Avolta : AGM 2024 Minutes

Execution Version

Minutes

of the

Ordinary General Meeting

of

AVOLTA AG

held on Wednesday, May 15, 2024, 14:30 CEST,

at Rhypark, Mühlhauserstrasse 17, 4056 Basel, Switzerland

Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

Opening of the Meeting

Juan Carlos Torres Carretero, Chairman of the Board of Directors, opens the general meeting and takes the chair. He welcomes the present shareholders on behalf of the Board of Directors and the Company's management to the ordinary general meeting 2024 of Avolta AG (hereafter "Avolta AG", "Avolta" or the "Company"). In addition to Juan Carlos Torres Carretero, the Board of Directors is represented by:

Alessandro Benetton (Honorary Chairman), Enrico Laghi (Vice-Chairman), Heekyung Jo Min (Lead Independent Director), Xavier Bouton, Joaquín Moya-Angeler Cabrera, Ranjan Sen, Mary J. Steele Guilfoile and Eugenia Ulasewicz.

In addition, Katia Walsh, the proposed additional independent candidate for election to the Board of Directors, is present.

The Company's Global Executive Committee is represented by the Group CEO Xavier Rossinyol, the Group CFO Yves Gerster and the Group General Counsel Pascal Duclos.

The Group General Counsel is appointed as Secretary and vote counter of this meeting in accordance with the Articles of Incorporation.

The Chairman states that the meeting is conducted in English and that a simultaneous translation to German is available. The Chairman explains the electronic voting system that will be used and a trial is conducted.

The Chairman hands over the word to the Secretary of today's meeting to make the formal statements regarding the constitution of the meeting.

Constitution of the Meeting

The Secretary states that:

• the invitation to this general meeting was published on April 9, 2024 in the Swiss Official Gazette of Commerce in accordance with the Articles of Incorporation;
• in conformity with the Articles of Incorporation, the agenda items and proposals of the Board of Directors were included in the invitation;
• the 2023 Annual Report, with the information relating to the Avolta Group, the annual financial statements and the consolidated financial statements, the corporate govern- ance and remuneration reports, the report on non-financial matters and the reports of the auditors for the financial year 2023 have been made available to the shareholders in accordance with the Articles of Incorporation and on the Company's website;
• in accordance with the Articles of Incorporation, the chair at this meeting is taken by the Chairman of the Board of Directors, Juan Carlos Torres Carretero;

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

• Deloitte AG is in attendance as auditors of Avolta and is represented by Andreas Bodenmann and Fabian Hell;
• Dr. Alexander Gutmans, notary in Basel, is also in attendance today, as the amend- ments to the Articles of Incorporation under agenda items 4 and 5 will be notarized;
• Altenburger legal + tax is in attendance as the Independent Voting Rights Representa- tive and is represented by Thierry Thormann;
• all shareholders were offered the possibility of being represented at this meeting ei- ther (i) in person, (ii) by a third party proxy of their choice or (iii) by Altenburger legal + tax, the Independent Voting Rights Representative. The shareholders could also cast their voting instructions to the Independent Voting Rights Representative elec- tronically through a web-platform;
• in accordance with Swiss law, the Independent Voting Rights Representative has pro- vided Avolta with the aggregated voting instructions not earlier than three business days prior to the meeting. No additional information has been provided. This is so confirmed by the Independent Voting Rights Representative;
• according to the Articles of Incorporation, the meeting is validly held without regard to the number of shareholders present or of shares represented;
• the attendance announcement will be done by the Chairman as soon as the counting of the shares duly represented at this meeting will have been completed;
• agenda item 4 will require a qualified majority of 2/3 of the votes represented at the meeting; all other resolutions will be passed by a majority of the shares represented. Abstentions and invalid votes will be calculated as "no" votes;
• persons who want to speak should raise their hand and come forward to the micro- phone. The speakers should give their name and the name of the shareholder they are representing (if applicable); shareholders should limit their comments to the spe- cific agenda item then under discussion. In addition, should the Chairman deem it necessary for the proper conduct of the meeting, he might decide to set a time limit on statements by shareholders.

The Secretary hands over to the Chairman, who thanks the Secretary and declares that the general meeting has been validly convened and constituted in accordance with the Articles of Incorporation and the law by publication in the Swiss Official Gazette of Commerce on April 9, 2024. The Chairman states that today's meeting has therefore been convened in due form and time and can validly decide on all items of the agenda, and that no shareholder has requested that any further items or proposals be added to the agenda. No objection is raised hereto.

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

Chairman's Speech on Business Development

The Chairman gives a review of Avolta's business development and main achievements during 2023.

Before proceeding with the agenda, the Chairman hands over to the Group CEO and the Group CFO.

Presentation on the Company's business

The Group CEO of Avolta gives a presentation on business highlights and the full year results of 2023 as well as Avolta's "Destination 2027" strategy. Thereafter, the Group CFO presents the details of the financial results. The Chairman thanks the Group CEO and the Group CFO for their presentations and takes over again.

Attendance and shares representation

The Chairman announces that the total number of shares represented at the general meeting amounts to 104'270'267 registered shares with a nominal value of CHF 521,351,335 (corresponding to 68.32% of the total share capital of Avolta AG).

The shares are represented as follows:

• 137 shareholders are in attendance and represent 55,115 registered shares with a total nominal value of CHF 275,575
• The Independent Voting Rights Representative, Altenburger Ltd legal + tax, represents 104,215,152 registered shares with a total nominal value of CHF 521,075,760

Thereafter, the Chairman proceeds to the agenda.

AGENDA ITEM 1:

Approval of the Consolidated Financial Statements and the Annual Financial Statements for 2023, Advisory Votes on the Remuneration Report 2023 and the Non-Financial Reporting 2023

1.1 Approval of the Consolidated Financial Statements and the Annual Financial Statements for 2023

The Chairman explains that the consolidated financial statements for 2023 of the Avolta Group and the annual financial statements for 2023 of Avolta AG are contained in the 2023 Annual Report.

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

The reports of the auditors, Deloitte AG, are also included in the 2023 Annual Report. In those reports, the auditors recommend that the 2023 consolidated financial statements and the 2023 annual financial statements be approved.

The Chairman thanks the auditors for their work.

The Chairman declares that the Board of Directors proposes to approve the consolidated financial statements and the annual financial statements for 2023.

Results of the vote on agenda item 1.1

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes: 104,104,828 (99.84% of shares represented)

no-votes:

105,394

(0.10% of shares represented)

abstentions: 60,087 (0.06% of shares represented)

The Chairman expresses on behalf of the shareholders and the Board of Directors their gratitude and recognition to the management and to all employees of the Avolta Group and thanks them for their outstanding contribution and commitment during the past year.

1.2 Advisory Vote on the Non-Financial Reporting 2023

The Chairman declares that the Board of Directors proposes that the non-financial reporting as shown in the 2023 Annual Report, which is comprised of the ESG Report 2023 (pages 97 to 148), the ESG Report 2023 Annex (pages 337 et seqq.) and the TCFD Report (pages 337 et seqq.), be approved on a non-binding consultative basis.

Results of the vote on agenda item 1.2

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes: 101,818,948 (97.64% of shares represented)

no-votes:

2,362,457

(2.27% of shares represented)

abstentions: 88,904 (0.09% of shares represented)

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

1.3 Advisory Vote on the Remuneration Report 2023

The Chairman declares that the Board of Directors proposes that the remuneration report as shown in the 2023 Annual Report (pages 311 to 333) be approved on a non-binding consultative basis.

Results of the vote on agenda item 1.3

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes:	78,232,826	(75.03% of shares represented)
no-votes:	25,954,367	(24.89% of shares represented)
abstentions:	83,116	(0.08% of shares represented)

AGENDA ITEM 2:

Appropriation of Financial Result and Dividend Payment

The Board of Directors proposes that the loss for the financial year and the balance of retained losses be carried forward and that a dividend for the financial year 2023 from the reserve from capital contribution of CHF 0.70 per registered share be distributed.

Results of the vote on agenda item 2

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes: 101,957,247 (97.78% of shares represented)

no-votes:

2,274,051

(2.18% of shares represented)

abstentions: 39,011 (0.04% of shares represented)

AGENDA ITEM 3:

Discharge of the Board of Directors and the Persons Entrusted with Management

The Chairman explains that the Board of Directors proposes that the members of the Board of Directors and the persons entrusted with management be granted discharge for their activities in the financial year 2023.

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

Before voting, the Chairman reminds the shareholders that the members of the Board of Directors and the Global Executive Committee are not allowed to cast any vote on this agenda item, neither with their own shares nor with shares represented by them.

Results of the vote on agenda item 3

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes:	59,430,465	(99.63% of shares represented)
no-votes:	97,944	(0.16% of shares represented)
abstentions:	125,302	(0.21% of shares represented)

AGENDA ITEM 4:

Amendment of Capital Range

The Board of Directors proposes to (i) amend the existing capital range (article 3 ter of the Articles of Incorporation) and (ii) amend article 3 quinquies of the Articles of Incorporation and renumber it to article 3 quater according to the following wording:

Artikel 3 ter: Kapitalband

1 Die Gesellschaft verfügt über ein Kapital- band zwischen CHF 686'764'130 (untere Grenze) und CHF 915'685'505 (obere Grenze). Der Verwaltungsrat ist im Rah- men des Kapitalbands ermächtigt, jeder- zeit bis zum 15. Mai 2029 das Aktienkapital einmal oder mehrmals und in beliebigen Beträgen zu erhöhen oder herabzusetzen oder Aktien direkt oder indirekt zu erwer- ben oder zu veräussern. Die Kapitalerhö- hung oder -herabsetzung kann durch Aus- gabe von voll zu liberierenden Namenak- tien bzw. Vernichtung von Namenaktien oder durch eine Erhöhung bzw. Herabset- zung der Nennwerte der bestehenden Na- menaktien im Rahmen des Kapitalbands erfolgen.

Article 3 ter: Capital Range

1 The Company has a capital range ranging from CHF 686,764,130 (lower limit) to CHF 915,685,505 (upper limit). The Board of Directors shall be authorized within the capital range to increase or reduce the share capital once or several times and in any amounts or to acquire or dispose of shares directly or indirectly through the is- suance of fully paid registered shares or cancellation of registered shares, as appli- cable, or by increasing or reducing the nominal value of the existing shares within the limits of the capital range by not later than May 15, 2029.

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

1. Zeichnung und Erwerb der neuen Aktien sowie jede nachfolgende Übertragung der Aktien unterliegen den Beschränkungen von Artikel 5 dieser Statuten.
2. Der Verwaltungsrat legt den Ausgabebe- trag, die Art der Einlagen (einschliesslich Barliberierung, Sacheinlage, Verrechnung und Umwandlung von Reserven oder ei- nes Gewinnvortrags in Aktienkapital), den Zeitpunkt der Ausgabe der neuen Aktien, die Bedingungen der Bezugsrechtsaus- übung und den Beginn der Dividendenbe- rechtigung fest. Dabei kann der Verwal- tungsrat neue Aktien mittels Festüber- nahme durch eine Bank, ein Bankenkon- sortium oder einen Dritten und anschlies- sendem Angebot an die bisherigen Aktio- näre ausgeben. Nicht ausgeübte Bezugs- rechte kann der Verwaltungsrat verfallen lassen, oder er kann diese bzw. Aktien, für welche Bezugsrechte eingeräumt, aber nicht ausgeübt werden, zu Marktkonditio- nen platzieren oder anderweitig im Inte- resse der Gesellschaft verwenden.
3. Der Verwaltungsrat ist ferner ermächtigt, das Bezugsrecht der Aktionäre ganz oder teilweise zu beschränken oder aufzuheben oder Dritten zuzuweisen:

1. für die Übernahme von Unterneh- men, Unternehmensteilen oder Beteiligun- gen oder für neue Investitionsvorhaben oder im Falle einer Aktienplatzierung für die Finanzierung oder Refinanzierung sol- cher Transaktionen; oder
2. zum Zwecke der Beteiligung von strategischen Partnern (auch im Kontext eines öffentlichen Übernahmeangebotes),

1. The subscription and acquisition of the new shares, as well as each subsequent transfer of the shares, shall be subject to the restrictions of Article 5 of these Articles of Incorporation.
2. The Board of Directors shall determine the issue price, the type of contribution (in- cluding cash, contribution in kind, set-off and conversion of reserves or of profit car- ried forward into share capital), the date of issue of new shares, the conditions for the exercise of the preferential subscription rights, and the beginning date for dividend entitlement. In this regard, the Board of Di- rectors may issue new shares by means of a firm underwriting through a banking insti- tution, a syndicate or another third party and a subsequent offer of these shares to the current shareholders. The Board of Di- rectors may permit preferential subscrip- tion rights that have not been exercised to expire or it may place these rights and/or shares as to which preferential subscrip- tion rights have been granted but not exer- cised, at market conditions or use them for other purposes in the interest of the Com- pany.
3. The Board of Directors is further author- ized to restrict or deny the preferential sub- scription rights of shareholders in whole or in part or allocate such rights to third par- ties:

1. for the acquisition of enterprises, parts of an enterprise or participations, or for new investment plans or, in case of a share placement, for the financing or refi- nancing of such transactions; or
2. for the participation of strategic partners (including in the case of a public

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

zur Erweiterung des Aktionärskreises oder im Zusammenhang mit der Kotierung von Aktien an inländischen oder an ausländi- schen Börsen, inklusive im Zusammen- hang mit der Gewährung einer Mehrzutei- lungsoption (Greenshoe) an ein Banken- konsortium.

1. Nach einer Nennwertveränderung sind neue Aktien im Rahmen des Kapitalbands mit gleichem Nennwert auszugeben wie die bestehenden Aktien.
2. Erhöht sich das Aktienkapital aufgrund ei- ner Erhöhung aus bedingtem Kapital nach Artikel 3 bis dieser Statuten, so erhöhen sich die obere und die untere Grenze des Kapitalbands entsprechend dem Umfang der Erhöhung des Aktienkapitals.
3. Bei einer Herabsetzung des Aktienkapi- tals im Rahmen des Kapitalbands legt der Verwaltungsrat, soweit erforderlich, die Verwendung des Herabsetzungsbetrags fest.

takeover bid) or for the purpose of broadening the shareholder constituency or in connection with a listing of shares on domestic or foreign stock exchanges, including for the purpose of delivering shares to the participating banks in connection with an over-allotment option (Greenshoe).

1. After a change of the nominal value, new shares shall be issued within the capital range with the same nominal value as the existing shares.
2. If the share capital increases as a result of an increase from conditional capital pur- suant to Article 3 bis of these Articles of In- corporation, the upper and lower limits of the capital range shall increase in an amount corresponding to such increase in the share capital.
3. In the event of a reduction of the share capital within the capital range, the Board of Directors shall, to the extent necessary, determine the use of the reduction amount.

Artikel 3 quater: Kapitalerhöhungen gemäss Artikel 3 bis und 3 ter

Die Gesellschaft kann nach dem Datum dieser Statuten (i) Namenaktien unter Aus- schluss des Bezugsrechts gemäss Artikel 3 ter dieser Statuten und (ii) Wandelanlei- hen, Optionsanleihen oder andere Finan- zierungsinstrumente unter Ausschluss der Vorwegzeichnungsrechte gemäss Artikel 3 bis dieser Statuten, die zur Ausgabe von Namenaktien führen, im Umfang von ins- gesamt höchstens 15'261'425 voll zu libe- rierenden Namenaktien mit einem Nenn- wert von je CHF 5.- ausgeben.

Article 3 quater: Capital Increases pursuant to Article 3 bis and 3 ter

The Company may after the date hereof issue (i) registered shares without preferential subscription rights pursuant to Article 3 ter of these Articles of Incorporation and

1. convertible debentures, debentures with option rights or other financing instru- ments without advance subscription rights pursuant to Article 3 bis of these Articles of Incorporation that result in the issuance of registered shares, which, in the aggregate, do not exceed 15,261,425 fully paid regis- tered shares with a nominal value of CHF 5.- each.

The Chairman states that, as announced on April 24, 2024, the Board of Directors commits that the proposed capital range will not be utilised in the event of a public takeover offer with respect to Avolta AG and no shares will be issued as a takeover defense.

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Avolta AG - Minutes of the Ordinary General Meeting of Shareholders

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes: 100,842,087 (96.71% of shares represented)

no-votes:

3,358,209

(3.22% of shares represented)

abstentions: 70,013 (0.07% of shares represented)

The Chairman declares that the necessary 2/3 majority of the votes represented has been achieved.

AGENDA ITEM 5:

Cancellation of Conditional Capital and Amendment to the Articles of Incorporation

The Board of Directors proposes to cancel the Conditional Capital 2 (article 3 quater of the Articles of Incorporation).

After the casting of the votes, the Chairman declares that the general meeting adopted the motion of the Board of Directors for this agenda item with the following result:

yes-votes: 104,134,925 (99.87% of shares represented)

no-votes:

78,748

(0.08% of shares represented)

abstentions: 56,636 (0.05% of shares represented)

AGENDA ITEM 6:

Elections to the Board of Directors

The Chairman explains that the elections will be held individually.

According to applicable law, the term of office of the members of the Board of Directors is one year and extends until completion of the next general meeting.

Lynda Tyler does not stand for re-election. On behalf of Avolta and the Board of Direc- tors, the Chairman thanks her for all her endeavors in the past years.

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