Ann: AGM Trading Update November 2023, page-25

I am disappointed not to receive any impressions and am concerned... theAGM curtain is closed and almost all questions are unanswered!

The management did not provide most of the answers or the relevantquestions were not even asked.

I would still be interested: How many people attended the AGM and howlong did the event last? Strange, I cannot even find a photo of the AGM withthe Management and Supervisory Board - wasn't there any local press there toreport?

And finally: did the auditor provide any information about thedelinquent annual financial statements of the European subsidiaries?

My brief conclusion: I expect only 850 stores at the end of 1H24...theanalysts still have 880 stores on their tableau.

In my opinion, there is no reason to buy the share now. In the Lovisachart I can see that both the short and long-term trend is clearly pointingdownwards. I am curious to see how 1H24 will turn out, as margins will probablyfall due to the decline in LFL. It remains to be seen whether sales and storegrowth can further increase profits or more than compensate for the decline inLFL. Lovisa remains on my watchlist and I recommend that anyone who already hasthe share in their portfolio should hold it.

I will say goodbye here for now until Feb. 2024 and wish allparticipants continued success with their investments.

Kind regards

MULTINVEST