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 Luxury Market Update
 2012 Outlook
                                                                                                                2004          2005           2006                2007           2009




 June 10, 2009
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
In 2008 the luxury goods market was flat


Worldwide Luxury Goods Market trend (1995-2008 E)
                                                                                                                                                                             CAGR:
€200B                                                                                                                                                                        6,5%

                                                                                                                                                        170 170
                                                                                                                                             159
   160                                                                                                                           146
                                                                        130 134 134 128 134
   120                                                       111                                                                   CAGR 04-08 E
                                                                                                                                       6%
                                       93 98
                            84                                                        CAGR 00-04
      80 76                                                                             0,8%
                                                                                                                                             +6,5%
                                               CAGR 95-00
                                                  14%                                                                                                          +0%
      40
                           11% 10%                5%       14% 17%                3%        0%        -5%         5%        9%         9%

         0
              1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20072008E


                                                                                                                                                                                           2
  This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
In 2009 we expect the market to shrink by
10%                                     ESTIMATES



               Bain Forecast April 2009                                                                                  Main Assumptions

                                                                                                                              • First semester average
     €200B                                                                                              By                      market trend as the worst
                                                                                                     semester                   actual one: -15%-20%
                          170
                                                                                                                              • Slower decrease in the second
                                                          154                                                                   half of the year: -5% - 0%
        150



                                                                                                                              • Retail Like-for-Like
        100
                                                                                                   By channel                   decreasing as the current trend
                                                   -10%                                                                         (-5%, -10%)
                                                                                                                              • Compensation effect to the
          50                                                                                                                    decrease of already committed
                                                                                                                                new openings and full
                                                                                                                                potential of 2008 numerous
                                                                                                                                new openings
           0
                         2008                         2009FK                                                                  • Wholesale crisis as for actual
                                                                           At constant exchange                                 order campaign (-20%) with
                                                                                                                                aggressive mark-down
                                                                           rates – assuming no
                                                                                                                                campaigns (-30% on 50% of
                                                                          change in the forex for
                                                                                   2009                                         products)
Source: Bain analysis                                                                                                                                                                        3
    This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
 We developed long-term forecasts for luxury
 market following a twofold approach
                                               Methodology                                                                                              Sources
                                                                                                                                         • Bain Luxury Study
     Top-down                               • Regression based on correlation of
     approach                                 Luxury market and real GDP                                                                 • Analyst reports
                                              between 1995-2008
                                                                                                                                         • Worldwide trade
                                            • Market forecast based on GDP                                                                 associations
                                              projections by geographical area
                                                                                                                                         • International Monetary
                                                                                                                                           Fund (World Economic
                                                                                                                                           Database)
                                                    Luxury goods market                                                                  • Bloomberg research
                                                         Forecasts


                                             • Market estimates based on                                                                 • Interviews to
                                               benchmarking of competitors’                                                                  - players’ top
                                               current trading and sell-in/sell-out                                                            management
    Bottom-up                                  projections for the next seasons                                                              - industry experts
     approach                                                                                                                                - luxury retailers
                                                                                                                                         • Analyst reports
*wholesale calculated through average mark-ups                                                                                                                                                4
     This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.