Aeffe

Investor Presentation • Mar 12, 2020

AEFFE FY2019 Consolidated Financial Results Presentation 12th March 2020

FY 2019 Key Facts

Consolidated Revenues +1.4% at € 351.4m, (+1.2% at constant exchange rates);

Consolidated EBITDA net of IFRS 16 effect for € 36.6m (10.4% of sales), compared to an EBITDA of € 43.3m (12.5% of sales) in FY 2018

Net Profit for the Group net of IFRS 16 effect at € 12.3m, compared to a Net Profit of €16.7m in FY 2018

Consolidated Financial Debt net of IFRS 16 effect of € 39.4m, compared to € 31.3m as of 31 December 2018

224 Mono Brand Stores

First-time application of the new Lease standard IFRS 16 from January 1st, 2019

Net Sales Breakdown by Division(1)

2Q

3

Net Sales Breakdown by Brand

Alberta Ferretti Moschino Pollini Philisophy di Lorenzo Serafini Others 11,0 6,6 71,4 10,4 2,8 3,2 2,3 58,7 6,1 0,8 6,8 5,4 69,3 10,9 3,4 5,1 3,9 63,1 8,6 1,6 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 Alberta Ferretti Philosophy Moschino Pollini Others 10,7 6,6 64,6 10,0 3,3 6,3 3,0 57,7 7,1 1,8 8,1 5,1 67,7 10,0 2,6 7,0 3,5 60,8 8,9 1,8 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 Alberta Ferretti Philosophy Moschino Pollini Others % on Total Sales (18.9%) * +4.5% * (0.3%) * (0.3%) * FY 2019 FY 2018 Alberta Ferretti Moschino Pollini Philosophy di Lorenzo Serafini Others 72% 3% 12% 10% % on Total Sales 75% 2% 10% 8% (€m) (€m) * At constant exchange rates1Q5% 10% 5% (10.2%) * 32,1 18,2 250,8 36,0 9,5 26,1 18,2 262,5 36,0 8,6 2Q3Qdi Lorenzo Serafini di Lorenzo Serafini 4Q

Net Sales Breakdown by Region

(1) ITALY sales incidence on total revenues ADJUSTED by foreign customers effect and royalties income is estimated equal to 36%

(2) Italy excluded

* At constant exchange rates 2Q 3Q 4Q

1Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q 2Q 3Q 4Q

Mono-brand Stores Network

	O S D
	F Y 1 9	F Y 1 8
Eu ro p e	4 2	4 4
Am ic er a	3	2
ia As	1 6	1 8
To l ta	6 1	6 4

Franchising

	F Y 1 9	F Y 1 8
Eu ro p e	4 0	4 5
Am ic er a	1	1
As ia	1 2 2	1 3 8
To l ta	1 6 3	1 8 4

Income Statement – FY 2019/2018

€m )
	F Y 9 inc lu d ing I F R S 1 f fe 1 6 e ts c	I F R S f fe 1 6 e ts c ( ) Se No te 1 e	F Y 9 n f I F R S 1 t o 1 6 e f fe ts e c	2 0 1 8 A
Ne Sa les t	3 5 1, 4		3 5 1, 4	3 4 6, 6
% ha c ng e	% 1, 4		% 1, 7
O he Re t r ve nu es	0, 1 1		0, 1 1	5, 4
To l Re ta ve nu es	3 6 1, 5		3 6 1, 5	3 5 2, 0	No te on
% ha c ng e	% 2, 7		% 2, 8		Le as
Ra Ma ia ls Co te ts w r s	( ) 3 1 1 5,		( ) 3 1 1 5,	( ) 0, 3 1 1
Se ice Co ts rv s	( ) 1 0 8, 3		( ) 1 0 8, 3	( ) 1 0 0, 6	use €1 6.6
Co ts fo f t h ir d t ies s r u se o p ar	( ) 9, 0	( ) 1 6, 6	( ) 2 5, 6	( ) 2 5, 4	ted p os of rig
Pe l rso nn e	( ) 2, 7 4		( ) 2, 7 4	( ) 8, 6 5	€2 .3m
O he Op ing Ex t t r er a p en se s	( ) 3, 3		( ) 3, 3	( ) 3, 9	ch arg fin an
To ta l Op t ing Ex er a p en se s	( ) 3 0 8, 3		( ) 3 2 4, 9	( ) 3 0 8, 7	lea sin
E B I T D A	5 3, 1	( ) 1 6, 6	3 6, 6	4 3, 3
( ) M in % f Ne les t s ar g o a	1 5, 1 %		1 0, 4 %	1 2, 5 %
De ia t io d Am t isa t io p re c n a n or n	( ) 2 8, 0	1 5, 1	( ) 1 3, 0	( ) 1 3, 7
E B I T	2 5, 1	( ) 1, 5	2 3, 6	2 9, 6
( ) M in % f Ne les t s ar g o a	7, 1 %		6, 7 %	8, 5 %
/ ( ) Ne t F ina ia l Inc Ex nc om e p en se s	( ) 3, 3	2, 3	( ) 1, 0	( ) 0, 9
Pro f i t be fo ta re xe s	2 1, 8	0, 8	2 2, 7	2 8, 7
( ) M in % f Ne les t s ar g o a	6, 2 %		6, 4 %	8, 3 %
Ta xe s	( ) 9, 8	( ) 0, 2	( ) 1 0, 0	( ) 1 1, 6
/ ( ) Ne inc los be fo M ino i ies t t om e s re r	1 2, 0	0, 6	1 2, 6	1 7, 1
( ) M in % f Ne les t s ar g o a	3, 4 %		3, 6 %	4, 9 %
M ino i ty In te ts r res	( ) 0, 3	0, 0	( ) 0, 3	( ) 0, 4
/ ( ) Ne Inc Lo fo he Gr t t om e ss r ou p	1 1, 7	0, 6	1 2, 4	1 6, 7
( ) M in % f Ne les t s ar g o a	3, 3 %		3, 5 %	4, 8 %

Profit & Loss statement: installments are cancelledfromCostsfor

IFRS 16 effects

third parties for €15.1m are as Amortisation of use assets and as Financial charges linked to the financial debt for

Summary Balance Sheet

	F Y 9 1	F Y 8 1
Ca Ne t W k ing i ta l or p	1 0 7, 2	8 5, 7
Ne Ta i b le As t ts ng se	6 2, 8	6 0, 3
Ne In i b le As t ta ts ng se	7 6, 1	1 0 3, 1
( ) Ne In i b le As fo R ig h f u I F R S 1 6 No 2 t ta ts ts te ng se r o se se e -	1 1 0, 7
Ne F ina ia l As t ts nc se	2, 9	2, 9
Se S ta f f, Pr is io O t he & ve ra nc e ov ns rs	( ) 2 0, 3	( ) 2 3, 3
Ne Ca i l Em lo d t ta p p y e	3 3 9, 3	2 2 8, 7
G S ha ho l de ' Eq i ty ro up re rs u	1 7 1, 4	1 6 4, 6
M ino i ies t r	3 2, 7	3 2, 8
S ha ho l de ' Eq i ty & M ino i t ies re rs u r	2 0 4, 1	1 9 7, 4
Ne f ina ia l De b t t nc	3 9, 4	3 1, 3
( ) f ina ia l de b fo l ia b i l i ies S Ne t t Le t I F R 1 6 No te 2 nc r as e se e -	9 5, 8
Ne F in ia l De b d S ha ho l de ' Eq i t t a ty an c n re rs u	3 3 9, 3	2 2 8, 7
Ac ts Re iva b les co un ce	4 1, 5	4 3, 1
Ac Pa b les ts co un y a	( ) 3 7 4,	( ) 9 7 6,
Inv to en ry	1 1 2, 1	1 0 4, 3
O in N W C t p er a g	9, 3 7	7 0, 5
% f s les As o a	% 2 2, 6	% 2 0, 3
O he C As / L ia b i l i ies t t ts t r ur re n se	2 7, 9	1 5, 2
Ne t W k in Ca i ta l or g p	1 0 7, 2	8 5, 7

Note 2: IFRS 16 effects on Balance Sheet: -FixedAssetsincreaseof€110.7mfrom

the right to use the leased assets ;

• Financial debt for Lease liabilities for €95.8m posted in Financial liabilities

Summary Cash Flow

(€m)

	F Y 1 9	F Y 1 8
P B T	2 1, 8	2 8, 8
Op ing Ca h F lo t er a s w	9, 2 1	2 5, 5
Ca d i ta l Ex i tu p p en re	( ) 9, 7	( ) 7, 9
Ca i l Ex d i fo R ig h f u I F R S 1 6 ta tu ts p p en re r o se -	( ) 1, 1
Fre Ca h F lo e s w	8, 5	1 6 7,
Ca h lo fro ina ing iv i ies F F Ac t t s w s m nc	( ) 8, 1	( ) 1 2, 4
Ca h d h iva len he be inn ing f he ts t t t s an ca s eq u a g o y ea r	2 8, 0	2 2, 8
Ca h lo f he io d F t Pe s w o r	0, 4	5, 2
Ca h d h iva le he d f he ts t t t s an ca s eq n a e n o ea r u y	2 8, 4	2 8, 0

Appendices

Income Statement – Full Year 2017-2019

(€m)

	F Y 1 9 n f I F R S 1 6 e f fe t o ts e c	2 0 1 8 A	2 0 1 7 A
Sa les Ne t	3 5 1, 4	3 4 6, 6	3 1 2, 6
% ha c ng e	1, 7 %	1 0, 9 %	1 1, 4 %
O he t Re r ve nu es	1 0, 1	5, 4	3, 8
To l Re ta ve nu es	3 6 1, 5	3 2, 0 5	3 1 6, 4
% ha c ng e	2, 8 %	1 1, 2 %	1 0, 1 %
ia ls Co Ra Ma te ts w r s	( ) 1 1 5, 3	( ) 1 1 0, 3	( ) 9 6, 1
Se ice Co ts rv s	( ) 1 0 8, 3	( ) 1 0 0, 6	( ) 9 1, 0
Co fo f h ir d ies t t t ts s r u se o p ar a sse	( ) 2 5, 6	( ) 2 5, 4	( ) 2 3, 3
Pe l rso nn e	( ) 7 2, 4	( ) 6 8, 5	( ) 6 5, 3
O he Op ing Ex t t r er a p en se s	( ) 3, 3	( ) 3, 9	( ) 4, 1
To l Op ing Ex ta t er a p en se s	( ) 3 2 4, 9	( ) 3 0 8, 7	( ) 2 7 9, 8
E B I T D A	3 6, 6	4 3, 3	3 6, 6
( ) in % f les Ma Ne t s rg o a	% 1 0, 4	1 2, 5 %	1 1, 7 %
De ia ion d Am isa ion t t t p re c a n or	( ) 1 3, 0	( ) 1 3, 7	( ) 1 3, 9
E B I T	2 3, 6	2 9, 6	2 2, 7
( ) Ma in % f Ne les t s rg o a	6, 7 %	% 8, 5	% 7, 3
( ) Ne F ina ia l Inc / Ex t nc om e p en se s	( ) 1, 0	( ) 0, 9	( ) 3, 7
P B T	2 2, 7	2 8, 7	1 9, 0
( ) Ma in % f Ne les t s rg o a	6, 4 %	8, 3 %	6, 1 %
Ta xe s	( ) 1 0, 0	( ) 1 1, 6	( ) 7, 4
Ne t inc be fo M ino i t ies om e re r	1 2, 6	1 7, 1	1 1, 5
( ) Ma in % f Ne les t s rg o a	3, 6 %	4, 9 %	3, 7 %
ino i M ty In te ts r re s	( ) 0, 3	( ) 0, 4	( ) 0, 0
Ne Inc fo he Gr t t om e r ou p	1 2, 3	1 6, 7	1 1, 5
( ) Ma in % f Ne t s les rg o a	3, % 5	8 % 4,	3, % 7

Company Profile

Share Information

N° of shares outstanding: 107,362,504

Italian Stock Exchange – STAR Segment

Specialist: Mediobanca S.p.A.

Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)

Investor Relations

AEFFE S.p.A

Annalisa Aldrovandi

+39 0541 965494

annalisa.aldrovandi@aeffe.com

www.aeffe.com

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This presentation includes forward-looking statements which are based on the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors.

You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater of this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.