Hermes International : Report on the Combined General Meeting of 20 April 2023

Paris, 25 May 2023 6.00 pm

REPORT ON THE COMBINED GENERAL MEETING OF 20 APRIL 2023

The Combined General Meeting of Hermès International was held on

Thursday, April 20, 2023, at 9:30 a.m.

at the Salle Pleyel - 252, rue du Faubourg Saint-Honoré, 75008 Paris.

Shareholders were able to follow the General Meeting in person and follow the meeting in its entirety via a live video webcast on the company's website: https://finance.hermes.com/en/general-meetings.

The webcast of the General Meeting is available at the same address, in an e-accessible version.

The Combined General Meeting was chaired by Mr Éric de SEYNES, Chairman of the Supervisory Board. The following persons sat next to him on stage:

• Axel DUMAS, Executive Chairman,
• Henri-LouisBAUER, Chairman of the Management Board of the company Émile Hermès SAS, Executive Chairman and Active Partner, and
• Éric du HALGOUËT, Executive Vice-President Finance.

Julie GUERRAND, representing the company H51, and Jean-Christophe DUMAS, representing the company H2, shareholders representing the largest number of votes and present in the room, acted as scrutineers.

Amélie WATTEL, from the firm PRICEWATERHOUSECOOPERS AUDIT and Vincent FRAMBOURT from the firm GRANT THORNTON AUDIT, represented the College of Statutory Auditors.

Nathalie BESOMBES, General Counsel corporate law and stock exchange regulations, Supervisory Board Secretary and Compliance Officer, acted as secretary of the meeting.

Stéphanie SCHAMBOURG, commissaire de justice, was present.

The quorums required by law in ordinary and extraordinary meetings were met, i.e., 86.68% for all resolutions1.

Shareholders were asked to vote on:

• the approval of the parent company's and the consolidated financial statements for the fiscal year 2022,

1 For the 4th resolution ("Allocation of net income - Distribution of an ordinary dividend"), the quorum was 87.44%. This difference is explained by the fact that, in accordance with the provisions of the Articles of Association, the voting rights of the stripped shares are devolved to the bare owner for all resolutions except for the resolution relating to the allocation of net income, which is reserved for the beneficial owner.

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• the appropriation of the earnings and the distribution, on 27 April 2023, of the remainder of ordinary dividend for the year (since an interim dividend of €3.50 per share was paid on 23 February 2023), that is €9.50 per share, resulting in a total dividend of €13.00 per share,
• the approval of related-party agreements,
• Authorisation granted to Executive Management to trade in the Company's shares,
• the approval of total compensation and benefits of all kinds paid during or awarded in respect of the financial year ended 31 December 2022 to the Company Officers (global and individual ex-post votes),
• the approval of the compensation's policies for Executive Chairmen and Supervisory Board members (ex-ante votes),
• the reappointment of the terms of Supervisory Board members Dorothée ALTMAYER, Monique COHEN, Renaud MOMMÉJA and Éric de SEYNES for a period of three years,
• Renewal of the terms as Principal Statutory Auditor of PRICEWATERHOUSECOOPERS AUDIT and GRANT THORNTON AUDIT for a period of six financial years,
• the authorisation granted to the Executive Management to implement a share purchase and cancellation programme,
• delegations of authority to the management to intervene in the capital in various circumstances (financial delegations).

Before the start of the General Meeting, the shareholders present in the room were able to attend a performance by the group Ishkero, jazz band, followed by an animated film featuring four drawings by Tobias GUTMANN, summarising the main activities of the Maison Hermès.

The Chairman opened the General Meeting and warmly thanked the shareholders present, both physically or at a distance, for attending the General Meeting, before handing over to Henri-Louis BAUER.

Henri-Louis BAUER, Chairman of the Management Board of Émile Hermès SAS, Executive Chairman and Active Partner, welcomed the shareholders and highlighted the great success of the year 2022, which is even more remarkable in an increasingly complex world. He further emphasised that the year 2022 was distinguished by:

• the quality: thanks to the designers and to the 7,000 craftspeople who are the guarantors of the latter,
• ethics: to make the Maison grow without ever compromising its values,
• people: particularly through successful continuing education projects.

Finally, Henri-Louis BAUER thanked all those who ensure the success of Hermès, the employees who "are essential links in the chain, but also the transmitters of know-howand knowledge" and the Maison's management team for having taken its mission so far.

The film "Opéra de quatre sacs" was shown.

Axel DUMAS, Executive Chairman, thanked all the shareholders for their fidelity.

He then presented the general report for the year 2022 and the strategy, first all thanking "all the teams in France and throughout the world for their enthusiasm, creativity, know-howand entrepreneurial spirit". He pointed out that the year's performance reflects the desirability of Hermès creations in all sectors.

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Axel DUMAS began by reviewing the Hermès model of craftsmanship and responsibility:

• Doubling of workforce in 10 years,
• Nearly 80% of Hermès objects are manufactured in France within 54 production and training sites,
• Strengthening operational investments of 1.5 billion over three years, of which nearly 60% in made in France.

He then commented on the actions undertaken by Hermès in favor of its employees, including the payment of a €4,000 bonus to all of the group's employees worldwide in February in recognition of the 2022 results.

The film "l'école Hermès des savoir-faire" was shown.

Axel DUMAS then highlighted the abundant creativity of the year 2022, thanks to the talent of the teams led by Pierre-Alexis DUMAS:

• In the leather goods collection: o the suitcase R.M.S.,
  o the models Kelly en désordre, Haut à Courroies rock and Getta,
• In men's and women's ready-to-wear,
• In the beauty sector with the success of the Hermès Plein Air complexion.

Axel Dumas highlighted the "formidable dynamism" of the watch and jewellery activities with the double award of the Arceau le temps voyageur watch at the Geneva Watchmaking Grand Prix and the great commercial success of the high jewellery collection Les jeux de l'ombre.

He also praised the exceptional craftsmanship, uncompromising quality and durability of Hermès objects made from more than 80 exceptional materials. In 2022, more than 200,000 repairs were carried out by the craftsmen.

In addition, 100% of the orange boxes and bags are made from recycled and recyclable materials.

Axel DUMAS then successively addressed the following topics:

• Development of production capacities, strong integration, and territorial anchoring
• • Laying of the foundation stone for the Riom (Puy-de-Dôme) leather goods workshop in September,
  • Continuation of the work on the leather goods workshops:

1. of Louviers (Eure), and

• 1. of La Sormonne (Ardennes),
• Finalisation of work on the Pierre Bénite Textile site in the Lyon region,
• development of J3L, manufacturer of metal pieces,
• 55% of the objects are made in in-house and exclusive workshops and 76% of the objects are made in France,
• Hermès is present in 11 of the 13 French regions, notably through its 54 production sites,
• A leather factory is opened every 12 to 18 months with the aim of respecting local expertise, perpetuating know-how and creating jobs.

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A film on the job of workshop manager was shown.

• An integrated, omnichannel and exclusive distribution network
• • Continuation of operational investments,
  • Successful opening of the new Maison Hermès at 706 Madison Avenue in New York,
  • Extension of the network to Zhengzhou and Shanghai Qiantan in China and Pangyo in Korea,
  • Expansion and renovation of shops in Strasbourg and Barcelona (Europe) and Dubai (United Arab Emirates),
  • A resumption of sales to travellers and the reopening of the renovated and expanded Hong Kong airport shop,
  • Strong development and performance of the e-commerce network, which enables new customers to be welcomed,
  • Strengthening the supply chain to serve shops and e-commerce.
• Evolution of the number of shops (300 shops by the end of 2022, of which nearly three quarters are directly operated)

A film- in which Bob CHAVEZ, CEO of Hermès of Paris, and Florian CRAEN, Executive Vice President Sales & Distribution of Hermès International, show the new 706 Madison shop was shown.

• An unusual communication

Communication, Hermès' 17th métier, tells the story of the Maison's creativity

• Meeting the craftspeople with Hermès in the making
• As close as the 16 métiers such as:

1. silk with the Kite Festival,

1. or petit h in Dubai and Bangkok.

The film "Kiosque monde d'Hermès", showing the World of Hermès kiosks that have been set up in several capitals was shown.

Axel DUMAS also presented the responsible approach of the Maison.

• An ambitious CSR strategy
• • The group maintains its commitment to responsible supply chains, in favour of employment, the transmission of traditional skills, research and development of exceptional sustainable materials,
  • The greenhouse gas emission reduction targets for all scopes 1, 2 and 3 have been validated by the Science Based Targets Initiative,
  • Maintaining the rate of workers with a disability above 6%.

"The CSR strategy is naturally at the heart of the company's artisanal, humanist and sustainable model".

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• Environmental responsibility
• • The Maison's artisanal model is structurally low in CO2 emissions, a model that can be described as a pre-industrial society,
  • In 2022, the company has reduced its CO2 emissions with a 28% reduction in scopes 1 and 2 and a 46% reduction of scope 3 in intensity,
  • Since 2021, France's electricity supply is 100% renewable,
  • The rigorous responsible construction standard has been certified by an independent third party,
  • The leather goods workshop of Louviers (Normandie), inaugurated on 7 April 2023, has a positive energy design and is the first French industrial building to obtain E4C2 certification,
  • The group's commitment to the preservation of biodiversity continues.
• Employment and responsibility
• • Hermès also continues its commitment as a responsible employer,
  • By 2022, Hermès has increased its workforce by nearly 2,100 people,
  • At the end of December 2022, the group employed 19,700 people, including 12,400 in France,
  • At the beginning of 2023, the group has provided a new bonus of €4,000 to all employees worldwide,
  • Hermès will pay €170 million in France for profit-sharing in 2022,
  • Internal training programmes continued with the launch of the École des Artisans de la Vente and the opening of a new apprentice training centre at the École Hermès des savoir-faire,
  • The Maison continues its actions in terms of inclusion and diversity with the creation of a network of international referents that aims to cover 100% of the group's workforce.
• Continuation of job creation
• • In ten years, the workforce has doubled,
  • More than 60% of new jobs are created in France.
• Distribution of workforce by sector
• • The group maintains a balanced growth by maintaining a stable distribution by sector, with a balance between production and sales,
  • Particularity in this industry, craftspeople and, more broadly, the workforce in the "Production" sector will account for almost half of the workforce in 2022.
• Distribution of the workforce by geographical area
• • The geographical distribution of the workforce reflects the location of the production facility, which is highly integrated, with 63% of the workforce in France,
  • Employees in subsidiaries are almost exclusively employed in commercial functions,
  • Women are strongly represented, accounting for 60% of managers, 54% of the governing bodies, 40% of the Executive Committee and 50% of the Supervisory Board.

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