Samsonite International S A : Inside Information Announcement / Trading Update

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SAMSONITE INTERNATIONAL S.A.

新秀麗國際有限公司

13-15 Avenue de la Liberté, L-1931 Luxembourg

R.C.S. LUXEMBOURG: B 159.469

(Incorporated in Luxembourg with limited liability)

(Stock code: 1910)

INSIDE INFORMATION ANNOUNCEMENT

TRADING UPDATE

The Board of Directors of Samsonite International S.A. (the "Company"), together with its consolidated subsidiaries (the "Group"), wish to provide shareholders and potential investors of the Company with an update of the performance of the Group. This announcement is made pursuant to the Inside Information Provisions of Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Impact of COVID-19 on the Group

In response to the COVID-19 pandemic, governments around the world have adopted various measures to contain the spread of the disease, including restrictions on travel, closure of non- essential businesses and imposition of quarantine and other social distancing measures, which have led to widespread travel disruptions, reduced customer demand and temporary store closures. These measures have impacted businesses worldwide, including the Company. While navigating through the current challenges, the health and safety of the Group's employees and their families, as well as its customers and business partners, has been and will continue to be the Group's top priority.

While the extent and duration of the COVID-19 pandemic remain uncertain, it has had, and it will continue to have, adverse impacts on the Group's business, financial condition and results of operations. The initial impact on the Group's business in the first quarter of 2020 was in the greater China region, where company-owned stores were temporarily closed and travel restrictions were imposed during the peak Chinese New Year holiday season, disrupting both domestic sales within China and outbound travel by Chinese tourists. As COVID-19 spread globally in the latter part of the quarter, travel disruptions and store closures began to negatively affect the Company's business in its other important markets, including the rest of Asia, Europe,

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North America and Latin America. While conditions in greater China have improved, the Company's business in that market has not yet fully recovered. The Company's results for the first quarter of 2020 are expected to reflect some of the impacts of COVID-19, and the results for the second quarter and potentially for the balance of 2020 will likely fully reflect such impacts.

COVID-19 has also impacted the Group's supply chain. Initially, the Group experienced a disruption to its supply chain resulting from a decrease in production capabilities in China following the Chinese New Year. As Chinese factories have since come back on-line, and their production capacity has increased, the reduction in the Group's sales from the global spread of COVID-19 has required the Group to lower production levels, including by canceling orders, to help manage inventory levels in light of reduced sales. As the geographic scope of the COVID- 19 pandemic widened, the Group's owned and operated factories in Belgium, Hungary and India were closed beginning in March 2020 and remain closed.

To help navigate through the challenges resulting from COVID-19, the Group's management has been taking steps to enhance the Company's liquidity and further improve its resilience. As the Company previously announced, on March 16, 2020, the Company and certain of its direct and indirect wholly-owned subsidiaries entered into an amendment to its credit agreement with certain lenders and financial institutions (the "2020 Refinancing"). Under the terms of the 2020 Refinancing, the amended credit agreement provides for (1) an amended US$800.0 million senior secured term loan A facility and (2) an amended US$850.0 million revolving credit facility. The 2020 Refinancing extended the maturities for the senior secured term loan A facility and the revolving credit facility by approximately two years, reduced the interest rate margin by

12.5 basis points, reset the principal amortization schedule and provided additional liquidity through the US$200.0 million increase in the revolving credit facility. The 2020 Refinancing did not affect the terms of the term loan B facility.

On March 20, 2020, the Group borrowed US$810.3 million under its revolving credit facility, thereby enhancing the Company's cash position. The Group has also aggressively implemented cost reduction initiatives including headcount reductions, salary reductions and furloughs, store closures, the elimination of discretionary spending and significantly reduced capital expenditures and marketing expenses. In addition, as the Company previously announced, no cash distribution will be paid to the shareholders of the Company in 2020.

Given the inherent uncertainty about the future impacts of COVID-19, it is not possible for the Company to reliably predict the extent to which the Group's business, results of operations, financial condition or liquidity will ultimately be impacted, however the Group's financial condition and results of operations have been, and will continue to be, adversely affected. Given the Group's experience with prior disruptions to travel, the Company believes the Group will be able to effectively manage through the current environment, although it expects the recovery to take longer than prior disruptions. The Company believes the Group has sufficient liquidity to provide it with adequate capacity to navigate the current environment as well as a prolonged downturn; however, there can be no assurances that such liquidity will be sufficient or that the Group will not need to access additional financing.

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Amendment to the Credit Agreement

In addition, to further strengthen its financial flexibility, the Company has sought, and as of the date of this announcement has received, the requisite consents from lenders to amend its credit agreement for the period the Company believes it needs in order to enable it to navigate the challenges from COVID-19. The principal terms of such amendment are as follows:

1. The Company's requirement to test the maximum total net leverage ratio and minimum interest coverage ratio under its financial covenants will be suspended from the beginning of the second quarter of 2020 through the end of the second quarter of 2021 (the "Suspension Period"). Following the Suspension Period, the Company will resume testing compliance with the total net leverage ratio and interest coverage ratio covenants beginning with the end of the third quarter of 2021.
2. During the Suspension Period, the Company will be required to comply with a minimum liquidity covenant of US$400.0 million (or US$500.0 million following the issuance of any third-party debt with an aggregate principal amount in excess of US$400.0 million) and will be subject to additional restrictions on its ability to incur indebtedness and make restricted payments and investments.
3. During the Suspension Period, the interest rate applicable to the term loan A facility and the revolving credit facility will be London Interbank Offered Rate ("LIBOR") plus 2.00% per annum with a LIBOR floor of 0.75% and the commitment fee in respect of the unutilized commitments under the revolving credit facility will be 0.35% per annum.
4. The Company may elect to reinstate the pre-amendment covenants and pricing terms prior to the end of the Suspension Period.
5. From September 30, 2021 until March 31, 2022, the Company may at its election use Consolidated Adjusted EBITDA (as defined in the amended credit agreement) from the first two quarters of 2019 and fourth quarter of 2019 (the "Historical EBITDA") (instead of actual Consolidated Adjusted EBITDA from the fourth quarter of 2020 and the first two quarters of 2021) to calculate the maximum total net leverage ratio and minimum interest coverage ratio under the financial covenants of the amended credit agreement. So long as the Company uses Historical EBITDA to calculate the covenants, the minimum liquidity covenant and the Suspension Period pricing terms will remain in effect.

Trading Update

Based on preliminary results, the Group's net sales for the three months ended March 31, 2020 are expected to decrease by approximately 26% (on a constant currency basis) as compared to the Group's net sales for the three months ended March 31, 2019. The Group's net sales for the month ended March 31, 2020 are expected to decrease by approximately 55% (on a constant currency basis) from the corresponding period in 2019. The Group's Adjusted EBITDA (i.e.

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profit for the year plus income tax expenses (benefit), net finance costs, depreciation and amortization, adjusted for certain non-operating items) for the three months ended March 31, 2020 is expected to be slightly positive, but significantly lower compared to the first quarter of 2019.

Based on preliminary results, the Group's cash and cash equivalents as of March 31, 2020 were US$1,168.1 million, an increase of 152.5% from US$462.6 million as of December 31, 2019, which resulted from the Group's borrowing of US$810.3 million under its revolving credit facility on March 20, 2020.

Although the process for completing the financial statements for the first quarter ended March 31, 2020 is not yet complete, the Company currently expects that such financial statements will reflect a non-cash impairment charge on assets attributable to certain retail stores estimated to be approximately US$88.0 million and a non-cash impairment charge on certain of the Group's indefinite lived intangible assets, which includes goodwill and tradenames, estimated to be within a range of US$650.0 to US$750.0 million. These estimates have been prepared in good faith based on assumptions the Company believes are reasonable, but they are still estimates. No assurance can be given that such estimates will not change, and such changes may be significant.

The above information is based solely on preliminary results and is not intended to be a comprehensive statement of the Group's financial or operational results for the three months ended March 31, 2020. The information for the quarter ended March 31, 2020 is based on the Group's management accounts which have not been audited or reviewed by the Company's auditors and is subject to adjustment for quarter-end closing procedures. Therefore, the above information may be subject to modification during the preparation of the Group's consolidated financial statements. Accordingly, the Group's actual results for the three months ended March 31, 2020 may vary from the Group's preliminary results above, and such variations could be material. As such, undue reliance should not be placed upon the Group's preliminary results.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

SAMSONITE INTERNATIONAL S.A.

Timothy Charles Parker

Chairman

Hong Kong, April 29, 2020

As of the date of this announcement, the Executive Director is Kyle Francis Gendreau, the Non- Executive Directors are Timothy Charles Parker and Tom Korbas and the Independent Non- Executive Directors are Paul Kenneth Etchells, Jerome Squire Griffith, Keith Hamill, Bruce Hardy McLain (Hardy) and Ying Yeh.

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