INTERIM HALF YEAR 2016 RESULTS

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1 INTERIM HALF YEAR 2016 RESULTS 1 February 2016 to 31 July 2016 Inditex continues to expand its global, fully integrated store and online sales platform. In 1H2016 Inditex achieved a strong operating performance. Sales in local currencies grew 16%. Net sales reached 10.5 billion, 11% higher than in 1H2015. Like-for-like sales grew 11%. New space in prime locations and online launches for FY2016 are on track. In 1H2016 new stores were opened in 38 markets. Gross profit reached 5.9 billion, 9% higher. Gross margin reached 56.8%. Tight control of operating expenses. EBITDA came to 2.1 billion, 7% higher than the prior year. EBIT was 1.6 billion, 8% higher. Net income reached 1.26 billion ( per share), 8% higher than the prior year. A dividend of 0.30 per share will be payable on 2 November 2016 as FY2015 final ordinary and bonus dividend. Global online sales launches are on track. Inditex will launch online sales for all its concepts in Turkey in October. Store and online sales in local currencies have increased by 13% from 1 August to 18 September 2016.

2 Performance in 1H2016 Inditex continues to expand its global, fully integrated store and online sales platform. In 1H2016 Inditex achieved a strong operating performance. Sales in local currencies increased by 16%. Net sales reached 10.5 billion, 11% higher than in 1H2015. Like-for-like sales grew 11% in 1H2016. The like-for-like calculation includes 84% of total store and online sales. New space in prime locations and online launches for FY2016 are on track. In 1H2016 Inditex opened stores in 38 markets. At the end of 1H2016 Inditex operated 7,096 stores in 91 markets, demonstrating its global reach. A list of openings and total stores by concept is included in Annex I. Net sales by concept in 1H2016 and 1H2015 are shown in the table below: Concept 1H2016 1H /15 Zara 6,957 6,140 13% Pull&Bear % Massimo Dutti % Bershka % Stradivarius % Oysho % Zara Home % Uterqüe % Total 10,465 9,421 11% Inditex operates a global sales platform. Store and online sales by geographical area are shown in the table below: Area 1H2016 1H2015 Europe ex-spain 43% 43% Asia & RoW 25% 25% Spain 17% 17% America 15% 15% Total 100% 100% The Gross profit rose to 5.9 billion, 9% higher than the previous year. The Gross margin reached 56.8% of sales. Operating expenses were tightly managed over the period growing by 9%, 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 came to 2.1 billion, 7% higher than the prior year. EBIT came to 1.6 billion, 8% higher than the prior year. 2

3 A breakdown of financial results can be found in Annex II. The tax rate for 1H2016 is the best estimate for FY2016 according to current information. Net income came to 1.26 billion, 8% higher than the prior year. Inditex paid 934 million, 0.30 per share, on 3 May 2016 as FY2015 interim ordinary dividend and 0.30 per share will be payable on 2 November 2016 as FY2015 final ordinary and bonus dividend. Inditex maintained its solid financial position at the end of 1H2016: Million Euros 31 July 31 July Cash & cash equivalents 3,551 4,117 Short term investments 1, Current financial debt (126) (10) Non current financial debt (1) (1) Net financial cash (debt) 4,923 4,354 The operating working capital position remains negative as a result of the business model: Million Euros 31 July 31 July Inventories 2,650 2,171 Receivables Payables (5,521) (5,080) Operating working capital (2,176) (2,239) 3

4 Start of 2H2016 Store and online sales in local currencies have increased by 13% from 1 August to 18 September Ordinary capital expenditure in FY2016 is expected to be approximately 1.5 billion. Store and online launches In September, Zara opened its first store in Vietnam in Ho Chi Minh City. The customer response was strong. In October, Zara will launch its first store in New Zealand in Auckland. Global online sales launches are on track. Inditex will launch online sales for all its concepts in Turkey in October. * * * * * The Interim Nine Months 2016 Results will be published on 14 December For additional information: Investor Relations Tel:

5 Consolidated financial statements Grupo Inditex 1H2016 profit & loss statement ( m) 1H2016 1H2015 Net sales 10,465 9,421 Cost of sales (4,520) (3,950) Gross profit 5,945 5,471 Gross margin 56.8% 58.1% Operating expenses (3,830) (3,502) Other net operating income (losses) (3) 1 Operating cash flow (EBITDA) 2,112 1,970 EBITDA margin 20.2% 20.9% Amortisation and depreciation (506) (481) Operating income (EBIT) 1,606 1,489 EBIT margin 15.3% 15.8% Financial results 0 8 Results from companies consolidated by equity method Income before taxes 1,628 1,526 EBT margin 15.6% 16.2% Taxes (370) (356) Net income 1,258 1,170 Minorities 1 4 Net income attributable to the controlling company 1,256 1,166 Net income margin 12.0% 12.4% Earnings per share, Euros (*) (*) Shares for EPS calculation 3,113,212,529 for 2016 and 3,113,152,000 for

6 Grupo Inditex Consolidated Balance Sheet as of 31 July 2016 ( m) 31 July July 2015 Assets NON CURRENT ASSETS 9,191 8,789 Intangible assets Tangible assets 6,827 6,491 Financial investments Other 1,266 1,242 CURRENT ASSETS 8,717 7,569 Inventories 2,650 2,171 Receivables Short term investments 1, Cash & cash equivalents 3,551 4,117 Other TOTAL ASSETS 17,909 16,359 Total Liabilities & Shareholders' Equity SHAREHOLDERS' EQUITY 10,848 9,953 Equity attributable to the Group 10,812 9,915 Minority interests NON CURRENT LIABILITIES 1,328 1,225 Deferred taxes Financial debt 1 1 Other 1, CURRENT LIABILITIES 5,733 5,180 Financial debt Payables 5,521 5,080 Other TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 17,909 16,359 6

7 Annex I Openings and total stores by format: Net openings Total Stores Concept 1H2016 1H July July 2015 Zara ,021 1,947 Zara Kids (11) Pull&Bear Massimo Dutti Bershka 9 4 1,053 1,010 Stradivarius Oysho Zara Home Uterqüe (2) Total ,096 6,777 Breakdown of Financial results: Annex II Million Euros 1H2016 1H2015 Net financial income (losses) 3 6 Foreign exchange gains (losses) (3) 3 Total 0 8 The Gross Margin, EBITDA, EBIT, ROE and ROCE are defined in the introduction to the Consolidated Annual Accounts

8 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. 8

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