absent.

All the members of the Board of Statutory Auditors participate via teleconference connection:

  • Raffaella Pagani
  • Patrizia Arienti
  • Dario Righetti

Finally, some representatives of the Independent Auditors firm KPMG S.p.A. are also connected via teleconference connection.

****

The Chairman then moves on to deal with the first item of the agenda, which reads as follows:

Item 1. Approval of the Financial Statements as at 31 December 2021:

1.1 Approval of the Financial Statements as at 31 December 2021; reports prepared by the Board of Directors, the Board of Statutory Auditors and the Independent Auditors. Consolidated Financial Statements as at 31 December 2021 and Report on Operations in accordance with Commission Delegated Regulation (EU) 2018/815 and subsequent amendment. Consolidated Non-Financial Statement as at 31 December 2021.

1.2 Allocation of the earnings for the year.

She proposes not to read the Company's Financial Statements, the Directors' Report and, with the consent of the Chairman of the Board of Statutory Auditors, the Auditors' Report in their entirety.

She points out that the annual Financial Report for 2021, inclusive of the draft financial statements and the consolidated financial statements, the report on operations, as well as the reports of the statutory auditors and of the auditing firm, has been filed at the Company's registered office and published on the Company's website in the Governance/Shareholders documents section on 18 March 2022.

She also remembers that, in accordance with Legislative Decree no. 254/2016 regarding the communication of non-financial information, the Consolidated Non-Financial Statement at 31 December 2021 was drafted and published.

She then gives the floor to the Chief Executive Officer, who illustrates the most significant data of the financial year for the Company and the Group.

The Chief Executive Officer welcomes and thanks all attendees and begins his report.

"2021 has been a very positive year for Amplifon. We have achieved excellent financial results, the operating performance of the business has seen a further strengthening of our competitive positioning and we have undertaken important strategic initiatives. In fact, during the year we completed the acquisition of Bay Audio in Australia, the second largest acquisition in our history. Furthermore, Elite's activity in the United States was ceased, in line with the Group's strategy aimed at offering the best customer proposition directly to the final consumer. We then continued our expansion into the Chinese market and launched the Amplifon Product Experience in four additional countries, including the important Spanish market. Our commitment to the pursuit of long-term sustainable growth has been further strengthened with a significant acceleration on innovation and sustainability. We are therefore extremely positive about our Company's short and medium-term growth prospects.

Coming in particular to the financial results, the consolidated revenues for 2021 amounted to Euro 1,948 million, growing at constant exchange rate of 29.5% compared with 2020 and 18.7% compared with 2019 (year not impacted by the well-known Covid-19 pandemic) thanks to a strong organic growth of 24% compared with 2020 and 6.8% compared with 2019.

Acquisitions have contributed 5.5% compared to 2020 and 6.8% compared to 2019, while the impact of the exchange rate was almost neutral compared to 2020 and negative for 1.5% compared to 2019.

EBITDA amounted to € 468.3 million, accounting for 24.8% of revenues, and the net income was €157.8 million, up 56% compared to 2020.

The balance sheet and financial indicators confirm the Group's solidity: the Company generated an excellent free cash flow of 254.9 million euros and the net debt 871.2 million euros with leverage falling to 1.68x even after net investments for Capex, M&A, dividends and the purchase of treasury shares for over 600 million euros.

Finally, it should be noted that the 2021 financial statements of the parent company Amplifon S.p.A. it closed with revenues of €249.6 million and a net income of €84.3 million."

After the intervention of the Chief Executive Officer, the Chairman takes the floor again and thanks him and the management of the Company, together with all the collaborators, for the efforts made and for the results thus achieved. The Chairman then proposes to:

7

    1. the Directors' Report on Operations be approved;
    1. the Company's Financial Statements as at 31 December 2021, showing year's earnings equal to Euro 84,278,628.78, be approved.

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and, after such confirmation, puts the approval of the Company's Financial Statements for the year ended as at December 31, 2021.

The Chairman asks the Designated Representative to communicate the results of the voting, and the Designated Representative replies as follows:

Favorable: 287,956,782 shares equal to 99.32% Against: 1,401,911 shares equal to 0.48% Abstained: 141,652 shares equal to 0.05% No vote: 440,363 shares equal to 0.15%

The Chairman thanks the Designated Representative and declares that the Company's financial statements for 2021 have been approved by the majorities just communicated by the Designated Representative.

The Chairman now moves on to discuss the Allocation of the profit for the year.

The draft financial statements as at December 31, 2021 of Amplifon S.p.A. that is being presented to the Shareholders' Meeting shows a net profit of €84.3 million (€67.1 million as at December 31, 2020).

This result allows to submit to the shareholders the distribution of a dividend of Euro 0.26 per ordinary share.

The amount of the total dividend distributed will vary depending on the number of shares with regular dividend rights on the day the dividend is paid, net of the company's treasury shares (as of today's date equal to no. 2,169,042 treasury

shares, representing 0.958% of the share capital, as of the same date). As at the date of this Meeting, this countervalue amounts to a total of Euro 58,297,090.28.

The Chairman therefore proposes to:

1. allocate the earnings for the year as follows:

  • distribute to the shareholders, as dividend, a portion of the earnings equal to Euro 0.26 per share;
  • allocate the remaining portion of the earnings as retained forward;

2. give mandate to the Board of Directors to ascertain, in due course, in relation to the final exact number of shares subject to remuneration, the amount of the distributed and retained earnings;

3. pay the dividend starting from 25 May 2022, with ex-dividend date on 23 May 2022.

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and, after such confirmation, puts the proposal for the allocation of the profit described above to the vote.

The Chairman asks the Designated Representative to communicate the results of the voting, and the Designated Representative replies as follows:

Favorable: 289,375,607 shares equal to 99.81% Against: 94,738 shares equal to 0.03% Abstained: 30,000 shares equal to 0.01% No vote: 440,363 shares equal to 0.15%.

The Chairman thanks the Designated Representative and declares that the allocation of the year's earnings has been approved by the majorities just communicated by the Designated Representative.

****

The Chairman then moves on to deal with the second item of the agenda: Item 2. Appointment of the Board of Directors, after determining the number of members:

2.1 Determination of the number of members.

2.2 Appointment of the Board of Directors.

The Chairman points out that the term of office of the Board of Directors expires with the approval of the financial statements for the year ending 31 December 2021, and therefore a new board of directors must be appointed for the period 2022-2024, after determining the number of members.

Pursuant to article 14 of the current Articles of Association, the Board of Directors may comprise between 3 and 11 members.

The members of the Board of Directors are appointed for a maximum period of three years; they are reappointed and replaced in accordance with the law and are eligible for reelection.

The members of the Board of Directors are elected on the basis of lists of candidates presented by shareholders and/or group of shareholders owning at least 1% of the share capital, as determined by Consob pursuant to Article 144 quater of Legislative Decree 58/98 ("TUF") with communication no. 60 of 28 January 2022.

The members of the Board of Directors must possess the professionalism, honourability and independence required under the law; an adequate number of non-executive directors is considered "independent", namely it does not entertain, nor has recently entertained, even indirectly, relations with the Company or with subjects linked to the Company, so as to condition their independent judgment in accordance with the applicable law and codes of conduct. The number and responsibilities of the independent directors are adequate in relation to the size of the Board of Directors and to the business carried out by the Company: in particular, pursuant to the Code of Corporate Governance issued by Borsa Italiana S.p.A., in the large companies with concentrated ownership at least one third of the board of directors is made of independent directors.

The Board of Directors is appointed based on the lists presented that, in case contain a number of candidates equal to or greater than three, must be composed of both genders in accordance with the quotas established under the law in effect (rounding up, based on the rules provided for by the law -as well as the regulation- in effect at the time, in event of a fractional number).

The Chairman inform that on March 24, 2022 the majority shareholder Ampliter S.r.l., owner of 42.23% of the share capital and 59.27% of the voting rights of Amplifon S.p.A., submitted a List, accompanied by the candidates' personal and professional profiles and the additional documentation required by the applicable legislation, identified as No. 1 for voting purposes.

List No. 1 contains the following proposed candidates:

    1. Holland Susan Carol
    1. Vita Enrico
    1. Costa Maurizio
    1. Diquattro Veronica
    1. Donnini Laura
    1. Grieco Maria Patrizia
    1. Pozza Lorenzo
    1. Tamburi Giovanni
    1. Galli Gabriele

On 28 March 2022, a second list was submitted by some minority shareholders (who collectively hold 2,653% of Amplifon's share capital), identified for voting purposes as No. 2, together with candidates' personal and professional profiles and the additional documents required by applicable legislation.

List No. 2 contains the following proposed candidates:

    1. Morandini Lorenza
    1. Migliorato Maria

The Chairman points out that Both Lists were made available for public consultation at the Company's Registered Office, and were published on the Company's Website on March 31, 2022.

As all the information, relevant to the vote has been made public, the Chairman proposes that she be exempted from reading out all the supporting documents and invites the Shareholders' Meeting to make a preliminary resolution on the determination of the number of members of the Board of Directors to be renewed.

She points out that in application of art. 14 of the current Articles of Association, which provides that the Board of Directors is made up of three to eleven members, taking up the recommendation expressed by both the Independent Directors and the Remuneration and Appointments Committee and on the basis of the proposal sent by the shareholder Ampliter S.r.l. through the letter of presentation of List No. 1, she invites the number of members of the Board of Directors to be set at "nine", unchanged with respect to the time established by the shareholders' resolution of 23 April 2019.

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and, having received confirmation, then she put the proposal regarding the number of the members of the Board of Directors proposed by the shareholder Ampliter S.r.l. The Chairman asks the Designated Representative to communicate the results of the voting, and the Designated Representative replies as follows:

Favorable: 287,620,494 shares equal to 99.20% Against: 630,064 shares equal to 0.22% Abstained: 1,288,043 shares equal to 0.44% No vote: 402,107 shares equal to 0.14%.

The Chairman thanks the Designated Representative and declares that the proposed resolution has been approved by the majorities just communicated by the Designated Representative.

In the continuation of the discussion of the same point and considering what established by article 147-ter of Legislative decree no. 58 of 24 February 1998 (TUF) and in accordance with the voting procedure set out in art. 15 of the Articles of Association, the Chairman invites to proceed, on the basis of the Lists submitted, with the appointment of the Board of Directors for the 3-year period 2022-2024, which will remain in office until the approval of the financial statements as at 31 December 2024.

The Chairman asks the Appointed Representative to confirm whether the figures for the shares represented have remained unchanged and, having confirmed this, puts the appointment of the Directors to the vote.

The Chairman asks the Designated Representative to communicate the results of the voting, and the Designated Representative replies as follows:

Favorable - List 1: 208,630,829 shares, equal to 71.96%. Favorable - List 2: 79,010,266 shares, equal to 27.25%. Against: 4,462 shares, equal to 0.00%. Abstainers: 2,033,745 shares, equal to 0.70%. No vote: 261,406 shares equal to 0.09%.

The Chairman thanks the Designated Representative and declares that the proposed resolution has been approved by the majorities just communicated by the Designated Representative.

The election results just reported by the Designated Representative, applied the procedure pursuant to art. 15 of the current Articles of Association, determine the appointment in office of the following candidates:

    1. Holland Susan Carol
    1. Vita Enrico
    1. Costa Maurizio
    1. Diquattro Veronica
    1. Donnini Laura
    1. Grieco Maria Patrizia
    1. Pozza Lorenzo
    1. Tamburi Giovanni
    1. Morandini Lorenza

The Chairman declared that outcome of the elections ensures:

  • the appointment of at least one Director taken from the "minority" list who is not connected in any way, not even indirectly, with those who presented or voted for the "majority" list;
  • the appointment of the number of Directors in possession of the independence requirements established by Article 148, paragraph 3 of the TUF and by Article 2 of the Corporate Governance Code;
  • the application of the procedure set out in art. 15 of the Articles of Association and the compliance with the applicable legal, regulatory and statutory provisions concerning the genders balance and in particular of the "Legge di Bilancio" 2020 which raised to at least two fifths the quota reserved for the less represented gender in the governance and control bodies of the companies.

The Chairman therefore acknowledges and declares that the Shareholders' Meeting appointed the following as members of the company's Board of Directors for the period 2022-2024:

    1. Holland Susan Carol
    1. Vita Enrico
    1. Costa Maurizio
    1. Diquattro Veronica
    1. Donnini Laura
    1. Grieco Maria Patrizia
    1. Pozza Lorenzo
    1. Tamburi Giovanni
    1. Morandini Lorenza

Then the Chairman moves on to deal with the third item of the agenda Item 3. Directors' remuneration for FY 2022.

The Chairman points out that, enacting the rights stated in article 22 of the Articles of Association, the Shareholders' Meeting of 23 April 2021 had determined that the amount of remuneration granted to the Directors for the 2021 period was equal to Euro 1,300,000.00.

As for 2022 year, the Board of Directors proposes, also based on the recommendations of the Remuneration and Appointment Committee, to assign to the Directors the amount of Euro 1,370,000.00 to be allocated to its members by the same Board of Directors.

The Chairman therefore proposed to take the following resolution:

"The ordinary Shareholders' Meeting of Amplifon S.p.A., convened in single call on 22 April 2022, pursuant to its statutory powers and the Report prepared by the Directors,

resolves

to assign to the Directors a remuneration for the year 2022 of Euro 1,370,000.00 to be recorded as an expense for the relative fiscal year".

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and – after such confirmation - puts the approval of the Directors' remuneration for FY 2022 to the vote.

The Chairman asks the Designated Representative to communicate the results of the voting and the Designated Representative replies as follows:

Favorable: 286,354,337 shares equal to 98.76% Against: 1,806,668 shares equal to 0.62% Abstained: 1,339,340 shares equal to 0,46% No vote: 440,363 shares equal to 0.15%

The Chairman thanks the Designated Representative and declares that the Directors' remuneration for FY 2022 has been approved by the majorities just communicated by the Designated Representative.

****

Then the Chairman moves on to deal with the fourth item of the agenda:

Item 4. Remuneration Report 2022 pursuant to art. 123-ter Legislative Decree 58/98 ("TUF") and art. 84-quater Issuers' Regulations:

4.1 Binding resolution on the first section pursuant to art. 123-ter, par. 3 bis of the TUF.

4.2 Non-binding resolution on the second section pursuant to art. 123-ter, par. 6 of the TUF.

The Chairman starts her speech by pointing out that the Ordinary Shareholders' Meeting has been called in order to submit for approval, pursuant to article 123 ter of Legislative Decree no. 58/1998 (so-called "Consolidated Law on Finance" or "TUF"), as amended by Legislative Decree 49/2019, the remuneration report 2022 (the "Remuneration Report").

The full Remuneration Report has been made available to the public on the Company's website.

The Remuneration Report is organised in two sections:

  • I. the first section (the "Remuneration Policy") illustrates in a clear and comprehensible manner: (a) the company's policy on the remuneration of management bodies, managing directors and key managers with strategic responsibilities with reference to at least the following financial year and, without prejudice to the provisions of Article 2402 of the Italian Civil Code, the members of the control bodies; and (b) the procedures used for the adoption and implementation of this policy. The Remuneration Policy contributes to the Company's strategy, the pursuit of long-term interests and the sustainability of the Company and illustrates how this contribution is made;
  • II. the second section (the "Remuneration Paid"), in a clear and comprehensible manner and, by name for the members of the administration and control bodies, the managing directors and in aggregate form for key managers with strategic responsibilities: (a)

provides an adequate representation of each of the items that make up the remuneration, including what is provided in the event of termination of office or termination of employment, highlighting their consistency with the company's remuneration policy for the financial year in question; (b) analytically illustrates the remuneration paid in the financial year in question for any reason and in any form by the company and its subsidiaries or associated companies, indicating any components of the aforesaid remuneration that relate to activities carried out in financial years prior to the financial year in question and also highlighting the remuneration to be paid in one or more subsequent financial years for activities carried out in the financial year in question, possibly indicating an estimate value for the components of the remuneration that cannot be objectively quantified in the financial year in question.

The Remuneration Policy is subject to the vote of the shareholders and the subsequent resolution is binding.

Also the Remuneration Paid is subject to the vote of the shareholders but the subsequent resolution is not binding.

If the Shareholders agree with the contents of such document, they are invited to take the following resolution:

"The Shareholders' Meeting of Amplifon S.p.A., held in single call on 22 April 2022, having examined the Remuneration Report prepared pursuant to art. 84 quarter and Annex 3A, scheme 7-bis and 7-ter of the Issuers Regulation,

resolves to

  • 1. approve the Remuneration Policy;
  • 2. issue a favourable resolution on the Remuneration Paid, and to make public the outcome of the vote pursuant to art. 125-quater, paragraph 2. of the TUF".

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and, after such confirmation, puts the approval on to the separate vote on the two items. Then she puts the approval on the First Section of the Remuneration Report (that is binding).

The Chairman asks the Designated Representative to communicate the results of the voting and the Designated Representative replies as follows:

Favorable: 213,489,403 shares equal to 73.63% Against: 75,527,809 shares equal to 26.05% Abstained: 483,133 shares equal to 0.17% No vote: 440,363 shares equal to 0.15%

The Chairman thanks the Designated Representative and declares that the First Section of the Remuneration Report has been approved by the majorities just communicated by the Designated Representative.

The Chairman then asks to vote on the Second Section of the Remuneration Report (that is not binding) and asks the Designated Representative to communicate the results of the voting and the Designated Representative replies as follows:

Favorable: 266,764,583 shares equal to 92.01% Against: 22,252,629 shares equal to 7.67% Abstained: 483,133 shares equal to 0.17% No vote: 440,363 shares equal to 0.15%

The Chairman thanks the Designated Representative and declares that the Second Section of the Remuneration Report has been approved by the majorities just communicated by the Designated Representative.

The Chairman then moves on to deal with the fifth item of the agenda, which reads as follows:

****

Item 5. 2022-2027 Co-investment Plan in favour of the Managing Director and General Manager (Sustainable Value Sharing Plan 2022-2027):

resolutions pursuant to Article 114-bis of Legislative Decree 58/1998 ("TUF") and Article 84-bis of the Issuers' Regulations.

It is submitted for the approval of the Shareholders' Meeting, pursuant to Article 114-bis of Legislative Decree No. 58/1998 (the Consolidated Law on Finance), as subsequently amended, a three-year incentive plan in favor of the Managing Director and General Manager (Sustainable Value Sharing Plan 2022-2027), as well as to grant suitable authorities to the Board of Directors to implement such plan. The scheme of the Co-investment Plan was defined by the Board of Directors, on the proposal of the Remuneration and Appointments Committee, in the meeting of the 3rd of March 2022.

For details on the contents of the above-mentioned Plan please refer to the Informative Document attached to this explanatory report (the "Information Document"), prepared by the Company in accordance with Article 84-bis of the Regulations adopted by Consob with Resolution no. 11971 of 14 May 1999, as subsequently amended (the "Issuers' Regulations"), and Article 114-bis of Legislative Decree no. 58/1998, as subsequently amended. This document is made available to the public at the Company's head office, on the authorized storage mechanism eMarket STORAGE and is published on the Company's website. Therefore, in this report reference is made to that document.

It should be noted that the Plan is in line with the Company's Remuneration Policy submitted to the vote of the Shareholders' Meeting in accordance with law.

In view of the above, the Board of Directors hereby submits the following resolution for the approval of the Shareholders' Meeting:

"The Ordinary Shareholders' Meeting of Amplifon S.p.A.,

1. on the condition of the approval of Amplifon S.p.A.'s Remuneration Policy for the year 2022 by the Ordinary Shareholders' Meeting held on 22nd of April 2022;

2. having noted the Board of Directors' proposal;

3. having examined the Information Document prepared in accordance with Art. 84-bis of the Issuers' Regulations,

resolves

- to approve, agreeing with reasons behind it, the "Sustainable Value Sharing Plan 2022-2027" in favor of the Managing Director and General Manager of Amplifon S.p.A. under the terms and conditions described in the Information Document attached to this explanatory report;

- to grant the Board of Directors all necessary and appropriate authorities to set up and implement the "Sustainable Value Sharing Plan 2022-2027", also through delegated parties, including (but not limited to) the powers: (i) to implement the Sustainable Value Sharing Plan 2022-2027; (ii) to define the number of Rights to be annually assigned in favor of the Managing Director and General Manager; (iii) to set all terms and conditions for the implementation of the Sustainable Value Sharing Plan 2022-2027 and approve the Sustainable Value Sharing Plan 2022-2027 Regulations and relative documents, with the authority to amend and/or supplement them 17 as deemed necessary, to the extent that they do not conflict with the provisions of this resolution; (iv) to grant the authority to make subsequent amendments to conditions and elements of the plan and/or to define corrective measures provided that such amendments are not in conflict with the provisions of this resolution; (v) to provide for the information to the market, the drafting and/or finalization of any necessary or appropriate document in relation to the Sustainable Value Sharing Plan 2022- 2027, under the applicable laws and regulations, as well as, in general, to the execution of this resolution (vi) to bring such amendments to the Sustainable Value Sharing Plan 2022-2027 that may prove necessary and/or appropriate particularly in the event of changes in the applicable laws or of extraordinary events or operations."

The Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and – after such confirmation - puts the approval of the Sustainable Value Sharing Plan 2022- 2027 in favour of the Managing Director and General Manager.

The Chairman asks the Designated Representative to communicate the results of the voting and the Designated Representative replies as follows:

Favorable: 283,140,111 shares equal to 97.65% Against: 5,148,445 shares equal to 1.78% Abstained: 1,150,789 shares equal to 0.40% No vote: 501,363 shares equal to 0.17%

The Chairman thanks the Designated Representative and declares that the proposed resolution has been approved by the majorities just communicated by the Designated Representative.

***

The Chairman then moves on to deal with the sixth item of the agenda, which reads as follows:

Item 6. Approval of a plan for the purchase and disposal of treasury shares pursuant to articles 2357 and 2357-ter of the Italian Civil Code, following revocation of the current plan; related and consequent resolutions.

The Chairman then illustrates in summary the contents of the Directors' Report drafted by the Board of Directors of your Company under art. 73, paragraph 1, of the Consob Regulations, articles 2357 and 2357-ter of the Italian Civil Code and article 132 of TUF.

The Board of Directors submits to your approval of your authorisation to carry out a Plan involving one or more purchase and sale transactions, on a revolving basis, of a maximum number of ordinary shares of Amplifon S.p.A. which, where the purchase option is exercised in full and taking into account the treasury shares already in portfolio, results in the Company not holding over 10% of its own share capital (as at the date of this Meeting, therefore a maximum of 22,638,862 ordinary shares of a nominal value of Euro 0.02 each). The authorisation requested implies the previous revocation of the part of the current plan, approved by the Shareholders' Meeting of 23 April 2021 and which would expire on 23 October 2022, that has not been executed.

The Board of Directors believes that the reasons at the basis of the request for authorisation to purchase and dispose of treasury shares submitted at the time remain valid.

The request of authorization to the Shareholders' Meeting is motivated by the opportunity of providing the Company with an effective tool to:

  • (i) dispose of treasury shares to service share-based incentive plans, both current and future, for Directors and/or employees and/or collaborators of the Company and other companies controlled by the same, as well as any plans for the free assignment of shares to shareholders;
  • (ii) dispose of treasury shares to be allocated as a means of payment for acquisitions of companies or exchange of equity interests, and, in any case, to pursue the purposes permitted by current regulatory provisions, including those set out in Regulation (EU) 596/2014, as well as, where applicable, by market practices permitted by Consob.

It should be noted that the authorisation request pertains to the Board of Director's faculty to carry out repeated and successive purchase and sale transactions (or other disposal transactions) of treasury shares on a revolving basis (so-called "revolving transactions"), also for fractions of the maximum allowed quantity, so that, at any time, the quantity of shares subject to the proposed purchase and held in the Company's portfolio does not exceed the threshold provided for by the law and by the Shareholders' Meeting's authorisation.

For the aforementioned reasons, the Board of Directors intends to ask the Shareholders' Meeting to authorise the purchase and the disposal of treasury shares pursuant to Articles 2357 and 2357-ter of the Italian Civil Code.

It is noted that the Company holds 2,169,042 shares of Amplifon S.p.A., equivalent to 0. 958% of the share capital, purchased on the market based on treasury share buy-back programs authorised from time to time by the Ordinary Shareholders' Meeting. It is also noted that, pursuant to Article no. 2357, Paragraph 1 of the Italian Civil Code, the purchase of treasury shares is allowed within the limits of the profit available for distribution and the available reserves reported in the latest set of approved Financial Statements.

To this purpose, we would like to refer to the Financial Statements for the year ended on 31 December 2021 submitted to and approved by today's

Shareholders' Meeting.

These Financial Statements show (i) net earnings for the financial year of Euro 84,278,628.78 of which Euro 25,986,566.38 brought forward; (ii) other available capital reserves of Euro 202,712,441.75; and (iii) distributable retained earnings of Euro 365,204,966.84.

The buy-back authorisation is requested for the maximum duration permitted by Article No. 2357, Paragraph 2, of the Italian Civil Code and, therefore, for a period of 18 months from the date of its approval by Shareholders' Meeting.

The authorisation to the disposal of treasury shares that may be acquired, or which are already owned by the Company on the date of this Meeting, is requested without a time limit, in light of the non-existence of legal provisions in this respect and the opportunity of maximising the time period during which the sale can be performed.

The Board of Directors proposes that the unit price for the purchase of shares shall be established from time to time for each transaction, provided that it is neither higher nor lower by 10% of the share's reference price on the trading day prior to each individual purchase transaction.

The Chairman then gives the floor to the Secretary Mr. Colombo, for the reading of the proposed resolution.

The Secretary, after having thanked the Chairman, reads the following resolution's proposal:

Resolution's proposal:

"The ordinary Shareholders' Meeting of Amplifon S.p.A.:

  • having examined the report prepared by the Board of Directors in compliance with Article 73 and Annex 3A, Chart no. 4, of the Regulations adopted by CONSOB with resolution no. 11971 of 14 May 1999 (as subsequently amended and integrated);
  • acknowledging that, at the time of this Shareholders' Meeting, Amplifon S.p.A. holds no. 2,169,042 treasury shares in portfolio and none of its subsidiaries holds Amplifon S.p.A.'s shares;
  • noting the opportunity of issuing an authorisation for the purchase and

disposal of treasury shares enabling the Company to carry out purchase and disposal transactions for treasury shares for the purposes of and in compliance with the methods indicated in the Report of the Board of Directors;

resolves

  • 1. to revoke, with effect from today, the treasury shares purchase and disposal plan approved by the Shareholders' Meeting on 23 April 2021, as to the part that has not been executed;
  • 2. to authorise, pursuant to Article 2357 of the Italian Civil Code, the purchase, on one or more solutions, of a maximum number of ordinary shares resulting in the Company holding a number of shares equal to maximum 10% of the share capital in case the faculty herewith granted is exercised in full within the maximum deadline indicated below - in full compliance with all limits set by law and taking into account the shares already held as in its portfolio, for the pursuit of the objectives highlighted in the Report of the Board of Directors and at the following terms and conditions:
  • shares may be purchased up until expiry of the eighteenth month from the date of this Resolution; the last purchase made within this deadline will have to include a number of shares such as to allow compliance with the aforementioned overall 10% threshold;
  • the shares may be purchased at a unit price that is not 10% lower or higher than the share's reference price recorded on the trading day before each individual purchase transaction;
  • the purchase may be carried out in line with any of the methods described and admitted by current legislation, including (EU) Regulation 596/2014 and related implementing provisions, as well as – eventually – the admitted market practices recognised by Consob, with the only exception of public tender offers for purchase or exchange, taking into account the specific exemption provided for by Paragraph 3 of the aforementioned Article 132 of Legislative Decree No. 58 of 24 February 1998;

  • 3. to authorise, pursuant to Article 2357-ter of the Italian Civil Code, executing disposal transactions, on one or more occasions, on treasury shares purchased pursuant to this resolution or already held by the Company at the date of today's meeting, in compliance with applicable legal and regulatory provisions, in order to pursue the objectives described in the Report of the Board of Directors and the following terms and conditions:

  • the shares may be sold or otherwise transferred at any time, without time limits;
  • the disposal transactions may be made even before the purchases have been completed, and may take place on one or more occasions by means of sales on the market, off-market or on the block market, and/or via transfer to Directors, employees and/or or collaborators working for the Company and/or its subsidiaries, in implementation of an incentive plan and/or through any other act of disposal, in connection with operations involving share swaps or sales, by means of exchange or transfer or, finally, in relation to capital transactions involving the allocation or disposal of treasury shares (such as mergers, demergers, the issue of convertible bonds or warrants serviced by treasury shares);
  • the minimum price may not be 10% lower than the price recorded by the share on the trading day before each disposal transaction. However, such price limit will not apply to disposal transactions in favour of Directors, employees and/or collaborators of the Company and/or its Subsidiaries for the implementation of incentive plans.
  • 4. to grant the Board of Directors full powers to execute this resolution, with the express right of delegation, also by approving any executive act related to the buyback plan."

As soon as the Secretary ends reading, the Chairman asks the Designated Representative to confirm whether the data of the shares represented have remained unchanged and, after such confirmation, puts the approval of the resolution to the vote.

The Chairman asks the Designated Representative to communicate the results of the voting and the Designated Representative replies as follows: Favorable: 241,181,897 shares equal to 83.18% Against: 43,593,852 shares equal to 15.04% Abstained: 4,663,596 shares equal to 1.61% No vote: 501.363 shares equal to 0.17%

The Chairman thanks the Designated Representative and declares that the plan for the purchase and disposal of treasury shares has been approved by the majorities just communicated by the Designated Representative.

Nothing else being on the agenda, the Chairman thanks the attendees and closes the Meeting at 11:00 am.

The Chairman The Secretary Susan Carol Holland Luigi Colombo Signed Signed

AMPLIFON S.p.A.Assemblea Ordinaria degli Azionisti - 22 aprile 2022

Elenco partecipanti / Titolari dei diritti di voto

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THE BANK OF NEW YORK MELLON EMPLOYEE BENEFIT

COLLECTIVE INVESTMENT FUND PLAN

P
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H
E
R
S
T
E
R
L
I
N
G
F
U
N
D
L
T
D
4
0
1
F F F L
2
F C C F F
S
O
S
C
O
S
S
O
T
A
T
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F
W
I
N
I
N
I
N
V
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T
M
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N
T
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A
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1
7.
7
9
0
F F F L
2
F C C F F
A
L
L
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A
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P
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F
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A
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1
2.
2
8
7
F F F L
2
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L
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1
2
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4.
1
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4
F F F L
2
F C C F F
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A
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L
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2
9
4
F F F L
2
F C C F F
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A
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F
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3.
6
5
7
F F F L
2
F C C F F
G
O
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L
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L
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1.
9
4
6
F F F L
2
F C C F F
B
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1.
7
7
7
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2
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1.
1
9
8
F F F L
2
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1
0.
3
6
7
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2
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A
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1
6
1
7.
F F F L
2
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S
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L
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F
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N
D
L
T
D
6
4
4
F F F L
2
F C C F F
Z
V
K
K
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F
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3.
5
0
7
F F F L
2
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A
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A
L
L
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4.
2
0
0
F F F L
2
F C C F F
A
L
L
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1
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5
1.
9
7
4
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2
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2.
3
9
9
F F F L
2
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C
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2
5.
5
7
F F F L
2
F C C F F
A
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Du
In
dex
Aa
de
len
fon
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Eu
urz
aam
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9.
8
5
5
F F F L
2
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2.
2
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4
F F F 2
L
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Zw
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Ins
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Be
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dse
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Du
In
dex
Aa
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fon
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urz
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2.
1
9
7
F F F L
2
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7.
0
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2
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6
6.
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8
4
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2
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8
3
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L
F C C F F
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Ba
R
Fun
d
n
9.
2
6
9
F F F L
2
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A
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9.
8
8
5
F F F L
2
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Be
Inv
Co
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tme
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rp
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1.
3
9
3
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2
F C C F F
Ma
i
t
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Po
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t
hor
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ty
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r
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ore
6
8
3
F F F L
2
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A
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A
B
A
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2
0
0
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P
8
3
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L
F C C F F
C
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L
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(
C
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1.
7
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2
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2.
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F F F L
2
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2.
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4
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F F F L
2
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1
2.
7
0
4
F F F L
2
F C C F F
S
O
O
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C
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M
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4
4
6
F F F L
2
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A
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7.
3
7
1
F F F L
2
F C C F F
M
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F
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D
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F
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D
2.
0
4
5
F F F L
2
F C C F F
In
ter
t
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Ka
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ta
lan
lag
l
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f
t m
b
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na
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p
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3.
4
0
7
F F F L
2
F C C F F
In
ion
le
Ka
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lag
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4
0.
4
0
0
F F F L
2
F C C F F
In
ter
t
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le
Ka
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ta
lan
lag
l
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f
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6.
8
5
4
F F F L
2
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In
ion
le
Ka
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lan
lag
l
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f
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t
ta
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na
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2.
3
5
5
F F F 2
L
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f
In
ter
t
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le
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lan
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l
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3.
0
2
5
F F F L
2
F C C F F
In
ter
t
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Ka
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ta
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lag
l
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8 F F F L
2
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In
ion
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Ka
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1
9.
8
7
0
F F F L
2
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In
ter
t
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Ka
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lan
lag
l
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ha
f
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(
I
N
K
A
)
na
a
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3.
2
5
1
F F F L
2
F C C F F
C
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2.
9
4
5
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4.
8
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1
3.
3
2
4
F F F L
2
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9
6
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2
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6
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2
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4
5
9
F F F L
2
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7.
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2
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1
1
6.
8
3
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1
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5.
2
3
8
F F F L
2
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1.
1
6
1
F F F L
2
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2
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1.
1
2
7
F F F L
2
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7.
2
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7
F F F L
2
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B
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fon
ds
t
1.
9
3
9
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L
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3
6,
F.
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4
3
6
F F F L
2
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9
7
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F F F L
2
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1
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2
F C C F F
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2
8
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F F F L
2
F C C F F
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A
P
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1
2
7
F F F L
2
F C C F F
F
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N
T
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C
A
9
2
F
P
1
2
6
F F F 2
L
F C C F F
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1.
8
5
7
F F F L
2
F C C F F
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9
2.
6
7
5
F F F L
2
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1.
2
9
6
F F F L
2
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9
6
9
F F F L
2
F C C F F
M
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7
6
F F F L
2
F C C F F
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EURIZON AM SICAV - GLOBAL DYNAMIC ALLOCATION

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(*) azioni con voto maggioratoF=FAVOREVOLE C= CONTRARIO A=ASTENUTON=NO VOTO