Tod'S — Audit Report / Information 2021

Sep 14, 2021

Deloitte & Touche S.p.A. Viale della Vittoria, 7 60123 Ancona Italia

INEO

DIGITAL

SIGN

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REPORT ON REVIEW OF THE HALF-YEARLY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders of TOD'S S.p.A.

Introduction

We have reviewed the accompanying half-yearly condensed consolidated financial statements of TOD'S S.p.A. and subsidiaries (the "TOD'S Group"), which comprise the consolidated statement of financial position as of June 30, 2021 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the six month period then ended, and a summary of significant accounting policies and other explanatory notes. The Directors are responsible for the preparation of the half-yearly condensed consolidated financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as adopted by the European Union. Our responsibility is to express a conclusion on the half-yearly condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with the criteria recommended by the Italian Regulatory Commission for Companies and the Stock Exchange ("Consob") for the review of the half-yearly financial statements under Resolution n° 10867 of July 31, 1997. A review of half-yearly condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying half-yearly condensed consolidated financial statements of the TOD'S Group as at June 30, 2021 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as adopted by the European Union.

Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona

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Other Matter

The consolidated financial statements of the TOD'S Group for the period ended as of December 31, 2020 and the half-yearly condensed consolidated financial statements as at June 30, 2020 have been respectively audited and reviewed by other auditors that on March 31, 2021 and on September 14, 2020 expressed, respectively, an unmodified opinion and an unmodified conclusion on those consolidated financial statements.

DELOITTE & TOUCHE S.p.A.

Signed by Jessica Lanari Partner

Ancona, Italy September 14, 2021

This report has been translated into the English language solely for the convenience of international readers.