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MONCLER ANNUAL REPORT AT 31 DECEMBER 2020ATTACHMENTS 193192

KPMG S.p.A. Revisione e organizzazione contabile Via Rosa Zalivani, 2 31100 TREVISO TV Telefono +39 0422 576711 Email it-fmauditaly@kpmg.it PEC kpmgspa@pec.kpmg.it

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Società per azioni Capitale sociale Euro 10.415.500,00 i.v. Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Vittor Pisani, 25 20124 Milano MI ITALIA

KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese.

(Translation from the Italian original which remains the definitive version)

Independent auditors report pursuant to article 14 of Legislative decree no. 39 of 27 January 2010 and article 10 of Regulation (EU) no. 537 of 16 April 2014

To the shareholders of Moncler S.p.A.

Report on the audit of the separate financial statements

Opinion We have audited the separate financial statements of Moncler S.p.A. (the company ), which comprise the statement of financial position as at 31 December 2020, the income statement and the statements of comprehensive income, changes in equity and cash flows for the year then ended and notes thereto, which include a summary of the significant accounting policies.

In our opinion, the separate financial statements give a true and fair view of the financial position of Moncler S.p.A. as at 31 December 2020 and of its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards endorsed by the European Union and the Italian regulations implementing article 9 of Legislative decree no. 38/05.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the separate financial statements section of our report. We are independent of the company in accordance with the ethics and independence rules and standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Moncler S.p.A. Independent auditors report 31 December 2020

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Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the separate financial statements of the current year. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recoverability of the Moncler trademark

Notes to the separate financial statements: paragraphs 4.1 Brands and other intangible assets and 4.2 Impairment of intangible assets with an indefinite useful life

Key audit matter Audit procedures addressing the key audit matter

The separate financial statements at 31 December 2020 include the Moncler trademark (the trademark ) with a carrying amount of 224 million, which is an intangible asset with an indefinite useful life. At least annually, at the reporting date, the company checks the recoverable amount of the trademark. It calculates the recoverable amount of the trademark by estimating its value in use, using a method that discounts its expected cash flows. Specifically, it used the royalty relief method. This method requires a high level of directors judgement about:

the expected cash flows, calculated by taking into account the general economic performance and that of the company s sector, the actual cash flows for the last few years and the projected growth rates;

the financial parameters used to calculate the discount rate.

For the above reasons, we believe that the recoverability of the trademark is a key audit matter.

Our audit procedures, which also involved our own specialists, included:

understanding the process adopted to prepare the impairment test;

understanding the process adopted for the preparation of i) the 2020- 2022 business plan approved by the parent s board of directors on 11 June 2020, ii) the 2021 budget approved by the parent s board of directors on 28 January 2021, iii) the 2023-2025 management estimates, as part of which the expected cash flows used for impairment testing have been inferred;

analysing the main assumptions used by the directors in estimating the expected cash flows, including the analysis of any discrepancies between the previous year business plans figures and actual figures;

analysing the reasonableness of the impairment testing model and the key assumptions used by the directors to determine the recoverable amount of the trademark;

checking the sensitivity analyses presented in the notes with reference to the key assumptions used for impairment testing, including the interest and perpetual growth rates;

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