Aeffe

Investor Presentation • Nov 10, 2016

9M 2016 Key Facts

• Consolidated Revenues +3.5% at € 213.8m, (+3.8% at constant exchange rates)
• Consolidated EBITDA for € 21.3m, compared to an EBITDA of € 17.9m in 9M 2015, with a €3.4m increase (+19%)
• Consolidated Net Profit for the Group at €4.9m, compared to a Net Profit of € 1.5m in 9M 2015, with a €3.4m increase (+217%)
• Consolidated Net Financial Debt of € 77.6m (€ 80.5m as of 31 December 2015)
• ²⁵³ Mono Brand Stores

Net Sales Breakdown by Division(1)

(1) Before inter-divisional eliminations

1Q2Q 3Q

3

Net Sales Breakdown by Brand

Net Sales Breakdown by Region

90,0 100,0 Europe % on Total SalesEuropeRussia USARoW9M 2016 9M 2015 22% 22% 3%8%% on Total Sales (€m) (€m) +4.2% *22%3%92.696.5

(1) Italy and Russia excluded

90,0

100,0

* At constant exchange rates

2Q3Q

1Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q2Q3Q

Mono-brand Stores Network

	9 6 M 1	F Y 1 5
Eu ro p e	4 5	4 7
U S A	3	3
As ia	1 6	1 1
To ta l	6 4	6 1

DOS

	9 6 M 1	F Y 1 5
Eu ro p e	4 8	4 5
U S A	2	3
ia As	3 9 1	3 1 7
To ta l	1 8 9	1 8 5

Income Statement – 9M 2016/2015

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

(€m)

Summary Balance Sheet

	9M16	FY 15	9M15
Net Working Capital	91,7	82,3	103,1
Net Tangible Assets	61,5	63,3	63,7
Net Intangible Assets	116,4	122,8	124,2
Net Financial Assets	3,9	4,4	4,6
Severance Staff, Provisions & Others	(27,3)	(42, 6)	(46, 4)
Net Capital Employed	246,2	230,2	249,1
Group Shareholders' Equity	136,2	131,7	131,5
Minorities	32,4	17,9	18,1
Shareholders' Equity & Minorities	168,6	149,6	149,6
Net Debt	72,1	75,0	94,0
Shares Buyback	5,5	5,5	5,5
Net Financial Debt and Shareholders' Equity	246,2	230,2	249,1
Accounts Receivables	45,6	38,3	50,0
Accounts Payables	(47,6)	(61, 4)	(46, 8)
Inventory	88,8	90,0	87,4
Operating NWC	86,8	66,8	90,6
As % of LTM sales	31,4%	24,8%	34,2%
Other Current Assets/Liabilities	4,9	15,5	12,5
Net Working Capital	91,7	82,3	103,1

Cash Flow Statement

(€m)

9 M 1 6	F Y 1	9 M 1 5
1 0, 5	2, 9	5, 7
9, 1	1 3, 5	9, 6
( 0, 4 )	( 1, 9 )	( 1, 7 )
( 3, ) 1	( 3, 6 )	( 3, ) 5
1, 7	3, 0	2, 7
( ) 2 6, 4	( ) 1, 1	( ) 2 0, 6
( 8, 6 )	2, 8 1	( 8 ) 7,
3 1,	( 2, 0 )	( 6 ) 1,
( 2, ) 1	( 0 ) 5,	( 4, 0 )
0, 0	( 0, ) 1	( 0, ) 1
( 0, 8 )	( 7, 1 )	( 5, 7 )
( 9, 4 )	5, 7	( 3, ) 1 5
1 3, 6	( 0, 1 )	( 0, 1 )
( 2, ) 7	4 1,	8 1 7,
( ) 1, 1	( ) 0, 7	( ) 1, 2
( 1, 7 )	( 3, 0 )	( 2, 7 )
8, 0	( 2, 4 )	3, 9 1
1 0, 0	6, 7	6, 7
( 1, 4 )	3, 3	0, 4
8, 6	0, 0 1	7, 1
		5

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

Investor Relations

AEFFE S.p.A

Annalisa Aldrovandi

+39 0541 965494

annalisa.aldrovandi@aeffe.com

www.aeffe.com

Income Statement – Full Year 2013-2015

(€m)

	2015A	2014A	2013A
Net Sales	268,8	251,5	251,1
% change	6,9%	0.2%	$(1, 2\%)$
Other Revenues	5,2	4,3	7,5
Total Revenues	274,0	255,9	258,6
% change	20,1%	(1.0%)	(1.0%)
Raw Materials Costs	(86, 2)	(77, 9)	(79, 2)
Service Costs	(79, 2)	(68, 6)	(66, 9)
Cost for use of third parties assets	(23, 5)	(21, 2)	(25,5)
Personnel	(61,1)	(58, 6)	(63,1)
Other Operating Expenses	(4,7)	(3,8)	(3,3)
Total Operating Expenses	(254, 7)	(230, 2)	(238, 0)
EBITDA	19,3	25,7	20,6
Margin (% of Net sales)	7,2%	10,2%	8,2%
Depreciation and Amortisation	(13,5)	(13,7)	(14, 6)
EBIT	5,9	12,0	6,0
Margin (% of Net sales)	2,2%	4,8%	2,4%
Net Financial Income / (Expenses)	(3, 0)	(5, 9)	(6,7)
PBT	2,9	6,1	(0,7)
Margin (% of Net sales)	1.1%	2,4%	n.a
Taxes	(1,1)	(2,1)	(1,3)
Net income before Minorities	1,70	4,01	(1, 97)
Margin (% of Net sales)	0,6%	1,6%	n.a
Minority Interests	(0, 2)	(1,3)	(1, 2)
Net Income for the Group	1,5	2,7	(3,2)
Margin (% of Net sales)	0,6%	1.1%	n.a

Disclaimer

This presentation is being furnished to you solely for your information on ^a confidential basis and may not be reproduced orredistributed to any other person.

This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A. securities.

This presentation includes forward-looking statements which are based on the Company's management's current views with respect tofuture events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements aresubject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements maynot occur and any targets or projections may differ materially from those expressed in or implied by these statements due to anynumber 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 daterof this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-lookingstatements 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 suchperformance, trends or activities will continue in the future.