1. Profile Paciotti Group
Rainbow
10-04-2014

2. Finpace
99%100%
1%
Paciotti SpaCespa srl
Group structure
Milano via S.Andrea Store
Roma Via Frattina Store
Marchio Paciotti
Factory
Wholesale distr.Bologna Store
Bari Store

3. Finpace
99%100%
1%
Paciotti SpaCespa srl
Deal perimeter
Milano via S.Andrea Store
Roma Via Frattina Store
Marchio Paciotti
Factory
Wholesale distr.Bologna Store
Bari Store
Deal perimeter

4. Finpace
99%100%
1%
Paciotti SpaCespa srl
Financial restructuring
Milano via S.Andrea Store
Roma Via Frattina Store
Marchio Paciotti
Factory
Wholesale distr.
Financial restructuring
(started 1.1.2014)
Bologna Store
Bari Store

5. Paciotti group consolidated view (Cespa + Paciotti spa)
P&L consolidated 2010(A) 2011(A) 2012(A) 2013(E)
Revenues Wholesale 34.674.855 33.979.468 31.339.000 26.740.000
Sales to Group Retail @wholesale 4.510.000 5.115.000 4.598.000 5.510.027
Direct revenues 39.184.855 39.094.468 35.937.000 32.250.027
Franchising 7.300.000 7.900.000 8.250.000 8.634.000
Direct Revenues and franchising 46.484.855 46.994.468 44.187.000 40.884.027
Own Retail - sell out consolidation 3.690.000 4.185.000 3.762.000 2.732.973
Direct Sales - Outlet ,stock, online 4.771.024 4.814.983 3.906.902 3.408.944
Royalties 3.870.686 3.254.549 2.966.369 2.070.000
Total Revenues 58.816.565 59.249.000 54.822.271 49.095.944
yoygrowth% 1% -7% -10%

6. Paciotti group consolidated view (Cespa + Paciotti spa)
P&L consolidated 2010(A) 2011(A) 2012(A) 2013(E)
Total Revenues 58.816.565 59.249.000 54.822.271 49.095.944
yoygrowth% 1% -7% -10%
Gross Profit 23.194.029 23.344.897 20.760.701 19.421.891
GP % 39% 39% 38% 40%
Line Margin 14.738.129 13.479.397 11.021.012 8.641.558
%Revenues 25% 23% 20% 18%
EBITDA 2.974.772 2.192.000 284.000 1.377.442-

7. Cespa Profit & Loss
Cespa 2012 2013
Revenues (from stores) 3.706.325 3.619.880
Royalties 725.125 996.978
of which intercompany 432.000
of which Cesare P 564.978
Net Revenues 4.431.450 4.616.858
yoygrowth% 4%
COGS 2.247.801- 2.040.603-
Gross margin 2.183.649 2.576.255
%of revenues 49% 56%
Personnel 794.558- 810.157-
Sales Costs 285.133- 159.793-
Provv
Rents 1.034.229- 1.019.493-
Other costs 29.241- 213.213-
Ebitda 40.488 373.599
%su Ricavi Netti
Depr & Amort. 368.399- 294.433-
EBIT 327.911- 79.167
Financial charges -4.677 -8.499
Extraordinary costs 357.333 -199.632
Imposte -15.319 0
Risultato Netto 9.425 128.965-

8. Cespa Balance Sheet
31/12/12 31/12/13
ASSETS
Cash & cash equivalents 85.824 143.615
85.824 143.615
Receivables - vs clients 970.615 700.243
Other receivables 863.222 469.458
0 0
= Total 1.833.837 1.169.700
Accrued Expenses 1.332 6.360
Net Inventory value 3.473.196 1.275.000
Total Working Capital 5.394.188 2.594.675
Fixed Assets 1.299.226 1.306.005
- depreciation fund (1.126.672) (1.181.397)
Intangible Assets 806.433 713.793
Financial Assets 243.018 243.018
Total Fixed Assets 1.222.006 1.081.418
Total Net Assets 6.616.194 3.676.093
31/12/12 31/12/13
Total Liabilities 6.616.194 3.676.093
Short term LIABILITIES
Banks 20.136 22.959
Other short term 0 0
= Totale 20.136 22.959
Payables - suppliers 4.397.416 1.323.757
Payables - others 257.052 475.039
Deferred tax liability 28.359 30.618
Accrued Liabilities 7.349 5.433
Other funds 0 0
= Total 4.690.175 1.834.847
Short Term Liabilities 4.710.311 1.857.806
Mortgage & long term loans 0 0
- due within 1 year (0) (0)
= Totale 0 0
Employee severance fund 159.605 200.974
Other Long term liabilities 0 0
159.605 200.974
Total LIABILITIES 159.605 200.974
Equity 1.736.854 1.746.278
- of which third parties 0 0
- of which group 1.736.854 1.746.278
Net Income 9.425 (128.965)
-of which Dividends 0 0
Total Equities 1.746.278 1.617.313

9. Overall retail network (direct and franchising)
Napoli Bari
Bologna
Milano
Roma
Venezia
Firenze
Sanremo
Caserta
Capri
Civitanova
New York
Los Angeles
London
Bal Harbour
Paris
Istanbul
Dubai (3)
Abu Dhabi
Doha
Sofia (3)
Bucharest
Belgrado
Moscow
Macau
NanjingPodgorica
Seoul
Busan
Guangzhou
Bordeaux
Mendrisio
RETAIL DIretto
FRANCHISEE
131 (di cui 2 outlet)
26
# PdV
39
Italia
USA
Asia
Est Europa + Russia
Europa Occid.
14
3
11
7
4
39