Rai Way S p A : Report on the Remuneration Policy and Remuneration Paid

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REPORT ON THE REMUNERATION POLICY

AND COMPENSATION PAID

REPORT ON THE REMUNERATION POLICY

AND COMPENSATION PAID pursuant to Article 123-ter of Legislative Decree no. 58 of February 24,1998

Report approved by the Board of Directors on 17 March 2022

Rai Way S.p.A.

Registered office: Rome, Via Teulada n. 66

Fiscal code, VAT number and registration number with the Register of Companies of Rome: 05820021003

Share capital Euro 70.176.000,00, fully paidwww.raiway.it

Managed and coordinated by RAI - Radiotelevisione Italiana S.p.A.

TABLE OF CONTENTS

Letter from the Chairman of the Remuneration and Appointment Committee ................................... 6

FOREWORD ..................................................................................................................................... 11

SECTION I - REMUNERATION POLICY FOR FINANCIAL YEAR 2022 ................................. 12

A. BODIES AND PERSONS INVOLVED IN THE PREPARATION, APPROVAL AND POSSIBLE REVISION OF THE REMUNERATION POLICY, AS WELL AS BODIES AND PERSONS RESPONSIBLE FOR THE CORRECT IMPLEMENTATION OF THIS POLICY ..... 12

B. REMUNERATION AND APPOINTMENTS COMMITTEE, AND ANY ADDITIONAL MEASURES TO AVOID OR MANAGE CONFLICTS OF INTEREST ........................................ 14

C. CONSIDERATION OF THE REMUNERATION AND WORKING CONDITIONS OF THE COMPANY'S EMPLOYEES IN DETERMINING THE REMUNERATION POLICY ................ 16

D. NAME OF THE INDEPENDENT EXPERTS WHICH MAY BE INVOLVED IN THE PREPARATION OF THE REMUNERATION POLICY ................................................................. 17

E. THE OBJECTIVES PURSUED BY THE REMUNERATION POLICY, THE PRINCIPLES ON WHICH IT IS BASED, ITS DURATION AND, IN THE EVENT OF A REVIEW, A DESCRIPTION OF THE CHANGES COMPARED TO THE REMUNERATION POLICY LAST SUBMITTED TO THE SHAREHOLDERS' MEETING AND HOW THE REVIEW TAKES INTO ACCOUNT THE VOTES AND ASSESSMENTS EXPRESSED BY THE SHAREHOLDERS AT THEIR MEETING OR THEREAFTER ............................................................................................ 17

F. DESCRIPTION OF THE POLICIES REGARDING FIXED AND VARIABLE COMPONENTS OF THE REMUNERATION, WITH PARTICULAR REGARD TO THE INDICATION OF THE RELATIVE PROPORTION IN THE FIELD OF THE TOTAL REMUNERATION, DISTINGUISHING BETWEEN SHORT AND MEDIUM-LONG-TERM

VARIABLE COMPONENTS ........................................................................................................... 25

F.1 Remuneration of Directors other than Key Managers ................................................................. 25

F.2 Remuneration of the Chief Executive Officer and General Manager and other Key Managers . 27

F.3 Compensation of members of control bodies .............................................................................. 34

G. POLICY FOLLOWED WITH REGARD TO NON-MONETARY BENEFITS ................... 34

H. DESCRIPTION OF THE FINANCIAL AND NON-FINANCIAL PERFORMANCE OBJECTIVES ON THE BASIS OF WHICH THE VARIABLE COMPONENTS OF REMUNERATION ARE ASSIGNED, DISTINGUISHING BETWEEN SHORT AND MEDIUM-LONG TERM VARIABLE COMPONENTS ................................................................................... 34

I. CRITERIA USED TO ASSESS THE ACHIEVEMENT OF PERFORMANCE OBJECTIVES UNDERLYING THE GRANTING OF SHARES, OPTIONS, OTHER FINANCIAL INSTRUMENTS OR OTHER VARIABLE COMPONENTS OF REMUNERATION, AND EXTENT OF THE VARIABLE COMPONENT THAT IS EXPECTED TO BE PAID ACCORDING TO THE LEVEL OF ACHIEVEMENT OF OBJECTIVES ............................................................. 35

J. INFORMATION TO HIGHLIGHT THE CONTRIBUTION OF THE REMUNERATION POLICY, AND, IN PARTICULAR, THE POLICY ON VARIABLE COMPONENTS OF REMUNERATION, TO THE COMPANY'S STRATEGY, TO THE PURSUIT OF LONG-TERM INTERESTS AND TO THE SUSTAINABILITY OF THE COMPANY ........................................ 35

K. TERMS FOR THE ACCRUAL OF RIGHTS (SO-CALLED VESTING PERIODS), ANY DEFERRED PAYMENT SYSTEMS, WITH AN INDICATION OF THE DEFERRAL PERIODS, AND CRITERIA USED TO DETERMINE THOSE PERIODS AND, IF APPLICABLE, THE EX-POST CORRECTION MECHANISMS ............................................................................................ 35

L. INFORMATION ON WHETHER THERE ARE ANY CLAUSES FOR MAINTAINING THE FINANCIAL INSTRUMENTS IN THE PORTFOLIO AFTER THEIR ACQUISITION, WITH AN INDICATION OF THE RETENTION PERIODS AND CRITERIA USED TO DETERMINE THESE PERIODS .............................................................................................................................. 36

M. POLICY RELATING TO BENEFITS PROVIDED IN THE EVENT OF TERMINATION FROM THE OFFICE OR TERMINATION OF THE EMPLOYMENT RELATIONSHIP ............ 36

N. INFORMATION ON INSURANCE, SOCIAL SECURITY OR PENSION COVERAGE, OTHER THAN COMPULSORY COVERAGE ............................................................................... 37

O. REMUNERATION POLICY FOLLOWED WITH REFERENCE TO: (I) TO INDEPENDENT DIRECTORS, (II) TO PARTICIPATION IN COMMITTEES AND (III) TO PERFORM SPECIAL DUTIES ......................................................................................................... 37

P. INDICATION OF THE REMUNERATION POLICIES OF OTHER COMPANIES THAT MAY BE USED AS REFERENCE AND CRITERIA FOR THE SELECTION OF SUCH COMPANIES ..................................................................................................................................... 38

Q. ELEMENTS OF THE REMUNERATION POLICY TO WHICH, IN THE CASE OF EXCEPTIONAL CIRCUMSTANCES, IT IS POSSIBLE TO DEROGATE, AND ANY ADDITIONAL PROCEDURAL CONSIDERATIONS UNDER WHICH A DEROGATION MAY BE APPLIED ..................................................................................................................................... 38

SECTION II - DISCLOSURE ON THE IMPLEMENTATION OF THE REMUNERATION

POLICY ............................................................................................................................................. 39

INTRODUCTION ............................................................................................................................. 39

PART I ............................................................................................................................................... 40

REMUNERATION OF MEMBERS OF THE BOARD OF DIRECTORS ...................................... 40

REMUNERATION OF THE CHIEF EXECUTIVE OFFICER AND GENERAL MANAGER AND OF OTHER KEY MANAGERS ........................................................................................................ 40

REMUNERATION OF THE MEMBERS OF THE BOARD OF STATUTORY AUDITORS ...... 45

AGREEMENTS PROVIDING FOR INDEMNITY IN THE EVENT OF EARLY TERMINATION OF EMPLOYMENT .......................................................................................................................... 46

EXCEPTIONS APPLIED TO THE 2021 REMUNERATION POLICY ......................................... 46

VOTE CAST BY THE SHAREHOLDERS ON SECTION II OF THE PREVIOUS YEAR'S REPORT ............................................................................................................................................ 46

PART II .............................................................................................................................................. 47

Table 1 - Schema 7-bis- Compensation of Members of the Management and Control Bodies, the General Manager and other Key Managers ....................................................................................... 47

Table 3A - Scheme 7-bis - Incentive plans based on financial instruments other than stock options to be paid to the members of the management body, the General Manager and the other Key Managers 52

Table 3B - Scheme 7-bis - Monetary incentive plans to be paid to the members of the management body, the General Manager and the other Key Managers .................................................................. 53

Table 2 - Schema 7-ter- Table providing disclosures of investments held by members of the management and control bodies, the General Manager and other Key Managers ............................ 54

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