First Quarter Report 2013

INDEX

COMPANY INFORMATION BOARD OF DIRECTORS AND AUDITORS GROUP STRUCTURE GROUP ORGANIZATIONAL CHART INTERIM REPORT ACTIVITIES OF THE GROUP PERFORMANCE OF THE GROUP FOR THE THREE MONTHS ENDED MARCH 31, 2013 LISTING ON THE MTA OF BORSA ITALIANA SIGNIFICANT EVENTS OCCURRING AFTER MARCH 31, 2013 BUSINESS OUTLOOK RELATED PARTY TRANSACTIONS CRITERIA OF PREPARATION ACCOUNTING PRINCIPLES

ACCOUNTING STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS STATEMENT PURSUANT TO ART. 154-BIS, PARAGRAPH 2, OF ITALIAN LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998

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COMPANY INFORMATION Registered office of the group holding company Moleskine S.p.A. Viale Stelvio 66 – 20159 Milano Legal information of the group holding company Approved share capital euro 2,120,000 Subscribed and fully paid-up share capital euro 2,120,000 Milan Companies Register no. 07234480965 R.E.A. of Milan n. 1945400 C.F. e P. Iva 07234480965

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BOARD OF DIRECTORS AND AUDITORS

Board of Directors1

Marco Ariello Arrigo Berni Philippe Claude Sevin Giuseppe Zocco Daniele Raynaud Fabio Brunelli Daniela Della Rosa Claudia Parzani

Chairman Chief Executive Officer Director Director Director Director Director Director

Board of Statutory Auditors2

Paola Maiorana Rocco Santoro Roberto Spada Sabrina Pugliese Cristiano Proserpio

Chairman Statutory Auditors Statutory Auditors Alternate Statutory Auditors Alternate Statutory Auditors

Independent Auditors

PricewaterhouseCoopers SpA

1 The Board of Directors in office at the date of approval of this First Quarter Report 2013 was appointed by the Annual General Meeting on November 28, 2012 and on March 7, 2013 for a period of three years, and is effective starting from the date when the Company’s shares start to be traded on the MTA. 2 The Board of Statutory Auditors in office at the date of approval of this First Quarter Report 2013 was appointed by the Annual General Meeting on November 28, 2012 for a period of three years, and is effective starting from the date when the Company’s shares start to be traded on the MTA.

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GROUP STRUCTURE

The Group includes, as well as Moleskine S.p.A. (“Company” or “Moleskine”), Moleskine America, Inc. (‘‘Moleskine America’’), 100% wholly owned and located in New York, 210 Eleventh Avenue, Suite 1004 and Moleskine Asia Ltd (‘‘Moleskine Asia’’), located in Hong Kong, Suite 3202A, 32/F, The Centrium, and 100% wholly owned by the Company. On July 24, 2012, the new company Moleskine Commerce and Trade (Shanghai) Co. Ltd (‘‘Moleskine Shanghai’’) was established. The following chart shows the structure of the Group and Moleskine’s subsidiaries with the percentages held.

Moleskine SpA

Moleskine America 100%

Moleskine Asia 100%

Moleskine Shanghai 100%

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GROUP ORGANIZATIONAL CHART The Group organizational chart as of March 31, 2013 is reported below:

CEO

Internal Auditor

Sales & Marketing Ex. Director

Brand Equity Ex. Director

Product Dev. Ex. Director

CFO

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Operations Director

Digital Business Director

HR Director

INTERIM REPORT

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ACTIVITIES OF THE GROUP INTRODUCTION With reference to the three months ended March 31, 2013, the figures given in this report together with the associated remarks are meant to give an overview of the Group's financial and economic situation, the changes that occurred during the period in question, as well as any significant events that affected the results. OPERATING CONDITIONS AND BUSINESS DEVELOPMENT The mission of the Group is to develop, market and sell — through its Moleskine brand — a family of products which target consumers of the creative class and others, that provide open platforms for creativity and communication, contributing to the expansion and dissemination of culture and knowledge and are closely connected to the digital world. Moleskine sells three lines of products and services: (i) (ii)

(iii)

paper products (“Paper Collections”), such as notebooks, diaries, home office products and gifts, the writing, travelling & reading collections (“WTR Collections”), which include objects such as pens, pencils, bags, reading glasses, book-lights which collections were launched mid-2011,and digital services and products (“Digital”) such as templates downloadable from its website, applications for smartphones and tablets, a virtual marketplace, the new line of its recently introduced (October 2012) Smart Notebook which the Group developed together with Evernote Corporation and Print-On-Demand service which the Group developed together with Milk Books.

The Group distributes its products in approximately 90 countries: (i)

(ii)

indirectly through a network of 51 distributors (‘‘B2C’’) that serve bookstores, department stores, specialty stores, stationery stores and museums (‘‘Retailers’’); and directly (a) through its own distribution network, selling customized editions to business customers (‘‘B2B’’), (b) through its website (‘‘e-Commerce’’), and (c) through its retail network composed of 12 directly operated stores, 4 in China, 6 in Italy, 1 in UK and 1 in USA.

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Activities carried out by the Group to increase brand recognition The activities carried out in the first quarter of 2013 to enhance brand recognition included advertising support for openings of new Directly Operated Stores (DOS) and activities to support new paper-based products, digital products and services and items in the Writing, Travelling and Reading Collections. In addition, the Group was a participant in numerous projects both in the “analog realm,” through its involvement in a series of events aimed at highlighting the effectiveness of paper as a direct marketing tool, including the “Print Power” campaign aimed at 5,000 art directors and communication professionals, and the “digital realm,” with involvement in events such the SXSW, the most important digital culture and music festival in the United States. The Group’s activities in this area also included attendance at Munich Creative Business Week and the Hong Kong International Film Festival.

Broadening the brand’s distribution footprint Consistent with the strategy of broadening the brand’s distribution footprint, the Group increased the number of its store in the Wholesale B2C channel. In addition, the introduction of the WTR Collections contributed to the significant sales increase recorded in the retail channel. Specifically, the Group launched a strategy based on opening directly operated dedicated stores, through which items from all Moleskine product categories are distributed directly to end consumers. Three new DOS were opened in the first quarter of 2013: one in Italy (Linate Airport), one in the United Kingdom (Heathrow Airport, Terminal 4) and one in the United States (at a prestigious location in New York’s Time Warner Center).

Expansion of the product line During the first quarter of 2013, the Group continued to pursue a path of innovation and new product development. More specifically, it broadened and enriched the product mix through the launch of new Paper and WTR Collections, improving both the scope and depth of the product lines, with the dual aim of increasing the variety of the product portfolio and reaching new market targets. The most significant product launches included, for the Paper Collections, the introduction of colored notebooks and the launch of the 12-month colored diaries in pocket format and the

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Black Page Album, and, for the WTR Collections, the launch of a new line of writing instruments and a series of variations of the multipurpose cases. Lastly, significant developments in the Limited Editions category included the launch of the Mickey Mouse journals, made possible by a licensing agreement with the Walt Disney Company, and the LEGO, Star Wars and Little Prince 12-month diaries.

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PERFORMANCE OF THE GROUP FOR THE THREE MONTHS ENDED MARCH 31, 2013 The following tables show i) the condensed consolidated income statement for the three months ended March 31, 2013, compared to the same period of the previous year, ii) the sources and uses of resources statement as of March 31, 2013, compared to December 31, 2012 and iii) capital expenditures and cash flow from operating activities for the three months ended March 31, 2013, compared to the three months ended March 31, 2012. Condensed consolidated income statement

2013 In thousands of Euro and percentage of revenues Revenues EBITDA (1) Operating profit Net profit Adjusted revenues (2) Adjusted EBITDA (3) Adjusted operating profit (3) Adjusted net profit (3)

1.

2. 3.

Three months ended March 31, 2012 %

16,841 2,588 2,207 1,130 16,372 5,727 5,346 3,237

100.0% 15.4% 13.1% 6.7% 100.0% 35.0% 32.7% 19.8%

14,388 5,219 4,918 2,687 14,170 5,219 4,918 2,687

Change 2013 vs 2012 %

% 100.0% 36.3% 34.2% 18.7% 100.0% 36.8% 34.7% 19.0%

2,453 (2,631) (2,711) (1,557) 2,202 508 428 550

17.0% (50.4%) (55.1%) (57.9%) 15.5% 9.7% 8.7% 20.5%

The Group defines EBITDA as operating profit (EBIT) before amortization, depreciation and impairments. EBITDA is not recognized as a measure of financial performance or liquidity under IFRS. EBITDA is not indicative of the historical operating results of the Group, nor is it meant to be predictive of future results. EBITDA is used by management to monitor the underlying performance of the business and the operations. Since all companies do not calculate these measures in an identical manner, the presentation of the Group may not be consistent with similar measures used by other companies. The Group defines adjusted revenues as revenues net of revenues from display, of exchange differences on sales and other revenues which are not directly related to the ordinary business. Adjusted EBITDA, adjusted operating profit and adjusted net profit relate to measures net of extraordinary events and non-recurring transactions.

*** Sources and uses of resources statement In thousands of Euro As of March 31, 2013 Net working capital Non-current assets Current and non-current liabilities Net invested capital Net financial indebtedness Total equity Total sources of financing

8,304 81,952 (13,264) 76,992 43,820 33,172 76,992

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December 31, 2012 11,084 81,223 (16,826) 75,481 43,506 31,975 75,481

Other information In thousands of Euro Three months ended March 31, 2013 Capital expenditures (4) Cash flow from operating activities

4.

2012 838 1,046

387 3,502

Capital expenditures refer to gross investments in property, plant and equipment and intangible assets.

*** Below is reported the method of calculation of the “adjusted” measures, which are included in this report in order to monitor the economic, financial and operating performance, net of extraordinary events and non-recurring transactions. Such measures allow a better comparability of financial information across the periods as they are net of extraordinary events, non-recurring transactions and activities which are not directly related to the ordinary business of the Group. The Group has calculated adjusted revenues as follows: In thousands of Euro Three months ended March 31, 2013 Revenues

2012 16,841

Revenues from display Exchange differences on sales Other income

(78) (421) 30

Adjusted revenues

16,372

14,388 (144) (127) 53 14,170

The Group has calculated adjusted EBITDA as follows: In thousands of Euro Three months ended March 31, 2013 2012 EBITDA

2.588

5.219

Ancillary costs related to the IPO process (5) Costs of renegotiation of the Facility Agreement Other consultancy costs and non-recurring charges

2.543 291 305

Total non-recurring transactions and activities which are not directly related to the ordinary business

3.139

-

Adjusted EBITDA

5.727

5.219

(5)These costs do not match the criteria of definition of listing costs in accordance with IAS 32.The costs related to the IPO Project, accrued as at March 31, 2013, have been accounted for in accordance with IAS 32. On completion of the listing the ratio between the number of new shares/number of shares after the IPO will determine the percentage of listing costs to be accounted for as a direct reduction in equity. The remaining percentage will be recognized as an expense in the statement of comprehensive income.

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The Group has calculated adjusted EBIT as follows: In thousands of Euro Three months ended March 31, 2013 2012 Operating profit (EBIT)

2,207

4,918

Total non-recurring transactions and activities which are not directly related to the ordinary business (6)

3,139

-

Adjusted Operating profit (EBIT)

5,346

4,918

(6) Please refer to the Adjusted EBITDA reconciliation

The Group has calculated adjusted net profit as follows: In thousands of Euro Three months ended March 31, 2013

2012 1,130

Net profit Total non-recurring transactions and activities which are not directly related to the ordinary business (7) Income tax effect Adjusted net profit

3,139 (1,032) 3,237

(7) The adjusted net profit is calculated as net profit, net of non recurring transactions and net of the related income tax effect

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2,687

2,687

REVENUES Revenues by distribution channel and product line The following tables set forth a breakdown of revenues and adjusted revenues by distribution channel and product line for the three months ended March 31, 2013 and 2012: In thousands of Euro Three months ended March 31, 2013

Revenues by distribution channel

% of revenues Indirect distribution Wholesale B2C revenues

Change 2013 vs 2012

2012 % of revenues

%

12,716

75.5%

11,639

80.9%

1,077

9.3%

2,844 787 494

16.9% 4.7% 2.9%

2,308 441 -

16.0% 3.1% 0.0%

536 346 494

23.2% 78.5% n.a.

16,841

100.0%

14,388

100.0%

2,453

17.0%

Direct distribution B2B revenues E-commerce revenues Retail revenues (1) Revenues

In thousands of Euro Three months ended March 31, Revenues by product line

2013

Change 2013 vs 2012

2012 % of revenues

% of revenues

%

Paper collections WTR collections

15,616 1,225

92.7% 7.3%

13,181 1,207

91.6% 8.4%

2,435 18

18.5% 1.5%

Revenues

16,841

100.0%

14,388

100.0%

2,453

17.0%

In thousands of Euro Three months ended March 31, Adjusted revenues by distribution channel

2013

Change 2013 vs 2012

2012 % of revenues

% of revenues

%

Indirect distribution Wholesale B2C revenues

838

7.3%

12,264

74.9%

11,426

80.6%

2,808

17.2%

2,305

16.3%

503

21.8%

805

4.9%

439

3.1%

366

83.4%

Direct distribution B2B revenues E-commerce revenues Retail revenues (1)

495

3.0%

Adjusted revenues

16,372

100.0%

14,170

0.0%

495

n.a.

100.0%

2,202

15.5%

In thousands of Euro Three months ended March 31, Adjusted revenues by product line

2013 % of revenues

Paper collections WTR collections

Adjusted revenues

Change 2013 vs 2012

2012 % of revenues

15,181

92.7%

12,980

91.6%

1,191

7.3%

1,190

8.4%

16,372

100.0%

14,170

100.0%

(1) The Retail activity began in June 2012.

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%

2,201 1

2,202

17.0% 0.1%

15.5%

Revenues increased by Euro 2,453 thousand, or 17.0%, from Euro 14,388 thousand for the three months ended March 31, 2012 to Euro 16,841 thousand for the three months ended March 31, 2013. The increase in revenues primarily relates to an increase in a combination of sales volumes, mix of channels, and, for the remainder, to an increase in sales prices. Revenues increased in all sales channels and the increase was mainly related to the acquisition of new customers, as well as the introduction of new products.

Indirect distribution In the Wholesale B2C channel, revenues increased by Euro 1,077 thousand, or 9.3%, from Euro 11,639 thousand for the three months ended March 31, 2012 to Euro 12,716 thousand for the three months ended March 31, 2013. This increase is related to i) the expansion of the distribution network, ii) the increase of the space allotted in stores (visual merchandising), in particular the opening of 16 new ateliers during the three months ended March 31, 2013 and the activities implemented to enhance the recognition of Moleskine brand, and iii) the ongoing implementation of initiatives to expand the range of products. Direct distribution In the B2B channel, revenues increased by Euro 536 thousand, or 23.2%, from Euro 2,308 thousand for the three months ended March 31, 2012 to Euro 2,844 thousand for the three months ended March 31, 2013. The increase in revenues primarily relates to an increase in sales volumes, and then in the number of orders, compared with the same period of the previous year. In relation to the e-Commerce channel, revenues increased by 78.5%, from Euro 441 thousand for the three months ended March 31, 2012 to Euro 787 thousand for the three months ended March 31, 2013. This trend is primarily related to the increase in the traffic on the online sales website, as well as to an increase in the conversion rate of the number of visits of the online store. In relation to the Retail channel, the Group continued to develop, during the first quarter of 2013, the strategy for the opening of DOS commenced in 2012 through which all categories of Moleskine’s products are directly distributed to consumers. The opening of DOS which allow display of a greater range of products, represents an opportunity both in terms of business and in terms of promotion of brand awareness and of the products, to the benefit of the entire distribution network. For the three months ended March 31, 2013, revenues generated from this new channel amount to Euro 494 thousand. Paper collections

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With regard to products within the Paper Collection business line, the Group continued to pursue the introduction of new products during the three months ended March 31, 2013, in particular with the launch of colored notebooks in Pocket and Large formats, the launch of the 12-month colored diaries in Pocket format, the introduction of a new layout “turntable”, which can be used both landscape and portrait and mainly intended for university people, and the launch of new Limited Editions, including Mickey Mouse notebooks under a licensing agreement with Disney. WTR collections With regard to products within the WTR Collection business line, during the first quarter of 2013 the Group launched several models to the multipurpose cases, the Smartphone case and a new range of writing instruments. Revenues by geographical area The following tables set forth a breakdown by geographical area of revenues and adjusted revenues for the three months ended March 31, 2013 and 2012: In thousands of Euro Three months ended March 31, Revenues by geographical area

2013

2012 % of revenues

EMEA (Europe, Middle East, Africa) Americas (USA, Canada, Latin America) APAC (Asia Pacific) Revenues

Change

7,599 6,796 2,446 16,841

45.1% 40.4% 14.5% 100.0%

2013 vs 2012 % of revenues

6,528 5,817 2,043 14,388

45.4% 40.4% 14.2% 100.0%

% 1,071 979 403

16.4% 16.8% 19.7%

2,453

17.0%

In thousands of Euro Three months ended March 31, Adjusted revenues by geographic area

2013 % of revenues

EMEA (Europe, Middle East, Africa)

Change 2013 vs 2012

2012 % of revenues

%

7,618

46.5%

6,448

45.5%

1,170

18.1%

Americas (USA, Canada, Latin America)

6,352

38.8%

5,701

40.2%

651

11.4%

APAC (Asia Pacific)

2,402

14.7%

2,021

14.3%

381

18.9%

Adjusted revenues

16,372

2,202

15.5%

100.0%

14,170

100.0%

Revenues in the EMEA area increased by Euro 1,071 thousand, or 16.4%, from Euro 6,528 thousand for the three months ended March 31, 2012 to Euro 7,599 thousand for the three months ended March 31, 2013. Revenues in the Americas area increased by Euro 979 thousand, or 16.8%, compared to the previous period. The increase is partly related to the increase in sales volumes and partly to favorable movements in the exchange rate between the Euro and the U.S. dollar, as evidenced 15

by the fact that adjusted revenues increased by Euro 651 thousand (+ 11.4%) compared to the same period of the previous year. Lastly, revenues in the APAC area increased by Euro 403 thousand, or 19.7%. The increase is mainly related to the good performance in the Japanese market, with new important orders in the B2B channel.

OPERATING RESULTS The following table sets forth a breakdown of operational profitability indicators: EBITDA and Operating Profit. Three months ended March 31, 2013 2012 In thousands of Euro and percentage of revenues Operating profit (EBIT) + Depreciation, amortization and impairments EBITDA (*)

2,207 381 2,588

4,918 301 5,219

+ Non-recurring expenses Adjusted EBITDA

3,139 5,727 35.0%

0 5,219 36.8%

% of adjusted revenues

(*) The Group defines EBITDA as operating profit (EBIT) before amortization, depreciation and impairments. EBITDA is not recognized as a measure of financial performance or liquidity under IFRS. EBITDA is not indicative of the historical operating results of the Group, nor is it meant to be predictive of future results. EBITDA is used by management to monitor the underlying performance of the business and the operations. Since all companies do not calculate these measures in an identical manner, the presentation of the Group may not be consistent with similar measures used by other companies.

EBITDA decreased from Euro 5,219 thousand in the first quarter of 2012 to Euro 2,588 thousand in the first quarter of 2013, mainly as a result of the ancillary costs associated with the listing process on the MTA of Borsa Italiana SpA, concluded on April 3, 2013. Adjusted EBITDA amounts to Euro 5,727 thousand (35.0% of adjusted Revenues), increasing by 9.7% compared to the same period of 2012, while as a percentage of adjusted revenues decreasing by 1.8 percentage points. This trend derives from the higher percentage impact of total operating costs, which, net of the non-recurring costs, increased by Euro 2,062 thousand in the first quarter of 2013, and as percentage of revenues increased from 66.0% to 68.6%. It should be noted that operating costs are affected by higher costs incurred during the first quarter of 2013 related i) to the increase in personnel expenses, due to the recruitment of new managers to support the growth of the Group, the development of the Retail channel, as well as ii) to the increase in costs to support the initiatives of visual merchandising. Operating profit, also influenced by the events mentioned above, decreased from Euro 4,918 thousand in the first quarter of 2012 to Euro 2,207 thousand in the first quarter of 2013. For a better understanding of costs for finished products, raw materials, consumables, the ratio of such costs to revenues should be viewed together with that of processing costs, as follows:

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Three months ended March 31, 2013

2012 % of revenues

In thousands of Euro and percentage of revenues - Finished products, raw materials and consumables - Processing costs Total finished products, raw materials and consumables and processing costs

Change 2013 vs 2012 % of revenues

%

4,085 268

24.3% 1.6%

3,684 273

25.6% 1.9%

401 (5)

10.9% (1.8%)

4,353

25.8%

3,957

27.5%

396

10.0%

The ratio of costs for finished products, raw materials, consumables and processing costs to revenues decreased from 27.5% in 2012 to 25.8% in 2013. The improvement is mainly related to the increase in sales prices and to the change in the mix of product sold, as well as to the reduction in procurement list prices.

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CAPITAL EXPENDITURES During the three months ended March 31, 2013, investments in “Property, plant and equipment” totaled Euro 383 thousand. The investments relate primarily to the (i) purchase of exhibition structures (ateliers) especially for the US market and (ii) purchase of miscellaneous equipment and renovation work performed on some leased properties of the Company (in particular the leased property in Milan). Investments in ‘‘Intangible assets’’, amounting to Euro 455 thousands, relate primarily to developments in IT platforms for the integrated management of the stock, and for the management of retail stores. With reference to March 31, 2012, investments in “Property, plant and equipment” amounted to Euro 190 thousand, primarily related to the purchase of molds used to create prototypes and production of items in the new WTR Collection, while investments in intangible assets, amounting to Euro 197 thousand, were mainly related to the acquisition of a new application used for conducting online purchases. NET FINANCIAL INDEBTEDNESS The following table sets forth a breakdown of net financial indebtedness of the Group, calculated in accordance with the CONSOB Regulation No. 6064293 of July 28, 2006 and the ESMA/2011/81 Recommendations: In thousands of Euro March 31, 2013

Net financial indebtedness

As of December 31, 2012

A.

Cash

10,401

7,208

B.

Cash equivalents

-

-

C.

Trading securities

-

-

D.

Liquidity (A) + (B) + (C)

10,401

7,208 -

E.

Current financial receivables

-

F.

Short term bank debts

-

-

G.

Current portion of medium/long term financial loans

(11,884)

(9,879)

H.

Other current financial liabilities

I.

Current financial liabilities (F) + (G) + (H)

J.

Net current financial indebtedness (I) + (E) + (D)

K.

Non-current portion of medium/long term financial loans

L.

Bond issued

M.

Other medium/long term financial liabilities

(460)

(53)

(12,344)

(9,932)

(1,943)

(2,724)

(41,015)

(39,895)

-

-

(862)

(887)

N.

Non-current financial liabilities (K) + (L) + (M)

(41,877)

(40,782)

O.

Net financial indebtedness (J) + (N)

(43,820)

(43,506)

Net financial indebtedness as of March 31, 2013 is in line with net financial indebtedness as of December 31, 2012. It should be noted that, with reference to the Facility Agreement, the Company reimbursed the principal for an amount of Euro 31,304 thousands on April 4, 2013 on the basis of the amending agreement signed by the parties on February 15, 2013. This repayment was also made through the use of the proceeds deriving from the IPO. Please refer to the Note "Significant events occurring after March 31, 2013" for more details. 18

With reference to the change in net financial indebtedness, the table below shows its effects on Adjusted EBITDA last twelve months, which shows an improvement of 1 percentage point. In thousands of Euro As of March 31, 2013

December 31, 2012

Net financial indebtedness

43,820

43,506

Adjusted EBITDA last twelve months (LTM)

34,017

33,509

1.29

1.30

Net financial indebtedness/Adjusted EBITDA LTM

LISTING ON THE MTA OF BORSA ITALIANA Moleskine submitted to Borsa Italiana the application for admission of the ordinary shares to trading on the MTA (Italian Electronic Stock Exchange), “STAR Segment” organized and managed by Borsa Italiana. On March 11, 2013 Borsa Italiana, with resolution n. 7663, approved the listing of Moleskine ordinary shares on the MTA, on the ‘‘STAR Segment’’, after verification of the capitalization and certain liquidity requirements as per Article 2.2.3 of the Italian Securities Markets Regulations. Further information related to the Global Offer can be found in the Italian Prospectus, published in the Company website http://corporate.moleskine.com/investor-relations/ipo.

The first day of trading on the MTA, STAR Segment, has been on April 3, 2013. The statement of execution of the capital increase, approved by a resolution of the company’s extraordinary meeting on April 9, 2013, was entered in the Milan companies register on February 22, 2013. The share capital of Moleskine therefore amounts to Euro 2,120,000, consisting of 212,000,000 ordinary shares without nominal value. SIGNIFICANT EVENTS OCCURRING AFTER MARCH 31, 2013 In addition to the listing process described above, significant events occurring after March 31, 2013 included the partial repayment, on April 4, 2013, of the loan obtained by the Company, under a Facility Agreement executed on July 15, 2011 with GE Capital S.p.A., Banca Popolare di Milano S.c.a.r.l and Banco Popolare di Lodi (now Banco Popolare Soc Coop), for an original amount of Euro 64,000,000.00. On the abovementioned date, the Company repaid Euro 31,304,000 in principal amount, plus Euro 368,000 in accrued interest, as required by the amended agreement executed by the parties on February 15, 2013. As a result of this repayment, the remaining debt owed to the abovementioned bank pool amounts to Euro 20,000,000.00 and is governed by a new Facility Agreement, as amended on April 4, 2013. The main terms of the abovementioned facility are: 19

• • • • •

Periodic principal repayments: quarterly; Last repayment date: March 31, 2016; Periodic interest payments: quarterly, starting on April 4, 2013; Interest rate: three-month Euribor plus contractually stipulated spread; Financial covenants: the agreement calls for compliance with three financial covenants, which must be verified on June 30 and December 30 each year while the agreement is in effect.

Please also note that, as a result of the abovementioned repayment, the Company is renegotiating the interest rate swaps that it executed to hedge the original debt of Euro 64,000,000.00. Other significant events occurring after March 31, 2013 included the inauguration of a new store at the Malpensa Airport, in the “E.U. countries” departure area of Terminal 1, on April 8, 2013, and the opening of a “shop-in-shop” retail outlet inside the Coin Department Store in Florence, on April 12, 2013. In addition, the Group signed commercial agreements for the opening of additional store scheduled for inauguration later in 2013 in Italy (Rome Fiumicino 2, Milano Malpensa “nonE.U. countries” area) and in China (Shanghai IFC Mall, Kerry Center, IAPM Mall and Bejing Sanlitun Village). With the opening of these new stores, the total number of Moleskine store will increase to 20: 10 in Italy, 8 in China, 1 in the United States and 1 in the United Kingdom. A particularly significant development in the digital channel was the collaborative relationship established with FiftyThree Inc., a U.S. company. This co-marketing initiative associates one of the most successful creative applications for the iOS platform with the Moleskine® brand, with the aim of promoting new connections between the analog and digital worlds.

BUSINESS OUTLOOK Projections for the remaining months of 2013 call for further gains in revenues and operating result. Growth will be driven mainly by efforts in the following areas: Increasing brand awareness. In 2013, building on the positive results achieved in 2012, the Group will continue to utilize the three formats of in-store events and will add a fourth one focused on the analog-digital connection (#MyAnalogCloud). In addition, online activities will be further expanded, following the extension of the Moleskine app to the Android and 20

Windows 8 platforms, in addition to iOS, with features that will allow the launch of a line of for-fee services, in addition to the free basic services. Expanding the product portfolio. In the Paper area, the introduction of new products will continue with a revenue impact in line with that of 2012. Noteworthy projects include the highly anticipated launch of a new Limited Edition: Hobbit 2. The WTR Collections will see a further consolidation of the product line, functional to the gradual achievement of the distribution objectives we have chosen to pursue. Indirect B2C wholesale distribution Work will continue on expanding the Group’s indirect distribution network, primarily in the North American and Asian areas. In addition, the expansion of the network of corner and personalized installations will continue in all geographic regions. Direct B2C distribution • E-commerce. In 2013, Moleskine’s e-commerce revenues will benefit from a further expansion of these activities to the Asian and South American areas, an additional increase in investments to develop traffic in geographic areas already covered and a change in the scope of the outsourced activities, which will help increase the profitability of this business in the second half of the year. In addition, the offer of print-on-demand services, launched in 2012 starting with some photo album formats, will be extended to all Moleskine products. • Retail. The rollout of the formats tested in Europe, the United States and China will continue in the coming months of 2013. Direct B2B distribution The development of the Custom Edition business will continue thanks to a further reinforcement of the sales organization in all areas. On the operational side, the start of production from new suppliers, which is expected to provide a steadily growing contribution to further gains in profitability, is progressing with positive results. RELATED PARTY TRANSACTIONS As of March 31, 2013 no transactions with related parties have been carried out under conditions other than those shown in the consolidated financial statements as of December 31, 2012. CRITERIA OF PREPARATION This interim report for the first quarter of 2013 was prepared in accordance with paragraph 5 of Article 154-ter of the Italian Legislative Decree No. 58 of 24 February 1998, and the guidelines provided in Communication No. DEM/8041082 issued by CONSOB on 30 April 2008. 21

This interim report has been approved and authorized to the publication by the Board of Directors on May 7, 2013. This interim report has not been audited. ACCOUNTING PRINCIPLES The First Quarter Report 2013 has been prepared in accordance with the International Accounting Standards (IAS), International Financial Reporting (IFRS) and all interpretations issued by the International Accounting Standard Board (IASB) and adopted by EC Regulations which are effective at March 31, 2013, in line with the preparation of the Consolidated Financial Statements as at December 31, 2012. It should be noted that the abovementioned principles have been taken into consideration only for the preparation of economic and financial data as at March 31, 2013 and not fully applied with regard to the information required by them. The preparation of the interim report requires that the management make use of estimates and assumptions that have an effect on the amounts of recognised revenues, costs, assets and liabilities and the disclosure of contingent assets and liabilities as of the reporting date. If in the future such estimates and assumptions, which are based upon the management’s best assessment, diverge from actual circumstances, they will be modified accordingly during the period in which such circumstances change.

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ACCOUNTING STATEMENTS

23

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In thousands of Euro

As of March 31,

As of December 31,

2013

2012

Property, plant and equipment Goodwill and trademarks Other intangible assets Other non-current assets

2,488 76,792 2,130 542

2,216 76,751 1,967 289

Total non-current assets

81,952

81,223

Inventories Trade receivables Tax receivables Other current assets Cash and cash equivalents

15,913 15,258 0 3,768 10,401

12,284 16,321 0 1,836 7,208

Total current assets

45,340

37,649

TOTAL ASSETS

127,292

118,872

Share capital Other reserves Net profit

2,000 30,042 1,130

2,000 11,778 18,197

TOTAL EQUITY

33,172

31,975

Non-current financial liabilities Deferred tax liabilities Post-employment and other employee benefits Non-current provisions for risks and charges

41,877 11,781 863 105

40,782 15,202 922 105

Total non-current liabilities

54,626

57,011

Trade payables Income tax payables Current financial liabilities Current provisions for risks and charges Other current liabilities

17,435 4,414 12,344 515 4,786

15,767 466 9,932 597 3,124

Total current liabilities

39,494

29,886

TOTAL LIABILITIES

94,120

86,897

127,292

118,872

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Three months ended March 31, 2013

2012

In thousands of Euro Revenues Other income Finished products, raw materials and consumables Service costs Personnel costs Other operating expenses Depreciation, amortization and impairments

16,841 62 (4,085) (5,258) (4,821) (151) (381)

14,388 25 (3,684) (3,235) (2,125) (150) (301)

Operating profit

2,207

4,918

Finance expense Finance income

(604) 80

(923) 14

Profit before income tax

1,683

4,009

Income tax expense

(553)

(1,322)

Net profit

1,130

2,687

Fair value cash flow hedge derivatives

25

(71)

Fair value cash flow hedge derivatives - tax effect Actuarial gain/(losses) on post-employment and other employee benefits Actuarial gain/(losses) on post-employment and other employee benefits - tax effect Foreign exchange from the translation of financial statements in currencies other than Euro

(7)

20

(50)

(20)

14

5

2

(21)

(16)

(87)

1,114

2,600

Other comprehensive income

Total other comprehensive income Total comprehensive income for the period

Three months ended March 31, 2013 Net profit (in thousands of Euro) Number of shares Earnings per share: - Basic (in Euro) - Diluted (in Euro)

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2012 1,130

2,687

200,000,000

200,000,000

0.0057 0.0057

0.0134 0.0134

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three months ended March 31, 2013 2012

In thousands of Euro

Cash flow from operating activities

1,046

Cash flow used in investing activities

(838)

3,502 (387)

Cash flow used in financing activities

2,985

-

Change in cash and cash equivalents

3,193

3,115

Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period

26

7,208

3,001

10,401

6,116

STATEMENT PURSUANT TO ART. 154-BIS, PARAGRAPH 2, OF ITALIAN LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998 The Executive Officer in charge of the financial reports of Moleskine S.p.A. hereby declares that the financial information included in this First Quarter Report 2013 corresponds with the documented results, books and accounting records.

The Executive Officer in charge of the financial reports

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