Warning: This report is published in French and translated in English for information purpose. The French version is the reference.

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2 TABLE OF CONTENTS Letter from the Board of Directors p. 3 Key figures p. 4 Highlights Airesis p. 5 Le Coq Sportif p. 6 Boards & More p. 8 Interim financial statements p. 11 Notes p. 15 Warning: This report is published in French and translated in English for information purpose. The French version is the reference. Interim report 2009 Internet- English version for information purpose only. French version is the reference 1/18 1/16

3 LETTER FROM THE BOARD OF DIRECTORS Dear Shareholders, Continuing to grow, in spite of persistent tough economic circumstances, Airesis shows consolidated total revenue increasing significantly in the first half of 2009, with a rise of 16% to reach a total of CHF 82.5 million. This evolution includes, on the one hand, the unceasing development of Le Coq Sportif whose sales continue to progress positively and, on the other hand, the stable activities of Boards & More. This has resulted in a net profit for the first half of 2009 amounting to CHF 1.6 million (1 st semester 2008: CHF -13 million). Le Coq Sportif, Airesis major holding, continues on its growth path in the first half of 2009 with an increase in total revenue and a net profit. Le Coq Sportif, now in its fourth year of re-launch, confirms its growth with half-year sales showing an increase of 37% in the applicable currency, to reach EUR 40.4 million. This significant improvement is partly sustained by sales of the 2009 Fall/Winter collection, with deliveries being ahead of schedule compared to This very situation is not necessarily going to happen in the second semester. In order to sustain the growth of its participation Le Coq Sportif Holding, Airesis launched a capital increase at the beginning of the year. Boards & More, whose brand portfolio is made up of Fanatic, North Kiteboarding, North Sails Windsurf and Ion, realized an operating profit of EUR 0.4 million. All things being equal, total revenue at Boards & More rose by 4%. At the end of a long battle against a very severe illness, Robert Louis-Dreyfus died on 4 July Robert Louis-Dreyfus was one of the founders of Airesis, and was pivotal in the origins of our company. A member of our strategic committee, he brought his experience of sports brands, his deep knowledge of the sports world and his vision as a leader of industry, and always served as a source of inspiration for all us who strive for progress and success in our company and its participations. Airesis shall always be grateful to Robert Louis-Dreyfus the man and the entrepreneur. Mauro Saladini, who resigned his position, was replaced by Urs Linsi as a member of Airesis Board of Directors. A doctor of economics, and former CFO and General Secretary of FIFA, his knowledge of the sports milieu as well as his experience in finance will bring an important added value to our company. With continued thanks for your confidence and support. The Board of Directors Interim report 2009 Internet- English version for information purpose only. French version is the reference 3/18 2/16

4 KEY FIGURES AIRESIS SA PARTICIPATION AS AT 30 JUNE 2009 Net result 1 st semester 2009 (100%) in KCHF Equity as at * (100%) in KCHF % of capital Revenue in KCHF Gross profit Le Coq Sportif 69% % Boards & More 100% % *Brand values in the consolidated accounts are included in each participation s equity. CONSOLIDATED FIGURES Market capitalization 73'485 48'465 Total consolidated revenue Gross profit Gross profit as % of revenue 45% 44% Operating result Net result Net result attributable to Airesis shareholders Current assets Current liabilities Non-current assets Non-current liabilities Equity, attributable to Airesis shareholders Figures in CHF thousands MARKET INFO SMI -21.1% AIRESIS -37.1% Points 8000 CHF SMI AIRE Interim report 2009 Internet- English version for information purpose only. French version is the reference 4/18 3/16

5 AIRESIS SA AIRESIS STRATEGY AND OPERATIONAL SECTORS Airesis is an investment company whose strategy is to invest in brands, particularly in the sports sector. The acquisition of brands with strong potential often implies significant investments during the re-launch phase. Airesis profits are realized essentially from the sales of participations. BALANCE SHEET AIRESIS SA (PARENT COMPANY) Current assets Non-current assets Attributable to loans to group companies Participations Total assets Liabilities Attributable to intercompany liabilities 1) Equity Of which net result 2) Total liabilities Figures in CHF thousands 1) This amount, essentially representing a credit in favor of Hazard Immobilier SA, will be transferred to equity once this entity is fully liquidated. 2) The dividend payment by Hazard Immobilier SA, currently in liquidation, increased equity and generated a significant income in In January 2009 Airesis increased its capital by 3,170,750 shares attributed through authorized capital. This transaction was undertaken in order to consolidate equity at Le Coq Sportif and bolster its growth. Airesis capital is currently composed of 53,850,000 shares. At the General Shareholders Meeting of 10 June 2009 it was decided to establish a second round of conditional capital ( conditional capital bis ). The Board of Directors is authorized to increase the company s capital shares by a maximum of CHF 500,000 with the issuance of a maximum of 2,000,000 nominal shares. The Board of Directors may limit or eliminate shareholders preferential subscription rights for just reasons, notably if the newly issued shares can be used to offset existing debt. Mr. Urs Linsi was elected to the Board of Directors at the Extraordinary General Shareholders Meeting held on 27 July 2009, replacing Mr. Mauro Saladini who did not wish to run for a new term. Interim report 2009 Internet- English version for information purpose only. French version is the reference 5/18 4/16

6 Interim report 2009 Internet- English version for information purpose only. French version is the reference 6/18 5/16

7 LE COQ SPORTIF Le Coq Sportif continued its progress in the first half of 2009 with total revenue increasing 37% in the applicable functional currency and attaining net profit of EUR 0.6 million. France, Italy and Spain remain the growth drivers of Le Coq Sportif. Operational expenses decreased as compared to the first half of 2008 and the personnel figure of 180 as at 30 June 2009 slightly decreased compared with 195 staff employed as at 31 December LE COQ SPORTIF 1 st semester st semester 2009 Total revenue Growth +37% Gross profit Gross profit as % of total revenue 48% 45% Operating expenses EBITDA EBIT Net result Direct sales France Italy Spain Others Wholesale License revenue Other revenue Total revenue Figures in EUR thousands Le Coq Sportif offers two main collections: Spring/Summer and Fall/Winter. These two collections generate seasonal peaks which may vary depending on the how quickly clients place their orders. Deliveries of the Fall/Winter 2009 collection are ahead of schedule compared to fiscal With an increase of 111%, sales in France reached EUR 16.7 million. As compared to 2008, this one country generates EUR 8.8 million in additional revenue for Le Coq Sportif. +76% +111% +52% 1st semester sales growth 2008 / 2009 Interim report 2009 Internet- English version for information purpose only. French version is the reference 7/18 6/16

8 Interim report 2009 Internet- English version for information purpose only. French version is the reference 8/18 7/16

9 BOARDS & MORE Boards & More s brand portfolio is composed of Fanatic, North Kiteboarding, North Sails Windsurf and Ion. All other factors being equal with regard to the ongoing brands, Boards & More revenue rose by 4% although the total figures remained stable. The Mistral brand was sold during the course of 2008 and is no longer part of Boards & More. Operating profit in the applicable functional currency amounted to EUR 0.4 million. BOARDS & MORE 1 st semester st semester 2009 Total revenue Growth -3% Gross profit Gross profit as % of total revenue 41% 40% Operating expenses EBITDA EBIT Net result Total revenue ongoing brands Growth 4% Total revenue sold off brand Total revenue Figures in EUR thousands A breakdown of total revenue is as follows: Sold off brands Ongoing brands 1st semester st semester 2009 In EUR million Interim report 2009 Internet- English version for information purpose only. French version is the reference 9/18 8/16

10 INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Interim report 2009 Internet- English version for information purpose only. French version is the reference 11/18 9/16

11 Condensed consolidated balance sheet (unaudited) In CHF thousands ASSETS Current assets Non-current assets Total assets LIABILITIES & EQUITY Current liabilities Non-current liabilities Total liabilities Equity attributable to parent company shareholders Minority interests Total equity Total liabilities and equity Condensed consolidated interim income statement (unaudited) In CHF thousands Total revenue 71'205 82'467 Cost of goods sold -38'865-46'171 Gross profit 32'340 36'296 Sales, general and administration -41'842-32'779 Depreciation, amortization and value adjustments -2'096-1'566 Other income and expense Operating result -10'752 2'434 Financial income/expense -1' Result before taxes -12'653 1'607 Income tax Net result -12'962 1'555 Attributable to Parent company shareholders -10'177 1'218 Minority interests -2' Net result attributable to the parent company shareholders, per share Net basic and diluted earnings per share attributable to the parent company shareholders Average number of outstanding shares 49'488'354 53'352'188 Comprehensive income (unaudited) In CHF thousands Net result for the period recognized in the income statement -12' Effect of foreign exchange recognized directly in equity Other comprehensive income for the period, net of tax Total comprehensive income for the period, net of tax Attributable to Parent company shareholders Minority interests Interim report 2009 Internet- English version for information purpose only. French version is the reference 12/18 10/16

12 Condensed consolidated interim cash flow statement (unaudited) In CHF thousands Cash flow from operating activities -10'510 9'070 Cash flow from investing activities 3' Cash flow from financing activities 6' Effect of exchange rate fluctuations on cash held Net cash flow '473 Cash and cash equivalents as at 1 January 1'384 6'015 Cash and cash equivalents as at 30 June '488 Net cash flow '473 Interim report 2009 Internet- English version for information purpose only. French version is the reference 13/18 11/16

13 Total equity Minority interests Fonds propres attribuables aux actionnaires de la société-mère Retained earnings Foreign currency exchange differences Treasury shares Other capital reserves Share premium Share capital In CHF thousands Parent company As at '245 53'062 4' '355 37'213 13'384 50'597 Net result -10'177-10'177-2'785-12'962 Total income and expenses recognized directly in equity -2'240-2' '802 Total income and expenses '240-10'177-12'417-3'347-15'764 Acquisition of treasury shares Proceeds from treasury shares '225 1'225 Effect of equity instruments Capital increase of Airesis 425 1' '011 2'011 Dividend distribution - -4'286-4'286 Change in minority interests 1'797 1'797 2'109 3'906 As at '670 54'735 4' '989-40'290 29'099 7'874 36'973 Net result -2'001-2'001 1' Total income and expenses recognized directly in equity -1'947-1' '434 Total income and expenses '947-2'001-3' '178 Consolidated statement of changes in equity (unaudited) Acquisition of treasury shares Proceeds from treasury shares Effect of equity instruments '028 Change in minority interests '650 6'639 As at '670 54'735 4' '936-40'586 26'880 14'581 41'461 Net result 1'218 1' '555 Total income and expenses recognized directly in equity 1'843 1' '574 Total income and expenses '843 1'218 3'061 1'068 4'129 Acquisition of treasury shares Proceeds from treasury shares Effect of equity instruments Capital increase of Airesis 793 1'744 2'537 2'537 Change in minority interests As at '463 56'479 4' '093-38'812 33'061 15'992 49'053 Interim report 2009 Internet- English version for information purpose only. French version is the reference 14/18 12/16

14 NOTES 1. Corporate information The Board of Directors approved the interim condensed consolidated financial report on 10 September A private equity investment holding company, Airesis focuses its strategy on investing in brands, specifically sports brands, in which it takes a controlling interest. We refer the reader to note 9 in the appendix of these financial statements regarding sector information. At 30 June 2009, Airesis holds the entirety of shares in Boards & More, which manages Fanatic, North Kiteboarding, North Sails Windsurf and Ion brands, as well as the majority stake in Le Coq Sportif group, which is active in sports clothing and shoes. Sales growth in Le Coq Sportif created a need for additional working capital which requires financing. Alternatives are being discussed either to strengthen equity or extend credit lines. Taking into account the progress made in these discussions, management is confident of obtaining the necessary financing. 2. Basis of preparation and accounting principles 2.1. Accounting policies The interim condensed consolidated financial statements for the six months ended 30 June 2009 have been prepared in accordance with International Accounting Standard (IAS) 34 and also respect the requirements of the SIX Swiss Exchange. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the annual consolidated financial statements for the year ended 31 December 2008, except for the adoption of new Standards and Interpretations as of 1 January 2009, noted below. The following standards and interpretations have been modified and adopted by the company as of 1st January 2009: IFRS 2 IFRS 5 IFRS 7 IFRS 8 IAS 1 IAS 8 IAS 10 IAS 16 IAS 18 IAS 19 IAS 20 IAS 23 Share-based payments Non-current Assets Held for Sale and Discontinued Operations Financial instruments Operating segments Presentation of Financial Statements Accounting Policies, Change in Accounting Estimated and Error Events after the Reporting Period Property, Plant and Equipment Revenue Employee Benefits Accounting for Government Grant and Disclosures of Government Assistance Borrowing costs IAS 27 IAS 28 IAS 31 IAS 32 IAS 34 IAS 36 IAS 38 IAS 39 IFRIC 9 IFRIC 13 IFRIC 16 Consolidated and Separate Financial Statements Investment in Associates Interest in Joint Ventures Financial Instruments Interim Financial Reporting Impairment of Assets Intangible assets Financial instruments Reassessment of Embedded Derivatives and IAS 39 Financial Instruments Customer loyalty programs Hedges of a Net investment in a Foreign Operation These modifications do not impact the company financial position. Regarding IAS 1, Presentation of Financial Statements, a new note presenting a comprehensive income has been added Le Coq Sportif International BV Le Coq Sportif International BV changed its reporting currency from USD to EUR as of 1 May This was done in order that the reporting currency more accurately represents the currency of the majority of activity, the balance of which has changed in the course of the 1 st semester. 3. List of consolidated entities Shareholding % (consolidation method: full consolidation unless specified) Share capital Le Coq Sportif Holding SA, Entzheim, France KEUR % 69% Le Coq Sportif International BV, Rotterdam, The Netherlands KEUR % 100% Le Coq Sportif Uruguay SA, Montevideo, Uruguay KUYU % 100% Le Coq Sportif Italia S.r.l, Cossato, Italy KEUR % 100% Sogecoq Sàrl, Entzheim, France KEUR % 100% Le Coq Sportif España SA, Barcelona, Spain KEUR % 100% Le Coq Sportif Intl SUD AM, Buenos Aires, Argentina KARS 38 95% 95% Le Coq Sportif Germany GmbH, Saarbrücken, Germany (Equity method) KEUR % 49% Le Coq Sportif North America Corp, Dover (DE), USA KUSD 8 100% 100% Boards & More Holding SA, Clarens, Switzerland KCHF 106 *100% *100% Boards & More France SAS, Annecy-le-Vieux, France KEUR % 100% Boards & More GmbH, Molln, Austria KEUR % 100% Boards & More GmbH, Oberhaching, Germany KEUR % 100% Boards & More (Schweiz) GmbH, Baar, Switzerland KCHF 50 98% 98% A2I SA, archivage et analyse d images, Clarens, Switzerland KCHF % 100% Hazard Immobilier SA in liquidation, Clarens, Switzerland KCHF 7'500 75% 75% * Airesis holds 90% of Boards & More Holding SA. The remaining 10% belongs to Boards & More Holding itself. Participations whose value is less than KCHF 1 net in our books are not mentioned. Interim report 2009 Internet- English version for information purpose only. French version is the reference 15/18 13/16

15 4. Seasonality Le Coq Sportif offers two main collections which are Spring/Summer and Fall/Winter. These two collections generate seasonal peaks which may vary depending on how quickly clients place their orders. Deliveries for the Fall-Winter collections are ahead of schedule (KEUR 3 142) compared to the 2008 fiscal year. 5. Minority interests 5.1. Airesis majority shareholders The amount due to Airesis majority shareholders amounted to KCHF 1,102 as at 30 June 2009 ( : KCHF 2,950). This decrease is mainly the result of a capital increase which took place on 26 January 2009 mainly for debt compensation. Converted debt amounts to KCHF 2,357 and 2,945,750 shares were allotted. Additional payments by majority shareholders in favor of Airesis in the amount of KCHF 522 were made on the 2009 fiscal year Loans to members of Le Coq Sportif management Loans to members of Le Coq Sportif s management decreased to KCHF 79 as at 30 June 2009 ( : KCHF 287). Airesis reduced this loan amount by repurchasing equity instruments (Le Coq Sportif share purchase vouchers). This transaction was included as part of the change in the share-based payment plan for Le Coq Sportif management described in note Share capital structure Shares Par value Share capital (KCHF) 31 December '679' '670 Modification 3' June ' In January 2009 Airesis increased capital by 3,170,750 shares with the number of shares rising from 50,679,250 to 53,850,000. This transaction, involving a converted loan, was realized by utilizing authorized capital. The new shares were fully paid up. 7. Intangible assets In CHF thousands Boards & More trademarks 2'624 2'624 Le Coq Sportif España client portfolio Le Coq Sportif trademark 26'455 28'087 Fonds de commerce Le Coq Sportif 1' Patents and Others 975 1'003 The difference in Le Coq Sportif brand value is generated by foreign exchange rate fluctuations. 31'484 32' Share-based or equity-settled payments 8.1. Le Coq Sportif profit sharing plan for management The profit-sharing plan for senior executives at Le Coq Sportif has been modified. Airesis repurchased at issue price the 196,525 share purchase vouchers in circulation on 31 December In return, 9,999 ABSA (Actions avec Bons de Souscriptions Attachés: shares with attached subscription vouchers) were issued. Twenty subscription vouchers are attached to each share, which represents 199,980 share purchase vouchers (each share entitles subscription to one share at a price of EUR 14.95). Moreover, free shares have been integrated in the profit-sharing plan but they are not issued yet. This modification is effective as of June Shares or equity instruments attributed within the profit-sharing plan frame in circulation as at 30 June 2009 were as follows: Free shares ABSA shares for a total of 199,980 shares with attached subscription vouchers Shares or equity instruments attributed within in circulation as at 30 June 2009 were as follows: Free shares ABSA shares for a total of 199,980 shares with attached subscription vouchers To obtain the definitive rights an individual must be employed with the company until June Furthermore, exercising the share purchase vouchers is tied to an increase in the valuation of Le Coq Sportif as determined at the sale of Airesis majority stake. On the whole, this change in the profit sharing plan for management does not alter Airesis potential dilution in Le Coq Sportif in the long run. The objectives are no longer contingent on the annual cumulative results but on the overall improvement of the value of the company. Recognition in accordance with a share- or equity-based payment plan settled in liquid assets is maintained. Interim report 2009 Internet- English version for information purpose only. French version is the reference 16/18 14/16

16 8.2. Recognition In view of Airesis commitment to repurchase shares and share purchase vouchers if the transfer of the majority stake has not occurred by 31 December 2013, the plan is recognized using a payment plan in shares or equity instruments settled in liquid assets. Therefore, the potential commitment to repurchase the shares or equity instruments at the expiry date is estimated at fair value at each fiscal year closing. This commitment is recognized as a liability on the balance sheet at pro-rata, under «other long-term debt». For the whole of the plan, the commitment is calculated using the Monte Carlo simulation method. The liquidity guarantee is worth seven times the EBIT of the year prior to the commitment. The company fair value is thereof estimated according to the probability level of various EBIT scenarios that may be reached in 2013, since the liquidity guarantee may be invoked only from 1 January 2014 on and spread on the four year period during which the senior executives have to be employed. 24 EBIT variations comprised between EUR 1 million and EUR 30 million have been taken into consideration and a probability-to-happen level has been defined for each variation. The combination of each variation value and its probability-to-happen level allows to obtain an estimation of the fair value of the commitment at the end of the period. This value is then spread on the period on which the service has been rendered and it is actualized with a risk-free interest rate. As at 30 June 2009, the commitment recognized in liabilities on the balance sheet amounted to 285 KEUR and the expense recorded for the first half of 2009 was 139 KEUR. The profit-sharing plan increased by KEUR 52 the committed amount recognized in liabilities as at 30 June Free shares free shares were attributed in the 30 June 2009 plan. To acquire the definitive rights a manager must remain under contract for a period of four years and certain levels of improvement in the company s valuation must be attained. The fair value of the commitment bearing on the free shares was estimated at KEUR 235 as at 30 June 2009 (i.e. a value of EUR 14 per free share) 8.4. ABSA (Actions avec Bons de Souscriptions Attachés) shares with attached subscription vouchers 9,999 ABSA shares were attributed in the 30 June 2009 plan entitling subscription to 199,980 shares at an exercise price of EUR Exercising these rights is tied to being employed with the company for a period of four years as well as attaining an improved valuation of the company. The fair value of the ABSA shares was estimated at KEUR 50 as at 30 June 2009 (i.e. EUR 40 per ABSA). 9. Segment information Airesis is an investment company and each one of its participations is organized to function independently. As such, each participation is responsible for its own operational decisions. Although Airesis is actively involved in strategic choices, the individual nature of each company is preserved. A report is submitted by each participation to Airesis Board of Directors allowing them to follow the evolution of the results and to put these into perspective with regards to overall strategic plans. Segment information is shown by participation, the base criteria being the global performance of each participation. In CHF thousands Boards & More Le Coq Sportif Corporate & Others Eliminations* TOTAL 1 st semester 2009 Total revenue 21'683 60'784 1'274-1'274 82'467 Net result '555 1 st semester 2008 Total revenue 23'871 47' '205 Net result ' '962 Total Assets As of ' '913 11'276-3' '277 As of ' '852 9'517-1' '869 *This column represents the elimination of intercompany transactions. Interim report 2009 Internet- English version for information purpose only. French version is the reference 17/18 15/16

17 Interim report 2009 Internet- English version for information purpose only. French version is the reference 18/18 16/16