Universal Registration Document 2021

• (1) Élisabeth Badinter’s term of office as Chairman of the Supervisory Board ended on May 31, 2017. Maurice Lévy took over as Chairman of the Supervisory Board on June 1, 2017.
• (2) In order to provide a valid financial comparison, the compensation paid to Élisabeth Badinter in 2017 was annualized (i.e. euro 300,000) for the purposes of calculating ratios and changes in compensation compared with the previous financial year.
• (3) The 2017 ratios take into account the compensation paid to Élisabeth Badinter in 2017, the portion of the compensation of Maurice Lévy solely pertaining to the period from June 1 to December 31, 2017 having been paid in 2018.
• (4) The term of office of Maurice Lévy as Chairman of the Management Board ended on May 31, 2017. Arthur Sadoun took over as Chairman of the Management Board as from June 1, 2017.
• (5)In order to provide a valid financial comparison, the ratio for 2017 and the evolution of compensation, compared with the previous financial year, were calculated on the following basis: firstly the compensation paid in 2017 to the outgoing Chairman of the Management Board, Maurice Lévy, adjusted to reflect (1) the period compensated (namely 12 months in 2016 and the first five months in 2017, i.e. a total of 17 months) and (2) the effective term of the outgoing Chairman of the Management Board for 2017, i.e. five months, the compensation thus calculated for 2017 amounts to euro 1,041,667; and secondly, the compensation paid in 2017 for the incoming Chairman of the Management Board, Arthur Sadoun, i.e. euro 2,276,105, thus a total amount of euro 3,317,772..
• (6) The term of office of Jean-Michel Etienne as a member of the Management Board ended on December 31, 2020, and that of Michel-Alain Proch began on January 15, 2021. The compensation for 2021 therefore includes on the one hand, the fixed compensation of Michel-Alain Proch paid in 2021 and, on the other hand, the variable compensation of Jean-Michel Etienne paid in 2021 (in respect of 2020).
• (7) The term of Kevin Roberts as a member of the Management Board ended on August 31, 2016. The term of office of Steve King as a member of the Management Board began on June 1, 2017.
• (8) The compensation paid in respect of 2017 to Steve King was annualized (i.e. euro 2,133,811) for the purposes of calculating ratios.

The ratios determined for the 2021 financial year for Arthur and 2021 due in particular to a significant number of hires in Sadoun, Anne-Gabrielle Heilbronner and Steve King are higher the United States at lower compensation levels. than those determined for the 2020 financial year for two reasons. On the one hand, these three top executives had reduced their compensation by 30% for six months in 2020, which automatically increases the amount of their compensation paid in 2021 compared to that of 2020 while all other Groupe employees, including the members of the Management Committee who had reduced their compensation in 2020 were reimbursed. On the other hand, the median annual compensation of employees decreased between 2020

3.2.2.9 Standardized presentation of compensation (AMF and Afep-Medef)

The 2021-02 position-recommendation of the AMF and the Afep-Medef Code recommends a standardized presentation of the compensation of executive corporate officers of companies whose securities are traded on a regulated market.