Carraro S p A : The Shareholders’ Meeting approves the 2020 Financial Statements

The Shareholders' Meeting resolved not to distribute any dividend.

At the end of the Shareholders' Meeting, the Board of Directors appointed Andrea Conchetto as Chief Executive Officer of the Group.

'With the approval of the 2020 financial statements, we are filing a year strongly characterized by the impact resulting from the lockdowns due to the Covid-19 pandemic. Now it is time to look at the first results of 2021. If the present moment marks the return of a positive order collection, in line with expectations, it is also suffering from an important increase in the cost of raw materials with some negative impacts on profitability. - commented Enrico Carraro, Group Chairman - Last but not least, an important criticality on the logistics front at a global level completes the actual scenario. In particular on India, our first reference market, delays are highlighted which in turn involve our entire production system. The Group has promptly reacted to minimize any possible inconvenience with its customers '.

'The appointment of Andrea Conchetto, General Manager of the Group since the beginning of 2020, as Chief Executive Officer is a happy confirmation. - Enrico Carraro added - Andrea Conchetto has been part of the Group for over 15 years and knows our activities in every area of the world very well, having successfully held various positions of great responsibility in Italy and abroad over time. This growth represents an excellent example of internal growth of our management'.

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Appointment of the new Board of Directors and Board of Statutory Auditors

Today's Shareholders' Meeting appointed the new Board of Directors that will remain in office for three years, until approval of the Financial Statements as at 31 December 2023, and determined the compensation for its members.

Enrico Carraro was confirmed as Group Chairman.

The new Carraro Board, appointed according to the procedures and majorities required by law in compliance with the proportions between genders, sees the confirmation of all outgoing directors - - Enrico Carraro, Tomaso Carraro, Virginia Carraro, Riccardo Arduini, Enrico Gomiero, Andrea Conchetto, Marina Pittini (indipendent), Marina Manna (indipendent), Fabio Buttignon (indipendent) - in addition to Susanna Galesso (indipendent director).

The Meeting also appointed the new Board of Statutory Auditors, appointed according to the procedures and majorities required by law in compliance with the proportions between genders, that will remain in office for the three-year period 2021-2023, simultaneously determining its fees.

The following Auditors were appointed:

- Carlo Pesce (Chairman of the Board of Statutory Auditors)

- Stefania Centorbi (standing auditor)

- Maria Teresa De Lorenzo (standing auditor)

- Barbara Cantoni (standing auditor)

- Gabriele Andreola (standing auditor)

The curricula of the newly appointed Board Directors and Auditors may be viewed at www.carraro.it, in the section Investor Relations / Assemblea degli azionisti.