INVESTOR PRESENTATION Q1 2007/0814 November 2007

AGENDA

> INTRODUCTION

> Henrik Theilbjørn, CEO

>Q1 2007/08 FINANCIALS

> Chris Bigler, CFO

> INWEAR PRESENTATION

> Thomas Ulstrup, Brand Director

>GENERAL DEVELOPMENT & CONCLUSIONS

> Henrik Theilbjørn, CEO

A BRIEF ABOUT Q1…> REVENUE UP BY 9% TO DKK 1,190 MILLION

> Planned later winter deliveries of DKK 45 million will be realized in Q2

> GROSS MARGIN UP BY 2.6%-POINT TO 60.9%

> Currency impact 2.3%-point

> EBIT UP BY 14%

> EBIT-margin up by 1%-point to 21.0%

> CONTINUING PROGRESS IN ALL CHANNELS OF DISTRIBUTION:

> Same-store growth of 15%

> Franchise growth of 22%

> 4.2%-point improvement in retail profitability

> 0.8%-point improvement in wholesale profitability

WE MAINTAIN OUR GUIDANCE FOR 2007/08…

> REVENUE GROWTH OF 12% - 15% TO DKK 3,750 – 3,850 MILLION

> EBIT GROWTH OF 30% - 40% TO DKK 440 – 480 MILLION (EBIT MARGIN 11.5% -

12.5%)

> TOTAL INVESTMENTS OF DKK 150 – 170 million

> SHARE BUY BACK PROGRAMME OF DKK 200 MILLION

> Will start January 2008

STRONG ORDER INTAKE FOR AUTUMN, WINTER & SPRING 2007/08…

> Expected growth of 10% - 12% in order intake for Summer 2008

Growth

Autumn, Winter & Spring 2007/08

12 months 2006/07

12 months 2005/06

Peak Performance 15% 22% 16%Tiger of Sweden 38% 5% 31%InWear 2% 11% 2%Jackpot -18% -10% 0%Matinique 22% 16% 3%Cottonfield 8% 17% 18%Part Two 9% 14% -1%By Malene Birger 40% 32% 77%Soaked in Luxury 13% 9% 12%Designers Remix Collection 30% 68% 85%Total own brands 13% 12% 11%

AGENDA

> INTRODUCTION

> Henrik Theilbjørn, CEO

>Q1 2007/08 FINANCIALS

> Chris Bigler, CFO

> INWEAR PRESENTATION

> Thomas Ulstrup, Brand Director

>GENERAL DEVELOPMENT & CONCLUSIONS

> Henrik Theilbjørn, CEO

INCOME STATEMENT Q1 2007/08

DKK million 2007/08 2006/07 IndexRevenue 1,190 1,096 109

Gross profit 725 639 113 Gross margin 60.9% 58.3% +2.6PP

OPEX (475) (419) 113 OPEX efficiency 39.9% 38.3% +1.6PP

Operating profit 249 219 114 EBIT margin 21.0% 20.0% +1.0PP

Net financials (5) (3) 176

Profit be fore tax 244 217 113 Income tax (68) (63) 109Net profit 176 154 114

REVENUE BY BRAND Q1 2007/08

DKK million Q1 2007/08 Q1 2006/07 Growth

Peak Performance 301 274 10%Tiger of Sweden 187 144 30%InWear 173 179 -4%Jackpot 134 155 -14%Matinique 88 73 20%Cottonfield 84 77 9%Part Two 63 59 6%By Malene Birger 62 43 45%Saint Tropez 33 38 -14%Soaked in Luxury 30 30 -1%Designers Remix Collection 26 15 70%Total own brands 1,181 1,087 9%

REVENUE BY MARKET Q1 2007/08DKK million Q1 2007/08 Q1 2006/07 Growth

Sweden 268 250 7%Denmark 212 184 15%Norway 115 96 20%Holland 92 99 -7%UK and Ireland 64 64 0%Belgium 63 54 17%Finland 58 54 7%Germany 57 52 10%Switzerland 44 40 10%Canada 36 31 16%Poland 29 23 26%Spain 22 28 -21%Austria 20 19 5%Russia 17 26 -35%France 16 15 7%Other 68 52 31%Total own brands 1,181 1,087 9%

REPORTING OF OUR DISTRIBUTION CHANNELS NOW CORRESPONDS WITH UPDATED GROUP STRATEGY…

> RETAIL IS NOW LONGER ONLY WHOLESALE SUPPORT

> Retail now carries a proportional share of the cost related to product development and

brand building

> THE NEW COST ALLOCATION UNDERLINES THE VAST POTENTIAL IN RETAIL AND

THE ATTRACTIVENESS OF WHOLESALE

> Full Year 2006/07 Retail margin 8.5% (14.9% before change)

> Full Year 2006/07 Wholesale margin 16.6% (14.1% before change)

> INFORMATION AND COMPARABLE QUARTERLY DATA ARE AVAILABLE IN NOTE 6 TO

THE QUARTERLY REPORT

DISTRIBUTION CHANNELS Q1 2007/08

* Unallocated corporate costs comprise IT, finance, HR and general management.

DKK million Q1

2007/08 Q1

2006/07 Q1

2007/08 Q1

2006/07 Q1

2007/08 Q1

2006/07 Q1

2007/08 Q1

2006/07

Revenue 894 854 265 211 31 31 1,190 1,096 Growth 5% 26% 0% 9%

Distribution channel profit/(loss) 253 235 22 9 10 9 285 253 Distribution channel profit margin 28.4% 27.6% 8.3% 4.1% 33.6% 28.7% 24.0% 23.1%

Unallocated corporate costs* (36) (34)

Operating profit 249 219 EBIT margin 21.0% 20.0%

Wholesale Retail Outlet Group

BALANCE SHEET Q1 2007/08

30 September 30 September 30 JuneDKK mill ion 2007 2006 2007

Total non-current assets 826 832 816 Inventories 430 375 466 Receivables and prepayments 824 812 422 Cash and cash equivalents 195 128 145 Total assets 2,274 2,147 1,849

Equity 732 736 567 Non-current liabilities 203 205 202 Short Term Debt 721 594 535 Trade Payables 231 234 297 Other Debts 388 379 249 Total l iabil i ties and equity 2,274 2,147 1,849

Working capital adjusted for non-cash items as a percentage of 12 month trailing revenue 20.5% 19.9% 11.7%

CASH FLOW STATEMENT Q1 2007/08

30 September 30 September

DKK million 2007 2006

Cash flow from operating activities (115) (148)

Cash flow from investing activities (34) (74)

Cash flow from financing activities 11 32

Change in cash and cash equivalents (137) (190)

Net interest-bearing debt (694) (642)

Committed credit lines 1,419 1,216

AGENDA

> INTRODUCTION

> Henrik Theilbjørn, CEO

>Q1 2007/08 FINANCIALS

> Chris Bigler, CFO

> INWEAR PRESENTATION

> Thomas Ulstrup, Brand Director

>GENERAL DEVELOPMENT & CONCLUSIONS

> Henrik Theilbjørn, CEO

InWear PresentationThomas Ulstrup Brand Director InWear

Copenhagen 14 November 2007

Agenda

InWear historyInWear todayInWear future

InWear the beginning – Niels Martinsen

The Myth and the Historical Meeting

Time: 1969Place: Copenhagen, Local Music Club at Vesterbro

Problem:In 1968 there was two kinds of wardrobe – adults & children.

Challenge:To create fashion for modern women attracted to the cosmopolitanlife style.

Two people got together:Niels Martinsen – 20 years old, trainee in a men’s wear shop – and theyoung innovative designer Kirsten Teisner. Together they createdInWear.

1970’ies

Beige, soft and neat

At the same time as demand rose at home, InWear became better at marketing itself internationally. This resulted in increasedproduction, volume and sales. During the 1970s, the small fashion brand quickly expandedand established a professional network of agents throughout Europe.

1980’ies

Shoulder pads and peach-coloured blazers

By the mid-80s, InWear had itsown shop in New York City, fiveshops in California and one on London’sKings Road. At that time, InWear’s models included such names as Helena Christensen.

1990’ies

Yuppie suits, black and white

InWear celebrates major successwith Renée Toft Simonsen as figurehead in the ”Living is…”campaign.Increased competition results in the company becoming more attentive to consumer needs. The 1990s was the era when bothstyle and sales curves becamestreamlined.

The 21st Century

Casual chic and classically stylish

Despite the fact that a great deal has happened and changed sincethe 1960s, the idea is still to create fashion with feminine appeal, quality with an edge and style.

InWear Brand positoning from the beginning

”Dressed”/formal

Young

Casual/relaxed

Mature

1970’ies

1980’ies

1990’iesThe 21st Century

2006 – Status in InWear

• A growth in the turnover with 8 – 15% the past years • Turnover increasing in all channels• Strong Retail KPI’s• Strong merchandise flow in the InWear collection

But

• The product was going in the wrong direction to the Design philosophy• Missing senior people in key positions• Marketing and branding was zig zag the past years

2007/08 Order Intake

• Combined growth of 2% in Autumn, Winter & Spring 2007/08

• Country Specific Issues– Holland– Sweden

• OTB special program

• New design team

Agenda

InWear historyInWear todayInwear future

What have we done the past year

• Product - Full attention – The heart of our business

• Building up a strong management team and team in InWear

• Marketing and communication - Back on track on our brand values

• International people in the HQ team

New Design Manager - Lene Borggaard

• Product is driving the brand• Product = InWear image• International design team

Product / Design – the heart of our business

easy-to-wearcom-po-si-tion

UPDATED classics

the RIGHT CON-STRUC-TION

FABRICS

Back to our core design strenght

Core brand values

Inspirational

Our brand is named In-Wear, because we're in fashion, in style and like to in'spire women to dress more beautifully.

Attractive

Like all women InWear wants to be attractive. Not only in our fashiondegree, our lines of products and our shops, but also in the way we dobusiness, price levels, and last but not least the way we are, the way webehave.

International

The Cosmopolitan influence

InWear is rooted in a cosmopolitan life style. We are inspired by the city'sdesign, architecture, art, books, music, magazines, colours, shopping, highstreets and people, the pulse, the energy and the possibilities of acosmopolitan life.

Change Collection structure – Step by step 2007 - 2010

Profile 20%

Core 55%

Basic 25%

Dressed Casual

Future Today

Profile

Core

Basic

60/40 90/10

The customer

Merchandise Communication

The store

Create the total service andinnovative shopping experience in all our InWear stores and Wholesale partners

Build up the InWearbrand attitude in allour communication and manner of behaving

Generate fashion authorityand clear fashion statements - Through our products

Brand building

Design philosophy

InWear is synonymous withquality and style.

Our design is international andcontemporary.

We craft modern, wearable piecesthat mix and match to makeversatile collections.

Delicate details and fabulous fitscombine to create a seductivefeminine appeal.

Low

Hig

hM

ediu

m

Pric

eProduct positioning

Lifestyle

Advanced Modern Updated Classic Traditional

PradaGucciDolce & GabbanaMiu MiuMarc JacobsChloeMarni

Donna KaranPaul & JoeDries Van NotenHugo Boss SandBy Malene BirgerIsabel Marant

BurberryBarbara BuiArmani CollezioniCacharelStrenesseRalph LaurenSandTommy Hilfiger

Armani CollezioniRalph LaurenMulberryCaractereGant

DonaldsonEscadaLaura AshleyMarellaMarina Rinaldi

Phillip LimVanessa BrunoBaum und PferdgardenPatrizia PepeAcneDieselJ. Lindeberg

Filippa KTiger of SwedenQui Set

Max & CoBruuns BazaarDay et MikkelsenKaren Millen

TurnoverWhistlesMarco PoloNoa NoaPart TwoFrench ConnectionMexxEsprit

RedGreenJackpotSignalCoastBenetton

Betty BarclayBaslerGerry WeberRosnerKrissLuciaBison

Miss SelfridgesBershkaTopshopOnlyZara

OasisMangoRiver IslandStreet OneEDCH&M

S. OliverJane NormanSaint TropezB-YoungVera Moda

GapOld NavySandwich

M & SC & A

30 countries - 1500 selling points and 119 stores/shops

Retail Wholesale/Franchise E commerce

06/07 Real 38 % 62 % 0 %07/08 Est. 42 % 56 % 2 %08/09 Est. 45 % 51 % 4 %

Ecommerce live from the 2nd November 2007 – 2 weeks old

Strategy – distribution

• Add new customers on all our markets

• Higher wholesale penetration in central europe and Capital cities

• Grow with concept / franchise

• Grow with retail/ concessions – Scandinavian focus this year

• Develop main markets with new distribution in acc. and Apparel

InWear collection structure

Collection structure4 main collections yearly

23 deliveries pr year

We offer 23 deliveries a year in drops every 14 days to increase sell through and to ensure good stock turn

To increase sell-through and improve stock turn, InWear offers 4 different open to buy concepts available from stock

each season

In-stock: Basics seasonal and non seasonal colours

Catch – up: Bestsellers and new fashion collection

Repeat: Stock products bulked from estimated bestsellers

Specials: Any needs from specific countries

The OTB concept

Agenda

InWear historyInWear todayInwear future

Selective trading up and sharpening profile by clear focus on target segments. - In product - branding

Basic options for InWear

Todays Positioning Future positioning

Price Level

Segment - Focus

Up scale

Discounting

Wide focus

Narrow Focus

Differentiation

‘Trading up‘

‘Down-market‘

Future

1

2

3

InWearfuture

Segment focus – clear focus

Future market opportunity and objectives for InWear

InWear has identified an enormous market opportunity throughoutThe international market

– Strong growth on existing markets – Build up a strong retail and franchise business in all our main markets– Create a collection structure with a wider price and fashion range to support InWear’s

internationalisation to the next level– Enter and build up Accessories lines

Accessories are an exclusive way to express a strong brand image.It is not a fast moving category, it is a way to align the brandposition in the market and make a clear fashion statement, whichcan live and grow for many years, without changing thecollection and look a lot……………….

The accessories category has doubled the turnover from 05/06 – 06/07

InWear’s growth and internationalization will continue

Supported by :• New shop concept • International fair plan • Retail and franchise openings

• Accessories lines

AGENDA

> INTRODUCTION

> Henrik Theilbjørn, CEO

>Q1 2007/08 FINANCIALS

> Chris Bigler, CFO

> INWEAR PRESENTATION

> Thomas Ulstrup, Brand Director

>GENERAL DEVELOPMENT & CONCLUSIONS

> Henrik Theilbjørn, CEO

JACKPOT – UPDATE>SPRING 2008 ORDER INTAKE DOWN BY 17%

> Jackpot is still losing selling points (net), but in a declining pace

> Spring 2007 → Fall 2007 Down by 130 Selling Points (net)

> Fall 2007 → Spring 2008 Down by 26 Selling Points (net)

> Order intake for Summer 2008 is promising

>AND THE STRONG JACKPOT RETAIL PERFORMANCE CONTINUES

> 8 consecutive months of double digit same-store growth

> Q1 2007/08 same-store growth of 37%

> Jackpot has 6,000 retail square meters

RETAIL ACADEMY – DOES IT WORK?!

>SO FAR 40% OF ALL RETAIL SHOPS TRAINED

>THE TRAINING SESSIONS ARE VERY POSITIVELY RECEIVED ACROSS

BRANDS AND MARKETS

>WE ARE SEEING SIGNIFICANT IMPROVEMENT IN KPI’S

> Especially in hit rate, which is up by 2 - 5%-points

> But, also in items per transaction, average price and basket size

>ALSO FRANCHISE PARTNERS WANT THE TRAINING

MISCELLANEOUS…

>LEADERSHIP ACADEMY PROCEEDING

> The first 20 participants have provided exceptionally positive feedback

>NEW COUNTRY MANAGER IN HOLLAND

>E – COMMERCE LAUNCH

> InWear – 2 November 2007

> Tiger of Sweden – Start December

> And more brands to follow…

15/15 IS OUR GOAL…> OUR MISSION

> WE BUILD SUCCESSFUL INTERNATIONAL FASHION BRANDS

> OUR VISION

> WE WANT TO BE THE BEST OWNER AND BUSINESS SUPPORT FOR

INTERNATIONAL FASHION BRANDS

> OUR GOAL

> NO LATER THAN OVER A PERIOD OF THREE TO FIVE YEARS, THE TARGET OF IC

COMPANYS IS TO CREATE A GROUP THAT ANNUALLY ACHIEVES A MINIMUM OF

15% ORGANIC GROWTH AND AN EBIT MARGIN OF MINIMUM 15%

Q1 WAS A STEP IN THE RIGHT DIRECTION…

Preorder

OTB(In-Season-Sales)

Franchise

Retail

Outlet

FY GuidanceCategory

15 – 30%

10 – 13%

11 – 13%

0 – 5%

11 – 15%

Q1 development

13% growth in order intake for 3 out of 4 Collec-tions. Expected growth of 10% – 12% in last.

OTB Growth of 5%in Q1

Franchise growth of 22% in Q1

Retail growth of 26% in Q1

0% growth in Outlet in Q1

Q & A