BalMaIn. BOuChErOn. JIMMy ChOO. Karl lagErfEld. lanVIn. MOntBlanC. Paul SMIth. rEPEttO. S.t. duPOnt. Van ClEEf & arPElS.

twO thOuSand and fOurtEEnlEttEr tO SharEhOldErS

Dear Shareholders,

In 2012, a year of major strategic transformation, we moved proactively to balance our portfolio, leveraging the emerging

growth potential of our brands, and in particular, Montblanc and Jimmy Choo.

In 2013, a year of transition, we concentrated efforts on adapting our organization to this new brand portfolio, with a more

homogeneous and balanced profile.

In 2014, a benchmark year, in line with targets announced one year ago, results will confirm the merits of our actions:

meeting the annual sales target of €280 million, up 10% like-for-like, with excellent performances from men’s lines,

Montblanc Legend, Montblanc Emblem and Jimmy Choo Man.

In 2015, with several launches in the pipeline for all the portfolio’s brands, another year of growth is shaping up with sales

expected to exceed €300 million, accompanied by an improvement in margins.

In addition, with a current cash position of €200 million, we will remain attentive and active in pursuing all acquisition

opportunities to strengthen our brand portfolio.

Based on our many strengths, capacity for innovation and flexible organization, we are able to look to the future with

confidence.

Sincerely,

Philippe Bénacin Philippe SantiPresident-CEO Executive Vice President

Interparfums as aProfile

2013 Key figures

Operating in the fragrance and cosmetics market, Interparfums is

specialized in prestige perfumes.

Created in 1982 by Philippe Bénacin and Jean Madar, Interparfums began

by developing mass-market perfumes with the creation and distribution of

moderately priced eaux de toilette before shifting its strategic focus in the

early 1990s to selective perfumes.

Brands under Inception Expiration

license agreements date Term date

S.t. dupont July 1997 11 years -

January 2006 5.5 years -

January 2011 6 years dec. 2016

Paul Smith January 1999 12 years -

July 2008 7 years dec. 2017

Van Cleef & arpels January 2007 12 years dec. 2018

Jimmy Choo January 2010 12 years dec. 2021

Montblanc July 2010 10.5 years dec. 2020

Boucheron January 2011 15 years dec. 2025

Balmain January 2012 12 years dec. 2023

repetto January 2012 13 years dec. 2024

Karl lagerfeld november 2012 20 years Oct. 2032

Marque en propre Début d’exploitation Date de cession

lanvin June 2004

BalMaIn. BOuChErOn. JIMMy ChOO. Karl lagErfEld. lanVIn. MOntBlanC. Paul SMIth. rEPEttO. S.t. duPOnt. Van ClEEf & arPElS.

Stock market indexes

Stock Exchange performance is generally based on:

— a main index constructed to reflect the overall

performance of the principal companies listed on

nySE Euronext (Paris+Brussels+amsterdam+lisbon)

or the Paris Stock Exchange (for example CaC 40

that tracks the 40 largest french stocks based on

market capitalization);

— sector-based indexes tracking the aggregate

performance of the stocks of companies within a

specific sub-group sharing common characteristics

(for example companies within the same sector of

activity such as telecommunications, luxury,

automobile or companies of comparable size).

Inclusion in an index contributes to liquidity and

share price growth as the share is thus included in

portfolios and index funds based on these criteria.

Interparfums is a component of the CaC

Mid & Small index comprised of companies with

mid and small size market capitalizations and the

CaC PME. By construction, these companies are

positioned in the index series immediately under

companies included in the CaC 40 and CaC

next 20.

Securities market information

Market: Euronext Paris – Segment B

PEa-PME eligibility: yes

Indexes: CaC Mid & Small – CaC PME

ISIn code: fr0004024222 ItP

reuters code: IPar.Pa

Bloomberg code: ItP

number of shares at September 30, 2014: 29,152,988

Brokerage and research firms coveringInterparfums

Exane BnP Paribas, CM-CIC Securities,

gilbert dupont, Id Midcaps, Kepler Cheuvreux,

Mainfirst, natixis Securities, Oddo Midcap.

€350.4mnet sales

€222.5mnet cash

€52.2moperating profit

€354.5mshareholders’ equity

€34.8mnet income

34%payout ratio

Dividends per share (1) Payout ratio (in %)

(1) adjusted for bonus share issues.

Year 2014

In the 2014 first quarter, the Interparfums share consolidated annual gains

for 2013 (+49%), reaching a high of €28.75.

In april, analysts lowered earnings estimates following the publication

of annual results for 2013, leading to a decline in the share price, though

deferred until June by prospects of the bonus share grant.

In a particularly volatile environment for financial markets, the share price

retreated further until the publication of third-quarter sales to stabilize at

the end of October around €19-€20.

On that basis, the market capitalization is approximately €550 million.

as was the case for all Mid Caps, trading volumes contracted marginally

though remain steady at around 16,000 shares per day.

Share price and trading volume data

11

2012

01

2013

03

2013

06

2013

09

2013

01

2014

03

2014

06

2014

09

2014

Trading volume data in thousandsShare price in euros and CAC Mid & Small

30030

014

16

18

10020

22

200

24

26

28

publicly-traded company

Shareholder base as of September 30, 2014

Interparfums has more

than 6,800 individual

shareholders and 300

institutional shareholders

(with foreign investors

representing more than

one third).

Dividend

the dividend is the portion of annual net income the

company pays out to its shareholders. the amount

for distribution is proposed by the Board of directors

and approved by a vote of the annual shareholders’

Meeting.

In early May 2014, a dividend of €0.49 per share

was paid or a total of €11.9 million.

Payout ratio

the payout ratio is the percentage of net income

for a given year distributed to shareholders in

the form of dividends. In 2013, the payout ratio

was 34% of net income.

Bonus share issue

In June 2014, the company proceeded with its

15th bonus share issue on the basis of one new share

for every five shares held.

Interparfums Inc. 73%

Free float 27%

09

0.49

0.22

10

0.24

11

0.33

12

0.38

1413

0.45

09

34

24

10

28

11

32

12

33

1413

33

Interparfums shareholder guide

Shareholders’ general Meetings are

held at least once a year. this meeting

constitutes a unique opportunity for

shareholders to obtain information about

the group, providing a venue for

exchanges with its key decision-makers

and participating in the decision-

making process by voting on the

proposed resolutions.

Interparfums’ annual general Meetings

called to approve the annual financial

statements for the fiscal year ended are

generally held in Paris at the end of april.

all shareholders owning at least one share

have a right to participate in shareholders’

meetings. a preliminary shareholders

meeting notice (avis de réunion) is

published in the french publication

for legal announcements (Bulletin des

Annonces Légales Obligatoires or BalO)

at least thirty-five days before the meeting

date. this meeting notice constitutes a

notice of call (avis de convocation).

the right to attend or be represented at

shareholders’ meetings is evidenced by

an accounting entry showing the number

of shares in the name of the shareholder

of record on the third business day

preceding the meeting at midnight

(Paris time):

— in registered share accounts

maintained by the agent selected by

the Company to provide issuer services

(CaCEIS Corporate trust) or managed by

an authorized financial intermediary;

— in the bearer share accounts

maintained by a financial intermediary

with whom their shares are registered.

to facilitate access to the general

Meeting, it is recommended that

shareholders receive their admission

card prior to the shareholders’ Meeting

that can be obtained as follows:

— registered shareholders must submit

their requests to CaCEIS Corporate

trust – Service assemblées – 14, rue

rouget de lisle – 92862 Issy les

Moulineaux Cedex (access to meetings

is nevertheless granted to registered

shareholders by presenting an

identification document only);

— bearer shareholders must request

their financial intermediary to provide

them with a certificate of attendance

(attestation de participation) confirming

their shareholder status on the date of

the request. the intermediary shall in

that case transmit the certificate to

CaCEIS Corporate trust who will in turn

send the shareholder an admission

card (in the absence of an admission

card, it is still possible to participate in

the meeting on presentation of an

identification document accompanied

by a certificate of attendance provided

by his or her financial intermediary).

On the meeting date, all shareholders

must provide proof of their status as

shareholders and identity during the

meeting registration formalities.

Shareholders not personally attending

the Meetings may choose one of

three options:

— grant a proxy to his or her spouse or

another shareholder;

— grant a proxy to the Chairman of

the Meeting to vote in his or her name;

— vote by mail.

Mail-in ballot and proxy vote forms are

sent to all shareholders pursuant to

requests received by CaCEIS Corporate

trust or the company’s registered office

no later than six days before the meeting.

Mail-in ballot forms, accompanied by

the certificate of attendance (for owners

of bearer shares) must be received by

CaCEIS Corporate trust or the company’s

registered office no later than three

days before the date of the meeting to

be taken into account.

Bearer

Securities are registered under your

name by an authorized financial

intermediary of your choice.

— custody charges can be high;

— Interparfums is not able to send you

information as it does not possess your

contact information;

— to be granted admittance to

shareholders meetings, you must

contact your financial intermediary

to obtain a certificate confirming that

your shares remain held in an account

with your bank or broker.

Managed registered share account

Securities are registered in Interparfums’

books and deposited with a bank or

broker of your choice as an

authorized financial intermediary.

— documents issued by Interparfums

are sent by mail to your home address;

— notifications of shareholders’

meetings are sent by mail to your

home address;

— custody charges can be high;

— double voting rights in shareholders’

meetings after securities are held

three years.

Direct registered share account

Securities are registered in Interparfums’

books and deposited with CaCEIS,

the financial intermediary selected by

Interparfums to manage registered

share accounts.

— no custody charges;

— documents issued by Interparfums

are sent by mail to your home address;

— notifications of shareholders’ meetings

are sent by mail to your home address;

— double voting rights in shareholders’

meetings after securities are held

three years;

— an Ifu form (Imprimé Fiscal Unique)

is sent to your home address. this

document, which will be requested by

french tax authorities specifies the amount

of shares sold, the value and the capital

gain on sales of Interparfums stocks.

designed by agence Marc Praquin.

Investor relations:

Karine Marty

tel.: +33 153 77 00 99

fax: +33 140 74 08 42

E-mail: info@interparfums.fr

website: www.interparfums.fr

Investors calendar Contacts

End of January 2015 Publication of 2014 annual sales

Mid-September 2015 Publication of 2014 annual results

End of april 2015 Publication of Q1 2015 sales

End of april 2015 annual general Meeting

End of July 2015 Publication of Q2 2015 sales

Mid-September 2015 Publication of 2015 1st half results

End of October 2015 Publication of Q3 2015 sales

Mid-november 2015 Publication of 2016 targets

yEar 2014

a BEnChMarK yEar

Montblanc

with more than €65 million in sales,

up 36% from last year, Montblanc

fragrances maintained rapid growth,

driven by the continuing success of the

first men’s line Legend introduced in 2011,

and further bolstered by the 2014 spring

launch of the second men’s line Emblem,

(€14 million at September 30).

lanvin

lanvin fragrances resumed a sustained

pace in the 2014 third quarter, after a

start of the year impacted by the russian

market downturn and a high comparison

base from the 2013 launch of the Lanvin

Me line, with sales reaching nearly

€48 million for the first nine months.

Jimmy Choo

with a highly successful launch of the

brand’s first men’s line, Jimmy Choo Man,

Jimmy Choo fragrances grew 23% in the

2014 third quarter, thus limiting the decline

of the Flash line, launched in 2013.

Karl lagerfeld

with initial shipments to distributors in mid-

March of the first fragrance duo launched

by the group, Karl lagerfeld fragrances had

€15.5 million in sales, in line with the budget.

Van Cleef & arpels

Bolstered in particular by the performances

of the First and Collection Extraordinaire

lines, sales for Van Cleef & arpels fragrances

reached nearly €13 million at the end of

September 2014.

Boucheron

In a year without major launches,

Boucheron fragrances had sales nearly

€11 million sales at September 30, 2014.

S.t. dupont

S.t. dupont fragrances had nearly

€10 million in sales at September 30, 2014

mainly from the S.T. Dupont Paris Saint-

Germain and So Dupont lines.

Paul Smith

with sales of more than €7 million for the

first nine months, Paul Smith’s fragrances

remained on track with budgets.

Balmain

Balmain fragrances had more than

€4 million in sales at the end of

September 2014 driven by the success

of the new line, Extatic, launched in

the beginning of the year.

repetto

repetto fragrances grew 8% and are

continuing to gradually build momentum,

with an excellent performance in france,

driven by the Eau de Parfum launch, one

year after the Eau de Toilette.

2014 first half-year results

with 21% growth like-for-like, Interparfums achieved an excellent

performance in the first half in markets that remain mixed, driven

in particular by the continuing success of the Montblanc Legend

line, the launch of Montblanc Emblem and Karl Lagerfeld lines

and steady sales by lanvin fragrances.

In the 2013 first half, profitability had attained exceptionally

high levels, bolstered by the favorable conditions of the Burberry

license agreement exit on March 31, 2013. In the 2014 first

half, profitability has remained high with a 13.9% operating

margin and a 9.6% net margin in line with budgets, and

despite adverse exchange rate conditions.

On June 30, 2014, the group’s financial position remained

excellent with shareholders’ equity of €357 million and net

cash of nearly €200 million, down marginally in relation to the

year’s opening balance in response to a temporary increase

in working capital requirements linked to namely trade

receivables and inventories.

Consolidated sales(€M)

Operating profit(€M)

Net income (€M)

Key consolidated data, (€ thousands) 2009 2010 2011 2012 2013

Sales 259,165 305,696 398,328 445,460 350,392

International (%) 90% 91% 91% 92% 90%

Operating profit 33,683 42,216 46,301 213,314 52,226

% of sales 13.0% 13.8% 11.6% 47.9% 14.9%

net income 22,647 26,807 30,300 136,188 34,833

% of sales 8.7% 8.8% 7.6 % 30.6% 9.9%

Shareholders’ equity (attributable to the parent) 169,939 191,884 216,020 344,413 354,515

net cash 66,201 57,668 17,395 207,927 222,471

total assets 253,674 296,957 353,194 534,984 432,278

workforce (at december 31) 171 180 227 205 208

Outlook

for the 2014 full year, while the strategy for developing

the new brand portfolio involving, in particular, a marketing

and advertising budget to be significantly reinforced in the

second half, an operating margin in the 10%-11% range is

expected, as announced.

04

259

157

05

194

06

216

07

242

0908

265

10

306

11

398

12

445

13

350

04

33.7

24.2

05

25.9

06

29.2

07

31.8

0908

34.3

10

42.2

11

46.3

12

213

58.2

13

52.2

04

22.6

15.5

05

16.3

06

18.7

07

20.2

0908

21.1

10

26.8

11

30.3

12

99.6

36.1

13

34.8