Interim Nine Months 2015 Results

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1 1 February 2015 to 31 October 2015 Inditex continues to expand its global, fully integrated store and online sales platform. Strong operating performance: Store & Online sales in local currencies increased by 15% in the interim nine months Like-for-like sales growth remains strong. Net sales for the interim nine months 2015 reached 14.7 billion, 16% higher. Space growth for FY2015 is on track. On 20 November Zara opened a global flagship in New York at 222 Broadway. Gross profit reached 8.7 billion, 16% higher. Gross margin reached 58.8%. Tight control of operating expenses. EBITDA reached 3.3 billion, 18% higher. EBIT was 2.6 billion, 20% higher. Net Income reached 2 billion ( per share), 20% higher. Global online sales launches are on track: Zara began online sales in Taiwan on 2 September and in Hong Kong and Macau on 9 September. Store & Online sales in local currencies increased by 15% from 1 November to 3 December 2015.

2 Performance in the Interim Nine Months 2015 Inditex continues to expand its global, fully integrated store and online sales platform. Net sales reached 14.7 billion, 16% higher than 9M2014. Like-for-like sales growth remains strong. In the Interim nine months 2015, Inditex achieved a strong operating performance. Store & Online sales in local currencies increased by 15%. Space growth for FY2015 is on track. On 20 November Zara opened a global flagship in New York at 222 Broadway. In the Interim nine months 2015 Inditex opened stores in 48 markets. At the end of 9M2015 Inditex operated 6,913 stores in 88 markets. A list of openings and total stores by concept is included in Annex 1. Inditex has continued the global roll-out of its fully integrated store and online sales platform with the launch of online sales for Zara in Taiwan, Hong Kong and Macau in September 2015, taking the total for Inditex to 28 markets. Gross profit rose to 8.7 billion, 16% higher than the previous year. The Gross margin reached 58.8% of sales. Operating expenses were tightly managed over the period growing by 15%, mainly as a result of the addition of new retail space and the variable costs linked to the sales performance. Operating expenses include all the start-up costs for new openings. EBITDA rose to 3.3 billion, 18% higher than the prior year. EBIT came to 2.6 billion, 20% higher than the prior year. A breakdown of financial results can be found in Annex 2. The tax rate for 9M2015 is the best estimate for FY2015 according to current information. Net income came to 2 billion, 20% higher. Inditex paid 809 million, 0.26 per share, on 3 November 2015 as a FY2014 final ordinary and bonus dividend. Million Euros 31 October 31 October 2015 (*) 2014 (*) Cash & cash equivalents 4,982 3,626 Short term investments Current financial debt (41) (10) Non current financial debt (1) (3) Net financial cash (debt) 5,096 3,837 2

3 The operating working capital position remains negative as a result of the business model. Million Euros 31 October 31 October 2015 (*) 2014 (*) Inventories 2,621 2,329 Receivables Payables (5,606) (4,596) Operating working capital (2,286) (1,319) Start of 4Q2015 Store & Online sales in local currencies have increased by 15% from 1 November to 3 December The Autumn-Winter season is influenced significantly by the performance over both the Christmas period and the after-christmas sales period, due to their sales volumes. The Results for the Full Year 2015 (1 February 31 January) will be published on 9 March For additional information: Investor Relations Tel:

4 Disclaimer This document is of a purely informative nature and does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, securities issued by any of the companies mentioned herein. This document contains forward-looking statements. All statements other than statements of historical fact included herein, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations are forward-looking statements. Any such forward-looking statements are subject to risk and uncertainty and thus could differ materially from actual results. Some of these risks include, amongst others, ongoing competitive pressure in the sector, consumer tastes and spending trends, economic, political, regulatory and trade conditions in the markets where the Inditex Group is present or in the countries where the Group s products are manufactured or distributed. The risks and uncertainties that could affect the forward-looking statements are difficult to predict. Except for the cases where the prevailing rules and regulations in force require otherwise, the company assumes no obligation to publicly revise or update its forward-looking statements in the case of unexpected changes, events or circumstances that could affect them. Given the uncertainties of forward-looking statements, we caution readers not to place undue reliance on these statements. For a discussion of these and other factors that may affect forward looking statements and the Inditex Group s business, financial conditions and results of operations, see the documents and information communicated by the company to the Comisión Nacional del Mercado de Valores (the Spanish Securities Commission). The contents of this disclaimer should be taken into account by all persons or entities. - Tables and appendix to follow 4

5 Consolidated financial statements Grupo Inditex 3Q2015 profit & loss statement ( m) 3Q2015 (*) 3Q2014 (*) Net sales 14,744 12,709 Cost of sales (6,075) (5,218) Gross profit 8,669 7,491 Gross margin 58.8% 58.9% Operating expenses (5,340) (4,659) Other net operating income (losses) (0) (7) Operating cash flow (EBITDA) 3,328 2,825 EBITDA margin 22.6% 22.2% Amortisation and depreciation (745) (664) Operating income (EBIT) 2,583 2,161 EBIT margin 17.5% 17.0% Financial results 10 3 Results from companies consolidated by equity method Income before taxes 2,634 2,182 EBT margin 17.9% 17.2% Taxes (609) (488) Net income 2,025 1,694 Minorities 6 7 Net income attributable to the controlling company 2,020 1,687 Net income margin 13.7% 13.3% Earnings per share, Euros (**) (*) Unaudited data (**) Shares for EPS calculation 3,113,152,000 for 2015 and 3,113,982,769 for

6 Grupo Inditex Consolidated Balance Sheet as of 31 October 2015 ( m) 31 October 2015 (*) 31 October 2014 (*) Assets NON CURRENT ASSETS 8,978 7,864 Intangible assets Tangible assets 6,632 5,735 Financial investments Other 1,284 1,095 CURRENT ASSETS 8,732 7,421 Inventories 2,621 2,329 Receivables Short term investments Cash & cash equivalents 4,982 3,626 Other TOTAL ASSETS 17,710 15,285 Total Liabilities & Shareholders' Equity SHAREHOLDERS' EQUITY 10,692 9,551 Equity attributable to the Group 10,652 9,517 Minority interests NON CURRENT LIABILITIES 1,281 1,080 Deferred taxes Financial debt 1 3 Other 1, CURRENT LIABILITIES 5,738 4,653 Financial debt Payables 5,606 4,596 Other TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 17,710 15,285 (*) Unaudited data 6

7 Annex 1 Openings and total stores by format: Net Openings Total Stores Concept 3Q2015 3Q October 31 October Zara ,983 1,895 Zara Kids (2) (2) Pull&Bear Massimo Dutti Bershka , Stradivarius Oysho Zara Home Uterqüe 5 (9) Total ,913 6,570 Breakdown of financial results: Annex 2 Million Euros 3Q2015 3Q2014 Net financial income (losses) 8 12 Foreign exchange gains (losses) 2 (9) Total

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