FILE REF. No. 9.450 FOLDER No. 4.030 MINUTES OF THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING THE ITALIAN REPUBLIC

In the year two thousand and twenty, on the twenty-first day of April at twenty-five to three in the afternoon

21 April 2020

At the Company's offices at Viale San Bartolomeo 362, La Spezia. Appearing before me, Niccolò Massella Ducci Teri, Notary in La Spezia, registered with the Board of Notaries for the Combined Districts of La Spezia and Massa,

MASSIMO PEROTTI, born in Turin on 26 October 1960, electing address for service as indicated below, who confirms his attendance as Chairperson of the Board of Directors and legal representative of "SANLORENZO S.p.A.", in short "SL S.p.A.", with registered office at Via Armezzone 3, Ameglia, share capital of €34,500,000.00 fully paid-up, entered in the Register of Companies of the Riviere di Liguria - Imperia, La Spezia, Savona Chamber of Commerce, Industry, Craft Trades and Agriculture with tax code and registration number 00142240464, VAT no. 01109160117, a company with shares traded and managed by "Borsa Italiana S.p.A.", having all due powers of representation under the current By-laws, an Italian national of whose personal identity, qualifications and powers I, Notary, am certain.

The aforementioned MASSIMO PEROTTI takes the floor and, pursuant to Article 11.2 of the By-laws, asks me as Notary to prepare the minutes of the Shareholders' Meeting, both ordinary and extraordinary sessions.

The Chairperson first of all extends a warm welcome to all attendees and takes the chair of the Shareholders' Meeting pursuant to Article 11.1 of the By-laws.

He begins by reminding the Meeting that the Company has chosen to exercise the option envisaged in Article 106, Italian Decree Law no. 18 of 17 March 2020 on "measures to enhance the National Health Service and provide economic support to households, workers and businesses in connection with the Covid-19 epidemic" to state in the notice of call that:

attendance at the Shareholders' Meeting by those holding voting rights is arranged solely through the appointed representative pursuant to Article 135 undecies, Italian Legislative Decree 58/1998;
directors, statutory auditors and other entitled parties, other than those holding voting rights (who must grant proxy to the appointed representative) can attend the Shareholders' Meeting via telecommunications means that guarantee their identification, participation and exercise of voting rights, without requiring them to be present at the same venue as the Chairperson and minutes secretary, pursuant to the aforementioned legal provisions. He therefore acknowledges:
that the Chairperson, the undersigned and the Director Marco Viti are present at the meeting venue, whilst all other attendees - for whom he has confirmed identity and entitlement to attend the Shareholders' Meeting - are attending via audio-video link;
that attending via telecommunications means and at the venue, as specified above, in addition to the Chairperson, are the directors:

Mr. Niccolò Massella Ducci Teri NOTARY Via Tommaseo 28 - La Spezia Tel. 0187/734601

Registered in La Spezia on 24/04/2020 series 1T under no. 2520

Marco Viti
Carla Demaria
Paolo Olivieri
Cecilia Maria Perotti
Silvia Merlo
Licia Mattioli
Leonardo Luca Etro

whereas the Director, Pietro Gussalli Beretta, is justified absent;

that attending via telecommunications means for the Board of Statutory Auditors are the standing auditors:
Andrea Caretti
Margherita Spaini
Roberto Marrani
that attending via telecommunications means for the Independent Auditors, BDO Italia S.p.A., is Paolo Maloberti;
that attending at the invitation of the Chairperson are the following Company employees:

Attilio Abruzzese, Manager charged with preparing the Company's financial reports, present at the meeting venue, and Silvia Guidi, via telecommunications;

that attending at the invitation of the Chairperson, again via telecommunications means, are the following consultants of the Company:

Roberto Panero, Toti S. Musumeci, Vittorio Squarotti, Elodie Musumeci, Carlotta Pastore and Leonardo Musumeci;

that in addition, attending in person at the invitation of the Chairperson are Ferruccio Rossi, Alessandra Capozzi, Massimo Danese and, via telecommunications link, Cesare Perotti;
that the Ordinary and Extraordinary Shareholders' Meeting was duly called to meet today 21 April 2020, at 2:30 p.m. at the Company's offices in La Spezia, Viale San Bartolomeo 362, in first call, and if necessary, on 22 April 2020 at 2:30 p.m., in second call, in accordance with law and the By-laws, by means of notice of call published on 21 March 2020 under the "Corporate Governance" section of the Company's website and on the "emarket storage" authorised storage mechanism, announced in a press release and, in abstract form, in the daily newspaper "ilsole24ore", with the following

AGENDA

Ordinary session

Approval of the financial statements and the report on operations for the year ended 31 December 2019. Proposal for allocation of profit. Presentation of the consolidated financial statements of the Sanlorenzo Group at 31 December 2019. Related and consequent resolutions.
Report on remuneration policy and compensation paid:

2.1 approval of the remuneration policy pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Italian Legislative Decree No. 58 of 24 February 1998;

2.2 resolution on the "Second Section" of the report on remuneration policy and compensation paid, pursuant to Article 123-ter, paragraph 6 of Italian Legislative Decree No. 58 of 24 February 1998.

Resolutions, pursuant to Article 114-bis of Italian Legislative Decree No. 58 of 24 February 1998, concerning the establishment of a Stock Option Plan. Related and consequent resolutions.

Extraordinary session

Increase in share capital, free of charge and divisible, with exclusion of option rights pursuant to Article 2441, paragraph 8 of the Italian Civil Code, for a maximum amount of €884,615.00; consequent proposal to amend Article 5 of the current By-laws. Related and consequent resolutions.
Proposal to amend Articles 3.2, 13.3, 21.2 and 21.3 of the By-laws. Related and consequent resolutions.

The Chairperson announces that no requests for additions to the Shareholders' Meeting agenda have been submitted by shareholders, nor proposed resolutions on items already on the agenda, in accordance with the provisions and deadlines indicated in Article 126-bis of the Consolidated Law on Finance.

He reminds attendees 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, attendance at the Shareholders' Meeting of shareholders with voting rights is permitted solely through the Company's appointed representative, Spafid S.p.A., as the party to which shareholders can grant proxy with voting instructions on all or some of the proposals on the agenda, pursuant to Article 135-undecies of the Consolidated Law on Finance, and that Spafid S.p.A., as appointed representative, has made it known that it has no personal interest in the proposed resolutions put to the vote. However, with due consideration to the existing contractual relations between Spafid and the Company, particularly in relation to technical support at Shareholders' Meetings and ancillary services, in order to avoid any subsequent challenge regarding the presumed presence of circumstances that could suitably qualify as a conflict of interest pursuant to Article 135 decies, paragraph 2, letter f) of Italian Legislative Decree 58/1998, Spafid has specifically declared that, if unforeseen circumstances should arise or in the event of amendment or addition to the proposals put before the Shareholders' Meeting, it does not intend to express a vote non-compliant with that indicated in the instructions.

The Chairperson invites the appointed representative to make all legal declarations as required by law.

The appointed representative, Roberto Albani, takes the floor and declares:

that by the legal deadline, 58 (fifty-eight) proxies were received in total for 28,593,659 (twenty-eight million five hundred and ninety-three thousand six hundred and fifty-nine) ordinary shares, equal to 82.880% (eighty-two point eight per cent) of the share capital, of which:

* 8 (eight) proxies, pursuant to Article 135-undecies of the Consolidated Finance Act, for a total of 23,484,079 (twenty-three million four hundred and eighty-four thousand and seventy-nine) shares;

* 50 (fifty) proxies, pursuant to Article 135-novies of the Consolidated Law on Finance, for a total of 5,109,580 (five million one hundred and nine thousand five hundred and eighty) shares;

that, prior to each vote, the shares for which no specific voting instructions were expressed by the shareholder granting proxy will be announced.

The Chairperson acknowledges that - pursuant to paragraph 3 of the aforementioned Article 135-undecies, shares for which proxy has been granted, even partially, to the appointed representative, are included for the purpose of determining due constitution of the Shareholders' Meeting, but shares for which no voting instructions have been given in relation to proposals on the agenda will not be considered in calculation of the majority of votes or in the percentage of share capital required for approval of the related resolutions,

and therefore declares that 57 (fifty-seven) shareholders entitled to vote are attending via proxy, representing 28,593,659 (twenty-eight million five hundred and ninety-three thousand six hundred and fifty-nine) ordinary shares, equal to 82.88% (eighty-two point eight eight per cent) of the 34,500,000 ordinary shares that make up the share capital.

The Chairperson informs the meeting that communications from the intermediaries for the purpose of this Shareholders' Meeting regarding parties entitled to vote through the appointed representative, were carried out in accordance with the provisions of law and of the By-laws.

He therefore declares the Ordinary Shareholders' Meeting to be duly called, validly constituted on first call in accordance with the law and By-laws, and can resolve upon items on the agenda.

He reports that, in relation to today's Shareholders' Meeting, no proxy solicitations were promoted pursuant to Articles 136 et seq. of the Consolidated Law on Finance.

He informs the meeting that, pursuant to the GDPR (General Data Protection Regulation - Regulation (EU) 2016/679) and Italian regulations on personal data protection, the personal data obtained is processed and stored by the company, on electronic media and hardcopy, for the purpose of correctly conducting Shareholders' Meetings and their minuting, as well to satisfy related corporate and legal obligations.

He then states that the audio-video recording of the Shareholders' Meeting is arranged for the sole purpose of preparing the meeting minutes and documenting the contents transcribed in the minutes, as specified in the information made available to all attendees; that all data will be stored, with documents produced during the Shareholders' Meeting, at the registered office of Sanlorenzo S.p.A.; that recording devices of any nature, photographic devices and similar cannot be used, except for the audio recorders used by the Company for the purpose of preparing the meeting minutes.

The Chairperson also states that:

the subscribed and paid-up share capital to date is €34,500,000.00 (thirtyfour million five hundred thousand /00) and is represented by 34,500,000 (thirty-four million five hundred thousand) ordinary shares, without par value;

each ordinary share provides the right to one vote at the Shareholders' Meeting;

to date there are no shares accruing an increase in voting rights;

the Company does not hold treasury shares;

the Company's shares are admitted to trading in the Star segment of the MTA market organised and managed by Borsa Italiana S.p.A.;

and reminds the meeting that:

for certain issuers, including Sanlorenzo S.p.A., with Resolution no. 21326 of 9 April 2020 and previously Resolution no. 21304 of 17 March 2020, Consob recently lowered the initial threshold, from 3% to 1%, that triggers the disclosure obligation for significant equity investments pursuant to Article 120, paragraph 2 of the Consolidated Law on Finance; this threshold will apply temporarily, until 11 July 2020, unless repealed earlier. He also reminds the meeting that, until 11 July 2020 unless repealed earlier, Consob Resolution no. 21327 introduced a further threshold of 5%, which if reached or exceeded gives rise to the obligation to publish a "declaration of intention" pursuant to Article 120, paragraph 4-bis of the Consolidated Law on Finance in relation to all listed Italian issuers of shares widely distributed among the public, including Sanlorenzo.

to date, persons and entities that, according to the Company's shareholders' register, additional notifications received pursuant to Article 120 of the Consolidated Law on Finance and other available information, hold a direct or indirect equity investment exceeding 1% of the subscribed share capital of Sanlorenzo S.p.A., represented by shares with voting rights, are the following:

	No. ordinary
Shareholder	shares	%
Massimo Perotti (Holding Happy Life
S.r.l.)	21,644,023	62.7%
JP Morgan Asset Management Holdings
Inc.	2,226,630	6.5%
Templeton Investment Counsel LLC	1,658,760	4.8%
Ferruccio Rossi	540,000	1.6%
Intesa Sanpaolo S.p.A. (Banca IMI)	536,250	1.6%
Marco Viti	480,000	1.4%
Norges Bank	385,288	1.1%
Carla Demaria	356,056	1.0%

The Chairperson reminds attendees:

that voting rights cannot be exercised in relation to shares for which disclosure obligations have not been met pursuant to Articles 120 and 122, paragraph 1 of the Consolidated Law on Finance, concerning significant equity investments and shareholders' agreements, respectively;
that the Company is not aware of the existence of any shareholders' agreements;
that the appointed representative has declared that voting will be exercised in accordance with instructions given by the shareholders granting proxy;
that with regard to items on the agenda, all formalities envisaged by legal and regulatory provisions in force have been duly completed; in particular, the following documents have been filed with the registered office and made available under the "Corporate Governance" section of the website www.sanlorenzoyacht.com and on the "emarketstorage" authorised storage mechanism in accordance with law:

annual financial report as at 31 December 2019, including the draft separate financial statements as at 31 December 2019, the consolidated financial statements as at 31 December 2019, the report on operations and declarations pursuant to Article 154-bis, paragraph 5 of the Consolidated Law on Finance, together with the reports of the Board of Statutory Auditors and the Independent Auditors;

report on corporate governance and ownership structure;

report on the remuneration policy and compensation paid;

explanatory reports on items on the agenda for the ordinary and extraordinary sessions, prepared in accordance with Article 125-ter of the Consolidated Law on Finance;

the information document for the 2020 Stock Option Plan;

that the following will be attached to the meeting minutes, forming an integral and substantial part thereof, and will be available to persons entitled to vote:

the names list of persons attending the Shareholders' Meeting, through the appointed representative, complete with all details required by Consob, with an indication of the number of shares for which the intermediary has provided notification to the issuer pursuant to Article 83-sexies of the Consolidated Law on Finance (ANNEX A);

the names list of parties who, through the appointed representative, have expressed their vote in favour, or against, or abstained from voting, and the related number of shares represented in person and/or by proxy (ANNEX B);

that the Company did not receive questions prior to the Shareholders' Meeting and by the deadline of 14 April 2020, indicated in the notice of call, in compliance with the provisions of Article 127-ter of the Consolidated Law on Finance.

The Chairperson of the Board of Statutory Auditors then takes the floor and declares that, in reference to the issue of proxies to the appointed representative of the Company, the confidentiality of the appointed representative in relation to voting instructions up to the start of scrutiny at the Shareholders' Meeting, has been verified and can be guaranteed.

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The Chairperson then moves on to discussion of the first item on the agenda for the ordinary session:

1. Approval of the financial statements and the report on operations for the year ended 31 December 2019. Proposal for allocation of profit. Presentation of the consolidated financial statements of the Sanlorenzo Group at 31 December 2019. Related and consequent resolutions.

Before illustrating the financial statements, he reports that the Independent Auditors, BDO Italia S.p.A., have expressed an opinion without emphasis of matter both on the separate financial statements and the consolidated financial statements as at 31 December 2019 of Sanlorenzo S.p.A., as well as confirming consistency of the financial statements with the report on operations and information pursuant to Article 123-bis, paragraph 4 of the Consolidated Law on Finance, as presented in the report on corporate governance and ownership structure, and opinion of compliance of the report on operations with the regulatory provisions of the new Article 14 of Italian Legislative Decree 39/2010 as amended by Italian Legislative Decree 135/2016, as indicated in the reports issued on 27 March 2020.

The Chairperson specifies that, as mentioned on opening the Shareholders' Meeting, all documents prepared by the Board of Directors and related items on the agenda, in particular the draft financial statements, consolidated financial statements and annexes, including the reports of the Board of Statutory Auditors and the Independent Auditors, were filed as required by law with the registered office, published on the Company's website and made available on the "emarketstorage" authorised storage mechanism. Consequently, reading of the documents will be omitted unless objections are raised, limiting reading to the resolution proposals only. The same procedure will also apply to all other items on the agenda for today's ordinary and extraordinary Shareholders' Meeting.

The Chairperson emphasises that reading will be omitted for documents relating to items on the agenda, and only the resolution proposals contained in the explanatory reports prepared by the Board of Directors will be read. The same procedure will also apply to all other items on the agenda for today's ordinary and extraordinary Shareholders' Meeting. The Chairperson acknowledges that there are no objections.

At this point, the Chairperson states that, as the figures from the separate and consolidated financial statements as at 31 December 2019 were made available to the public as required by law, their presentation can be omitted. The Chairperson acknowledges that there are no objections.

As regards the impact on the Company of the COVID-19 pandemic, the Chairperson reports, also with respect to Consob "Warning Notice no. 6/20 of 9 April 2020", that it has had no detrimental effects on going concern assumptions. The Chairperson reports in particular that, until 23 March 2020, the Company was essentially fully operational and it was only from the last week of March that the Company gradually closed all its production facilities, in any event ensuring the support and management service for boats at sea. Immediately, and in parallel, Sanlorenzo set up an expanded working table, joined by almost all the trade unions (RSU and OO.SS FILCTEM-CGIL, FEMCA-CISL, FIOM-CGIL, UILM-UIL) and leading to the signing on 7 April of a Safety and Prevention Protocol that allowed a rapid return to business activities following decrees from the Liguria and Tuscany Regions.

The operating protocol represents a major agreement for Sanlorenzo and for the sailing industry in general, defining the prevention and protection measures to be implemented in the production departments of all the Company's sites to guarantee every worker the maximum health safety on return to the production activities suspended as a result of COVID-19.

This permitted the reopening, already on 14 April, of the Liguria facilities of Ameglia (SP) and La Spezia, in line with Liguria Region instructions (implementing Italian Decree no. 18/2020 of 13 April 2020 issued by the Civil Protection Department and the Prime Minister's Office) which allows activities to be carried out for the delivery of vessels already fitted out by the shipyards. Similarly, based on the Order of the Tuscany Region of 16 April, the Company also arranged reopening of the Viareggio (LU) facilities.

So by 20 April all the Group's facilities were operational in accordance with the approaches defined in local instructions and national regulations for the return to business activities relating to yachts due for delivery by the end of July 2020.

As a result of the decision reached to work during August, unless there are further interruptions, the Company believes it can recover much of the period in which business activities were suspended.

The Board of Directors will issue a further update at the time of approval of the interim report as at 31 March 2020, when guidance for the current year will be disclosed to the public.

The Chairman goes on to specify that, in line with the dividend policy approved by the Board of Directors on 9 November 2019, as described in the information document approved by the Board of Directors and published by the Company in readiness for the launch of share trading on the MTA market organised and managed by Borsa Italiana S.p.A. (available under the "Investors" section of the Company website www.sanlorenzoyacht.com), the Board of Directors submits the following proposed resolution for approval by the Shareholders' Meeting:

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

(i) having heard and approved the presentation of the Board of Directors;

(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;
(iii) having agreed with the reasons for the proposals contained therein;
(iv) having examined the draft financial statements of Sanlorenzo S.p.A. at 31 December 2019;
(v) having noted the report of the Board of Statutory Auditors and the report of the Independent Auditors;

resolves

1. to approve the financial statements of Sanlorenzo S.p.A. for the year ended 31 December 2019 and the Report of the Board of Directors on Operations;

2. to allocate the profit for the year, totalling €29,059,398, with €1,452,970 to the legal reserve and €27,606,428 to the extraordinary reserve, without distribution of dividends to shareholders;

3. to confer on the Chairperson of the Board of Directors Massimo Perotti, the right to sub-delegate, including through powers of attorney, the broadest powers to carry out all the activities relating to, consequent to or connected with the implementation of the resolutions referred to in points 1) and 2) above."

Andrea Caretti, Chairperson of the Board of Statutory Auditors, takes the floor and reads the concluding remarks from the report of the Board of Statutory Auditors on the 2019 financial statements of Sanlorenzo S.p.A.

After hearing the report, the Chairperson, Massimo Perotti, puts the proposed resolution read earlier to the vote, asking the appointed representative, pursuant to Article 135-undecies of the Consolidated Law on Finance and for the purpose of calculating majorities, whether in relation to the proposal read previously he is in possession of voting instructions for all the shares covered by proxy.

Following the response of the appointed representative, the Chairperson specifies that 57 (fifty-seven) shareholders entitled to vote are attending - via proxy granted to the appointed representative - representing 28,593,659 (twenty-eight million five hundred and ninety-three thousand six hundred and fifty-nine) ordinary shares, equal to 82.88% (eighty-two point eight eight per cent) of the share capital.

Voting continues through announcement of the votes by the appointed representative.

^• in favour: 28,593,659 votes equal to 100% of the share capital participating in the vote

^• against: zero votes equal to 0% of the share capital participating in the vote

^• abstentions: zero votes equal to 0% of the share capital participating in the vote

^• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

The Chairperson asks the appointed representative, pursuant to Article 134 of the Issuers' Regulation, if he expressed any votes not compliant with the instructions received. The authorised represented answered no.

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The Chairperson therefore moves on to discussion of the second item on the agenda for the ordinary session:

2. Report on remuneration policy and compensation paid:

2.1 approval of the remuneration policy pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Italian Legislative Decree No. 58 of 24 February 1998;

2.2 resolution on the "Second Section" of the report on remuneration policy and compensation paid, pursuant to Article 123-ter, paragraph 6 of Italian Legislative Decree No. 58 of 24 February 1998.

The Chairperson emphasises that, pursuant to Article 123-ter of the Consolidated Law on Finance and Article 84-quater of the Issuers' Regulation, the Company's Board of Directors has approved the report on the remuneration policy and compensation paid, made available as required by law.

Discussion of the first sub-point then begins:

2.1 approval of the remuneration policy pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Italian Legislative Decree No. 58 of 24 February 1998;

The Chairperson reminds attendees that, pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of the Consolidated Law on Finance, the Shareholders' Meeting is required to resolve upon section i) of the report on the remuneration policy and compensation paid, and therefore to approve the remuneration policy for members of the administrative bodies, general managers and executives with strategic responsibilities and, without prejudice to the provisions of Article 2402 of the Italian Civil Code, for members of the Company's control bodies. The Chairperson also points out that, pursuant to the aforementioned Article 123-ter, paragraphs 3-bis and 3 ter of the Consolidated Law on Finance, the resolution is binding.

The proposed resolution in item 2.1 on the agenda is then put to the Shareholders' Meeting:

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

(i) having heard and approved the presentation of the Board of Directors;
(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;
(iii) having agreed with the reasons for the proposals contained therein; resolves

in favour on the first section of the Company's report on the remuneration policy and compensation paid and to approve the remuneration policy for members of the administrative bodies, general managers and executives with strategic responsibilities and, without prejudice to the provisions of Article 2402 of the Italian Civil Code, for members of the Company's control bodies."

The Chairperson, Massimo Perotti, puts the proposed resolution read earlier

to the vote, asking the authorised representative, pursuant to Article 135 undecies of the Consolidated Law on Finance and for the purpose of calculating majorities, whether in relation to the proposal read previously he is in possession of voting instructions for all the shares covered by proxy.

Voting continues through announcement of the votes by the appointed representative.

• in favour: 27,734,326 votes equal to 96.995% of the share capital participating in the vote

• against: 859,333 votes equal to 3.005% of the share capital participating in the vote

• abstentions: zero votes equal to 0% of the share capital participating in the vote

• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

Discussion of the second sub-point therefore begins:

2.2 resolution on the "Second Section" of the report on the remuneration policy and compensation paid, pursuant to Article 123-ter, paragraph 6 of Italian Legislative Decree No. 58 of 24 February 1998.

The Chairperson reminds attendees that, pursuant to Article 123-ter, paragraph 6 of the Consolidated Law on Finance, the Shareholders' Meeting is required to resolve upon section ii) of the report on the remuneration policy and compensation paid, voting in favour or against. The Chairperson also points out that, pursuant to the aforementioned Article 123-ter, paragraph 6 of the Consolidated Law on Finance, the resolution is not binding.

The proposed resolution in item 2.2 on the agenda is then put to the Shareholders' Meeting:

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

(i) having heard and approved the presentation of the Board of Directors;
(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;
(iii) having agreed with the reasons for the proposals contained therein; resolves

in favour on the Second Section of the Company's report on the remuneration policy and compensation paid."

The Chairperson, Massimo Perotti, puts the proposed resolution read earlier to the vote, asking the appointed representative, pursuant to Article 135 undecies of the Consolidated Law on Finance and for the purpose of calculating majorities, whether in relation to the proposal read previously he is in possession of voting instructions for all the shares covered by proxy.

Voting continues through announcement of the votes by the appointed representative.

• in favour: 28,314,148 votes equal to 99.022% of the share capital participating in the vote

• against: 279,511 votes equal to 0.978% of the share capital participating in the vote

• abstentions: zero votes equal to 0% of the share capital participating in the vote

• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

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Lastly, the Chairperson moves on to discussion of the third item on the agenda for the ordinary session:

3. Resolutions, pursuant to Article 114-bis of Italian Legislative Decree No. 58 of 24 February 1998, concerning the establishment of a Stock Option Plan. Related and consequent resolutions.

The incentive and retention plan known as the "2020 Stock Option Plan", reserved for executive directors, general managers, executives with strategic responsibility and employees with permanent employment contracts and at least as employees of Sanlorenzo S.p.A. and its direct or indirect subsidiaries, pursuant to Article 114-bis, Italian Legislative Decree no. 58 of 24 February 1998, to be implemented through the free assignment of option rights valid for the subscription of ordinary shares of the Company, is submitted to the Shareholders' Meeting for approval.

The Chairperson acknowledges that the plan information document, prepared pursuant to Article 84-bis of Consob Regulation no. 11971 of 14 May 1999, as amended, and in compliance with Annex 3A) of the Issuers' Regulation, is attached to the explanatory report on this item on the agenda and was disclosed to the public in accordance with the terms and conditions established by law and, therefore, on behalf of the Board of Directors of Sanlorenzo S.p.A. puts the following proposed resolution to the Ordinary Shareholders' Meeting for approval:

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

(i) having heard and approved the presentation of the Board of Directors;
(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;
(iii) having agreed with the reasons for the proposals contained therein;

1. to approve, pursuant to Article 114-bis of Italian Legislative Decree 58/1998, the establishment of a stock option plan known as the "2020 Stock Option Plan" with the characteristics (including the conditions and requirements for implementation) indicated in the Report of the Board of Directors and in the Information Document prepared pursuant to Article 84-bis of Consob Resolution no. 11971/1999, as amended (attached to said Report as Annex "A"), confirming and granting all due powers to the Board of Directors to adopt the related regulation;

2. to confirm and grant all due rights and powers to the Board of Directors to undertake all action, adopt all resolutions and sign all agreements to implement the "2020 Stock Option Plan" and particularly, for example but not limited to, all powers to identify the Beneficiaries and determine the number of options to be assigned to each, determine the exercise conditions and exercise start date in compliance with the plan, arrange assignments to the Beneficiaries, and to complete all other actions, obligations, formalities and communications necessary or appropriate to the management and/or implementation of the plan, with the right to delegate such powers, duties and responsibilities regarding execution and application of the plan to the Chairperson of the Board of Directors, the Deputy Chairperson of the Board of Directors, its other members, jointly or severally, and/or to an executive committee, on the understanding that all decisions related and/or pertinent to the assignment of options to the Beneficiaries and also to the Chairperson of the Board of Directors and/or Deputy Chairperson of the Board of Directors and/or in any event a Director of Sanlorenzo S.p.A. (and likewise all other decisions related and/or pertinent to the management and/or implementation of the plan with regard to them) will remain the sole responsibility of the Board of Directors."

Voting continues through announcement of the votes by the appointed representative.

• in favour: 23,858,657 votes equal to 83.84% of the share capital participating in the vote

against: 4,735,092 votes equal to 16.56% of the share capital participating in the vote
abstentions: zero votes equal to 0% of the share capital participating in the vote

• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

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The Chairperson then moves on to discussion of the extraordinary session and asks me, as Notary, to read the list of those present. As requested, I acknowledge that the time is twenty-two past three in the afternoon and declare that 57 (fifty-seven) shareholders entitled to vote are still attending via proxy, representing 28,593,659 (twenty-eight million five hundred and ninety-three thousand six hundred and fifty-nine) ordinary shares, equal to 82.88% (eighty-two point eight eight per cent) of the 34,500,000 (thirty-four million five hundred thousand) ordinary shares that make up the share capital.

I therefore confirm that the extraordinary session of the Shareholders' Meeting is duly constituted.

At this point, the Chairperson reminds attendees that, as the Company has disclosed to the public the documentation prepared for this extraordinary session of the Shareholders' Meeting, the reading of all documents related to this meeting is omitted, limiting reading solely to the proposed resolutions.

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The Chairperson therefore moves on to discussion of the first item on the agenda for the extraordinary session:

1. Increase in share capital, free of charge and divisible, with exclusion of option rights pursuant to Article 2441, paragraph 8 of the Italian Civil Code, for a maximum amount of €884,615.00; consequent proposal to amend Article 5 of the current By-laws. Related and consequent resolutions.

The proposal of the Board of Directors to increase the share capital in divisible form, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, for a maximum nominal amount of €884,615 (eight hundred and eighty-four thousand, six hundred and fifteen), to be executed no later than 30 June 2029, through the issue of a maximum of 884,615 (eight hundred and eighty four thousand, six hundred and fifteen) ordinary Sanlorenzo S.p.A. shares, without par value, destined exclusively and irrevocably to service the 2020 Stock Option Plan, acknowledging that partial subscriptions will be effective immediately, with subsequent amendment of Article 5 of the current By-laws, is therefore put to the Shareholders' Meeting for approval.

The Chairperson acknowledges that the report was prepared by the Board of Directors of the Company pursuant to Article 125-ter of Italian Legislative Decree No. 58 of 24 February 1998 and Articles 72 and 84-ter of Consob Resolution No. 11971 of 14 May 1999 concerning the regulation of issuers, as amended, and in compliance with Annex 3A) of the Issuers' Regulation and that it was made available to the public in accordance with the terms and conditions established by law.

Andrea Caretti, Chairperson of the Board of Statutory Auditors, takes the floor and, on behalf of the entire Board of Statutory Auditors, confirms that the share capital is fully subscribed and paid up, that the Board of Statutory Auditors raises no objection and is in favour of adopting the resolution regarding the share capital increase referred to in the explanatory report as submitted to the Shareholders' Meeting by the Board of Directors.

On termination of this report, the Chairperson takes the floor and, on behalf of the Board of Directors, puts the following proposed resolution to the Shareholders' Meeting for approval:

"The Shareholders' Meeting of Sanlorenzo S.p.A., which met in extraordinary session,

(i) having heard and approved the presentation of the Board of Directors;
(ii) having examined the Explanatory Report of the Board of Directors and the proposals contained therein;
(iii) having agreed with the reasons for the proposals contained therein;
(iv) given that the share capital is fully subscribed and paid up;
(v) given that there is no objection from the Board of Statutory Auditors;
(vi) given that all the prerequisites are in place;

resolves

1. to increase the share capital in divisible form, excluding option rights, pursuant to Article 2441, paragraph 8 of the Italian Civil Code, for a maximum nominal amount of €884,615.00 (eight hundred and eightyfour thousand, six hundred and fifteen and zero cents), to be executed no later than 30 June 2029, through the issue of a maximum 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, acknowledging that partial subscriptions will be effective immediately.

2. If the capital increase is not fully subscribed by 30 June 2029, the share capital shall be deemed to be increased by an amount equal to the subscriptions collected until the deadline.

3. To establish that the issue price is €16.00 (sixteen and zero cents) per share.

4. To therefore amend the By-laws, currently in force, by inserting in Article 5 the following new paragraph 5.2:

"On 21 April 2020, the 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 (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, all under the terms and conditions set out in the resolution.", the rest of the article remains unchanged.

5. To grant the Chairperson of the Board of Directors, with the power to sub-delegate, to mandate the pro tempore legal representatives, to take all the necessary steps to ensure that the resolutions are entered in the Companies' Register, with the power to introduce any non-substantial changes, adjustments or additions that are appropriate for the purpose or required by the competent authorities, including at the time of entry and, in general, to take all the necessary steps for the complete execution of the resolutions themselves, with any and all powers necessary and

appropriate for this purpose, none excluded and excepted."

Voting continues through announcement of the votes by the appointed representative.

• in favour: 23,858,978 votes equal to 83.442% of the share capital participating in the vote

• against: 4,734,681 votes equal to 16.558% of the share capital participating in the vote

• abstentions: zero votes equal to 0% of the share capital participating in the vote

• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

******

Lastly, discussion begins on the second item on the agenda for the extraordinary session:

2. Proposal to amend Articles 3.2, 13.3, 21.2 and 21.3 of the By-laws. Related and consequent resolutions.

The proposal of the Board of Directors to amend Articles 3.2, 13.3, 21.2 and 21.3 of the By-laws is brought to the attention of the Shareholders' Meeting.

In this respect, the Board of Directors of Sanlorenzo S.p.A. prepared the report, pursuant to Article 125-ter, Italian Legislative Decree no. 58 of 24 February 1998 and Articles 72 and 84-ter of Consob Resolution no. 11971 of 14 May 1999 concerning the regulation of issuers, as amended, and in compliance with Annex 3A) of the Issuers' Regulation, and that the report was made available to the public in accordance with the terms and conditions established by law.

The Chairperson reminds attendees that, as indicated in the aforementioned explanatory report, the amendments to the By-laws proposed for approval of the Shareholders' Meeting do not give shareholders the right of withdrawal pursuant to Article 2437 of the Italian Civil Code.

The following proposed resolution is then illustrated:

"The Shareholders' Meeting of Sanlorenzo S.p.A., which met in extraordinary session,

(i) having heard and approved the presentation of the Board of Directors;

(ii) having examined the Explanatory Report of the Board of Directors

and the proposals contained therein;

(iii) having agreed with the reasons for the proposals contained therein;

resolves

1. to amend the By-laws as follows:

amendment of Article 3.2, according to the following new text:

"The Company's purpose also includes training and development activities in the sector of design, construction, manufacture and marketing and sale of small crafts, boats, crafts, recreational ships and vessels, also achieved through the organisation of courses, workshops, fairs, events and conventions for the purpose of training, development and specialisation of individuals and groups of operators, and the construction and/or management of tourist docks and other tourist maritime works, as well as the construction and/or management of works for the hotel and hospitality sectors, and assistance in yachting at the tourist docks and all those installations and infrastructures that contribute to the completion of the services of the tourist docks."

amendment of Article 13.3, according to the following new text: "Lists that contain a number of candidates equal to or more than three must be composed of candidates of both genders, so that the minority gender comprises at least 2/5 (two fifths) of the candidates (rounded up)."
amendment of Article 21.2, according to the following new text:

"The candidates must be listed on the lists in sequential order, and it must be indicated whether each candidature is for the position of standing auditor or alternate auditor".

amendment of Article 21.3, according to the following new text:

"Lists which contain a total number of candidates equal to or more than three must be composed of candidates belonging to both genders, in accordance with the regulations in force at the time regarding the balance between genders, both for candidates for the office of standing auditor and for candidates for the office of alternate auditor".

2. to grant the Chairperson of the Board of Directors, with the power to sub-delegate, to take all the necessary steps to ensure that the resolutions are entered in the Companies' Register, with the power to introduce any non-substantial changes, adjustments or additions that are appropriate for the purpose or required by the competent authorities, including at the time of entry and, in general, to take all the necessary steps for the complete execution of the resolutions themselves, with any and all powers necessary and appropriate for this purpose, none excluded and excepted."

Voting continues through announcement of the votes by the appointed

representative.

• in favour: 28,593,248 votes equal to 99.99% of the share capital participating in the vote

• against: 411 votes equal to 0.0001% of the share capital participating in the vote

• abstentions: zero votes equal to 0% of the share capital participating in the vote

• non-votes: zero votes equal to 0% of the share capital participating in the vote

The proposal is approved, all in accordance with the details provided in Annex "B".

******

The new text of the By-laws with the amendments stated above, approved in accordance with law, is attached herewith as Annex "C" and forms an integral and substantial part of these minutes, having omitted the reading as specifically agreed by the party appearing before me, who has confirmed his full awareness of the contents.

Pursuant to Article 2436 of the Italian Civil Code, the operating regulations of the Company with their newly updated text will be filed by me, as Notary, with the Register of Companies of La Spezia.

There being no other matters to be resolved and as none of the attendees have requested the floor, after being empowered by the Shareholders' Meeting to make all amendments, suppressions and additions to this document as deemed necessary for its entry in the Register of Companies, the Chairperson thanks the attendees, steps down from the chair and closes the Shareholders' Meeting at twenty-five to four in the afternoon.

All costs with regard to this and related documents will be borne by the Company.

Pursuant to the privacy regulations in force, the person before me declare their receipt from me, as Notary, of the written disclaimer envisaged in Article 13, Italian Legislative Decree no. 196 of 30 June 2003, and specifically consents to processing of the common personal data for all the institutional purposes of my office, as well as of any sensitive and/or legal data contained in this document or, in any event, acquired during the course of the related procedures, where permitted for the latter by specific legal provisions or order of the Italian Data Protection Authority.

As requested, I, as Notary, have received and read this document to the person appearing before me who, on my asking, fully accepts it as compliant with his wishes and signs it, together with me, as Notary, at twenty to four in the afternoon.

Written in part electronically by a person in whom I trust, and partly by my own hand as Notary, this document consists of ten legal sheets, occupying thirty-eight sides and up to this line of the thirty-ninth.

Massimo Perotti (signed on the original)

Niccolò Massella Ducci Teri, Notary (signed on the original).

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.

SANLORENZO S.P.A.
Assemblea ordinaria e structdinaria del 21 aprile 2020

Allegato al n. Tunno... di Repertorio

e al n.G.Q3.Q., di Raccolta sub. " A "

Comunicazione n $\begin{array}{|c|c|}\hline \ \hline \ \hline \ \hline \end{array}$ one 14.30

ELENCO INTERVENUTI

	ш
	Þ щ																																						A
	٠
	ш
	$\Rightarrow$
	ш	1430	14.30	14.30	14.30	14.30	14,30	14.30	14.30	DR:30	白色年	的空	14.30	T430	14.30	14,30	第五	14.30	14.30	14.30	74:30	14.30	14:30	14,30	14.30	14.30	14.30	14.30	14.30	三年	14.30	14:30	14:30	14,30	14.30	1430	DG-PD	14.30
	azioni ord. % suite	0.517	0.002	DONB	取主题	0.495	$-189$	0.112	0.010	0,175	9,692	2.487	0.011	0,003	0.025	1,595	10,382	0.623	Deen;	$\frac{13}{13}$	0,570	0.070	0,008	0.515	0.003	b.dd3	8139	0,325	0.009	0,000	2719	0,400	0.340	0.087	0.0DT	0.341	0.002	0.010
	Azioni per deloga	3.819	949	8.225	43.136	170,547	459.455	28.514	$3.42$ ²	60.454	215.169	561.313	3.788	$+133$	2271	412.137	131.915	218,232	$\frac{32}{25}$	48.000	95,802	2.436	$-982$	212.3%2	ß	1,140	47,623	112:025	3.20%	뮒	246,060	138,000	120,000	30,000	358	117,839	719	切り
Azioni in	proprie																																		DESIGNAT
Delegato		ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DES ONAT	ALBANI ROBERTO (RAPPRESENT ANTE DESIGNATO	ALEMAI ROBERTO (RAPPRESENTANTE DESSONATO	ALEANI ROBERTO (RAPPRESENTANTE DESIGNAT	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAMIROBERTO (RAPPRESENTANTE DESIGNATO	ALBAMIROBERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAMI ROBERTO (RAPPRESENTANTE DESIDNATO	ALEAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALBA X ROBERTO (RAPPRESENTANTE DESIGNATO	AL BANI ROBERTO (RAPPRESENTANTE DESIGNATO	AL BANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALEMA ROBERTO (PAPPRESENTANTE DESIGNATO	ALISANI ROGERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATION	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALDAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATI	ALBANI ROBERTO (RAPPRESENTANTE DEBIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATI	ALBANI ROBERTO (BAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	ALEANIROBERTO (RAPPRESENTANTE DESIGNATO	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	A BAN ROBERTO (RAPPRESENTANTE DE SIGNATO	ALBANI ROBERTO (MAPPRESENTANTE DESIGNATO	ALBANI ROBERTO (RAPPRESENTANTE)	ALISKIM ROBERTO (RAPPRESENTANTE CESIGNATION	ALEAM ROBERTO (RAPPRESENTANTE DESIGNATO	ALBANI ROBERTO MAPPRESENTANTE DESIGNATO
Rappresentanto															OR JPM GLOBAL MID-SMALL CAP
Aventi diritto		INTERNATIONAL PAPER CO COMMINGLED INVESTIGENT GROUP			STATE OF MONTANA BOARD OF INVESTMENTS				BEIDELITY COMMON CONTRACTUAL FUND II	FONDS DE RESERVE POUR LES RETRAITES	JPM EUROPE SMALLER COMPANIES FUND	JPMORGAN EUROPEAN SMALLER COMPANES TST	12 VANTAGETRUST III MASTER COLLECTIVE INVESTINENT FUNDS TRUST	13 NEW YORK STATE COMMON RETREMENT FUND	14 JT 565 LTD, AS TRUSTEE FOR SUM TONO MITSUIT RAIST BANK LIMITED AS TRUSTEE F	TEMPLETOWFORE GIVISMALLER COMPISERIES	18 JALFRANCIN TEMPLETON INTERNATIONAL SMAL	17 STATE OF NEW MEXICO STATE INVEST COLVICIL	38 ACADIAN NON US MICROCAP EQUITY FUNDULO		20 COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF DOOK COUNTY		22 ACADIAN ACW EX US SMALL CAP FLND LLC		24 PECO ENERGY COMPANY RETIREE MEDICAL TRUST	EXELICA CORPORATION EMPLOYEES SENEFIT TRUST FOR LINON EMPLOYEES	EMPLOYEES' RETIREMENT FUND OF THE CITY OF FORT WORTH	IELNOS MUNICAAL RETREMENT FUND	28 LOCK-IEED MARTIN CORPORATION MASTER RETIRENENT TRUST.	29 MOON CAPITAL PERFORMANCE PLUS MASTER FLND LTD	TEMPLETON INTERNATIONAL SMALLER COMPANIES FLNO			AMUNDI ACCUMULAZIONE ITALIA RIR 2023	MUF - LYACK = ISE IT ALIA MIDICAP PLR (DR) UCITS ETF		BRIMUL-LYXOR ITALIA EQUITY PIR (DR UGITS ETF
ż			CENTRAL PROVIDENT FUND BOARD	CONTRACTOR		SONG-NESSAGE	*PMORGAN FUNDS*	UPMORGAN FUNDS												IBLIBERTY M		24 LIPS GROUP TRUST		STRATHOLYDE PENSION FUND Ä				ā			R	AMUNDI DIVIDENDO ITALIA	BIG RITHLE ENDINATION AND IMPRESS	ą		ETOILE VALEURS MOYENNES 톬		BNP PARIBAS EQUITY - FOCUS TALA ħ	E in 1 di 3

SELUNION INVESTIMENT INSTITUTIONAL GIVEN	ALEANI ROBERTO (RAPRESENTAMTE DESIGNATO	15.900	0,055	品外牙
38 UNION INVESTMENT LISKEMBOURG SA	HANI KOBIERTO (RAFPRESENTANTE DESIGNATO	THE CO.	0.282	14.80
40 ENPP MODERNTE FOOLS ITALIA	EANI ROBERTO RAPPRESENTAMTE DESIGNATO	55.311	0.453	14.32
4 FOR AUNA INVESTORS SMALL & MID CAPS EUR	LEAN ROBERTO (RAPPRESENTANTE DESIGNATO	62,000	0.180	14.33
42 AVIVA GRANDES MARQUES SR	ALEANI ROBERTO (RAPPRESENTAMTE DESIGNATO	200.00	0.290	14.32
ABIFRANKLINTEMPLETCNINT	ALEAN ROBERTO (RAFEAUTHORS) DESIGN	366,971	,002	14:30
AN MAN FUNDS XII SPC MAN 1783 III SP	ALBANI ROBERTO RAPPRESENTANTE DESIGNATI	274	0,007	$-2.50$
45 OLD NORTH STATE HEDGED EQUITY WAT LLC	ROBERTO RAPPRENTANTE DESSIGNTO 医耳耳耳	0.079	0.003	-4.50
AS CHALLENGE ITALIAN EQUITY	ALBAIN ROBERTO (RAPPRESENTANTE DESIGNATIO	22.227	0.0GP	DGP
47 EUROPEAN SMALL CAP EQUITY 2	ALBAM ROBERTO IRAPPRESENTE DESIGNED	37.391	ù -dis	14.30
48 SOVERINGENT OF NORWAY	REDAM ROBERTO (RAPPRESE AMTE DESIGNATO	70.000	0,202	14,30
IG SOVERIALENT OF NORWAY	ALEAN ROBERTO RAPPRESENTANTE DESIGNT	304.488	0,633	12,30
50 A CAD AN INTERNATIONAL AC C/D ACADIAN ASSET MONT LUD	ROBERTO RAPPRESENTANTE DESIGNAT 三、八、	1.77	0,007	14.50
STIDEMARIA CARLA	BAN ROBERTO (RAPPRESENTANTE DESIGNATO ä	3581, 1983	2224	14.30
SE HOLDING HAPPY LIFE SIRL	ALBAN ROBERTO RAPPRESENTANTE DESIGNITO	21 644 023	EZ 735	24.50
SOLUCHL FIDUCIARIA SRL MF 689	FLEAM DECALLARED REALTY OF FREEDS AND ARTISTS	161.000	0,467	14.30
S4 ROSSI FERRUCCO	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO	540.000	585	12,30
WISEGESTAS R.L.	ALBANI ROBERTO RAPPRESENTANTE DESIGNAT	530.6%	0.487	14.30
REPAIRING TOWNSC	GLEAN ROBERTO RAPPRESENTANT DESIGNATO	135,000	0.39	14.30
SPINTIMARCO	ALBAN ROBERTO (RAPFRESHTANTE DES GATE	480.000	59.	$-4.50$

Totale azioni in proprio
Totale azioni per delega	28,503,603
Totale generale azioni	28.593.659
% suite azioni ord.	B2 890

'n

٦ c	SIG

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

aventi diritto partecipanti all'Assemblea, in proprio o per delega, per complessive n. 28.593.659 azioni ordinarie, regolarmente depositate ed aventi 34,500,000 % di n. 82,880 diritto ad altrettanti voti, che rappresentano il 57 Sono presenti n. azioni ordinarie.

Persone fisicamente presenti in sala:

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Allegato al n. J.W.SO di Repertorio

e al n. 4.030... di Reccelta sub. "{} "

SANLORENZO S.P.A.

Assemblea ordinaria e straordinaria del 21 aprile 2020

Post terform - Associated State Sauchs 1961 Margaria Margarian Indiana Yund Pepulat Indian State State Chamber and Also, Indiana and a struck of the state of the state beacher respective

RISULTATO DELLA VOTAZIONE

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	28.593.659	100,000%	82.880%
Contrari	υ	0.000%	0.000%
Astenuti		0.000%	0,000%
Non Votanti	υ	0.000%	0,000%
Totale	28.593.659	100,000%	82,880%

Assembles ordinaria e stracidinaria del 21 aprile 2020

ESITO VOTAZIONE

one sulla gestione per l'esercizio chiuso il 31 dicembre 2019. Proposta di destinazione dell'utile. Presentazione del bilancio consolidato del Gruppo

ż	Aventi diritto	Detegato	Azioni in	Azioni per	% sulle	yam
	INTERNATIONAL RAPER CO COMMIN		proprio	delega	azioni ord
	GLED INVESTMENT GROUP	ROBERTO (RAPPRESENTANTE DESIGNATO AL BAN		2,6%	0.017	ULL
	ZICENTRAL PROVIDENT FUND BOARD	ALEMNI ROBERTO (RAPPRESENTANTE DESIGNAT		849	0.002	$\mu$
	ISHARES VII P.C	ALBANI BOGERTO (RAPPRESENTAXTE DESIGNAT		6,225	0.015	H.
	STATE OF MONTANA BIOARD OF INVESTMENTS	ALBANI ROBERTO (KAPPRESENTANTE DES GNAT		43-35	0.725	IL.
	SCIATE NADROWELL 16	ALBANI ROBERTO (RAPIRESENTANTE DESIGNATO		IVDEAT	0,495	Ш.,
	BILIPMORGAN FUNDS	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		403.498	1,189	Щ.
	SCING MYORGING!	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		38.514	2.112	щ.
	BIFIDELITY COMMON CONTRACTUAL FUND II	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATIO		2,221	0,010	社
	SILLANDS DE RESERVE POLIS LES RETRAITES	ALBANI ROBERTO (RAPPRESENTANTE DES IGNATIO		50.454	0.175	14,
	FUND JPM EUROPE SMALLER COMPANIES ç. F	ALBANI ROBERTO (HAPPRESENTANTE DES GMATC		218-63	0.632	$ \mathbf{1} $
	JPINORGAN ELIROPEAN SMALLER COMPANIES TST	ALISANI ROBERTO (RAPPRESENTANTE DESIGNATO		951913	2,497	$\Omega_{\rm m}$
	12 VANTAGETRUST III MASTER COLLECTIVE VWESTMENT FUNDS TRUST	A LBAM ROBERTO (RAPPRESSINTANTE DESIGNATIO		5.700	0.011	t.
	13 NEW YORK STATE COMMON RETIRENTENT FUND	ALBANI ROBERTO IRAPPRESENTANTE DESIGNATO		1,135	0.003	IL.
	14 J TSB LTD, AS TRUSTEE FOR SUM TOMO MITSLE TRUST BAXK LIMITED AS TRUSTEE FOR UPM GLOBAL MID-SMALL, CAPIT	ALBAY ROBERTO (RAPPRESENTANTE DESIGNATO		日本川	0.065	$\mathbb{H}.$
	18 TEMPLETON POREIGN SMALL ER COMP SERIES	ALBANI ROBERTO (KAPPRESENTAVTE DESIGNATO		412,137	1,885	ä.
	B ANLFRANKLIN TEMPLETON INTERNATIONAL SMAL	A LEAN ROBERTO (RAPPRESENTANTE DESIGNATO		131.915	0.382	14.
	STATE OF NEW MEXICO STATE INVESTIGOUNDIL Ē	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		218.232	Deal	IL.
	DIVISING BIADADIAN NON US MICHODAP EQUITY	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		7138	C.U.	u.
	WALBERT	ALBAN ROBERTO (RAPPRESEMTAMTE DESIGNATO		46.900	四门	11.
8	BENEFIT FUND OF COOK COUNTY COUNTY EMPLOYEES ANNUITY AND	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATI		196 842	0.57	IL.
磊	UPS GROUP TRUST	ALDAM ROBERTO (RAPPRESENTAXTE DESIGNAT		3435	Digit	KK.
P.	A CADIAN ACMIEN US SMALL CAP FUND L.C.	ALBANI ROBERTO (RAPPRESENTANTE DES ONATO		1.952	0.000	ia.
R.	STRATHCLYCE PENSION FUND	ALBAMI ROEERTO (RAPPRESENTANTE DESIGNATO		212.352	0.616	$\overline{\mathrm{Li}}$
	IEDICAL TRUST 24 PECO EMERGY COMPANY RETIREE M	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		808		ü.
25	BENEFIT TRUST FOR UNION EMPLOYEES EXELON CORPORATION EMPLOYEES	ALBAN ROBERTO (RAFIRRESENTANTE DESIGNATIO		1.140	0,003 G.OOS	Li,
F	EMPLOYEES RETIREMENT FUND OF THE CITY OF FORT WORTH	ALBAN ROBERTO (RAPPRESENTANTE DESIGNAT		47.823	0.733	łi.
N	g ILLINOIS MUNICIPAL RETIREMENT FL	ALBANI ROBERTO (RAPPRESENTANTE DES GNAT		112.825	0.328	ü.
	ASTERRETAGMENT TAUST 29 LOCKHEED MARTIN CORPORATION M	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		5.25%	D.OKA	iia.
	29 MOON CAPITAL PERFORMANCE PLUS MASTER FLINDLITD	ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATO		B	0,000	ü.
	OMD ER COMPANES 39 TEMPLETOR INTERNATIONAL SMALL	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO		248.063	0.719	$\mathsf{L}\mathsf{L}_\mathrm{c}$
	STILAMUNDI DIVIDENCO ITALIA	ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT		128,050	0.400	ki,
	32 AMLIND: VALORE ITALIA P.R.	ALEANI ROBERTO (RAPPRESENTANTE DESIGNAT		120.000	0.345	ti.
	2003 33 AMUNDI ACCUMULAZIONE ITALIA PR	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		30.000	0.087	Щ
	RIGRIVOITSET Example 12 ANDRETSE TRUA MID CAPE	SLBAY ROBERTO (RAPPRESENTAME DESIGNATO)		256	0.007	ii.
	36 ETC/LE VALEURS MOVENNES	ALBANI ROBERTO (RAPPRIESENTANTE DESIGNATO		117,639	$0.34$ ?	ū,
		ŵ

Willow y 医学

	UCITS ETF SERVICE CONTRACTANTY FIR (DR	D.2.10 15 30 31 31 20 32 20 32 32 40 40 40 50 1 20 32 32 40 32	Real	COUZ	18.
37	BAIP FARIBAS EQUITY - FOOUS TALM	DESIGNED IN A RESERVED OF FURNISHED IN A RESERVED OF A RESERVED IN A RESERVED OF A RESERVED IN A RESERVED IN A	3,415	0.010	LL.
	GMB- SELUNION INVESTIGATION CONTINUES	ALBAN ROBERTO PAPPAESENTAME DESIGNATO	18,970	0,000	ц.
	39 UNION INVESTMENT LUXEMEDURG SA	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	100,885	0.282	u.
	40 BAPP MODERATE FOCUS ITALIA	ALBAN ROBERTO IRAPPRESENTANTE DESIGNATO	1.8.84.	0.453	u.
	CA ₇₆ EUR 41 FCP AVIVA INVESTORS SMALL & MID	SAMPLE DESIGNATE DE SENTANTE DE SERVICION DE DESIGNATE	62.020	Q.180	u,
	42 WWA GRANDES MARQUES SR	ALBAN ROBERTO IRAPPRESENTAMTE DESIGNATO	02020	0.250	u,
	43 FRANKLINTEMPLETONINT	ALBAM HOBERTO RAPPRESENTE DESIGNED	355.97	1,002	Щ,
	GREENWAY ENDING THREE REAL TO	ALBAN ROBERTO (RAPPRESENTAMTE DESIGNATO	274	0.0071	ü.
	MATTLE 45 CLD NORTH STATE HEDGED EQUITY	ALBAN ROBERTO (RAPPRESENTAMTE DESIGNATO	1,0.19	0.005	IL.
	WEIGHALLENGE TALIAN EQUITY	DESKARDED FOR PRESERVE DER DES DES DES	29,227	C.OEX	u.
	AT EUROPEAN SWALL CAP EQUITY 2	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	图形	C ₁₀₈	ű.
	4BIGOVERNMENT OF NORWAY	ALBAN HOBERTO PRAPPRESENTANTE DESIGNATO	72.000	CREE	4
	KBI GOVERNMENT OF NORWAY	DESPERANTE DES RESERVATIVES EN CONTROL 249 RE	504.452	2,883	щ
	CHAIRDREAGE MARKET SDIACADIAN INTERNATIONAL INC.C/O AL	ALBANI ROBERTO (RAPPRESENTAMTE DESIGNATO	t.	0.001	u.
	BRIDEMARA CARLA	ALEAN ROBERTO RAPPRESENTANTE DESIGNATO	355,055	032	t.
	SZ HOLDING HAPPY LIFE 5.R.L.	RUBAN ROBERTO RAPPRESENTANTE DESIGNATO	21644023	62,735	E.
	SSILLICHI FIDUCIARIA SRL MF 588	EAN ROBERT PARPETER NEUTRO EN SOBRE	18" 000	0,487	u.
	S4 ROSSI FERRUCCIO	ALBAN ROBERTO MAPPRESENTANTE DESIGNATO	S40 000	1.585	EE.
	55 STASTAS DR.	ALBAN ROBERTO (RAPPRESENTAMTE DESIGNATO	168.000	3,437	L.
	BBIV VICENZITOM VIASO	ALEAN ROBERTO IRAPPRESENTE DESIGNATO	35,000	783	Ŀ,
	DONY LIMPS	ALBAN ROBERTO RAPPRESENTANTE DESIGNED	480,000	1.38	u.

% SUI PRESENTI AZIONI

FAVOREVOL	CONTRAR	ASTENUT	TINATON MON	OTALE AZIONI PRESENTI

100,000%
0,000%
0,000%
0,000% 100,000% $28.593.859$
0
0
0
0
0 28.593.659

Pag. 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

aventi diritto partecipanti all'Assemblea, in proprio o per azioni ordinarie, regolarmente depositate ed aventi 34.500.000 % di n. 82,880 diritto ad altrettanti voti, che rappresentano il delega, per complessive n. 28.593.659 $\tilde{\zeta}$ Sono presenti n. azioni ordinarie.

Persone fisicamente presenti in sala:

$\frac{1}{\sqrt{2}}$

Assemblea ordinaria e straordinaria del 21 aprile 2020

Punto 2.1 ordinaria - approvazione della politica in materia di remunerazione ai sensi dell'art. 123-ter, commi 3-bis e 3-ter del d.lgs. 24 febbraio 1998 n. 58

RISULTATO DELLA VOTAZIONE

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	27.734.326	96,995%	80,389%
Contrari	859.333	3,005%	2,491%
Astenuti	0	0.000%	$0.000\%$
Non Votanti	0	0.000%	0,000%
Totale	28.593.659	100,000%	82.880%

Assemblea ordinaria: a streprintanta del 21 aprile 2020

ESITO VOTAZIONE

nto 2.1 ordinaria - approvazione della politica in materia di remunerazione ai sensi dell'art, 123-ter, commi 3-bis e 3-ter del d.lgs. 24 febbraio 1998 n.

ü. щ t. ti. IŁ. 4 $\mu$ Щ. ti. i. ir. Щ. u., ц. u. u, Lt. w IL. u, $\frac{1}{2}$ ü. ü, li. IL. L. u. ü, ü. ü. Щ. $\mu$ ü. IL. ir. 0,002 0.018 $C_4$ Or $7$ C/CFO 0.725 212 Q ₁₇₅ 0.495 1,788 0.532 2487 CODE 2,025 DONT 1,195 0.282 0533 0.133 $\frac{1}{2}$ 0.010 D.CROZ C.139 0.000 0.516 C CODE 0.529 0.DOB 0.00 BLL 6,400 0.221 0.349 0.087 5,341 DROT 6.225 43,138 5.076 EFE 170.547 473,455 SE 514 218,189 3.421 82.454 881,313 3765 1,735 131 815 3,436 412.197 $2 - 8.232$ 106.802 1,852 502 547 $7 - 200$ 48.000 212252 $-1.35$ 12:026 3,259 6 47,823 246.003 138,000 120,000 262 117639 30,200 ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO ALDANI ROSERTO (RAPPRESENTANTE DES GNATI ALDAM ROBERTO (RAPPRESENTANTE DES GIVITO ALEAM ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAIPIRESENTANTE DESIGNATO ROBERTO (RAPPRESENTANTE DESIGNATO ROBERTO (RAPPRESENTANTE DESIGNATO ALEMAI ROBERTO (RAPPRESENTANTE DESIGNATO ALIMAL ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAM ROBERTO (RAPPRESENTANTE DESIGNATIO ALDAN ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO A. BANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN, ROBERTO (RAPPRESENTANTE DESIGNATION A LEAM ROBERTO (RAPPRESENTANTE CESICNATO IN USE LE VISIER ENTIMEDING MUSHLIRUST BIVIN IN LEE HOT IN IL CODYT MUZENYTI ON NORSING ENDRETO MANARESE MANLE DESIGNAL ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN-ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN ROBERTO (RAPPRESENTANTE DESIGNATE) ALIBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN HOBERTO (RAPPRESENTANTE DESIGNATO FLBANTROBERTO (RAPPRESENTANES DESIGNATO) ALBAN ROBERTO (RAPPRESENTANTE DESIGNATI ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERT TEATRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT MOSBOTH ALDANI ROSER CAMPRESE ALBAN 高山田高川 TRUST FOR UNION EMPLOYEES BENEFIT FLND OF COOK COUNTY 2 WATAGE IRUST III MASTER COLLECTIVE INVESTMENT FUNDS TRUST 28 LOC-GHEED MARTIN, CORRIDRATION MASTER RETIREMENT TRUST INTERNATIONAL PAPER CO COMMINGLED INVESTIGATION CROUP THE CITY OF FORT WORT 30 TE MPLETON INTERNATIONAL SMALLER COMPANIES FUND 29 MOON CAPITAL PERFORMANCE PLUS MASTER FUNDLITD RIDRI UCITS ETF EDIGAL TRUST 12. Salvividate Participal AV SMALLER COMPANIES JALERAMALIN TEMPLETON INTERNATIONAL SMAL GINEW YORK STATE COMMON RETIREMENT FUND 18 A CADIA N NOM US MICROCAP EQUITY FUND LLC STATE OF NEW MEXICO STATE INVESTIGATION. STATE OF MONTANA BOARD OF WATSTMENTS TEMPLETON FOREIGN SMALLER COMP SERIES BENEFIT BAILES NOLLC FIDELITY COMMON CONTRACTUAL FUND II 10 JPM EUROPE SMALLER COMPANES FUND 2023 27 IL INOIS MUNICIPAL RETIREMENT FUND 2 OENTRAL PROVIDENT FUND BOARD 24 PECO ENERGY COMPANY RETIREE M 16 EXELON CCRPORATION EMPLOYEES FONDS DE RESERVE POUR LES RET 28 EMPLOYEES' RETIREMENT FUND OF 39 AMUNO ACCUMULAZONE ITALIA PIR COURTY EMPLOYEES ANNUITY AND ACADIAN AGMI EX US SMALL CAP FL 23 STRATHOLYDE PENS ON FUND SENDILE VALEURS MOYENNES BIR MTVID BOTKA KINDING BS AMUNDI DIVIDENDO ITALIA BILPMORGAN FUNDS UPMORGAN FUNDS SCNTL VADBONA PROS 21 LIFS GROUP TRUST 3 ISHARES VILLED 19 LIBERTY M ò B g Ñ	Avent! diritto $\frac{1}{2}$	Rappresentante	Delegato	Azioni in proprio	Azioni per delega	azioni ord % suite	LLOM

































34 MUF - LYXOR FTSE ITALIA MID CAP PI

Pag. 2 $d$ 4

CAPS EUR -ENG TTN_I STOC+ ALIMBRE ECOLOR IS INFIRE 39 JAION INVESTMENT LUXEMBOURGS 41 FOP AVIVA INVESTORS SMALL & MID JPYOUTILES IN MERLINS IN THE CONTROL BIN-PP MODERATE FOCUS ITALIA	AL BANI ROBERTOWRAPPRESENTANTE DESIGNATO			Ĺ,
	ALEMAN ROBERTO (RAPPRESENTANTE DESIGNATO	FIE	0.002
		3,415	GES 8	Ü
	AUBANI ROBERTO (RAPHRESENTAMPE ESPONATO)	8,900	0.55	$\mathbb{Q}$
	BANI ROBERTO (RAPPRESENTANTE CESIGNATO à	100985	3252	Ü
	BANI ROBERTO (RAFFRESENTANTE DESIGNATO	55311
			8	Ò
42 MVIVA GRANDES MARQUES ISR	ALBAN ROBERTO IRAPPRESENTANTE DESIGNATIO	62.000	0.180	ö
	ALDANI ROBERTO IRAPPRESENTANTE DESIGNATO	000.0020	0.290	$\omega$
43 FRANK INTEMPLETONINT	NLEAN ROBERTO (RAPPRESENTANTE DES IGNATO)	355.911	1,032	ò
44 MAN FUNDS ALSPORANT 763 ILSP	ALBANI ROBERTO (RAPPRESENTANTE DES RATO
MATILE 45 OLD NOR THISTATE HEDGED EQUITY		$\frac{1}{2}$	0.301	ö
48 CHALLENGE ITALIAN EQUITY	ALEAN ROBERTO (RAPPRESENTANTE DES ISMATO	1.514	0,000	i.)
	ALEANI ROBERTO (PAFRESEMITANTE DESIGNATO	23.227	日语	t)
47 EUROPEAN SMALL CAP BOUTY 2	ALEAN ROBERTO (RAIFFREEDINANTE DESIGNATO
AB COVERNMENT OF NORWAY		睡术	0.108	Ò
49 GOVERNMENT OF NORWAY	BANI ROBERTO (RAPPRESENTANTE DESIGNATO	70000C	0.223	ù.
	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	BOA 488	0.003	ц,
ADIAN ASSET MONTILLO BO ACADAM INTERNATIONAL ACIDIDAS	BLANK ROBERTO IRAPPRESEXTANTE DESIGNATO	41	0,007	lic.
51 DEMARIA CARLA	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATION	356.056
22 HOLDING HAPPY LIFE S.R.L	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO		1.032	li.
58 LUCHI FIDUCIARIA SRL MF 659		21 B44.023	第2章	ü.
54 ROSS FERRICCO	ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATO	161.000	0.487	ü.
	ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATO	Sep 2002	$\frac{3}{2}$	щ
55 SEGESTA S.R.L.	ALBAN HOBERTO (RAPPRESENTANTE DESIGNATO	185,000	0.487	ia.
BELVINGENZ TOMMASC	ALBANI ROBERTO JRAPPRESENTANTE DESIGNATO	35,000	530	ù.
B7 W11 MARCO	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	50.000	$1,30^{-}$	is.

% SUI PRESENTI AZIONI

FAVOREVOLI CONTRARI ASTENUTI NON VOTANTI


	27.734.326 BSB 333



		96,985% 3,005% 0,000% 0,000% 100,000%
TOTALE AZIONI PRESENT	28.593.659

$\neq$

Pag. 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

aventi diritto partecipanti all'Assemblea, in proprio o per azioni ordinarie, regolarmente depositate ed aventi 34.500.000 $\vec{c}$ $% \left( \left( \mathbf{r}_{1}\right) \right)$ % 82,880 diritto ad altrettanti voti, che rappresentano il delega, per complessive n. 28.593.659 $\tilde{\mathcal{L}}$ Sono presenti n. azioni ordinarie.

Persone fisicamente presenti in sala:

$\rightarrow$

Assemblea ordinaria e straordinaria del 21 aprile 2020

Punto 2.2 extinars - delberazione auta Seconda assistal della relativisme etta politicum mareto di informazione e sui compete compacti, ai sensi dell'arti 123-lec, comme 6 del digo. De fabbre o 1996 a. dd.

RISULTATO DELLA VOTAZIONE

Azioni rappresentate in
Assemblea	28.593.659	100,000%
Azioni per le quali e' stato
espresso il voto	28.593.659	100.000%

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	28.314.148	99,022%	82,070%
Contrari	279.511	0,978%	0.810%
Astenuti		$0.000\%$	0.000%
Non Votanti	Q	0.000%	0,000%
Totale	28.593.659	100.000%	82,880%

SANLORENZO S.P.A.
Assembles ordinaria o straordinaria del 21 sorie 2030

ESITO VOTAZIONE

ne sulla "Seconda sezione" della relazione sulla politica in materia di remunerazione e sui compensi corrisposti, ai sensi dell'art, 123-ter, comma 6 t

Aventi diritto	Delegato	Azioni in	Azioni per	Wasallo	FON
3 INTERNATIONAL PAPER CO COMMINGLED INVESTMENT GROUP		proprie	deloga	azioni ord
	ALBANI ROBER 70 (RAPPRESENTANTE DESIGNA		5 Mig	0.017	ü.
2 CENTRAL PROVIDENT FUND BOARD	ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT		ï	00000	ii.
SHARES VII PLC	ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATI		15225	0.018	u.
ESTMENTS STATE OF MONTANA BOARD OF INV SUNANCROWAN FUNDS	ALBAM ROBERTO (RAFPRESENTANTE DESIGNATO		42136	0.125	H.
BLIFWORCAN FUNDS	ALBANI ROBERTO (RAPIRSESENTAMI E DESIGNATI)		107974	0,495	44,
JEMORGAN FLINDS	ALEAN ROBERTO (RAPPRESENTANTE DESIGNA		403,455	1.89	н.
FIDELITY COMMON CONTRACTIVE æ	ALBANI ROBERTO (RAPPRESENTANTE DES GMATI		28,514	$D + 12$	t.,
WONC BIFONOS DE RESERVE POUR LES RET	ALEAN ROBERTO (RAPPRESENTANTE OESIGNATO		242	2,070	L.
BAITES 10 JPM EUROPE SWALLER COMPANIES	ALBAMI ROBERTO (RAPPRESEMIANTE DESIGNATO		60454	0,176	4.
11 JPMCRGAN EUROPEAN SMALLER COMPANIES PLAND	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		218.189	0,832	ü.
F	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		BE1.313	2497	UL.
12 VANTAGETRUST III MASTER COLLECTIVE INVESTMENT FUNDS TRUST 12 NEW YORK STATE COMMON RETIREMENT FUND	ALEMMIROBERTO (RAPPRESENTANTE DESIGNATO		3.785	0.011	LL.
14 J188UTD AS TRUSTEE FOR SUMITO	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO		$-135$	0.003	Ŀ,
IN AN ARRAIT FRUST BANK LIMITED AS TRUSTEE FOR JUNI GLOBAL MID-BANALL CAP ALBAN ROBERTO IPAPPRESENTANTE DESIGNAT 15 TEMPLETON ROREIGN SMALLER CO			0.521	0.025	ü.
TONAL SMA MP SERIES 18 JNI FRANKLIN TEMPLETON INTERNATION	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATE		412 137	1,195	ja,
17 STATE OF NEW MEXICO STATE INVESTIGOUNCIL	ALBANI ROBERTO (KAIPPRESENTANTE DESIGNATO		131,915	0.382	u
FLAD LLC 18 ACADIAN NON US MICROCAP EQUITY	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		218,232	Deale	Щ,
IS LIBERTY M	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		7.136	0,027	ц.,
COUNTY EMPLOYEES ANNUITY AND BENERIT FUMD OF COOK COUNTY	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO		48,000	$0 - 32$	u,
UPS GROUP THUST	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		156,602	0.570	$\mathbf{L}$
	ALEAM ROBERTO (RAPPRESENTANTE DEBIGNATO		5.438	0.010	LL.
ACADIAN ACWIEX US SMALL CAP FUND LLC 23 STRATHOLYDE PENSION FUND	AL BAMI ROBERTO (RAPPRESENTANTE DESIGNATIO		$-$ 352	0.05	L.
24 FECO ENERGY COMPANY RETIREE W	ALBAN ROBERTO TRAPPRESENTANTE DESIGNATO		ZARCLE	Q.B12	ū.
ISDICAL TRUST	ALSAN ROBERTO (RAPPRESENTANTE DESIGNATIO		909	0.002	ίí.
25 EXELOW CORPORATION FMPLOYEES' BEMERIT TRUST FOR LINION EMPLOYEES	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		$1 - 4D$	0.003	Ł.
26 EMPLOYEES RETREMENT FUNCIOF THE CITY OF FORT WORTH	A BANI ROBERTO (RAPPRESENTANTE GESIGNATO		47823	0.129	Ë
27 ILLINOIS MUNICIPAL RETIREMENT FUND	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		12.028	0.325	ü.
28 LOCKHEED MARTIN CORPORATION MASTER RETIRENTS TRUST	ALBAN: ROBERTO (RAPPRESENTANTE DESIGNATIO		3.259	0,009	ü,
29 MOON CAPITAL PERFORMANCE PLUS MASTER FUND LTD	ALBANI ROGERTO (RAPPRESENTANTE DES GNATO		6	0.202	ti.
30 TEMPLE TOIN INTERNATIONAL SMALLER COMPANIES FUND	ALBANI ROBERTO (RAPPIRESENTANTE DESIGNATO		246 083	2709	ü.
37 AMUNDI DIVIDENDO ITALIA	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		138,000	0.400	t.
32 AMUNDI VALORE ITALIA PIR	ALBANI ROBERTO (RAPPRESENTAVTE DESIGNATO		120.000	0.348	u.
2023 SILIN'S AND ACCUMULAZIONE ITALIA PIR	AL BANI ROBBRTOJAMPRESENTANTE DESIGNATO		$30\,00$	28065	u.
RIDRI UDITS ET- 34 MUF - LYNOR FTSE (TALIA MIDICAPIE)	ALBAN HOBERTO JRAPPRESENTANTE DESIGNATO		216	0,003	Ц.
SELENALE VALE MOYEN VER	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO		dista Lut

$P = 2 d +$

Jan 19

UCITS EIF BE MULI-LYXOBITALIA EQUITY FIR (DR	ALBAN: ROBERTO (RAPPRESENTANTE DESIGNATO	229	0.002
37 BNP PAR BAS FOUTY - FOOUS ITALI	ALEAN ROBERTO (RA FPRESENTAMTE DESIGNATO	10-2	C.DTD	Ö
GMBH TENCIAL LISNI LINE ALSENE MONAGE	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATIO	18,900	0.055	Ò
F SHIDSOF NEST ALEMENT NOW THE	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO
40 BMP MODERATE FOOUS TALA		00.889	0.292	Ò,
	ALBANI ROBERTO (RAPPRESEN FAVIE DES GUATO	M6.811	0,453	ø
CAPS ELR 41 FCP AVIVA INVESTORS SMALL & MID	ALBANI ROBERTO (RAPRRESENTANTE DES GNATO	S2 300	5 ă	ù.
42 AVIA GRANDES MARQUES ISR	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	160.007	0.280	ü.
43 FRANKLINTEMPLETONINT	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	356.81T	7032	ü.
44 MAN FUNDS WISPORANT TAS III SP	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	274	Ę
MALLE 45 OLD NORTH STATE HEDGED EQUIT				ш.
45 CHALLENGE TALIAN EQUITY	ALEANI ROBERTO (RAIFIRESENTANTE DESIGNATO	T D'19	0.003	Ĺ.
	ALEAN I ROBERTO (RAPPRESENTANTE DESIGNATO	23227	0.087	iz.
47 EUROPEAN SMALL CAP EQUITY 2	BAN ROBERTO (RAPPRESENTANTE DESIGNATO)	Tag	$\frac{5}{4}$ 108	ü.
48 GOVERNMENT OF NORWAY	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO)	75.000	0,203	ü.
49 GOVERNMENT OF NORVAY	ALEAN ROBERTO JRAPPRESENTANTE DESIGNATO	204248	0,883	Ú.
ADIAN ASSET MOMENT LICE BO ACADAM INTERNATIONAL AC CO AC	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATE	2.7	0,00*	ü.
51 DEMARIA CARLA	ALEMNI ROBERTO (RAPHRESENTANTE DESIGNATO	359,058	1,082	u,
S2 HOLDING HAPPY LIFE S.R.L.	DESCRIPTION SERVICES CONTRACTOR OF SERVICES	21.644.025	62.756	ü,
SSILLICENTEDLC MRIA SRL MF 689	DTAM ROBERTO (RAPPRESENTANTE DESIGNATO	161.300	0.487	ii.
54 ROSSI-FERRUCCIO	BANI ROBERTO (RAPPRESENTE DESIGNATO	GAD/000	53	u,
MA SEGESTAS R.L.	ALBA MI ROBERTO (RAPPRESENTANTE DESIGNATO	168.000	0.487	Щ
BEAM ACENZITOMMASC	REDAMI ROBERTO IR APPRESEMITANTE DESIGNATO	135,000	0,391	ü.
DOBAN ITM N	ALBANI ROBERTO (RAFIHRESENTANTE DESIGNATO	180.000	ä	ü.

% SUI PRESENTI AZIONI.

FAVOREVOL	CONTRAR	ASTENUTI	ON VOTANTI	INBSBALLE AND ARESENTI

99,022%
0,978%
0,000%
0,000%

28314.148
279.511

$\circ$

100,000%

28.593.659

No. of Carpenter

Pag 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

ono presenti				aventi diritto partecipanti all'Assemblea, in proprio o per
delega, per complessive n.	28.593.659	azioni ordinarie, regolarmente d		aepositate ed avent?
diritto ad altrettanti vo	ae rappresentano i	2.880	$\frac{1}{2}$	$-4.56$
azum ordansr

Persone fisicamente presenti in sala:

$\frac{1}{2}$

Assemblea ordinaria e straordinaria del 21 aprile 2020

Punto 3 antinana - Delisorazioni al seral dell'arti 114-bis del Decreto Legislativo 24 teopraio 1990 m. 58 relativa ell'stituziono di on Pieno di Stock Option, Dalberazioni merenti e conseguenti

RISULTATO DELLA VOTAZIONE

Azioni rappresentate in
Assemblea	28,593,659	100,000%
Azioni per le quali e' stato
espresso il voto	28.593.659	100,000%

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	23.858.567	83,440%	69,155%
Contrari	4.735.092	16,560%	13,725%
Astenuti	C	0,000%	0,000%
Non Votanti	n	0,000%	0,000%
Totale	28.593.659	100,000%	82.880%

Assembles ordinaria e straordinaria del 21 aprile 2020

ESITO VOTAZIONE

⊪iberazioni ai sensi dell'art. 114-bis del Decreto Legislativo 24 febbraio 1998 n. 58 relative all'istituzione di un Piano di Stock Option. Deliberazioni in

Avent diritio ż	Delegato	Azioni per	% sune	VOTI
GLED INVESTMENT GROUP TINTERNAT ONAL PAPER CO COMMN		delega	azioni ord
2 GENTRAL PROVIDENT FUND BOARD	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	5819	5,077	Ö
DTd IM SERVHS IS	ALEA VI ROBERTO (RAPPAESENTANTE DESIGNATIO	849	0,002	Ó
STATE OF MONTANA BOARD OF INVESTMENTS	ALDAN ROBERTO TRAPPRESENTANTE DESIGNATO	6225	0.016	$\omega$
PMORGAN FUNDS	ALISAM ROBERTO (RAPPRESENTANTE DESIGNATION	43135	0.12%	$\circ$
BUNCE MEDIAN ANDS	ALBANI ROBERTO (RAPIPRESENTANTE DES GNATO	170.647	0.495	$\langle \cdot \rangle$
SCINTLE MACKCONCIT	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	403.465	".159	$\omega$
FIDELITY COMMON CONTRACTUAL FUND II	ALEAN ROBERTO (TAPPRESENTANTE DESIGNATO	36,514	2.112	O
	ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN	3.421	0.019	$\mathbb{C}$
FONDS CE RESERVE POUR LES RETRAITES	ALBANI ROBERTO (RAPPRESENTANTE DES SINATO	50,454	信号	Ú
FUND 10 JPM EUR CHE SMALLER COMPANIES	ALBAMI ROBERTO (KAPPRESENTANTE JEBIGNATO	218.169	0.632
11 JPMORGAN EUROPEAN SMALLER COMPANIES TST	ALBANI ROBERTO IRAPPRESENTANTE DESIGNATO	681.313		炒
12 VANTAGETRUST III MASTER COLLECTIVE MVESTMENT FUNDS TRUST	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	3,786	2.497 0.017	$\circ$
TRINEW YORK STATE CONVION RETIREMENT FUND	ALDANI ROBERTO (RAPPRESENTANTE DESIGNAT			$\phi$
IN A SECTED AS TRUSTEE FOR SUM TOMO IN A SECURITED AS TRUSTEE FOR JPM GLOSAL MISSINALL CAP ALBANI ROSPRIO (RAPPRESENTATE DES GAAT		1,136	0.003	$\omega$
IP SERIES 15 TEMPLETON FOREIGN SMALLER COT	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	$6.47^{\circ}$	0,025	$\langle \rangle$
TONAL SMAL 18 JALFRANKLIN TEMPLET CN INTERNAT	ALBAN ROBERTO (RAPPRESEN) ANTE DESIGNATI	412 137	1,195	$\circ$
17 STATE OF NEW MEXICO STATE INVESTIGATION.	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	131 915	0.382	$\circ$
18 ACADIAN NON US MICROCAP EQUITY FUND LLC		218,232	0.583	CX.
19 LIBERTY M	ALEAN ROBERTO (RAPPRESENTANTE DESIGNAT	7.738	0.221	ø
BENEFIT FUND OF COOK COUNTY 20 CONTY EMPLOYEES ANNUITY AND	ALEAM ROBERTO WARRESHUTANTE DESIGNATO	48402	切れの	O
21 UPS GROUP TRUST	AL BANI ROBER TO (RAPPRESENTANTE DESIGNATO	196,802	1570	O
22 ACADAM ACMI EXUS SMALL CAP FUND LLC	AL 3AV ROBERTO (RAPPRESENTANTE DESIGNITO	3,436	0.010	Q
22 STRATHOLYDE PENSION FUND	ALSAM ROBERTO (RAPPRESENTANTE DESIGNATO	1.852	0.003	Ø.
EDICAL RUST 24 PECO ENERGY COMPANY RETIREE M	ALBAM ROBERTO (RAPPRESENTANTE OSSIGNATO	212.362	0.616	O
25 EXH.ON CORPORATION EMPLOYEES	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	SOF	2,023	O
BENEFIT TRUST FOR UNION EMPLOYEES 28 EMPLOYEES' RETIREMENT FUND OF	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	1.140	0.003	Ö
THE CITY OF FORT WORTH	ALSANI, ROBERTIC (HAPPRESENTANTE DESIGNATS)	47,823	0.133	$\omega$
WILLINGIS MUNICIPAL RET REMENT FLING	ALBANI ROBERTO (RAPPRESENTANTE DES GNAT	112.025	0.325	$\cup$
28 LO CICHEED MARITIN ODREDRATION MASTER RETURNENT TRUST	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	3,260	0,000	以
MASTER FLAC LTD 29 MOCN CAPITAL PERFORMANCE PLUS	ALBAN ROBERTO IRAPPRESENTAMTE DESIGNATO	霱	0.000	$\circlearrowright$
R COMPANES FUND SO TEMPLETOV INTERNATIONAL SMALLE	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO	248.053	0.71B	$\omega$
31 AMUNO DVIDENCO (TALIA)	ALDAM ROBERTO (RAPPRESENTANTE DESIGNATO	138.703	0.420	$\ddot{\circ}$
32 AM UNDI VALORE TALLA PIR	ALBANI ROBERTO IRAPPRESENTANTE DESIGNATO	25000	0,348	$\cup$
2223 33 AMUNDLACCUMPLAZIONE ITALIA PIR	ROBERTO (RAPPRESENTANTE DESIGNATO ALBAN	30,000	0.087	ü
R (DR) UCITS ETF 34 MAI - LY XOR FTSE ITALIA M D CAP PI	ALBAM ROBERTO (RAPPRESENTANTE DES GMATO	2.35	DCONT	Ø.
ETOILE VALEURS MOYENNES	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO	117638	2.341	O

Pag. 2 di 4

$\mathcal{V}$ . We have $\Lambda$ CONTENT

ALBAMI ROBER TO IRAPPRESENTAMIE DESIGNATO
ALBANI ROBERTO (RAPPRESENTAN) E DESIGNATO
ALBANI ROBERTO (RAP PRESENTANTE DESIGNATO
ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO
ALEAM ROBERTO (RAPPRESENTANTE DESIGNATO)
ALDAN ROBERTO (KAPPRESENTANTE DESIGNATO
ALBANIROBERTO (RAPPRESENTANTE CESIGNATO
ALDAM RODERTO (KAPPRESENTANTE DESIGNATO)

ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO
AL SANL ROBERTO (RAPPRESENTANTE DESIGNATIO
ALBAN ROBERTO (KAPPRESENTANTE DESKONATO)
ALBAN ROGERTO (RAPPRESENTANTE DES GNAT)
AJBANI ROBERTO (RAPPRESENTANTE DE SIGNATO
ALEAN ROBER TO JRAPPRESENTANTE DESIGNATIO
ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATO)
ALBAM ROBERTO (RAPPRESENTANTE DES GNATO
ALBAN ROBERTO (RAPIRESENTANTE DESIGNATO
ALEAN ROBERTO (KAPPRESSNITANTE DESIGNATO)
ALDAN: ROBERTO JRAPPRESENTANTE DESISNATI
ALEAN ROBERTO (RAPPRESENTANTE DESIGNATE)
AL BANI ROBERTO (RAPPRESENTANTE DESIGNATO ALEAW ROBERTO (RAPPRESENCANTE DES GNAT)

% SUI PRESENTI AZIONI

AVOREVOL		Ξ	DN VOTANT	IPRESENT AZIONI ÷
	CONTRAR	⋿		OTAL

ō ċ n ۱	c

83,440%
16,580%
0,000%
0,000%

100,000%

28.593.659

Pag. 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

aventi diritto partecipanti all'Assemblea, in proprio o per azioni ordinarie, regolarmente depositate ed aventi 34,500,000 $\%$ di n. 82,880 diritto ad altrettanti voti, che rappresentano il delega, per complessive n. 28.593.659 $\overline{2}$ Sono presenti n. azioni ordinarie.

$-$

Assemblea ordinaria e straordinaria del 21 aprile 2020

next idioachiato - A www.s Septimacial in counting a file commission of the popular controls (200 miles for a printed that first MITS) (200 miles are present present free for a water (400 miles and a state of a water of a

RISULTATO DELLA VOTAZIONE

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	23.858.978	83,442%	69,156%
Contrari	4.734.681	16,558%	13,724%
Astenuti		0,000%	0.000%
Non Votanti	0	0.000%	0,000%
Totale	28.593.659	100,000%	82.880%

Assembles ordinaria e straordinaria del 21 aprile 2020

ESITO VOTAZIONE

clusione del diritto di opzione ex articolo 2441, comma 8 del Codice Civile, per un importo di massimi Euro 884.615.00; conseguente proposta di mo

Aventi diritto	Delegato	Azioni in
		proprie	Azioni per	% suite	TGM
CALED INVESTMENT GROUP 1 INTERNATIONAL PAPER CD COMMIN			dolegs	pue juego
CRADE CAUT THELMORE JAPTING OF	ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT		5.918	0.217	Đ
DIE IN SERVASIE	AL BANI ROBERTO (RAFPRESENTANTE DEBIGNATO		848	0,002	Ø
STMENTS 4 STATE OF MONTANA BOARD OF INV	ALBAN ROBERTO (RAPPRESENTANTE)	DESIGNATO	6.225	DOOTS	$\zeta_{\rm m}$
BUNDRORGAN FUNDS	ALBANI ROBERTO (RAP PRESENTANTE	DESIGNATO	43,136	0.125
B JPWCRGAN FUNDS	ALBANI ROBERTO (RAPPRESENTAMTE DESIGNATO		70.647	0,496	Ø.
V JPMORGAN FUNDS	ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT		403.455	1.169	k3 $\circ$
BIFIDELITY COMMON CONTRACTUAL FUND II	ALBANI ROBERTO (RAPPRESENTANTE DE SICNATO		36.914	2112	$\circ$
9 FONDS DE RESERVE POUR LES RETRATES	ALBAN ROBERTO (RAPPRESENTAMTE DESIGNATI		3,421	0.01D
FUND ₁ TO JPW EUROPE SMALLER COMPANIES	ALEANI ROBERTO (RAPPRESENTATILE DES GNATO		5045d	0.175	$\omega$ $\circ$
STAGE JPMORGAN EUROPEAN SMALLER CO	AL BAMI ROBERTO 18 APPRESENTANTE DESIGNATO		218.189	0,692	Ó
22 VANTAGETHUST III, MASTER COLLECTIVE INVESTMENT FUNDS TRUST	ALBAN ROBERTO (KAPPRESENTANTE DES GMATO		BE1313	2497	Đ)
13 NEW YORK STATE COMMON RETIREMENT FUND	A PAN ROBERTO (PAFFRESENTANTE DESIGNATO)		3,788	207	IJ
A LISS LE ANTISTEE FOR SUMITOMIC WIFSULTRUST BANK LIMITED AS TRUSTEE FOR JPM GLOSAL MIDSMALL CAP ALBAM ROBERTO (RAPPRESENTANTE DESIGNATE)	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		1,135	0.003	$\omega$
IP SERES 18 TEMPLETON FOREIGN SMALLER COM			6.47	0.025	U
16 JNLFRANKL & TEMPLETON INTERNATIONAL SMAL	ALEAN ROBERTO (RAPPRESENTANTE DESIGNAT)		412.137	1,195	Ö.
IT STATE OF NEW MEXICO STATE INVEST COUNCIL	ALEANI ROBERTO (RAPPRESENTANTE DESGNATO		131.916	0,382	O.
PANDING 18 ACADIAN NON US MICROCAP EQUITY	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		218,232	1,633	o)
TREELAW	AL 3ANLROBERTO (RAPPRESENTANTE DESIGNATO		7,138	D ₁₂	5.01
20 COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF COOK COUNTY	ALBANI ROBERTO (RARPRESENTANTE DESIGNATO		45.000	5,133	Q
21 LIPS GROUP TRUST	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATIO		198,802	C.57D	Ø
VDLLC 22 ACADIAN ACION EX US SMALL CAP FUN	ALDAM ROBERTO (RAPPRESENTANTE DES GNATO		3.435	DOOD	Ġ.
STRATHOLYDE HENSION FUND $\overline{\mathbb{R}}$	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO		- 952	0.025	Ò
24 PECO ENERGY COMPANY RETREE MEDICAL TRUST	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		212 382	0.918	Ö
BENEFIT TRUST FOR UNIQN EMPLOYEES EXELON CORPORATION EMPLOYEES $\overline{\mathcal{E}}$	ALEANI ROBERTO (TAPPRESENTANTE DESIGNATI		Š	0.000	23
EMPLOYEES' RETIREMENT FUND OF THE CITY OF FORT WORTH 图图	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		1,140	0.005	$\mathbf{C}$
LLNOS MUNICIPAL RETIREMENT FUN	ALBANI ROBERTO (RAPPRESENTANTE DESIGNAT		47 525	0:30	$\mathcal{O}$
ISTER RETIREMENT TRUS 28 LOCKHEED MARTIN CORPORATION MA	AL BANT ROBER TO IRAPPRESENTANTE DESIGNATO		112.026	0,325	$\phi$
MASTER FUND LTD 29 MOON CAPITAL PERFORMANCE PLUS	ALBAN ROBERTO (RAPPRESENTANTE DES GNAT		3.259	0.002	Ø
30 TEMPLETON INTERNATIONAL SMALLER COMPANES FUND	ALBANI ROBERTO (RAPPRESENTANTE GESIGNATIO		圕	0.020	$\omega$
31 AMUNDI DIVIDENCO TALIA	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATE)		248.053	D ₂₁₈	$\circ$
32 AMONDI VALORE ITALIA PIR	ALEAM ROBERTO (RAPPRESENTANTE DESIGNATO		138.000	7,400	$\cup$
B3 AMUNDI ACCUMULAZIONE ITALIA PIR 2023	ALEAN, HOBERTO READERS SENTANTE DESIGNATO		120.000	D BCB	$\omega$
DRUCHSET SHIMUF LYXOR FISE ITALIA MID CAPP R	ALEANI ROBERTO (KARPARTSKITANTE DESIGNATO		30.000	CROCEZ	C.
SELE TOILE VALEURS MOYENNES	ALBAN, ROBERTO RAPPRESENTANTE DESIGNATO		256	0.007	$\omega$
	ALBANI ROBERTO (RAPPRESENIANTE DES ONATO		117439		e

Pag. 2 di 4

$\vec{r}$

JCITS ETF 38 MUL - LYXOR ITALIA EQUITY PIR (DR
37 BNP PARIBAS EQUITY - FOCUS ITAL	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	719	0.000	Ø
38 UNION INVESTMENT INSTITUTIONAL	BRM ROBERTO (RAPPRESENTANTE DESIGNATO ų	明治の	0.000	Ò
GMBH SSHIPPE MEAN INTERNATIONAL MONORS	BAN ROBERTO (RAPRRESENTANTE DESIGNATO 謮	18,900	G.DS5	$\omega$
40 BMPP MODERATE FOCUS TALIA	AL SAN ROOBRID (KAPPRESENTAXTE DESIGNATO	100.885	0.292	۵ŧ
41 FCP AVIVA INVESTORS SMALL & MT	ひとうどり切目口田巨之主ここはの田田氏氏生活() 〇巨色田田口形三文字絵 (文)	156,311	0.463	$\omega$
CAPS EIR	ALBAM ROBERTO (RAFPRESENTANTE CESIGNATIO	62 OBC	0.150	o
42 AVIVA GRANDES MARQUES SR	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO
43 FRANKLINTEMPLETONINT		200,000	C.ZEO	ö
44 MAN FUNDS XI SPC-MAN 1760 IFSP	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATE)	355.9FT	1,032	Ġ
MWT LLC 46 OLD NORTH STATE HE DOED EQUITY	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO	ę,	0.00%	ü
46 CHALLENGE TAL AN EQUITY	ALEAN ROMERTO (MARINES) DE ESTAN	TOTal	D. COC2	ö
47 EUROPEAN SMALL CAP EQUITY 2	BANI ROBERTO (RAPRESENTANTE DESIGNATO	25.227	0.057	Ò
48 GOVERNIVENT OF NORWAY	ALBAN ROBERTO IRAPPRESENTANTE DESIGNATO	SP 381	0,108	ö
49 COVERMMENT OF NORWAY	ALBANI ROBERTO (RAPPIRE SENTANTE DESIGNATI)	70.000	0.203	îá,
BO ACADIAN INTERNATIONAL AC C/O ACADIAN ASSET MONT LLC	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	304.488	0.983	ü.
STIDE WARM CARLA	EAM ROBERTO (RAPPRESENTANTE DESIGNATO	417	D.COM	ü.
SZ HOLD VG HAPPY LIFE S.R.L	BANI ROBERTO IRAPPRESENTANTE DESIGNATO d	392.050	1,032	Щ.
B3 LUCHLEIDUCIARIA SRL MF 689	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	21.844.028	52, 735	44
54 ROSS HERRUCCIO	ALBAM ROBERTO (RAPPRESENTANTE DES GNATO	181,000	1999.0	ü.
56 SEGESTA B.R.L.	ALEMNI ROBERTO (RAPPRESENTANTE DESIGNATO	SADICIOT	1,869	L.
BRITAIN CEINZ TOMMASO	ALBANI ROBERTO (RAHHRESEMIANTE DESIGNATO	168 COL	$C_4 = 7$	ù,
57 VITHARCO	ALBAN ROBERTO (RAPIRESENTANTE DESIGNITO	135,000	0.29	ü
	ALBANI ROBERTO (RAPPRESENTANTE DES CYATO	480.200	$185 +$	u

% SUI PRESENTI AZIONI

	23.858.978 4.734.681

FAVOREYOLI CONTRARI ASTENUTI NON VOTANT

		83,442% 16,558% 0,000% 0,000%
TOTALE AZIONI PRESENT
	28.593.659	00,0009

Pag. 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

Persone fisicamente presenti in sala:

$\overline{\phantom{0}}$

Assemblea ordinaria e straordinaria del 21 aprile 2020

Punto 2 straordinaria - Proposta di modifica degli articoli 3.2, 13.3, 21.2 e 21.3 dello statuto sociale. Deliberazioni inerenti e conseguenti.

RISULTATO DELLA VOTAZIONE

100,000%

28.593.659

Azioni per le quali e' stato espresso il voto

Azioni rappresentate in

Assemblea

	n. azioni	% azioni rappresentate in assemblea	% del capitale sociale con diritto di voto
Favorevoli	28.593.248	99,999%	82,879%
Contrari	411	0,001%	0.001%
Astenuti	0	0,000%	0,000%
Non Votanti		0.000%	0.000%
Totale	28.593.659	100,000%	82.880%

Assemble a dridnana e straordinaria del 21 aprile 2020

ESITO VOTAZIONE

Punto 2 straordinaria - Proposta di modifica degli articoli 3.2, 13.3, 21.2 e 21.3 dello statuto sociale. Deliberazioni inerenti e conseguenti.

Aventi diritto	Delegato	Azioni in	Azioni per	Si suille	MOT
INTERNATIONAL PAPER CO COMMINGLED INVESTMENT CROUP		proprig	trelega	azloni ord
2 CENTRAL PROVIDENT FUND BOARD	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		5.919	6,017	щ
3 SHARES VIIPLE	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		849	0,002	ü.
4 STATE OF MONTAIUS SCARS OF INVESTMENTS	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		6,226	D.518	u.
SCN/N-NVS/econ. P	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		42135	2,125	ii.
BILIFMORGAN FUNDS	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO		153.77	0.485	ш.
7 LPMORGAN FUNDS	ALEANI ROBERTO (RAPPRESENTANTE DES GNATO		428.455	$1 - \frac{1}{100}$	Щ.
FUND ₁ BIFIDELITY COMMON CONTRACTUAL	ALEAM ROBERTO (AAPPRESENTANTE CESICAATO		38.514	0,122	щ.
WIFONDS DE RESERVE POLIS LES RETRAITES	ALBAN ROBERTO JRAPPRESENTANTE DESIGNATO		3×21	0.010	11.
FUND O THINGING ETHING SACRES ON THE STATES	ALBANI ROGERTO (RAPPRESENTANTE DES IGMATO		80454	0.775	A,
11 JPMORGAN EUROPEAN SMALLER COMPANIES TST	ALBAM ROBERTO (RAPPRESENTANTE DES IGNATO		218.159	D, 652	i.
12. VANTAGETRUST (II MASTER COLLECTIVE INVES TABLE FUNDS TRUST	ALBANI ROBERTO (RAPPRESEMTANTE DESIDINATO		881.313	2,437	L
32 NEW YORK STATE COMMON RETIREMENT FLVD	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATE)		3,788	ti O	li.
14 ITSB LED AS TRUSTEE FOR SUMERIAD MESULTRUST BANK. IN TED AS TRUSTEE FOR JIMIL GLOBAL MID SMALL CAP	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		1,335	papa	仙
15 TEMPLETON POREIGN SMALLER COMP SERIES	ALBANI ROBERTO IRAPPRESENTANTE DE SIGNATO		8.421	C.OZS	In.
15 JIMLERANKLIN TEMPLETON INTERNATIONAL SWA	ALBAN: ROBERTO (RAPPRESENTANTE DESIGNATO		412,137	1,185	$\mathbf{L} \mathbf{L}$
17 STATE OF NEW MEXICO STATE INVEST COUNCIL	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		131.915	0.382	B.
STRIPER TBLACADIAN NOW LIS MICROCAR EQUITY	ALEAN ROBERTO (RAPPRESENTANTE DESIGNATO		215,252	5,635	$\mu_{\rm c}$
W AUBENUS	ALBAN ROBERTO (RAPPRESENTAMTE DESIGNATION		7.136	0.02	U,
BENEFIT FUND OF GOOK COUNTY 20 COUNTY EMPLOYEES ANNUITY AND	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		46.000	$D - 33$	LL.
27 UPS GROUP TRUST	BANI ROBERTO (RAPPRESENTANTE DESIGNATO		196.302	0,5/0	ti,
22 ACFO AN AGMI EX US SMALL CAP FUND LLC	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO		3,436	goro	Đ.
23 STRATHOLY OF PENSION FUND	ALBAM ROBERTO (RAPPRESENTANTE DESIGNATO		1,852	0.008	jú.
EDIGAL TRUST 24 PECC ENERGY COMPANY RETIREE M	ALBAM ROBERTO (RAPPRESENTANTE OESIGNATO		242,362	0.616	ü.
BENEFIT TRUST FOR UNION EMPLOYEES 25 EXELON CORPORATION EMPLOYEES	ALBAN, ROBERTO (RAPPRESENTANTE DESIGNATION		SCR1	0.003	î4
THE CITY OF FORT WORTH 26 EMPLOYEES' RETREMENT FUND OF	ALBANI ROBERTO (RAPPRESENTANTE DES GNATO		1.740	0.703	ii.
9 27 ILLINOIS MUNICIPAL RETIRENT FU	ALEANI ROBERTO (RAPPRESENTANTE CESICNATO		47.823	0,138	ü.
28 LOCK HELD MARTIN CORPORATION MASTER RETHEMENT TRUST	ALBAN HOBERTO IRAPPRESENTANTE DESIGNATO		$-12.026$	0,325	u.
29 MCON CARTAL PERFORMANCE PLUS MASTER FLMO LTD	ALBAM ROBERTO (KAPPRESENTAVIE DESIGNATO		9259	0.009	ii.
IR COMPANES FUND 30 FMPLETON INTERNATIONAL SMALLE	ALEANI ROBERTO (RAPPRESENTANTE CESIGNATO		8	0.000	u.
AMUNDI DIVIDENCIO ITALIA	ALBANI ROBERTO IR APPRESENTANTE DESIGNATO		248.053	0.719	$\mathbf{u}$
32 AMUNOI VALORE ITALIA PIR	ALBANI ROBERTO (KAPPRESENTANTE DES GIVAT		138,000	0,400	IJ.
33 AVIUNDI ACQUIVIULAZIONE ITALIA PIR	ALBAM ROBERTO TRAPPRESENTABLE DESIGNATIO		120000	3,348	u.
R (DR) UCITS ETF 34 MUF - LY2OR FTSE ITALIA MID CARDI	ALBANI ROBERTO (RAPPRESENTZ CISCOS GIVATO		000 DE	0.087	h.
BE ETOILE VALELIAS MOYEMMES	ALBAM ROBERTO TRAPPRESENTANTE	EBIGNATI	286	0,001	íĽ,
	ALBAN ROBERTO (RAPPRESENTANTE DESIBNATO		17,829	0.34	U.

Pag. 2 di 4

UCITS ETF SE MILL - LYNOR TALIA EQUITY P.R. (DR	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATO	$\frac{9}{2}$	Ë i.	tí.
37 BNP PARIBAS EQUITY - FOOJS ITAL	ALBANI ROBERTO (RAPPRESENTANTE CESICNATO	3415	0.007	ú.
CNB- 38 UNION INVESTMENT INSTITUTIONAL	ALEAN ROBERTO (RAFFRESENTANTE DESIGNATO	B 800	7,055	ü
il. SETORINAL LINES AND ARRESTS	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	100.869	2,252	ЦĹ,
40 BNPP MODERATE FOCUS ITALIA	ALBAN ROBERTO (RAPPRESENTANTE DESIGNATO	168,361	557.6	t.
DAPS EUR WE ECR AVIVA WAS TORS SMALL & MID	ROBERTO RAPPRESEXTANTE DESIGNATO $\begin{array}{c} \mathbf{H} \mathbf{A} \mathbf{N} \end{array}$ ä	62.000	0.180	ù.
42 AVIVA GRANDES MARQUES ISR	BAN ROBERTO (RAPPRESENTAMTE DESIGNATO 岗	02.02.02	0,230	ù.
43 FRANKLINTEMPLETONINT	ALBAN ROBERTO / RAPFIRESE NTANTE DESIGNATO	368 901	.002	ï.
44 MAN FUNDS & SPC MAN 1783	ALBAN ROBERTO (RATATAMESE VIATE)	250	0.00%	ü,
CAPPE LLC 45 OLD NORTH STATE HEDGED FOUR	ALEAN ROBERTO (REPPRESENTANTE DESIGNATO	1.019	0.003	ü.
48 CHALL HNGE IT ALIAN EQUITY	ALBANI ROBERTO (RAPPRESENTANTE DESIGNATI	28.227	0 MBP	ü.
47 EUROPEAN SMALL CAP EQUITY 2	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATION	57.55	a ree	ü.
48 GOVERNMENT OF NORWAY	ALEAN ROBERTO (RAPPRESENTANTE DES GMATC	COSOL	0200	ü
49 GOVERNMENT OF NORWAY	BANI ROBERTO (RAPPRESENTANTE DESIGNATO
DELINEDRATION SOLAGADIAN INTERNATIONAL ACCCO AC	ALEANI ROBERTO (RAPPRESENTANTE DESIGNATO	304.485 41 ^c	0.883	ü
51 DEMARIA CARLA	RAMI ROBERTO (RAPPRESENTANTE DESIGNATO	359058	1002 SCO ₂	Ġ L.
T& POTORIO HOMO HISPS	ALBAMI ROBERTO (RAPPRESENTANTE DESIGNATO	21:544.023	12, 25	il.
SELLICHI FIDUCIARIA SEL NE 989	AL BAIN ROBERTO IRARPRESENTANTE DESIGNATO	161.000	487 Ö	ü.
54 ROSSI FERRUCCIO	FLEAM ROBERTO (RAPPRESENTANTE DESIGNATO	DAC1000	925	ü,
JE SEGESTA S.R.L.	BAN ROBERTO (RAPPRESENTANTE DESIGNATO ä,	168,000	1,447	t.
SEVINGENZ TOMMASO	ALEAN ROBERTO JRAPPICESENTANTE DIESIGNATO	138,000	0,88%	ц.
STIGHTIMARCO	ALEAN ROBERTO (RAP PRESENTANTE DES IGNATO	450.000	à	yı.

% SUI PRESENTI AZIONI

AVOREVOL	CONTRAR	STENUT	ON VOTANT	OTALE AZIONI PRESENT

98,899%
0,001%
0,000%
0,000%

28593.248
411
0
0

100.00%

28.593.659

$\bar{k}$

Pag. 3 di 4

Assemblea ordinaria e straordinaria dei soci del 21 aprile 2020

COMUNICAZIONE DEL PRESIDENTE ALL'ASSEMBLEA

aventi diritto partecipani all'Assemblea, in proprio o per delega, per complessive n. 28.593.659 azioni ordinarie, regolarmente depositate ed aventi 34.500.000 $\%$ di n. 82,880 diritto ad altrettanti voti, che rappresentano il $57$ Sono presenti n. azioni ordinarie.

Persone fisicamente presenti in sala:

$\overline{a}$

AI assistant

Sanlorenzo AGM Information 2020

4051_agm-r_2020-05-20_35bc4332-38e9-4776-b655-f73c8f7029c0.pdf

FILE REF. No. 9.450 FOLDER No. 4.030 MINUTES OF THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING THE ITALIAN REPUBLIC

21 April 2020

AGENDA

Ordinary session

Extraordinary session

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1. Approval of the financial statements and the report on operations for the year ended 31 December 2019. Proposal for allocation of profit. Presentation of the consolidated financial statements of the Sanlorenzo Group at 31 December 2019. Related and consequent resolutions.

resolves

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2.1 approval of the remuneration policy pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Italian Legislative Decree No. 58 of 24 February 1998;

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3. Resolutions, pursuant to Article 114-bis of Italian Legislative Decree No. 58 of 24 February 1998, concerning the establishment of a Stock Option Plan. Related and consequent resolutions.

resolves

appropriate for this purpose, none excluded and excepted."

2. Proposal to amend Articles 3.2, 13.3, 21.2 and 21.3 of the By-laws. Related and consequent resolutions.

resolves

1. to amend the By-laws as follows:

LEGAL NOTICE

ELENCO INTERVENUTI

SANLORENZO S.P.A.

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

nto 2.1 ordinaria - approvazione della politica in materia di remunerazione ai sensi dell'art, 123-ter, commi 3-bis e 3-ter del d.lgs. 24 febbraio 1998 n.

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Punto 2 straordinaria - Proposta di modifica degli articoli 3.2, 13.3, 21.2 e 21.3 dello statuto sociale. Deliberazioni inerenti e conseguenti.

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Sanlorenzo — AGM Information 2020

4051_agm-r_2020-05-20_35bc4332-38e9-4776-b655-f73c8f7029c0.pdf

FILE REF. No. 9.450 FOLDER No. 4.030 MINUTES OF THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING THE ITALIAN REPUBLIC

21 April 2020

AGENDA

Ordinary session

Extraordinary session

******

1. Approval of the financial statements and the report on operations for the year ended 31 December 2019. Proposal for allocation of profit. Presentation of the consolidated financial statements of the Sanlorenzo Group at 31 December 2019. Related and consequent resolutions.

resolves

******

2.1 approval of the remuneration policy pursuant to Article 123-ter, paragraphs 3-bis and 3-ter of Italian Legislative Decree No. 58 of 24 February 1998;

******

3. Resolutions, pursuant to Article 114-bis of Italian Legislative Decree No. 58 of 24 February 1998, concerning the establishment of a Stock Option Plan. Related and consequent resolutions.

resolves

appropriate for this purpose, none excluded and excepted."

2. Proposal to amend Articles 3.2, 13.3, 21.2 and 21.3 of the By-laws. Related and consequent resolutions.

resolves

1. to amend the By-laws as follows:

LEGAL NOTICE

ELENCO INTERVENUTI

SANLORENZO S.P.A.

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

nto 2.1 ordinaria - approvazione della politica in materia di remunerazione ai sensi dell'art, 123-ter, commi 3-bis e 3-ter del d.lgs. 24 febbraio 1998 n.

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Assemblea ordinaria e straordinaria del 21 aprile 2020

RISULTATO DELLA VOTAZIONE

ESITO VOTAZIONE

Punto 2 straordinaria - Proposta di modifica degli articoli 3.2, 13.3, 21.2 e 21.3 dello statuto sociale. Deliberazioni inerenti e conseguenti.

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Sanlorenzo AGM Information 2020