TIVOLI A/S – Minutes of the Annual General Meeting

Tivoli A/S held the Annual General Meeting on Friday 25 September 2020 with the agenda as attached.

The annual report was approved, including the Board of Directors' proposal not to distribute dividends from the year's profit.

The following proposals from the Advisory Board were approved:

• New remuneration policy for Tivoli A/S.
• The Advisory Board's remuneration for 2020.
• Amendment of the standard agenda for the annual general meeting with the addition of the item: Indicative vote on remuneration report.
• Amendment of the company's Articles of Association so that it appears that the register of owners is kept by VP Securities A / S.
• Removal of the 70-year rule in the company's Articles of Association.

The proposal from shareholder Klaus Folmann to extend the benefits of the shareholder card was rejected.

The current Supervisory Board members elected by the Annual General Meeting, Tom Knutzen, Claus Gregersen, Mads Lebech and Ulla Brockenhuus-Schack were re-elected. In addition, the two employee representatives, John Høegh Berthelsen and Tue Krogh-Lund, are members of the Supervisory Board.

On the motion of the Supervisory Board, PwC was elected as auditor.

At the subsequent initial Supervisory Board meeting, the Supervisory Board elected Tom Knutzen as chairman and Mads Lebech as deputy chairman.

Yours faithfully,

Susanne Mørch Koch

CEO

For shareholders of Tivoli A/S

General Meeting in Tivoli

The Advisory Board of Tivoli A/S hereby convenes the Company's Annual General Meeting on Friday, September 25, 2020 at 13:30 in Tivoli's Concert Hall, Vesterbrogade 3, 1630 Copenhagen V. Access to the Concert Hall takes place via Tivoli's Main Entrance and the entrance across Copenhagen Central Station.

In view of the ban on assemblies issued, ban on major events and other recommendations from health authorities to prevent the spread of COVID-19, Tivoli's Advisory Board advises its shareholders to exercise their investor rights without physically attending the general meeting, but instead cast their vote by proxy. Voting can be done via the investor portal, which can be accessed via the company's website.

The General Meeting can be followed as a live webcast on Tivoli's investor portal via this link: https://www.tivoli.dk/da/om/virksomheden/aktionaerinformation

Shareholders who nevertheless wish to physically attend the general meeting are encouraged not to bring an adviser or other companion. To minimize the risk of dense queuing in the Concert Hall's foyer, Tivoli is unfortunately not able to provide the usual catering for the event this year.