Subsequent events and outlook

HUGO BOSS anticipates further growth in 2014. Implementation of the Group's strategy and the initiatives derived from it will raise sales and operating result to record heights for the Company. Adjusted for currency effects, the Group's sales are expected to grow by a high single-digit figure driven by expansion across all regions. The Group's own retail business is expected to continue functioning as the engine of growth with double-digit growth rates expected. HUGO BOSS believes that it can increase the operating result (EBITDA before special items) by a high single-digit figure in 2014 based on productivity improvements in the Group's own retail business, a positive development of the gross profit margin and strict management of operating overheads.