ST Dupont — Earnings Release 2010

Apr 23, 2010

23 April 2010

Strong increase in sales in controlled distribution Turnaround in sales to Agents and Distributors Strong increase in sales for Lighters and Writing Instruments

Sales as at March, 31, 2010 are as follows

4th quarter and year to date 2009-2010 (per geographical area)

Euros millions	Quarter 4	Variation		12 months	Variation
	31/03/2010	Gross	Organic	31/03/2010	Gross	Organic
France	2,2	27,8%	27,8%	9,9	20,3%	20,3%
Europe controlled distribution
(ex France)	1,4	10,7%	10,5%	8,5	10,5%	10,4%
Asia controlled distribution	5,9	0,3%	5,8%	22,7	1,6%	4,4%
Total controlled distribution	9,4	7,0%	6,2%	41,1	10,0%	9,3%
Agents	3,6	17,6%	18,1%	13,7	-28,8%	-28,8%
Total Products	13,1	9,8%	9,3%	54,8	-2,4%	-3,0%

(unaudited)

For the 4th quarter, sales are strongly increasing, especially within the controlled network:

• France improves its sales growth (+27.8%);
• As regards Western Europe, increase in sales remains material (+10.5% for the quarter). This increase concerns all the markets except Spain that is still decreasing due to the specific economical situation of the country ;
• In Asia, Hong-Kong/China is increasing while Japan is flat ;
• As for Agents and Distributors, although Russia didn't start reordering, other markets (Middle East and Eastern Europe) did well for the quarter.

On a cumulative basis, the overall increase in controlled distribution didn't compensate the drop in sales to agents and distributors despite the turnaround during the 4th quarter.

Exchange rate impact accounted for +0.5% both for the quarter and the year to date.

Par sector of business, sales are the following:

Euros millions	Quarter 4	Variation		12 months	Variation
	31/03/2010	Gross	Organic	31/03/2010	Gross	Organic
Lighters and writing instruments	6,4	19,3%	18,4%	28,8	6,7%	5,8%
Leather goods, access. & RTW	6,7	2,0%	2,0%	26,1	-10,9%	-11,1%
Total Sales products	13,1	9,8%	9,3%	54,8	-2,4%	-3,0%

(unaudited)

All sector of business are increasing for the 4th quarter. This is especially true for Lighters and Writing instruments, thanks to the impact of new products launches in 2009-2010 (Défi pen and Jet lighters). Limited editions (Shanghai & Neptune) did also well and are all sold out.

As regards leather goods, accessories and RTW, if sales are slightly increasing in Q4, we must point out the turnaround when comparing with sales variance on a cumulative basis.

• Contact Analyst: Michel Suhard 01 53 91 33 11

• Contact Press: Euro RSCG Thierry Micheels 01 58 47 94 98 thierry.micheels@eurorscg.fr