Aeffe

Investor Presentation • Feb 11, 2016

AEFFE GROUP OVERVIEW

INDEX

THE GROUP'S BRANDS

MOSCHINO

ALBERTA FERRETTI

PHILOSOPHY di Lorenzo Serafini

POLLINI

CÉDRIC CHARLIER

JEREMY SCOTT

The Group's brands at a glance

Net Sales Breakdown by Brand

^* At constant exchange rates, compared to FY 2014

Positioning and style of the Group's brands

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)
• • Monobrand stores network:
• o²² DOS
• o¹⁴³ Franchised stores

Moschino – Performance

• •FY 2015 sales vs FY 2014 up 12.5% (ex forex)
• • Strong growth momentum in core segments
• oPrêt-à-porter: +5.4% FY ²⁰¹⁵ vs FY ²⁰¹⁴
• o Footwear and leather goods: +27.4% FY ²⁰¹⁵ vs FY 2014
• • Healthy Spring/Summer 2016 collections Orders' Backlogintake: +17.8% vs Spring/Summer 2015
• • Increasing incidence of footwear and leather goods, now44% of Moschino sales from 20% of two years ago

S/S 16S/S 16

•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

Innovative time to market paradigma: Launch of Capsule collections

• Strong development of capsule collections ordered by the clients in blind and delivered to them just after the fashion show
• Spring/Summer 2016 capsule collections up by 29% vs Spring/Summer 2015

From the runway …

… immediately available

• • From Fall/Winter 2015 new positioning for "Moschino Cheap and Chic", renamed "Boutique Moschino"
• •Core values
• • Collection more focused on a customer target over 30
• • Further differentiation from Moschino Couture! and from Love Moschino
• •Strategy
• • Enhance penetration of existing collections both in the mature and in the emerging markets

Contemporary line addressed to ^a young clientele

• Strong growth for Love Moschino accessories collection over the last two years: +50%. +25% orders' intake forSpring/Summer 2016 vs. Spring/Summer 2015 collection
• Decline in apparel collection's negatively affected royaltyrevenues of the Group: -20% FY 2015 vs FY 2014

Strategy

Repositioning Love Moschino apparel collection, especiallywith reference to denim and casual wear, through fine-tuningactivities set up by the creative director Jeremy Scott.

Moschino – Key Drivers (1/4)

Strong focus on shoes and bags collections under brands Moschino Couture! and Love Moschino. Moschino accessories sales now account for 44% of total Moschino brandrevenues (vs 40% in FY 2014)

Distribution

Greater China

• o Develop distribution in Mainland China, Macau and Hong Kong: despite the market instability of the region, Moschino is growing at ^a healthy pace
• Mainland China: increasing penetration through new franchised stores' openings exploiting the extremely positive momentum Moschino brand isenjoying in the region. In detail:
  • -⁸ new stores openings in ²⁰¹⁵

Total number of existing monobrand stores in the region: ⁴¹

Macau: ² new stores openings in ²⁰¹⁵ located in very prestigious department stores and malls.

Total number of existing monobrand stores: 5

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

Total number of existing monobrand stores: 6

Hong Kong – Lee Garden

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. Opened 3new stores in duty free in 2015, one of which inside Seoul Airport, and one has been openedin January 2016

^a new shop opening in ²⁰¹⁶ in Seoul

Seoul– Galleria

Seoul– Lotte Worldtower

Russia

In 2016 refurbishment, based on Jeremy Scott's new concept, of the prestigious mono-brand store at Gum Department store in Moscow. The new concept will be more consistent with the designer's collections and it will be more attractive to shoppers.

Moschino – Key Drivers (3/4)

License agreements

Overall strengthening of Moschino license agreements.

Fragrances

• o Focus on growth for fragrances through the following actions:
• launches of new fragrances
• enhancement of the distribution of all existing fragrances, with ^a particular focus on the new fragrance "Fresh", successfullylaunched in November 2015. In November 2014 the fragrance"Toy" was launched with ^a very distinctive packaging, awardedas best luxury fragrance at Cosmopolitan (Finland) BeautyAwards 2016

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

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)

Moschino – Monobrand Stores Network

Web Communication

Celebrities

Miley Cyrus, Jeremy Scott, Rihanna

Yang Mi

Diplo, Madonna

Miliyah Kato

• •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
• • Performance
• oStrong topline growth momentum: +14.3% FY ²⁰¹⁵ vs FY ²⁰¹⁴
• o Spring/Summer ²⁰¹⁶ orders' intake: +16.9% vs. Spring/Summer 2015
• • Mono brand stores network
• o⁸ DOS (directly operated stores)
• o³¹ 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

Sara Jessica Parker

Diane Kruger

Elisa Sednaoui Carmen Kass

• •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 FY ²⁰¹⁵ Sales vs. FY 2014: -26.0%. FY ²⁰¹⁵ did not enjoy the positive effect of the Philosophy brand'srelaunch yet
• o Strong Spring/Summer ²⁰¹⁶ orders' intake: +34.6%vs. Spring/Summer 2015 reflecting the warmwelcome given to Lorenzo Serafini for his secondPhilosophy collection
• • Strategy
• o The first step is to foster penetration of corner market share in wholesale channel, then develop the retail one

Julia Sara Jamois

Chiara Ferragni

Celebrities

Lydia Hearst

Alexa Chung

Poppy Delevigne

Alessandra Ambrosio

(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
• o Pollini brand: -11.6% FY ²⁰¹⁵ sales vs FY ²⁰¹⁴ mainly due to the weakness in Russia for the toughlocal environment
• • Mono Brand stores network
• o²² DOS (including ¹⁷ outlets)
• o¹⁰ 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 "Logo" handbags collection will be manufactured using innovative materials and new styles, includingtravel lines
• 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 with great attention to colours and materials
• oVery selective top clientele
• • Performance
• o Spring/Summer 2016 orders' intake: +4% vs. Spring/Summer 2015
• • 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 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.