Italian Luxury Fashion Leader in €152 Million IPO

October 29, 2007

Cleary Gottlieb acted as Italian, U.S. and English counsel to Mediobanca – Banca di Credito Finanziario S.p.A., as sponsor, and together with Merrill Lynch International, as joint global coordinators, joint bookrunners and institutional managers in Aeffe S.p.A.’s initial public offering. The offering, which generated aggregate proceeds of more than €142 million for the company and the selling shareholder, closed on July 24, 2007. The institutional managers have since exercised the option to purchase an additional 5,200,000 shares from the selling shareholder to cover over-allotments.

The global offering included a public offering of Aeffe’s shares to retail investors in Italy and an offering to Italian and international institutional investors, including U.S. qualified institutional buyers, conducted in reliance on Rule 144A and Regulation S. The shares have been listed on the STAR Segment of the Mercato Telematico Azionario managed by Borsa Italiana.

Aeffe is an Italian luxury fashion leader, offering prêt-a-porter (including lingerie, beachwear, loungewear and homewear), footwear and leather goods under its own brands, such as Alberta Ferretti, Moschino and Pollini, and brands licensed by third parties, such as Jean Paul Gaultier.