Aeffe

Investor Presentation • May 12, 2016

1Q 2016 Key Facts

Consolidated Revenues +7% at € 76.2m, (+7.0% at constant exchange rates);

Consolidated EBITDA for € 13.9m (18.3% of sales), compared to an EBITDA of € 12.5m (17.6% of sales) in 1Q 2015, with a € 1.4m improvement (+11%)

Net Profit for the Group at € 5.7m, compared to a Net Profit of € 4.5m in 1Q 2015, with a €1.2m improvement (+26.7%)

Consolidated Net Financial Debt of € 87.2m, compared to € 95.4m as of 31 March 2015, with a € 8.2m improvement (€ 80.5m as of 31 December 2015)

²⁴⁹ Mono Brand Stores

Net Sales Breakdown by Division(1)

1Q

3

Net Sales Breakdown by Brand

(1) Polllini Strong focus on offsetting Russian decline with ^a strenghtening of the brand positioning in other regions such as Italy and Eastern Europe. Positive trend of the orders' backlog of Autumn/Winter ²⁰¹⁶ collections.

Net Sales Breakdown by Region

32,0 16,5 2,4 5,2 15,2 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 Italy Europe Russia USA RoW Italy Europe Russia USA RoW 33.117.92.36.716.20.05.010.015.020.025.030.035.0Italy Europe Russia USA RoW% on Total SalesItaly Europe Russia USA RoW 1Q 2016 1Q 2015 24% 21% 3%43%9%% on Total Sales (€m) (€m) +3.5% *+8.6% *(2.8%) *+27.0% *+7.3% *23% 21% 4%45%7%(1)(1)

(1) Italy and Russia excluded

* At constant exchange rates

1Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q

Mono-brand Stores Network

	1Q16	FY15
Europe	46	47
USA	3	3
Asia	14	11
Total	63	61

DOS

	1Q16	FY15
Europe	49	45
USA	3	3
Asia	134	137
Total	186	185

Income Statement - 1Q 2016/2015

(€m)
	1Q 16	1Q 15
Net Sales	76,2	71,2
% change	7,0%
Other Revenues	1,2	2,1
Total Revenues	77,4	73,3
% change	5,6%
Raw Materials Costs	(20.9)	(19,6)
Service Costs	(19,1)	(18,2)
Costs for use of third parties	(6,1)	(5,7)
Personnel	(15,8)	(15,1)
Other Operating Expenses	(1, 5)	(2,1)
Total Operating Expenses	(63,5)	(60,7)
EBITDA	13,9	12,5
Margin (% of Net sales)	18,3%	17,6%
Depreciation and Amortisation	(3,0)	(3,1)
EBIT	10,9	9,4
Margin (% of Net sales)	14,3%	13,2%
Net Financial Income / (Expenses)	(0, 9)	(1,1)
Profit before taxes	10,0	8,3
Margin (% of Net sales)	13,1%	11,6%
Taxes	(3,7)	(3,1)
Net income/(loss) before Minorities	6,3	5,2
Margin (% of Net sales)	8,3%	7,3%
Minority Interests	(0, 5)	(0,6)
Net Income/(Loss) for the Group	5,8	4,6
Margin (% of Net sales)	7,6%	6,4%

Balance Sheet

	1Q16	FY 15	1Q 15
Net Working Capital	97,2	82,3	101,1
Net Tangible Assets	62,4	63,3	63,7
Net Intangible Assets	121,4	122,8	127,0
Net Financial Assets	4,4	4,4	4,9
Severance Staff, Provisions & Others	(42,9)	(42,6)	(47, 4)
Net Capital Employed	242,5	230,2	249,2
Group Shareholders' Equity	136,9	131,7	135,3
Minorities	18,4	17,9	18,6
Shareholders' Equity & Minorities	155,3	149,6	153,8
Net Debt	81,7	75,0	89,9
Shares Buyback	5,5	5,5	5,5
Net Financial Debt and Shareholders' Equity	242,5	230,2	249,2
Accounts Receivables	41,8	38,3	46,2
Accounts Payables	(48, 6)	(61, 4)	(49, 4)
Inventory	90,7	90,0	89,6
Operating NWC	83,9	66,8	86,4
As % of LTM sales	30,7%	24,8%	33,9%
Other Current Assets/Liabilities	13,3	15,5	14,6
Net Working Capital	97,2	82,3	101,1

Summary Cash Flow

1Q 16	FY 15	1Q 15
10,0	2,9	8,3
(4, 4)	12,8	(9, 2)
(0,7)	(7,1)	(2,1)
(5,1)	5,7	(11,3)
6,7	(2, 4)	12,1
10,0	6,7	6,7
1,6	3,3	0,8
11,6	10	7,5

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

(1) Source: Consob as of 12 May 2016

Cash Flow Statement

$(\epsilon m)$
	1Q16	FY 15	1Q 15
PBT	10,0	2,9	8,3
Depreciation & Amortisation	3,0	13,5	3,1
Provisions & Impairments	(0, 2)	(1, 9)	(1, 0)
Taxes	(2,1)	(3,6)	(1,6)
Net Interest	0,9	3,0	1,1
Change in other liabilities / (assets)	(16,1)	(1,1)	(19,1)
Operating Cash Flow	(4, 4)	12,8	(9,2)
Capital expenditure for intangible assets	(0,3)	(2,0)	(0,8)
Capital expenditure for tangible assets	(0, 4)	(5,0)	(1, 2)
(Increase) / decrease in investments in other fixed assets	0,0	(0,1)	0,0
Cash Flows from Financing Activities	(0,7)	(7,1)	(2,1)
Free Cash Flow	(5,1)	5,7	(11,3)
Equity Issue	(0,6)	(0,1)	0,6
Change in short term debt	8,2	1,4	13,5
Change in long term debt	0,1	(0,7)	(0, 9)
Net Interest	(0, 9)	(3,0)	(1,1)
Cash Flows from Financing Activities	6,7	(2, 4)	12,1
Cash and cash equivalents at the beginning of the year	10,0	6,7	6,7
Cash Flow of the Period	1,6	3,3	0,8
Cash and cash equivalents at the end of the year	11,6	10,0	7,5

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.