Carel Industries S p A : Updated Documents available to the public for the General Shareholders’ meeting called for 20th of April 2020

Press Release

Updated Documents available to the public for the General Shareholders' meeting called for 20th of April 2020.

Brugine, 5 April 2020 - Pursuant to the recent provisions regarding the conduct of Shareholders' Meetings of listed companies (Law Decree no. 18 of 17 March 2020, art. 106), please note that on 27 March 2020 CAREL Industries S.p.A. announced that the participation of the shareholders to the ordinary Shareholders' Meeting called for 20 April 2020, at 11:00 am, in a single call, will only be possible by proxy conferred to the Designated Representative, identified, pursuant to article 135-undecies of the Consolidated Law on Finance (TUF) and to art. 10 of the Articles of Association, as Spafid S.p.A., excluding, therefore, The physical participation or the participation through remote connection systems of individual shareholders. For further information concerning the methods of participation to the Shareholders' meeting through the conferral of the proxy to the Designated Representative, please refer to the press release published on 27 March 2020 related to additions to the Notice of Call.

In order to allow the participation to the Shareholders' meeting with the aforementioned methods, the Company announces that,

today the updated versions of the following documents have been made available to the public on the website - www.carel.com, in the

"Investor Relations/Shareholders' meetings" section:

• Proxy to the Designated Representative form
• The Reports of the Board of Directors concerning the items No. 1 and 2 on the Shareholders' meeting agenda

These documents are also available at the registered office of the Company and at the authorized storage system eMarket Storage, www.emarketstorage.com

For further information
INVESTOR RELATIONS	MEDIA RELATIONS
Giampiero Grosso - Investor Relations Manager	Barabino & Partners
[e-mail]	Fabrizio Grassi
[phone]	[e-mail]
	[phone]
	Francesco Faenza
	[e-mail]
	[phone]
	***

CAREL

The CAREL Group is a leader in the design, production and global marketing of technologically advanced components and solutions for excellent energy efficiency in the control and regulation of heating, ventilation and air conditioning ("HVAC") and refrigeration equipment and systems. CAREL is focused on several vertical niche markets with extremely specific needs, catered for with dedicated solutions developed comprehensively for these requirements, as opposed to mass markets.

The Group designs, produces and markets hardware, software and algorithm solutions aimed at both improving the performance of the units and systems they are intended for and for energy saving, with a globally recognised brand in the HVAC and refrigeration markets (collectively, "HVAC/R") in which it operates and, in the opinion of the Company management, with a distinctive position in the relevant niches in those markets.

HVAC is the main Group market, representing 66% of the Group's revenues in the financial year ended 31 December 2019, while the refrigeration market accounted for 33% of the Group's revenues.

The Group commits significant resources to research and development, an area which plays a strategic role in helping it maintain its leadership position in the reference HVAC/R market niches, with special attention focused on energy efficiency, the reduction of the impact on the environment, trends relating to the use of natural refrigerant gases, automation and remote connectivity (the Internet of Things), and the development of data driven solutions and services.

The Group operates through 24 subsidiaries and nine production plants located in various countries. As of 31 December 2019, approximately 80% of the Group's revenue was generated outside of Italy and 30% outside EMEA (Eruope, Middle East, Africa).

Original Equipment Manufacturers or OEMs - suppliers of complete units for applications in the HVAC/R markets - make up the main category of the Company's customers, on which the Group focuses to build long-term relationships.

Original Equipment Manufacturers or OEMs, suppliers of complete units for applications in the HVAC/R markets, make up the main category of the Company's customers on which the Group focuses to build long-term relations.