INVESTOR PRESENTATION

IC Companys: Our AmbitionMARCH 2011

22

Contents

Introduction

Our ambition

So far so good

33

– One of the Top 5 Largest Fashion Companies in the North

““““11 Scandinavian fashion11 Scandinavian fashion11 Scandinavian fashion11 Scandinavian fashionbrandsbrandsbrandsbrands””””

““““SourcingSourcingSourcingSourcing offices in offices in offices in offices in

China, Hong Kong, Bangladesh, Vietnam, India, and RomaniaChina, Hong Kong, Bangladesh, Vietnam, India, and RomaniaChina, Hong Kong, Bangladesh, Vietnam, India, and RomaniaChina, Hong Kong, Bangladesh, Vietnam, India, and Romania””””

““““DistributionDistributionDistributionDistribution throughthroughthroughthrough

own retail, outlets, eown retail, outlets, eown retail, outlets, eown retail, outlets, e----commerce, franchise and wholesalecommerce, franchise and wholesalecommerce, franchise and wholesalecommerce, franchise and wholesale””””

““““RevenueRevenueRevenueRevenue of of of of DKKDKKDKKDKK 3.7b3.7b3.7b3.7b**** and 2,440and 2,440and 2,440and 2,440 employeesemployeesemployeesemployees””””

““““498 stores and more than 10,000 wholesale selling points498 stores and more than 10,000 wholesale selling points498 stores and more than 10,000 wholesale selling points498 stores and more than 10,000 wholesale selling points

around the worldaround the worldaround the worldaround the world””””*) Trailing twelve months

44

� Mid-price / classic

� Male 30+

� Contemporary and casual

� Revenue DKK 197m ‘09/10

Our 11 Brands Is Mainly in the Mid-price Segment

� High Low-price / modern

� Female 20-35

� Fast to market

� Revenue DKK 244m ’09/10

� High Low-price / modern

� Female 25-35

� Glamorous and luxurious

� Revenue DKK 87m ‘09/10

� High mid-price - trend

� Male/female

� Modern Scandinavian fit

� Revenue DKK 476m ’09/10

� High mid-price / trend

� Female

� International high-end

� Revenue DKK 74m ’09/10

� Mid-price / modern

� Male 25-35

� City smart/city casual

� Revenue DKK 260m ’09/10

� Mid-price / modern

� Female 25-45

� Raw and feminine

� Revenue DKK 254m ’09/10

� Mid-price / modern

� Female 25-35

� Urban and feminine

� Revenue DKK 359m ’09/10

� Mid-price / classic

� Female

� Casual and strong colours

� Revenue DKK 398m ’09/10

� High mid-price / trend

� Female

� International high-end

� Revenue DKK 196m ‘09/10

� High mid-price / classic

� Male / female

� Sport and casual

� Revenue DKK 915m ’09/10

55

Nov-10New structure

Aug-08New management

Sep-09Building growth foundation

The World has Changed and So Has IC Companys

210 210 210 210 JulJulJulJul----08080808

40 40 40 40 DecDecDecDec----08080808

218218218218MarMarMarMar----22222222

Sep-08Financial Crisis

Feb-09Crisis management

66

Contents

Introduction

Our ambition

So far so good

77

Structural Changes to Initiate New Profitable Growth – Unlocking Potential from Brands Not Contributing to Group EBIT

Aug-08 Feb-09 Sep-09 Nov-10

Value

Time

ICC 1.0� New management� Balanced matrix

ICC 1.1� Cost rationalisations� Fixing the essentials

ICC 1.2� Building the foundation

ICC 2.0� Organisation structure� New business models

Structural changes

Operational changes

88

Problem: We Had Four Different Business Models Leading to High Complexity, Disproportionated Administration and Costs

STSTSTST

90% independence

Only knowledge sharing

BMBBMBBMBBMB/DR /DR /DR /DR

70% independence

Own sales set-up

Own invoicing

ToSToSToSToS/PP/PP/PP/PP

50% Independence

Own sales set-up

Platform brandsPlatform brandsPlatform brandsPlatform brands

0-10% independence

Few choices of sales

set-up and sourcing

99

New Organisational Structure Makes it Possible to Explore Unrealised Potential in Our Brands

� New organisational structure (line setNew organisational structure (line setNew organisational structure (line setNew organisational structure (line set----up)up)up)up)

� One generic brand organisationOne generic brand organisationOne generic brand organisationOne generic brand organisation

� Brands become fully responsible for their Brands become fully responsible for their Brands become fully responsible for their Brands become fully responsible for their

own value chain, profit and lossown value chain, profit and lossown value chain, profit and lossown value chain, profit and loss

− Wholesale, retail, e-commerce, marketing,

product management, design and sourcing

� All brands follow the same company All brands follow the same company All brands follow the same company All brands follow the same company

principles, guidelines and bestprinciples, guidelines and bestprinciples, guidelines and bestprinciples, guidelines and best----practisespractisespractisespractises

− Management and business development

ensure knowledge accumulation and diffusion

� Unrealised potential of brands not Unrealised potential of brands not Unrealised potential of brands not Unrealised potential of brands not

contributing to Group contributing to Group contributing to Group contributing to Group EBITEBITEBITEBIT

1010

We Want to Be Among the Best Developer of Sports and Fashion Brands

Business

Business

Business

Business

Models

Models

Models

Models

Backend

Backend

Backend

Backend

Platform

Platform

Platform

Platform

People &

People &

People &

People &

Culture

Culture

Culture

Culture

Portfolio

Portfolio

Portfolio

Portfolio

Strategy

Strategy

Strategy

Strategy

1111

Creating Big Future Growth by Focussing on 5 Strategic Goals

““““BuildBuildBuildBuild strong fashion brandsstrong fashion brandsstrong fashion brandsstrong fashion brands””””

““““Have aHave aHave aHave a focused market approachfocused market approachfocused market approachfocused market approach””””

““““IncreaseIncreaseIncreaseIncrease control of distributioncontrol of distributioncontrol of distributioncontrol of distribution””””

““““Optimise ourOptimise ourOptimise ourOptimise our processes processes processes processes andandandand value chainvalue chainvalue chainvalue chain””””

““““PractisePractisePractisePractise world class leadershipworld class leadershipworld class leadershipworld class leadership””””

1212

Contents

Introduction

Our ambition

So far so good

1313

TtmTtmTtmTtm EBIT, EBIT, EBIT, EBIT, DKKmDKKmDKKmDKKm and EBIT margin, %and EBIT margin, %and EBIT margin, %and EBIT margin, %TtmTtmTtmTtm revenue, revenue, revenue, revenue, DKKmDKKmDKKmDKKm and gross margin, %and gross margin, %and gross margin, %and gross margin, %

Strong Revenue Performance while One-offs from Canada Duty Case and Structural Changes Impede Profitability

� Expected revenue growth of 12-14% in

2010/11

� Gross margin under pressure from

Canada Duty Case and price pressure

� Positive EBIT in spite of crisis

� Expected EBIT margin of 8.2-9.0% in

2010/11

� Ttm one-offs Q2 of DKK 36m

3,621

3,435 3,435 3,4233,495

3,6303,738

3,900-4,000

59.6%60.3%

60.9%60.5% 60.8%

59.9% 59.8%

Q4 08/09 Q2 09/10 Q4 09/10 Q2 10/11 Q4 09/10

162 153

223203

283 289 285

320-360

4.5% 4.4%

6.5%5.9%

8.1% 8.0% 7.6%8.6%

Q4 08/09 Q2 09/10 Q4 09/10 Q2 10/11 Q4 09/10

1414

TtmTtmTtmTtm free cash flow, free cash flow, free cash flow, free cash flow, DKKmDKKmDKKmDKKm

159

213199

343 346326

302

261

133

Q2 08/09 Q4 08/09 Q2 09/10 Q4 09/10 Q2 10/11

End of quarter NIBD, End of quarter NIBD, End of quarter NIBD, End of quarter NIBD, DKKmDKKmDKKmDKKm and NIBD/EBITDAand NIBD/EBITDAand NIBD/EBITDAand NIBD/EBITDA

681725

533

660

348

409

243

423

361

1,8

2,2

1,7

2,2

1,01,2

0,6

1,00,9

Q2 08/09 Q4 08/09 Q2 09/10 Q4 09/10 Q2 10/11

Resumed Dividend Policy and the Acquisition of By Malene BirgerTemporarily Increase Net Interest Bearing Debt

� Working capital freed up in 2009/10

du to improved operational efficiency

� Continuing high level of free cash flows

in spite of growth

� NIBD increase due to resumed

dividend policy and BMB acquisition

� Massive debt reduction last three years

– net debt close to DKK 0 in 2010/11

1515

Since July 2008 We Have Achieved Many Operational Changes

Best practice Best practice Best practice Best practice across brands

Order suggestionsOrder suggestionsOrder suggestionsOrder suggestions and new collection structurenew collection structurenew collection structurenew collection structure� Average order intake last three collections of 13%

Optimised value chainvalue chainvalue chainvalue chain and improved cost efficiencycost efficiencycost efficiencycost efficiency

Expansion of retail distributionretail distributionretail distributionretail distribution� Average growth last five quarters of 11%

New successful franchise conceptsuccessful franchise conceptsuccessful franchise conceptsuccessful franchise concept� Average growth last five quarters of 26%

Optimised wholesale basewholesale basewholesale basewholesale base� Average growth last three quarters of 17%

1616

We Have a Number of Powerful Initiatives to Counter the Current Sourcing Pressure

ICC initiativesICC initiativesICC initiativesICC initiatives

� Long-term relationships with suppliers

� Simplifying our ways of working

� Reducing the number of suppliers

� Only a fraction of the production value

� Bigger issues for lower margin producers

� Develop brand specific geographic

sourcing strategies

� Right match between price/quality

� Dynamic prices

� Fierce competition

for capacity

� Increasing raw

material prices

� Increasing labor

costs

SituationSituationSituationSituation

1717

Using Our Competitive Advantages to Gain Market Share

Competitive advantagesCompetitive advantagesCompetitive advantagesCompetitive advantages

� NewNewNewNew collections structurecollections structurecollections structurecollections structureimprove sale out of shops

� Order suggestionsOrder suggestionsOrder suggestionsOrder suggestions and

controlled spacecontrolled spacecontrolled spacecontrolled space improve

control over merchandise flow

� Optimised buying systemsOptimised buying systemsOptimised buying systemsOptimised buying systemsreduce surplus stock

� Enhanced openEnhanced openEnhanced openEnhanced open----totototo----buybuybuybuy orders can be placed when production

capacity is ample

� Joint volumeJoint volumeJoint volumeJoint volume for 11 brands

1818

Our Main Markets Have All Been Affected by the Crisis– We Expect to Take Market Share

Scandinavia makes up 55% of Group revenue: Denmark, Sweden and NScandinavia makes up 55% of Group revenue: Denmark, Sweden and NScandinavia makes up 55% of Group revenue: Denmark, Sweden and NScandinavia makes up 55% of Group revenue: Denmark, Sweden and Norwayorwayorwayorway

-15%

-5%

5%

15%

25%

35%

Jul-07 Dec-07 Jul-08 Dec-08 Jul-09 Dec-09 Jul-10 Dec-10

-15%

-5%

5%

15%

25%

35%

Jul-07 Dec-07 Jul-08 Dec-08 Jul-09 Dec-09 Jul-10 Dec-10

-15%

-5%

5%

15%

25%

35%

Jul-07 Dec-07 Jul-08 Dec-08 Jul-09 Dec-09 Jul-10 Dec-10

TtmTtmTtmTtm growth, DKgrowth, DKgrowth, DKgrowth, DK

Clothing salesClothing salesClothing salesClothing sales

ICC RevenueICC RevenueICC RevenueICC Revenue

TtmTtmTtmTtm growth, Sgrowth, Sgrowth, Sgrowth, S

Clothing salesClothing salesClothing salesClothing sales

ICC RevenueICC RevenueICC RevenueICC Revenue

TtmTtmTtmTtm growth, Ngrowth, Ngrowth, Ngrowth, N

Clothing salesClothing salesClothing salesClothing sales

ICC RevenueICC RevenueICC RevenueICC Revenue

1919

Guidance FY 2010/11

ChallengingChallengingChallengingChallenging business environment FY 2010/11FY 2010/11FY 2010/11FY 2010/11� Gross margin under pressure

� Shift in external factors has been substantial

− Supplier capacity, transportation costs and raw material prices

� More fierce competition in the wholesale market

RevenueRevenueRevenueRevenue in the range of DKK 3,900 3,900 3,900 3,900 –––– 4,0004,0004,0004,000m� Retained

EBITEBITEBITEBIT in the range of DKK 320 320 320 320 –––– 360360360360m� Retained

InvestmentsInvestmentsInvestmentsInvestments in the range of DKK 130 130 130 130 –––– 150150150150m� Retained

2020