Aeffe

Investor Presentation • Mar 20, 2017

AEFFE GROUP OVERVIEW

INDEX

THE GROUP AT A GLANCETHE GROUP'S BRANDSMOSCHINOALBERTA FERRETTIPHILOSOPHY di Lorenzo SerafiniPOLLINI

LICENSED BRANDS:

• CÉDRIC CHARLIER
• JEREMY SCOTT

Jeremy Scott F/W 16

PhilosophyF/W 16

Moschino F/W 16

The Group at a glance

Very Positive trend recorded in FY 2016 compared with FY 2015:

• Consolidated Revenues +4.4% at € 280.7m, (+4.7% at constant exchange rates)
• Consolidated EBITDA for € 25.2m, compared to an EBITDA of € 19.3m in FY 2015, with a €5.9m increase (+30%)
• Consolidated Net Profit for the Group at €3.6m, compared to a Net Profit of € 1.5m in 2015, with a €2.1m increase (+139%)
• Consolidated Net Financial Debt of € 59.5m as of 31 December 2016 (€ 80.5m as of 31 December 2015), with a €21m improvement (-26%)
• ²⁵⁵ Mono Brand Stores at the end of 2016

The Group's brands: Positioning and style

The Group's brands

Net Sales Breakdown by Brand

^* At constant exchange rates, compared to FY 2015

Moschino – The Brand Value

• •Global brand, launched in 1984
• • From Fall/Winter 2014 collections JeremyScott is the new Creative Director
• • Bring back the Brand Moschino to be very ^acreative and desecrating luxury brand, characterized by high quality's garments
• • Corner the youngest market segment in theluxury clientele
• • Core values:
• oplayful glamour
• ohigh Communicative on Social Network
• • Complete range of products under theMoschino brand
• • Consolidated presence in fragrances (since1985) and eyewear (1995). Starting fromJanuary 2018 new license agreement withSafilo for eyewear collections
• • Monobrand stores network:
• o²⁶ DOS
• o¹⁵⁰ Franchised stores

Moschino – Performance

• •FY 2016 sales vs FY 2015 up 6.1% (ex forex)
• • Strong growth momentum in Prêt-à-porter segment: +13%in 2016 vs 2015
• • Increasing incidence of footwear and leather goods, now40% of Moschino sales from 20% of three years ago

•Core values

• oIronic Glamorous, Playful and Colourful
• oStreet style and cool design

Strategy

•

• o Strong development of the shoes and bags collections

• o Enhance distribution in mature markets and in Greater China where Moschinois recording an excellent growth

• • From Fall/Winter 2015 new positioning for "Moschino Cheap and Chic", renamed "Boutique Moschino"

• • Core values
• o Collection more focused on ^a customer target over 30
• o Further differentiation from Moschino Couture! and from Love Moschino

Strategy

•

o Enhance penetration of existing collections both in the mature and inthe emerging markets

Contemporary line addressed to ^a young clientele

Strong growth for Love Moschino accessories collectionover the last two years: +50%

Strategy

• o Strong development of the shoes and bags collections
• o Enhance penetration of existing collections both in the mature and in the emerging markets.

Macau – Four Season

Hong Kong – Lee Garden

Moschino – Key Drivers (1/4)

Accessories

Strong focus on shoes and bags collections under brands Moschino Couture! and Love Moschino. Moschino accessories sales now account for 40% of total Moschino brandrevenues.

Distribution

Greater China

• o Develop distribution in Mainland China, Macau and Hong Kong: Moschino is growing at ^a healthy pace (+11%)
• • Mainland China: increasing penetration through new franchised stores' openings exploiting the extremely positive momentum Moschino brand isenjoying in the region. In detail:
  • ¹¹ new stores opened in ²⁰¹⁶

Total number of existing monobrand stores in the region: 53

• Macau: ¹ new store opened in ²⁰¹⁶ and ³ new ones opened in ²⁰¹⁵ located in very prestigious department stores and malls.

Total number of existing monobrand stores: 6

• Hong Kong: growth through stores' refurbishment based on Jeremy Scott's new concept. In 2015 two important stores (Lee Garden and The Landmark) wererevamped with the new concept in order to enhance customers' shoppingexperience.

Total number of existing monobrand stores: 5

Moschino – Key Drivers (2/4)

Korea

• o Increased penetration through new stores openings.
• new duty free openings in department stores and malls: thanks to its creative offering, Moschino is very attractive in this segment mostly driven by Chinese tourist flows. Openedtwo stores in duty free in 2015, one of which inside Seoul Airport, and five opened in 2016
• ^a new shop opened in ²⁰¹⁶ in Seoul

Total number of existing monobrand stores in the region: 16

Seoul– Galleria

Seoul– Lotte Worldtower

Other mature markets

Enhance distribution in the wholesale channel in US and Europe.

Moschino – Key Drivers (3/4)

License agreements

Overall strengthening of Moschino license agreements.

Fragrances

• o Focus on growth for fragrances through the following actions:
• Launch of ^a new fragrance for women in ²⁰¹⁷ and ^a new one for men in 2018
• Revitalization in term of distinctive packaging of the existing fragrances that were launched before the appointment of Jeremy Scott and generating the most significant part of royalties income from perfumes license
• Enhancement of the distribution of all existing fragrances, with ^a particular focus on the new fragrances "Fresh" and "Toy", successfully launched by the Jeremy Scott, respectively, in2015 and 2014

Moschino – Key Drivers (4/4)

Minor Lines

• o More efficient distribution of minor product lines: starting from the Fall/Winter 2016 collections most of minor products, such asscarves, foulards, gloves and hats, have been licensed to ^aunique licensee and distributed through the same distributionnetwork
• o Reinforcement the penetration of Children lines in the Far East. Kids collections are now enjoying ^a positive momentum in Italy andin Middle East

Men's Collections

Development of Moschino Men's Collections

• o Men's collection are now produced in house since Fall/Winter ²⁰¹⁵ season
• oStrong growth potential both in mature and emerging markets
• oDevelopment of more wearable and fashionable collections
• oFashion show twice ^a year (January – June)

Web Communication

In the first ² days of the Women's Fashion week in Milan in February 2017Moschino and Alberta Ferretti brands were among the luxury brands with thegreater number of interactions on Instagram(source: blogmeter web site)

According to research, Moschino was among the top three brands with thegreater number of interactions on Instagram during the Women's Fashionweek in Milan in September 2016(source: MF Fashion dated 17th february 2017)

Celebrities

Miley Cyrus, Jeremy Scott, Rihanna

Diplo, Madonna Rosson Crow, Jeremy Scott and Liz Goldwyn

Katy Perry

Vanessa Hudgens

Deshauna Barber

• •Global brand, launched in 1981
• • Core values
• oContemporary feminine, elegance and glamour
• oHigh appreciation by red carpet celebrities
• oPresentation of ^a limited edition Prêt-à-porter Collection twice ^a year
• oPresentation of ^a limited edition Accessories Collection twice ^a year
• oPresentation of ^a Bridal Collection once ^a year
• o Presentation of Capsule collections with distinctive identity and high benefit in term of brand awareness
• • Performance
• oIn ²⁰¹⁶ 1.1% sales increase vs ²⁰¹⁵
• • Mono brand stores network
• o⁸ DOS (directly operated stores)
• o²⁷ franchised stores
• • Strategy
• o Further enhancement of existing collections both in the mature and emerging markets, with ^a focus on China as still ^a green field

Celebrities

Bianca Balti

Eleanora Tomlinson

Myolie Wu Valeria Golino

• •Global brand, launched in 1984
• • New creative direction with the appointment of LorenzoSerafini from Fall/Winter 2015
• •Runways in Milan
• • Core values
• oYoung Designer line with attention quality/price
• oComplete independence from Alberta Ferretti lines
• • Performance
• o Strong topline growth momentum: +25% in ²⁰¹⁶ vs 2015
• • Strategy
• o The first step is to foster penetration of corner market share in wholesale channel, then develop the retail one

Celebrities

Anna Kendrick

Belen Rodriguez

Porti Doubleday

Lara Stone

(1/2)

• • Founded in 1953, Pollini is internationally recognized as ^aninterpreter of the best tradition for Italian footwear and leathergoods craftsmanship
• • From Fall/Winter 2015 Pollini's new Creative Directorappointed
• • Core values
• oHigh quality and contemporary design
• o Industry leading expertise in the selection and use of hides/leather
• o Unique technical know-how applicable/transferable to other Group's brands
• • Performance
• oPollini brand: +1.1% ²⁰¹⁶ sales vs ²⁰¹⁵
• • Mono Brand stores network
• o²¹ DOS (including ¹⁶ outlets)
• o¹³ franchised stores

(2/2)

•Key Drivers

• oPollini's brand repositioning moving towards ^a more affordable segment.
• o Achievement of ^a strong brand recognition by the clients developing only one products line. The line includes different products where identification is based on the price range, the innovative style and the quality. Products with retail price ranging from Euro 200 to Euro 900, with most of the collection positioned betweenEuro 300 - 400 retail price.
• o Further growth of leather goods segment with strong focus on:
• further development of handbags range
• careful management of production for outlet stores
• Improvement of sell-through in both directly operated stores and outlets
• Optimization of in-store stock levels
• o Revamping of "logo" handbags collection from Fall/Winter 2016, very successful in the Eighties and Nineties. The "Heritage" line is manufactured using innovative materials and new styles, including travel lines. Heritage collection is benefitting ^a positive trend
• o Enhance penetration in Eastern Europe to recover sales decline that Pollini brand experienced in those regions in the last two years

Licensed Brands

• • Cedric Charlier line was launched with Fall/Winter 2012 collection
• • Core values
• o Strong identity, with sexy silhouettes and great attention to colours and materials
• oVery selective top clientele
• • Strategy

• o Development of existing collections, with strong focus on shoes and bags

• New licensing agreement with Jeremy Scott for the production and worldwide distribution of his eponymous Women's ready to wear collection

• The first collection, Spring/Summer 2016, was presented in New York City in September 2015
• •Core values
• Street and ironic style
• Great potential for international growth
• Addressed to young and international clientele

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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 itssubsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks anduncertainties, the events described in such forward-looking statements may not occur and any targets orprojections 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 aremade only as of the dater of this presentation. Aeffe S.p.A. does not undertake any obligation to publicly releaseany updates or revisions to any forward-looking statements to reflect events or circumstances after the date of thispresentation.

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