Folli Follie S.A.

Annual / Quarterly Financial Statement • Sep 24, 2015

Societe Anonyme Register No. 18989/06/B/89/17 23rd Km Athens - Lamia 145 65 Ag.Stefanos Financial Data and Information for the period 1 JANUARY 2008 - 31 DECEMBER 2008

The following data and information that result fromFinancial statements aim to provide a general briefing for the financial position and the results of operations of "FOLLI - FOLLIE" S.A.and the Group. Therefore, it is recommended, to any reader, before with the Company , to visit the Company's web site, where are posted the Financial Statements as well as the relevant Certified Auditors Report .

Supervisory Authority: Internet address: Certified Auditor Accountant: Auditing Company: Type of Auditors' Report: Approval Date of the Financial Statem.	MINISTRY OF DEVELOPMENT/General Secretariat of Commerce, www.follifollie.com Varthalitis Georgios BAKER TILLY HELLAS SA Unqualified opinion 27 March 2009				Board of Directors: Chairman , Executive Member Vice Chairman ,Executive Member Executive Member Non Executive Member Independent Non Executive Member	Dimitrios Koutsolioutos - Georgios Koutsolioutsos Aikaterini Koutsolioutsou Zaharias Mantzavinos - Law Chiu Chuen Elias Kouloukountis - Haralambos Papadopoulos
BALANCE SHEET ( Amounts reported in Thousand Euros )
	THE GROUP		THE COMPANY		CASH FLOW STATEMENT-indirect method ( Amounts reported in Thousand Euros )		THE GROUP	THE COMPANY
ASSETS Tangible Assets	31/12/2008 221.031	31/12/2007 194.973	31/12/2008 23.782	31/12/2007 22.962	Cash Flows related to Operating Activities Net Profit before taxes	1/1-31/12/2008 129.619	1/1-31/12/2007 125.664	1/1-31/12/2008 7.290	1/1-31/12/2007 10.704
Investments in PPE	75.621	82.922	12.013	9.500	Adjustments in respect of non-cash transactions:		0 0	0	0
Intangible Assets	362.827	365.784	631	727	Depreciation and Amortisation	19.074	13.980	1.209	1.090
Other non-current assets	21.147	16.303	420.124	388.049	Devaluation of tangible and intagible assets		0 0	0	0
Inventories	245.761	209.190	15.382	15.573	Provisions	2.884	1.381	2.655	114
Trade Receivables	286.358	195.126	14.489	16.360	Exchange differences	4.062	-7.309	0	0
Other current assets	125.266	144.233	7.234	19.533	Cash flows frominvesting activities	-4.872	-10.495	-23.211	-23.524
Non Current assets clasified as available for sale	7.024	0	0	0	Debit interest and similar expenses	46.664	28.499	23.103	17.653
TOTAL ASSETS	1.345.035	1.208.531	493.655	472.704	Adjustments related to working capital or other operating activities		0 0	0	0
					Decrease/(increase) of Inventories	-31.625	-19.705	-120	-1.990
EQUITY & LIABILITIES					Decrease/(increase) of Receivables	-87.385	-18.106	2.419	-1.640
Share capital	9.884	9.884	9.884	9.884	Increase/(decrease) of payable accounts (except Banks)	33.957	13.691	4.065	-576
Other capital and reserves attributable to equity holders of the Company	250.916	193.146	105.580	109.168	Minus		0 0	0	0
Total capital and reserves attributable to equity holders of the Company (a)	260.800	203.030	115.464	119.052	Interest paid and similar expenses	-45.443	-23.561	-22.811	-12.990
Minority interest (b)	115.422	132.793	0	0	Income Tax paid	-34.102	-33.474	-1.727	-557
Total Equity (c) = (a)+(b)	376.222	335.823	115.464	119.052	Net cash inflows/(outflows) from Operating Activities (a)	32.833	70.565	-7.128	-11.716
Long-termborrowings	613.875	547.902	334.500	334.500	Cash Flows related to Investing Activities		0	0	0
Provisions for other long termliabilities	37.616	40.593	2.741	2.281	Purchases of subsidiaries, associates and other investments	-43.776	-180.737	-34.307	0
Short-termBorrowings	116.404	122.027	26.906	8.116	Purchases of tangible and intangible assets	-47.893	-25.138	-2.148	-1.112
Other current liabilities	193.618	162.186	14.044	8.755	Proceeds fromsale of tangible and intangible assets	9.550	2.756	238	2
Liabilities related to non current assets clasified as available for sale	7.300	0	0	0	Proceeds fromsale of financial assets	3.497	4.368	3.696	5.180
Total Liabilities (d)	968.813	872.708	378.191	353.652	Dividends received	199	812	18.220	18.176
TOTAL EQUITY AND LIABILITIES (c)+(d)	1.345.035	1.208.531	493.655	472.704	Interest received	1.530	4.337	137	453

Long-termborrowings	613.875	547.902	334.500	334.500	Cash Flows related to Investing Activities		0	0	0
Provisions for other long termliabilities	37.616	40.593	2.741	2.281	Purchases of subsidiaries, associates and other investments	-43.776	-180.737	-34.307	0
Short-termBorrowings	116.404	122.027	26.906	8.116	Purchases of tangible and intangible assets	-47.893	-25.138	-2.148	-1.112
Other current liabilities	193.618	162.186	14.044	8.755	Proceeds fromsale of tangible and intangible assets	9.550	2.756	238	2
Liabilities related to non current assets clasified as available for sale	7.300	0	0	0	Proceeds fromsale of financial assets	3.497	4.368	3.696	5.180
Total Liabilities (d)	968.813	872.708	378.191	353.652	Dividends received	199	812	18.220	18.176
TOTAL EQUITY AND LIABILITIES (c)+(d)	1.345.035	1.208.531	493.655	472.704	Interest received	1.530	4.337	137	453
					Decrease/(increase) of other long-termreceivables	-1.850	-6.552	-33	-1
DATA FROM INCOME STATEMENT FOR THE PERIOD ( Amounts reported					Net cash inflows/(outflows) from Investing Activities (b)	-78.743	-200.154	-14.197	22.698
					Cash Flows related to Financing Activities		0	0	0
	THE GROUP		THE COMPANY		Own Stock	-5.660	-6.560	-2.834	0
	1/1-31/12/2008	1/1-31/12/2007 1/1-31/12/2008		1/1-31/12/2007	Proceeds fromLoans	58.213	141.262	18.361	0
Sales Revenue	937.261	706.157	38.205	33.978	Repayment of Loans	0	0	0	-12.710
Gross profit	474.391	376.235	24.083	23.072	Payments for leases	-1.563	-125	-32	-31
Earnings (profit) before taxes, financing and investing results (EBIT)	171.954	143.928	9.400	4.835	Dividends paid	-23.525	-22.791	-4.630	-6.201
Profit/Loss before taxes (EBT)	129.619	125.664	7.290	10.704	Net cash inflows/(outflows) from Financing Activities (c)	27.465	111.786	10.865	-18.942
Profit/Loss for the period (after taxes)	99.250	89.683	6.599	8.525	Net increase/(decrease) in cash and cash equivalents (a)+(b)+( c )	-18.445	-17.803	-10.460	-7.960

		.
Cash and cash equivalents at the end of the period.

THE GROUP	THE COMPANY			CASH FLOW STATEMENT-indirect method ( Amounts reported in Thousand Euros )		THE GROUP	THE COMPANY
				Decrease/(increase) of Inventories	-31.625	-19.705	-120	-1.990
				Decrease/(increase) of other long-termreceivables	-1.850	-6.552	-33	-1
				Cash Flows related to Financing Activities		0	0	0
THE GROUP		THE COMPANY		Own Stock	-5.660	-6.560	-2.834	0
1/1-31/12/2008	1/1-31/12/2007 1/1-31/12/2008		1/1-31/12/2007	Proceeds fromLoans	58.213	141.262	18.361	0

GROUP COMPANY

	THE GROUP			THE COMPANY	Own Stock	-5.660	-6.560	-2.834	0
	1/1-31/12/2008		1/1-31/12/2007 1/1-31/12/2008	1/1-31/12/2007	Proceeds fromLoans	58.213	141.262	18.361	0
Sales Revenue	937.261	706.157	38.205	33.978	Repayment of Loans	0	0	0	-12.710
Gross profit	474.391	376.235	24.083	23.072	Payments for leases	-1.563	-125	-32	-31
Earnings (profit) before taxes, financing and investing results (EBIT)	171.954	143.928	9.400	4.835	Dividends paid	-23.525	-22.791	-4.630	-6.201
Profit/Loss before taxes (EBT)	129.619	125.664	7.290	10.704	Net cash inflows/(outflows) from Financing Activities (c)	27.465	111.786	10.865	-18.942
Profit/Loss for the period (after taxes)	99.250	89.683	6.599	8.525	Net increase/(decrease) in cash and cash equivalents (a)+(b)+( c )	-18.445	-17.803	-10.460	-7.960
Attributable to:					Cash and cash equivalents at the beginning of the period	91.509	109.311	14.443	22.403
Equity holders of the Company	76.954	72.765			Cash and cash equivalents at the end of the period	73.064	91.508	3.983	14.443
Minority interest	22.296	16.918
Earnings (after taxes) per share - basic (expressed in €)	2,3527	2,2090	0,2017	0,2588
Proposed Dividend per share - (in €)			0,10	0,10
Earnings (profit) before taxes, financing and investing
results and depreciation - amortisation (EBITDA)	191.028	157.908	10.610	5.925

THE GROUP		THE COMPANY		B) Expensess	340	2.817
	1/1-31/12/2008 1/1-31/12/2007 1/1-31/12/2008		1/1-31/12/2007	C) Receivables	2	4.845

DATA FROM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (					A) Income	2	17.086
	THE GROUP		THE COMPANY		B) Expensess	340	2.817
		1/1-31/12/2008 1/1-31/12/2007 1/1-31/12/2008		1/1-31/12/2007	C) Receivables	2	4.845
Net equity of period Open.Balance (1/1/2008 and 1/1/2007 respectively)	335.823	269.637	119.052	114.605	D) Payables	90	2.832
Profit for the period, after taxes	99.250	89.683	6.599	8.525	E) Directors' and members' of the Board of the Directors transactions and fees	6.486	579
Dividends	-23.779	-3.954	-3.295	-3.954	F) Receivables from the Directors' and themembers' of the Board of the Directors	35	-
Net income recognised directly in Equity	-3.473	17.815	-4.058	-124	G) Payables to the Directors' and themembers' of the Board of the Directors	131	70
Change in Goodwill accounting policy according to revised IAS 27	-24.249	-18.028
Minority interest (due to new subsidiaries/increase of participation)	-13.974	13.611	0	0
Own Stock	-5.660	-6.560	-2.834	0
Adjustment in foreign currency translation differences	12.284	-26.381	0	0
Net equity of period Closing Balance	376.222	335.823	115.464	119.052

FOLLI - FOLLIE S.A.

Additional notes and information:

1. a. The name and the registed office of each company that included in the consolidated Financial Statements for the period 01.01.2008 - 31.12.2008, along with the respective participation percentage of the Company, direct or indirect, in each of their share capital and b.the consolidation method, which was applied, for each company included in the consolidated Financial Statements for the period 01.01.2008 - 30.12.2008, are mentioned in note 1.2 of the Financial Statements. 2. Τhe un-audited tax fiscal years of the parent Company and its subsidiaries are mentioned in note 1.2 of the Financial Statements. 3. The personnel employed in the Group, as at 31.12.2008, amounted to 5,913 persons and in the Company amounted to 285 persons. The respective period of 2007 the personnel employed amounted 5,310 persons in the Group and 285 in the Company. 4. The mother company acquired on 25.01.2008 the remaining share capital (60%) of Folli Follie Japan. The effect of the total (100%) consolidation of the above company in sales, profit after taxes and total equity, is less than 25% 5. The Financial statements include in total the following provisions a) for the Group: €2,150 thousand for contested disputes, €1,663 thousand for un-audited tax fiscal years and €14,692 thousand for other provisions b) for the Company: € 60 thousand for un-audited tax fiscal years and € 2,655 thousand for other provisions. 6. In the consolidated Financial Statements for the period 01.01.2008 - 31.12.2008 the following companies are included for the first time a) North Landmark S.A., incorporated on February of 2008 and β) ICS Elmec Sport SRL, incorporated on September of 2008. 7. The total number of Own shares owned by the Company is 238.810 shares of € 2,943 thousand.

8. The Group finalised the temporary goodwill which had been accounted duting the acquisition of ELMEC SPORT S.Α. the previous fiscal year (on 05.10.2007), according to IFRS 3 and optionally applied the accounting policy according to revised IΑS 27, according the goodwill from the acquisition of the minority interest in subsidiaries. These changes resulted in a decrease of €16,182 thousand on the consolidated equity of the Shareholders of the Company and an increase of €103 thousand on the consolidated EAT of the Shareholders' of the Company, comparind to respective fiscal year of 2007. 9. A preliminary share transer agreement was signed by a subsidiary of the Group for the acquisition of the entirety of the shares of the companies of the group Lapin House. On 30.10.2008, it was agreed a six-month extention of the time schedule set forth in the abovementioned preliminary agreement. 10. The amounts of income/expenses posted directly in net equity were for a. the Company,€4.058 thousand are resulting from evaluations of financial instruments (hedging) ,concerning loss from valuation of investments classified as available for sale at fair value and b.the Group, €3,473 thousand concerning expenses of €110 thousand from share increase,€240 thousand concerning loss from valuation of investments classified as available for sale at fair value, €935 thousand concerning income from deferrent taxation, €4.058 thousand concerning evaluations of financial instruments . 11. Every transaction in total (inflows& outflows) from the beginning of the fiscal year of 2008, along with the balance of the receivable and the liabilitiesof the Company and the Group ,at the end of the current fiscal year, that came from transactions with related parties, according to IΑS 24 is presented as follows: