Francesco Biasia Baldinini Ter Et Bantine

OCTOBER 2007

October 2007 1 Index

001. ANTICHI PELLETTIERI

002. OPERATING & STRATEGIC HIGHLIGHTS 1H 2007

003. FINANCIAL HIGHLIGHTS 1H 2007

004. STRATEGIC DIRECTION & OUTLOOK 2007

APPENDICES A. HISTORICAL FINANCIAL PERFORMANCE B. REVENUE BREAKDOWNS 1H 2007 C. DIVISIONS, PRODUCTS & BRANDS D. MARKET OPPORTUNITIES

October 2007 2 001.

ANTICHI PELLETTIERI

October 2007 3 001. Antichi Pellettieri

Who are we Unique in the market

European leader in the Group structure comprised of accessible segment of the complementary companies, each handbags & accessories market managed by its respective Founders/Entrepreneurs

Flexible business model Diversified brand portfolio of renowned own and licensed brands

An international retail network International presence with that includes 158 boutiques 64% of revenues generated situated in the most prestigious from export markets, including shopping areas world-wide 44% from “emerging” luxury markets

October 2007 4 001. Antichi Pellettieri

Group structure Comprised of complementary companies, each managed by its respective Founders/Entrepreneurs

Founders/Entrepreneurs of AP subsidiaries remain in key management roles with equity interests in their respective companies and in Antichi Pellettieri

AP has call options outstanding on the outstanding minority interests of Biasia, Braccialini, and Coccinelle

October 2007 5 001. Antichi Pellettieri

Brands and products Diversified portfolio of renowned own and licensed brands

HANDBAGS, FOOTWEAR AND SMALL LEATHER GOODS LEATHER APPAREL

FRANCESCO BIASIA BALDININI TER ET BANTINE

BRACCIALINI SEBASTIAN ENRICO MANDELLI

COCCINELLE

Licensed brands - Handbags and Accessories: Vivienne Westwood, Aquascutum, Gherardini, Warner Bros., Miss Sixty, Amazon Life Licensed brands - Footwear: Missoni, Aquascutum Licensed brands – Leather Apparel: Luigi Borelli October 2007 6 001. Antichi Pellettieri International presence With 64% of revenues generated from export markets, including 44% from “emerging” luxury markets

28% % of 36% MILLIONS OF EURO 1H 2007 revenues Eastern Europe & Russia 37,1 28% Far East 14,8 11% Rest of World 6,4 5% German Speaking 8,3 6% Rest of Europe 14,0 10% 11% North America 5,7 4% Italy 47,6 36% 4% 5% 10% 6% TOTAL 133,9 100%

Eastern Europe & Russia Far East Rest of World German Speaking Rest of Europe North America Italy

October 2007 7 001. Antichi Pellettieri International retail network Includes, as of June 30, 2007, 158 boutiques (42 DOS +116 franchisees) situated in the most prestigious shopping areas world-wide

ITALY (65) GERMANY, AUSTRIA, SWITZERLAND (2)

(27) Coccinelle (1) Baldinini (17) Baldinini (1) Coccinelle (8) Braccialini (7) Francesco Biasia (6) Antichi Pellettieri

RUSSIA+ BALTIC MIDDLE EAST & REST OF FAR EAST (13) EASTERN EUROPE REST OF JAPAN (1) COUNTRIES (32) THE WORLD (18) (19) EUROPE (8)

(25) Baldinini (5) Coccinelle (3) Braccialini (14) Baldinini (3) Coccinelle (1) Coccinelle (6) Coccinelle (3) Baldinini (5) Francesco (4) Francesco Biasia (1) Baldinini (1) Braccialini (3) Francesco Biasia Biasia (1) Coccinelle (2) Braccialini (4) Braccialini (1) Coccinelle (2) Francesco Biasia (3) Antichi Pellettieri (4) Baldinini

October 2007 8 002.

OPERATING & STRATEGIC HIGHLIGHTS 1H 2007

October 2007 9 002. Operating & Strategic Highlights 1H 2007

Operating and strategic highlights

Further expansion of the international retail network

Continued focus on emerging markets

Further brand extension

The acquisition of Dadorosa

New license agreements

Coccinelle

October 2007 10 002. Operating & Strategic Highlights 1H 2007

The acquisition of Dadorosa

Braccialini, controlled by Antichi Pellettieri, acquired Dadorosa S.r.l. from Addì Group in July 2007

Dadorosa holds the world-wide license for the production and distribution of Gherardini handbags and accessories

Dadorosa manages three Gherardini boutiques located in Milan, Florence and Rome

October 2007 11 002. Operating & Strategic Highlights 1H 2007

New license agreements

Renowned Italian brand appreciated for the unique style and craftsmanship of its leather accessories Braccialini / Dadorosa will produce and distribute world-wide GHERARDINI Gherardini Handbag & Accessory collections

Aquascutum is a renowned international brand synonymous with British luxury 9 Francesco Biasia will produce and distribute Aquascutum accessory collections 9 Antichi Pellettieri will produce and distribute Aquascutum footwear collections

International brand recognized for its value added sustainable products offering customers the opportunity to contribute to the preservation of the planet’s largest forest Braccialini will produce and distribute world-wide Amazon Life handbag & Accessory collections

October 2007 12 002. Operating & Strategic Highlights 1H 2007

International retail network expansion Antichi Pellettieri inaugurated 12 boutiques in the first half of 2007 (2 DOS and 10 franchisees)

1H 2007 – STORE OPENINGS

2 DOS: Braccialini: France Baldinini: San Marino

10 Franchisees:

4 Baldinini: Poland, Czech Republic, Latvia, Russia 4 Biasia: Bahrain, Poland, China, Indonesia Coccinelle: Russia Braccialini: Dubai

October 2007 13 001.002. Operating Operating & Strategic & Strategic Highlights Highlights 1H2007 1H 2007

Further extensionExtension ofof APAP brandsBrands

Baldinini apparel collections to be produced and distributed by GFM S.p.A. as of Autumn/Winter 07-08 • Baldinini apparel collections to be produced and distributed by GFM S.p.A. as of Autumn/Winter Baldinini 2007-08 collectionsjewellery collections to be produced and distributed by Facco Corporation as of May, 2007 • Baldinini jewellery collections to be produced and distributed by Facco Corporation Braccialini as of May, 2007 jewellery collections to be produced and distributed by Facco Corporation as of May, 2007 • Baldinini leather apparel collections to be produced and distributed by Enrico Mandelli as ofBraccialini xx (DA CONTROLLARE) beachwear and underwear collections to be introduced for Autumn/Winter 07-08 • Braccialini jewellery collections to be produced and distributed by Facco Corporation as of May, 2007

• Braccialini beachwear and underwear collections to be introduced for F/W 07-08

October 2007 14 003.

FINANCIAL HIGHLIGHTS 1H 2007

October 2007 15 003. Financial Highlights 1H 2007

In summary…

INCOME STATEMENT The dynamic growth registered in the past years continues

REVENUE MIX Focus on product categories, distribution channels, and geographic markets offering higher margins

BALANCE SHEET Debt / equity ratio of 0,36 notwithstanding significant investments made during the first half of the year

October 2007 16 003. Financial Highlights 1H 2007

Income Statement (IAS/IFRS)

FY2006 1H 1H 1H2007 MILLIONS OF EURO 2005 2006 GROWTH 2006 2007 GROWTH

NET REVENUES 153,7 257,5 67,6% 113,4 133,9 18,1% production cost (133,3) (222,5) (99,2) (114,4)

EBITDA *20,3 35,0 71,9% 14,1 19,5 37,8% % of net revenues 13,2% 13,6% 12,5% 14,5% ammortization & depreciation (5,0) (8,8) (3,4) (4,1)

EBIT 15,4 26,1 69,8% 10,7 15,4 43,9% % of net revenues 10,0% 10,1% 9,5% 11,5% net financial items (5,8) (7,2) (2,5) (3,5)

PRETAX 9,5 18,9 97,8% 8,2 11,9 45,5% % of net revenues 6,2% 7,3% 7,2% 8,9%

* 2005 EBITDA reflects reclassification of bad debt allowance and bad debt write offs from production costs to depreciation and ammortization as follows: 2005: € 0,180m

October 2007 17 003. Financial Highlights 1H 2007

Reclassified Income Statement (1) The dynamic growth registered in the past years continues

FY2006 1H 1H 1H2007 MILLIONS OF EURO 2005 2006 Growth 2006 2007 Growth

NET REVENUES 153,7 257,5 67,6% 113,4 133,9 18,1% production cost (133,3) (217,6) (97,3) (114,4) EBITDA * 20,3 39,9 96,1% 16,1 19,5 21,0% % of net revenues 13,2% 15,5% 14,2% 14,5% ammortization & depreciation (5,0) (8,8) (3,4) (4,1)

EBIT 15,4 31,0 101,8% 12,7 15,4 21,6% % of net revenues 10,0% 12,1% 11,2% 11,5% net financial items (5,8) (7,2) (2,5) (3,5)

PRETAX PRIOR TO EXTRAORD. 9,5 23,8 149,3% 10,1 11,9 17,4% net extraordinary income/cost (4,9) (1,9) 0,0

PRETAX 9,5 18,9 97,8% 8,2 11,9 45,5% % of net revenues 6,2% 7,3% 7,2% 8,9% (1) The reclassified Income Statement is provided for informational purposes only and has not been audited. The reclassified income statement reflects extraordinary income and expense items below EBIT as a means of more easily comparing operating results from year to year. * 2005 EBITDA reflects reclassification of bad debt allowance and bad debt write offs from production costs to depreciation and ammortization as follows: 2005: € 0,180m October 2007 18 003. Financial Highlights 1H 2007

Revenue Mix Focus on product categories, distribution channels, and geographic markets offering higher margins

% of revenues generated from % of % of 1H2007 MILLIONS OF EURO 1H2006 revenues 1H2007 revenues Growth

own brands 95,7 84,4% 119,3 89,1% 24,7% direct clients(1) 74,1 65,4% 86,2 64,4% 16,4% foreign markets 70,7 62,4% 86,2 64,4% 22,0%

(1) Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group showrooms

October 2007 19 003. Financial Highlights 1H 2007

Balance Sheet Debt / equity ratio of 0,36 notwithstanding significant investments made during the first half of the year

MILLIONS OF EURO 2005 2006 1H2007 net working capital 22,8 36,4 38,9 net fixed assets 168,9 245,8 234,0 provisions (5,3) (8,1) (8,2) non current asset/liabilities 0,1 2,3 4,2 deffered taxes (43,9) (59,7) (58,8) TOTAL INVESTED CAPITAL 142,5 216,6 210,0 net financial position (NFP) / debt 43,7 62,6 55,6 shareholders' equity 98,8 154,0 154,5 TOTAL INVESTED CAPITAL 142,5 216,6 210,0

INDICES net working capital / revenues 14,8% 14,1% 12,1% NFP / equity 0,44 0,41 0,36 NFP / total invested capital 0,31 0,29 0,26

October 2007 20 004.

STRATEGIC DIRECTION & OUTLOOK 2007

October 2007 21 004. Strategic Direction & Outlook 2007

Strategic direction Further development of the group’s brands, each to become a leader in its respective market

Further optimize the sales mix with focus on: Handbags and accessories Rapidly expanding geographic markets

Increase brand awareness Continued retail network expansion Increased A&P spend

Increased focus on licenses

Further brand extension

Continued integration of companies acquired

October 2007 22 OUTLOOK 2007

October 2007 23 APPENDICES.

A. HISTORICAL FINANCIAL PERFORMANCE B. REVENUE BREAKDOWNS 1H 2007 C. DIVISIONS, PRODUCTS & BRANDS D. MARKET OPPORTUNITIES

October 2007 24 APPENDIX A. Historical Financial Performance

Income Statement (IAS/IFRS)

CAGR MILLIONS OF EURO 2004 2005 2006 2004-2006 NET REVENUES 132,0 153,7 257,5 39,7% production cost (116,5) (133,3) (222,5) EBITDA * 15,5 * 20,3 35,0 50,0% % of net revenues 11,8% 13,2% 13,6% ammortization & depreciation (4,9) (5,0) (8,8) EBIT 10,6 15,4 26,1 56,7% % of net revenues 8,1% 10,0% 10,1% net financial items (1,2) (5,8) (7,2) PRETAX PRIOR TO EXTRAORD. 9,4 9,5 18,9 41,5% % of net revenues 7,1% 6,2% 7,3% NET INCOME 4,8 4,9 12,2 59,6% % of net revenues 3,6% 3,2% 4,7% * 2004-2005 EBITDA reflects reclassification of bad debt allowance and bad debt write offs from production costs to depreciation and ammortization as follows: 2004: € 0,386m 2005: € 0,180m October 2007 25 APPENDIX A. Historical Financial Performance

Reclassified Income Statement (1)

CAGR MILLIONS OF EURO 2004 2005 2006 2004-2006 NET REVENUES 132,0 153,7 257,5 39,7% production cost (116,5) (133,3) (217,6) EBITDA * 15,5 *20,3 39,9 60,2% % of net revenues 11,8% 13,2% 15,5% ammortization & depreciation (4,9) (5,0) (8,8) EBIT 10,6 15,4 31,0 70,7% % of net revenues 8,1% 10,0% 12,0% net financial items (1,2) (5,8) (7,2) PRETAX PRIOR TO EXTRAORD. 9,4 9,5 23,8 58,8% net extraordinary income/cost (4,9) PRETAX 9,4 9,5 18,9 41,5% % of net revenues 7,1% 6,2% 7,3% NET INCOME 4,8 4,9 12,2 59,6% % of net revenues 3,6% 3,2% 4,7% (1) The reclassified income statement is provided for informational purposes only and has not been audited. The reclassified income statement reflects extraordinary income and expense items below EBIT as a means of more easily comparing operating results from year to year. * 2004-2005 EBITDA reflects reclassification of bad debt allowance and bad debt write offs from production costs to depreciation and ammortization as follows: 2004: € 0,386m 2005: € 0,180m October 2007 26 APPENDIX A. Historical Financial Performance

Balance Sheet

MILLIONS OF EURO 2004 2005 2006 net working capital 40,3 22,8 36,3 fixed assers 154,6 168,9 245,8 provisions (5,0) (5,3) (8,1) other long term rec/payab. 0,0 0,1 2,3 deffered taxes (45,1) (43,9) (59,7) TOTAL INVESTED CAPITAL 144,8 142,5 216,6 net financial position (NFP) 59,1 43,7 62,6 shareholders'equity 85,7 98,8 154,0 TOTAL INVESTED CAPITAL 144,8 142,5 216,6

INDICES: net working capital / revenues 30,5% 14,8% 14,1% NFP / equity 0,69 0,44 0,41 NFP / total invested capital 0,41 0,31 0,29

October 2007 27 APPENDX B. Revenue Breakdowns 1H 2007

Revenues by Brand Category

% of FY2006 % of % of 1H2007 MILLIONS OF EURO FY2006 subtot. Growth 1H2006 subtot. 1H2007 subtot. Growth own brands 221,9 86,2% 76,0% 95,7 84,4% 119,3 89,1% 24,7% licensed brands 35,6 13,8% 28,9% 17,7 15,6% 14,5 10,8% -18,2%

SUB TOTAL 257,5 100,0% 67,6% 113,4 100,0% 133,8 99,9% 18,0% royalties 0,0 0,0% 0,0 0,0% 0,1 0,1%

TOTAL 257,5 100,0% 113,4 100,0% 133,9 100,0%

October 2007 28 APPENDIX B. Revenue Breakdowns 1H 2007

Revenues by Distribution Channel

Distribution newtork as of 30.06.2007 % of FY2006 % of % of 1H2007 MILLIONS OF EURO FY2006 subtot. Growth 1H2006 subtot. 1H2007 subtot. Growth

dos (1) 23,3 9,0% 110,8% 11,4 10,0% 14,1 10,5% 23,8% franchising (1) 21,6 8,4% 52,6% 16,0 14,1% 18,5 13,8% 15,8% direct clients(2) 108,3 42,1% 58,7% 46,7 41,2% 53,6 40,1% 14,8%

DIRECT DITRIBUTION CHANNELS 153,2 59,5% 64,0% 74,1 65,3% 86,2 64,4% 16,4% importers/distributors 13,0 5,0% 48,5% 2,5 2,2% 5,0 3,7% 100,6% wholesale customers (via agents) 91,3 35,5% 77,3% 36,8 32,5% 42,6 31,8% 15,6% (3) SUBTOTAL 257,5 100,0% 67,6% 113,4 100,0% 133,8 100,0% 18,0% royalties 0,0 0,0% 0,0 0,0% 0,1 0,1% TOTAL 257,5 100,0% 113,4 100,0% 133,9 100,0%

(1)Average boutique size - Leather: m2 75 - 90 (2) Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group showrooms (3) Apparel (excluding royalties) & Leather

October 2007 29 APPENDIX B. Revenue Breakdowns 1H 2007

Revenues by Geographic Area

Geographic area FY2006 1H2007 MILLIONS OF EURO FY 2006 % Subtot. Growth 1H 2006 % Subtot. 1H 2007 % Subtot. Growth Italy 102,9 40,0% 98,5% 42,7 37,7% 47,6 35,6% 11,5% Foreign markets 154,5 60,0% 51,8% 70,7 62,3% 86,2 64,4% 22,0% Eastern Europe (w/o Russia) 23,7 9,2% 26,3% 10,4 9,2% 13,4 10,0% 28,2% Russia 30,3 11,8% 44,8% 15,2 13,4% 23,7 17,7% 56,4% Rest of Europe 45,5 17,7% 88,4% 22,1 19,5% 22,1 16,6% 0,4% North America 12,0 4,7% 21,1% 4,9 4,3% 5,7 4,3% 17,9% Far East 32,4 12,6% 37,0% 15,4 13,6% 14,8 11,1% * -3,9% Rest of World 10,7 4,2% 103,3% 2,7 2,4% 6,4 4,8% 135,0% SUBTOTAL 257,5 100,0% 67,6% 113,4 100,0% 133,8 100,0% 18,0% Royalties 0,0 0,0% 0,0 0,0% 0,1 0,1% TOTAL 257,5 100,0% 113,4 100,0% 133,9 100,0%

*re-positioning of V. Westwood

October 2007 30 APPENDIX C. Divisions, Products & Brands

Brands and products

HANDBAGS, FOOTWEAR AND SMALL LEATHER GOODS LEATHER APPAREL

FRANCESCO BIASIA BALDININI TER ET BANTINE

BRACCIALINI SEBASTIAN ENRICO MANDELLI

COCCINELLE

Francesco Biasia

Attention to detail

Lines: Men’s and women’s handbags and accessories Age: 20-40 Main markets: Italy, Eastern Europe, Far East, Usa Distribution: • Retail: 21 (5 DOS, 16 franchisees) including Milan, Rome, Florence, London, Paris, Beirut, Jakarta and Hong Kong • 71% of sales generated from direct distribution channels Licenses: Aquascutum Competitive strengths: • Attention to detail • Price/quality tradeoff highly appreciated by customers • Successful franchise model

October 2007 32 APPENDIX C. Divisions, Products & Brands

Braccialini

Creativity and fantasy for a unique product

Lines: Women’s handbags and accessories Age: 25-50 Main markets: Italy, Middle and Far East Distribution: • Retail: 18 (10 DOS, 8 franchisees) including Milan, Rome, London, Moscow, Shanghai, Dubai • 57% of sales generated from direct distribution channels

Licenses: Vivienne Westwood, Warner Bros, Gherardini, Amazon Life Competitive strengths: • Creativity and fantasy • Design and production in Florence, Italy’s most important industrial district for footwear • Successful franchise model

October 2007 33 APPENDIX C. Divisions, Products & Brands

Coccinelle

Elegance and femininity of Italian design

Lines: Women’s handbags and accessories Age: 30-45 Main markets: Italy, Europe (Germany, Spain, UK) Distribution: • Retail: 45 (10 DOS, 35 franchisees) including Milan, Rome, Lisboan, London, Tokyo, Dubai, St. Petersburg, Köln • 39% of revenues generated from direct distribution channels Licenses: Miss Sixty Competitive strengths: • Elegance and femininity of Italian design • Consistent refined brand identity over the years • Successful franchise model • Price/quality tradeoff highly appreciated by customers

October 2007 34 APPENDIX C. Divisions, Products & Brands

Baldinini

Russian market leader

Lines: Men’s and women’s footwear Age: 25-50 Main markets: Russia, Eastern Europe and Italy Distribution: • Retail: 65 (11 DOS, 54 franchisees) including Milan, Moscow, St Petersburg, Dubai, Prague and Shanghai • 84% of sales generated from direct distribution channels Competitive strengths: •Russian market leader •Successful franchise model • Design and production in San Mauro Pascoli, Italy's most important industrial district for footwear

October 2007 35 APPENDIX C. Divisions, Products & Brands

Sebastian

Excellent Italian design

Lines: Men’s and women’s footwear Age : 30-50 Main markets: Italy Distribution: • Retail: 9 (6 DOS and 3 franchisees) including Milan, Brescia, Reggio Emilia, Parma and Forte dei Marmi • 73% of sales generated from direct distribution channels Licenses: Missoni Competitive strengths: • Excellent Italian design • Recognized brand quality

October 2007 36 APPENDIX D. Market Opportunities

Handbag & accessories market

Market size – 2006: € 17,5 billion

Growth in 2006: 18%

Expectations for the next five years:

China: 50% annual growth

Russia: 20% annual growth

2006 Leather Market by Geographic Area 2% 15% 28%

26%

29%

Europe Americas Japan Asia Rest of Word

October 2007 37 APPENDIX D. Market Opportunities

Handbag & accessories market

Larger market…€ 86 billion

2006 - Handbags and Accessories Market (bil. €)

9,1 24,1 15,2

8,4

30,1

Handbags Travel Office (Briefcase etc) Small leather goods Backpacks, Sportsbags

October 2007 38 APPENDIX D. Market Opportunities

AP market position

Market dynamics driving demand for accessible luxury

Continous Trading-up Increased spending power in emerging economies …every day “luxury” bag

LUXURY

ACCESSIBLE LUXURY

ENTRY LEVEL

October 2007 39 APPENDIX D. Market Opportunities

AP market position

Differentiation of AP brand within the market…

Luxury pricing

HERMES DIOR LV GUCCI CHLOÈ PRADA TOD’S COACH BRACCIALINI

LONGCHAMP COCCINELLE BIASIA FURLA Classical/ High fashion Elegant content

LOCAL PLAYERS GUESS

Entry pricing

October 2007 40 APPENDIX D. Market Opportunities

AP development opportunities

Reinforce the respective brand’s identity

Focus on collection structure and merchandising

Accelerate international expansion

Expand into new business segments such as travel, business…..

October 2007 41 AP Disclaimer

This document has been prepared by Antichi Pellettieri S.p.A. (or the “Group”) and comprises written material concerning the Group. The information contained in this document has been provided for informational purposes and does not purport to be comprehensive. Neither the Company nor any of its directors, officers, employees or any other person accepts any responsibility for, or makes any representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation.

This document has been prepared in Italy. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This document does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Certain of such information and/or opinions may have not been independently verified.

By attending the presentation you agree to be bound by the foregoing limitations

October 2007 42 October 2007 43