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June 2017

CORPORATE PRESENTATIONDieter Penninckx, CEO

FNG N.V. Shareholder’s meeting

August 17, 2017

Fred + Ginger Store Gent

CONTENT

I. Executive Summary

II. Business overview

III. Strategy and vision

IV. Financial overview

V. Q & A

2

EXECUTIVE SUMMARY

3

Combination formed in 2016:

EXECUTIVE SUMMARY

4

5

254MILLION €

92MILLION €

3MILLION €

2014: Steps & Superstar

2013: Expresso

2012: Claudia Sträter2011: BB in Dutch Market

2009: CKS2008: Van Hassels

2005: Fred & Ginger

150MILLION €

2016: Miss Etam, Brantano460

MILLION €

EBITDA

Sales

Shops

People

460 MILLION €

37.6 MILLION €

>500 shops150.000 m2

>3000

(*) Final consolidated and audited (limited review) financials for FNG N,V. These figures are normalized, assuming full year integration of Miss Etam Group, Brantano Group and the Original FNG Group within the Group FNG. Final annual report 2016, including final financial accounts and related auditor statement, is expected shortly allowing annual shareholders meeting to be held in July.

A SOLID GROWTH PATH

EXECUTIVE SUMMARY

6

FNG is currently acquiring two new fashion companies, Suitcase NV and

Concept Fashion Group NV. FNG has the intention to structure these

acquisitions as a new pillar in the structure chart of the Group FNG.

CONTENT

I. Executive Summary

II. Business overview

III. Strategy and vision

IV. Financial overview

V. Q & A

7

EUROPEAN APPAREL AND SHOE MARKET

8

Large, non-growing market

Consolidation wave

Strongly fragmented

Zillions of brands

Market share of market leader only some %

Local brands > International brands

Consumers looking for “Added value”

Brand portfolio

Manage collection risk

Economics of scale

“Locomotive – attach various wagons”

Online (r)evolution

EUROPEAN APPAREL AND SHOE MARKET: DIGITALISATION

Online (r)evolution

EUROPEAN APPAREL AND SHOE MARKET: DIGITALISATION

?

BUSINESS FUNDAMENTALS

11

Emotional product, rationally managed

Buy-and-Build

Omni-channel focus

It’s people’s business - CSR

Creating value by managing a complementary brand portfolio via buy (acquistions)

and build: roll-out of state-of-the-art fashion & retail concepts

Optimizing the “value chain” process and realizing synergies in HR, ICT, Finance & Logistics

Hard synergies: combining sales & buying activities via FNG’s buying platform

FNG has a lean result-focused organization with a unique corporate culture and a focus on CSR.

Knowing your customer is key. Managing 'big data’, results in dedicated marketing communication

based on consumer behaviour, i.e segmented marketing campaigns (up to one-on-one segmentation),

individual web page merchandising, individual styling services, virtual stock that can be sold via

different channels, individual delivery options for online sales, etc…

Retail and product brands blend more and more. The strategy used by FNG focuses on a

seamless shopper experience, regardless of the channel of sales.

Brantnew case: first results revenues +20%

Kleding Schoenen

STATE OF THE ART RETAIL CONCEPT

0

50

100

150

Brantano stores (old) Brantnew stores

SYNERGIES: GLOBAL SOURCING PLATFORM

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• Stronger negotiation power

• Economics of scale

• Efficiency

• Flexibility

• Local impact/control

• CSR (1)

• Strong purchasing platform in

Turkey, India and Hong Kong

• With direct relations with local

suppliers

(1) CSR = Corporate Social Responsibility, (2) % of total FNG’s clothing production volume

SYNERGIES: INTEGRATED LOGISTICS PLATFORM

WHY?

15

discover hidden diamonds

and dare to make them shine

CONTENT

I. Executive Summary

II. Business overview

III. Strategy and vision

IV. Financial overview

V. Q & A

16

FNG’s STRATEGY

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BUY & BUILD STRATEGY:

acquiring retail and fashion chains and creating value by optimizing

corporate processes, using synergies

in order to futher improve EBITDA with 10% to 15% set as a long term

target, and to continue to play an important rol as consolidator in the

fashion retail landscape.

ONLINE SALES

Further investing which online sales representing already today a

significant amount of FNG’s revenu, certainly when compared to the

competition.

In a turbulent market with changing consumer behavior, the group sees

a further shift to online sales and the delayed response from existing

players as a good foundation for growth.

FNG’s STRATEGY

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Omni-channel approach : seamless shopper experience, regardless of

the channel of sales.

FNG puts a lot of energy and effort in knowing its customers and

managing “big data”,

resulting in dedicated marketing communication based on customer

behavior.

Financial Strategy:

The listing of the share of FNG N.V. provides opportunities to attract

external capital to finance the growth of the group.

Combining with a mix of debt instruments (senior and subordinated

bonds) and Bankloans in order to diversify financing sources and to use

financing opportunities on the capital markets.

CONTENT

I. Executive Summary

II. Business overview

III. Strategy and vision

IV. Financial overview

V. Q & A

19

80%

12%

8%

FNG N.V. CONSOLIDATED ACCOUNTS (000 EUR)

KEY FINANCIALS

20

• Group FNG acquired Miss Etam Group in

January 2016 and restructured it to a

healthy company by consolidating stores

and restructuring the head office

• Group FNG acquired Original FNG Group

& Brantano Group in September 2016.

Group FNG consolidated Brantano’s point

of sales and introduced a new store

concept by offering clothing

• Normalized figures based on pro-forma

full-year 2016 figures. Definitive figures

reflect the real moment Original FNG

Group (6 months) and Brantano Group(4

months) became part of FNG N.V.

• Revenues and EBITDA-levels show the

success of the “emotional products,

rational management” strategy

• Succesfull turnaround of Brantano Group

and Miss Etam Group: in less than 1 year

positive operational results

in EUR m 2016

Sales 460

Growth yoy 89%

EBITDA 37.6

EBITDA Margin 8.2%

NFD/EBITDA <3

52%

27%

21%

Sales 459.9m

FNG Group Brantano Miss Etam

EBITDA37.6m

Source: FNG Press Release, Offering Memorandum

FNG N.V. CONSOLIDATED ACCOUNTS

KEY FINANCIALS

21Source: FNG Press Release, Offering Memorandum

12,7%

3,6%2,9%

0

5

10

15

20

25

30

35

EBITDA (in mio EUR) en EBITDA%

FNG Brands Brantano Miss Etam

FNG N.V. CONSOLIDATED ACCOUNTS (000 EUR)

Statement of Financial Position (IFRS)

22

BALANCE SHEET 31/12/2016 31/12/2015

Non-current Assets- Goodwill and Intangible assets- Property, plant and equipment- Deferred taks assets

379,187304,087

57,09918,000

68% 8,5401,1746,389

977

Current Assets- Inventories- Trade & other receivables- Cash- Other Assets

182,17686,94124,97566,907

3,353

32% 19,1456,9587,0271,3583,801

TOTAL ASSETS 561,362 100% 27,685

Total Equity 234,988 42% - 2,972

Non-current liabilities- Borrowings- Other financial liabilities- Deferred taks liabilities- Other liabilities

206,912142,414

18,32845,682

487

37% 15,1750

15,17500

Current liabilities- Borrowings- Trade and other payables- Other liabilities

119,46335,36375,241

8,859

21% 15,4821,968

11,6421,873

TOTAL EQUITY AND LIABILITIES 561,362 100% 27,685

FNG N.V. CONSOLIDATED ACCOUNTS (000 EUR)

Statement of comprehensive income

23

PROFIT & LOSS 2016 2015 Pro forma LTM 2016 (3)Local GAAP

% Revenu

RevenuCost of merchandise

242,298-102,137

73,029-32,548

459,833213,541

Gross result 140,162 40,481 246,292 53.6%

Employee benefit expenseOther operating expenses

-47,702-71,618

-14,694-23,995

-82,419-126,253

Recurring operating result beforeamortisation and depreciation(REBITDA)

20,841 1,792 37,620 8.2%

Amortisation and depreciationexpenses

-9,468 -882 -28,702

Recurring operating result (REBIT) 11,374 910 8,917 1.9%

Non-recurring items -7,688 -4,090 -3,832

Operating result (EBIT) 3,686 -3,179 5,085

Financial expenses -6,319 -770 -9,390

Result before taxes -2,634 -3,950 -4,305

Income taxes 429 977 2,915

Result for the period -2,205 -2,972 -1,390

CONTENT

I. Executive Summary

II. Business overview

III. Strategy and vision

IV. Financial overview

V. Q & A

25