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MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 171170

The following table includes details about how the shareholders reserve should be used:

In view of the realignment of the Moncler trademark s tax value to the statutory value, as required by Law Decree 104/2020 (the so-called August Decree), art. 110, par. 8, the Board of Directors proposes the Shareholders Meeting to appoint the Retained earnings reserve as deferred tax reserve for an amount equal to 217,150,636 euros. The caption OCI ( Other Comprehensive Income ) reserve includes the actuarial risks related to the employee pension fund. Changes in that reserve is as follows:

Information on reserves (Euro) Amount Possible use Available amount

Non-available amount

Amounts used in the previous

3 years to hedge losses

Amounts used in the previous

3 years for other reason

Share capital 51,670,525 - - 51,670,525 - -

Reserves:

Legal reserve 10,319,181 B - 10,319,181 - -

Share premium 173,374,223 A, B, C 173,359,299(*) 14,924 - -

OCI Reserve (193,452) - - (193,452) - -

Revaluation reserve 19,395 A, B 19,395 -

FTA Reserve (20,638) A, B, C - (20,638)

IFRS 2 Reserve 58,451,807 A, B, C 58,451,807 - - -

Retained earnings 279,807,021 A, B, C 279,613,569 193,452 - 216,804,303

Total share capital and reserves 573,428,062 511,444,070 61,983,992 - 216,804,303

Non distributable amount 85,963

Distributable remaining amount 511,358,107

Explanation: A share capital increase - B hedge of losses - C distribution to the shareholders (*) Share premium reserve entirely available after allocating to legal reserve up to 20% of the share capital

Other comprehensive income (Euro/000)

Employees pension fund - actuarial valuation Fair value IRS

Value before tax

effect Tax effect Value after

tax effect

Value before tax

effect Tax effect Value after

tax effect

Reserve as at 1 January 2019 (131) 23 (108) 0 0 0

Reclassification to Other reserves 0 0 0 0 0 0

Changes in the period (2) 7 5 0 0 0

Translation differences of the period 0 0 0 0 0 0

Reversal in the income statement of the period 0 0 0 0 0 0

Reserve as at 31 December 2019 (133) 30 (103) 0 0 0

Reserve as at 1 January 2020 (133) 30 (103) 0 0 0

Reclassification to Other reserves 0 0 0 0 0 0

Changes in the period (98) 8 (90) 0 0 0

Translation differences of the period 0 0 0 0 0 0

Reversal in the income statement of the period 0 0 0 0 0 0

Reserve as at 31 December 2020 (231) 38 (193) 0 0 0

5.

COMMITMENTS AND GUARANTEES GIVEN 5.1. COMMITMENTS

The Company has no significant commitments deriving from operating lease contracts that do not fall within the scope of application of IFRS 16.

5.2. GUARANTEES GIVEN

As at the date of the financial statements, the Company had no guarantees toward the Group companies nor third parties.

6.

CONTINGENT LIABILITY The Company is subject to risks which may arise during the performance of its ordinary activities. Based on information available to date, management believes that there currently are no contingent liability that need to be accrued in the financial statements.

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