Q2 and H FINANCIAL RESULTS. 29 August 2014

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1 Q and H1 014 FINANCIAL RESULTS 9 August 014

2 Forward Looking Statements This Presentation may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management s current intentions, beliefs or expectations relating to, among other things, Ontex s future results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation. The information contained in this Presentation is subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it.

3 Corporate Structure Ontex Group N.V. was incorporated on April 4, 014 for the purpose of acquiring Ontex I S.à.r.l and its subsidiaries. The financial information included in this document for the comparative 6 month period ended June 30, 013 was prepared at the level of Ontex I S.à.r.l. The information for the period ended June 30, 014 is at the level of Ontex Group N.V. Ontex IV S.A. is a wholly owned subsidiary of Ontex Group N.V. and is the entity through which the Senior Secured Notes and Senior Notes were issued. The reconciliation for Ontex Group N.V. to Ontex IV S.A. has been added as an appendix to this document. 3

4 Table of Contents 1 Ontex Highlights 3 Outlook 4 Q&A Appendix 1 Key Highlights 4

5 A Strong and Diversified Business Ontex Today Focused on 3 attractive categories in diverse markets Adult Inco 33% Babycare 53% MEA & RoW 18% Eastern Europe 13% UK 17% France 15% Femcare 13% Other Western European Countries 18% Italy 8% Germany 10% offering quality Retailer and Ontex brands for a blue chip customer base Ontex Brands 38% Retailer Brands 1 6% Top 10 customers: 39% Other Customers 61% #1: 6% #: 6% #3: 6% #4: 5% #5: 5% #6: 4% #7: 3% #8: % #9: % #10: 1% Note 1: Includes contract manufacturing Note: Category split excludes 1% of "Other" Note: Percentage splits based on FY 013 Ontex I S.à.r.l. audited financial statements Note : Middle East and Africa and Rest of World 1 Ontex Highlights 5

6 Winning by Adapting to Where We Play Adapting Our Strategy by Market Maturity Retail Institutional EMERGING ACCELERATING MATURING HEALTHCARE Retailer Brand Penetration (by value) 1 Power of local Brand Champions Trade fragmentation Limited Hard Discount Limited Retail brand trust 0% AG PK AFR Consolidating Modern Trade (Top 5 > 50%) Accelerating Hard Discount Trusted Retailer Brands Development of value Retailer Brands Emergence of Retailer Brand manufacturers RUS TU CZ SW PL DK NL FR GER Strength of Retailer Brands UK CH Spectrum of Retailer Brands from value to super premium Category development POR ES Consolidation of Retailer Brand manufacturers 45% Different national reimbursement systems Branded business Channel mix varies significantly between countries Light Inco sales shifting to retail channel Pharmacies of diminishing importance Our 4 Divisions Consolidating Modern Trade / Maturing Retailer Brands offer 1% 6% 57% 5% sales 3 sales 3 sales 3 sales 3 MEA 100% MEA Market Mainly Ontex Brands Growth markets Largely Eastern Europe Traditionally Ontex Brands, increasingly Retailer Brands Mature Markets Largely Western Europe Mainly Retailer Brands Source: Nielsen, Planet Retail, 01 (country / geography placement on chart not to scale) Note 1: Across multiple consumer goods categories Note : AFR (Africa), PK (Pakistan) and AG (Algeria) are illustrative examples only based on management knowledge of markets; Nielsen data is not available Note 3: Percentage splits based on FY 013 Ontex I S.à.r.l. audited financial statements Healthcare Western Europe Mainly Ontex Brands 1 Ontex Highlights 6

7 Focusing on Attractive Categories and Market Dynamics Growing Markets Which Ontex is Well Positioned to Outperform Market growth + Ontex outperformance c. 3-4% 1 c bps Key Drivers Demographic trends Adoption rates Retailer Brand penetration Share gains and premiumisation Ontex business WE Retail: Flat to slightly higher 1 EE Retail: Mid to high single digit 1 MEA Retail: Low double digit 1 WE Healthcare: Low single digit 1 K-C withdrawal from WE Babycare Leveraging competitive advantages Emerging market roll-out Channel strategy in Healthcare Note 1: Management estimates supported by third party data, including Euromonitor category sales growth data weighted to reflect the split of Ontex sales by country in FY 013 Note : Management estimates of the potential for outperformance vs. the market growth, based on an assessment of the growth drivers specific to the Ontex business and supported by Ontex 10 year average organic growth of c. 4.7% at reported currency 1 Ontex Highlights 7

8 And Leveraging Our Competitive Advantages Underpinning Our Leading Market Position Scale advantage in sales The largest Retailer Branded player in our categories in Western Europe 1 1 Why scale matters Accelerating capabilities Industrial culture Manufacturing flexibility and excellence Others Quality of products 3 Innovation #.7x Larger than the next Retailer Branded competitor across Western Europe Upgrading capabilities Brand & customer culture 4 5 Brand and customer management expertise Enhanced procurement capabilities Roll out In Progress Source: Management estimates (competition mapping, moving annual total at March 014), by volume Note 1: Across aggregate of Ontex s 3 categories (Babycare, Femcare, Adult Inco) in Western Europe, by volume 1 Ontex Highlights 8

9 to Deliver Growth, Cash and Returns Continued Top Line and Profitability Improvements in Q 014 In Line with Expectations at Time of IPO Increase in Revenues Reported Group revenues of 409.7m +5.6% in Q; +11.% in H1 Q like-for-like (LFL) revenues %; +8.4% in H1 Robust performance in all product groups Continued share gains across all divisions Increase in Adjusted EBITDA Adjusted EBITDA +11.0% to 49.4 million in Q 014; +19.5% in H1 Adjusted EBITDA margin +58 bps to 1.1% in Q in line with expectations; +84 bps to 1.% in H1 Operating leverage, efficiencies and planned phasing of operating expenses contribute to improvement Q 014 LFL revenues % Adj. EBITDA margin +58bps 1.0 million of adverse currency impact in Q 014; 5. million in H1 Adjusted Free Cash Flow3 (post tax) generation Working capital consumption drives decrease in adjusted Free Cash Flow 3 generation for H1 014, although partially offset by lower outflow from both tax payments and capital expenditures due to phasing Adj. FCF 3 generation 40.7m Net debt of 53.8 million lower than Q1 014 primarily due to cash proceeds from the IPO; pro forma net financial debt/ltm adjusted EBITDA 4 at 3.0x for H1 014 Strong financial liquidity; 80 million FRN subsequently repaid in July Improved financial structure Note 1: LFL revenues are defined as revenues at constant currency excluding change in perimeter or M&A Note : Adjusted EBITDA is defined as EBITDA plus non-recurring expenses excluding non-recurring depreciation and amortization Note 3: Adjusted FCF (post tax) calculated as Adjusted EBITDA less capex, change in working capital and cash taxes paid. Adjusted FCF calculation changed from previous quarterly disclosure to align with cash flow statement whereby factoring is now accounted for in net cash generated from operating activities. For reconciliation with previous reporting, refer to slide 7 Note 4: Ratio has been adjusted for IPO expenses due to be paid after June H1 014 Pro-forma net financial debt at million, for details refer to slide 1 1 Ontex Highlights 9

10 Table of Contents 1 Key Highlights Business & 3 Outlook 4 Q&A Appendix 10

11 Delivering Sustainable Growth Continued Strong Financial Performance in Q 014 In millions of Euro Q 014 Q 013 % H1 014 H1 013 % Revenues % % Revenues at constant currency % % Like-for-like (LFL) revenues % % Gross margin % % Gross margin as % of sales 7.7% 6.6% 104 bps 7.4% 6.1% 133 bps Adjusted EBITDA % % Adjusted EBITDA margin 1.1% 11.5% 58 bps 1.% 11.3% 84 bps Adjusted EBITDA at constant currency % % Operating profit excl. nonrecurring costs % % Operating profit (30.9%) % Net profit / (loss) (.7) 4.4 N.M % Note 1: Defined as revenues at constant currency excluding change in perimeter or M&A Note : Operating profit excluding non-recurring costs excludes amongst others, 0.8 million of IPO costs in Q 014 and 1.1 million in H

12 Delivering Growth Continued momentum Strong top line performance Sales bridge H1 014 ( m) Like-for-like revenues +7.3% in Q; +8.4% in H1 Continued support from key growth drivers demographics, adoption rates and increasing Retailer Brand penetration YoY benefits from K-C withdrawal largely complete in Q1 014 H1 013 Volume Price/Mix FX Acquisition H1 014 Continued momentum in Retailer Brand penetration LFL growth progression (%) Higher pricing activity in Q, compared to Q1, mostly driven by MEA and other markets encountering currency de-valuation Limited promotional activity in H1.7 Q1 13' Q 13' Q3 13' Q4 13' Q1 14' Q 14' 1

13 Mature Market Retail: 56% of H1 Reported Group Sales Continued momentum in Q Divisional Review LFL sales growth Like-for-like revenues +7.1% in Q; +8.% in H1 Continuing to grow retailer brand share of overall market Momentum generated post K-C withdrawal maintained, especially in the UK Strong performance in Poland; supporting key accounts in developing their brands % 453 More retailer brand promotions planned for H to support customers marketing activities +7.1% Roll-out of key innovation in the diaper category with Supercore II 17 3 Q 13 Q 14 H1 13 H

14 MEA: 1% of H1 Reported Group Sales Delivering high single digit growth in Q despite macro environment Divisional Review LFL sales growth Like-for-like revenues +8.7% in Q; +1.0% in H1 Currency headwinds impacting reported results; increased pricing to partially mitigate the effects Accelerated share gains in Turkey; rising to second position in another major region % 110 Delivered results despite continued political and economic challenges, benefitting from geographical diversification Continued strong performance in countries such as Morocco and Pakistan % 51 Limited marketing and innovation activity in H1; acceleration expected in H Q 13 Q 14 H1 13 H

15 Growth Markets: 6% of H1 Reported Group Sales Building scale organically Divisional Review LFL sales growth Like-for-like revenues +6.6% in Q; +4.6% in H1 Strong performance across all product lines Russia continues to post double digit growth benefitting from the local manufacturing facility +6.6% % 5 8 Q 13 Q 14 H1 13 H

16 Healthcare: 6% of H1 Reported Group Sales Solid performance in Q Divisional Review LFL sales growth Like-for-like revenues +3.1% in Q; +.7% in H1 Outperforming the low single digit growth in the market and trading in line with expectations % 174 UK and Ireland demonstrating positive momentum on the back of home delivery Serenity business fully integrated and performing on track +3.1% Contract gains in France and renewals in Italy in the period Q 13 Q 14 H1 13 H

17 Category review Broad based growth across categories Encouraging performance LFL sales growth Adult Inco growth in Healthcare division above market growth 1 % H1 reported group sales 53% 33% 1% +11.4% Adult Inco in Mature Market Retail +10% y-o-y on a LFL basis in H1 on the back of contract gains +9.1% Supercore II roll-out for Babycare in Western Europe +6.3% Expect to roll-out innovation pipeline for incontinence and femcare in H +4.8% +4.8% +4.% Q H1 Q H1 Q H1 Babycare Adult Inco Femcare Note 1: Management estimates supported by third party data, including Euromonitor category sales growth data weighted to reflect the split of Ontex sales by country in FY 013 Note : Category split excludes % of "Other" 17

18 Adjusted EBITDA Continued improvements in profitability Key margin drivers Adjusted EBITDA margin +58bps Q to 1.1%; +84bps in H1 to 1.% Active management of cost saving programs manufacturing, research and development, procurement and supply chain Anticipated rise in raw materials for FY 014 partly mitigated by hedging arrangements for fluff and procurement contracts Benefits of operating leverage on manufacturing; capacity expansion in line with expectations Planned phasing of operating expenses benefitted SG&A in H1 Positive developments in TRY and GBP helped to limit currency headwinds 1.0 million adverse impact on EBITDA in Q; 5. million in H1 Hedging agreements in place to mitigate volatility from currency fluctuations 18

19 Non-recurring costs Results Impacted by One-off Expenses in Q 014 In millions of Euro Q 014 Q 013 H1 014 H1 013 Non-recurring expenses Factory closure (0.0) Business restructuring Acquisition related expenses Asset impairment IPO costs Other (1.5) 0. (1.0) 0.4 The IPO costs have been divided on a pro rata base into: Related to new capital: The portion related to the 35.0 million of new capital has been reported as equity on the balance sheet in the amount of 5.4 million Related to existing capital: The entire portion related to the existing capital has been reported in the P&L in H1 014 as non-recurring expenses in the amount of 1.1 million All known IPO costs have been recognised in H1 014 and approximately 13.4 million of costs have been paid by the end of Q

20 Cash Flow Higher working capital consumption In millions of Euro Q 014 Q 013 % H1 014 H1 013 % Adjusted EBITDA % % Changes in working capital (55.0%) (9.6) 3.7 N.M. Inventories (86.7%) (17.4) 3.7 N.M. Trade and other receivables N.M. (38.1) (6.4) N.M. Trade and other payables (18.1) (6.0) N.M N.M. Cash taxes paid (.5) (6.5) (61.5%) (4.1) (8.0) (48.8%) Capex (10.7) (10.5) 1.9% (18.7) (6.7) (30.0%) Adj. Free Cash Flow (post tax) % (10.3%) Higher working capital consumption in H1 014 attributable to: Build-up of inventories Increase in receivables Increase of VAT receivables Capital expenditures remain lower than the prior year due to different phasing, in line with planned deployment of investments Cash taxes lower in H1 014 as prepayment of Italian taxes shifted from Q in the prior year to Q3 in 014 Note 1: Includes cash received from factoring of receivables Note : Adjusted FCF calculation changed from previous quarterly disclosure to align with cash flow statement whereby factoring is now accounted for in net cash generated from operating activities. For reconciliation with previous reporting, refer to Slide 7 0

21 Capital Structure and Liquidity Strengthened Financial Structure post IPO Current debt structure and liquidity Leverage and liquidity Net Debt calculation 1 ( m) Gross debt 911. Cash & cash equivalents (378.4) Net Debt 53.8 Leverage calculation ( m) Net debt 53.8 IPO costs to be paid 33.1 Pro-forma net financial debt LTM Adjusted EBITDA Pro-forma net debt/ltm Adjusted EBITDA 3.0x Pro-forma net financial debt/ltm adjusted EBITDA at 3.0x as of June 30, 014, in line with prospectus Strengthened financial position Moody s rating upgrade to B1 with a positive outlook in June 014 Serenity earn-out of 8.0 million paid during Q 014 as expected Liquidity ( m) Cash & cash equivalents Credit lines of 75.0m (of which drawn: 0.0m) 75.0 FRN repayment (80.0) IPO costs to be paid (33.1) Pro-forma Available liquidity Note 1: As at June 30, 014 1

22 Table of Contents 1 Key Highlights 3 Outlook 4 Q&A Appendix 3 Outlook

23 Outlook Strategic Progress and Priorities Well positioned to capitalise on the favourable market trends seen earlier in the year Committed to delivering sustainable, profitable growth Planned upscaling of central sales, marketing, R&D and support functions shifted into H Raw materials prices expected to rise slightly in Q3 014; impact in FY14 moderated by hedging and contract negotiations Higher levels of Capex foreseen in the second half of the year as FY indications remain unchanged Looking at refinancing options in the next 1 months for the remaining debt in order to optimise interest costs 3 Outlook 3

24 Table of Contents 1 Key Highlights 3 Outlook 4 Q&A Appendix 4 Q&A 4

25 Robust performance across all regions and categories in Q 014 In millions of Euro Q 014 Q 013 % as reported % LFL H1 014 H1 013 % as reported % LFL Per division Mature markets retail % 7.1% % 8.% Growth markets % 6.6% % 4.6% Healthcare % 3.1% %.7% MEA (.6%) 8.7% (1.1%) 1.0% Per category Babycare % 9.1% % 11.4% Femcare % 6.3% % 4.8% Adult incontinence % 4.8% % 4.% Other (Traded goods) % 10.3% % 19.8% Per geographic area Western Europe % 5.3% % 6.7% Eastern Europe % 14.8% % 10.6% Rest of the world % 9.5% % 1.3% A Appendix 5

26 Reconciliation for Ontex Group NV to Ontex IV SA Ontex Group NV Adjustments Ontex IV SA In millions of Euro Q 014 Q 013 Q 014 Q 013 Q 014 Q 013 Sales Gross margin Adjusted EBITDA Net profit (.7) Working capital movement (.8) (0.4) Adj. Free Cash Flow (post tax) (.6) Cash (314.7) Net debt (314.7) In millions of Euro H1 014 H1 013 H1 014 H1 013 H1 014 H1 013 Sales Gross margin Adjusted EBITDA Net profit Working capital movement (9.6) 3.7 (3.0) (0.) (3.6) 3.5 Adj. Free Cash Flow (post tax) (.6) Cash (314.7) Net debt (314.7) Note 1: Adjusted for share-based payments. Q 013 adjustments include share-based payments of 0.4 million and operating expenses of 0.1 million Note : Differences mainly arise from the net cash proceeds and costs of the IPO transaction A Appendix 6

27 Reconciliation for Adjusted Free Cash Flow Calculation Ontex Group NV In millions of Euro Q1 013 Q 013 Q3 013 Q4 013 Q1 014 Adjusted Free Cash Flow (post-tax) Cash inflows (-) and outflows (+) from non-recourse factoring arrangements Adjusted Free Cash Flow (post-tax) - Previously reported 0.0 (1.0) (14.4) (0.9) (1.5) Ontex IV SA In millions of Euro Q1 013 Q 013 Q3 013 Q4 013 Q1 014 Adjusted Free Cash Flow (post-tax) Cash inflows (-) and outflows (+) from non-recourse factoring arrangements Adjusted Free Cash Flow (post-tax) - Previously reported 0.0 (1.0) (14.4) (0.8) (1.5) A Appendix 7

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