Looking back is the best basis for …Looking ahead.

Long-term value shareholder value has 3 solid pillars

Mission and strategic choices

Solid implementation (‘last domino’)

Culture (‘Performance Ethics’ and ‘Conversation Company’)

Mission : “Shape the bodies and minds of women”

Channel strategy 2004-2013

4.800 customersSolid basics

420 customers Lingerie Styling

Own stores - R&P- Intimacy- Lincherie(incl. e-com)

I

II

IIIFranchising- R&P- Lincherie(incl. e-com)

IVRetailWholesaleImpact on eye and ear of the consumer.

Operational control

Road : “We follow and improve the fitting room”

‘Performance ethics’ is a culture that combines passion and results.

A company is a bridge of passionate people supporting 2 pillars : customers and shareholders.

There is a mutual duty in life.

Clarity works.

Principles of 4F : Focus Flexibility Fighting Spirit Fair Play

Self confidence builds ‘winning’

‘Winning’ builds self-confidence.

11

In a declining market, over 12 years VdV doubled turnover and ebitda and more than quadrupled shareholder value

Status 2003 (annual report)

Financial data - Turnover : 96,8 m€- Ebitda : 29,5 m€- Market Cap (Jan ‘04): 254m€ - Enterprise Value : 216,9m€

Key data- 3.000 independent customers - 2 brands- 3 own stores

Status 2015 (annual report)

Financial Data- Turnover : 207m€- Ebitda : 60,5m€- Market cap (Jan’16) : 847m€- Distributed dividends & share buy-

backs over that period : 315m€

Value creation in 11 years : 908 m€

Key data - 5.000 independent customers- 3 brands- 89 stores (franchised, 0&0, JV)

Turnover more than doubled at CAGR of over 6%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

50

100

150

200

250

94.6101.7

112.0123.0

130.3133.0

140.1

166.3

179.8 181.8 182.4195.6

206.7

14

Turnover growth breakdown ‘organic’ vs. ‘acquired’.

Turnover Acquired30

50

70

90

110

130

150

170

190

210

206.7

152.7

235

1313

VdV Intimacy DonkerR&P UK Andres Sarda

Ebitda more than doubled at CAGR of nearly 7%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

10

20

30

40

50

60

70

29.5

33.5

38.1

41.1

44.6 43.444.2

52.353.8

48.8 48.7

55.9

60.5

16

Ebitda growth breakdown as ‘organic’ vs. ‘acquired’.

Ebitda Acquired45

47

49

51

53

55

57

59

61

60.5

57.2

1.30.1 0.9

1

VdV Intimacy DonkerR&P UK Andres Sarda

Van de Velde created 908 million € shareholder value in 12 years, which is an IRR of nearly 15%

2004, Jan 1 2016, Jan 1

254

847

315

908 million €

Building blocks of our growth route

Organic growth initiatives

Brands PrimaDonna Twist. PrimaDonna Swim. Marie Jo Intense Optimise brand spending Pricing upside

Channel Improve and expand sales force. Develop value added services. Develop ‘Lingerie Styling’ program. Enter new countries. Launch e-com

Cost Close Hungary. Cost optimizations across system.

M&A activities

Acquire wholesale distribution (< 1m€) Switzerland importer. Agents in North America, Spain.

Acquire Andres Sarda (17m€)

Acquire Retail (35m€) Intimacy (USA) Lincherie, Donker (NL) Rigby & Peller (UK) JV Getz (Hongkong & China)

What about the next 12 years ?

Always think infinity.

We will continue to work on 3 levers; Brands to consumers. The concept of the fitting room. Supply chain improvements.

Culture (‘performance ethics’ and ‘conversation company’)

We serve a real and well identified need. We follow a clear route. The growth potential of both combined has no end.

Why do we exist ? - Every woman sees her breasts and figure as important in her self-experience of beauty and

femininity . - We enhance emotional and physical confidence for women by marketing lingerie and swimwear

that provides them more comfort and makes them feel more beautiful .

- We follow and improve the fitting room experience. By supporting specialty retailers and providing brands and concepts that improve consumer experience and loyalty. By developing the fitting room concepts of the future and coupling technologies, improved consumer service and product delivery systems that encourage consumers to discover the benefits of beauty (fit / style / fashion).

What is our strategic ambition ? - Today, we ‘only’ serve 0,1% of the female world population. Our limitations to growth are

constrained only by branding and distribution.

- Our strategic segmentation is ‘Trading Up’. We will only compete in environments with high brand aspirations, high service deliveries, high margins, high consumer experience and consumer loyalty.

20

With the consumer at the center, we build a system of brand aspiration and channel service so as to ensure life long loyalty (2013-2015)

21

Consumer

Marie Jo

PrimaDonna

Andres Sarda

Wholesale store

LS experience center

R&P franchisee

R&P store

LS home party

LS website

LS e-shop

LS new technologies

LS ‘disruptive models’

BRAND CHANNEL

Wholesale channel

Retail channel

Channels under development LS: Lingerie Styling

Important choices for the future.

No longer ‘retail’ vs. ‘wholesale’, but channel.

New interesting combinations are actively being tested.

Traditional retail is the ‘least attractive’ growth combination, expressed in ROCE.

International doors open in different ways (eg. USA, India, Poland …)

Strongly lead ‘big cup sizes’ in premium category.

Only ‘Trade up’.