Global Growth Opportunities

Interim Nine Months 2014 1 Disclaimer

This document and the information herein does not constitute an offer to sell, to buy or to exchange, nor an invitation to make an offer to buy, to sell or to exchange, nor a recommendation or advice, regarding any security issued by the Group.

This document contains forward-looking statements. All statements other than statements of historical fact included herein, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations are forward-looking statements. Any such forward-looking statements are subject to risk and uncertainty and thus could differ materially from actual results.

Some of these risks include, amongst others, ongoing competitive pressure in the sector, consumer tastes and spending trends, economic, political, regulatory and trade conditions in the markets where the Inditex Group is present or in the countries where the Group’s products are manufactured or distributed.

The risks and uncertainties that could affect the forward-looking statements are difficult to predict. The company assumes no obligation to publicly revise or update its forward-looking statements in the case of unexpected changes, events or circumstances that could affect them. Given the uncertainties of forward-looking statements, we caution readers not to place undue reliance on these statements.

For a discussion of these and other factors that may affect forward looking statements and the Inditex Group’s business, financial conditions and results of operations, see the documents and information communicated by the company to the Comisión Nacional del Mercado de Valores (the Spanish Securities Commission).

The contents of this disclaimer should be taken into account by all persons or entities.

Inditex Group Profile 2 Global fully integrated Store & Online

East Nanjing Road

Inditex Group Profile 3 Highlights

Global Retailer 8 independent concepts

 7,405 stores (1H17) / Online

 Sales €23.3bn (FY16)

 Cash flow €4.4 bn (FY16)

 Market cap. €101bn

Unique business model

Inditex Group Profile 4 Global fully integrated Store & Online

Inditex Group Profile 5 Global fully integrated Store & Online

 5 continents

 94 markets

 Northern and southern hemisphere

Inditex Group Profile 6 Differentiated business model

 Central inventory position

 Global fully integrated Store & Online

 Distribution to all stores worldwide twice a week

 Orders to stores and online customers in 2-48 hours

Inditex Group Profile 7 Global online sales

 Central inventory position + Online stockrooms

Poland UK 2014 & 2016 Russian Fed Boston 2012 2013 Seoul 2011 Tokyo Madrid 2014 2015 2011 Los Angeles Philadelphia 2010 Shanghai 2014 2016 2012 2015 New Delhi 2017 2015 2014 2016

Inditex Group Profile 8 Business Model

Inditex Group Profile 9 Flexible, integrated business model

Stores Design & Online

Manufacturing Distribution & Sourcing & Logistics

Inditex Group Profile 10 Customer driven

 Compelling mix of latest and quality at affordable prices

 Unique product strategy

. 65,000 new designs per year

. delivery to stores at least twice per week

 Customer interaction

. Constant feedback allows modification of collections

 Prominent stores in prime locations

 Global online sales

Inditex Group Profile 11 Customer driven

Inditex Group Profile 12 Customer driven

Inditex Group Profile 13 Customer driven

Inditex Group Profile 14 Global fully integrated Store & Online

 Latest fashion trends

 Prominent stores in prime locations / Online

 Fresh items twice a week

 Direct communication

Inditex Group Profile 15 Strong growth

Inditex Group Profile 16 Global opportunity

 Business model avoids the main fixed costs associated with international expansion

. Central inventory position. No local distribution centers

. No advertising

. Lean local head offices

. Fully integrated Store & Online

Inditex Group Profile 17 Global fully integrated Store & Online

Store & Online sales 1H2017

Europe ex- 43%

Asia & RoW 25%

Spain 16%

Americas 16%

Total 100%

Inditex Group Profile 18 Multi-concept strategy

 Market segmentation through distinctive concepts

 Independent management teams

 Same business model across all concepts

 Global presence

Pull&Bear Zara Stradivarius Home Uterqüe 1975 1991 1998 1999 2001 2003 2008

Inditex Group Profile 19 Global online sales Europe: Austria, , Denmark, France, , , Ireland, , , Monaco, , , Since 2007 All Concepts Spain, , UK, Switzerland, , Finland, , Romania, Croatia, , Czech Republic, Bulgaria, Hungary, Lithuania, Latvia, Estonia, Slovenia, and Turkey 2011 Zara , Since 2012 All Concepts China Massimo Dutti, Zara 2012 United States Home Since 2013 All Concepts Russian Federation 2013 Zara 2014 All Concepts Mexico 2014 Zara South Korea 2015 Zara Taiwan, Hong Kong, Macau 2015 2016 Zara Home Dubai 2017 Zara , , Thailand, and India Progressive roll-out All Concepts Globally

Inditex Group Profile 20 Inditex Concepts

Inditex Group Profile 21 Multi-concept approach

Inditex Group Profile 22 Operating autonomy, central support

Arteixo (La Coruña) Tordera Inditex Massimo Dutti Zara Bershka Zara Home Oysho Uterqüe Narón (La Coruña) Pull&Bear Sallent Stradivarius

Inditex Group Profile 23 Multi-concept strategy

Age Target Sales

Zara Massimo Dutti Pull&Bear Non- Bershka Zara Stradivarius Zara Oysho Zara Home Uterqüe

0 10 20 30 40+

Inditex Group Profile 24 Zara

 Latest fashions for women, men and children

 Headquarters in (La Coruña)

 FY16 Sales: €15.4 bn

 FY16 EBIT: €2.8 bn

 1H17 Stores: 2,235

Inditex Group Profile 25 Zara

Inditex Group Profile 26 Zara

Inditex Group Profile 27 Massimo Dutti

 Elegant design with excellent quality for men, women and children

 Headquarters and distribution centre in Tordera

 FY16 Sales: €1.6 bn

 FY16 EBIT: €280 m

 1H17 Stores: 772

Inditex Group Profile 28 Massimo Dutti

Costa Mesa

Inditex Group Profile 29 Massimo Dutti

Inditex Group Profile 30 Pull&Bear

 Casual fashion and sport styles for young men and women (14 to 28)

 Headquarters and distribution centre in Narón (Coruña)

 FY16 Sales: €1.6 bn

 FY16 EBIT: €231 m

 1H17 Stores: 978

Inditex Group Profile 31 Pull&Bear

Inditex Group Profile 32 Pull&Bear

Inditex Group Profile 33 Bershka

 Latest fashions for young women and men (13 to 23)

 Headquarters and distribution centre in Tordera

 FY16 Sales: €2.0 bn

 FY16 EBIT: €333 m

 1H17 Stores: 1,098

Inditex Group Profile 34 Bershka

Geneva, Turin

Inditex Group Profile 35 Bershka

Inditex Group Profile 36 Stradivarius

 Urban fashion for young women and men (18 to 35)

 Headquarters and distribution centre in Sallent

 FY16 Sales: €1.3 bn

 FY16 EBIT: €236 m

 1H17 Stores: 1,015

Inditex Group Profile 37 Stradivarius

Inditex Group Profile 38 Stradivarius

Inditex Group Profile 39 Oysho

 Latest trends in women’s loungewear, lingerie and undergarments

 Headquarters and distribution centre in Tordera

 FY16 Sales: €509 m

 FY16 EBIT: €79 m

 1H17 Stores: 655

Inditex Group Profile 40 Oysho

Inditex Group Profile 41 Oysho

Race for the Cure

Inditex Group Profile 42 Zara Home

 Textiles for bed, bath and table complemented by decorative items

 Headquarters in Arteixo (La Coruña)

 FY16 Sales: €774 m

 FY16 EBIT: €94 m

 1H17 Stores: 569

Inditex Group Profile 43 Zara Home

Inditex Group Profile 44 Zara Home

Inditex Group Profile 45 Uterqüe

 Premium accessories (bags, shoes, costume jewellery)

 Headquarters and distribution centre in Tordera

 FY16 Sales: €83 m

 FY16 EBIT: €4 m

 1H17 Stores: 83

Inditex Group Profile 46 Uterqüe

Inditex Group Profile 47 Uterqüe

Inditex Group Profile 48 Financial Summary

Inditex Group Profile 49 Full Year 2016

€ million FY16 FY15 16/15

Net sales 23,311 20,900 12%

Gross profit 13,279 12,089 10%

EBIT 4,021 3,677 9%

Net income 3,157 2,875 10%

Inditex Group Profile 50 Outlook

Inditex Group Profile 51 Global growth opportunities

 Differentiated business model

 Global fully integrated Store & Online

 Strong growth opportunities

Inditex Group Profile 52 Growth in Europe

 Important growth opportunities across the whole of Europe

 2017 Inditex launch 7 concepts in Belarus

 All concepts Store & Online

Inditex Group Profile 53 Growth in Asia

 Strong growth opportunity. Store & Online in China, Japan, South Korea, Hong Kong, Macau and Taiwan

 India, Singapore, Malaysia, Thailand and Vietnam online in 2017

Inditex Group Profile 54 Growth in the Americas

 Attractive growth markets. Strong expansion opportunities

 Fully integrated Store & Online

Inditex Group Profile 55 Global growth opportunities

 Australia, and

 Ongoing expansion

Inditex Group Profile 56 Global online sales

 Strong presence in Europe, Asia, Americas

 Progressive rollout in all markets

Inditex Group Profile 57 Strong capital efficiency

 Increased differentiation: Larger and more prominent stores in prime locations & global online

 Lower capital expenditure required for expansion. Ordinary capital expenditure to grow below space growth

 New space in prime locations in conjunction with increasing contribution from organic growth and online sales

Inditex Group Profile 58 FY2017: Outlook

2  c.320,000m of new space in prime locations

 Global online sales rollout

 Capital expenditure c.€1.5 billion

Inditex Group Profile 59 FY16 Dividend increase +13.3%

 €2.1 billion to be distributed to shareholders over 2017

€ DPS

Inditex Group Profile 60 Madrid

Zara Serrano

Inditex Group Profile 61 London

Zara Oxford Street

Inditex Group Profile 62 Paris

Zara Champs Elysees

Inditex Group Profile 63

Zara Toison D’Or

Inditex Group Profile 64 Milan

Zara Corso Vittorio Emanuele Zara Tverskaya

Inditex Group Profile 65 Roma

Zara Piazza Colonna

Inditex Group Profile 66 Cologne

Zara Mamilla Boulevard

Zara Schildergasse

Inditex Group Profile 67 Moscow

Zara Mall of

Zara Mall of Russia

Inditex Group Profile 68 New York

Zara 666 Fifth Avenue

Inditex Group Profile 69 New York

Zara SoHo

Inditex Group Profile 70 Los Angeles

Zara 666Figueroa Fifth Avenue

Inditex Group Profile 71 Chicago

Zara 666Michigan Fifth AvenueAvenue

Inditex Group Profile 72 Miami

Zara Lincoln Road

Inditex Group Profile 73 Aruba

Zara Rynek Glowny Zara Oranjestad

Inditex Group Profile 74 Mexico

Zara Madero

Inditex Group Profile 75 Sao Paulo

Zara Avenida Daniel Touche

Zara 666 Fifth Avenue

Inditex Group Profile 76 Hong Kong

Zara Queen´s Road

Inditex Group Profile 77 Shanghai

Zara 592 East Nanjing Road

Inditex Group Profile 78 Beijing

Zara Xidan Joy City

Inditex Group Profile 79 Tokyo

Zara Ginza

Inditex Group Profile 80 Tokyo

Zara Shinjuku

East Nanjing Road

Inditex Group Profile 81 Seoul

ZaraZara MMurray Plaza Street

Inditex Group Profile 82 Mumbai

Zara Ismail Building at Flora Fountain

Zara Murray Street

Inditex Group Profile 83 Dubai

Zara Mall of Emirates

Inditex Group Profile 84 Sydney

ZaraZara PittMurray Street Street Zara Palladium Mall

Inditex Group Profile 85 Capetown

Zara Waterfront

Inditex Group Profile 86 Global Growth Opportunities

Inditex Group Profile 87