1. Ferrara, June 15-16, 2007 Giuseppe Gullo Group CFO University of Ferrara 13th World Continuous Auditing & Reporting Symposium

2. p.1 Who we are The CFO role in MBFG INDEX.. 002. 001.

3. 001. Who we are p.2

4. BRANDS 001. p.3 MBFG MANAGES A PRESTIGIOUS PORTFOLIO OF OWNED AND LICENCED BRANDS WITH THE AIM TO BECOME A LEADER IN ITS MARKETS Mugler, Fuchsia (Ungaro), Anglomania (Vivienne Westwood), 1000 Miglia, Alviero Martini, Patrizia Pepe Vivienne Westwood, Warner Bros, Miss Sixty Missoni, Luigi Borrelli ABBIGLIAMENTO APPAREL SHOUSEBAGS LEATHER GOODS LICENCE PRINCIPAL OWNED BRANDS SHOPS 4715181544645 FASHION JEWELLERY NEW ACQUISITIONS: FACCO, ROSATO, CALGARO, VALENTE

5. p.7 THE RETAIL NETWORK AT DECEMBER 31, 2006 CONSISTED OF 311 MONO AND MULTI-BRAND BOUTIQUES (169 DOS+142 FRANCHISEES) RUSSIA+BALTIC COUNTRIES (32) FAR EAST (18) EASTERN EUROPE (17) GERMANY, AUSTRIA, SWITZERLAND (75) JAPAN (10) MIDDLE EAST – REST OF THE WORLD (19) ITALY (126) EUROPE (14) (38) Don Gil (16) Bernies (15) Rene Lezard (2) Mila Schon (2) Revedi (1) Baldinini (1) Coccinelle (30) Mariella Burani (27) Coccinelle (20) Revedi (15) Baldinini (11) Mila Schön (9) Braccialini (7) Francesco Biasia (6) Antichi Pellettieri (1) Junior fashion (12) Baldinini (3) Francesco Biasia (1) Mariella Burani (1) Coccinelle (5) Coccinelle (3) Mariella Burani (1) (3) Baldinini (2) Francesco Biasia (3) Braccialini (3) Antichi Pellettieri (5) Mariella Burani (4) Braccialini (2) Baldinini (4) Francesco Biasia (2) Coccinelle (1)Mila Schön (6) Mila Schön (3) Mariella Burani (1) Coccinelle (27) Baldinini (1) Mariella Burani (3) Coccinelle (1) Braccialini (4) Mariella Burani (5) Coccinelle (2) Rene Lezard (1) Braccialini (2) Francesco Biasia FEBRUARY 2007 p.4 DISTRIBUTION NETWORK 001.

6. FROM 2000, THE AVARAGE GROWTH RATE OF THE REVENUES WAS 27,4%, WITH A MORE THAN PROPORTIONAL GROWTH OF THE EBITDA (+46,6%), AND OF THE EBIT (+60,2%) p.5 DINAMIC GROWTH 001.

7.  40 consolidated companies  2.480 employees  A worldwide presence  A sub-holding, Antichi Pellettieri, listed on Italian Stock Exchange market “EXPANDI segment” with a capitalization of about euro 480 mln.  A stock capitalization of about euro 780 mln. at STAR segment (a growth of the share price from 2006 of about 70% and from IPO of about 250%)  Italian and international shareholders (with the presence of 2 important Private Equity funds)  LCapital (LVMH) and Tamburi & Partners important shareholders with 6,5% of equity stake of MBFG  20 financial analysts cover the stock WHO WE ARE AT ALL p.6

8. 002. The CFO role in MBFG p.7

9. CFO as a “transition manager” CFO as a “Business Integrator” CFO as a “Process Administrator” inside and outside of the Group THE CFO ROLE IN MBFG 002. p.8

10. CFO as a “transition manager” Globalization implies “daily changes” Basilea 2 (a rating for each company) IAS/IFRS Information Systems / Business Intelligence Speed to manage transition as a competitive advantage 002. p.9 THE CFO ROLE IN MBFG

11. CFO AS a Business Integrator Growth plan through acquisitions (with minorities as an important asset for the Group) Management of minorities with integrated criteria Developement of synergies among acquired companies for an accelerated growth (focus on “made in Italy” sector) Diffusion of an integrated Group culture and philosophy (“Thinking Group concept”) p.10 002. THE CFO ROLE IN MBFG

12. CFO AS a Process Administrator Process codification of accounting methodology (Consolidation manual) Developement of an “Organization chart” and a “Responsability tree” for companies’ decision makers Information systems’ developement to better manage information flows inside and outside of the Group 002. p.11 THE CFO ROLE IN MBFG

13. CONTINUOUS AUDITING AND INFORMATION TOOLS Introduction of new information and comunication tools like Business Intelligence Systems Continuous monitoring on monthly basis on a single legal entity level of data and performances Performance measurement and creation of a Performance Manager role to monitor “Intangible Asset Value” p.12 002. THE CFO ROLE IN MBFG

14. THE INTANGIBLE ASSETS IN THE BALANCE SHEET: the performance focus From accounting figures to “value” Employees Client base Community Others Intangibles Value left to third parties GOODWILL “Sustenability” financial statement Equity (Goodwill + specific intangibles) Book value “Market Value” financial statement “Accounting” financial statement Specific intangibles p.13 002. Specific intangibles “Real value”

15. SOME KEY PERFORMANCE INDICATORS p.14 002.

16. STRATEGY AND VALUE CREATION IN MBFG p.15 002. MBFG 2-Y Stock Performance