1. Approval of the 2015/2016 Final Accounts for €360,545.87;
2. Approval of the allocation of the operating surplus to the Extraordinary Expenses Fund;
3. Approval of the 2017/2018 Budget for €382,150.00;
4. Confirmation of the Administrator;
5. Appointment of the Supervisory Board;
6. Any other business.

With the approval of those present, Ms Manuela Petrini takes the Chair of the Meeting and invites Ms Maria Barbi to act as Secretary, which she accepts.

The Chairperson, having verified that the Meeting was duly convened and validly constituted, with a total of 17,767 hundred-thousandth shares represented, of which:

• personally present: 3,928 hundred-thousandth shares;
• represented by proxy: 1,872 hundred-thousandth shares;
• postal votes: 11,967 hundred-thousandth shares;

declares the Meeting duly opened and authorised to pass resolutions at 11:15 a.m.

Before discussing the Agenda, some of those present ask to speak regarding the air-conditioning units:

• Mr Piccioni states that, in his opinion, it is necessary to prepare a project and technical specifications. Architect Carrera agrees, as does Mr Rossetti, who nevertheless points out that there would be no legal obligation to do so, since the power to be installed will not exceed 6 kW per apartment. However, should a project and technical specifications be required, he is willing to deal with the matter together with at least one other Timeshare Owner willing to assist him.
• Ms Petrini, drawing on her long-standing knowledge of the Timeshare and the Supervisory Board, recalls when Valtur requested payment to bring the electrical systems in the apartments up to standard, treating the Residence as hotel accommodation, just as it also charged for the television subscription. This was not in fact the case: cadastral category A2 and use as second homes do not require such procedures or additional costs, as is also the case here. Nevertheless, the Administrator is invited, for his own and everyone else’s peace of mind, to obtain information regarding the procedures required by the Municipality of Olbia and the Porto Rotondo Consortium. With the agreement of the Meeting, it is nevertheless decided to postpone the work until the following winter in order to: prepare technical specifications, should these be required; obtain new quotations; and allow more time to collect the amounts requested.
• Mr Zuccarello states that the vote approving the installation of the air-conditioning units the previous year would not be valid because the amount was only an estimated budget.
• Mr Rossetti replies that budgets are approved in advance and the actual amounts are subsequently finalised in the Final Accounts, as is done every year. The amount indicated was the maximum authorised expenditure.
• Mr Romico asks about the cost per unit and the applicability of tax deductions for energy-saving measures.
• Mr Crisanti takes the floor and recalls that the installation of air-conditioning units has been under discussion for five years. Although for many people it may not represent an urgent necessity, particularly for periods in June and September, as this is a co-ownership arrangement it is necessary to think collectively. Furthermore, as the units also function as heat pumps, they could allow the Residence to open during other periods, as has been mentioned several times, for example at Easter. Ms Banti agrees.
• Ms Tedeschi points out that the usual Owners in arrears, as well as others, will not pay the charges for this expenditure and therefore the full amount will never be collected. The Administrator states that the usual Owners in arrears will certainly not pay, but any unpaid amounts will be pursued from all those concerned, including through legal action where necessary.

The Meeting then proceeds to discuss the Agenda:

Item 1) The 2015/2016 Final Accounts are examined and, after a brief discussion, the Final Accounts for €360,545.87 are approved with:

Votes in Favour 16,101 – Votes Against 1,244 – Abstentions 422

Item 2) Approval of the allocation of the operating surplus to the Extraordinary Expenses Fund.

The proposal is approved with:

Votes in Favour 15,446 – Votes Against 1,440 – Abstentions 881

Item 3) Approval of the 2017/2018 Budget for €382,150.00.

Mr Rossetti takes the floor and requests that postal expenses be charged individually to those Timeshare Owners who do not agree to receive communications by email, which is free of charge. The Administrator states that this criterion will be applied once accepted by the Timeshare Owners.

Mr Zuccarello raises the issue of outstanding unpaid fees, and Mr Rossetti proposes the compulsory repossession of the timeshare periods belonging to Owners in arrears. Ms Petrini, in turn, proposes bringing Owners in arrears before the Justice of the Peace in order to reach an agreement for settlement of the debt. Even if they failed to appear, the judgment would become fully enforceable. The Administrator will assess these suggestions in terms of costs and benefits and determine the most appropriate procedure to adopt.

Mr Crisanti suggests asking Owners in arrears to sell their periods to other Timeshare Owners who may be interested.

Ms Petrini reports that she has received a request for clarification regarding the company that might potentially manage the sale of periods belonging to Owners interested in selling, and whether there might be a risk of such a company acquiring a large number of shares with the aim of obtaining decisive influence over the management of the Residence.

She states that she is not aware of the name of any particular company and that this concern could certainly arise.

Votes in Favour 14,927 – Votes Against 1,726 – Abstentions 1,114

Item 4) Mr Bonino of ATPR is reconfirmed as Administrator with:

Votes in Favour 17,420 – Votes Against 95 – Abstentions 252

Item 5) Appointment of the Supervisory Board.

The following candidates receive the indicated votes:

Barbi                     votes 10,659

Carrera                  votes 2,779

Cinefra                   votes 365

Crisanti                  votes 3,755

Petrini                    votes 10,920

Rossetti                  votes 6,663

The first three elected Board Members, Ms Petrini, Ms Barbi and Mr Rossetti, will send their acceptance of the appointment to the Administrator. Should any of them decline the appointment, they will be replaced by the candidates receiving the next highest number of votes. The elected Board Members will appoint the Chairperson in accordance with the Regulations.

Under Any Other Business:

Mr Zuccarello submits a letter containing some of his observations, which is read aloud by the Administrator and will be published on the website www.portorotondotre.it.

Ms Barbi points out that all personal information concerning the Timeshare Owners, their contact details and the identification of their respective timeshare periods is subject to privacy protection legislation and may therefore not be disclosed to third parties.

The Meeting closes at 1:30 p.m. with the approval of those present.

The Chairperson of the Meeting                              The Secretary

Manuela Petrini     (signed)                      Maria Barbi     (signed)

Timeshare Owners’ observations read at the Meeting