Moleskine Disclaimer This document has been prepared by its authors independently of Moleskine S.p.A. (the "Company"), Appunti S.à r.l. (―Appunti‖) and Pentavest S.à r.l (―Pentavest‖ and together with Appunti, the Selling Shareholders‖). Mediobanca - Banca di Credito Finanziario S.p.A. has no authority whatsoever to give any information or make any representation or warranty on behalf of the Company, any Selling Shareholder, Goldman Sachs International, UBS Limited, Mediobanca – Banca di Credito di Finanziario S.p.A. BNP Paribas and any advisors to the Company or Selling Shareholders or any other person in connection therewith. In particular, the opinions, estimates and projections expressed in it are entirely those of the authors hereof and are not given as an agent of the Company, any Selling Shareholder, Goldman Sachs International, UBS Limited, Mediobanca – Banca di Credito di Finanziario S.p.A. and any advisors to the Company or Selling Shareholders or any other person or in its capacity as a manager or underwriter of any offering. Mediobanca and/or one or more of its affiliates is or may be acting as an underwriter in an offering of securities of the Company. This document does not constitute or form part of any offer, solicitation or invitation to subscribe or purchase any securities nor shall it or any part of it form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase or subscribe for securities in any offering must be made solely on the basis of the information contained in the prospectus or other offering circular issued by the Company in connection with such offering. This document is based upon information that we consider reliable, but [Name of Broker] has not independently verified the contents hereof. The opinions, estimates, and projections expressed in it are as of the date hereof and are subject to change without notice. No representation or warranty, express or implied, is made as to and no reliance should be placed on the fairness, accuracy, completeness or reasonableness of the information, opinions and projections contained in this document, and none of [Name of Broker], the Company, any Selling Shareholder, Goldman Sachs International, UBS Limited, Mediobanca – Banca di Credito di Finanziario S.p.A. and any advisors to the Company or Selling Shareholders or any other person nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. THIS DOCUMENT IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. NEITHER THIS DOCUMENT NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES (OR TO U.S. PERSONS), CANADA OR JAPAN OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR CANADA, OR DISTRIBUTED OR REDISTRIBUTED IN JAPAN OR TO ANY RESIDENT THEREOF. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. BY ACCEPTING THIS REPORT YOU AGREE TO BE BOUND BY THE FOREGOING INSTRUCTIONS. In the United Kingdom this document is for distribution only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ―Order‖) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated (all such persons together being referred to as ―relevant persons‖). In the United Kingdom, this document is directed only at Relevant Persons, and other persons should not act or rely on this document or any of its contents. In EEA Member States (other than the United Kingdom and Italy to which specific restrictions apply) that have implemented Directive 20<strong>03</strong>/71/EC (together with any applicable implementing measures in any such EEA Member State, the "Prospectus Directive") this document is for distribution only to qualified investors in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive and otherwise in accordance with the relevant laws and regulations of that Member State. Research <strong>report</strong>s should be prepared and distributed only in physical form and should not be included in any electronic retrieval system and should not be published on any screen-based or electronic information service or database (including but not limited to, the Internet). THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN. IPO <strong>04</strong> March <strong>2013</strong> ◆ 2
Moleskine Contents Disclaimer 2 Contents 3 Executive summary 5 IPO structure and rationale 7 Valuation criteria 8 Company at a glance 15 An efficient and scalable business model 21 Strategy 33 SWOT Analysis 38 Financials 39 Appendix 61 THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN. IPO <strong>04</strong> March <strong>2013</strong> ◆ 3
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