Hermès // 2021 Universal Registration Document

RISK FACTORS AND MANAGEMENT RISK FACTORS

RISK RANKING BY CATEGORY (FROM MOST TO LEAST SIGNIFICANT)

4.1.1.1 Image and reputation 4.1.1.2 Commercial attractiveness

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● 4.1.1 Risks related to strategy and operations

4.1.1.3 Information systems and cyberattacks

4.1.1.4 Major external crisis

4.1.1.5 Management of talent and savoir-faire

4.1.2.1 Supply management 4.1.2.2 Business interruption 4.1.2.3 Health and safety

● 4.1.2 Industrial risks

4.1.2.4 Safety

4.1.3.1 Compliance with applicable laws and regulations in all areas 4.1.3.2 Intellectual property and the fight against counterfeiting 4.1.4.1 Changes in major global climate and biodiversity issues

● 4.1.3 Legal and regulatory risks

● 4.1.4 Risks related to social, societal and environmental responsibility

4.1.4.2 Availability and proper use of natural resources

4.1.4.3 Respect for human rights, fundamental freedoms and ethics

4.1.5.1 Fraud

● 4.1.5 Financial risks

4.1.5.2 Exchange rate

4.1.5.3 Bank counterparties

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4.1.5.4 Changes in, complexity and interpretation of tax regulations

2021 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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