Sanlorenzo — AGM Information 2020

Sep 11, 2020

FILE REF. 9.955 FILE NO. 4.364 MINUTES OF THE ORDINARY SHAREHOLDERS' MEETING REPUBLIC OF ITALY

In the year two thousand and twenty, the thirty-first day of August, at forty minutes after ten o'clock

31 August 2020

In La Spezia, Viale San Bartolomeo no. 362, at the Company's offices. Before myself, Mr Niccolò Massella Ducci Teri, Notary in La Spezia, enrolled in the Board of Notaries for the United Districts of La Spezia and Massa,

IS APPEARING

• PAOLO OLIVIERI, born in Turin on 24 October 1961, domiciled for purposes of the office at the aforementioned address, who, connected via teleconference, declares that he is acting here as Deputy Chairperson of the Board of Directors and legal representative of the company "SANLORENZO S.p.A", with initials "SL S.P.A.", with registered office in Ameglia at via Armezzone no. 3, share capital of €34,500,000.00 fully paid-in, enrolled in the Companies' Register of the Chamber of Commerce, Industry, Crafts and Agriculture of Riviere di Liguria - Imperia La Spezia Savona with the following registration number and tax code 00142240464, VAT number 01109160117 (hereinafter "Sanlorenzo" or the "Company"), in accordance with the powers delegated to him by virtue of the current Bylaws, a company with shares admitted for trading on the electronic stock market organised and managed by "Borsa Italiana S.p.A.", an Italian citizen and of Italian nationality, of whose personal identity, qualification and powers I, as Notary, am certain.

Mr Paolo Olivieri takes the floor and, pursuant to Article 11.2 of the Bylaws, requests that I, as Notary, draft the minutes of the Ordinary Shareholders' Meeting.

Firstly, the Chairperson warmly welcomes all those present and assumes the chair of the Shareholders' Meeting pursuant to Article 11.1 of the By-laws.

As a preliminary matter, he notes that, following the extension of the state of emergency throughout the country for the health risk associated with the outbreak of the Covid-19 epidemic until 15 October 2020, the Company has chosen, for as long as the state of emergency continues, to exercise the option envisaged in Article 106, paragraphs 4 and 7, of Decree Law no. 18 of 17 March 2020, converted with amendments by Conversion Law no. 27 of 24 April 2020, containing "measures to strengthen the national health service and provide economic support for households, workers and businesses related to the epidemiological emergency from Covid-19" to include in the notice of call for the meeting that:

• participation in the Shareholders' Meeting by those entitled to vote is carried out exclusively through the designated representative, in accordance with Article 135-undecies, of Legislative Decree no. 58 of 1998;

• pursuant to Decree Law no. 18 of 17 March 2020, converted with amendments by Conversion Law no. 27 of 24 April 2020, the designated representative may also be granted proxies or sub-delegations pursuant to Article 135-novies of the Consolidated Finance Law (TUF), as an exception to Article 135-undecies, paragraph 4, of the same consolidated law;

• participation by means of telecommunications that guarantee identification is reserved only for directors and auditors, the designated representative, as

well as other persons entitled to participate pursuant to the law or the Bylaws or in any case invited by the Chairperson, other than those who have the right to vote.

Therefore, he acknowledges:

• that the undersigned and the Directors, Marco Viti and Carla Demaria, are present at the meeting while the Chairperson and all participants - whose identity and standing to participate in the meeting have been ascertained by the Deputy Chairperson - are participating via audio-video connection and telecommunications;

• that from the Board of Directors, the Chairperson of the Company, Mr Massimo Perotti, the Deputy Chairperson, Mr. Paolo Olivieri, as well as the Directors, Mses Cecilia Maria Perotti, Silvia Merlo, Licia Mattioli and Messrs Leonardo Luca Etro and Pietro Gussalli Beretta are present via telecommunications;

• that the Board of Statutory Auditors are present, via telecommunications, the Standing Auditors, Messrs Andrea Caretti and Roberto Marrani as well as Ms Margherita Spaini;

• that the following employees of the Company are present at the registered office, at the invitation of the Chairperson: Mr Attilio Bruzzese and Ms Silvia Guidi;

• that the following advisors for the Company are present via telecommunciations, at the invitation of the Chairperson: Mr Toti Musumeci, Mr Vittorio Squarotti, Ms Elodie Musumeci, Mr Leonardo Musumeci, Ms Carlotta Pastore, and Mr Roberto Panero;

• that the Ordinary Shareholders' Meeting was duly convened herein for today, 31 August 2020, at thirty minutes past ten o'clock at the Company's offices in La Spezia, viale San Bartolomeo 362, in first call, and if necessary, on 1 September 2020, at thirty minutes past ten o'clock in second call, in accordance with the law and the By-laws, by means of a notice of call published on 1 August 2020 on the Company's website, in the Corporate Governance section, and on the "emarket storage" mechanism, which was announced with a press release, as well as, in the form of an excerpt, in the "ilsole24ore" newspaper, with the following

AGENDA

1. Authorisation to the purchase and disposal of treasury shares pursuant to the combined provisions of Articles 2357 and 2357-ter of the Italian civil code, as well as Article 132 of Legislative Decree no. 58 of 24 February 1998 and related implementing provisions. Related and consequent resolutions.

The Chairperson announces that were no requests for additions to the meeting agenda submitted by shareholders nor were there any proposals for resolutions on the items already on the agenda, pursuant to and within the terms established in Article 126-bis of the Consolidated Finance Law (TUF). He notes that, as indicated in the notice of call, pursuant to Article 106 of the "Cura Italia" decree and as an exception to the provisions of Article 10.4 of the By-laws, participation in the meeting by those entitled to vote is permitted exclusively through the Company's designated representative, Spafid S.p.A., as the party to whom the shareholders can confer proxies with voting instructions on all or some of the proposals on the agenda, pursuant to Article 135-undecies of the TUF and that Spafid S.p.A., as designated representative, has announced that it has no personal interest in the proposed

resolutions submitted for voting. However, considering the contractual relationships between Spafid and the Company related, in particular, to technical support for the shareholders' meeting and ancillary services, in order to avoid any subsequent disputes connected with presumed circumstances that may result in a conflict of interest as described in Article 135-decies, paragraph 2, lett. f), of the TUF, Spafid has expressly stated that, should unknown events occur or in the case of amendments or supplements to the proposals presented to the Shareholders' Meeting, it does not intend to cast a vote that differs from that indicated in the instructions.

The Chairperson invites the designated representative to make any declaration required by law.

The designated representative, Ms Elena Perani, takes the floor and states:

• that by the legal deadline, 116 (one hundred and sixteen) total proxies for 28,459,201 (twenty-eight million four hundred and fifty-nine thousand two hundred one) ordinary shares equal to 82.490% (eighty-two point forty-nine percent) of the share capital had been received;

• that prior to each vote, she will communicate the shares for which no voting indications have been provided by the delegating party.

The Chairperson, having acknowledged that pursuant to paragraph 3 of the aforementioned Article 135-undecies, the shares for which the designated representative has been granted proxy, including partially, are counted for purposes of duly constituting the meeting, while the shares for which voting instructions have not been provided for the proposals on the agenda will not be counted for the purposes of calculating the majority and the share capital required for approving related resolutions,

states that, therefore, 116 (one hundred and sixteen) shareholders entitled to vote are present by proxy, representing 28,459,201 (twenty-eight million four hundred and fifty-nine thousand two hundred one) ordinary shares equal to 82.490% (eighty-two point forty-nine percent) of 34,500,000 (thirty-four million five hundred thousand) ordinary shares constituting the share capital.

The Chairperson states that the communications of the intermediaries for purposes of participation in this Shareholders' Meeting by the entitled persons through the designated representative were carried out in accordance with relevant governing legal provisions and in compliance with the provisions of the By-laws.

Hence, the Chairperson declares that the Ordinary Shareholders' Meeting is duly convened, validly constituted in first call within the terms of the law and the By-laws and is empowered to make resolutions upon items on the agenda.

He announces that there was no solicitation of voting proxies pursuant to Article 136 et seq. of the TUF promoted in relation to today's meeting.

He communicates that, pursuant to the "GDPR" (General Data Protection Regulation - EU regulation 2016/679) and governing national legislation on personal data protection, the personal data collected are processed and stored by the Company, on electronic and paper media, for purposes of duly performing the work of the Shareholders' Meeting and for taking minutes, as well as any related corporate and legal obligations.

He also notes that the audio-video recording of the Shareholders' Meeting is made for the sole purpose of facilitating the meeting minutes and documenting that which is transcribed in the minuets, as specified in the information provided to all participants; all data will be stored, together with

The Chairperson also declares that:

• the subscribed and paid-in share capital at today's date is €34,500,000.00 (thirty-four million five hundred thousand) and is represented by 34,500,000 ordinary shares (thirty-four million five hundred thousand), without par value.

• on 21 April 2020, the Shareholders' Meeting approved a divisible share capital increase, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, of a maximum nominal value of €884,615.00 (eight hundred and eighty-four thousand, six hundred and fifteen and 00/100), to be executed no later than 30 June 2029, through the issue of a maximum number of 884,615 (eight hundred and eighty-four thousand, six hundred and fifteen) ordinary Sanlorenzo shares destined exclusively and irrevocably to service the 2020 Stock Option Plan, as approved by the Sanlorenzo Extraordinary Shareholders' Meeting of 21 April 2020, all under the terms and conditions set out in the resolution;

• each ordinary share provides the right to one vote in Shareholders' Meetings;

• as at today's date there are no shares that have accrued the right to increase the voting right;

• the Company does not hold treasury shares;

• the Company's shares are admitted for trading on the electronic stock market organised and managed by Borsa Italiana S.p.A. - Star segment; recalls that:

• Consob, most recently with Resolution no. 21434 of 8 July 2020, approved an extension for three months, from 12 July 2020 until 12 October 2020, unless revoked in advance, (i) of the provisions of Resolution no. 21326 of 9 April 2020, which lowered the initial threshold for certain issuers, including Sanlorenzo, that triggers the requirement to disclose significant shareholdings pursuant to Article 120, paragraph 2, of the TUF, from 3% to 1%; (ii) of the provisions of Consob Resolution no. 21327 introducing an additional threshold of 5%, which when reached or exceeded triggers the requirement to publish the "Statement of Intent" referred to in Article 120, paragraph 4-bis, of the TUF in relation to all Italian listed companies with a large shareholder base, including Sanlorenzo.

• to date, according to the shareholders' register of the Company, the parties that hold, directly or indirectly, an equity investment greater than 1% of the subscribed share capital of Sanlorenzo, represented by shares with voting rights, supplemented by disclosures received pursuant to Article 120 of the TUF and other information available, are the following:

Shareholder	Number of ordinary shares	% ownership of share capital
Massimo Perotti (Holding Happy Life S.r.l.)	21,644,023	62.736%
JP Morgan Asset Management Holdings Inc.	2,226,630	6.454%
Templeton Investment Counsel LLC	1,658,760	4.808%
Ferruccio Rossi	540,000	1.565%
Intesa Sanpaolo S.p.A.	514,050	1.490%
Marco Viti	480,000	1.391%
Norges Bank	385,288	1.117%
Carla Demaria	356,056	1.032%

The Chairperson notes:

• that the voting right inherent in shares for which the disclosure obligations referred to in articles 120 and 122, paragraph 1, of the TUF cannot be exercised, concerning respectively the significant shareholdings and shareholders' agreements;

• that the Company is not aware of any shareholders' agreements stipulated between shareholders;

• that the designated representative has declared that she will vote based on the instructions provided by the delegating parties;

• that, with regard to the agenda item, the requirements envisaged by governing laws and regulations have been duly fulfilled; in particular, the following documents were filed at the registered office, as well as made available on the website www.sanlorenzoyacht.com, "Corporate Governance" section, and on the "emarket storage" mechanism in accordance with the law:

-- disclosure related to the share capital pursuant to Article 125-quater, paragraph 1, letter c) of the TUF;

-- the explanatory report on the agenda items, drawn up pursuant to Article 125-ter of the TUF;

• that the following are attached to the meeting minutes as an integral and essential part of the same and will be available to those entitled to vote:

-- the list of names of the participants in the Shareholders' Meeting, through the designated representative, complete with all the data required by Consob, indicating the number of shares for which the communication by the intermediary to the issuer has been made, pursuant to Article 83-sexies of the TUF (ATTACHMENT A);

-- the list of names of the persons who have expressed, through the designated representative, a vote in favour or against, or have abstained, and the relative number of shares represented by him/herself and by proxy (ATTACHMENT B);

• that the Company has not received any questions prior to the Shareholders' Meeting within the deadline of 24 August 2020, indicated in the notice of call in accordance with the provisions of Article 127-ter of the TUF.

The Chairperson of the Board of Statutory Auditors then takes the floor and declares that he has verified and can ensure, with reference to the issue of proxies to the Company's designated representative, the confidentiality by the designated representative of the voting instructions up to the beginning of voting in the Shareholders' Meeting.

******

The Chairperson then moves to discuss the first and only agenda item:

Authorisation to the purchase and disposal of treasury shares, pursuant to the combined provisions of Articles 2357 and 2357-ter of the Italian civil code, as well as Article 132 of Legislative Decree no. 58 of 24 February 1998 and related implementing provisions. Related and consequent resolutions.

The Chairperson states that this Ordinary Shareholders' Meeting was convened to review and approve the proposal to authorise the purchase and dispose of Sanlorenzo ordinary shares, pursuant to the combined provisions of Articles 2357 and 2357-ter of the Italian civil code, as well as Article 132 of the TUF and related implementing provisions.

The request for authorisation to purchase and dispose of treasury shares is intended to grant the Sanlorenzo Board of Directors the power to purchase and dispose of treasury shares, in compliance with applicable regulations, in order to (including the purposes envisioned in accepted market practices):

(i) operate on the market from a medium and long-term investment perspective; and/or

(ii) use excess liquidity; and/or

(iii) optimise the capital structure; and/or

(iv) have a "securities inventory" to be used - in any way, including but not limited to, in addition to the sale, through exchange, contribution and any other non-cash disposal - in the context of extraordinary transactions of interest to Sanlorenzo, including, but not limited to, exchange of equity investments, acquisitions, mergers, demergers, share capital transactions, other corporate and/or financial transactions; and/or

(v) serve any future management stock incentive plans approved by the Company.

The requested authorisation entails the power to purchase, in one or more transactions and to an extent that can be freely determined - at any given time - by resolution of the Board of Directors, a maximum number of the Company's ordinary shares, without par value, equal to 3,450,000 (or 10% of the subscribed and paid-up share capital as of today's date), without prejudice to compliance with the maximum limit established by Article 2357, paragraph 3 of the Italian Civil Code.

In accordance with Article 2357, paragraph 1 of the Italian Civil Code, purchases may only be made within the limits of distributable profit and available reserves resulting from the latest (including interim) approved financial statements and may only refer to fully paid-in shares.

The authorisation grants the Board of Directors the power to dispose of the shares in the portfolio at any time and to a freely determinable extent, in one or more transactions, even before having exhausted the quantity of treasury shares that can be purchased.

The authorisation also gives the Board of Directors the power to repurchase the shares after their possible disposal, provided that the repurchase is in compliance with the legal limits and the maximum limit of the purchase authorisation as established above.

At today's date, the subscribed and paid-in share capital is €34,500,000.00 and is represented by 34,500,000 ordinary shares, without nominal value.

On 21 April 2020, the Sanlorenzo Extraordinary Shareholders' Meeting approved a divisible share capital increase, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, of a maximum nominal value of €884,615.00, to be executed no later than 30 June 2029, through the issue of a maximum number of 884,615 ordinary Sanlorenzo shares destined exclusively and irrevocably to service the 2020 Stock Option Plan, as approved by the Sanlorenzo Ordinary Shareholders' Meeting of 21 April 2020, all under the terms and conditions set out in the resolution.

As of today, neither Sanlorenzo nor its subsidiaries hold shares in Sanlorenzo.

Subsidiaries will be given specific instructions to promptly report any purchases of shares made pursuant to Article 2359-bis of the Italian Civil Code.

The authorisation to purchase treasury shares is requested for a period of 18 (eighteen) months from the date of the relative authorisation resolution of the Ordinary Shareholders' Meeting.

Within this period, the Board of Directors may proceed with the purchases in one or more transactions and at any time, to the extent and under a timeframe that is freely determined in compliance with the applicable rules, with the timing and progression deemed appropriate in Sanlorenzo's interest. The authorisation to dispose of treasury shares is requested without time limits.

The disposal of shares in the portfolio may take place at any time and to a freely determinable extent, in one or more transactions, even before having exhausted the quantity of treasury shares that may be purchased, with the timing and progression deemed appropriate by the Sanlorenzo Board of Directors in the Company's interest; it is also possible to re-purchase the shares after their disposal, provided that the disposal complies with legal limits and the maximum limit of the purchase authorisation as established above.

It is proposed to authorise that treasury shares may be purchased - in compliance with all applicable regulations - at a price that is not more than 10% above or below the reference price recorded on the electronic stock market organised and managed by Borsa Italiana S.p.A. in the trading session prior to each individual transaction.

The sale or other disposals of treasury shares shall be carried out:

(i) if transacted in cash, at a price that is not more than 10% higher or lower than the reference price recorded on the electronic stock market organised and managed by Borsa Italiana S.p.A. in the trading session prior to each individual transaction;

(ii) if transacted - in any manner, including by way of example and not limited to, in addition to the sale, through exchange, contribution and any other non-cash disposal - in the context of extraordinary transactions of interest to Sanlorenzo, including, but not limited to, exchange of equity investments, acquisitions, mergers, demergers, share capital transactions, other corporate and/or financial transactions, according to the economic conditions that will be determined by the Sanlorenzo Board of Directors based on the nature and characteristics of the transaction, including taking into consideration the market performance of the Sanlorenzo stock and the best interest of the Company;

(iii) with regard to shares servicing the management stock incentive plans, according to the terms and conditions indicated by the plan regulations.

The purchase transactions must be carried out in such a way as to allow compliance with the equal treatment of shareholders in accordance with the provisions of Article 132 of the TUF, Article 144-bis of Consob Regulation no. 11971 of 14 May 1999 as subsequently amended (the "Issuers' Regulation") and any other governing legislation as well as, to the extent applicable, accepted market practices.

The shares servicing the management stock incentive plans will be assigned in the manner and within the terms envisaged in the relative plan regulations. The disposal of shares may take place at any time and to a freely determinable extent, in one or more transactions, including before having exhausted the quantity of treasury shares that may be purchased; it will also possible to re-purchase the shares after their disposal, provided that the disposal complies with legal limits and the maximum limit of the purchase authorisation as established above.

The disposal may take place in the manner deemed most appropriate by the Board of Directors in the Company's interest, on or off the stock exchange, and in any case in compliance with governing regulations and, where applicable, accepted market practices in force at a given time.

Finally, the Chairperson states that the purchase of treasury shares covered by this request for authorisation is not a tool for reducing Sanlorenzo's share capital.

In light of the foregoing, the Board of Directors submits the following resolution proposal for your approval: "The Shareholders' Meeting of Sanlorenzo S.p.A., convened in ordinary session,

(i) having heard and approved the explanation provided by the Board of Directors;

(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;

(iii) agreeing with the reasons for the proposals contained therein;

resolves

1. to authorise the Board of Directors of Sanlorenzo S.p.A. to purchase, in one or more transactions and to a freely determinable extent, for a period of 18 (eighteen) months from the date of this resolution, ordinary shares of Sanlorenzo S.p.A., for the purposes referred to in the aforementioned Explanatory Report of the Board of Directors and within the limits, under the conditions and according to the procedures described in the Report, to be considered referenced in full, and in particular with the procedures specified below:

(i) the maximum number of shares to be purchased is 3,450,000 (three million four hundred and fifty thousand), subject in any case to compliance with the maximum limit envisaged in Article 2357, paragraph 3 of the Italian Civil Code;

(ii) the purchases will be carried out - in compliance with all applicable regulations - at a price that is not more than 10% (ten percent) higher or lower than the reference price recorded on the electronic stock market organised and managed by Borsa Italiana S.p.A. in the trading session prior to each individual transaction;

(iii) in any case, purchases may only be made within the limits of distributable profit and available reserves resulting from the latest

(including interim) approved financial statements and may only refer to fully paid-in shares;

(iv) the purchases must be carried out in such a way as to allow compliance with the equal treatment of shareholders in accordance with the provisions of Article 132 of the TUF, Article 144-bis of Consob Regulation no. 11971 of 14 May 1999 as subsequently amended (the "Issuers' Regulation") and any other governing legislation as well as, to the extent applicable, accepted market practices in force at a given time;

2. to authorise the Board of Directors of Sanlorenzo S.p.A. to dispose of treasury shares, with no time limit, in the manner deemed most appropriate for the Company's interest and in compliance with applicable regulations, for the purposes described in the Explanatory Report of the Board of Directors and within the limits, under the conditions and terms described in the Report, to be considered referenced in full, and in particular, in compliance with the terms, conditions and requirements established by governing regulations as well as, where applicable, accepted market practices in force at a given time, in particular if the shares are used to carry out activities to support market liquidity, with the procedures specified below:

(i) the treasury shares may be disposed in one or more transactions, and to a freely determinable extent, even before having exhausted the quantity of treasury shares that may be purchased; it will also possible to re-purchase the shares after their disposal, provided that the disposal complies with legal limits and the maximum limit of the purchase authorisation as established above;

(ii) if transacted in cash, disposals cannot be carried out at a price that is more than 10% (ten percent) lower than the reference price recorded on the electronic stock market organised and managed by Borsa Italiana S.p.A. in the trading session prior to each individual transaction;

(iv) if the disposals of the shares are carried out - in any manner, including by way of example and not limited to, in addition to the sale, through exchange, contribution and any other non-cash disposal - in the context of extraordinary transactions of interest to Sanlorenzo S.p.A., including, but not limited to, exchange of equity investments, acquisitions, mergers, demergers, share capital transactions, other corporate and/or financial transactions; the economic conditions will be determined by the Board of Directors of Sanlorenzo S.p.A. based on the nature and characteristics of the transaction, including taking into consideration the market performance of the Sanlorenzo stock and the best interest of the Company;

(iv) the shares servicing the management stock incentive plans will be assigned to plan beneficiaries in the manner and within the terms envisaged in the relative plan regulations;

3. to confirm and grant as necessary to the Board of Directors of Sanlorenzo S.p.A. the power and any broader and more appropriate authority needed to perform any activity, take any resolution and sign any deed to execute the resolutions referred to in the preceding points and to disclose the relevant information to the market, pursuant to the applicable legislation and regulations, with the right to delegate their powers, duties and responsibilities to the Chairperson of the Board of Directors, the Deputy Chairperson of the Board of Directors and other members, including separately."

Andrea Caretti, Chairperson of the Board of Statutory Auditors, takes the floor and confirms that the Board of Statutory Auditors, following the analysis of the documentation produced, has not found any impeding elements.

The Chairperson, Paolo Olivieri, puts the proposed resolution, which was previously read, to the vote, asking the designated representative, pursuant to Article 135-undecies of the TUF, for purposes of calculating the majority, if, in relation to the proposal which has been read, she has voting instructions for all the shares for which the proxy has been conferred.

Following the intervention of the designated representative, the Chairperson specifies that 116 (one hundred and sixteen) shareholders entitled to vote, representing 28,459,201 (twenty-eight million four hundred and fifty-nine thousand two hundred one) ordinary shares, are present - by proxy conferred to the designated representative - equivalent to 82.490% (eighty-two point forty-nine percent) of the share capital.

The voting proceeds, with the designated representative reading the votes.

• in favour, 27,515,553 votes equal to 96.684% of the voting share capital

• against, 943,648 votes equal to 3.316% of the voting share capital
• abstained, zero votes equal to zero % of the voting share capital

• not voting, zero votes equal to zero % of the voting share capital The proposal is approved, according to the details set out in Attachment "C". The Chairperson asks the designated representative, pursuant to Article 134 of the Issuers' Regulation, whether she has cast votes that differ from the instructions received. The designated representative responds in the negative. As there is nothing left to deliberate and none of the participants have requested the floor, the Chairperson closes the Shareholders' Meeting at fifteen minutes after eleven o'clock.

The expenses of this deed and related expenses are borne by the Company.

Pursuant to and for purposes of governing privacy regulations, the appearing party declares to have received from myself, the Notary, the written information required by Article 13 of Legislative Decree no. 196 of 30 June 2003 and expressly authorises the processing of "common" personal data for all institutional purposes of my office as well as the "sensitive" and/or "judicial" data possibly contained in this deed or, in any case, acquired during the related proceedings where permitted, for the latter, by specific provisions of the law or by a provision of the Privacy Authority.

Upon request, I, the Notary, received this deed which I have read to the appearing party who, when asked by me, recognises it as fully compliant with his instructions by signing it, together with myself, the Notary, as it is twenty minutes after eleven o'clock.

Written partly with electronic means by a person I trust, partly by hand by myself, the Notary, this deed consists of six documents, of which it occupies twenty-three sides and up to now the twenty-fourth.

Signed Niccolò Massella Ducci Teri, Notary

LEGAL NOTICE

This document is an informal translation of the original Italian document. In case of inconsistency between this document and the original document in Italian, the latter will prevail.

ŗ

Assemblea ordinaria del 31 agosto 2020

ELENCO INTERVENUTI

Allegato al n. 9955.... di Repertorio comunicazione n. 1 e al n. 14364... di Raccolta sub. "A "

	Rappresentante	Delegato	Azioni in	Azioni par delega	% sulle azioni ord.	u	э	ш	Þ	w	E
1 FRANKLINTEMPLETONINT		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		365.911	1,032	10:30
2 GOVERNMENT OF NORWAY		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		389.977		1,130 10:30
3 QUADRIGE PATRIMOINE		RAPP. DESIGNATO SPAFID S.P.A. (FLENA PERANI)		5.011		0.015 10:30
4 QUADRIGE EUROPE MIDCAPS		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		240.249		0,696 10:30
SQUADRIGE MULTICAPS EUROPE		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		2277		0,006 10:30
6 STRATHCLYDE PENSION FUND		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		225.671		0.654 10.30
7 EMPLOYEES' RETIREMENT FUND OF THE CITY OF FORT WORTH		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		47.823		0.139 10.30
B CHALLENGE ITALIAN EQUITY		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		23.227		$0.067$ 10:30
9 EUROPEAN SMALL CAP EQUITY 2		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		46.834		0,136 10:30
10 UBS ETF		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		2319		0,007 10:30
11 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		14.388		0,042 10:30
12 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		802	0,002	10:30
13 COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF COOK COUNTY		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		196,802	0.570	10:30
14 RUSSELL INVESTMENT COMPANY PLC		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		1,496		0,004 10:30
15 STATE OF MONTANA BOARD OF INVESTMENTS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		31,610		0,092 10:30
16 MERCER UCITS COMMON CONTRACTUAL FUND		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		1.153		0,003 10:30
17 NEW ENGLAND CARPENTERS GUARANTEED ANNUITY		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		916	0.000	10:30
18 ISHARES VII PLC		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		4.364	0,013	10:30
19 ISHARES VII PLC		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAN)		21,193	0.061	10:30
20 COLLEGE RETIREMENT EQUITIES FUND		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		15.612		0,045 10:30
21 JPMORGAN FUNDS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		145,988	0,423	10:30
22 JPMORGAN FUNDS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		304.750	0,003	10:30
23 JEMORGAN FUNDS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		28.471	0,083	10.30
24 VANGUARD INVESTMENT SERIES PLC		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		4.188	0,012	10,30
25 TEMPLETON FOREIGN SMALLER COMP SERIES		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		398,605	1,155	10:30
26 JNLFRANCIN TEMPLETON INTERNATIONAL SMAL		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		131.915		0,382 10:30
27 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHO		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		5.074		0,015 10:30
28 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		\$52	0.000 10.30
29 JPM EUROPE SMALLER COMPANIES FUND		RAPP. DESIGNATO SPATID S.P.A. (ELENA PERANI)		204,606	0,593	10:30
30 FONDS DE RESERVE POUR LES RETRAITES		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		60454	0,175	10.30
31 VANGUARD INTERNATIONAL SMALL COMPANIES I		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		2.600	0,008	10:30
32 JPMORGAN EUROPEAN SMALLER COMPANIES TST		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		828,954		2,403 10:30
33 BLACKROCK INSTITUTIONAL TRUST COMPANY N.A. INVESTABLET THAT FLOR EMPLOYEE BENEFIT TRUS APP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)				16.064	0,047	10:30
34 BLACKROCK INSTITUTIONAL TRUST COMPANY AA INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TRUS RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)				58.027	0,168 10:30
BLACKROCK INSTITUTIONAL TRUST COMPANY N.A. INVESTMENT FUNDS FOR EMPLOYE B		IE BENEFIT TRUSRAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		$-3.108$	0.008	70.30
30 BLACKROCK INSTITUTIONAL TRUST COMPANY NA INVESTMENT FUNDS FOR EMPLOYEE		BENEFIT TRUSTRAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		7.028	0,020	10:30
37 MSCI WORLD SMALL CAP EQUITY ESG SCREENED INDEX FUND B		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		1,168	0.008 70.30

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BLACKROCK MSCI EMU IMI INDEX FUND B (EMUIMIB)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	F 4,563	0,013 0,000	10:30 10.30
39 BLACKROCK MSCI EAFE SMALL CAP EQUITY INDEX FUND B (EAFESMLB)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)
IN TREOTO NUT YO 43 JTSB LTD. AS TRUSTEE FOR SUMITOMO MITSUI TRUST BANK LIMITED AS TRUSTEE F	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	7.708	0,022	10:30
41 STATE OF NEW MEXICO STATE INVEST COUNCIL	RAPP. DESIGNATO SPATID S.P.A. (ELENA PERANI)	218.232	0,633	10:30
42 ISHARES MSCI EAFE SMALL-CAP ETF	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	53,460	0,155	10:30
43 ISHARES MSCI EUROPE SMALL-CAP ETF	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1,406	0,004	10.30
44 TEMPLETON INTERNATIONAL SMALLERCOMPANIES FUND	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	248053	0,719	10:30
45 CITY OF NEW YORK GROUP TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2713	0,008	10:30
48 CITY OF NEW YORK GROUP TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	3.729	0,011	10:30
47 CITY OF NEW YORK GROUP TRUST	RAPP. DESIGNATO SPATIO S.P.A. (ELENA PERANI)	3.311	0,010	10:30
48 AVIVA SMALL MID CAPS EUR ISR	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	62.000	0,180	10:30
48 AVIVA GRANDES MARQUES ISR	RAPP DESIGNATO SPAFID S.P.A. (ELENA PERANI)	130,000	0280	10.30
SO A CADIAN CORE INTERNATIONAL EQUITY FUND	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	F.	0,000	10:30
51 UNIVERSITY OF GUELPH FOREIGN PROPERTY TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		0,000	10:30
52 STICHTING PENSIOENFONDS OPENBARE APOTHEKERS	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2377	0,007	10.30
53 STICHTING PENSIOENFONDS VOOR HUISAR	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	359	0,001	10:30
54 VANITAGETRUST III MASTER COLLECTIVE INVESTMENT FUND TRUST	RAPP. DESIGNATO SPAFIO S P.A. (ELENA PERANI)	3.786	0,011	1030
55 NEW YORK STATE COMMON RETIREMENT FU	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.135	$0$ 003	1030
56 JPMORGAN CHASE BANK - PB - CANADA P	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	542	0,002	1050
57 CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	65	0,002	10:30
58 FIDELITY COMMON CONTRACTUAL FUND II	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	3,421	0,010	10:30
59 ACADIAN INTERNATIONAL SMALL-CAP	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.008	0,003	10.30
	RAPP. DESIGNATO SPAFID S P.A. (ELENA PERANI)	127.517	0.370	10.30
60 BNPP MODERATE FOCUS ITALIA	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	3.224	0,009	10:30
61 BNP PARIBAS EQUITY - FOCUS ITALIA		5.919	0,017	10:30
62 INTERNATIONAL PAPER CO COMMINGLED INVESTMENT GROUP	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)
63 CENTRAL PROVIDENT FUND BOARD	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	849	0,002	10:30
64 HARBOR OVERSEAS FUND	RAPP. DESIGNATO SPAFD S.P.A. (ELENA PERANI)	1,250	0.004 10:30
65 KP INTERNATIONAL EQUITY FUND	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2.353	0,007	10:30
SS MERCER UCITS COMMON CONTRACTUAL FUND	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.231	0.004	10:30
57 ENGIGN PEAK ADVISORS INC	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.834	0,005	10:30
SSGA SPDR ETFS EUROPE II PUBLIC LIMITED COMPANY 8	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	3.182	0,009	10:30
STATE OF NEW JERSEY COMMON PENSION FUND D 3	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.946	0,006	10:30
70 BLUE CROSS AND BLUE SHIELD OF KANSAS, INC.	RAPP. DESIGNATO SPAFD S.P.A. (ELENA PERANI)	1,810	0,005	10.30
OLD MESTBURY SMALL AND MID CAP STRATEGIES FUND r	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	872	0,000	10.30
LEGAL AND GENERAL COLLECTIVE INVESTMENT TRUST. r	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	348	0,0001	10:30
SS BK AND TRUST COMPANY INV FUNDS FOR TAXEXEMPT Ľ	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	11.611	0,034	10:30
74 MSCI EAFE SMALL CAP PROV INDEX SEC COMMON TR F	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	6,729	0,020	10:30
76 LSC PENSION TRUST	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	883	0,003	10:30
76 BRITISH COLLINGIA INVESTMENT MANAGEMENT CORPORATION	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	622	0,002	10:30
77 VERDIPAPIRE ONDET KLP AKSJEGLOBAL SMALL CAP INDEKS I	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.892	0,005	10.30
78 DOW RETIREMENT GROUP TRUST THE DOW CHEMICAL COMPANY	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2.801	0,0008	10.30
	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANT)	424	0,007	0.011
79 MUNICIPAL EMPLOYEES' ANNUITY AND BENEFIT FUND OF CHICAGO		2.081	0,006	10:30
80 PECO ENERGY COMPANY RETIREE MEDICAL TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)
81 EXELON CORPORATION EMPLOYEES' BENEFIT TRUST FOR UNION EMPLOYEES	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1,140	88	10.30
62 EXELON CORPORATION PENSION MASTER RETIREMENT TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	676	0.002 10:30

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83 HOSPITAL ALTHORITY PROVIDENT FUND	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.583	0,005 10:30
94 ASCENSION ALPHA FUND LLC	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2.318	0,007 10:30
85 NEW ZEALAND SUPERANNUATION FUND	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.259	0,004 10:30
BB TEXAS CHRISTIAN UNNERSITY	RAPP, DESIGNATO SPAFID S.P.A. (FLENA PERANI)	1,400	0,004 10:30
87 NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	12.362	0,036 10:30
BB NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	3,629	0,011 10:30
BEIVEST VIRGINA INVESTMENT MANAGENENT BOARD	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.658	0.005 10.30
90 ILLINOIS MUNICIPAL RETIREMENT FUND	PAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	112,026	0,325 10:30
GA LIBERTY M	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	46.000	0,133 13:30
S2 MOON CAPITAL PERFORMANCE PLUS MASTER FUND LTD	RAPP. DESIGNATO SPAFIO S.P.A. (FI ENA PERANI)	8	0,000 10:30
93 LOCKHEED MARTIN CORPORATION MASTER RETIREMENT TRUST.	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	3.816	0,011 10:30
94 CHEVRON UK PENSION PLAN	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANT)	1,188	0,003 10:30
Selacadian Nonuus SMALL-CAPLONG-SHORT EQUITY FUND LLC C/O ACADIAN ASSET MAVAGEMENT LLC RAPP. DESIGNATO SPAFID S.P.A. (ELENA FERANI)		3.560	0.010 10:30
96 AMUNDI DIVIDENDO ITALIA	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	138,000	0,400 10.30
97 AMUNDI VALORE ITALIA PIR	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	120.000	0,348 10:30
98 ANUNDI ACCUMULAZIONE ITALIA PIR 2023	RAPP. DESIGNATO SPAFIO SP A (ELENA PERANI)	37,000	0,107 10:30
S9 UPS GROUP TRUST	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	6.361	0,018 10:30
TOO PHC NT SMALL CAP	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.538	0,004 10:30
101 MUL - LYXOR ITALIA EQUITY PIR	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	\$49	0,002 10:30
102 LYXOR MSCI EMU SMALL CAP UE	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	6,683	0,019 10:30
103 MUF LYXOR FTSE ITALIA MID CAP	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	54,312	0,157 10:30
104 NONUS EQ MANAGERS PORT SACADIANAN	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1.862	0,005 10:30
105 STATE OF WISCONSIN INVESTMENT BOARD	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		0,000 10:30
109 ACADIAN NON US MICROCAP EQUITY FUND LLC	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	11.713	0,034 10:30
107 ACADIAN ACWIEX US SMALL CAP FUND LLC	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	1,952	0,006 10:30
109 BOARD OF PENSIONS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	2.705	0.006 10.30
109 VIRGINIA RETIREMENT SYSTEM	RAPP. DESIGNATO SPAFID S.P.A. (ELEVA PERANI)		$0.000$ 10.30
110 ALASKA PERMANENT FUND CORPORATION	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	3.573	0,010 10:30
111 ROSSI FERRUCCIO	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	540.000	1,565 10:30
112 VITI MARCO	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	480,000	10:30 1,391
113 FIDUCIARIA SRL MF 689	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	165.000	0,478 10:30
114 SEGESTA S.R.L.	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	168,000	0,487 1030
115 VINCENZI TOMMASO	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	135,000	0,391 1030
118 HOLDING HAPPY LIFE S.R.L.	RAPP DESIGNATO SPAFID S.P.A. (ELENA PERANI)	21.544.023	62,736 10:30

Totale azioni in proprio
Totale azioni per delega	28.459.201
Totale generals azioni	28 459 201
% sulle azioni ord.	82,490

Pag. 3 di 3

Allegato al n. . 9.955. di Repertorio

e al n. $.4364$ .. di Raccolta sub. " $\beta$ " SANLORENZO S.P.A.

Assemblea ordinaria del 31 agosto 2020

Punto 1 ordinaria - Autorizzazione all'acquisto e disposizione di azioni proprie, ai sensi del combinato disposto degli articoli 2357 e 2357-ter del codice civile, nonché dell'articolo 132 Legislativo 24 febbraio 1998, n. 58 e relative disposizioni di attuazione. Deliberazioni inerenti e conseguenti

RISULTATO DELLA VOTAZIONE

Azioni rappresentate in Assemblea

28.459.201

Azioni per le quali e' stato espresso il voto

28.459.201

100,000%

100,000%

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	27.515.553	96,684%	79,755%
Contrari	943.648	3,316%	2,735%
Astenuti		0,000%	0,000%
Non Votanti		0,000%	0,000%
Totale	28.459.201	100,000%	82,490%

Assemblea ordinaria del 31 agosto 2020 SANLORENZO S.P.A.

ESITO VOTAZIONE

Punto 1 ordinaria - Autorizzazione all'acquisto e disposizione di azioni proprie, ai sensi del combinato disposto degli articoli 2357 e 2357-ter del codice civile, nonché
Junto 1 ordinaria - dell'articolo 132 Legislativo 2

ż	Aventi diritto	Rappresentante	Delegato	Azioni in proprie	Azioni per delega	scioni ard % suile	yon
			FAPP, DESIGNATO SPAFIO SP A (ELENA PERANI)		355.911	7,032	u.
	1 FRANKLINTEMPLETONINT		RAPP. DESIGNATO SPAEID S.P.A. (ELENA PERAN)		389.977	1,130	L.
	2 GOVERNMENT OF NORWAY				5.011	0.015	t.,
	3 QUADRIGE PATRIMOINE		RAPP DESIGNATO SPAFID S.P.A. (ELENA PERAM)		240.249	0,696	u.
	4 QUADRUSE EUROPE MIDCAPS		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		22.777	0.066	u
	SOUNDRIGE MULTICAPS EUROPE		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA FERANI)		225.671	0,664	u
	6 STRATHCLYDE PENSION FUND		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)
	F FORT WORTH 7 EMPLOYEES RETIREMENT FUND OF THE CITY OF		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		47.823	0,139	u,
			RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERAMI)		23.227	0.067	u.
	8 CHALLENGE ITALIAN EQUITY		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		46.834	0.136	u.
	9 EUROPEAN SMALL CAP EQUITY 2		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		2319	0,007	ü.
	10 UBS ETF		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		14.388	0,042	u.
	11 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		802	0,002	L
	12 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		196,802	0.570	u.
	13 COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF COOK COUNTY		RAPP DESIGNATO SPAFID S.P.A. (ELENA PERANI)		1.496	0.004	H.
	14 RUSSELL INVESTMENT COMPANY PLC		RAPP DESIGNATO SPAFID S.P.A. (ELENA PERANI)		31.610	0,092	ü.
	15 STATE OF MONTANA BOARD OF INVESTMENTS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		1,163	0,003	Щ
	16 MERCER UCITS COMMON CONTRACTUAL FUND		RAPP. DESIGNATO SPAFID S.P.A. (EL ENA PERANI)		916	0,003	u
	17 NEW ENGLAND CARPENTERS GUARANTEED ANNUITY		FAPP, DESIGNATO SPAFID S.P.A. (ELENA PERAN)		4.364	0.013
	18 ISHARES VII PLC		(ELENA PERANI) RAPP. DESIGNATO SPAFID S.P.A.		21,193	0.061	u.
	19 ISHARES VIEPLO		RAPP. DESIGNATO SPAFID SP.A. (ELENA PERAM)		15.612	0,045	u.
	20 COLLEGE RETIREMENT EQUITIES FUND		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		145,988	0,423	u
	21 JPMORGAN FUNDS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		304,750	0,883	μ,
	22 JPMORGAN FUNDS		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		28,471	0,063	t.
	23 JPMORGAN FUNDS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		4.188	0.012	u,
	24 VANGUARD INVESTMENT SERIES PLC		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANT)		398.605	1,155	u,
	25 TEMPLETON FOREIGN SMALLER COMP SERIES		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		131,915	0,382	u.
	26 JNLFRANKLIN TEMPLETON INTERNATIONAL SMAL		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		5.074	0,015	u
	27 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAMI)		952	0,003	Щ.
	OHIO 28 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF		DESIGNATO SPATID S.P.A. (ELENA PERANI)		204.608	0,593	ц.
	29 JPM EUROPE SMALLER COMPANIES FUND		RAPP DESIGNATO SPAFID S.P.A. (ELENA PERANI) RAPP.		60.454	0,175	y.
	30 FONDS DE RESERVE POUR LES RETRAITES		RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)		2.600	0,008	14.
	31 VANGUARD INTERNATIONAL SMALL COMPANIES I		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAM)		828.964	2,403	L
	32 JPMORGAN EUROPEAN SMALLER COMPANIES TST		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		16064	0.047	44
	33 BLACKROCK INSTITUTIONAL TRUST COMPANY N.A. INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TRUSTS		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)		58.027	0,168
	34 BLACKROCK INSTITUTIONAL TRUST COMPANY MA INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TRUSTS		RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)		3,108	0,009	۳
	N.A. INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TRUSTS 35 BLACKROCK INSTITUTIONAL TRUST COMPANY

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$\mathbb{Y}^n_{\mathcal{M}}\mathbb{U}$ $\ddot{\phantom{a}}$

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Pag. 3 di 5

$\mathcal{M}_{\mathrm{c}}$ ,

$\mathcal{E}_\text{c} = -\frac{1}{2} \sqrt{2 \pi \Delta \lambda}$

					$\frac{1}{2}$	$\frac{1}{4}$	110	$\vec{a}$	ä.	ä	$\vec{a}$	$\vec{B}$		ä	a			8
TIS STATE HAPPY LIFE S.R.L.	115 WINCEND TOMARD		114 SEGESTA S.R.L	113 FIDUCIARIA SRL MF 689	VITI MARCO	ROSSI FERRUCCIO	ALASKA PERMANENT FUND CORPORATION	VIRGINIA RETIREVENT SYSTEM	BOARD OF PENSIONS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA	ACADIAN ACAYI EX US SMALL CAP FUND LLC	ACADIAN NON US MICROCAP EQUITY FUND LLC	STATE OF WISCONSIN INVESTMENT BOARD	TO4 NONUS EQ MANAGERS PORT 3ACADIANAN	MIF LYXOR FTSE ITALIA MID CAP	FAXOR MSDIENN SWATT ON HE	101 MM - LYXOR ITALIA EQUITY PIR	TOO PHIC KL SWALL CAP	UPS GROUP TRUST	98 AM/NDI ACCIMILIAZIONE ITALIA/PIR 2023	97 ANAINDI VALORE ITALIA PIR	98 AMUNDI DIVIDENDO ITALIA	95 ACADIAN NONJUS SIMALL CAPLONG-SHORT EQUITY FUND LLC C/D ACADIAN ASSET MANAGEMENT LLC	SALCHEVRON UK PENSION FLAN	93 LOCKHEED MARTIN CORPORATION MASTER RETIREMENT TRUST.	92 MOON CAPTAL PERFORMANCE PLUS MASTER FUND LTD	91 LIBERTY M	90 ILLINOIS MUNICIPAL RETREMENT FUND	89 WEST VIRGINIA INVESTMENT MANAGEMENT BOARD	88 NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST	87 INORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST	86 TEXAS CHRISTIAN UNIVERSITY	85 NEW ZEALAND SUPERANNUATION FUND	BA ASCENSION ALPHA FUND LLC	83 HOSPTAL AUTHORITY PROVIDENT FUND	82 EXELON CORPORATION PENSION MASTER RETIREMENT TRUST	81 EXELON CORPORATION EMPLOYEES' BENEFIT TRUST FOR UNION EMPLOYEES	80 FECO ENERGY COMPANY RETIREE VEDICAL TRUST
RAPP DESIGNATO SPAFID 3.P.A. (ELENA PERANI)		RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAN)	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (PLENA, PERANI)	RAPP. DESIGNATO SPAFIO S.P.A. (FLEHA PERANT)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	FAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	FAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERAN)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAN)	RAPP DESIGNATO SPAFID S.P.A. (ELENA PERAN)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANT)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PEPANI)	RAPP. DESIGNATO SPAFID S.P.A. (FI.ENA PERANI)	RAPP. DESKGNATO SPAFIO S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANT	RAPP, DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFIO SP A. (ELENA PERANI)	RAPP. DESIGNATO SPAFIO S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	FAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAN)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERANI)	RAPP. DESIGNATO SPAFID S.P.A. (ELENA PERAN)
21.644.023		135.000	000'891	165.000	480.000	000'095	3573		2.705	2581	11.713		1.852	54.312	883	649	1.538	196.9	3/.000	120.000	DOC. BCT	3.560	1.188	3816	99	46.000	112.026	1.656	3.628	12362	1400	1.259	2318	588	876	$\frac{1}{6}$	2.081
	82,736	1391	1997	0.478	1:361	5.565	c.org	OCO.	9006	3000	0,034	0.000	0.005	0.157	0,019	200.0	0.004	0.018	0.107	C.348	0,400	0.010	0.003	0.011	$rac{1}{\cos \theta}$	0,133	0.325	0.00%	0.011	$rac{1}{2}$	0,004	D.OOA	0,007	0.005	0.0022	0,003	800'0
	n	$^{\mathrm{\pi}}$	'n	J,	ᄁ	m	$\Omega$	$\sim$	ဂ	$\sigma$	$\Omega$	$\Omega$	$\circ$	$\circ$	$\Omega$	$\circ$	$\circ$	$\Omega$	$\circ$	$\Omega$	$\Omega$	$\circ$	$\Omega$	$\Omega$	ö	o	$\Omega$	$\Omega$	$\circ$	$\circ$	O	$\Omega$	O	$\Omega$	$\Omega$	$\Omega$	$\circ$

INOIZV % SUI PRESENTI

27.515.553

96,684%

$\tilde{\Xi}$

$-10.1$

Pag. 4 di 5

$\overline{\phantom{a}}$

ą

FAVOREVOLI

$\overline{\mathcal{D}}$

E-MARKET
SDIR
CERTIFIED

$\ddot{\phantom{a}}$

COMPOSITION

$\frac{1}{2}$

SANLORENZO S.P.A.

Assemblea ordinaria dei soci del 31 agosto 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

Sono present	aventi diritto partecipanti all'Assemblea, per
delega, per complessive n. 28.459.201 azioni ordinarie, regolarmente depositate ed aventi
diritto ad altrettanti voti, che rappresentar	82,490	% di	34.500.000
azioni ordinar

Persone partecipanti all'assemblea

$\overline{m}$

Î

$\frac{1}{m}$ , $\frac{1}{m}$

$\frac{1}{4}$ $\mathcal{N}$ , $\mathcal{N}$

$\begin{array}{ccccc} 00 & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &$

$\sim 10$

$\frac{1}{2}$

LOGO

E-MARKET
SDIR .
Ceditiei

$\mathbf{I}$

Sanlorenzo S.p.A.

Sede legale in via Armezzone 3, Ameglia (SP) - Capitale sociale Euro 34.500.000 interamente versato Codice fiscale e numero di iscrizione al Registro Imprese Riviere di Liguria - Imperia La Spezia Savona 00142240464

ASSEMBLEA ORDINARIA DEGLI AZIONISTI DEL 31 AGOSTO 2020

Rendiconto sintetico delle votazioni ai sensi dell'art. 125-quater, comma 2 del D. Lgs. 58/1998

Punto 1. all'ordine del giorno

1. Autorizzazione all'acquisto e disposizione di azioni proprie, ai sensi del combinato disposto degli articoli 2357 e 2357-ter del codice civile, nonché dell'articolo 132 del Decreto Legislativo 24 febbraio 1998, n. 58 e relative disposizioni di attuazione. Deliberazioni inerenti e conseguenti.

Azioni presenti in assemblea all'apertura della votazione n. 28.459.201, pari all'82,490% delle n. 34.500.000 azioni con diritto di voto.

Esito votazioni

	n° azioni	% azioni rappresentate in assemblea
Favorevole	27.515.553	96.684%
Contrario	943.648	3,316%
Astenuto		0.000%
Totale Azioni	28.459.201	100,000%

CERTIFICATO DI CONFORMITA' DI COPIA DIGITALE A ORIGINALE A-
NALOGICO
(art. 23 e successive integrazioni e/o modificazioni D.Lgs.7
marzo 2005, n.82 - art. 68 ter, legge 16 febbraio 1913 n. 89)
Certifico io dr. Niccolò Massella Ducci Teri, Notaio in La
Spezia, iscritto presso il Collegio Notarile dei Distretti
Riuniti di La Spezia e Massa, mediante apposizione al presen-
te file della mia firma digitale (dotata di certificato di
vigenza fino al 15 luglio 2023, rilasciata dal Consiglio Na-
zionale del Notariato) che la presente copia redatta su sup-
porto informatico (in formato statico PDF), è conforme al do-
cumento originale firmato in origine su supporto analogico,
firmato a norma di legge.
Ai sensi dell'Art. 23 D.Lgs 7 marzo 2005, n.82, la presente
copia di documento cartaceo, formata su supporto informati-
co, pertanto "esonera dalla produzione e dalla esibizione
dell'originale formato su supporto cartaceo quando richieste
a ad ogni effetto di legge".
Lerici, nel mio studio secondario in via Petriccioli n. 88,
oggi dieci settembre duemilaventi.
File firmato digitalmente dal Notaio dr. Niccolò Massella
Ducci Teri.