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INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006

INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006. MBFG 2006 OPERATING & STRATEGIC HIGHLIGHTS 1H 2006 FINANCIAL HIGHLIGHTS STRATEGIC DIRECTION AND OUTLOOK APPENDICES A. HISTORICAL FINANCIAL PERFORMANCE B . REVENUE BREAKDOWNS 1H 2006

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INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006

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  1. INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006

  2. MBFG 2006 OPERATING & STRATEGIC HIGHLIGHTS 1H 2006 FINANCIAL HIGHLIGHTS STRATEGIC DIRECTION AND OUTLOOK APPENDICES A.HISTORICAL FINANCIAL PERFORMANCE B. REVENUE BREAKDOWNS 1H 2006 C.PROMISES MADE AT IPO / ACHIEVEMENTS INVESTOR DAY, MBFG 1H2006 Financial Results p.1

  3. 001. MBFG p.2

  4. 001. MBFG WHO ARE WE MBFG IS A LEADING PLAYER IN THE “ACCESSIBLE” SEGMENT OF THE LUXURY GOODS MARKET • MBFG designs, produces and distributes worldwide luxury apparel, footwear, leather accessory and fashion jewellery collections • Strategic focus on the accessible luxury segment of the luxury goods market • Established presence with leading brands in rapidly growing geographic markets • Extensive distribution network • Vertically integrated structure benefiting from 30 years of experience in “Made in Italy” INVESTOR DAY, MBFG 1H2006 Financial Results p.3

  5. 001. MBFG GROUP STRUCTURE JEWELLERY DIVISION TO COMPLEMENT EXISTING FASHION AND LEATHER GOODS OPERATIONS….. APPAREL LEATHER GOODS DIGITAL FASHION FASHION JEWELLERY BRANDS MULTI-BRAND RETAIL OTHER HANDBAGS & FOOTWEAR LEATHER APPAREL MARIELLA BURANI DON GIL KNITWEAR COCCINELLE BALDININI GFM SEDOC FACCO MANDELLI ABAX BRACCIALINI SEBASTIAN LONGWAVE BERNIES TEXTILE RENE LEZARD FRANCESCO BIASIA REVEDI INVESTOR DAY, MBFG 1H2006 Financial Results p.4

  6. 001.MBFG BRANDS AND PRODUCTS MBFG MANAGES A DIVERSIFIED PORTFOLIO OF OWN AND LICENSED BRANDS WITH THE OBJECTIVE FOR EACH TO BECOME LEADER IN ITS RESPECTIVE MARKET FASHION JEWELLERY LEATHER GOODS APPAREL ABBIGLIAMENTO PRINCIPAL OWN BRANDS HANDBAGS FOOTWEAR BOUTIQUES 47 15 18 15 45 44 6 Mugler, Fuchsia (Ungaro), Anglomania (Vivienne Westwood), 1000 Miglia, Alviero Martini, Patrizia Pepe Killah Vivienne Westwood, Warner Bros, Miss Sixty Missoni, Luigi Bofrelli LICENSED INVESTOR DAY, MBFG 1H2006 Financial Results p.5

  7. 001.MBFG INTERNATIONAL PRESENCE WITH “EMERGING” LUXURY MARKETS REPRESENTING OVER 25 % OF TOTAL GROUP REVENUES INVESTOR DAY, MBFG 1H2006 Financial Results p.6

  8. 001.MBFG INTERNATIONAL RETAIL NETWORK THE RETAIL NETWORK AT JUNE 30, 2006 INCLUDES 293 MONO AND MULTI-BRAND BOUTIQUES (166 DOS+127 FRANCHISEES) REST OF EUROPE (13) RUSSIA+ BALTIC COUNTRIES (20) (4) Mariella Burani (4) Coccinelle (2) Rene Lezard (1) Braccialini (2) Francesco Biasia (16) Baldinini (1) Mariella Burani (3) Coccinelle GERMANY, AUSTRIA, SWITZERLAND (74) JAPAN (10) (38) Don Gil (16) Bernies (13) Rene Lezard (2) Mila Schon (2) Revedi (1) Baldinini (2) Coccinelle (6) Mila Schön (3) Mariella Burani (1) Coccinelle FAR EAST (13) ITALY (126) • (5) Mariella Burani • (3) Braccialini • (2) Baldinini • (2) Francesco Biasia • Mila Schön • (30) Mariella Burani • (28) Coccinelle • (19) Revedi • (12) Baldinini • (11) Mila Schön • (8) Braccialini • (7) Francesco Biasia • (6) Antichi Pellettieri • (2) Gai Mattiolo • (1) Gabriella Frattini • Le Tricot • (1) Junior fashion MIDDLE EAST – REST OF WORLD (22) EASTERN EUROPE (15) (6) Coccinelle (3) Mariella Burani(1) (3) Baldinini (4) Francesco Biasia (3) Braccialini (3) Antichi Pellettieri (10) Baldinini (3) Francesco Biasia (1) Mariella Burani (1) Coccinelle INVESTOR DAY, MBFG 1H2006 Financial Results p.7

  9. 001.MBFG ITALIAN GAAP CAGR IAS / IFRS CAGR 2000 2001 2002 2003 2004 2000-2004 2004 2005 2000-2005 MILLIONS OF EURO NET REVENUES 157,0 221,7 273,9 358,8 428,9 28,6% 429,6 483,1 25,2% % TOTAL GROWTH 41,2% 23,5% 31,0% 19,3% 12,5% % ORGANIC GROWTH 34,0% 6,0% 10,5% 5,4% 8,1% 14,3% EBITDA 12,6 22,8 32,4 43,5 53,3 43,4% 45,2 61,4 37,2% % TOTAL GROWTH 81,0% 42,3% 34,1% 22,6% 35,9% EBITDA Margin 8,0% 10,3% 11,8% 12,1% 12,4% 10,5% 12,7% EBIT 5,5 11,5 19,9 25,9 32,6 56,1% 29,0 42,7 50,7% % TOTAL GROWTH na 109,6% 72,9% 30,0% 25,8% 47,0% EBIT Margin 3,5% 5,2% 7,3% 7,2% 7,6% 8,8% PRETAX 2,4 6,2 13,7 17,3 20,8 72,2% 16,2 27,9 33,7% % TOTAL GROWTH na 160,3% 118,7% 26,9% 20,3% 72,1% Margin 1,5% 2,8% 5,0% 4,8% 4,9% 3,8% 5,8% NET INCOME 3,2 5,7 11,3 21,7 12,1 38,5% 7,8 22,3 46,6% % TOTAL GROWTH 78,1% 98,2% 92,0% -44,1% 0,0% 186,3% NET INCOMEMARGIN 2,1% 2,6% 4,1% 6,1% 2,8% 1,8% 4,6% DYNAMIC GROWTH- SINCE 2000, AVERAGE ANNUAL REVENUE GROWTH OF 25%, ACCOMPANIED BY MORE THAN PROPORTIONAL GROWTH OF EBITDA (+37%), AND EBIT (+51%) 500,0 REVENUE GROWTH BY DIVISION 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 2000 2001 2002 2003 2004 2005 EBITDA GROWTH BY DIVISION 55,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0 2000 2001 2002 2003 2004 2005 Apparel Leather Goods Digital INVESTOR DAY, MBFG 1H2006 Financial Results p.8

  10. 002. OPERATING AND STRATEGIC HIGHLIGHTS 2006 INVESTOR DAY, MBFG 1H2006 Financial Results p.9

  11. 002.OPERATING AND STRATEGIC HIGHLIGHTS OPERATING AND STRATEGIC HIGHLIGHTS 2Q 2006 OPERATING HIGHLIGHTS • Expansion of the mono brand retail network • New licensed product introductions • Further extension of MBFG brands • Continued rationalization of knitwear and textile operations • Further integration of the Group’s multi-brand retail network; Don Gil, Revedi, and Bernie’s INVESTOR DAY, MBFG 1H2006 Financial Results p.10

  12. 002. OPERATING AND STRATEGIC HIGHLIGHTS STRATEGIC HIGHLIGHTS • The acquisition of a 51% controlling interest of Coccinelle, a renown Italian handbag and accessories company • Acquisition by Itochu of a 3,3 % equity interest in AP. ITOCHU is one of Japan's most successful trading companies and one of the world's largest corporations with a network of more than 670 companies in 80 countries. • The IPOof Antichi Pellettieri on June 7, 2006 • RECENT – Tamburi Investment Partners acquired a 3.2 % equity interest in MBFG • RECENT - The Group’s entry into Fashion Jewellery with the acquisition of Facco Corporation SpA. INVESTOR DAY, MBFG 1H2006 Financial Results p.11

  13. 002. OPERATING AND STRATEGIC HIGHLIGHTS THE ACQUISITION OF FACCO CORP. THE COMPANY • Founded in 1969 by Albino Facco in Vicenza, Italy • Designs, produces, and distributes gold & silver jewellery • Expected to generate € 12,5 million of revenues and Ebitda in excess of €1 million in 2006. STRATEGIC REASONING • First step in the establishment of the Fashion Jewellery division within MBFG. • Develop Facco brands world-wide by further leveraging MBFG’s extensive distribution network, international market presence, and management expertise • Extend MBFG’s product offering across brands….. Will begin with 2007 licenses for the production and distribution of Mariella Burani and Baldinini jewellery collections. INVESTOR DAY, MBFG 1H2006 Financial Results p.12

  14. 1H 2006 FINANCIAL HIGHLIGHTS 003. INVESTOR DAY, MBFG 1H2006 Financial Results p.13

  15. 003.FINANCIAL HIGHLIGHTS 1H 2006 IN SUMMARY….. • INCOME STATEMENT: THE DYNAMIC GROWTH REGISTERED IN THE PAST YEAR INTENSIFIES IN 1H 2006 • REVENUE MIX: CONTINUOUS SHIFT TOWARDS PRODUCT CATEGORIES, DISTRIBUTION CHANNELS, AND GEOGRAPHIC MARKETS OFFERING HIGHER MARGINS • BALANCE SHEET: NOTWITHSTANDING SIGNIFICANT INVESTMENTS,REDUCED DEBT/EQUITY RATIO INVESTOR DAY, MBFG 1H2006 Financial Results p.14

  16. 003. FINANCIAL HIGHLIGHTS 1H 2006 INCOME STATEMENT (IAS/IFRS) * ** * Includes €87 million capital gain on the sale of AP shares ** Includes extraordinary expenses INVESTOR DAY, MBFG 1H2006 Financial Results p.15

  17. 003. FINANCIAL HIGHLIGHTS 1H 2006 RECLASSIFIED INCOME STATEMENT THE DYNAMIC GROWTH REGISTERED IN THE PAST YEAR INTENSIFIES * * * Net of extraordinary income/expenses INVESTOR DAY, MBFG 1H2006 Financial Results p.16

  18. 003. FINANCIAL HIGHLIGHTS 1H 2006 1H2005 1H2006 (MILLIONS OF EURO) REVENUES 63,0 107,6 % total growth 70,8% % organic growth 32,1% EBITDA 7,8 16,1 % total growth 105,8% ebitda margin 12,4% 14,9% (1) including royalties RECLASSIFIED DIVISIONAL REVENUES APPAREL LEATHER GOODS • The Apparel division generated 55% of Group revenues and 55,5% of Group EBITDA in 1H 2006 • In 1H 2006, the Apparel division realised 4,0% total revenue growth and 10,3% organic growth • The Leather Goods division generated 39,2% of Group revenues and 42,6% of Group EBITDA in 1H 2006 • The Leather Goods division realised total revenue growth of 70,8% and organic revenue growth of 32% in 1H2006 (1) (1) INVESTOR DAY, MBFG 1H2006 Financial Results p.17

  19. 003. FINANCIAL HIGHLIGHTS 1H 2006 RECLASSIFIED REVENUE MIX CONTINUOUS SHIFT TOWARDS PRODUCT CATEGORIES, DISTRIBUTION CHANNELS, AND GEOGRAPHIC MARKETS OFFERING HIGHER MARGINS. DIRECT CLIENTS: DOS, FRANCHISEES E WHOLESALE CUSTOMERS ACQUIRING DIRECTLY FROM THE GROUP’S SHOWROOMS (1) INVESTOR DAY, MBFG 1H2006 Financial Results p.18

  20. 003. FINANCIAL HIGHLIGHTS 1H 2006 BALANCE SHEET HIGHLIGHTS DEBT/EQUITY RELATIVLE STABLE AT 0,75, NOTWITHSTANDING SEASONAL INCREASE IN WORKING CAPITAL REQUIREMENTS 2004 2005 1H2005 1H2006 MILLIONS OF EURO NET WORKING CAPITAL 105,2 117,8 112,1 122,9 NET FIXED ASSETS 309,9 369,9 344,7 433,0 PROVISIONS (19,7) (18,6) (21,1) (20,2) DEFFERED TAXES (45,7) (56,6) (49,2) (69,8) TOTAL INVESTED CAPITAL 349,9 412,5 386,5 465,8 NET FINANCIAL POSITION (NFP) / DEBT 142,0 169,2 159,5 142,9 SHAREHOLDERS' EQUITY 207,9 243,3 227,0 322,9 TOTAL INVESTED CAPITAL 349,9 412,5 386,5 465,8 INDICES: NET WORKING CAPITAL / REVENUES 24,6% 24,5% 26,2% 20,8% NFP / EQUITY 0,68 0,70 0,70 0,44 NFP / TOTAL INVESTED CAPITAL 0,41 0,41 0,41 0,31 INVESTOR DAY, MBFG 1H2006 Financial Results p.19

  21. 004.2006 STRATEGIC DIRECTION AND OUTLOOK INVESTOR DAY, MBFG 1H2006 Financial Results p.20

  22. 004.2006 STRATEGIC DIRECTION AND OUTLOOK STRATEGIC DIRECTION FURTHER DEVELOPMENT OF THE GROUP’S BRANDS, EACH TO BECOME A LEADER IN ITS RESPECTIVE MARKET • Optimize sales mix with focus on: • Handbags and accessories • Fashion Jewellery • Rapidly expanding geographic markets • Continued……. • Integration of companies acquired • Rationalization of textile / knitwear activities • Retail Network expansion • Further brand extension INVESTOR DAY, MBFG 1H2006 Financial Results p.21

  23. OUTLOOK… INVESTOR DAY, MBFG 1H2006 Financial Results p.22

  24. HISTORICAL FINANCIAL PERFORMANCE 1H 2006 REVENUE BREAKDOWNS PROMISES MADE AT IPO / ACHIEVEMENTS INVESTOR DAY, MBFG 1H2006 Financial Results p.23

  25. A. APPENDIX HISTORICAL FINANCIAL PERFORMANCE INCOME STATEMENT INVESTOR DAY, MBFG 1H2006 Financial Results p.24

  26. A. HISTORICAL FINANCIAL PERFORMANCE APPENDIX PERCANTAGE OF REVENUES ITALIAN GAAP IAS / IFRS GENERATED FROM: 2000 2001 2002 2003 2004 2004 2005 APPAREL 94,0% 66,4% 67,5% 63,9% 66,7% 66,7% 63,7% LEATHER GOODS 0,0% 29,5% 27,1% 31,9% 29,0% 28,9% 31,0% DIGITAL FASHION 6,0% 4,1% 5,4% 4,2% 4,4% 4,4% 5,4% OWN BRANDS 70,0% 75,1% 85,3% 90,7% 90,2% 90,2% 91,4% DIRECT CLIENTS (1) 30,7% 40,2% 58,1% 65,6% 71,8% 71,9% 72,1% 49,0% FOREIGN MARKETS 56,4% 59,2% 61,7% 68,0% 67,9% 69,9% (1) Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group's showrooms THE REVENUE MIX INVESTOR DAY, MBFG 1H2006 Financial Results p.25

  27. A. APPENDIX HISTORICAL FINANCIAL PERFORMANCE BALANCE SHEET ITALIAN GAAP IAS/IFRS 2000 2001 2002 2003 2004 2004 2005 MILLIONS OF EURO NET WORKING CAPITAL 93,1 88,7 113,0 134,0 139,1 105,2 117,8 NET FIXED ASSETS 44,8 81,1 105,9 133,2 179,6 309,9 369,9 PROVISIONS (7,8) (11,2) (14,5) (20,3) (22,1) (19,7) (18,6) DEFFERED TAXES (45,6) (56,6) TOTAL INVESTED CAPITAL 130,1 158,6 204,3 246,9 296,6 349,9 412,5 NET FINANCIAL POSITION (NFP) / DEBT 45,2 61,7 93,8 113,8 141,9 142,0 169,2 SHAREHOLDERS' EQUITY 84,9 96,9 110,5 133,2 154,7 207,9 243,3 TOTAL INVESTED CAPITAL 130,1 158,6 204,3 246,9 296,6 349,9 412,5 INDICES: NET WORKING CAPITAL / REVENUES 59,3% 40,0% 41,3% 37,4% 32,4% 24,6% 24,5% NFP / EQUITY 0,53 0,64 0,85 0,85 0,92 0,70 0,70 NFP / NET ASSETS 0,35 0,39 0,46 0,46 0,48 0,41 0,41 INVESTOR DAY, MBFG 1H2006 Financial Results p.26

  28. B. 1H 2006 REVENUE BREAKDOWNS APPENDIX RECLASSIFIED REVENUE BREAKDOWNS-BRAND INVESTOR DAY, MBFG 1H2006 Financial Results p.27

  29. B. 1H 2006 REVENUE BREAKDOWNS APPENDIX RECLASSIFIED REVENUES BY DISTRIBUTION CHANNEL INVESTOR DAY, MBFG 1H2006 Financial Results p.28

  30. B. APPENDIX 1H 2006 REVENUE BREAKDOWNS RECLASSIFIED REVENUES GEOGRAPHIC AREA INVESTOR DAY, MBFG 1H2006 Financial Results p.29

  31. C. APPENDIX PROMISES MADE AT IPO / ACHIEVEMENTS (1) DIRECT DISTRIBUTION CHANNELS: DOS, FRANCHISEES AND MULTI-BRAND CUSTOMERS ACQUIRING DIRECTLY FROM THE GROUP’S SHWROOMS (2) STAR SEGMENT OF THE ITALIAN STOCK ECXHANGE (BORSA ITALIA SPA) INVESTOR DAY, MBFG 1H2006 Financial Results p.30

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