Richemont Securities SA (Incorporated in Switzerland) A Warrant Receipt code: CFRO ISIN: CH0562931086

Supplementary Information Memorandum to Richemont Securities SA Depositary Receipt Holders (“DR Holders”) regarding the:

• proposed Equity-Based Loyalty Scheme of Compagnie Financière Richemont SA (“CFR”);

• issuance and distribution of share warrants (each a "Warrant") to CFR Shareholders, with a maturity of three years and exercisable on maturity entitling CFR Shareholders to acquire further CFR Shares at potentially advantageous terms in the future, which issuance and distribution entails, inter alia, the-

o issuance of separate Warrants by CFR with respect to registered A shares having a par value of CHF 1.00 each ("A Shares") ("A Warrants") and B shares having a par value of CHF 0.10 each ("B Shares" collectively, the "CFR Shares") ("B Warrants");

o amendments to CFR's articles of association so as to enable the creation of conditional capital to allow the creation of A Shares and B Shares upon exercise of the Warrants and to give effect to the proposed Equity-Based Loyalty Scheme;

• issuance of back-to-back A Warrant Receipts by Richemont Securities SA ("Richemont Securities"), in respect of A Warrants deposited with Richemont Securities and the simultaneous listing of such A Warrant Receipts on the Johannesburg Stock Exchange ("JSE"); and

• listing of new Depositary Receipts ("New DRs") on the JSE issued pursuant to the exercise of the A Warrant Receipts upon maturity of the A Warrant Receipts after a period of 3 years from their issuance.

Friday, 7 August 2020 and Friday, 21 August 2020

This Supplementary Information Memorandum to DR Holders has been distributed together with the Information Memorandum distributed by CFR to CFR Shareholders. DR Holders are advised to read both documents in their entirety for a detailed understanding of the proposed transactions.

Financial advisor and sponsor Legal advisor

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Attorneys

Richemont Securities SA

CORPORATE INFORMATION

Company secretary, registered office and Legal advisor postal address Cliffe Dekker Hofmeyr Incorporated Ian Ross 1 Protea Place Richemont Securities SA Sandown 50, Chemin de la Chênaie, 1293 Bellevue, Sandton, 2196 Geneva South Africa Switzerland (Private Bag X40, Benmore, 2010)

Depositary Agent and transfer secretaries in Financial advisor and sponsor South Africa Rand Merchant Bank, (A division of FirstRand Computershare Investor Services Proprietary Bank Limited) Limited 1 Merchant Place Rosebank Towers Corner Fredman Drive and Rivonia Road 15 Biermann Avenue Sandton, 2196, Rosebank, 2196 South Africa South Africa (PO Box 786273, Sandton, 2146) (Private Bag X9000, Saxonwold, 2132)

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TABLE OF CONTENTS

CORPORATE INFORMATION ...... 2 IMPORTANT DATES AND TIMES ...... 4 DEFINITIONS AND INTERPRETATIONS ...... 6 IMPORTANT LEGAL NOTICES ...... 13 ACTION REQUIRED BY DR HOLDERS ...... 19 INFORMATION RELATING TO THE PROPOSALS ...... 21 1. Introduction ...... 21 2. Information on the DRs ...... 23 3. Information regarding the impact of the Proposals on DR Holders ...... 24 4. Form and trading of the A Warrant Receipts ...... 25 5. Procedure for exercising A Warrant Receipts during the Exercise Period ...... 26 6. Illustrative calculation ...... 26 7. Terms of the A Warrant Receipts ...... 27 8. Conditions precedent to the implementation of the Proposals ...... 29 9. Exchange Control Regulations ...... 29 10. Taxation and regulatory considerations ...... 30 11. Risks...... 31 12. Directors’ responsibility statement ...... 31 13. Consents ...... 31 14. Documents available for inspection ...... 31 15. Frequently asked questions ...... 32

3 Richemont Securities SA

IMPORTANT DATES AND TIMES

The definitions and interpretation commencing on page 6 of this SIM apply to this section on important dates and times. All times are expressed as CEST unless otherwise stated.

2020

Record date in order to be eligible to receive this SIM distributed together with the IM Friday, 31 July

SENS announcement to DR Holders regarding the proposed Equity-Based Loyalty Scheme Friday, 7 August

Publication of this SIM and the IM on the relevant websites Friday, 7 August

This SIM distributed to DR Holders in South Africa together with the IM in printed form Wednesday, 12 August

Last day for the receipt by the Depositary or the Depositary Agent of Proxy Voting Instruction Forms for the CFR AGM by 17:00 on Monday, 31 August

End of period to calculate the Exercise Price Monday, 7 September

CFR AGM at 10:00 on Wednesday, 9 September

Results of CFR AGM and finalisation announced on SENS as soon as reasonably possible after conclusion of the CFR AGM Wednesday, 9 September

Last day to trade in the DRs in order to be eligible to receive the Cash Dividend and the A Warrant Receipts Tuesday, 15 September

DRs trade ‘ex’-the entitlement to receive the Cash Dividend and A Warrant Receipts Wednesday, 16 September

Record Date for Cash Dividend for DR Holders and AWarrant Receipts Friday, 18 September

Commence trading in entitlements to A Warrant Receipts on the JSE (Note 1) Friday, 18 September

Issuance Date of the A Warrant Receipts on the JSE Wednesday, 23 September

Payment date for Cash Dividend for DR Holders and first settlement date for A Warrant Receipts (Note 5) Wednesday, 23 September

Proposed dates 2023

Expected last day to trade in the A Warrant Receipts Wednesday, 6 September

4 Expected date on which A Warrant Receipts will be suspended from trading on the JSE, with effect from commencement of business Thursday, 7 September

Expected start of the Exercise Period for A Warrant Receipts at 09:00 on Friday, 8 September

Expected Record date for the exercise of A Warrant Receipts Monday, 11 September

Expected end of the Exercise Period for A Warrant Receipts at 12:00 on Tuesday, 12 September

Expected payment deadline to pay the Exercise Price Thursday, 14 September

Expected date on which the New DRs will be issued against payment of the Exercise Price Tuesday, 19 September

Expected date on which the listing of the A Warrant Receipts on the JSE will be terminated, with effect from commencement of business Wednesday, 20 September

Notes:

1. Trading in the entitlements to the A Warrant Receipts will only be permitted to commence 3 Business Days prior to the settlement of the A Warrant Receipts. Trading in entitlements to the A Warrant Receipts on the JSE will therefore be suspended on Wednesday, 16 September 2020 and Thursday, 17 September 2020, and will commence on Friday, 18 September 2020.

2. The issuance of the A Warrant Receipts on the JSE on 23 September 2020 will not give rise to any fractions.

3. The A Warrant Receipt register will be closed for all cross-register movements 7 Business Days before the commencement of the Exercise Period. During that period, A Warrants will not be capable of transfer from the SIX Swiss Exchange to be traded as the equivalent number of A Warrant Receipts on the JSE and vice versa.

4. All times shown in this SIM are expressed as CEST, unless otherwise stated.

5. These dates and times are subject to change. Any material change will be released on SENS. Detailed dates and times relating inter alia, to the settlement of New DRs upon the exercise of A Warrant Receipts will be announced in due course.

6. Certificated DR Holders are advised to dematerialise their DRs as soon as possible in order to facilitate the issue of dematerialised A Warrant Receipts. DR Holders are advised that there may be no dematerialisation or rematerialisation of their DRs between Wednesday, 16 September 2020 and Friday, 18 September 2020, both days inclusive.

7. The JSE code for the A Warrant Receipts is CFRO and the ISIN is CH0562931086.

5 Richemont Securities SA

DEFINITIONS AND INTERPRETATIONS

Throughout this SIM, unless otherwise stated or the context otherwise requires, the words in the first column shall have the meanings stated opposite them in the second column, words in the singular shall include the plural and vice versa, words signifying one gender shall include the others and words denoting natural persons shall include juristic persons and associations of persons:

"A Shares" registered A shares of par value CHF 1.00 each in the issued share capital of CFR, listed and traded on the SIX Swiss Exchange in the form of CFR A Shares;

"A Warrant" share warrant issued by CFR to CFR Shareholders holding A Shares, with a maturity of three years and exercisable on maturity, entitling CFR Shareholders to acquire further A Shares at potentially advantageous terms in the future;

"A Warrant Receipt" back-to-back warrant receipt issued by Richemont Securities to DR Holders in respect of A Warrants deposited with Richemont Securities in respect of DRs listed on the JSE and which shall give the holder a right, which shall reflect the terms of the right applicable to the A Warrant (with the necessary changes required by the context), to be issued New DRs by Richemont Securities;

"A Warrant Receipt Holder" in respect of any A Warrant Receipt, the person, for the time being, holding a rematerialised/certificated A Warrant Receipt or reflected in Strate as having title to and being the true owner of that A Warrant Receipt;

"B Shares" unlisted B shares of par value CHF 0.10 each in the issued share capital of CFR;

"B Warrant" share warrant issued by CFR to CFR Shareholders holding B Shares, with a maturity of three years and exercisable on maturity, entitling CFR Shareholders to

6 acquire further B Shares at potentially advantageous terms in the future;

"Cash Dividend" payment by CFR of the proposed cash dividend of CHF 1.00 per A Share and CHF 0.10 per B Share;

"CAT" Central African Time;

“CEST” Central European Summer Time;

“CFR” Compagnie Financière Richemont SA, (Registration number CH-170.3.013.862- 4), a company duly incorporated under the laws of Switzerland;

“CFR AGM” annual general meeting of CFR to be held in the registered office of CFR, Chemin de la Chênaie 50, 1293 Bellevue, Geneva,

Switzerland on Wednesday, 9 September 2020 at 10:00 (CEST) including any adjournment thereof;

“CFR Shareholders” holders of CFR Shares;

"CFR Shares" collectively, A Shares and B Shares;

“CHF” the lawful currency of Switzerland, being Swiss Francs and cents;

“Common Monetary Area” South Africa, the Republic of Namibia, the Kingdom of Lesotho and the Kingdom of Eswatini;

“Companies Act” South African Companies Act No 71 of 2008, as amended;

“Computershare” Computershare Investor Services (Proprietary) Limited (Registration number 2004/003647/07), a private company incorporated in South Africa and situated at Rosebank Towers, 15 Biermann Avenue Rosebank 2196, South Africa (Private Bag X9000, Saxonwold, 2132) and the agent of the Depositary in South Africa;

"Conditional Capital" conditional capital to be created by amendment of the articles of association of CFR, to be proposed at the CFR AGM;

7 “CSDP” Central Securities Depositary Participant, accepted as a participant in terms of the Financial Markets Act;

“Deposit Agreement” the agreement between CFR and Richemont Securities concluded in 1988, superseded in 1992, amended in 2001 and in 2008, and again amended in 2014, which contains the terms governing the DRs;

“Depositary” Richemont Securities;

“Depositary Agent” Computershare, the agent of the Depositary in South Africa;

"Depositary Receipt or DR" a depositary receipt in respect of an A Share, issued or to be issued by the Depositary and listed on the JSE entitling the holder to a one tenth economic and voting participation right in an A Share;

"Depositary Receipt Holder or DR Holder" in respect of any DR, the person, for the time being, holding a rematerialised/certificated DR or reflected in Strate as having title to and being the true owner of that Depositary Receipt or DR;

“this Document” collectively, the SIM and the IM;

“Documents of Title” certificates, certified transfer deeds, balance receipts or any other documents of title acceptable to CFR;

"Eligible Holder" holders of Warrants, A Warrant Receipts or DRs, as the case may be, that are not located in any Restricted Jurisdiction or that are entitled to acquire such securities under the laws of the Restricted Jurisdiction in which they are located;

"Equity-Based Loyalty Scheme" the proposed scheme whereby CFR issues and distributes tradable Warrants to CFR Shareholders, entitling CFR Shareholders to acquire New CFR Shares under the terms of the Warrants and which proposed scheme also provides for Richemont Securities to issue and distribute tradable A Warrant Receipts to DR Holders, entitling DR Holders to

8 acquire New DRs under the terms of the A Warrant Receipts;

“Euro” or “€” lawful single currency of member states of the European Union that adopt or have adopted the Euro as their currency in accordance with the legislation of the European Union relating to the European Monetary Union;

“Exchange Control Regulations” Exchange Control Regulations 1961, as amended, made in terms of section 9 of the South African Currency and Exchanges Act No 9 of 1933, as amended;

“Exercise Period” the period during which A Warrant Receipt Holders can subscribe for New DRs in terms of the A Warrant Receipts, issued in connection with the Equity-Based Loyalty Scheme. The Exercise Period is currently expected to be from 09:00 on Friday, 8 September 2023 to 12:00 (noon) on Tuesday, 12 September 2023;

"Exercise Price" the price at which the Specified Number of Warrants or A Warrant Receipts, as the case may be, may be exercised during the Exercise Period, currently expected to be due for payment on Thursday, 14 September 2023;

"Expiry Date" the date upon which the listing of the A Warrant Receipts on the JSE will be terminated, expected to be with effect from commencement of business on Wednesday, 20 September 2023;

"Financial Markets Act" South African Financial Markets Act No 19 of 2012 as amended;

“Group” CFR and its subsidiaries from time to time;

"IM" the information memorandum, published by CFR on Friday, 7 August 2020 and distributed in South Africa together with this SIM on Wednesday, 12 August 2020 providing information to CFR Shareholders on the Equity-Based Loyalty Scheme;

"Issuance Date" the date on which the A Warrant Receipts will be issued and distributed to persons

9 who are DR Holders on the Record Date, being Friday, 18 September 2020;

“JSE” the exchange, licensed under the South African Financial Markets Act, operated by JSE Limited (Registration number 2005/022939/06), a public company duly incorporated in South Africa;

“Listings Requirements” listings requirements of the JSE, as amended from time to time;

“New A Shares” A Shares to be issued pursuant to the exercise of A Warrants;

"New CFR Shares" A Shares and B Shares issued pursuant to theexercise of the Warrants;

"New DRs" DRs to be issued pursuant to the exercise of the A Warrant Receipts;

“Notice of the CFR AGM” the notice of the CFR AGM which will be separately distributed;

“Proposals” the proposals for CFR's Equity-Based Loyalty Scheme at CFR's AGM, on the occasion where CFR Shareholders and DR Holders, via the Depositary, will be asked to approve the insertion into the articles of association of CFR of conditional capital making it possible for (1) CFR to create the New CFR Shares that are to be issued upon exercise of the Warrants and (2) for Richemont Securities to accept deposits of A Warrants in respect of which it will issue A Warrant Receipts;

“Proxy Voting Instruction Forms” forms of proxy as contained in the Notice of the AGM enabling the DR Holders to instruct the Depositary as to how to vote at the CFR AGM;

“Rand” or “ZAR” the lawful currency of South Africa, being South African Rand and cents;

"Record Date" the record date for Cash Dividend for DR Holders and A Warrant Receipts, being Friday, 18 September 2020;

"Restricted Jurisdictions" Australia, Hong Kong SAR, China, Japan and the United States of America;

10 "Richemont Securities" Richemont Securities SA, a wholly-owned subsidiary of CFR, which acts as depository for the issuance, transfer and cancellation of the DRs and A Warrant Receipts which are or will be traded on the JSE. DRs trade in the ratio of 10 DRs to each A Share and A Warrant Receipts will trade in the ratio of 10 A Warrant Receipts to each A Warrant;

“RMB” or “Rand Merchant Bank” Rand Merchant Bank, (A division of FirstRand Bank Limited) (Registration number 1929/001225/06), a public company duly incorporated in South Africa;

“SARS” South African Revenue Service;

“SENS” Stock Exchange News Service of the JSE;

“SIM” this Supplementary Information Memorandum addressed to DR Holders dated 7 August 2020, initially distributed together with the IM in South Africa on Wednesday, 12 August 2020,and amended on 21 August 2020, providing information on, inter alia, the Equity-Based Loyalty Scheme;

"SIX Swiss Exchange" the SIX Swiss Exchange AG / SIX Exchange Regulation AG;

“South Africa” the Republic of South Africa;

"Specified Number" the number of Warrants or A Warrant Receipts, as the case may be, required to be exercised to purchase one CFR Share or one DR, as the case may be;

“Strate” an electronic custody and settlement system operated by Strate Proprietary Limited (Registration number 1998/022242/06), a company duly licensed incorporated in South Africa and as a central securities depository in terms of the Financial Markets Act;

''Transfer Secretaries'' Computershare;

11 "UBS" UBS AG, a Swiss bank having its registered offices in Zurich and Basel, Switzerland;

“Warrant Holder” holder of Warrants;

“Warrants” share warrants to be issued by CFR, with respect to its registered A Shares and B Shares, to CFR Shareholders in connection with the Equity-Based Loyalty Scheme entitling the Warrant Holders to subscribe for New CFR Shares; and

“Warrants Trading Period or A Warrant period during which investors can trade Receipts Trading Period” their Warrants and A Warrant Receipts issued in connection with the Equity-Based Loyalty Scheme, which is expected to run

from Friday, 18 September 2020 to on or about Wednesday, 6 September 2023.

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IMPORTANT LEGAL NOTICES

The definitions and interpretation commencing on page 6 of this SIM apply to this section on important legal notices. All times are expressed as CEST unless otherwise stated.

The distribution of this Document in jurisdictions other than South Africa may be restricted by law and a failure to comply with any of those restrictions may constitute a violation of the securities laws of any such jurisdiction. Persons who are in possession of this Document must inform themselves about and observe any such restrictions.

The IM has been prepared to inform CFR Shareholders about CFR's proposed Equity-Based Loyalty Scheme ahead of the CFR AGM, on the occasion of which such CFR Shareholders will be asked to approve the introduction in the articles of association of CFR of conditional capital, making it possible for CFR to create the New CFR Shares that are to be issued upon exercise of the Warrants.

The SIM has been prepared solely to provide information to the DR Holders to enable them to make an informed decision and instruct the Depositary on how it should exercise the voting rights in respect of the A Shares held by it.

This Document is not, and under no circumstances is to be construed as an offer to sell or a solicitation of an offer to buy CFR Shares, Depositary Receipts representing CFR Shares, Warrants or any other securities, or as a recommendation to the CFR Shareholders, or to any other person, to buy or sell CFR Shares, Depositary Receipts representing CFR Shares, Warrants or any other securities, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.

This Document is also not, and under no circumstances is to be construed as a prospectus within the meaning of Chapter 4 of the Companies Act. Such a prospectus is not required to be registered or issued in respect of the issuance in South Africa of either the A Warrant Receipts or the subsequent Depositary Receipts for which the A Warrant Receipts may be exercisable, having regard to the relevant provisions of sections 95, 96 and 99 of the Companies Act.

Information for DR Holders in territories other than South Africa

The distribution, in terms of the Equity-Based Loyalty Scheme, of A Warrant Receipts to DR Holders who are not resident in South Africa may be affected by the laws of such DR Holders’ relevant jurisdictions.

Those non-resident South African DR Holders should consult their professional advisors as to whether they require any governmental, regulatory or other consents or need to observe any formalities to enable them to participate.

To the extent that this Document is provided to persons in the following countries, the following must be noted:

13 Switzerland

This Document is not, and under no circumstances is to be construed as a prospectus within the meaning of Articles 652a or 1156 of the Swiss Code of Obligations, or of Articles 35 et seq. of the Swiss Federal Act on Financial Services of 2018 (the "FSA").

It is contemplated that A Warrants will be listed and admitted to trading on SIX Swiss Exchange under the "Additional Rules for the Listing of Derivatives dated 25 August 2017" in effect as of the date hereof (the "ARD"), and more specifically of Article 26 para. 2 No. 2 of the ARD pursuant to which no prospectus is required for the listing of "shareholder options" issued by the issuer of the underlying security and allocated to all shareholders free of charge.

European Union and United Kingdom

The issue of the Warrants to CFR Shareholders and the issue of the A Warrant Receipts to the DR Holders shall not constitute an "offer to the public" for the purposes of the Prospectus Regulation (Regulation (EU) 2017/1129) (the "Prospectus Regulation") requiring the publication of a prospectus and shall not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of, or issue, or any solicitation of any offer to sell, dispose of, purchase, acquire, or subscribe for, CFR Shares, New DRs or any other security for the purposes of the Prospectus Regulation.

This Document is not, and under no circumstances is to be construed as a prospectus for the purposes of the Prospectus Regulation (as may be amended or superseded from time to time) or any implementing legislation or rules in any jurisdiction relating thereto and has not been prepared in accordance with the Prospectus Regulation. Accordingly, this document has not been and will not be, reviewed or approved by the Financial Conduct Authority of the United Kingdom ("FCA"), the London Stock Exchange plc or any other authority or regulatory body within the United Kingdom, or by any authority or regulatory body within the European Union.

Any person making or intending to make any offer within the European Economic Area ("EEA") of any securities referred to in this Document may only do so in circumstances in which no obligation arises for CFR, Richemont Securities, UBS AG or any successor organisation acting in a capacity as an agent of CFR with respect to the Warrants and A Warrant Receipts to publish a prospectus pursuant to the Prospectus Regulation in relation to such offer.

Canada

This Document is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities referred to in this Document in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this Document or the merits of the securities described and any representation to the contrary is an offence. This offering is being made by a non-Canadian issuer using disclosure documents prepared in accordance with non-Canadian securities laws. DR Holders in Canada should be aware that these requirements may differ significantly from those in Canada.

The requirement in Canadian securities legislation that prohibits a person or company from distributing a security unless a preliminary prospectus and prospectus for the security have been filed and the regulator has issued receipts for them ("Prospectus Requirement") does not apply to the

14 issue of the A Warrant Receipts to DR Holders in Canada, provided that the number of beneficial holders and the number of DRs held by them are below certain thresholds and other conditions are complied with by CFR, including without limitation the provision to DR Holders in Canada of all materials sent to other DR Holders concurrently therewith, including this Document. The Prospectus Requirement also does not apply to the distribution of the New DRs issued through the exercise of the A Warrant Receipts by DR Holders in Canada effected in accordance with the terms and conditions of the A Warrant Receipts.

Upon receipt of this Document, each DR Holder in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the securities described herein be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière aux ce soit des valeurs mobilières décrites aux présentes soient rédigés en anglais seulement.

United States of America

This Document, the Warrants, the CFR Shares, the A Warrant Receipts and the New DRs have not been approved or disapproved by the US Securities and Exchange Commission (the "SEC"). Neither the SEC nor any US federal or state securities commission or regulatory authority has passed comment or opinion upon the accuracy or adequacy of this Document or endorsed the merits of the Equity-Based Loyalty Scheme, the Warrants, the CFR Shares, the A Warrant Receipts or the New DRs. Any representation to the contrary is a criminal offence in the United States.

DR Holders who are located in or residents of the United States of America, its territories and possessions, any State of the United States or the District of Columbia (collectively, the "United States" or the "U.S.") are advised that the Warrants, A Warrant Receipts and any New CFR Shares or New DRs issued through the exercise of the Warrants or the A Warrant Receipts, respectively have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") or registered or qualified under any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, taken up, exercised, resold, transferred or delivered, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and applicable state and other securities laws of the United States. Accordingly, New CFR Shares and New DRs will, upon the exercise of Warrants or A Warrant Receipts, be offered and sold only (i) outside the United States in "offshore transactions" pursuant to Regulation S under the US Securities Act and (ii) within the United States only to "qualified institutional buyers" as defined in Rule 144A under the US Securities Act ("QIBs") in transactions that do not involve a public offering in accordance with Section 4(a)(2) of the US Securities Act. There will be no public offer of the Warrants, the A Warrant Receipts, or any New CFR Shares or New DRs issued through the exercise of the Warrants or the A Warrant Receipts in the United States. In the United States, only persons that are QIBs may exercise Warrants or A Warrant Receipts and acquire New CFR Shares or New DRs by way of a private placement under Section 4(a)(2) of the US Securities Act. This Document does not constitute nor will it constitute an offer or an invitation to apply for, or an offer or an invitation to acquire, any Warrants, A Warrant Receipts or New CFR Shares or New DRs issued through the exercise of the Warrants or A Warrant Receipts in the United States. Any person in the United States acquiring New DRs through the exercise of A Warrant Receipts must execute and deliver to the Depositary, with a copy to such person's CSDP for onward delivery to the Depositary Agent in South Africa or any successor organisation acting in a capacity as an agent of the Depositary with respect to

15 the A Warrant Receipts (the "Agent") a letter satisfactory to the Depositary, a form of which may be obtained from the Agent at [email protected] or from the Agent's website at https://www.computershare.com/za (a "US Investor Letter") to the effect that such person and any account for which it is acquiring such New DRs is a QIB and satisfies certain other requirements. Any person in the United States acquiring New CFR Shares through the exercise of Warrants must execute and deliver to CFR a US Investor Letter as described in the IM under the heading "Note to US Shareholders". Any person in the United States who does not validly return such a US Investor Letter in connection with its exercise of A Warrant Receipts or Warrants, as applicable, will not be entitled to receive New DRs or New CFR Shares, and any A Warrant Receipts or Warrants held by such person will lapse at the applicable expiry date.

Any person who acquires New DRs through the exercise of A Warrant Receipts will be deemed to have declared, warranted and agreed, by exercising the A Warrant Receipts or accepting delivery of any New DRs issued through the exercise of the A Warrant Receipts that either (i) it is not, and that at the time of exercising A Warrant Receipts and acquiring such New DRs it will not be, in the United States or acting on behalf of, or for the account or benefit of, a person on a non-discretionary basis in the United States or any state of the United States, or (ii) it is a QIB and has duly completed, executed and delivered to the Depositary, with a copy to its CSDP, a US Investor Letter.

In addition, any person in the United States who acquires New DRs through the exercise of A Warrant Receipts will be deemed to have represented, warranted and agreed, by exercising the A Warrant Receipts or accepting delivery of any New DRs issued through the exercise of the Warrants, as follows:

1. it is, and at the time of any exercise by it of A Warrant Receipts and the time of any acquisition by it of such New DRs will be, a "qualified institutional buyer" within the meaning of Rule 144A; 2. it understands and acknowledges (and each other QIB, if any, for whose account it is exercising A Warrant Receipts and acquiring New DRs has been advised, understands and has acknowledged) that the New DRs have not been and will not be registered under the US Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States, and that they may not be offered, sold, resold, taken up, delivered, pledged, hypothecated or encumbered (collectively, "transferred") or exercised, directly or indirectly, in the United States, other than in accordance with paragraph 4 below and that such New DRs will be acquired by it in a transaction that is exempt from the registration requirements of the US Securities Act and that such New DRs are "restricted securities" within the meaning of Rule 144(a)(3) under the US Securities Act; 3. as a purchaser in a private placement of securities that have not been registered under the US Securities Act, it may only exercise A Warrant Receipts and acquire such New DRs for its own account, or for the account of one or more other QIBs for which it is acting as duly authorized fiduciary or agent with sole investment discretion with respect to each such account and with full authority to make the acknowledgements, representations and agreements herein with respect to each such account, in each case for investment and not with a view to any resale or distribution of any such New DRs; 4. it understands and agrees that, although offers and sales in the United States of such New DRs will, upon the exercise of A Warrant Receipts be made only to QIBs, that the A Warrant Receipts may be exercised only by QIBs in the United States, and that if in the future it or any such other QIB for which it is acting, as described in paragraph 3 above, or any other fiduciary or agent representing such investor decide to offer, sell, resell, take up, deliver, pledge, hypothecate, encumber or otherwise transfer any New DRs (a "Disposition"), it and such other person will do so only outside the United States pursuant to Rule 904 under Regulation S under the US Securities Act in an "offshore transaction" executed in, on or through the facilities of the JSE,

16 and neither it, nor any person acting on its behalf, will pre-arrange such Disposition with any buyer located or resident in the United States; 5. it understands that the New DRs may not be deposited into any American depositary receipt facility established or maintained by a depository bank and that the New DRs will not settle or trade through the facilities of any U.S. exchange or clearing system (including those of The Depository Trust Company, the U.S. central securities depositary); 6. it understands that the New DRs (to the extent they are in certificated form), unless otherwise determined by the Depositary in accordance with applicable law, will bear a legend substantially to the following effect: THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT: (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) OUTSIDE THE UNITED STATES TO A PERSON NOT KNOWN BY YOU TO BE A U.S. PERSON (AS DEFINED IN REGULATION S), BY PRE-ARRANGEMENT OR OTHERWISE OR (2) TO THE DEPOSITARY OR A SUBSIDIARY THEREOF. EACH HOLDER, BY ITS ACCEPTANCE OF SUCH SECURITIES, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING RESTRICTIONS. THE DEPOSITARY AND ITS AGENTS WILL NOT BE REQUIRED TO ACCEPT FOR REGISTRATION OF TRANSFER ANY SECURITIES MADE OTHER THAN IN COMPLIANCE WITH THESE RESTRICTIONS; 7. it represents that if, in the future, it offers, sells, resells, delivers, pledges, hypothecates, encumbers or otherwise transfers the New DRs, it shall notify such subsequent transferee of the transfer restrictions set out herein; 8. it is not an affiliate (as defined in rule 501(b) under the U.S. Securities Act) of the Depositary or CFR, and is not acting on behalf of an affiliate of the Depositary or CFR; 9. it understands and acknowledges that the Depositary and CFR, and each of their affiliates and agents, including the Depositary Agent, and others, will rely upon the truth and accuracy of the foregoing representation, warranties, acknowledgements and agreements.

Further, any person in the United States who acquires New CFR Shares through the exercise of Warrants will, by exercising the Warrants or accepting delivery of any New CFR Shares through the exercise of Warrants, be deemed to have made the representations, warranties and agreements contained in the IM under the heading "Note to US Shareholders".

Except for offers and sales by the Depositary to QIBs as set forth above, (a) the Depositary reserves the right to treat as invalid any exercise notice in respect of A Warrant Receipts that (i) appears to the Depositary or its agents to have been executed in or dispatched from the United States, (ii) does not include a warranty to the effect that the person exercising its A Warrant Receipts is neither resident nor located in the United States or (iii) where the Depositary believes acceptance of such exercise notice in respect of A Warrant Receipts may infringe applicable legal or regulatory requirements, (b) any persons exercising their A Warrant Receipts and requesting the delivery of New DRs must provide an address outside the United States and (c) custodians may not accept exercise notices in respect of A Warrant Receipts from clients who have an address in the United States and such instructions shall be considered null and void by the relevant custodians.

The Exercise Price paid in respect of exercises that do not meet the foregoing criteria will be returned without interest.

17

Any person in the United States who obtains a copy of this SIM or an exercise notice in respect of A Warrant Receipts and who is not a QIB is required to disregard them.

Australia, Hong Kong SAR, China, Japan and other Restricted Jurisdictions

A Warrant Receipts and New DRs issued through the exercise of A Warrant Receipts may not be exercised, offered, and – except if otherwise permitted under applicable laws - sold, resold, transferred, delivered or acquired, directly or indirectly, in Australia, Hong Kong SAR, China, Japan or in other Restricted Jurisdictions.

Forward-looking statements

This SIM contains certain forward-looking statements and information relating to CFR and its subsidiaries (the "Group") that are based on the current expectations, estimates, plans, strategic aims, vision statements, and projections of CFR's management and information currently available to CFR. In this SIM, the terms "we", "our" and "us" refer to the Group. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of operations, financial condition, performance or achievements of the Group to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Terms and phrases such as "will", "believe", "expect", "may" and "could", and variations of these words and similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.

Neither CFR nor any of its subsidiaries undertake an obligation to update any forward-looking statement, even if new information, future events or other circumstances have made it incorrect or misleading.

18

ACTION REQUIRED BY DR HOLDERS

The definitions and interpretation commencing on page 6 of this SIM apply to this section on important action required by DR Holders. All times are expressed as CEST unless otherwise stated.

Please take careful note of the following provisions regarding the action required by DR Holders.

DR Holders are advised to read this Document, comprising the SIM and the IM, in its entirety for detailed information on the Proposals. If you are in any doubt as to what action to take, please consult your attorney, broker, CSDP, or other professional adviser immediately.

Each DR represents a claim against the Depositary for a one tenth undivided share of the economic and voting rights of the Depositary in respect of each A Share held by it.

Accordingly, although DR Holders are not entitled to vote at the CFR AGM, they may give voting instructions to the Depositary by completing and submitting a Proxy Voting Instruction Form to the Depositary or the Depositary Agent timeously. The Depositary will then exercise the votes in respect of the A Shares held by it in accordance with the DR Holders’ instructions.

DR Holders entered in the DR register, with the right to vote, on Monday, 31 August 2020 at 17:00 (CEST), are entitled to exercise their rights at the CFR AGM. DR Holders who hold rematerialised DRs or are reflected in Strate as the owners of DRs, with the right to vote, on Monday, 31 August 2020 at 17:00 (CEST), are entitled to exercise their rights, via the Depositary, at the CFR AGM.

The CFR AGM will be held in the registered office of CFR, Chemin de la Chênaie 50, 1293 Bellevue, Geneva, Switzerland on Wednesday, 9 September 2020 at 10:00 (CEST). DR Holders will be required to complete and submit a Proxy Voting Instruction Form for the CFR AGM, to be received by the Depositary or the Depositary Agent by 17:00 (CEST) on Monday, 31 August 2020. If the meeting is adjourned and reconvened, the DR Holders will be informed of such reconvening by way of an announcement released on SENS on or about Wednesday, 9 September 2020. Proxy Voting Instruction Forms submitted in respect of the CFR AGM to be held on Wednesday, 9 September 2020 will not remain in full force and effect for the reconvened CFR AGM. In the event that the initial CFR AGM is adjourned, DR Holders will be required to complete and submit a second Proxy Voting Instruction Form in respect of the reconvened CFR AGM to be received by the Depositary or the Depositary Agent no later than six business days prior to such reconvened CFR AGM. Additional Proxy Voting Instruction Forms will be made available to DR Holders via the CFR website or the Depositary Agent's offices in the event that the initial CFR AGM is adjourned.

DR Holders may provide the Depositary with instructions as to how to vote at the CFR AGM by following the procedures set out in the Notice of the CFR AGM which, will be separately distributed.

If a DR Holder wishes to dematerialise his or her DRs, they are to contact their broker or CSDP. If a DR Holder has disposed of all of his or her DRs, this Document should be handed to the purchaser of such DRs or the attorney, broker, CSDP or other agent who disposed of the DRs on behalf of such a DR Holder.

19

Additional copies of this Document, printed in English, will be made available at the offices of the Transfer Secretaries and Depositary Agent and at the offices of Rand Merchant Bank, whose details can be found in the “corporate information” section of this SIM. In light of the COVID-19 pandemic and the related government regulations that are currently in force, the aforementioned copies will be available for collection at the reception area of the Depositary Agent, between the hours of 09:00 and 16:00 (CAT) on normal business days (excluding Saturdays, Sundays and South African public holidays), provided that prior arrangements have been made for collection. This arrangement remains subject to any future regulatory changes.

20

Richemont Securities SA (Incorporated in Switzerland) A Warrant Receipt code: CFRO ISIN: CH0562931086

Directors of the Depositary Cédric Bossert Alan Grieve (Chairman) Swen Grundmann Josua Malherbe Ian Ross

INFORMATION RELATING TO THE PROPOSALS

1. Introduction

Wealth creation over time has always been one of the key elements of the investment proposition of CFR to CFR Shareholders and DR Holders. CFR has delivered a growing or stable dividend consecutively over the last 20 years. However, this year, amid the unprecedented effects of the Covid-19 pandemic and the uncertainty on the broader economic conditions, the board of directors has decided that it is appropriate to be prudent and retain as much flexibility as possible at this time of limited visibility as to the prevailing economic conditions. The board of directors has therefore proposed to reduce the Cash Dividend to CHF 1.00 per A Share and CHF 0.10 per B Share.

CFR wants to reward CFR Shareholders and DR Holders for their continued loyalty and support, notwithstanding the reduction in the Cash Dividend this year. Subject to CFR Shareholders (and DR Holders, via proxies given to the Depositary), having approved the creation of the necessary Conditional Capital at the CFR AGM, CFR wishes to introduce a shareholders' loyalty scheme, which will take the form of a distribution of tradable Warrants to CFR Shareholders, allowing their holders to acquire New CFR Shares in three years, at a price that reflects the market price of the A Shares before CFR’s AGM, thereby allowing those who will have held the Warrants until maturity to benefit from the potential upside in the market price of CFR's A Shares during the lifetime of the Warrants.

Subject to CFR Shareholder and DR Holder, via proxies given to the Depositary, approval at the CFR AGM, CFR will issue separate Warrants with respect to its A Shares and its B Shares. The Warrants relating to the A Shares are referred to herein as the "A Warrants" and the Warrants relating to the B Shares as the "B Warrants".

Furthermore, Richemont Securities will issue back-to-back A Warrant Receipts to DR Holders in respect of A Warrants deposited with Richemont Securities in respect of DRs listed on the JSE and which shall give the holder a right, which shall reflect the terms of

21 the right applicable to the A Warrants (with the necessary changes required by the context), to be issued further DRs by Richemont Securities.

Pursuant to the exercise of A Warrant Receipts there will be a listing of New DRs.

In the event of the current DR structure being terminated before the Expiry Date and the A Shares being listed directly on the JSE as a secondary listing, the A Warrants shall also be listed directly on the JSE as a secondary listing in lieu of the A Warrant Receipts on terms and conditions that will be announced at the relevant time.

Overview of the Proposals

Currently CFR Shares are listed and traded on the SIX Swiss Exchange. DRs in respect of the A Shares are currently listed on the JSE. The implementation of the Proposals will result in the introduction in the articles of association of CFR of Conditional Capital making it possible for CFR to create inter alia the New A Shares that are to be issued upon exercise of the Warrants. Similarly, the implementation of the Proposals will allow for Richemont Securities to issue New DRs upon the exercise of the A Warrant Receipts.

In connection with the issuance of the Warrants, the board of directors of CFR is proposing that, at the CFR AGM, CFR Shareholders approve the creation of the Conditional Capital through the inclusion of a new provision in the articles of association of CFR.

The Conditional Capital will be reserved for Warrants. The text of the proposed new Article to be inserted into CFR's articles of association can be reviewed in the Notice of CFR's AGM.

Because the Exercise Price and the Exercise Ratio applicable to the Warrants and consequently the maximum number of CFR Shares that can be issued under the Warrants will only be known two days before the CFR AGM, CFR Shareholders (and DR Holders, via proxies given to the Depositary), are requested to approve the creation of a Conditional Capital that makes it possible for CFR to issue a maximum number of new CFR Shares that may be higher than the actual number of CFR Shares that can be subscribed for upon exercise of the Warrants. The Conditional Capital will however, only be used to issue New CFR Shares upon exercise of the Warrants. The maximum number of CFR Shares that can be issued under the proposed Conditional Capital takes into account potential changes in the market price of the A Shares during the period that will be used as a reference for the calculation of the Exercise Prices of the Warrants.

CFR's issuance and distribution of the A Warrants and B Warrants is subject to CFR Shareholders (and DR Holders, via proxies given to the Depositary) having approved the creation of the Conditional Capital at the CFR AGM.

To be approved, the Proposal relating to the creation of the Conditional Capital must be approved with a majority of two thirds of the votes attributed to the CFR Shares represented at the CFR AGM and the absolute majority of the par value attributed to the CFR Shares represented at the CFR AGM.

If the Proposal regarding the Conditional Capital is rejected at the CFR AGM, CFR will not proceed with the issuance and distribution of the Warrants. If the Proposal regarding the creation of the Conditional Capital is approved but the relevant shareholder resolution is subsequently cancelled or otherwise declared invalid in whole or in part by a court before

22 the Expiry Date, CFR will be obliged to cancel all outstanding Warrants without incurring any liability and without the holders of such Warrants being entitled to any indemnity in connection with such cancellation, as Warrants issued without the issuance of the underlying shares having been validly authorised would be invalid.

Similarly, if the Proposal regarding the creation of the Conditional Capital is approved but the relevant shareholder resolution is subsequently cancelled or otherwise declared invalid in whole or in part by a court before the Expiry Date, Richemont Securities will be obliged to cancel all outstanding A Warrant Receipts without incurring any liability and without the holders of such A Warrant Receipts being entitled to any indemnity in connection with such cancellation, as A Warrant Receipts issued without the issuance of the DRs in respect of underlying A Shares having been validly authorised would be invalid.

UBS has applied on behalf of CFR for the listing of the A Warrants on SIX Swiss Exchange under the rules for the listing of derivatives. No Swiss listing prospectus is required for the listing of the A Warrants.

Richemont is engaging with parties with the aim to have a market maker appointed for the A Warrants on SIX Swiss Exchange, and Richemont Securities is engaging with parties with the aim to have a market maker appointed for the A Warrant Receipts on the JSE.

RMB will, similarly apply on behalf of Richemont Securities, for the formal listing of the A Warrant Receipts and will also in due course apply for the formal listing of the New DRs to be issued under the Conditional Capital on the JSE.

Delivery of New CFR Shares upon exercise of the Warrant

Under applicable Swiss law, New CFR Shares to be issued out of CFR's Conditional Capital will be validly issued upon submission of the relevant exercise notice and payment of the Exercise Price by an Eligible Holder to an account opened with a Swiss bank within the meaning of the Swiss Federal Act on Banks and Savings Institutions of 1934, as amended. CFR has entered into an agency agreement with UBS in that context. Under the terms of this agreement, UBS has undertaken to CFR, for the duration of the Warrants, to act in a capacity as an exercise and paying agent for the Warrants and as designated Swiss bank for the issuance of the New CFR Shares out of the Company's Conditional Capital.

2. Information on the DRs

DR Holders will be provided with the opportunity to participate in the Equity-Based Loyalty Scheme.

Provided that the creation of the Conditional Capital is approved at the CFR AGM, the distribution of the A Warrant Receipts to DR Holders will be automatic, without any element of individual choice or ability to repudiate the distribution.

No costs or charges will be imposed by Richemont Securities to the DR Holders on account of the A Warrant Receipts. However, CSDPs will be entitled to impose on DR Holders, customary charges that it may be entitled to in terms of the agreement concluded between each DR Holder and the relevant CSDP and DR Holders should contact their relevant CSDP for information on any applicable costs or charges.

Currently, the DRs are listed on the JSE. The rights and benefits attaching to the DRs are governed by the Deposit Agreement. The Depositary as the issuer of the DRs, owns the

23 A Shares in a fiduciary capacity for the account of DR Holders. The Depositary may therefore exercise the voting rights attaching to the A Shares held by it at any meeting of CFR Shareholders.

A DR constitutes a claim against the Depositary in respect of a one tenth undivided share of the economic rights, including voting rights, accruing to an A Share and the proceeds of any sale or other realisation of such an A Share. Every DR Holder is entitled to one vote via a proxy given to the Depositary, in respect of each DR held.

The Depositary is Richemont Securities. It has been established for the specific purpose of issuing and cancelling DRs. It also provides the necessary facilities for the registration of the holders of the DRs and the exchange of DRs for A Shares and vice versa. All A Shares underlying the DRs in issue are held in safe custody by UBS in Zurich. Computershare is the Depositary Agent of the Depositary in South Africa.

The Depositary currently holds approximately 12.5 per cent of the A Shares in safe custody. The Depositary issues DRs in South Africa in respect of the A Shares that it holds in its capacity as Depositary. Currently the ratio between DRs and A Shares is 10, i.e. there are 10 DRs issued for every A Share held by the Depositary. Therefore, in its capacity as Depository under the Deposit Agreement, Richemont Securities holds one A Share in safe custody for every 10 DRs in issue.

The Depositary is required in terms of the Deposit Agreement to give notice to DR Holders of all meetings of CFR Shareholders.

DR Holders may, in terms of the Deposit Agreement, instruct the Depositary as to how to vote its A Shares by completing and submitting a Proxy Voting Instruction Form to the Depositary or the Depositary Agent. The Depositary shall exercise its votes in respect of the A Shares according to the instructions received from the DR Holders by aggregating the voting instructions received from the DR Holders and dividing by the number of DRs that entitle a holder thereof to one A Share (currently 10).

The only proxy which may be appointed by the DR Holders is the Depositary. Proxy Voting Instruction Forms for DR Holders in respect of the CFR AGM are attached to the Notice of the CFR AGM. Proxy Voting Instruction Forms in respect of the CFR AGM must be received by the Depositary or the Depositary Agent by 17:00 CEST on Monday, 31 August 2020.

DR Holders (through the Depositary) will be required to approve the Proposals at the CFR AGM to provide the board of directors with the authority to implement the creation of the Conditional Capital.

DR Holders are referred to the Notice of the CFR AGM for further information on how they should instruct the Depositary to vote on their behalf.

3. Information regarding the impact of the Proposals on DR Holders

DR Holders are advised to read the IM, in particular section 5 of the IM commencing on page 9, for a full explanation of the Equity-Based Loyalty Scheme and the creation of Conditional Capital.

24 The board of directors will propose at the CFR AGM to create a Conditional Capital through the amendment of the articles of association of CFR, which if approved, will allow CFR to issue additional CFR Shares upon exercise of the Warrants.

In terms of the Deposit Agreement, upon issuance and distribution of the A Warrants by CFR, the A Warrants attributable to A Shares deposited with Richemont Securities will also be placed on deposit with Richemont Securities. Richemont Securities will, in turn, issue back-to-back warrant receipts (i.e. the A Warrant Receipts) in respect of A Warrants deposited with Richemont Securities. The A Warrant Receipts will be listed on the JSE. If any DR Holder is not an Eligible Holder (by virtue of holding the DR in a Restricted Jurisdiction and, in the case of a DR Holder in the United States, not being a QIB who has validly returned a US Investor Letter according to the instructions contained in such letter), such DR Holder will not be permitted to exercise its A Warrant Receipts and obtain New DRs, and A Warrant Receipts held by such DR Holder will lapse unexercised on the Expiry Date.

4. Form and trading of the A Warrant Receipts

Each A Warrant Receipt shall give the holder a right to be issued New DRs by Richemont Securities, upon exercise of the A Warrant Receipts. The New DRs issued pursuant to the exercise of the A Warrant Receipts shall also be listed on the JSE.

The A Warrant Receipts will be listed and entitlements to A Warrant Receipts will commence trading on the JSE on Friday, 18 September 2020. Settlement of the entitlements to A Warrant Receipts will therefore occur on Wednesday, 23 September 2020, being the date of payment of the Cash Dividend for DR Holders and issue of the A Warrant Receipts. The A Warrant Receipts are expected to trade until Wednesday, 6 September 2023 and their listing will be suspended with effect from commencement of business on Thursday, 7 September 2023 and terminated on Wednesday, 20 September 2023, following issue of the New DRs against payment of the Exercise Price, on Tuesday, 19 September 2023. The Exercise Period is expected to commence at 09:00 (CEST) on Friday, 8 September 2023 and end at 12:00 (noon) (CEST) on Tuesday, 12 September 2023. Any extension in the closing date of the A Warrant Receipts Trading Period or the Exercise Period will be announced on SENS.

On the day following the opening of the A Warrant Receipts Trading Period, the DRs will trade ex-the A Warrant Receipts.

All A Warrant Receipts issued on the JSE will be issued in dematerialised form. The electronic record for certificated DR Holders will be maintained by Computershare or its nominee and this will make it possible for certificated DR Holders to enjoy similar rights and opportunities as dematerialised DR Holders in respect of the trading of their A Warrant Receipts, to the extent possible, on the JSE.

The A Warrant Receipts and the A Warrants will be capable of being transferred between the registers of the JSE and SIX Swiss Exchange. For example, A Warrants acquired on SIX Swiss Exchange will be capable of being sold as the number of A Warrant Receipts on the JSE and vice versa, as is currently the case with the DRs and A Shares, which trade in the ratio of ten DRs to one A Share.

25 5. Procedure for exercising A Warrant Receipts during the Exercise Period

5.1 Dematerialised A Warrant Receipts other than with “own-name” registration:

An A Warrant Receipt Holder that elects to exercise its A Warrant Receipts must instruct its broker or CSDP, as its duly authorised agent, to appoint the Depositary Agent as its representative to exercise its A Warrant Receipts during the Exercise Period in terms of the custody agreements between the A Warrant Receipt Holder and its broker or CSDP.

The Depositary Agent will exercise the relevant A Warrant Receipts on behalf of the A Warrant Receipt Holder by giving written notice to the Depositary to this effect.

The Depositary will exercise A Warrants that it holds on deposit, corresponding to the relevant A Warrant Receipts, bearing in mind that each A Warrant represents 10 A Warrant Receipts. The table in section 6 illustrates an example of the potential financial calculations in respect of the A Warrant Receipts.

Upon exercise of the relevant A Warrants, CFR will issue New A Shares that will be deposited with the Depositary. The Depositary will in turn issue New DRs to the A Warrant Receipt Holder in the ratio of 10 New DRs in respect of each New A Share.

5.2 Rematerialised/certificated A Warrant Receipts or dematerialised A Warrant Receipts with “own-name” registration:

An A Warrant Receipt Holder that elects to exercise its A Warrant Receipts must appoint the Depositary Agent as its representative to exercise its A Warrant Receipts during the Exercise Period.

Rematerialised/certificated A Warrant Receipt Holders will be provided with documentation appointing the Depositary Agent, prior to the Exercise Period. A Warrant Receipt Holders with "own-name" registration will appoint the Depositary Agent in terms of the procedures set out in the relevant custody agreements.

The Depositary Agent will exercise the relevant A Warrant Receipts on behalf of the A Warrant Receipt Holder by giving written notice to the Depositary to this effect.

The Depositary will exercise A Warrants that it holds on Deposit, corresponding to the relevant A Warrant Receipts. The table in section 6 illustrates an example of the potential financial calculations in respect of the A Warrant Receipts.

Upon exercise of the relevant A Warrants, CFR will issue New A Shares that will be deposited with the Depositary. The Depositary will in turn issue New DRs to the A Warrant Receipt Holder in the ratio of 10 New DRs in respect of each New A Share.

6. Illustrative calculation

The table below provides an example of the potential financial calculation of the A Warrant Receipts. The calculation is illustrative and based on theoretical values only (and is not to be construed as a forecast of the price of DRs at the relevant time) and assumes that A Warrant Receipt Holders exercise their A Warrant Receipts in full and are able to sell any

26 Residual A Warrant Receipts on the JSE. The realisable value of any residual A Warrant Receipts will ultimately be determined by the market and may differ from their theoretical implied value.

Example: the Exercise Price is ZAR 110, the Specified Number 60 and the market price of the DRs reaches ZAR 165

Number of Number Specified Number Market price Cost of Number of Total value Total value DRs held on of A Number of New per DR exercise of A Residual A of Residual received the Record Warrant DRs (ZAR) Warrant Warrant A Warrant (ZAR) (5) Date Receipts acquired(1) Receipts Receipts Receipts received (ZAR)(2) held(3) held (ZAR)(4)

10,000 20,000 60 333 165 36,630 20 18 18,333

Notes

1. Number of A Warrant Receipts received divided by the Specified Number, rounded down to the nearest whole number (= 20,000 / 60). 2. Number of New DRs acquired, times the Exercise Price of the A Warrant Receipts (= 333 * 110). 3. "Residual A Warrant Receipts" means the total number of A Warrant Receipts received less the number of A Warrant Receipts exercised (= 20,000 – (60 * 333)). 4. Implied value of one A Warrant Receipt on the last trading day of the A Warrant Receipts on the JSE, times the number of Residual A Warrant Receipts (= ([165 – 110] / 60) * 20). 5. Aggregate market price of the New DRs acquired less the cost of exercise, plus the total value of the Residual A Warrants Receipts (= ([165 * 333] – 36,630) + 18).

7. Terms of the A Warrant Receipts

Issuer Richemont Securities SA.

Allocation One DR entitles its holder to two A Warrant Receipts.

Issuance Date The A Warrant Receipts are expected to be issued on Wednesday, 23 September 2020.

Market Maker Richemont Securities is engaging with parties with the aim to have a market maker appointed for the A Warrant Receipts on the JSE.

Expiry Date The date upon which the listing of the A Warrant Receipts on the JSE will be terminated, expected to be with effect from commencement of business on Wednesday, 20 September 2023.

Subscription right During the Exercise Period, Eligible Holders shall be entitled, but not obliged, to exercise their rights in terms of A Warrant Receipts pursuant to which Richemont Securities will issue New DRs to them against payment of the Exercise Price on the Settlement Date and to take delivery of such DRs at the Expiry Date (no later than 16:00 CEST).

A Warrant Receipt Holders that elect to exercise their rights shall instruct their CSDP, bank or financial intermediary, or in the case of certificated DR Holders, the Transfer Secretaries, to make payment in full to the account of the Custodian with Clearstream against delivery of the New DRs by the custodian by no later than on the second Business Day following the end of the Exercise Period. Failure to make such payment on exercise of A Warrant Receipts will cause such A Warrant Receipts to be deemed unexercised.

As with any unexercised Warrants, any unexercised A Warrant Receipts will lapse at the Expiry Date.

Settlement Date The New DRs issued pursuant to the exercise of the A Warrant Receipts will be delivered on or about the Business Day following the Expiry Date.

27 Exercise Price The Exercise Price of the A Warrant Receipts will be equal to the lower of the volume-weighted average price of the DRs on the JSE:

i) between the date of publication of the initial version of the SIM (Friday, 7 August 2020) and the second Business Day that precedes the CFR AGM (which is currently expected to be Monday, 7 September 2020), both days included; and ii) between Tuesday, 1 September 2020 and the second Business Day that precedes the CFR AGM (which is currently expected to be Monday, 7 September 2020), both days included.

The precise Exercise Price will be rounded down to the nearest whole Rand amount.

Adjustments to the The Exercise Price of the A Warrant Receipts will be adjusted in the event of a split or a Exercise Price reverse split of the A Shares and the DRs. It will also be adjusted in the event of a distribution of assets by CFR, in proportion to the difference between the closing prices of the DRs before and after the record date of the relevant distribution, subject to the distribution having a negative impact on the price of the DRs and to a materiality threshold of 5%.

The Exercise Prices will otherwise not be adjusted for dividends, distributions or dilutive events.

Specified Number The Specified Number of A Warrant Receipts giving the right to Eligible Holders to subscribe for one DR during the Exercise Period will be equal to the Specified Number as defined in the IM and the Terms of the A Warrants.

Exercise Period From 09:00 (CEST) on Friday, 8 September 2023 until Tuesday, 12 September 2023 at 12:00 (noon) (CEST). Warrant exercise European style. All New DRs will be delivered at once on the same date, regardless of when style within the Exercise Period the Exercise Notice is submitted.

Form The A Warrant Receipts will be issued as uncertificated securities in accordance with section 33(2) of the Financial Markets Act.

Transferability The A Warrant Receipts will be freely transferable.

Listing and trading Application will be made for the A Warrant Receipts to be listed on the JSE, which listing date is envisaged to be Friday, 18 September 2020. The last trading day for the A Warrant Receipts is expected to be Wednesday , 6 September 2023.

Governing law and The A Warrant Receipts will be governed by and construed in accordance with Swiss jurisdiction substantive law. All claims in respect of A Warrant Receipts must be adjudicated in terms of the arbitration provisions contained in the Deposit Agreement and subject to Swiss Law.

Security A Warrant Receipts Number/ISIN

CH0562931086

Notes: 1. Under the terms of A Warrant Receipts, "Business Day" means any day on which the JSE or any successor organisation is open for trading; and

2. The "Exercise Price" to be paid to acquire one DR and the "Specified Number" (also referred as the exercise ratio) of A Warrant Receipts required to be exercised to subscribe for one Share will be announced after the CFR AGM alongside the results of the AGM.

28 8. Conditions precedent to the implementation of the Proposals

The principal conditions precedent to the implementation of the Proposals are:

• The adoption of the proposed amendments to CFR's articles of association, at the CFR AGM by the requisite majority of CFR Shareholders (and DR Holders via proxies to the Depositary), for the creation of the Conditional Capital; • the listing of the Warrants on the SIX Swiss Exchange; and • the listing of the A Warrant Receipts on the JSE.

9. Exchange Control Regulations

Currency and securities are not freely transferable from South Africa to any jurisdiction falling outside the geographical borders of South Africa, other than jurisdictions falling within the Common Monetary Area, and must be dealt within the terms of the South African Exchange Control Regulations. The South African Exchange Control Regulations also regulate the acquisition by former residents and non-residents of the A Warrant Receipts to be listed on the JSE. DR Holders who are resident outside the Common Monetary Area should seek advice as to whether any Governmental and/or other legal consent is required and/or whether any other formality must be observed prior to acquiring the A Warrant Receipts to be listed on the JSE.

An application has been made to the South African Reserve Bank ("SARB") for confirmation that from an exchange control perspective the A Warrant Receipts would be regarded as domestic assets. Following the application, SARB has confirmed that the A Warrant Receipts are classified as domestic assets. However, a further application to SARB will be required for the New DRs to be classified as domestic assets prior to their listing.

The following is a summary of the Exchange Control Regulations, is not comprehensive and is intended as a guide only. In the event that DR Holders have any doubts in respect of their obligations in terms of the Exchange Control Regulations, they should consult their professional advisors.

Emigrants from the Common Monetary Area

The A Warrant Receipts received by the A Warrant Receipt Holders who have emigrated from the Common Monetary Area and whose registered address is outside the Common Monetary Area will:

In respect of the A Warrant Receipts to be listed on the JSE pursuant to the Equity-Based Loyalty Scheme:

• a former resident of the Common Monetary Area who has emigrated from South Africa may use funds in the emigrant capital account to acquire any such A Warrant Receipts; • all payments in respect of subscriptions for or purchases of A Warrant Receipts (to be listed on the JSE) by an emigrant using funds from an emigrant’s capital account must be made through the Authorised Dealer in foreign exchange controlling their remaining assets;

29 • certificates issued in respect of A Warrant Receipts (subsequent to the issue of the A Warrant Receipts, it being recorded that the A Warrant Receipts will initially be issued in dematerialised form) pursuant to the Equity-Based Loyalty Scheme with funds from an emigrant’s capital account will be credited to their share accounts at the CSDP controlling their remaining portfolios; • A Warrant Receipts subsequently re-materialised and issued in certificated form will be endorsed “non-resident” and will be sent to the Authorised Dealer in foreign exchange through whom the payment was made; and • any dividend and residual cash payments based on the emigrants’ A Warrant Receipts controlled in terms of the Exchange Control Regulations, will be forwarded to the Authorised Dealer controlling their remaining assets.

The CSDP or broker through whom the A Warrant Receipt Holders have dematerialised their A Warrant Receipts is responsible for ensuring adherence to the South African Exchange Control Regulations.

All other non-residents of the Common Monetary Area

The A Warrant Receipts received by the A Warrant Receipt Holders who are non-residents of the Common Monetary Area and who have never resided in the Common Monetary Area and whose registered address is outside the Common Monetary Area will:

In respect of the A Warrant Receipts to be listed on the JSE pursuant to the Equity-Based Loyalty Scheme:

• a person who is not resident in the Common Monetary Area, including an emigrant not using funds from an emigrant capital account, should obtain advice as to whether any governmental and/or other legal consent is required and/or whether any other formality must be observed to acquire any such A Warrant Receipts; • in the case of a Dematerialised Shareholder, all A Warrant Receipts issued will be credited directly to such Dematerialised Shareholder’s non-resident share account held by his duly appointed CSDP. The CSDP or broker through whom the A Warrant Receipt Holders have dematerialised their A Warrant Receipts will ensure that they adhere to the South African Exchange Control Regulations; • DR Holders resident outside the Common Monetary Area should note that, where A Warrant Receipts are subsequently re-materialised and issued in certificated form, such share certificates will be endorsed “non-resident” in terms of the South African Exchange Control Regulations; and • any dividend and residual cash payments due to non-residents are freely transferable from South Africa.

10. Taxation and regulatory considerations

The contents of this SIM do not purport to constitute legal advice or to comprehensively deal with the legal, regulatory and tax implications of the Equity-Based Loyalty Scheme for each DR Holder or A Warrant Receipt Holders. DR Holders and A Warrant Receipt Holders are accordingly advised to consult their professional advisors about their personal legal, regulatory and tax positions regarding the Equity-Based Loyalty Scheme.

The tax implications of the Equity-Based Loyalty Scheme are dependent on the individual circumstances of the DR Holder concerned and the tax jurisdiction applicable to such DR

30 Holder. It is recommended that the DR Holders seek appropriate professional advice in this regard.

Richemont Securities and its advisers cannot be held responsible for the taxation or regulatory consequences of the Equity-Based Loyalty Scheme.

11. Risks

Holding, exercising or selling A Warrant Receipts involves risks, the most significant of which are described in the terms of the A Warrants which can be found in Appendix A of the IM. DR Holders and A Warrant Receipt Holders should consider these risks before making any investment decision regarding the A Warrant Receipts.

12. Directors’ responsibility statement

The directors of the Depositary, whose names are set out on page 21 of this SIM, collectively and individually, take full responsibility for the accuracy of the information in relation to CFR and Richemont Securities given in this SIM other than where such information was reproduced directly from the IM and certify that, to the best of their knowledge and belief there are no facts in relation to CFR and Richemont Securities that have been omitted which would make any statement false or misleading, and that all reasonable enquiries to ascertain such facts have been made.

13. Consents

The financial advisor and sponsor, legal advisor and Depositary Agent have provided their written consents to act in the capacity stated and to their names being used in this SIM and have not withdrawn their consents prior to the publication of this SIM.

14. Documents available for inspection

Copies of the following documents will be available for inspection at the registered office of the Depositary Agent from the date of issue of this SIM until the day of the CFR AGM:

• the articles of association of CFR; • the Deposit Agreement; • the written letters of consent of the financial advisor and sponsor, Depositary Agent and the legal advisor to the inclusion of their names in this SIM in the context and form in which they appear; and • a signed copy of this SIM.

In light of the COVID-19 pandemic and the related government regulations that are currently in force, the aforementioned copies will be available for collection at the reception area of the Depositary Agent, between the hours of 09:00 and 16:00 (CAT) on normal business days (excluding Saturdays, Sundays and South African public holidays), provided that prior arrangements have been made for collection. This arrangement remains subject to any future regulatory changes.

31 15. Frequently asked questions

Why is CFR Granting of Warrants and A Warrant Receipts makes it granting possible for CFR to reward loyal CFR Shareholders and Warrants and Richemont DR Holders by providing them with instruments which, Securities subject to their terms and conditions, will be capable of corresponding A being sold in the market or exercised upon maturity to Warrant Receipts acquire New CFR Shares and New DRs respectively at and not offering potentially advantageous terms. a scrip dividend, as other companies have done?

What are the Richemont's loyalty scheme provides CFR Shareholders main benefits of and DR Holders with a tradable instrument that can be this scheme? sold in the market or exercised upon maturity (and subject to its terms and conditions) to capture future upside in the market price of A Shares and DRs, once all the challenges of the Covid-19 pandemic will have hopefully been overcome.

I am in a DR Holders will automatically be allocated A Warrant Restricted Receipts regardless of the jurisdiction in which they Jurisdiction. How can I still benefit reside. DR Holders who are not Eligible Holders (by from this virtue of holding the DRs in a Restricted Jurisdiction and, scheme? in the case of a DR Holder in the United States, not being a QIB who has validly returned a US Investor Letter according to the instructions contained in such letter) may not be allowed to exercise their A Warrant Receipts, but they will generally (subject to such DR Holders confirming the position under applicable law with their own advisors) be in a position to sell these in the market.

Is this scheme The Warrant scheme is designed to address the going to be a unprecedented effects of the Covid-19 pandemic and the one-off or provided in uncertainty on the broader economic conditions that it future years? has generated. Unless these effects and uncertainties persist in the next years, Richemont is not considering implementing similar schemes in the future.

How many A DR Holders will receive 2 (two) A Warrant Receipts for Warrant Receipts every 1 (one) DR held. will I receive?

How has the The Exercise Price of the A Warrant Receipts will be Exercise Price equal to the lower of the volume-weighted average price been determined? of the DRs on the JSE:

(i) between the date of publication of the initial version of the SIM (Friday, 7 August 2020)

32 and the second Business Day that precedes the CFR AGM (which is currently expectedto be Monday, 7 September 2020),

both days included; and (ii) between Tuesday, 1 September 2020 and the second Business Day that precedes the CFR AGM (which is currently expected to be Monday, 7 September 2020), both days included.

The precise Exercise Price will be rounded down to the nearest whole Rand amount. Do I receive any No. No cash or other distributions will be made in respect dividend of the A Warrant Receipts. Also, the Exercise Price of the distribution on my A Warrant A Warrant Receipts will not be adjusted for future Receipts? dividends or dilutive events affecting the value of the DRs.

What is the JSE The JSE ticker of the A Warrant Receipts is CFRO. The ticker of the A ISIN is CH0562931086. The A Warrant Receipts are Warrant Receipts and how can I expected to be listed and traded on JSE from Friday, 18 sell them? September 2020 until Wednesday, 6 September 2023.

Can I also No, A Warrant Receipts may not be exercised before exercise my A maturity. A notice of the exercise for the A Warrant Warrant Receipts before maturity? Receipts needs to be submitted to the relevant CSDP or Broker during a period currently expected to be between 09:00 on Friday, 8 September and 12:00 (noon) (CEST) on Tuesday 12 September 2023. As these are European-style Warrants, all New DRs will be issued against payment of the Exercise Price on a date to be announced but currently expected to be Tuesday, 19 September 2023.

Can I change my No. An exercise notice, once delivered, will be exercise decision irrevocable. during the Exercise Period?

Will Richemont Upon valid exercise of an A Warrant Receipt, Richemont Securities deliver Securities will deliver new DRs backed by New A new or existing DRs upon Shares in the ratio of 10 DRs to every A Share to be exercise of the A issued out of CFR's Conditional Capital. Warrant Receipts?

If I don't do Unexercised A Warrant Receipts will lapse on the Expiry anything and Date. hold on to the A Warrant Receipts without

33 exercising, what happens?

When will the The terms of the A Warrant Receipts are provided in final terms of the section 7 above. The Exercise Price of the A Warrant Warrants and potential capital Receipts and the Specified Number of A Warrant increase be Receipts giving Eligible Holders that right to subscribe for determined and one New DR, as applicable, during the Exercise Period where can I find will be set on the date of the CFR AGM and will be them? announced on that occasion.

Will the DRs to Yes. The DRs that will be delivered upon exercise of the be issued upon A Warrant Receipts and payment of the Exercise Price exercise of the A Warrant Receipts will be of the same class and rank pari passu with all be equivalent to other DRs listed on the JSE. New DRs will in particular existing DRs with have the same JSE ticker, or dividend entitlements as regards to other existing DRs. security number, rights, or other?

What happens if The Warrants and A Warrant Receipts will not be issued the AGM does and the Equity-Based Loyalty Scheme loyalty scheme not approve the creation of the will not be implemented. authorized Conditional Capital?

Is there any Holding, exercising or selling A Warrant Receipts market risk for involves risks, the most significant of which are described holders of the A Warrant Receipts in the terms of the A Warrants which can be found in and the DRs that Appendix A of the IM. DR Holders and A Warrant Receipt will be issued Holders should consider these risks before making any upon exercise? investment decision regarding the A Warrant Receipts.

34 For and on behalf of the Richemont Securities SA board and the Compagnie Financière Richemont SA board.

Richemont Securities SA

______Alan Grieve Chairman of Richemont Securities SA

______Josua Malherbe Director of Richemont Securities SA

Geneva, Switzerland 7 and 21 August 2020

The example set forth on page 27 and the definition of "Specified Number" on page 28 were corrected on 21 August 2020. The date of the Supplementary Information Memorandum on the cover page of this document and on this page, the definition of the SIM on page 11 and the references on pages 28 and 32 to the version of the SIM that was published on 12 August 2020 were changed accordingly.

35