INTERIM RESULTS

1
INTERIM RESULTS

• November 28, 2003

Paris
2
FIRST-HALF 2003/2004

• Summary statement of operations
• Update on the brand recognition plan

3
First-half 2003/2004
SECTION 1
An accumulation of financial and economic
stumbling blocks

• SARS epidemic
• (30 of S.T.Dupont's sales are generated in
  South-East Asia, excluding Japan)
• A strong euro
• War in Iraq
• Weak "Travel Retail" since the events of
  September 11
• Eurozone economies on the brink of recession
• (35 of S.T.Dupont' net sales are generated in
  the Eurozone)

4
FIRST-HALF 2003/2004

• Summary statement of operations

5
First-half 2003/2004
SECTION 1
A strong euro in relation to the world's other
major currencies
6
First-half 2003/2004
SECTION 1
Currency weighting as a of sales
7
First-half 2003/2004
SECTION 1
Sales performancesexcluding currency effect
8
First-half 2003/2004
SECTION 1
Sustained solid potentialwithout any major
product launches

• Boost to classical ranges
• Lighters and writing instruments Marketing of
  limited editions in Q2
• Promotion of new ranges
• Ready-to-wear 2003 Autumn collection heralding
  ST.Dupont's new style
• Leather goods launch of the "Contrast" line

9
SECTION 1
First-half 2003/2004
10
First-half 2003/2004
SECTION 1
An ever-growing and constantly optimized
controlled distribution network
11
First-half 2003/2004
SECTION 1
Margins
12
First-half 2003/2004
SECTION 1
Summary statement of operations
13
First-half 2003/2004
SECTION 1
Summary statement of operations
14
First-half 2003/2004
SECTION 1
Capital Expenditure
15
First-half 2003/2004
SECTION 1
Statement of cash flows
16
First-half 2003/2004
SECTION 1
Indebtedness
Including the bond issue
17
First-half 2003/2004
SECTION 1
Comparative balance sheets
18
First-half 2003/2004
SECTION 1
Comparative balance sheets
19
FIRST-HALF 2003/2004

• Update on the brand recognition plan

Presentation by Benjamin Comar
20
First-half 2003/2004
SECTION 2
S.T.Dupont, a global lifestyle brand in men's
luxury goods

• Step up global recognition of the brand's values
  through style and design.
• Give a boost to classical ranges by launching
  innovative products
• Focus growth drive on Leather goods and
  Ready-to-wear

21
First-half 2003/2004
SECTION 2
S.T.Dupont, a global lifestyle brand in men's
luxury goods

• Win three strategic luxury goods markets
• Japan
• China
• United States
• Strengthen S.T.Dupont's brand visibility
• Increase focus on selectively screening retail
  outlets and building up a controlled distribution
  network

22
First-half 2003/2004
SECTION 2
Action points carried out in first-half 2003/2004

• Creating a new momentum for Ready-to-wear
• New design director Jason Basmajian
• Reworking the S.T.Dupont style with a design
  focus geared to more "casual" ranges
• Signing a major agreement with Itochu for
  marketing S.T.Dupont Classics in Japan

23
First-half 2003/2004
SECTION 2
Action points carried out in first-half 2003/2004

• Strengthening teams
• Creating the post of COO Marketing, Communication
  and Sales
• Tom Chu, in charge of developing the Japanese
  market
• New skill sets in the Leather goods team
• Stepping up investment
• in RD
• and in Marketing
• to prepare for the 2004/2005 product launches

24
First-half 2003/2004
SECTION 2
Action points carried out in first-half 2003/2004

• Revamping the S.T.Dupont logo
• Creating new packaging
• Defining a new design slant for advertising
  campaigns
• To be officially launched in the first quarter of
  the 2004 calendar year
• Rolling out a new store design concept
• (The Paris flagship store at avenue Montaigne
  will be refurbished by Craig Nealy as of January)
• Ready for opening in April 2004

25
FIRST-HALF RESULTS

• November 28, 2003

Paris