Asmodee Presentation

November 17, 2014 - Molitor

INVESTOR DAY Drivers of Growth Acceleration

1 Agenda

8:30–8:40 Introduction

8:40–9:40 Foncia Presentation

9:40–10:40 Asmodee Presentation

10:40–11:00 Break

11:00–12:00 Desigual Presentation

Round table discussion with 12:00–13:00 Vignal Lighting Group, IES Synergy & Cap Vert Finance

Conclusion

2 Investor Day, November 17, 2014 November 17, 2014

The Path to Growth Speakers

François DAVY CEO . Previously member of the Executive Board of Adecco Group Worldwide . Prior to Adecco, various top management positions at La Poste, Motorola and Cadbury Schweppes . President of Employment Committee at Medef (French Association of Employers)

Nicolas CHANDOU CFO

. Previously with Lehman Brothers, Bank of America and Hawkpoint Partners . Extensive experience in Investment Banking (M&A, DCM and ECM)

4 What are FONCIA businesses?

Shared areas • FONCIA manages building areas jointly-owned (Roof, Façade, by apartment owners (financial and technical Lift, Parking, standpoints) Heating system…)  “Joint-Property Management”

• FONCIA manages landlord’s rented apartments, Rented and, in particular, helps find new tenants apartments  “Lease Management”  “Renting”

All • FONCIA can help owners sell their apartment, and handle the whole sale process apartments  “Brokerage”

FONCIA serves all the needs of apartment owners

5 My ambition for Foncia

• Bring deep changes to our industry in terms of processes, client relationship and innovation

• Focus on growth, transformation and differentiation, with digitalization as a cornerstone of our strategy, for Foncia to become a wholly digital leader by the year 2020

6 88% of FONCIA Group revenues come from recurring and predictable businesses Revenue (€m) Units/year FTE FONCIA key data Total €595m (2013A) Real estate brokerage 12% 9,400 69

Joint property management 31% ~1m 187

Lease management 28% ~260,000 164 ~6,200 ***

Renting 10% 63,000 62 88% recurring Tagerim 2% ~100,000 10*

International 9% Germany, Switzerland and Belgium - 53 ~630

Insurance brokerage, technical ** Related services 8% diagnosis, REIT management, etc. - 50 ~530

(*) Full year impact: €44.5m (**) Including Interco (***) Including HQ 7 1. Path to Grow Strategy Reminder: strategic priorities defined in 2012 5 key dimensions

• Compensation aligned with strategy Human Resources • Improved mobility and training • Dynamic network management

• Improved client satisfaction Clients • Improved commercial organization • Increased commercial focus ORGANIC GROWTH • Paperless workflows IMPACT Operational • Improved IT efficiency Efficiency • Reduced operational costs

• Brokerage: targeted growth Specific • Renting: a growth platform for LM Strategies • Additional services • International subsidiaries

• Identification of “high potential geographies” External growth • Screening process • Business case and return analysis 9 Results and next key projects: build differentiation by leveraging Group size NEXT KEY PROJECTS:

• Lower churn and better talent • More efficient management & Human Resources management in the network organization in Strategic areas

• Improved retention and • Structured Commercial Clients accelerated client acquisition Development + Digital Operational • Enhanced quality at reduced costs • Automatization initiatives Efficiency and on-going digitalization of client accounting on all 5 dimensions

Specific • Growth captured in Sales • Mass procurement services Strategies Brokerage and service subsidiaries for JPM clients

• Perspective: • Opportunities captured along External growth pursue opportunities strict process in fragmented markets

10 Human Resources Achievements

OBJECTIVES ACTIONS RESULTS

 New comp for 600 managers and 1,200 • Alignment of objectives Redefined Compensation sales staff • Profit-sharing spread over twice  New profit-sharing scheme for 2012-14 as many employees as in 2011

 New processes set-up to feed • 9,000 man.days training per year Improved mobility & manage talent pipeline and training  More training for all staff • 76% response rate, 85% satisfied (> benchmark)  Yearly measure of staff satisfaction

 Close management of Strategic areas • 10 to 5 regions Dynamic network with strong growth potential management  Ongoing optimizations in strategic areas • Focus on 23 Strategic areas: (leases, management, specialized teams) efficiency and growth

HR fundamentals improved, with staff turnover down from 21% to 17% in 3 years 11 Clients Achievements

OBJECTIVES ACTIONS RESULTS

 myFoncia Extranet launched mid-2012 • 330K clients connected Improved client  NPS measure by branch, with local satisfaction improvement plans rolled-out over • Early success of NPS pilots 2014-2015 on 10 branches

 Reinforced resources on newly built units Improved commercial • Market share increase on newly built organization  First resources dedicated to client development in LM & JPM • JPM units gained outside newly built

 Sales & Marketing plan rolled-out Increased commercial in the network • Network mobilized around key actions focus  Management of leads through • Leads more systematically tracked new dedicated tool

Annual net organic growth improvement over 24 months: +1.4% in JPM and +0.7% in LM 12 Next key project Clients Structured Commercial Development

Ambition • Leverage Group size by building a BU dedicated to the capture of new LM & JPM clients (“DevCo”) Ambition • Ensure strong coordination with Branch managers, while letting them focus on client retention • Capture opportunities on specific segments

• Reinforce current DevCo staff and improve management • Identify best opportunities to capture leads centrally, especially Key first steps through digital actions • Assess growth opportunities on institutionals & HNWI segments

DevCo DevCo – Central teams – Local team Network staff Role of DevCo vs Network staff Lead generation Lead transformation, Feeding local leads to DevCo and qualification with support from network staff + eventual Client Management

13 Clients Digitalization of Foncia on 3 dimensions

Capture of new leads More efficient client relationship Internal efficiency

Leverage 3 recent acquisitions: Keep investing on myFoncia: Keep digitalizing information • Syndic+ (JPM)  More documents and financial flows (internal and with third-parties) • Efficity (Brokerage)  Easier e-payments  Alerting systems • Primaliance (RE funds) Keep modernizing support functions (e.g. HR systems, Longer term: Optimize costs of online ads expenses, intranet) for brokerage and renting  Improve communication with third-party providers  Build and manage online communities

Improve client communication Modernize internal processes, Provide leads to all businesses and client satisfaction for Foncia, its staff and clients

14 Operational Efficiency Achievements

OBJECTIVES ACTIONS RESULTS

 Client mailings: volumes and costs limited • 2.5M fewer mail items handled by branches Paperless workflows  Progressive digitalization of processes, with planned automatization of accounting • -12% client cheques

 Continuous improvements, Improved IT efficiency with a focus on response times • IT costs -3.5M€ in 2 years  Staff and non-staff costs streamlined

 Branch leases optimized  Purchasing initiatives on 90% Reduced operational costs • Over 10M€/year improvement since 2011 of cost base (50M€)  HQ staff streamlined

Strong contribution to EBITDA growth, while improving service for staff and for clients 15 Specific Strategies Achievements

OBJECTIVES ACTIONS RESULTS  Sales staff recruited in high-potential • +180 net staff since September 2012 Achieve targeted growth wealthy geographies in sales brokerage • Stabilized revenue/FTE in a tough  Focus on Managers: additional FTEs & renting environment and training / coaching / tools provided  Insurance & diagnostics: growth of internal Develop additional penetration % and external development • YoY margin growth >10% services  RE funds: growth planned through Primaliance acquisition

 Belgium: critical size reached through Improve performance of Trevi acquisition • Growth route defined for each country International subsidiaries  Germany: focus on profitability  Switzerland: focus on portfolio stability

Ongoing optimization of contribution of non-RRES activities

16 Specific Next key project Strategies Mass procurement services for JPM clients

Ambition • Build strong differentiation vs smaller competitors by reducing condo charges • Establish direct contacts with large suppliers, to simplify role of local JPM teams Ambition • Local suppliers: reduce costs and improve reliability & information sharing • Improve Foncia Group margins • Define the right way to communicate to JPM clients about our first results (lifts, natural gas) and our ambition Key first steps • Define priorities ie which condo charges should be tackled next (out of €2Bn total) • Finalize analysis of legal constraints and establish required legal entities

3 1 2 5 providers Natural gas: selected after RFP up to 70M€/year bought on behalf of our clients 12% to 20% cost decrease 4 5 vs 2013 for clients

17 Competitive landscape after the acquisitions of Tagerim and Oralia

1 375 Number of dwellings under management (k units)

970 720

489

291

115 114 105 59 28

Foncia + Tilleul Nexity Citya - Urbania Procivis Square Habitat Loiselet Sergic Akerys Billon Dauchez

Further room for consolidation 18 Tagerim successful integration

Acquisition of Tagerim in September 2013 • 8th largest RRES player in France in terms of turnover Overview • c. 500 FTEs • 17 branches in France • Over 100,000 dwellings

Progressive integration within Foncia’s network • As of today, 16 branches out of 17 work with Foncia’s software • 4 branches were not merged within a Foncia branch, as planned Integration within Foncia Key operational results • Best practices shared • Good operational performance since the acquisition • Limited turnover

Strong financial Key financial results • 2013A: €44m of revenues performance • Expected synergies on track

A sound and profitable acquisition 19 2. Financial Update Key Figures 2011A to H1 2014

End-11: Closure of H2-13: Tagerim 40 brokerage branches Acquisition

595 565 595 Revenues (€M) 288 315

2011A 2012A 2013A 2014A

EBITDA Margin 14.6% 15.9% 17.3% Upper-end of the > 120 5–10% growth 103 objective 87 90 59 EBITDA (€M) 44 Half-Year Full-Year

2011A 2012A 2013A 2014A 379 347 432 421 Net Debt (€M) 4.4x 3.8x 3.8x 3.5x Leverage

21 Current performance - Q3 2014 vs Q3 2013

Q3 2013 to Q3 2014 Group revenues (in M€) Q3 2013 to Q3 2014 Group EBITDA (in M€)

52.6 16.4% 18.7% EBITDA Margin Brokerage 50.5

Revenues 384.3 421.8 88.6 (exc. Brokerage) 71.3

Q3 2013 Q3 2014 Q3 2013 Q3 2014 449 422 Net Debt (€M) 4.1x 3.5x Leverage

. Resilient performance in Q3 2014, both in terms of revenues and EBITDA margin, despite unfavorable impact of the ALUR regulation in brokerage and lease management

. The Group managed to further deleverage by c. €30m notwithstanding c. €20m of external growth capex

22 « ALUR(1) Law » Update

• Redefinition of tasks included in perimeter of base fees, possibly with caps on some non-base fees JPM • JPM separate account to be mandatory for buildings >15 units, with an impact on Client Account Income and additional complexity for some tasks (e.g. bank statement matching)

• End of tenant reminder fees (“clause pénale”) Lease Management • GURL(2) (mandatory fee paid by the owners (% of rent) to cover vs unpaid rents): not implemented

• Rent fees paid by future tenant capped since September, including inventory Renting (“Etat des lieux”)

Transaction • New documents to be provided in order to finalize a transaction

(1) ALUR: ‘Accès au Logement et un Urbanisme Rénové’ (2) GURL: ‘Garantie Universelle des Risques Locatifs’ 23 Guidance – revenue and EBITDA growth

• Foncia reaffirms its ambition of 5-10% annual EBITDA growth

• Our ambition aims at achieving 3-5% annual revenue growth

Speakers

Stéphane Carville Valérie Truelle Chief Executive Officer Chief Financial Officer

• Joined Asmodee in 2009 • Joined Asmodee in 2014 • Previous senior positions: 2007-2009 CFO of LexisNexis • Previously Director at PricewaterhouseCoopers, 2003-2007 Business Development and CFO Europe of Celerant in charge of Eurazeo financial DD for Asmodee acquisition 2000-2003 Business Development and CFO of e-brands (Vivendi Universal Net) • Education: ESCP Europe • Education: Paris Dauphine University

Estelle Vareilles Jean-Christophe Giraud Game Development Director International Director

• Joined Asmodee in 2008 • Joined Asmodee in 2010 as project manager • Previous senior positions: • Previous senior positions: 2005-2010 Commercial manager of Upper Deck Int. 2005-2008 Marketing and brand manager at Famosa France 2004-2005 Key account manager for Grosvenor of London (Hasbro) 2001-2005 Marketing and public relations manager at Mindscape 1996-2004 Key account manager at Wizard of the Coast • Education: EDHEC Business School • Education: French School of Press (Paris, France)

Asmodee Group - Facts & Figures (as of Sept-14)

~€200m 25% Revenue annual growth (LTM Sept 2014) rate over the past 5 years* Up from €125m 9m ago 300+ 350 Novelties Employees per year in the group

Up from 200 9m ago Up from 180 9m ago 10m 44 Games sold in Countries where the world in 2013 our products are distributed Up from 7m 9m ago 3,000+ 9 Game events Subsidiaries organized each year worldwide Up from 1,500 9m ago (*) At Asmodee level only, excluding 2014 acquisitions A leading publisher and distributor of games

Authors

Publisher Other Established in 1995, Asmodee is now Publishers a leading European board games and trading cards publisher and distributor

• A success built on very strong relationships with authors, game studios & publishers Distributor Other and recognized expertise in publishing Distributors and distributing the right games at the right place and with the right timing

Retailers Specialized independent stores Specialized retailer chains Mass-market (food retailers) Kiosks, Web …

30 Competition and market structure

Generalist players Brand strategy with focus on limited number with worldwide reach of blockbuster

Specialist players Single product strategy but innovation and with worldwide reach dynamism

Room for an innovating game specialist with worldwide reach

Small / very small players with regional reach

31 An uninterrupted growth story

A track-record of sustainable growth and market share gain • Sales multiplied by 18 times over the last 10 years i.e. +34% CAGR • Market share >x2 in Board & Card games in France and entry in action games • Entry in new geographies through spot-on acquisitions (Belgium, Germany and Spain in 2008, the UK in 2010) or through new subsidiaries (US in 2009 and China in 2012) 140

111 And still growing… Net Sales evolution (in €m) 98 88

FY95 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Inception Commercial development First step abroad in France and enlargement of channels

Source: Accounts in French GAAP & Fiscal years ending March 31st 32 Key pillars of Asmodee’s strategy

Innovate, animate and Increase Intellectual Build a global Explore digital keep focus on products Property (IP) content footprint opportunities

• Keep launching exciting • Pursue development of current • Accelerate US development • Collect appropriate new games, leveraging published bestsellers and to become one of the key competencies to build on our origination expertise push selected ones abroad player on the largest Games a state-of-the-art digital market universe, offering a true • Leverage on Asmodee’s • Widen Asmodee’s complementary experience “on-the-ground” marketing publishing studios universe • Refine European presence to physical games culture, in France and abroad either organically or through through additional distribution • Identify future bestsellers selected build-up subsidiaries and accompany appropriate • Leverage on “Asmodee games in mass market International” to address • Keep gamers at the heart growing markets and of our product strategy, identify future opportunities and offer them always wider opportunities to play

Transform the Group into a worldwide leader in the Cards & Games business within the next 5 years

A best-in-class origination management as a key factor of success 1 Several distinct dedicated origination teams

4 2

Privileged Identification of new relationships with games & animation game creators of the network

An efficient selection process

35 An origination team fully dedicated to identify new games and keep in relation with authors

Main events dedicated to the animation of networks

– In order to guarantee a maximum coverage of emerging ideas and game concepts worldwide, Asmodee maintains a high level of animation of its networks through: • 2 or 3 yearly visits to authors (approximately a network of 50 active authors) • sustained interaction between the project manager and the author or the publisher • presence at the main international fairs, gathering of the actors on the game market • presence of each national subsidiary in its country’s annual fair

– Confidential events, dedicated to core gamers and organized by renowned game authors can attract a wide audience of authors, for example: • Gathering of Friends (Niagara Falls, USA) • Festival Ludique (Parthenay, France) • Les Rencontres Ludopathiques (France)

36 A bespoke origination process from origination to selection of new games

Selection process overview (from 1 to 2 months)

1 2 3 4 5

Evaluation of concepts Intensive internal Evaluation vs. Design Contract negotiation & rules of the game play testing: “Wish publishing criteria recommendation with author to replay is mandatory”

• Gamers’ targeting (core, • Theme family, etc.) • Format (large, pocket, • Originality vs. competitive travel, etc.) offer already known • Cost / price positioning • Fitting within existing ranges • Rules optimization for • Capability to sell & to market best gaming experience (short survey analysis towards (arbitration between simplicity independent distributors) & gaming interest) • Launch of first prototype

Main key of success is in play testing again and again

37 Asmodee’s sales & marketing model – the French example

Independent Specialists Mass Market

Depending on market appetite & games’ A unique universe, selected penetration strategy ~400 stores ~500 stores ~1,200 stores products are pushed up to mass market

Different products A unique approach for each channels with of the product differentiated market timing

A unique marketing & communication model

Café tour Extended market animations Public animations for core players Trade-marketing

38 Asmodee’s publishing universe

Volume / mass market Price per unit

Action Party Family Board Hobby Hard Core

La Guerre Dobble Hotel des Œufs

Splendor Black Fleet

Witness Industry Amyitis

Arkham Star Wars Horror

Ticket to Ride Five Tribes

Les Dames Deus de Troyes

Our key achievements to date

More and more Turning into a true First steps into A new organization publishing studios international company the digital world to support this under Asmodee’s transformation • 2 major acquisitions in the • Tremendous experience umbrella United States (DOW & FFG), of DOW development team, • A business organization • 2 new studios created bringing extremely strong with their successful Apps of matching Asmodee’s mid-term internally, still small but entry points and high Ticket to Ride or Small World, target build around three pillars: promising, with already a few recognition in the market will serve as basis for building up a Digital department - Publishing, with each studio games launched • Opening of a new country staying independent and • Ongoing reinforcement of • 2 highly reputed studios (Italy) with our local partner focused on its own DNA joining the Group, DOW Asterion formally joining the team with complementary and FFG, with highly creative Asmodee skills to offer the players - Distribution, organized by teams focused on delivering a whole new gaming country, with expertise on • Promising performance high-quality games experience, through both marketing and animation of our export business physical and digital universes (see next slide) • Repeated success lies in the - Digital, with target to create full independency granted a true physical-digital to these studios, to keep journey for the players innovating

41 Growing abroad with Asmodee International

Expansion through active export Opportunities

• Creation of Asmodee International in 2010: selling our best seller • We help our local partner to grow following product and our partners portfolio where we have no local offices. the Asmodee Model: • Grow step by Step from independent / core shops to Toys Specialist • A network of 60 distributors covering 44 countries on both • Field marketing and promotion. core/party games and Mass Market family and action games. • When a country is strategic, the local partner in line with • Revenue x18,5 in 4 years. our strategy and offer a good potential of value creation, • Our best sellers: Dobble, Dixit, Jungle Speed. it becomes a build-up opportunity: • 2008: BNL • Our top countries: Russia, Poland, Italy, Canada, Czech Republic. • 2009: Spain / Germany • 2010: UK

• 3-year-long partnership with small local distributor Asterion • Very convincing model & team, with strong proximity The successful example with Asmodee’s business culture, e.g. proximity with gamers of Asterion in Italy: and retailers and strong animation culture in a slow-moving market • Mutual interest for a team-up expressed and discussed early 2014. Final hand-shake in November 2014 • Very strong commitment and motivation from Asterion’s founders to further develop the group in Italy • Attractive prospects for Asmodee with such entry into the 4th market in Europe 42 Days of Wonder acquisition (July 2014)

Best-in-class board game publisher Ticket to Ride Ticket to Ride Online 451k units via: iOS, Android, Steam • Highly recognized US publisher of board games, (2013) distributed all over the world • Main asset representing 2/3 of total sales: Ticket to Ride, consistently ranked #1 Board game in the United States over the last few years • With over 400k paying downloads of Ticket to Ride Online, and an in-house dedicated developers team, Days of Wonder (DOW) is one of the most up-to-date board game publisher in the digital area

Small World Mémoir’ 44 Five Tribes 140k units (2013) 35k units (2013) New release Contributing to Asmodee’s transformation (2014) • Thanks to DOW, Asmodee is enlarging its publishing catalogue, while benefiting from its strong footprint Topline performance in the US over the last 3 years* CAGR : +18,3% • DOW digital team will also be used as a cornerstone USD in m$ to build Asmodee’s own digital strategy

Days of Wonder will keep both its independence and DNA, among Asmodee’s own publishing studios, to keep inventing great games

43 Fantasy Flight Games acquisition (November 2014)

Worldwide recognition in the hobby market

• US publisher specialized in hobby games, with complex gameplay, numerous miniatures and long-lasting game • High recognition from core gamers, both in the US (its domestic market) and worldwide • Strong know-how in licensing (half of sales) with top brands like Star Wars, Game of Thrones or Lord of the Ring. Star Wars But also solid proprietary intellectual property with in-house 1,390k units (2013) universes like Arkham or Android

Contributing to Asmodee’s transformation Arkham Android Game of 496k units Thrones Horror • Asmodee is enlarging its publishing portfolio, 421k units 338k units (2013) (2013) (2013) with increasing credibility in the hobby segment, both in Europe and in the US Topline performance • In Europe, FFG’s products could certainly be supported strongly by Asmodee current distribution teams over the last 3 years* CAGR : +34,9% • FFG’s acquisition will also enable the group to leverage on USD in m$ FFG’s strong relationships with top international brands

FFG will keep both its independence and DNA, among Asmodee’s own publishing studios, to keep inventing great games

44 Towards a New Organisation

Publishing Digital Distribution

France Asmodee Strong independence Asmodee Digital kept at studio level Board Games Development United Kingdom Space Cowboy Each studio has its United States own DNA Ystari Asmodee Digital Benelux Distribution

New studios either FFG Germany created or acquired to join Publishing Spain branch Days of Wonder Italy

Pearl Games Export

China

Build Up/Creation of Studios Build Up/Creation of new distribution subsidiaries

Product Development/Management Transversal Support Production Finance 45 Asmodee standalone performance

Topline (in m€) Strong standalone performance +26,3% • A very strong organic performance supported by all product lines and geographies including in particular: - Games - Pokémon - Kanaï Kids

• France, United Kingdom, Benelux and United States strongest contributors to the Group’s growth

Changes in FY and accounting references

• Fiscal year end changed from March to December in 2014 (in m€) +24,1% EBITDA x% = margin • Reference accounts changed from French GAAP to IFRS with a few impacts (highlighted on the graph) on both sales and EBITDA: - Intra EBITDA adjustments: Advertising allowance (variable portion deducted from net sales) - Reclassifications above EBITDA: early payment discount 11% (2m€), movements in inventory and bad debt provisions 11%

46 Pro-forma impact of DOW & FFG acquisitions

Topline (in m€) Appealing profiles of acquired publishers

• Additional external sales contribution for Asmodee group: 11m€ for DOW and 31m€ for FFG

• Average EBITDA margin for DOW and FFG at 25% (ie 14ppt above Asmodee standalone)

Accelerated transformation of Asmodee’s financial profile

• Asmodee size exceeding 200m€ sales EBITDA (in m€) • Beside Asmodee’s standalone performance, EBITDA nearly 12,2 x% = margin doubled through DOW and FFG integration at 29,2 million€ (+72%).

3,3 29,2 • Group margins improved by 390 bp at 14,6%

17,0 15% 13,7 • Improved cash generation with favorable Working Capital 11% for publishing compared to distribution 11% 2013A organic LTM FFG & DoW LTM growth Sep14A contribution Sep14PF

47 Reminder: our initial long-term targets

Geographies Products Activities (Games only)

Spain Export Others Germany Publishing USA Games Benelux France

Trading cards & collectibles UK Distribution Long-term targets: International > 66% Trading cards < 33% Publishing > 60%

Growing international Seize M&A opportunities Reinforcing publishing • Considerable potential • Numerous opportunities identified • Increase Intellectual Property (IP) of US market (mid-term); worldwide content of the Group and turn all major subsidiaries into publishers beside • Opportunities in Eastern Europe, • M&A to potentially support all their distribution expertise Latam and Asia to be further assessed; other development strategies Exploring new distribution channels • Chinese market to Turning digital be explored (longer term) • New channels to be explored through • Digital game market only starting partnerships, new networks, education etc. and still to be structured. Mid to long term opportunity for Asmodee 48 Less than 1 year later…

Geographies Products Activities (Games only)

Export Others Spain Publishing Germany France Games

USA Trading cards & collectibles Benelux Distribution UK Long-term targets: International: 52% 57% Trading cards < 33% Publishing > 60% • Asmodee progressing rapidly • Combination of organic growth and • Driving towards more Intellectual towards target (+5ppt out of 14ppt build-up implied a different profile Property where overall value in less than one year) with much less dependency is much higher with high margins, • With nearly 20% of PF Group sales to one single game/product strong cash-flow generation (vs 5% before), the United States and long-term visibility will soon become the #2 country • Even stronger share of publishing of the group at EBITDA level • Further attractive growth prospects in the US, given the relative size of the market • All international activities supporting current & future growth 49 Investor’s day Eurazeo Paris 17.11.14 M. Jadraque, CEO Desigual Contents

1. Our history & brand DNA 2. The power of the brand 3. Business 4. People

Desigual history “… unique & original clothes for a reasonable price”

Vision La vida es chula

Inspire and create positive emotions through unique garments

Share happiness, passion and a non-conventional spirit Desigual values

Innovation Respect Positivism Commitment Constant improvement Fun & Profit

Love brands

Desigual status at May ‘14 Brand Health

Spain Italy France Austria Belgium Germany

Top Of Mind 4% 4% 6% 1% 4% 0%

Awareness 95% 87% 84% 70% 77% 49%

Favorite brand 15% 15% 17% 2% 13% 1%

Core target women aged 30-45 The brand is build up by…

Friends & Family in stores Direct powerful communications & events The Color Run Barcelona Direct powerful communications & events Seminaked Party Direct powerful communications & events Festive catwalks

New York Fashion Week Festive catwalks

Madrid Fashion Week Festive catwalks

080 Barcelona TV spot 2014 approche, tu as un plan? #jaiunplan

Direct powerful communications & events Social Media

3.3 Million

150.000

16 Million

+30 social networks Profiles in 9 languages! New logistics center ‘15

30Mio garments moved in ’14 5.000 customers 5.000 B2C orders Desigual growth strategy Multi-channel, multi-category and multi-geography

Categories 8 17 Channels Women The largest being: Men Retail Kids Wholesale core Accessories Department Stores Shoes Franchise Sportswear E-commerce Living Specialized Beauty wholesale 109 Geographies Product 60% New galactic

Lacroix Innovation Low gas Man 9%

Kids 7% Accessories 19%

Living 1% Shoes 3% Beauty <1%

Sport <1%

Desigual growth strategy Multi-channel, multi-category and multi-geography

Aeroville, Paris Maquinista, Barcelona

Outlet

Metzingen, Germany Franchise

Saudi Arabia Dshop

Logroño, Spain Hotels & Resorts

Dominican Republic Lacroix corner DS

ECI Valencia, Spain Web visits

900K visits/week

Total visits YTD = 33M (in 35 weeks) Estimated visits FY 2014 = 50M Desigual growth strategy Multi-channel, multi-category and multi-geography

109 countries | Retail: 19 countries | Franchise: 30 countries 17.685 Points of sale in Europe

CAGR: +29% Turnover 828 +19% 741 700 621 566

CAGR: +52% 440

304

162 85 49 8 12 19 30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 M09 M09 Sales 8 12 19 30 49 85 162 304 440 566 700 829 Growth 47% 56% 60% 63% 76% 89% 87% 45% 25% 24% 18% YTD YTD 2013 2014 Net sales by country

2012 FY 2013 FY M09 YTD 2014

33% 25% 32% 22% 29% 22% 19% 13% 18% 12% 19% 12% 12% 15% 18%

Spain France Italy Germany RoW Net sales by channel

2012 FY 2013 FY M09 YTD 2014 8% 1% 2% 3% 10% 11% 12% 11% 9% 54% 21% 58% 20% 57% 23%

Big BigRetailBig Retail BigRetailBigBig Retail BigWholesale RetailBig Wholesale BigWholesaleBig Wholesale WholesaleD StoreD StoreD StoreBigD StoreD BigDigital StoreBig Digital BigDigitalBigNew Digital DigitalNew CategoriesNew CategoriesNew CategoriesNew Categories Categories

M09 YTD 2014 40% Direct Sales 60% Indirects Sales

115 Net profit In Mio €

2012 2013 M09 YTD 2014

Net Sales 701 828 741

Net Profit 74 129 118

% on Sales 11% 16% 16% Other financial information In Mio €

M09 YTD 2014

Net Financial Debt (cash +, debt -) 216

CAPEX 59

CAPEX 2014 Full Year Estimated 114

Capex 2014: strong increase in Q4, due to new logistics center and Retail openings effort

Thanks! INVESTOR DAY

Round table discussion Vignal Lighting Group, IES Synergy & Cap Vert Finance

120 November 17, 2014 Vignal Lighting Group

Business Some products Investment case Rear, Side Safety Work and European leader in signaling lights and Front Signaling Equipements Head lights • Resilient platform, niche and captive market for industrial and commercial vehicles • Embedded organic growth with major technological developments Sales 2013 €75m • High recurring revenues International sales 2013 77% • Experienced management and excellent production facilities Investment including build-ups €43m Equity story Equity interest 77% Some customers • Transformation of a European leader Date of initial investment Feb. 2014 in a niche market into a worldwide signaling specialist Others Front 8% • Increase of international coverage 6% through establishments outside Europe 37% Rear Side 13% • Gain market share through major technological developments • Extension of product line through expanding its business to complementary products Work lamps 36% 121 Investor Day, November 17, 2014 IES Synergy

Business Products Investment case Auto and EV Industrial Leading supplier of onboard Manufacturers EV • Promising electric vehicle and charging stations markets supported by macro and external battery charging Onboard trends: reduction of CO2 emissions, solutions for Electric Vehicles chargers urban air pollution and fossil fuel consumption Revenue 2013 €11m Trolley Power modules Wallbox • Renowned technological skills and strong R&D capacity External • Diversified product range addressing Investment €21m charging fast-growing markets solutions • Portfolio of top tier international Equity interest 96% customers Some customers Date of initial investment June 2013 Equity story • Transformation of a French pioneer into External Public stations a global player in charging solutions fast chargers for the electric vehicle market 11% 2% • Benefit form the market growth Onboard 22% • Increase of international sales force - Consumer and coverage through expansion 64% outside Europe Onboard - Industrial • Strengthening of R&D functions

122 Investor Day, November 17, 2014 Cap Vert Finance

Business Activities Investment case

European leader in electronics Financing • Sustainable strong growth in Management IT equipment maintenance recycling through PLC Management of IT assets • High recurring revenues Maintain in • Premium service: technological Recycling Sales 2013 €83m operational Reconditioning expertise, commercial responsiveness conditions • Unique positioning, global presence Countries 100+ (> 85 countries) Sales of • Dynamic management team Investment including build-ups €36m Hardware Equity story Equity interest 57% Some customers • Transformation of a European leading Date of initial investment July 2013 player into a multinational player

• Extension of services through relevant Leasing acquisitions 15% • Gain market share through active commercial actions, cross selling Trade 20% and acquisitions • Increase of international coverage MCO 65% through its development mainly in emerging countries and in the US

123 Investor Day, November 17, 2014