Ferrari N : Draft Minutes of the AGM

DRAFT VERSION 7 JUNE 2022

DEED OF RECORD (proces-verbaal)

On the thirteenth day of April two thousand and twenty-two as of eleven hours and thirty minutes ante meridiem, I, Dirk-Jan Jeroen Smit, civil law notary, officiating in Amsterdam, the Netherlands, attended the Annual General Meeting of Shareholders of Ferrari N.V., a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its corporate office address at Via Abetone Inferiore N.4, I- 41053 Maranello (MO), Italy, registered with the trade register of the Dutch Chamber of Commerce under number 64060977 (hereinafter referred to both as Ferrari and the Company), virtually held and which could be followed via a live webcast that was available on the Company's website (both the annual general meeting of shareholders and the corporate body consisting of the shareholders present at that meeting are hereinafter referred to as the Meeting), with the purpose of taking notarial minutes of the Meeting.

I, Dirk-Jan Jeroen Smit, civil law notary aforementioned, have recorded the following:

Ferrari N.V.	Registered Office:	Dutch trade registration number:
Amsterdam, The Netherlands	Via Abetone Inferiore N. 4,	64060977
	I - 41053 Maranello (MO) Italy

corporate.ferrari.com

1. Opening.

Mr. John Elkann, as Chairman of the Meeting (the Chairman), opened the Meeting at eleven hours and thirty minutes ante meridiem and on behalf of the board of directors of the Company (the Board or the Board of Directors) welcomed all attendees. He explained that in connection with the Covid-19 outbreak and considering the temporary legislative measures from the Dutch government, the Meeting was held virtually only and could be followed via a live webcast available on the website of the Company. Furthermore, the Chairman announced that:

• due to the restrictions mentioned above, he as Executive Chairman was attending the Meeting remotely;
• Mr. Benedetto Vigna, CEO (Chief Executive Officer) and Piero Ferrari, Vice Chairman of the Board, were following the Meeting via webcast, together with certain other members of the Board;
• I, Dirk-Jan Smit, civil law notary aforementioned attended the Meeting via webcast and was appointed as the secretary of the Meeting, with the purpose of preparing notarial minutes of the Meeting as civil law notary;
• the external auditors, Mr. Alberto Romeo (Ernst & Young S.p.A., Italy) and Mr. Oscar Jonker (Ernst & Young Accountants LLP, The Netherlands) were present through video conference;
• Mr. Carlo Daneo, General Counsel and Secretary of the Board, and Mr. Antonio Picca Piccon, Chief Financial Officer, were following the Meeting via webcast;
• the Meeting would be held in English;
• the notice for the Meeting was published on the Company's website on the second day of
  March two thousand and twenty-two; and
• the meeting had been convened in accordance with the legal and statutory requirements. The Chairman kindly requested the persons attending via video conference to stay on mute at all times except when they were required to speak. He announced that the use of audio/video recording devices by shareholders was not allowed and that starting from the day after the Meeting, the Company would make available on its website the recording of the Meeting in accordance with the instructions present on such website. He further noted that in compliance with the temporary legislative measures from the Dutch government in connection with the Covid-19 outbreak, the shareholders had been given the right to submit written questions regarding the agenda items of the Meeting by email until the tenth day of April two thousand and twenty-two at eleven hours and thirty minutes ante meridiem Central European Summer Time (CEST). The Chairman said that the Company intended to address the questions received before such deadline during the Meeting, before the voting results of the relevant agenda item, to the extent not already answered before and if appropriate with a view to the orderly conduct of the Meeting. The Chairman explained that shareholders who had submitted questions before the deadline mentioned above, could ask written follow-up questions in English during the Meeting by email to [e-mail]. The email would have to include the name, the surname, the number of shares held by the shareholder, the AGM agenda item to which the question referred and the bank or broker statement of such shareholder at the record date of the Meeting (the Record Date). Answers to follow-up questions, if any, would be given orally in English during the Meeting before the voting results of the relevant agenda item and only insofar as the order of the Meeting allowed. The Chairman announced that no voting would be allowed during the Meeting. The shareholders had been given the opportunity to exercise their voting rights by proxy until the voting cut-off date of the sixth day of April two thousand and twenty-two by eleven hours post meridiem CEST. The Chairman explained that the

voting results received by proxy until such deadline would be displayed after the discussion of each agenda item. Votes abstained had not been calculated as part of the votes cast. The official results would be published on the Company's website after the Meeting in compliance with the applicable laws and regulations. Agenda items would be discussed in accordance with the order of the agenda of the Meeting. Agenda sub-items would be discussed in sequence. He further informed the Meeting that some journalists were listening through webcast.

The Chairman said that before he would address Ferrari's results and achievements in two thousand and twenty-one, he wanted to take a moment and say a few words on the current international scenario. He noted that in past weeks Ferrari had witnessed with dismay and sadness the ongoing conflict in Ukraine, which was a tragic scenario that had drawn deep divisions and would take a long time to heal. He informed the Meeting that Ferrari's response had been prompt in this tragic circumstance, having acted with concrete interventions aimed at assisting refugees. Ferrari had donated one million euro (EUR 1,000,000) to support Ukrainians in need. Ferrari had done so believing that, in a moment of extraordinary crisis, an equally extraordinary solidarity in their response was necessary. The funds would be deployed with the collaboration of Emilia-Romagna, the Red Cross and UNHCR (United Nations High Commissioner for Refugees) and would support international humanitarian projects in the Ukraine as well as local initiatives focusing on the reception of refugees in the Italian region.

The Chairman then turned to the results and achievements during two thousand and twenty-one and noted that looking back at two thousand and twenty-one, it represented an extraordinary year in Ferrari's history with excellent financial results, the strengthening of the best product range in its history, the entry of the brand into new territories and its highest order book ever to name just some of the highlights. In terms of product, in two thousand and twenty-one Ferrari had launched four (4) new models, including the 296 GTB, a new PHEV (Plug-inHybrid Electric Vehicle) featuring a new V6 engine coupled with an electric motor, which, as the Chairman explained, was a car that had received unanimous praise from the world's journalists following the International Media Test Drive in the beginning of two thousand and twenty-two. The 296 GTB was the third hybrid model in Ferrari's range, following the SF90 Stradale and SF90 Spider, marking a further step forward in its electrification journey. To drive innovation, the Chairman said that Ferrari believed in the power of partnerships to push boundaries and capitalize on opportunities together. By way of example he noted - as good an articulation of the many established in the past months - Ferrari's collaboration with LoveFrom, the creative collective led by Jony Ive and Marc Newson, whose world-renowned creativity would be combined with that of Ferrari in a complementary way to make even more distinct and unique products. Also in terms of brand diversification, a core area of focus at Ferrari, much had been done in two thousand and twenty-one. Benedetto would provide more details on that. The Chairman continued by informing the Meeting that on the track two thousand and twenty-one was Ferrari's best ever season in GT racing, having won the Drivers' and Manufacturers' World titles in the FIA World Endurance Championship and claiming victory at the 24 Hours of Le Mans. In two thousand and twenty-one, Ferrari further articulated its commitment to endurance racing when it announced the eagerly awaited return to the top class of the FIA World Endurance Championship in two thousand and twenty-three with their Le Mans Hypercar (LMH) programme.

In the digital world, Ferrari had attracted a passionate new audience with the Ferrari Esports Series, building new bonds with a new generation of young fans across Europe. In Formula One, Ferrari had said two years ago that it had to work hard to get back to being competitive and the two thousand and twenty-two Championship had got off to a truly thrilling start. Like all its Tifosi around the world,

the Chairman was delighted that Ferrari was competing at the highest level. That said, the season had only just begun and in Formula One, one was always surrounded by fierce competitors. Ferrari would have to work tirelessly as a team to optimize every aspect of its performance. That was the spirt and approach he was looking forward to seeing at Imola and as the season progressed.

The Chairman continued by stating that Benedetto's arrival at Ferrari last September had been another highlight of two thousand and twenty-one. In Benedetto Ferrari had found someone with a great passion for innovation, something that he, in the short time since his arrival, had been able to translate with great harmony and energy to the whole team, fueling increased collaboration, both internally and with Ferrari's partners. His pioneering work in the semiconductor industry, which was a key factor in today's automotive world, would further enhance Ferrari's innovative profile for the years ahead. With his guidance, Ferrari was entering into a new exciting phase, great possibility to express its full potential of the most advanced innovation, which was what Ferrari had always represented.

The Chairman referred to the celebrations of Ferrari's seventy-fifth anniversary in two thousand and twenty-two, which was a true milestone in its history, and he wanted to take a moment to thank the women and men working for Ferrari. Their passion, spirit of competition and ceaseless desire to innovate had always driven Ferrari's constant quest for performance on road, track and beyond and so it would be in the decades to come. While the seventy-fifth anniversary was a moment to reflect on the past, there was no better way to celebrate the past than by defining your future and that was why the Chairman was looking forward to Ferrari's Capital Markets Day, on the sixteenth day of June two thousand and twenty-two, which would mark a historic step in its history. Ferrari would open its doors to analysts and investors and present the industrial plan for the coming years. That Capital Markets Day would allow Ferrari the opportunity to articulate its constant drive for innovation, exclusivity and excellence and to update all on its electrification journey, which was a fundamental element on its path to carbon neutrality by two thousand and thirty. All of which represented, as the Chairman noted, significant opportunities for Ferrari and they greatly looked forward to sharing their strategy for the future with all. Finally, the Chairman wanted to take the opportunity to also thank the shareholders for their constant support.

He then handed over to Benedetto to take the Meeting through results of two thousand and twenty- one in more detail.

Mr. Vigna thanked the Chairman and welcomed everyone to Ferrari's Annual General Meeting. He started by saying that he wanted to echo the Chairman's words in regard to the humanitarian crisis in Ukraine. While hoping for a rapid return to dialogue and a peaceful solution, one cannot remain indifferent to the suffering of everyone affected. His thoughts and support went out to them. He noted that Ferrari stood alongside everyone in Ukraine affected by this ongoing crisis and that it was playing its small part alongside the institutions that were bringing relief to this situation.

Mr. Vigna then moved to Ferrari's performance in two thousand and twenty-one by saying that it had been very robust, from both a quantitative and qualitative point of view. Ferrari had closed the year setting a new record in terms of results across all metrics posting double-digit growth, above pre- pandemic levels, and exceeding its guidance. Such results proved once again the soundness of its business model. He highlighted five (5) excellent results:

• first, four point three billion euro (EUR 4,300,000,000) of revenues, materially exceeding for the first time in Ferrari's history the threshold level of four billion euro (EUR 4,000,000,000);
• second, over eleven thousand (11,000) cars had been shipped, with significant growth in all regions; in China, Ferrari's deliveries doubled year over year;

• third, a thirty-five point nine per cent. (35.9%) exceptionally strong EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin reached at a record level;
• fourth, an impressive six hundred and forty million euro (EUR 640,000,000) industrial free cash flow generation, mainly thanks to the advances collected on the special series and thanks to the discipline and timing of CapEx (Capital Expenditures) spend, and this with no impact on Ferrari's product plans; and
• fifth, Ferrari had the strongest ever order book in its history, up double digit versus two thousand and twenty and covering well into two thousand and twenty-three, with all regions showing significant growth.

Mr. Vigna noted that thanks to the robust performance in two thousand and twenty-one, the Board of Directors had recommended to shareholders a dividend distribution of one point three six two euro (EUR 1.362) per common share, which implied an increase of fifty-seven per cent. (57%) compared to two thousand and twenty-one and corresponded to a total distribution of approximately two hundred and fifty million euro (EUR 250,000,000), which came alongside its ongoing multi-year share repurchase program.

He continued by saying that Ferrari had also refined the Company's organisational structure to foster innovation, optimise processes and increase collaboration, both internally and with its partners. By promoting home-grown talent and through the appointment of some key strategic external hires, Ferrari had enhanced its agility and was ready to seize the opportunities ahead. In two thousand and twenty-one, Ferrari had unveiled four (4) new models demonstrating its leadership in technology, design and driving experience. They had all received an enthusiastic response from the market and worldwide acclaim. Mr. Vigna noted that Ferrari had the broadest, most innovative, and most beautiful range of cars ever offered to its customers, from the revolutionary aerodynamics of the 812 Competizione, the exhilarating 296 GTB featuring its latest hybrid powertrain combining a V6 turbo and electric motor, and the evocative Ferrari Daytona SP3, its latest limited edition Icona. He further noted that in the course of two thousand and twenty-one, Ferrari had again resumed arranging events with customers and mentioned a few of them: Ferrari had marked Cavalcade's tenth anniversary with a very special event in Sicily for Classiche and Moderne drivers, and restarted its Tributi and Corse Clienti activities, culminating in the Finali Mondiali at Mugello where Mr. Vigna had met so many customers and fans, all passionate about Ferrari.

Mr. Vigna then continued by talking about Ferrari's Motor Racing Activities noting that, just like the Chairman had said, two thousand and twenty-one had been Ferrari's best ever season in GT racing, having won the Drivers' and Manufacturers' World titles in the FIA World Endurance Championship and the victory at the 24 Hours of Le Mans with its 488 GTE Evo. He said that the Formula One two thousand and twenty-one season had also shown encouraging signs towards its end, with the third place in the Constructor's Championship. The two thousand and twenty-two season had been off to a good start, being the first year with a complete new set of technical rules and car.

About Brand Diversification, Mr. Vigna noted that in two thousand and twenty-one Ferrari had made excellent progress in extending its brand into exciting new territories:

• in June, Ferrari had launched the first ever Ferrari fashion collection;
• in July, Ferrari had reopened the iconic Cavallino restaurant in the heart of Maranello; and
• in the second half of two thousand and twenty-one, Ferrari had renovated its stores in Italy and the United States of America.