Abercrombie & Fitch Co. NYSE: ANF Price: $68.26 (12/04/2006) 52Wk Range: 49.98 - 79.42 12-Month Target Price: $73.28

Recent Developments: On November 30, 2006, Abercrombie & Fitch reported net sales of $282.9 million for the four-week period ended November 25, 2006, a 13% increase over last year’s November net sales of $251.2 million. The Company reported a year-to-date net sales increase of 19% to $2.462 billion from $2.075 billion last year. Comparable store sales increased 3% for the year-to-date period. So far, total Company direct-to-consumer net sales increased 34% to $117.7 million in 2006.

Sector: Services Industry: Apparel Store Index Memberships: S&P 400 MidCap, S&P 1500 Super Comp Full-Time Employees: 5900 Recommendation: HOLD

Address: 6301 Fitch Path, New Albany, OH 43054Phone: 614-283-6500Web Site: http://www.abercrombie.com Auditors: PricewaterhouseCoopers LLPTransfer Agent: National City Bank

Business Summary: Founded in 1892, Abercrombie & Fitch Co. is a specialty casual apparel retailer in the United States and Canada with brands Abercrombie & Fitch, abercrombie, Hollister, and RUEHL, each of which has a differentiated target population. Items sold under these brands include: polos, logo tees, surf or active shorts, pants, denim, outerwear, underwear, swimwear, accessories, flip flops, and fragrances for both men and women. As of November 16, 2006, 58 Abercrombie & Fitch stores, 171 Abercrombie stores, 372 Hollister stores, and 11 RUEHL stores were in operation.

Prospects: Currently the fifth largest apparel retailer by market cap, Abercrombie looks to be in an extremely favorable position. As an “aspirational brand” the Company commands higher pricing power and since Fall 2001, either the A&F or Hollister brand has captured the top spot in Piper Jaffray’s well-watched “Taking Stock in Teens” seasonal survey. Abercrombie boasts including 55 consecutive quarters of earnings growth and is expected to place additional emphasis on developing it’s RUEHL brand, opening ten new stores by the end of 2007. A flagship A&F London store is also planned for 2007, allowing the Company to begin gaining market share in Europe.

(USD, in thousands) 2006/TTM 2005 2004 2003 2002Total Revenue 542,738 347,635 331,634 312,617 271,458EBITDA 549,412 352,853 335,342 316,385 235,367Depreciation & Amortization 124,206 105,814 66,604 56,925 41,155Net Income 333,986 216,376 205,102 194,935 168,672Total Assets 1,789,718  1,347,701  1,199,163  994,822  770,546Total Liabilities 794,601 678,375 280,002 211,470 163,579Stockholder’s Equity 995,117 669,326 871,257 749,527 595,434Capital Expenditures 192,505 132,216 79,251 32,534 36,051Dividends 0.70 0.60 0.50 - -

Key Executives: Michael Jeffries - Chairman, CEO; Diane Chang - Exec. VP of Sourcing; Leslee Herro - Exec. VP of Planning & Allocation; Michael Kramer - CFO, Principal Accounting; Thomas Lennox - Director of Investor Relations

Price-to-Earnings Ratio 15.98Price-to-Sales Ratio 1.91Tangible Book Value/Share 13.765Beta 1.20Total Shares Outstanding (M) 88.08Market Capitalization (B) 6.01Institutional Ownership % 90

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Operational Overview

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Price Performance

Diluted EPS Data

2002 1.942003 2.062004 2.282005 3.662006/TTM 4.22