INTERIM REPORT SEPTEMBER—MAY 2014 THIRD QUARTER MARCH–MAY 2014 • Group net sales amounted to SEK 185.7 M (178.2). The number of stores totaled 150,

compared with 121 in the year-earlier period. • Gross profit margin was 54.7% (57.8). • Before depreciation, amortization and impairment, a loss of SEK 15.9 M was reported

(loss: 6.0). • The loss after tax was SEK 25.5 M (loss: 11.3). • Earnings per share before and after dilution were negative in the amount of SEK 3.15

(neg: 1.39). PERIOD SEPTEMBER 2013–MAY 2014 • Group net sales amounted to SEK 658.9 M (624.5). • Gross profit margin was 55.7% (59.2). • Before depreciation, amortization and impairment, a loss of SEK 13.0 M was reported

(38.1). • About SEK 4 M was charged against profit for integration costs related to the acquisition

of Deco Bags. • The Group reported a loss after tax of SEK 36.0 M (profit: 18.8). • Earnings per share before and after dilution amounted to a negative SEK 4.43 (pos:

2.31). SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER • The Group’s like-for-like sales declined 9% during the quarter. The corresponding

decline in the Swedish market was 3%. • The stores of the newly acquired Deco Bags are fully integrated into Accent. • The online store was launched in April for the Accent chain and in June for the Morris

chain. • The online store for the Rizzo chain will be launched in the autumn.

”  Due to weak growth in relation to an expanded store network, the third quarter was a definite disappointment, with earnings below those of the year-earlier period. We have taken strong actions to drive traffic and increase sales, focusing on online sales, communications and the product range”, says Susanne Börjesson, CEO, Venue Retail Group.

2

CEO’S COMMENTS ON PERFORMANCE It is frustrating to note that we have not yet seen any return from our aggressive initiatives, meaning that the outcome for the quarter is a disappointment. The sales trend during the spring was well below our expectations. The aggressive moves we have made – both through acquisitions and the establishment of new Accent stores – have yet to generate the gearing effects that we anticipated. Excessively low growth vis-à-vis the expanded store network resulted in weaker earnings for the quarter. A number of key data – such as the conversion rate, average purchases and average prices – are trending in the right direction but, as I noted earlier, the general drop in the number of visiting customers is a challenge for the sector. Unfortunately, we were one of the losers during the spring and did not manage to repeat the previous spring’s sales figures, when we clearly outperformed the Swedish market. There are also challenges in the Norwegian market, in the shape of unfavorable currency conditions and weak consumption. Meanwhile, Rizzo reported stable performance during the period. The trend for the Deco Bags stores, which were acquired during the autumn, is moving in a positive direction and we continue to believe that the anticipated synergism will gain full impact next year. With hindsight, we can conclude that the integration program has drained resources from the organization; but now we can all focus on driving operations forward. Needless to say, we are not satisfied with the outcome to date this year, and we have taken actions to strengthen our offering and increase sales. We:

• Launched the online store for Accent during the quarter and promptly afterwards also for Morris. This initiative was part of a program to attract traffic to our stores, as well as raising brand awareness and sales. To date, we have noted that the majority of online shoppers have elected to collect the goods in a store. This offers us the potential for added sales as online shopping grows.

• Finalized adjustments to the product range that are expected to have an impact from autumn onwards. These actions primarily involve strengthening our proprietary brands in, for example, travel goods and bags, where we continue to see major potential based on the strong consumer trend towards prioritizing experiences and travel.

• Initiated cooperation with a new, creative business partner, focusing on the product range and communication. The aim of this effort is to take the next step in the development of the Accent and Morris concepts, with the ultimate goal of making the accessories concept more competitive, scalable and internationally viable.

In brief, we have built a strong foundation and we are established in the right locations – but we are not sufficiently good at packaging our offering and attracting more visitors to our stores. We are keenly aware of the challenges we face and the direction we must take, and we are thus acting forcefully to generate effects from our aggressive initiatives. Stockholm, June 26, 2014 Susanne Börjesson CEO, Venue Retail Group

3

OPERATIONS Venue Retail Group is a leading player in accessories, travel accessories and footwear in the Nordic region, with a network of 150 (121) proprietary stores. Operations are conducted through two business areas via the Accent, Morris and Rizzo chains. The chains offer a mix of proprietary and external brands. In the Accessories business area, the Accent and Morris chains offer a selection of accessories and travel goods in the volume segment and hold a market-leading position in the Nordic region. On May 31, 2014, there were a total of 76 Accent stores in Sweden and 58 Morris stores in Norway. The Footwear business area, which is the Group’s leading niche player in the premium price and quality segment of footwear and accessories, operates both proprietary Rizzo stores and stores through an exclusive department-store concept in such locations as NK. On May 31, 2014, Rizzo had a total of 16 stores in Sweden.

Accessories 134 Accent and Morris stores. Sales SEK 473.7 M for the period Sept 2013-May 2014. A full range of accessories in the volume segment through the Accent and Morris chains. Growth will be achieved through:

Enhanced fashion level and specialization. Growth primarily through added sales in existing stores, as well as new establishments in existing markets, primarily for Accent.

Footwear 16 stores. Sales SEK 185.2 M for the period Sept 2013-May 2014. Footwear and accessories in the premium price and quality segment. Growth will be achieved through:

Developing the concept and differentiation. Added sales in existing and newly established stores, as well as selective new establishments in strategic locations.

MARKET According to the Style Index (HUI – Swedish Retail Institute), sales of accessories and footwear in the Swedish footwear retail sector during the period March–May 2014 rose 5.9%, in current prices, year-on-year. Retail clothing sales in Sweden rose 0.6% during the same period. Venue Retail Group’s total sales of like-for-like accessories and footwear in Sweden declined 3% during the quarter. In Sweden, the Rizzo chain reported a 2% increase, while Accent’s sales decreased 8%. For the period September 2013–May 2014, the Group noted an overall decline in like-for-like sales of 7% compared with the corresponding year-earlier period. The decline in the Swedish market was 4%. Retail clothing sales in Sweden declined by 0.7% during the period, while retail footwear rose 0.5%.

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NET SALES THIRD QUARTER MARCH–MAY 2014 The Venue Retail Group’s net sales for the third quarter totaled SEK 185.7 M (178.2). Compared with the year-earlier period, sales were adversely affected in the amount of SEK 4.5 M due to the depreciation of the Norwegian currency, NOK, in relation to SEK. In terms of like-for-like units, Group sales in the third quarter declined 9%. The number of stores totaled 150 compared with 121 in the year-earlier period. PERIOD SEPTEMBER 2013–MAY 2014 Group net sales during the period amounted to SEK 658.9 M (624.5). Like-for-like Group sales declined 9% year-on-year. By business area By geographic market The d is t r i bu t ion as shown above pe r ta ins to the pe r iod Sep tember 2013-May 2014

SALES BY BUSINESS AREA The Accessories business area accounted for 73% (71) and Footwear for 27% (29) of Group sales during the third quarter. The corresponding breakdown for the first nine months of the year was Accessories 72% (70) and Footwear 28% (30). SEK M

Q3 March-May 14

Q3 March-May 13

Period Sep 13-May

14

Period Sep 12-May

13

Fiscal year Sep 12-Aug

13 Accessories 134.9 126.8 473.7 438.5 600.3 Footwear 50.8 51.4 185.2 186.0 243.8 Total 185.7 178.2 658.9 624.5 844.1

SALES BY GEOGRAPHIC MARKET Sweden accounted for 66% (57) and Norway for 34% (41) of total Group sales in the third quarter. The corresponding distribution for the first nine months of the year was Sweden 64% (56) and Norway 35% (43). During the quarter, sales in the Norwegian market in local currency (NOK) declined 10.7% year-on-year. SEK M Q3

March-May 14

Q3 March-May

13

Period Sept 13-May

14

Period Sep 12-May

13

Fiscal year Sep 12-Aug

13 Sweden 122.2 102.3 425.3 350.0 464.4 Norway 63.4 73.9 228.9 266.9 369.8 Finland 0.0 2.0 4.7 7.6 9.9 Total 185.7 178.2 658.9 624.5 844.1

Accessories 72% (70)

Footwear 28% (30)

Sweden 64% (56)

Norway 35% (43)

Finland 1% (1)

5

EARNINGS THIRD QUARTER MARCH–MAY 2014 Gross profit margin was 54.7% (57.8). The decline in the gross margin was primarily due to shifts in the product mix, with an increased share of sales of external brands, as well as a greater share of campaign sales. The gross margin was also adversely impacted by the recently acquired Deco Bags stores which, during a transitional period, are expected to show lower gross margins compared with other Accent stores, because the positive effects of joint purchasing and product ranges will not impact fully during the first year. The net of other operating income/other operating expenses was income of SEK 0.1 M (2.7). Before depreciation, amortization and impairment, a loss of SEK 15.9 M (loss: 6.0) was reported for the third quarter. Primarily due to an increase in stores following the acquisition of Deco Bags and the opening of new stores, personnel expenses and other external expenses increased SEK 10.8 M compared with the year-earlier period. The operating loss was SEK 21.3 M (loss: 10.1). Depreciation, amortization and impairment totaled SEK 5.4 M (4.1). Net financial items amounted to an expense of SEK 1.8 M (exp: 0.8). The loss after financial items was SEK 23.1 M (loss: 10.9). PERIOD SEPTEMBER 2013–MAY 2014 Gross profit margin was 55.7% (59.2). Other operating income/operating expense amounted to a net expense of SEK 1.5 M (income: 2.7). Before depreciation, amortization and impairment, a loss of SEK 13.0 M was reported for the first nine months of the year, compared with profit of SEK 38.1 M for the corresponding year-earlier period. Personnel expenses and other external expenses during the period increased SEK 44.0 M year-on-year. The rise was mainly due to an increase in the number of stores and to integration costs of about SEK 4 M related to the acquisition of Deco Bags. The operating loss was SEK 30.4 M (profit: 25.5). Depreciation, amortization and impairment totaled SEK 17.4 M (12.6). The loss after financial items was SEK 34.7 M (profit: 23.8). In conjunction with the auditor’s review of Venue Retail Group’s interim report for the third quarter, it was noted that the consolidated result for the second quarter had been recognized in an amount that was SEK 6 M too high in respect of the acquisition of Deco Bags. The consolidated results and financial position that have been accumulated for the period September 2013 to May 2014 are accurate. EARNINGS BY BUSINESS AREA Operating profit by business area was distributed as follows. Accessories reported a loss of SEK 20.8 M (loss: 9.1) for the quarter and an operating loss of SEK 36.8 M for the first nine months of the year, compared with profit of SEK 16.5 M for the corresponding year-earlier period. The decline in Accessories’ profit mainly derived from lower sales and a lower gross margin compared with the corresponding year-earlier period, due to weak consumption during the winter caused by the mild weather, which reduced demand for a number of products that generate high gross margins. Integration costs related to the acquisition of Deco Bags had a negative impact of about SEK 4 M on the period’s earnings for Accessories.

6

For Footwear, an operating loss of SEK 0.5 M was reported for the third quarter (loss: 1.0). In total for the first nine months of the year, operating profit for Footwear was SEK 6.4 M, compared with SEK 9.0 M for the year-earlier period. SEK M

Q3 March-May

14

Q3 March-May

13

Period Sep 13-May 14

Period Sep 12-May

13

Fiscal year Sep 12-Aug

13 Accessories -20.8 -9.1 -36.8 16.5 25.3 Footwear -0.5 -1.0 6.4 9.0 4.1 Operating profit/loss, Business area

-21.3 -10.1 -30.4 25.5 29.4

Loss from financial investments

-1.8 -0.8 -4.3 -1.7 -2.4

Income taxes -2.4 -0.4 -1.3 -5.0 -3.6 Profit/loss for the period -25.5 -11.3 -36.0 18.8 23.4

EARNINGS BY GEOGRAPHIC MARKET Operating profit by geographic market was allocated as follows. Operations in Sweden reported a third-quarter loss of SEK 17.2 M compared with a loss of SEK 6.1 M for the corresponding year-earlier quarter. The operating loss in Norway was SEK 8.9 M, compared with a loss of SEK 3.7 M for the year-earlier period. The corresponding figures for the first nine months of the year were a loss of SEK 30.9 M (profit: 16.6) for Sweden and profit of SEK 1.0 M (8.5) for Norway. SEK M Q3

March-May 14

Q3 March-May

13

Period Sep 13-May 14

Period Sep 12-May

13

Fiscal year Sep 12-Aug 13

Sweden -12.2 -6.1 -30.9 16.6 11.9 Norway -8.8 -3.7 1.0 8.5 17.2 Finland -0.3 -0.3 -0.5 0.4 0.3 Operating profit/loss, geographic market

-21.3 -10.1 -30.4 25.5 29.4

FINANCIAL POSITION At May 31, 2014, the Group’s cash and cash equivalents totaled SEK 15.1 M (10.2). Interest-bearing liabilities including overdraft facilities amounted to SEK 175.3 M (80.9). Unutilized overdraft facilities totaled approximately SEK 13.7 M (27.5) at the end of the quarter. On May 31, 2014 the company renegotiated certain covenants to which loans with the company’s creditors are subject. Group equity at May 31, 2014 amounted to SEK 219.7 M (254.3). The equity/assets ratio was 40.0% (53.2). The translation difference for the year is recognized in profit or loss under “Other comprehensive income.” At May 31 2014, total assets amounted to SEK 549.7 M (477.6). Inventories totaled SEK 156.9 M at May 31, 2014, compared with SEK 155.2 M on May 31, 2013. Despite investments in new stores, the level of inventories in the company has only risen marginally.

7

CASH FLOW Consolidated cash flow from operating activities during the quarter was a negative SEK 18.7 M (neg: 33.5).Cash flow from operating activities for the first nine months of the year was a negative SEK 26.9 (neg: 15.4). INVESTMENTS Group investments during the first nine months of the year totaled SEK 70.3 M (20.9). Most of the investments pertained to Deco Bags AB. PARENT COMPANY The Parent Company reported net sales for the first nine months of the year of SEK 409.1 M (391.2) and a loss after financial items of SEK 41.7 M (profit: 1.8). Investments in fixed assets during the period amounted to SEK 62.8 M (10.5). At May 31, 2014, the Parent Company’s net borrowing totaled SEK 157.9 M (62.1). S IGNIFICANT EVENTS DURING AND AFTER THE QUARTER The Group’s like-for-like sales declined 9% during the quarter. The corresponding decline in the Swedish market was 3%. The stores of Deco Bags, which were acquired in autumn 2013, were fully integrated into the Accent chain during the quarter. Venue Retail Group launched its online store in April for the Accent chain and in June for Morris. The online store for the Rizzo chain will be launched in the autumn. OTHER NOMINATION COMMITTEE Prior to the Annual General Meeting on January 15, 2015, in Stockholm, Venue Retail Group’s Nomination Committee has the following composition: Mats Persson, Chairman of the Nomination Committee Gustaf Bard Tommy Jacobsson, Varenne AB Staffan Gustafsson To contact or submit proposals to the Nomination Committee, please refer to the contact information on the company’s website. The Nomination Committee’s proposals to the Annual General Meeting will be presented in future notifications of the Annual General Meeting and will be available at www.venueretail.com. SIGNIFICANT RISKS AND UNCERTAINTIES Venue Retail Group’s operations are exposed to a number of risks that are fully or partly beyond the company’s control but which could have an impact on sales and earnings. The risks to which the Group and Parent Company are exposed include climate and seasonal variations, fashion trends, exchange-rate trends and economic trends. A more detailed description of these risks is available in the Annual Report for the 2012/2013 fiscal year.

8

Of the financial risks, fluctuations in exchange rates, interest rates, liquidity and credit risks that impact the company’s earnings, it is the trend in exchange rates that has the greatest impact on the company’s profitability because a large share of the company’s purchases of goods occurs in USD and EUR. Should the SEK depreciate against these currencies, the Group’s purchasing prices could rise. The company’s short and long-term financing is a matter of priority for the Group’s Board and executive management. The Group has stable financing to safeguard the company’s short and long-term financing, provided that market conditions do not deteriorate additionally. SEASONAL VARIATIONS As in the case of other companies in the footwear and clothing retail trade, Venue Retail Group’s net sales, operating profit and cash flow from operating activities vary over the year. This is due to the cost base being relatively constant, while net sales vary over the months. The Group works actively to balance seasonal variations through such measures as sales activities, product-range adjustments and more effective scheduling in stores. During the 2012/2013 fiscal year, the Group’s net sales were distributed quarterly as follows: 25% (25) in the first quarter, 28% (28) in the second quarter, 21% (21) in the third quarter and 26% (26) in the fourth quarter.

TRANSACTIONS WITH RELATED PARTIES There were no transactions with related parties. ACCOUNTING POLICIES The Group applies the International Reporting Standards (IFRS) as adopted by the EU. This interim report was prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 – Accounting for Legal Entities. As of September 1, 2011, the Group applies the revised IAS 1, Presentation of Financial Statements, the amended IAS 24, Related Party Disclosures, the amended IFRS 7, Financial Instruments and IFRIC 13, Customer Loyalty Programs. These have not had any significant effect on the Group’s financial statements. The accounting policy for the calculation of “Goods for resale” has been changed as of September 1, 2013. Until August 31, 2013, the Group recognized inventory management costs and costs for transport from the central warehouse to the stores under “Goods for resale.” As of September 1, 2013, these expenses are recognized under “Other external expenses.” The effect of this change in accounting policy was presented in the interim report for the first quarter of the current fiscal year and will henceforth be reported continuously in subsequent interim reports. Comparative data has been adjusted for comparative periods to match the new policy. Otherwise, the applied accounting policies correspond to what is stated in the 2012/2013 Annual Report.

9

BOARD OF DIRECTORS’ ASSURANCE The Board of Directors and the CEO give their assurance that this interim report provides a fair and accurate assessment of the Parent Company and Group’s operations, financial position and earnings, as well as a description of material risks and uncertainties faced by the Parent Company and the companies included in the Group. Stockholm, June 26, 2014 Mats Persson Ulf Eklöf Chairman of the Board Deputy Chairman Tommy Jacobson Christel Kinning Board member Board member Jonas Ottosson Susanne Börjesson Board member CEO This is a translation to the Swedish original.

10

REVIEW REPORT Auditors’ review report of the condensed interim financial information (interim report) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act Introduction We have reviewed the interim report of Venue Retail Group AB (publ) for the period September 2013 to May 2014. The Board of Directors and CEO are responsible for the preparation and presentation of this this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on the interim financial information based on our review. Direction and scope of the review We have conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and a substantially more limited scope than an audit conducted in accordance with ISA (International Standards on Auditing) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed on the basis of a review does not provide the same level of assurance as a conclusion expressed on the basis of an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report has not, in all material respects, been compiled for the Group in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act and for the Parent Company in accordance with the Swedish Annual Accounts Act. Stockholm, June 26, 2014 PricewaterhouseCoopers AB Hans Jönsson Authorized Public Accountant

11

FOR FURTHER INFORMATION, PLEASE CONTACT: Susanne Börjesson, CEO, Tel: +46 (0)8 508 99 253 or +46 (0)701 90 11 53 Lars Ingman, CFO, Tel: +46 (0)8 508 99 244 or +46 (0)70-639 86 87 Mats Persson, Chairman of the Board, Tel: +46 (0)8 545 133 52 or +46 (0)70 511 46 36

12

CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

SEK M Q3 March-May

14

Q3 March-May 13

Period Sep 13-May

14

Period Sep 12-May

13

Fiscal year Sep 12- Aug 13

Net sales 185.7 178.2 658.9 624.5 844.1 Other operating income 0.4 2.7 1.7 2.9 5.6 Operating income 186.1 180.9 660.6 627.4 849.7 Goods for resale -84.2 -75.2 -291.9 -254.6 -359.3 Other external expenses -59.2 -57.8 -195.3 -175.9 -236.5 Personnel expenses -58.3 -53.9 -183.2 -158.6 -207.2 Depreciation, amortization and impairment of tangible and intangible fixed assets

-5.4 -4.1 -17.4 -12.6 -17.1

Other operating expenses -0.3 0.0 -3.2 -0.2 -0.2 Operating profit/loss -21.3 -10.1 -30.4 25.5 29.4 Loss from financial investments -1.8 -0.8 -4.3 -1.7 -2.4 Profit/loss after financial items -23.1 -10.9 -34.7 23.8 27.0 Income taxes -2.4 -0.4 -1.3 -5.0 -3.6 Profit/loss for the period -25.5 -11.3 -36.0 18.8 23.4 Other comprehensive income Translation differences 5.6 1.4 6.7 -4.2 -12.1 Total comprehensive income/loss for the period -19.9 -9.9 -29.3 14.6 11.3

Profit for the period attributable to Parent Company shareholders -25.5 -11.3 -36.0 18.8 23.4

Comprehensive income/loss for the period attributable to Parent Company shareholders

-19.9 -9.9 -29.3 14.6 11.3

PER SHARE DATA

Q3

March-May 14

Q3 March-May

13

Period Sep 13-May

14

Period Sept 12-May 14

Fiscal year Sep 12- Aug 13

Closing number of shares 8,127,026 8,127,026 8,127,026 8,127,026 8,127,026

Average number of shares 8,127,026 8,127,026 8,127,026 8,127,026 8,127,026 Earnings per share before and after tax, SEK before dilution

-3.14 -1.39 -4.43 2.31 2.88

Equity per share, SEK n.a. n.a. 27.02 31.29 30.88

13

CASH FLOW

SEK M Q3 March-May

14

Q3 March-May

13

Period Sep 13-May

14

Period Sept 12-May 13

Fiscal year Sep 12-Aug

13

Cash flow from operating activities before changes in working capital -16.9 -6.6 -8.9 34.1 51.8

Changes in working capital -1.8 -26.9 -18.0 -49.5 -45.0

Cash flow from operating activities -18.7 -33.5 -26.9 -15.4 6.8

Cash flow from investing activities -4.9 -11.5 -66.7 -20.9 -36.3

Financing 30.7 9.1 77.5 9.1 23.2 Cash flow from financing activities 30.7 9.1 77.5 9.1 23.2

Cash flow for the period 7.1 -35.9 -16.0 -27.2 -6.3 Opening cash and cash equivalents 7.6 44.8 30.7 37.5 37.5

Exchange-rate differences in cash and cash equivalents 0.4 1.3 0.4 -0.1 -0.5

Closing cash and cash equivalents 15.1 10.2 15.1 10.2 30.7 CONSOLIDATED BALANCE SHEET SEK M May 31, 2014 May 31, 2013 Aug 31, 2013

Fixed assets Intangible assets 251.0 194.6 199.1 Property, plant and equipment 51.2 48.9 48.8 Financial assets 28.9 27.7 28.8 Total fixed assets 331.1 271.2 276.7 Current assets Inventories 156.9 155.2 163.6 Other current receivables 46.7 41.0 53.8 Cash and cash equivalents 15.1 10.2 30.7 Total current assets 218.6 206.4 248.1 Total assets 549.7 477.6 524.8 Equity 219.7 254.3 251.0 Deferred tax liabilities 20.6 20.8 20.0 Non-current interest-bearing liabilities 45.8 12.7 17.3 Current interest-bearing liabilities 129.5 68.2 77.1 Current non-interest bearing liabilities 134.0 121.6 159.4 Total equity and liabilities 549.7 477.6 524.8

14

CHANGES TO GROUP EQUITY SEK M May 31, 2014 May 31, 2013 Aug 31, 2013

Opening balance 251.0 251.9 251.9 Dividend -2.0 -12.2 -12.2 Comprehensive income for the period -29.3 14.6 11.3 Closing balance 219.7 254.3 251.0

KEY FIGURES Q3

March-May 14

Q3 March-May 13

Period Sep 13-May

14

Period Sept 12-May 13

Fiscal year Sep 12-Aug

13 Number of stores 150 121 150 121 128 Net sales, SEK M 185.7 178.2 658.9 624.5 844.1 Change, % 4.2 5.6 5.5 2.0 2.5 Gross profit margin, % 54.7 57.8 55.7 59.2 57.4 EBITDA margin, % neg. neg. neg. 6.1 5.5 Operating margin, % neg. neg. neg. 4.1 3.5 Profit margin, % neg. neg. neg. 3.8 3.2 Equity/assets ratio, % n.a. n.a. 40.0 53.2 47.8 Return on capital employed, % n.a. n.a. neg. 4.9 5.1

Return on equity, % n.a. n.a. neg. 7.5 9.3 Debt/equity ratio, multiple n.a. n.a. 0.8 0.3 0.4

NUMBER OF STORES May 31, 2014 May 31, 2013 Aug 31, 2013

Accessories 134 106 111 Rizzo 16 15 17 Total 150 121 128

15

PARENT COMPANY INCOME STATEMENT SEK M Q3

March-May 14 Q3

March-May 13 Period

Sep 13-May 14 Period

Sept 12-May 13

Fiscal year Sep 12-Aug 13

Net sales 125.0 115.8 409.1 391.2 524.0 Other operating income 0.0 3.4 0.1 0.5 2.4

Operating income 125.0 119.2 409.2 391.7 526.4 Goods for resale -72.4 -74.0 -245 -241.9 -330.1

Other external expenses -34.7 -22.3 -96.9 -63.9 -85.1

Personnel expenses -34.1 -27.6 -93.5 -76.4 -98.9

Depreciation, amortization and impairment of tangible and intangible fixed assets

-3.3* -1.7 -10.6 -6.9 -8.4

Other operating expenses 1.4 0.0 -1.9 0.0 -0.2

Operating profit/loss -18.1 -6.4 -38.7 2.6 3.7

Loss from financial investments -1.2 -1.4 -3.0 -0.8 -0.9

Profit/loss after financial items -19.3 -7.8 -41.7 1.8 2.8

Appropriations 0.0 - 1.2 Income taxes -0.1 1.0 0 -1.6 2.7 Profit/loss after tax attributable to Parent Company shareholders

-19.4 -8.8 -41.7 0.2 6.7

Percentage of intra-Group net sales 43% 53% 47% 54% 54%

* The effect of the transfer of assets and liabilities as of January 1st, attributable to the Deco Bag-acquistion have not been taken into account during the second quarter. Cumulative results and position for the period of September 2013 to May 2014 is accurate. PARENT COMPANY BALANCE SHEET SEK M May 31, 2014 May 31, 2013 Aug 31, 2013

Fixed assets Intangible assets 65.1 19.0 19.5 Property, plant and equipment 16.8 5.7 12.0 Financial assets 239.4 222.8 227.1 Total fixed assets 321.3 247.5 258.6 Current assets Inventories 78.7 70.8 83.8 Other current receivables 107.3 50.6 111.3 Cash and cash equivalents 5.5 0.9 1.1 Total current assets 191.5 122.3 196.2 Total assets 512.8 369.8 454.8 Equity 153.6 190.7 197.2 Non-current interest-bearing liabilities 37.7 3.9 6.3 Current interest-bearing liabilities 125.7 59.1 71.8 Current non-interest bearing liabilities 195.9 116.1 179.5 Total equity and liabilities 512.8 369.8 454.8

16

OWNERSHIP STRUCTURE AT MAY 31, 2014 – VENUE RETAIL GROUP’S LARGEST SHAREHOLDERS Series A shares Series B shares Capital, % Votes, %

Varenne AB 0 1,437,264 17.7 17.7 The insurance company, Avanza Pension 0 563,892 7.5 7.5

Nordnet Pensionsförsäkring AB 0 465,877 5.4 5.4 JP Morgan Bank 0 342,533 4.3 4.3 SIX SISAG, W8IMY 0 181,197 2.2 2.2 Total, five largest shareholders 0 2,990,763 37.1 37.1 Other shareholders 300 5,135,963 62.9 62.9 Total 300 8,126,726 100.00 100.00 Source: Euroclear shareholder register DEFINIT IONS Net sales Under IAS 34, the term net sales is used for the Group’s sales. In this interim report, Venue Retail Group applies the term net sales for total Group sales, while in other running texts the term sales is used. Like-for-like sales Like-for-like sales pertains to the sales trend for stores that have been operating for a period of 12 months or more without any extensive changes to floor space or concept. Gross profit margin Sales, less the direct cost of goods, excluding inventory management costs and costs for transport from the central warehouse to the stores, as a percentage of sales. EBITDA margin Operating profit before depreciation/amortization as a percentage of operating income. Operating margin Operating profit after depreciation/amortization as a percentage of operating income. Profit margin Profit after net financial items as a percentage of operating income. Equity/assets ratio Equity as a percentage of total assets. Return on capital employed Profit after net financial items plus financial expenses as a percentage of capital employed. Return on equity Profit after net financial items, less tax, divided by equity. Equity per share Equity in relation to the number of shares at the close of the period. Earnings per share Profit after tax in relation to the average number of shares. Debt/equity ratio Interest-bearing liabilities and interest-bearing provisions divided by equity. FORTHCOMING REPORTS The year-end report for 2013/2014 will be published on October 9, 2014. The information in this report is such that Venue Retail Group is obligated to publish under the Swedish Securities Market Act. The information was submitted for publishing on June 26, 2013 at 5:00 p.m. (CET).

Venue Retail Group AB, Ringvägen 100, 11th floor, Stockholm, Sweden Telephone: +46 (0)8 508 99 200

Corporate Registration Number: 556540-1493 www.venueretail.com