Moncler S p A : 2022 Report on Policy regarding Remuneration and Fees paid

CONTENTS

CONTENTS ...................................................................................................................................... 2

LETTER FROM THE CHAIRMAN OF THE NOMINATION AND REMUNERATION COMMITTEE 3

GROUP FINANCIAL HIGHLIGHTS ................................................................................................ 5

INTRODUCTION ............................................................................................................................. 6

SUSTAINABLE VALUE CREATION ................................................................................................... 7

SECTION I - 2022-2024 REMUNERATION POLICY .................................................................... 8

1. EXECUTIVE SUMMARY ................................................................................................................ 8

2. PAY MIX ....................................................................................................................................... 9

3. RESULTS OF THE SHAREHOLDERS' MEETING VOTE AND DESCRIPTION OF THE CHANGES

WITH RESPECT TO 2021 FINANCIAL YEAR .................................................................................. 11

4. DURATION, PURPOSE AND GENERAL PRINCIPLES OF THE POLICY ................................... 13

5. GOVERNANCE OF THE REMUNERATION PROCESS .............................................................. 14

6. EXCEPTIONS .............................................................................................................................. 19

7. REMUNERATION OF NON-EXECUTIVE DIRECTORS .............................................................. 19

8. REMUNERATION OF MEMBERS OF THE BOARD OF STATUTORY AUDITORS .................... 20

9. REMUNERATION OF THE CHAIRMAN/CEO, EXECUTIVE DIRECTORS AND MANAGERS

WITH STRATEGIC RESPONSIBILITIES .......................................................................................... 20

10 INDEMNITY FOR EARLY TERMINATION OR NON-RENEWAL OF THE RELATIONSHIP

(PARACHUTE AGREEMENTS) AND NON-COMPETE AGREEMENTS ........................................ 32

11. CLAWBACK/MALUS MECHANISMS ....................................................................................... 34

12. THE POLICY AND OUR EMPLOYEES ...................................................................................... 35

SECTION II: REMUNERATION PAID IN THE 2021 FINANCIAL YEAR ....................................... 37

1. INTRODUCTION ........................................................................................................................ 37

3. NON-EXECUTIVE DIRECTORS ................................................................................................. 38

4 CHAIRMAN AND CEO AND EXECUTIVE DIRECTORS ............................................................ 39

5. REMUNERATION OF THE BOARD OF STATUTORY AUDITORS ............................................ 40

6 REMUNERATION OF MANAGERS WITH STRATEGIC RESPONSIBILITIES .............................. 41

7 2022 MBO ................................................................................................................................... 41

8. LTI ............................................................................................................................................... 45

9. INDEMNITIES AND/OR OTHER BENEFITS FOR TERMINATION OF OFFICE OR FOR

TERMINATION OF EMPLOYMENT DURING THE YEAR ............................................................. 48

10. MALUS AND CLAWBACK ........................................................................................................ 49

11. EXEMPTIONS TO THE REMUNERATION POLICY .................................................................. 49

12. CHANGE IN THE REMUNERATION OF THE MANAGEMENT AND CONTROL BODY, THE

GROUP'S RESULTS AND THE AVERAGE REMUNERATION OF GROUP EMPLOYEES .............. 49

LETTER FROM THE CHAIRMAN OF THE NOMINATION AND

REMUNERATION COMMITTEE

Dear Shareholders,

The Company's current 3-year Remuneration Policy (the Policy), approved by the Shareholders' Meeting on 21 April 2022 with reference to the three-year period 2022-2024, does not require approval by your Shareholders' Meeting this year.

Nonetheless, the effort of the Company, the Committee and the Board of Directors has focused on improving this Report, which is the primary means of communication on the topic of remuneration with our stakeholders, building on the input received as part of the intense engagement activity held with investors and proxy advisors.

The Report aims, therefore, to provide a complete and as transparent as possible picture of the application of the Policy with reference to fiscal year 2022 as well as to share some updates and elements of improvement introduced; to this end, special attention has been paid this year to the disclosure of both financial and non-financial ex-post targets, with detailed description of ESG KPIs and the path taken by the Company in this area.

The year 2022 was also characterized by persistent economic and political uncertainty, which caused high volatility. However, in this highly unstable environment, the Moncler Group managed to achieve important results. The commitment of management, together with the dedication of all the employees, enabled the Group to achieve the objectives it had set for the year just past, including the increasingly challenging goal of confirming, for the fourth consecutive year, its ranking in the Dow Jones Sustainability World and Europe indices by obtaining in the 2022 S&P Global Corporate Sustainability Assessment the highest score (91/100) in the sector. In addition, 2022 marked two important anniversaries: 70 years for Moncler and 40 years for Stone Island, which were celebrated with various initiatives and especially many projects for the years to come.

In this context, therefore, the Group's ability to continue to attract, retain and motivate the best resources becomes increasingly important, because people represent the Company's main critical success factor. The Policy is therefore confirmed as central to supporting the retention of the Group's key profiles and distinctive skills, while also guiding management action in the macroeconomic scenario that is emerging and ensuring continuity in the path already taken by the Company, increasingly oriented, as mentioned, to the pursuit of results correlated with the Group's sustainability strategy.

The Report aims to contribute to increasing stakeholder awareness with respect to the correlation of the Company's remuneration policies with corporate strategies, within an increasingly complex context and in the face of the new challenges that Moncler faces with the commitment of an excellent top management.

I would also like to reiterate that Policy 2022-2024 provides for the integration of sustainability objectives into the remuneration system (both short- and medium- to long-term) and the consequent alignment of Top Management remuneration with the Company's sustainability strategy. In fact, the 2022 Plan, approved by you Shareholders last year, includes an ESG indicator linked to three different challenges present in the 2020-2025 Strategic Sustainability Plan: carbon neutrality, the use of nylon with a low environmental impact, and the promotion of the principles of diversity, equity and inclusion by obtaining Equal Pay certification. There is also an over-performance target linked to obtaining a high rating of the Group's overall sustainability performance in all three years of the Plan's duration by one of the leading ESG rating companies including S&P Global, CDP, MSCI or Sustainalytics.

Finally, while maintaining the continuity of a Policy approved for the three-year period 2022-2024, in the run-up to the Shareholders' Meeting we wanted to promote again this year an intense activity of engagement with you, the Shareholders and stakeholders, in the certaintythat the dialogue must continually be enriched with new opportunities and topics for discussion.

On behalf of the Committee, therefore, I am pleased to present to you the Report outlining the activities carried out and the initiatives implemented in 2022, the second section of which will be submitted to you for your consideration and advisory vote at the Shareholders' Meeting convened on 18 April 2023.

I would like to take this opportunity to thank Directors Marco De Benedetti and Alessandra Gritti for their significant and continuous contribution to the work of the Committee.

Good job, everybody

Diva Moriani

Chairman of the Nomination and Remuneration Committee

GROUP FINANCIAL HIGHLIGHTS

Data including IFRS 16 impacts from 2019. The net financial position excludes lease liabilities. Numbers rounded to the first decimal.