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SELLE ROYAL GROUP S.p.A.
Review report on the condensed interim
consolidated financial statements as atDecember, 31 2022

This report has been translated into English from the original, which was prepared in Italian and represents
the only authentic copy, solely for the convenience of international readers.

CCN/AZN/cpt - RC015932022BD0877

Tel: +39 02 58.20.10
www.bdo.it

Viale Abruzzi, 94
20131 Milano

Review report on the condensed interim consolidated financial statements
To the Shareholders ofSELLE ROYAL GROUP S.p.A.
[translation from the Italian original which remains the official version]
OpinionWe have reviewed the accompanying condensed interim consolidated financial statements SELLE ROYALGROUP S.p.A. and its subsidiaries (the “Group”) which comprise the statement of consolidated balance
sheet, the statement of consolidated comprehensive income, the statement of changes in shareholders
equity, the statement of consolidated cash flows, and notes to the interim consolidated financial
statements, as at and for the six months ended 31 December 2022. The Directors of SELLE ROYAL GROUPS.p.A. are responsible for the preparation of these condensed interim consolidated financial statementsin accordance with the International Financial Reporting Standard applicable to interim financial
reporting (IAS 34), endorsed by the European Union. Our responsibility is to express our conclusion onthese condensed interim consolidated financial statements based on our review.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the auditor’s responsibilities for the auditof the interim consolidated financial statements section of this report. We are independent of thecompany in accordance with ethical requirements and standards applicable in Italy that are relevant tothe audit of financial statements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.
Responsibilities of management and those charged with governance for the interim consolidated
financial statements
Management is responsible for the preparation and fair presentation of the interim consolidated financial
statements in accordance with International Financial Reporting Standards as adopted by the European
Union and, within the limits of the law, for such internal control as management determines is necessary
to enable the preparation of interim consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the interim consolidated financial statements, management is responsible for assessing theCompany’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Bari, Bergamo, Bologna, Brescia, Cagliari, Firenze, Genova, Milano, Napoli, Padova, Palermo, Pescara, Roma, Torino, Treviso, Trieste, Verona, Vicenza

BDO Italia S.p.A. – Sede Legale: Viale Abruzzi, 94 – 20131 Milano – Capitale Sociale Euro 1.000.000 i.v.
Codice Fiscale, Partita IVA e Registro Imprese di Milano n. 07722780967 - R.E.A. Milano 1977842
Iscritta al Registro dei Revisori Legali al n. 167911 con D.M. del 15/03/2013 G.U. n. 26 del 02/04/2013
BDO Italia S.p.A., società per azioni italiana, è membro di BDO International Limited, società di diritto inglese (company limited by guarantee), e fa partedella rete internazionale BDO, network di società indipendenti.

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Auditor’s Responsibilities for the Audit of the Interim Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the interim consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is nota guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these interim consolidated financial
statements.
As part of the audit in accordance with International Standards on Auditing (ISA Italia), we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:•Identify and assess the risk of material misstatement of the interim consolidated financial
statements, whether due to fraud or error; design and perform audit procedures in response to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of non detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations or the override of internal control;•

Obtain and understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company’s internal control;•

Evaluate the appropriateness of accounting principles used and the reasonableness of accounting
estimates and related disclosures made management;•Conclude on the appropriateness of management’s use of the going concern and, based on theaudit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the interim consolidated financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern;•Evaluate the overall presentation, structure and content of the interim consolidated financialstatements, including the disclosures, and whether the interim consolidated financial statements
represent the underlying transactions in a manner that achieves fair presentation;•

Obtained sufficent appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the interim consolidated financialstatements. We are responsible for the direction, supervision and performance of the groupaudit. We remain solely responsible for our audit opinion on the interim consolidated financialstatements.

We communicate with those charged with governance, identified at the appropriate level as required by
the ISA Italia, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.

Milan, 28 February 2023
BDO Italia S.p.A.

Signed by Carlo Consonni
PartnerThis report has been translated into English from the original, which was prepared in Italian andrepresents the only authentic copy, solely for the convenience of international readers.

SELLE ROYAL GROUP S.p.A. | Review report on the condensed interim consolidated financial statements as at December, 31 2022
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