First Quarter Financial Report as of 31 March 2013

Press Release Brunello Cucinelli S.p.A. BRUNELLO CUCINELLI: The Board of Directors approved consolidated results for the quarter ended March 31, 2013. · Net revenues of 88.8 million (+14.4%); · Normalized EBITDA 1 of 15.3 million (+18.6%); · Normalized net profit1 of 8.2 million (+14.8%), after a large depreciation charge; · Significant growth on international markets (+21.6%); · Modest sales decline in Italy (-1.6%), with an improvement compared to second half 2012 performance; · Net debt at 14.8 million ( 57.8 million as of March 31st 2012); · Capital expenditure of 16.4 million ( 3.7 million in the first quarter of 2012), mainly related to the development of the retail channel and the enlargement of the factory in Solomeo. the Group's

Brunello Cucinelli, the Group's Chairman and CEO, commented: «This first quarter highlights a good start to 2013, a robust and serene beginning. The very positive results achieved augur well for the year in terms of corporate and product image; our product is still being strongly identified as featuring top-notch quality, high craftsmanship, creativity and "gracious" distribution». «The major investments we are making and the targets achieved lead us to envisage a full year characterised by a "gracious" double-digit growth». «We are firmly convinced that people working with us are competent, serious and above all respectable. This enables us to live and work serenely». «Exports are growing nicely and this testifies to a great interest in a special, luxury made in Italy. In 2013 we envisage growth also for our magnificent Italy, despite a moderate one».

1

The figures for EBITDA and net profit exclude the capital gains recognized in the quarter.


Solomeo, May 9th 2013 ­ The Board of Directors of Brunello Cucinelli S.p.A. ­ an Italian maison operating in the luxury goods sector, listed on the Borsa Italiana Electronic Stock Exchange ­ today approved the Group's consolidated results for the quarter ended March 31, 2013. The Group continued along a path of sustainable growth in the first quarter of 2013, consistent with its positioning in the absolute luxury segment. Net revenues for the first 3 months of the year reached 88.8 million, representing a rise of 14.4% (+15.5% at constant exchange rates) compared to 77.6 million in the first quarter of 2012. Revenues, including other operating income, rose to 89.9 million, representing growth of 14.0% over revenues of 78.8 million in the first quarter of 2012; the figure for the first quarter of 2013 2 3 includes a capital gain of 0.8 million (a capital gain of 1.0 million in the first quarter of 2012 ). Revenues by Geographical Area The positive growth trend on international markets was consolidated in the first quarter of 2013 with an increase of 21.6% in sales, which reached 73.4% of turnover compared to 69.1% in the first quarter of 2012. North American market ­ sales rose by 26.5% ( 22.8 million compared to 18.0 million in the first quarter of 2012), representing 25.6% of net revenues (23.2% in the first quarter of 2012). The significant growth trend posted in 2012 has continued in a constant manner, with both distribution channels, direct monobrand and multibrand, providing a contribution. The growth in revenues in the multibrand channel continues, with the high sell-out results achieved in 2012 being confirmed in 2013, together with the increase in selected corners and hard shops inside existing locations and in highly prestigious spaces. European market ­ sales increased by 18.3% ( 28.6 million compared to 24.2 million in the first quarter of 2012), representing 32.2% of net revenues (31.2% in the first quarter of 2012). The results achieved have been driven by the growth in the retail monobrand channel, with double digit increases in the existing stores and a positive contribution arriving from the new openings that have taken place over the past twelve months (including the new boutique in Barcelona opened in February 2013). Tourists flows and the related sales have been strong, showing trends of further acceleration in the leading European cities and tourist resorts, thus confirming the attractiveness of the exclusive Made in Italy "absolute" luxury proposal. Sales have also performed positively in continental Europe and the Mediterranean area. Russia and the Eastern European countries are reporting double digit increases in revenues, consolidating growth in wholesale monobrand stores and in the multibrand channel, which additionally benefits from the visibility of the brand due to the new openings of monobrand boutiques in highly prestigious locations. Greater China ­ sales grew by 69.3% ( 5.0 million compared to the previous 2.9 million) representing 5.6% of total turnover (3.8% in the corresponding quarter of the previous year).
2 3

A capital gain on the sale of the trademarks "Solomei", "Solomeo" and the related coat of arms to Fedone S.r.l.. A capital gain on the assignment of the lease agreement for the store in Via Spiga, 15, Milan.


Reported growth was positively affected by the conversion of 6 stores from the wholesale monobrand channel to the direct network on October 1, 2012, in addition to the positive results achieved by the existing monobrand stores. In line with strategic growth plans, the "controlled" development of a commercial presence on the Chinese market continues, with the opening of a second boutique in Shanghai in January 2013, to which should be added the openings of a third boutique in Hong Kong and a first store in Beijing in April. Rest of the World ­ sales rose by 4.1% ( 8.8 million compared to 8.5 million in the same period of the previous year), representing 9.9% of total sales (10.9% in the first quarter of 2012). Growth in the quarter was driven by the good results of the existing wholesale monobrand stores network, with increases in the monobrand boutiques in Japan and in the most important luxury department stores in Korea. Italian market ­ a slight fall in revenues has been recorded (down by 1.6%) to 23.6 million (26.6% of net revenues) compared to 24.0 million in the first 3 months of 2012 (30.9% of net revenues in the first quarter of 2012); first quarter results reported showed an improvement over the trend seen in the second half of 2012. Business in the quarter was characterized by the consistent contribution made by foreign tourists to sales in the monobrand channel (rising further in the main cities and resorts) and was supported by orders for the upcoming collections of the monobrand channel. Revenues by Distribution Channel The retail monobrand channel posted revenues of 26.5 million in the quarter, with an increase of 75.7% over the figure of 15.1 million for the corresponding quarter of the previous year, while wholesale monobrand sales reached 11.4 million, a rise of 7.5% compared to 10.6 million in the first three months of 2012. The results of the monobrand channel were led by the development of the store network and sales results; Like for Like 4 sales in the direct store network increased by 11.2% in the first 17 weeks of 2013 (from January 1st to April 28th 2013). As far as network development is concerned, the total number of boutiques rose from 63 stores at March 31st, 2012 to 85 at March 31st 2013. The retail monobrand channel (51 stores at March 31st 2013 compared to 25 at March 31st 2012) benefited from 16 new openings, to which should be added 10 conversions of stores in the monobrand network (of which 6 in China from October 1st 2012 and 2 in Britain - the London stores in Burlington Gardens and Sloane Street - from January 1st 2012). In the first 3 months of 2013 the retail channel has seen openings in the prestigious luxury streets of the cities of Shanghai (January), Barcelona (February) and Turin (March). The turnover of the wholesale monobrand network was affected by the 10 conversions to the direct network; the reduction in revenues was offset by the 6 net openings made over the past 12 months (the only opening in 2013 was that in Tokyo at the end of March), which took the network to 34 wholesale monobrand boutiques at March 31st 2013 compared to 38 stores at the end of the first quarter of 2012.
Like for Like in 2013 is calculated as the rise over the revenues posted in the DOSs existing at January 1st 2012 calculated at constant exchange rates.
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The new monobrand openings confirm the brand's attractiveness, encouraging a number of consolidated partners in the multibrand network to open new exclusive spaces as the natural development of the previous relationship. Four new monobrand boutiques were opened in Beijing, Naples, Doha and Hong Kong in April. The selected and controlled network development program will continue over the next 12 months, in line with the Group's strategy, with 12 openings for which agreements have been signed. In conclusion, the multibrand channel posted revenues of 50.9 million, representing 57% of net revenues; the slight fall in the first quarter of 2013 (-2.0%) is consistent with the delivery of the Spring/Summer collection (which has reported growth in order collection, with interesting sell-outs taking place). Analysis of operating results and net profit Normalized EBITDA 5 amounted to 15.3 million in the first quarter of 2013, a rise of 18.6% compared to 12.9 million in the first 3 months of 2012 6 , representing 17.1% of revenues (16.5% in the first quarter of 2012). The sales channel mix and the fact that retail turnover reached 30% of total net revenues compared to 19% in the first quarter of 2012 pushed up margins, absorbing the costs for the development of the sales network. Including the capital gains reported in the first quarter of 2013 and the first quarter of 2012 respectively, EBITDA reached 16.1 million (17.9% of revenues), with an increase of 15.9% compared to the 13.9 million posted in the quarter ended March 31st 2012 (17.6% of revenues). The expansion of the sales network is reflected in the increase in depreciation, which rose from 1.4 million in the first quarter of 2012 to 2.5 million in the present quarter. Given these changes, normalized net profit (excluding the effects of capital gains) rose by 14.8%, to reach 8.2 million ( 7.2 million in the quarter ended March 31st 2012); including the effect of the capital gains, net profit for the period was 8.8 million (a margin of 9.8%), rising by 11.9% over the net profit of 7.9 million achieved in the corresponding period in 2012. Balance sheet Net working capital amounted to 70.2 million at March 31st 2013, representing an increase of 12.3 million over the balance of 57.9 million at March 31st 2012. This rise is the result of the growth of the business and the natural increase in inventories in the light of the key program for the development of the DOS network. At March 31st 2013 net working capital amounted to 25.8% of sales for the previous 12 months, remaining essentially in line with the figure of 24.7% at March 31, 2012. Significant capital expenditure was made in the first 3 months of 2013, with the total reaching 16.4 million compared to 3.7 million in the same period in 2012.

Excluding the capital gain of 0.8 million on the sale of the trademarks "Solomei", "Solomeo" and the related coat of arms to Fedone S.r.l.. 6 Excluding the capital gain of 1.0 million on the assignment of the lease agreement for the store in Via Spiga, 15, Milan.

5


This increase was driven by investments ( 12.3 million) made for the key boutique openings planned for the whole of 2013 and by the significant project for extending the factory and the logistics hub (total capital expenditure of 4.1 million, including various maintenance, relating to production and logistics). Net debt reached 14.8 million compared to 57.8 million at the end of the first quarter of 2012, benefiting from the cash generated by the admission to trading and public offering of the Company's shares. ***
The manager in charge of preparing the corporate accounting documents, Moreno Ciarapica, declares pursuant to and to the effects of article 154-bis, paragraph 2 of Legislative Decree no. 58 of 1998 that the disclosures included in this release correspond to the balances on the books of account and the accounting records and entries. The Interim Report, which has been prepared pursuant to article 154-ter, paragraph 5 of Legislative Decree no. 58 of 1998, has not been audited. The Interim Report at March 31st 2013, which was approved by the Board of Directors today, is filed at the Company's registered office and is available to the public in the Financial Reports section of the Company's website (http://investor.brunellocucinelli.com). The Analysts' Presentation of the results at March 31st 2013 in pdf format may be found in the "Presentations" section of the Company's website at http://investor.brunellocucinelli.com/ita/presentazioni/.


***
Brunello Cucinelli S.p.A. is an Italian maison operating in the absolute luxury goods sector which specializes in cashmere and has gradually become one of the most exclusive brands in the international informal luxury prêt-à-porter sector. Brunello Cucinelli, founded in 1978 by the stylist and entrepreneur of the same name, posted a net turnover of 279.3 million in 2012 (+15.1% compared to the previous year), of which around 75.4% was earned overseas, and a normalized EBITDA of 49.1 million (up by 22.3% compared to the previous year), and has over 800 employees. The Group operates in more than 50 countries worldwide through a network of more than 80 monobrand stores and boutiques located in the world's leading capitals and cities (Milan, Venice, Paris, London, Madrid, Barcelona, Berlin, New York, Los Angeles, Miami, Chicago, Mexico City, Moscow, Tokyo, Hong Kong and Shanghai) and in the most exclusive resorts (such as Capri, St. Tropez, Porto Cervo, Cannes, Cortina, St. Moritz, Sylt, East Hampton and Aspen), and has a significant presence in around 1,000 selected multibrand outlets, including the top luxury department stores. The success of Brunello Cucinelli S.p.A. is rooted in a "Made in Italy" culture consisting of high-quality, craftbased, exclusive, contemporary products, with business since the company's foundation being conducted in the mediaeval hamlet of Solomeo, lying on the outskirts of Perugia.

Contact: Media Vittoria Mezzanotte Brunello Cucinelli S.p.A. Tel. [phone] Investor Relations Pietro Arnaboldi Brunello Cucinelli S.p.A. Tel. [phone] Corporate web-site: www.brunellocucinelli.com Ferdinando de Bellis Barabino & Partners Tel. [phone]

The financial statements are attached.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT MARCH 31ST 2013

March 31, 2013 N on-cu rre n t assets Int angible assets P rop ert y , plant and equipment Ot her non-current financial assets D eferred tax asset Total non-current assets C u rre n t assets Invent ories T rade receivables T ax receivables O t her receivables and other current assets Cas h and cash equivalents D erivat ive financial instruments Total current assets A ss et s held for sale Total assets 76.773 58.298 1.246 10.121 38.545 524 185.507 0 267.890 25.996 46.482 3.299 6.606 82.383

rel ated parties

De ce mbe r 31, 2012

rel ated parties

March 31, 2012

rel ated parties

16.548 6.471 41 41.931 3.162 7.489 69.130 80.089 22 47.826 987 10.384 40.045 1.610 180.941 0 250.071 8 6.094 41

11.562 30.212 2.241 3.157 47.172 61.800 58.541 1.835 9.507 6.493 0 138.176 0 185.348 30 4.435

March 31, 2013 S h are h ol de rs' equity S h are h ol de rs' equity attributable to parent company shareholders Share capital Share-p remium Reserve Reserves N et income for the period Total shareholders' equity attributable to owners of the parent S h are h ol de rs' equity attributable to non-controlling interests Cap it al and reserves attributable to non-controlling interests N et income for the period attributable to non-controlling interests Total shareholders' equity attributable to non-controlling interests Total shareholders' equity N on-cu rre n t liabilities Emp loy ees termination indemnities P rovisions for risks and charges N on-current payables towards banks N on-current financial debt O t her non-current liabilities D eferred Tax liabilities Non-current derivative financial instruments Total non-current liabilities Cu rre n t liabilities T rade payables Current payables towards banks Current financial liabilities Income tax payables Current derivative financial instruments O t her current liabilities Total current liabilities Total liabilities Total equity and liabilities 54.264 39.335 149 6.295 1.189 15.356 116.588 137.944 267.890 2.980 950 11.537 1.716 1.283 2.598 292 21.356 4.286 29 4.315 129.946 13.600 57.915 45.340 8.776 125.631

rel ated parties

De ce mbe r 31, 2012

rel ated parties

March 31, 2012

rel ated parties

13.600 57.915 23.824 22.484 117.823 2.035 (241) 1.794 119.617 2.954 950 11.559 219 1.216 806 423 18.127 1.012 62.718 28.423 15 2.761 271 18.139 112.327 130.454 250.071 286

12.000 22.750 7.946 42.696 1.729 (75) 1.654 44.350 2.766 890 16.732 25 803 523 21.739 47.559 46.989 11.387 713 12.611 119.259 140.998 185.348 987


CONSOLIDATED INCOME STATEMENT FOR THE QUARTER ENDED MARCH 31ST 2013
March 31, 2013 N et revenues O t her operating income Re ve n ue s Cost s of raw materials and consumables Cost s for services Pay roll costs O t her operating (expenses)/revenues, net Cost s capitalized D ep reciat ion and amortization Imp airment of assets and other accruals Total operating costs O pe rati ng Income Financial expenses Financial income In come before taxation Income taxes N e t income for the period N et income for the period attributable to owners of the parent N et income for the period attributable to non-controlling interests Base earnings per share D ilut ed earnings per share 88.835 1.046 89.881 (22.655) (38.215) (12.570) (271) 190 (2.519) (274) (76.314) 13.567 (1.908) 1.428 13.087 (4.282) 8.805 8.776 29 0,12906 0,12906 379 379 (470) 379 rel ated parties 13 836 849 (25) (398) (47) March 31, 2012 77.636 1.182 78.818 (17.924) (36.191) (10.254) (457) 117 (1.418) (233) (66.360) 12.458 (678) 162 11.942 (4.071) 7.871 7.946 (75) 0,13240 0,13240 (427) (427) (435) (427) 8 8 (1) (396) (38) rel ated parties

C O NS O LIDATED S TATEMENTS OF COMPREHENS IVE INCOME March, 31 2013 N e t income for the period O ther components of comprehensive income: Profit/(Loss) from fair value adjustments related to hedging instruments T ax Effect Effe ct of variation in reserve of cash flow hedges Exchange differences on translation of foreign operations Total other profit/(loss), net of taxation Total net comprehensive income, net of taxation Attributable to: Owners of the parent N on-cont rolling interests 7.782 119 8.952 (119) (1.735) 477 (1.258) 354 (904) 7.901 1.633 (449) 1.184 (222) 962 8.833 8.805 2012 7.871


CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED MARCH 31ST 2013
March 31, 2013 CAS H FLOW FROM OPERATING ACTIVITIES Net income for the period Adjustments to reconcile net income for the period to the cash flows generated by (used in) operating activities: Depreciation and amortization Provis ions for employees termination indemnities Provis ions for risks and charges / inventory obsolescence / doubtful accounts Change in other non-current liabilities (G ain)/Loss on disposal of Fixed assets T erminat ion indemnities payments Pay ment s of Provisions for risks and charges Net change in deferred tax assets and liabilities Change in fair value of financial instruments Changes in operating assets and liabilities: Change in trade receivables Change in inventories Change in trade payables Change in other current assets and liabilities Ne t cash provided by/(used in) operating activities CAS H FLOW FROM INVES TIN G ACTIVITIES Addit ions to property, plant and equipment Addit ions to intangible assets Addit ions /(dis p os als ) of financial assets Acquis it ion of Brunello Cucinelli England Ltd, net of cash acquired Proceeds from disposal of property, plant and equipment Ne t cash provided by/(used in) investing activities CAS H FLOW FROM FINANCING ACTIVITIES M edium/Long-t erm loans received Rep ay ment of medium/long-term loans Net change in short-term financial debt Net change in long-term financial debt Dividends paid Share capital and reserves increase Ne t cash provided by/(used in) financing activities TO TAL CAS H FLOW FOR THE PERIOD Effe ct of exchange rate changes on cash and cash equivalents CAS H AND CAS H EQUIVALENTS AT THE BEGINNING OF THE PERIOD CAS H AND CAS H EQUIVALENTS AT THE END OF THE PERIOD Addit ional information: Int eres t paid Income tax paid 318 450 556 308 (939) 11.474 1.497 2.402 14.434 (1.602) 102 40.045 38.545 25 (1.077) 8.710 (2.500) 5.158 (2.106) (84) 8.683 6.493 (5.200) (2.160) (25) (4.718) 894 (11.209) (2.925) (190) (554) 34 (3.635) (10.531) 4.872 (10.772) (311) (4.827) (10.218) 2.650 (8.098) 3.984 (3.629) 2.519 31 230 34 (830) (5) 993 138 1.418 76 233 94 (990) (5) (76) (568) 8.805 7.871 March 31, 2012