h t t p : / / w w w . s a b a f . i t - s a b a f @ s a b a f . i t

REPORT ON REMUNERATION

pursuant to Article 123-ter of the TUF and Article 84-quater of the Issuers' Regulations

Section I - REMUNERATION POLICY

Sabaf S.p.A.'s General Remuneration Policy (hereinafter also "remuneration policy"), approved by the Board of Directors on 22 December 2011 and updated on 20 March 2013 and 4 August 2015, defines the criteria and guidelines for the remuneration of members of the Board of Directors, executives with strategic responsibilities and members of the Board of Statutory Auditors. The remuneration policy was prepared:

pursuant to Article 6 of the Corporate Governance Code of listed companies, approved in March
2010 and subsequent amendments and supplements;
in line with Recommendations 2004/913/EC and 2009/385, which were incorporated into law with Article 123-ter of the Consolidated Law on Finance (TUF).

This Policy, applied from the date of approval by the Board of Directors, was fully implemented as of 2012 following the appointment of the corporate bodies.

With the introduction of the Policy, the remuneration system was extended to include a long-term incentive component, which was previously not provided for.

Corporate bodies and persons involved in preparing, approving and implementing the remuneration policy

The General Remuneration Policy was approved by the Board of Directors on 22 December 2011 and updated on 20 March 2013 and 4 August 2015, at the proposal of the Remuneration Committee, as explained in the paragraphs below.

No independent experts or advisors contributed to the preparation of the policy, nor were the remuneration policies of other companies used for reference purposes.

Specifically, it is the responsibility:

of the Remuneration and Nomination Committee:
to make proposals to the Board of Directors, in the absence of the persons directly concerned, for remuneration of the CEO and directors holding specific positions
to make suggestions concerning the setting of targets to which the annual variable component and long-term incentives should be linked, in order to ensure alignment with shareholders' long-term interests and the company's strategy
to evaluate the criteria for the remuneration of executives with strategic responsibilities and make appropriate recommendations to the Board
to monitor the application of decisions adopted by the Board;
of the Board of Directors, to properly implement the remuneration policy;
of the Human Resources Department, to actually enact what is decided upon by the Board.

The Remuneration and Nomination Committee currently in office comprises three non-executive and independent members (Fausto Gardoni, Giuseppe Cavalli and Renato Camodeca), with the knowledge and experience in accounting, finance and remuneration policies that is deemed adequate by the Board of Directors.

Purpose of the remuneration policy

The Company's intention is that the General Remuneration Policy:

attracts, motivates and increases the loyalty of persons with appropriate professional expertise;
brings the interests of the management into line with those of the shareholders;
favours the creation of sustainable value for shareholders in the medium to long term, and maintains an appropriate level of competitiveness for the company in the sector in which it operates.

*** *** ***

The remuneration policy was reviewed in 2015, involving the introduction:

of a Non-Competition Agreement (NCA) with the CEO;
of company cars as one of the non-monetary benefits assigned to executives;
beginning in 2016, a maximum limit of 25% of the variable component with respect to the fixed annual gross salary and the remuneration from subsidiaries.

No changes were made in the fixed component. This amendment was approved by the Board of Directors on 4 August 2015 on the recommendation of the Remuneration and Nomination Committee.

Fixed annual component

Directors

At the proposal of the Board of Directors, having obtained the opinion of the Remuneration and Nomination Committee, the shareholders determine a maximum total for the remuneration of all members of the Board, including a fixed amount and attendance fees.

In accordance with this maximum total, at the proposal of the Remuneration and Nomination Committee and subject to the opinion of the Board of Statutory Auditors, the Board of Directors determines additional remuneration for directors vested with special powers.

The fixed component is such that it is able to attract and motivate individuals with appropriate expertise for the roles entrusted to them within the Board, and is set with reference to the remuneration awarded for the same positions by other listed Italian industrial groups of a similar size.

It is the practice of Sabaf S.p.A. to appoint members of the Saleri family to the posts of Chairman and Vice Chairmen. The family is the controlling shareholder of the company through Giuseppe Saleri S.a.p.A. Although they are executive directors, they do not receive variable remuneration, but only additional remuneration to that of the directors for the specific offices held.

Directors who sit on committees formed within the Board (Internal Control and Risk Committee, Remuneration and Nomination Committee) are granted remuneration that includes a fixed salary and attendance fees intended to reward the commitment required of them.

Other executives with strategic responsibilities

Employment relationships with other executives with strategic responsibilities are governed by the Collective National Contract for Industrial Managers. In this regard, fixed remuneration is determined so that it is sufficient in itself to guarantee an appropriate basic salary level, even in the event that the variable components are not paid owing to a failure to reach objectives.

Board of Statutory Auditors

The amount of remuneration for Auditors is set by the Shareholders' Meeting, which establishes a fixed amount for the Chairman and the other Statutory Auditors.

Annual variable component

The Chief Executive Officer, other executives with strategic responsibilities and other managers identified by the CEO from amongst managers who report directly to him or who report to the abovementioned managers, are granted annual variable remuneration related to an MBO plan.

This plan sets a common objective (Group EBIT, which is considered to be the Group's main indicator of financial performance) and quantifiable and measurable individual objectives, both economic-financial and technical-productive in nature. All objectives are set by the Board of Directors, at the proposal of the Remuneration and Nomination Committee, in accordance with the budget.

The variable component may not exceed 25% of the fixed annual gross salary; it may be only partially granted in the event that the objectives are not completely met.

75% of the variable component is paid out in the April of the following year, and 25% in the January of the second subsequent year.

Non-executive directors are not granted any variable remuneration.

Long-term incentives

A long-term financial incentive dependent on measurable and predetermined performance targets relating to the creation of value for shareholders over the long term has been established.

The incentive extends over three years (2015-2017) and is exclusively aimed at the Chief Executive Officer and executives with strategic responsibilities.

The performance targets, set in accordance with the three-year business plan, are proposed by the Remuneration and Nomination Committee to the Board of Directors, as the body responsible for approving the long-term financial incentive.

The targets that set the parameters for the long-term incentive (consolidated Group EBITDA, share value and consolidated Group free cash flow) were defined by the Board of Directors on 4 August 2015, on the recommendation of the Remuneration and Nomination Committee.

The total long-term variable component for three years may not exceed 50% of the fixed annual gross salary; it may be only partially granted in the event that the objectives are not completely met. In the event that the objectives assigned are exceeded by more than 10%, an increase of 5% of the fixed annual gross salary and remuneration is granted, weighted based on the weight of the objective.

The variable component is paid in full following the approval of the financial statements of the third year to which the incentive relates (2017).

Incentives based on financial instruments

The remuneration policy in force does not provide for the use of incentives based on financial instruments (stock options, stock grants, phantom stocks or others).

Remuneration for offices in subsidiaries

Directors and other executives with strategic responsibilities may be granted remuneration – exclusively as a fixed amount – for offices held in subsidiaries. As well as the approval of the subsidiaries' corporate bodies, this remuneration is subject to the favourable opinion of the Remuneration and Nomination Committee.

Non-monetary benefits

The Company has taken out a third-party civil liability insurance policy in favour of directors, statutory auditors and executives for unlawful acts committed in the exercise of their respective duties, in violation of obligations established by law and the Bylaws, with the sole exclusion of deliberate intent. The stipulation of this policy was approved by the Shareholders' Meeting.

The Company also provides a life insurance policy and cover for medical expenses (FASI) for executives, as established by the Collective National Contract for Industrial Managers; moreover, it has stipulated an additional policy to cover medical expenses not covered by FASI reimbursements.

Lastly, at the proposal of the Remuneration and Nomination Committee, and having consulted with the CEO, the Board of Directors also assigns company cars to executives.

Indemnity against the early termination of employment

There are no agreements for directors or other executives with strategic responsibilities governing ex ante financial settlements following the early termination of the employment relationship.

For the end of the relationship for reasons other than just cause or justified reasons provided by the employer, it is the Company's policy to pursue consensual agreements to end the employment relationship, in accordance with legal and contractual obligations.

The Company does not provide directors with benefits subsequent to the end of their mandate.

The Company has entered into a non-competition agreement with the CEO and with certain executives who report to him, the terms of which were approved by the Board of Directors, after obtaining the opinion of the Remuneration and Nomination Committee.

Claw Back clauses

The Company has decided not to establish mechanisms for the ex-post adjustment of the variable remuneration component or claw back clauses to demand the return of all or part of the variable components of remuneration paid out (or to withhold deferred sums), which were determined on the basis of data subsequently found to be clearly incorrect.

This decision was made as the variable incentive plans are based on pre-established, quantifiable and measurable performance data, both economic-financial and technical-productive in nature, the achievement of which is verified in advance.

The company reserves the unilateral right to include claw back clauses in future annual and/or longterm variable incentive plans.

Section II – REMUNERATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE BOARD OF STATUTORY AUDITORS AND OTHER EXECUTIVES WITH STRATEGIC RESPONSIBILITIES IN 2015

This section, which details remuneration paid to directors and statutory auditors:

adequately describes each of the items that make up the remuneration, showing their consistency with the Company's remuneration policy approved the previous year;
analytically illustrates the remuneration paid in the financial year under review (2015), for any reason and in any form, by the Company or by subsidiaries or affiliates, identifying any components of this remuneration that relate to activities undertaken in previous years to the year under review.

The components of the remuneration paid to directors for 2015

The remuneration granted to directors for 2015, in accordance with the Policy described in Section I, consisted of the following components:

fixed remuneration, approved by the Shareholders' Meeting of 5 May 2015, totalling €225,000, of which €15,000 is to be allocated indiscriminately to every director, and €10,000 to every nonexecutive member of the Internal Control and Risk Committee and/or the Remuneration and Nomination Committee;
additional remuneration, approved by the Shareholders' Meeting of 5 May 2015, totalling €775,000 divided among directors vested with special powers (Chairman, Vice Chairmen and Chief Executive Officer) as detailed in the table below;
an attendance fee of €1,000, due to non-executive directors only, for every occasion on which they attend Board of Directors' meetings and the meetings of committees formed within the Board.

With regard to the variable incentive plan established for 2014, the remuneration that accrued and paid out during the year with regard to the CEO, Alberto Bartoli, was €18,900.

With reference to the 2015 MBO plan, remuneration of €54,000 was accrued over the year for the partial achievement of the objectives set.

As far as the long-term incentive plan is concerned, at the end of the three-year period 2012-2014, the targets set by the Board of Directors after consulting with the Remuneration and Nomination Committee were not reached; therefore, no remuneration accrued and none was paid out.

There are no incentive plans based on financial instruments, or compensation for termination of employment.

Remuneration of Statutory Auditors for 2015

The remuneration granted to the Statutory Auditors for 2015 consists of a fixed payment determined by the Shareholders' Meeting of 5 May 2015.

Remuneration of executives with strategic responsibilities for 2015

The executive with strategic responsibilities receives a fixed remuneration component for employment totalling €127,250 and a variable component totalling €15,641, disbursed in 2015 in relation to the 2014 variable incentive plan (MBO).

Other remuneration totalling €48,500 was also disbursed by subsidiaries.

In 2015, variable remuneration of €18,877 was accrued for the achievement of some of the objectives of the 2015 MBO plan. Its payment is deferred and dependent upon the continuation of the employment relationship.

There are no incentive plans based on financial instruments outstanding.

***

For the breakdown of the remuneration paid in 2015, refer to the tables below (Table 1 and Table 2), which contain remuneration paid to directors and statutory auditors, listed by name, and, at aggregate level, other executives with strategic responsibilities currently in office, taking into account any roles held for less than the entire year. Remuneration received from subsidiaries and/or affiliates, with the exception of that waived or paid back to the Company, is also indicated separately.

With particular reference to Table 1, the column:

"Fixed remuneration" shows, for the portion relating to 2015, the fixed remuneration approved by the Board of Directors on 5 May 2015; meeting attendance fees as approved by the Board of Directors on 8 May 2012 for terms until May 2015 and on 5 May 2015 for terms under way; employee compensation due for the year gross of social security contributions and income taxes owed by the employee. Fixed remuneration due (prorated) from the previous term is excluded, as it was disbursed in full in December 2014, as well as any lump-sum expense reimbursements.
"Remuneration for attendance at Committee meetings", shows, for the portion relating to 2015, the remuneration due to directors who attended the meetings of the Committees set up within the Board and the related attendance fees as approved by the Board of Directors on 8 May 2012 for terms until May 2015 and on 5 May 2015 for those under way.
"Bonus and other incentives" includes the remuneration paid in 2015 to executives with strategic responsibilities for objectives met in the year, set out in the 2014 MBO plan. This value corresponds to the sum of the amounts provided in Table 2 in the "Bonus for the year – payable/paid", "Bonus of previous years - payable/paid" and "Other bonuses" columns.
"Non-monetary benefits" shows, according to accrual and tax liability criteria, the value of outstanding insurance policies and the company cars assigned.
"Other remuneration" shows, for the portion attributable to 2015, any other remuneration resulting from other services provided.
"Indemnity for end of office or termination of employment relationship" records the portions for the year relating to payments accrued under the scope of the Non-Competition Agreement signed by the CEO and Executives with strategic responsibilities.
"Total" shows the sum of the amounts provided under the previous items.

For a breakdown of other items, see attachment 3A, statement 7-bis and 7-ter of CONSOB Regulation 11971 of 14 May 1999.

Finally, pursuant to Article 84-quater, paragraph four of the CONSOB Issuers' Regulations, Table 3 shows shareholdings in Sabaf S.p.A. held by directors and executives with strategic responsibilities, as well as their non-separated spouses and dependent children, directly or through subsidiaries, trust companies or third parties, as shown in the shareholder register, communications received and other information acquired from the same parties. This includes all persons who held office during the year, even for only part of the year. The number of shares held is shown by individual director and in aggregate form for executives with strategic responsibilities.

TABLE 1 - Remuneration paid to members of the Board of Directors and Board of Statutory Auditors and other executives with strategic responsibilities in 2015

(figures in euro)

						Va ria ble (no	ion rat re mu ne ity ) n e qu
Na d me an su rn am e	Of fic e	Pe rio d o f o ffic e	Ex iry of p off ice	Fix ed rem tio un era n	Re ion rat mu ne for da at ten nc e a Co itt mm ee eti me ng s	Bo nu s t d o the an inc tiv en es	Pro fit sh ari r ng	No n tar mo ne y be fit ne s	Ot he r tio rem un era n	To tal	Fa ir V alu f e o uit eq y tio rem un era n	Ind nit for d em y en of off ice or mi tio f ter na n o loy nt em p me rel ati sh ip on
Bo ard of D ire cto	rs
Giu sep pe Sa ler i	Ch air ma n	5 M - 3 1 D ay ec 20 15	Ap val of pro 20 ial sta 17 fin anc tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			(a) 120 000 ,	0	0	0	0	0	120 000 ,	0	0
( II) Re ati mu ner	fro sub sid iar ies on m an	d a ffil iat es		8, 000	0	0	0	0	0	8, 000	0	0
( III) To tal				128 000 ,	0	0	0	0	0	128 000 ,	0	0
(a ) o f w hic h €1 5,	di d € 000 tor as rec an	ch air 105 000 as ma n ,
Ett ore Sa ler i	Vi Ch air ce ma n	5 M - 3 1 D ay ec 20 15	val of Ap pro 20 17 fin ial anc sta tem ent s
( I) ati Re mu ner	Sab af S A. at on .p.			(a) 140 000 ,	0	0	0	0	0	140 000 ,	0	0
( II) ati Re mu ner	fro sub sid iar ies on m an	d a ffil iat es		8, 000	0	0	0	0	0	8, 000	0	0
( III) To tal				148 000 ,	0	0	0	0	0	148 000 ,	0	0
(a ) o f w hic h €1 5,	di d € 000 tor as rec an	vic hai 125 000 as e c rm ,	an
Cin zia Sa ler i	Vi Ch air ce ma n	5 M 1 D - 3 ay ec 20 15	Ap val of pro 20 17 fin ial anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			(a) 140 000 ,	0	0	0	0	0	140 000 ,	0	0
( II) Re ati mu ner	fro sub sid iar ies on m an	d a ffil iat es		0	0	0	0	0	0	0	0	0
( III) To tal				140 000 ,	0	0	0	0	0	140 000 ,	0	0
(a ) o f w hic h €1 5,	di d € 000 tor as rec an	vic hai 125 000 as e c rm ,	an

						Va ria ble (no	ion rat re ne mu ity ) n e qu
Na d me an su rn am e	Of fic e	Pe rio d o f o ffic e	Ex iry of p off ice	Fix ed rem tio un era n	ion Re rat mu ne for da at ten nc e a Co itt mm ee eti me ng s	Bo nu s t d o the an r inc tiv en es	Pro fit sh ari ng	No n tar mo ne y be fit ne s	Ot he r tio rem un era n	To tal	Fa ir V alu f e o uit eq y tio rem un era n	Ind nit for d em y en of off ice or mi tio f ter n o na loy nt em p me rel ati sh ip on
be Ro rta Fo nin i rza	Vi Ch air ce ma n	5 M - 3 1 D ay ec 20 15	Ap val of pro 20 17 fin ial anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			(a) 140 000 ,	0	0		0 0	0	140 000 ,	0	0
( II) Re ati mu ner	fro sub sid iar ies on m an	d a ffil iat es		0	0	0		0 0	0	0	0	0
( III) To tal				140 000 ,	0	0		0 0	0	140 000 ,	0	0
(a ) o f w hic h € 15,	di d € 000 tor as rec an	vic hai 125 000 as e c rm ,	an
Alb ert o li Ba rto	Ch ief Ex tiv ecu e Of fic er	5 M - 3 1 D ay ec 20 15	Ap val of pro fin ial 20 17 anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			290 000 (a) ,	0	18, 900		0 0	0	308 900 ,	0	0
( II) Re ati mu ner	fro sub sid iar ies on m an	d a ffil iat es		11, 000	0	0		0 0	0	11, 000	0	0
( III) To tal				30 1, 000	0	18, 900		0 0	0	319 900 ,	0	0
(a ) o f w hic h € 15,	000 di d € tor as rec an	27 000 Ch ief Ex 5, as ecu	tiv e O ffic er
Gi luc an a Be sch i	Dir ect or	5 M - 3 1 D ay ec 20 15	val of Ap pro 20 17 fin ial anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			5(a) 156 26 ,	0	8, 270		0 14, 37 1	0	178 906 ,	0	0
( II) ati Re mu ner	fro sub sid iar ies on m an	d a ffil iat es		37, 000	0	0		0 0	0	37, 000	0	0
( III) tal To				193 26 5 ,	0	8, 270		0 14, 37 1	0	21 5, 906	0	0

(a) of which €15,000 as director and €141,265 as Administration, Finance and Control Director

						Va ria ble (no	ion rat re ne mu ity ) n e qu						Ind nit for d em y en of off ice or mi tio f ter na n o loy nt em p me rel ati sh ip on
Na d me an su rn am e	Of fic e	Pe rio d o f o ffic e	Ex iry of p off ice	Fix ed rem tio un era n	ion Re rat mu ne for da at ten t nc e a Co itt mm ee eti me ng s	Bo nu s d o the an r inc tiv en es	Pro fit sh ari	No n tar ng mo ne be fit ne	y s	Ot he r tio rem un era n	To tal	Fa ir V alu f e o uit eq y tio rem un era n
Re to na Ca de mo ca	Dir ect or	5 M - 3 1 D ay ec 20 15	Ap val of pro fin ial 20 17 anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			(a) 22, 000	(b) 28, 000	0		0	0	0	50, 000	0	0
( II) Re ati mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0		0	0	0	0	0	0
( III) To tal				22, 000	28, 000	0		0	0	0	50, 000	0	0
(a ) o f w hic h € 15,	di d € 000 tor as rec an	in bo ard ing 7, 000 eet m	dan fee at ten ce s
( b) of w hic h € 20, Giu sep pe Ca lli va	ber of 000 as a m em Dir ect or	th e I l C l an nte tro rna on 5 M - 3 1 D ay ec 20 15	d R isk Co itte mm val of Ap pro 20 17 fin ial anc sta tem ent s	nd th e R e a em un	tio nd No mi nat era n a	ion Co mm	itte e ( i.e. €1 0, ,	ch) 000 ea an	d € 8,	in Co itte 000 mm	ing eet e m	dan fee at ten ce s
( I) ati Re mu ner	Sab af S A. at on .p.			(a) 22, 000	(b) 28, 000	0		0	0	0	50, 000	0	0
( II) ati Re mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0		0	0	0	0	0	0
( III) tal To				22, 000	28, 000	0		0	0	0	50, 000	0	0
(a ) o f w hic h € 15,	di d € 000 tor as rec an	in bo ard ing 7, 000 eet m	dan fee at ten ce s
( b) of w hic h € 20,	ber of 000 as a m em	th l C l an e I nte tro rna on	d R isk Co itte mm	nd th e R e a em un	tio nd mi No nat era n a	ion Co mm	itte e ( i.e. €1 0, ,	ch) 000 ea an	d € 8,	in Co itte 000 mm	ing eet e m	dan fee at ten ce s
Fa to us Ga rdo ni	Dir ect or	5 M 1 D - 3 ay ec 20 15	Ap val of pro fin ial 20 17 anc sta tem ent s
( I) Re ati mu ner	Sab af S A. at on .p.			22, 000 (a)	17, 000 (b)	0		0	0	0	39, 000	0	0
( II) Re ati mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0		0	0	0	0	0	0
( III) To tal				22, 000	17, 000	0		0	0	0	39, 000	0	0
(a ) o f w hic h € 15,	000 di d € tor as rec an	5, 000 in bo ard ing eet m	dan fee at ten ce s

(b) of which €10,000 as a member of the Remuneration and Nomination Committee and €7,000 in Committee meeting attendance fees

						Va ria ble (no	ion rat re ne mu ity ) n e qu
Na d me an su rn am e	Of fic e	Pe rio d o f o ffic e	Ex iry of p off ice	Fix ed rem tio un era n	ion Re rat mu ne for da at ten t nc e a Co itt mm ee eti me ng s	Bo nu s d o the an r inc tiv en es	Pro fit sh ari ng	No n tar mo ne y be fit ne s	Ot he r tio rem un era n	To tal	Fa ir V alu f e o uit eq y tio rem un era n	Ind nit for d em y en of off ice or mi tio f ter na n o loy nt em p me rel ati sh ip on

Ni cla Pic ch i	Dir ect or	5 M - 3 1 D ay ec 20 15	Ap val of pro ial sta fin 20 17 anc tem ent s
( I) Re ati mu ner on	Sab af S A. at .p.			(a) 21, 000	(b) 12, 000	0	0	0	15, 000	48 000 ,	0	0
( II) Re ati mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0	0	0	5, 000	5, 000	0	0
( III) To tal				21, 000	12, 000	0	0	0	(c) 25, 000	53, 000	0	0
(a ) o f w hic h € 15,	di d € 000 tor as rec an	in bo ard ing 6, 000 eet m	dan fee at ten ce s
( b) of w hic h € 10,	ber of 000 as a m em	th e I l C l an nte tro rna on	d R isk Co itte mm	nd in Co €2 000 e a ,	itte ing eet at mm e m	dan fee ten ce	s
(c ) o f w hic h € 15,	ber of th 000 as m em	e S aba f S A. Sup iso .p. erv	Bo dy and €5 ry ,	ber of 000 as m em	th e S iso Bo up erv ry	dy of the su	bsi dia Far ing osi ry	Hi S.r .l. ng es
nd oli An Pe na	Dir ect or	5 M - 3 1 D ay ec 20 15	Ap val of pro fin ial 20 17 anc sta tem ent s
( I) Re ati mu ner on	Sab af S A. at .p.			(a) 21, 000	0	0	0	0	0	21, 000	0	0
( II) Re ati mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0	0	0	0	0	0	0
( III) To tal				21, 000	0	0	0	0	0	21, 000	0	0
(a ) o f w hic h € 15,	di d € 000 tor as rec an	in bo ard ing 6, 000 eet m	dan fee at ten ce s
Sa lva tor e Br tin i ag an	Dir ect or	1 J M - 5 20 15 an ay	val of Ap pro fin ial 20 14 anc sta tem ent s
( I) ati Re mu ner on	Sab af S A. at .p.			(a) 2, 000	(b) 1, 000	0	0	0	0	3, 000	0	0
( II) ati Re mu ner	fro sub sid iar ies on m	d a ffil iat an es		0	0	0	0	0	0	0	0	0

1,000 ⁰ ⁰ ⁰ ⁰ 3,000 ⁰ ⁰

(a) as board meeting attendance fees

(b) as attendance fees for participation in Internal Control and Risk Committee meetings

(III) Total 2,000

Variable remuneration (non equity)

d Na me an su rn am e	Of fic e	Pe rio d o f o ffic e	iry of Ex p off ice	Fix ed rem tio un era n	Re ion rat mu ne for da at ten t nc e a Co itt mm ee eti me ng s	Bo nu s d o the an r inc tiv en es	Pro fit sh ari ng	No n tar mo ne y be fit ne s	Ot he r tio rem un era n	To tal	ir V alu f Fa e o uit eq y tio rem un era n	Ind nit for d em en y of off ice or mi tio f ter na n o loy nt em p me rel ati sh ip on
Le ard on o Co ssu	Dir ect or	1 J M - 5 20 15 an ay	Ap val of pro 20 14 fin ial anc sta tem ent s
( I) Re ati mu ner on	Sab af S A. at .p.			2, 000 (a)	2, 000 (b)	0	0	0	0	4, 000	0	0
( II) Re ati mu ner on	fro sub sid iar ies m	d a ffil iat an es		0	0	0	0	0	0	0	0	0
( III) tal To				2, 000	2, 000	0	0	0	0	4, 000	0	0