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A creative spark, exceptional executionand an unconventional approach tothe market. These qualities makegood brands great. elixirAdvisors is a boutique investment bank that specializes in advising prestige brands and creative entrepreneurs, whether they want to develop and execute growthstrategies, find investors or sell their businesses. For prestige brands or creative entrepreneurs,the issues are different. No transaction is worth doing if it means losing the things that make abrand unique. At elixirAdvisors, we understand the art of creation and the art of a deal.

we understand the art of creationand THE ART OF A DEAL

a boutique investment bank that specializes in advising

PRESTIGE BRANDS and CREATIVE ENTREPRENEURS

Epeople

EArt and works of art do not make an artist; sense and enthusiasm and instinct do. Friedrich von Schlegal

GAIL ZAUDERmanaging partner

After eighteen years on Wall Street, Gail Zauder knew there was a better way. So, she took her extensive transaction experience, desire to provide personalized financial and strategic advicefree of a big bureaucracy and competing interests and her unique ability to translate creativevisions into financial terms and established elixirAdvisors in 2002. At elixir, Ms. Zauder focuses onbringing her global investment banking expertise and in-depth industry knowledge to a broadrange of creative entrepreneurs and leading prestige brands which may not be appropriatelyserved by the major financial services conglomerates.

Ms. Zauder is recognized as one of the foremost advisors to creative entrepreneurs and companies in the luxury goods,retail and apparel and beauty sectors. Prior to establishingelixir, Ms. Zauder was a Managing Director at Credit Suisse First Boston (CSFB), where she was the worldwide head of the Luxury Goods Investment Banking Group from 1998 to 2001 and the Head of Mergers & Acquisitions for the Retail and Apparel Investment Banking Groupfrom 1992 to 1998.

During her years in investment banking, Ms Zauder has been involved in approximately 100 transactions, totaling $30 billion in value, including over 40 corporate sales, 35 acquisitions

and 17 strategic advisory assignments.Ms. Zauder has represented clients in some of the most noteworthy transactions in these sectors:

■ Burt’s Bees in its sale of a majority interest to AEA Investors Donna Karan and her family in thesale of Gabrielle Studio and DKI to LVMH

■ LVMH in its acquisition of the young cosmetics brands Bliss, Benefit, Fresh, Hard Candy andUrban Decay

■ LVMH in the Gucci situation■ Liz Claiborne in five acquisitions over six years, including the license of DKNY Jeans■ Casual Corner in its acquisition of Brooks Brothers■ The sale of Harry Winston for the Trustees of the Estate

Ms. Zauder was the first woman promoted to Managing Director in CSFB’s Merger & AcquisitionGroup. She was a member of the Firm’s Investment Banking Committee and the Chairman of Recruiting for the Investment Banking Department. She joined CSFB in 1985. Ms. Zauder started her investment banking career at Lehman Brothers Kuhn Loeb.

Ms. Zauder received an AB, cum laude, from Smith College and an MBA from Yale University’sSchool of Management. She serves on the Board of the GAR Foundation and is currently working with the CFDA/Vogue Fashion Fund to provide funding and business mentoring to anemerging American designer.

one of the foremost ADVISORSto creative entrepreneurs and

companies in the luxury goods,retail and apparel and beauty sectors

approximately 100 transactions, totaling $30 BILLION in value

EThe artist stands in the position of mediator between the world of his experience and the world of his dreams.James Joyce

ADAM D. ZAUDERpartner

Adam Zauder brings signif icant entrepreneurial experience and a strategic advisory perspective toelixirAdvisors. Mr. Zauder’s background in management consulting and in senior operating positions enables elixir to provide its clients with a seasoned perspective on strategic challenges.

Mr. Zauder began his business career at Booz, Allen & Hamilton, a leading international management consulting firm, where he specialized in Operations and Strategy. In nine years at Booz Allen, he completed over fifty engagements for major clients such as Amoco, InlandSteel, Dayton Hudson and General Motors.

While at Booz Allen, Mr. Zauder pioneered the field of patient-focused care and health care restructuring. Always the entrepreneur, he saw the opportunity to develop an innovativeInternet-based clinical database technology and founded Prognosys, a healthcare informationsystems company in 1993. Prognosys received the 1998 HITS Award for Technology Innovation

from the Henry Ford HealthSystem, the National ManagedHealth Care Congress andInfocare magazine.

Following the sale of Prognosys to a health care services firm in 2000, Mr. Zauder leveraged the experience he had gained in developing and managing an Internet company into on-lineconsumer marketing. He joined Jackpot.com as Vice President of Operations and StrategicDevelopment. Jackpot was one of the few profitable companies funded by idealab!, the Internetincubator. In 2001, he was recruited to be the Chief Operating Officer of WorldWinner.com, a skill-based gaming Internet site. During his tenure with WorldWinner, Mr. Zauder:

■ Assembled an experienced executive team, including the CTO, CFO and VP of Marketing.■ Implemented strategic alliances with many of the Internet’s leading companies, including

Yahoo, Lycos and Pogo.■ Managed the organization while monthly revenues grew from $52,000 to $1.4 million.

In 2002, Worldwinner raised $24 million in venture funds from leading investors, includingBenchmark Capital, Harbourvest Partners and Zero Stage Capital, during the challenging periodthat followed the Internet downturn.

Mr. Zauder received a BA in Economics, cum laude, from Haverford College and an MBA fromYale University’s School of Management. He leapt at the chance to join elixir because he stillthinks he has a lot to learn from his big sister.

significant entrepreneurial EXPERIENCE and a strategic advisory PERSPECTIVE

received the 1998 HITS Award for Technology INNOVATION

122 EAST 82ND STREET / NY, NY 10028 / 212.570.9401 / F212.737.6128 / www.elixiradvisors.com

Ecustom-tailored solutionscreative entrepreneurs

EThe art of art is simplicity. Walt Whitman

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finding the ideal partner for a creative brand:advising DONNA KARAN

In 2000, Donna Karan and Stephan Weiss, her husband, were considering their strategic optionsand were creating an advisory team to assist them. They were frustrated at the direction DonnaKaran International, the public company of which they owned 24%, had taken and wanted to finda luxury goods partner to help rebuild the languishing brand.

We were retained because we spoke Ms. Karan’slanguage. After understanding Ms. Karan and Mr. Weiss’ objectives, we discussed various

alternatives with them and recommended that we approach LVMH. We believed that a strategicpartnership with LVMH would best achieve their goals and that the transaction had the highestlikelihood of success. Serious discussions with LVMH began in September 2000, with the saleof Gabrielle Studio (owned by the Karan/Weiss family and holder of the DKI trademarks) completed in January 2001 and of DKI in November 2001. Ms. Karan/Mr. Weiss received over$400 mm for Gabrielle Studio (16x cash flow).

Today, the Karan/Weiss family retains a minority interest in DKI. Ms.Karan remains its Chief Designer, with complete creative control. LVMH committed to adhere to an agreed-upon conceptual business plan, which envisioned new store openings, developing new productcategories and enhancing the management structure and brand image.

elixirAdvisors continues to serve as one of Ms. Karan’s key advisors on a variety of strategic issues.

achieving a lifelong dream for an entrepreneur:the sale of BURT’S BEES

In 2002, Roxanne Quimby, the counter-culture artist who founded Burt’s Bees and developed itinto one of the leading natural personal care companies in the United States, finally decided it wastime to sell. She had been approached by potential purchasers almost continually since she started the company in 1993.

elixir was retained in October 2002 to assist Roxanne in achieving her objectives: relinquishingher CEO responsibilities in order to focus exclusively on her role as Creative Director; finding the“right” home for the Company, where her commitment to the brand and product efficacy couldflourish and monetizing her equity to diversify her personal wealth and to invest in her Mainewoodlands preservation efforts.

At the same time elixir was hired, Roxanne received an “exploding offer”, which valued Burt’sBees at $92 mm and envisioned a quick closing. Although timing was important, we convincedRoxanne that a full-scale sales process would both allow her to best achieve her objectives andto survey the market. We believed that she owed it to herself to take her time in pursuing this“once in a lifetime” event.

Over the next months, we screened 97 interested parties. We received 28 indications of interestand, following additional screening, six fully-financed binding final offers. Each of the final bids represented an increase over its respective initial indication, with an average premium of 20%. We then focused on ensuring that bidders who met Roxanne’s other objectives maximized their offers.

In September 2003, AEA Investors acquired a majority interest in Burt’s Bees for $185 mm – twicethe $92 mm offer Roxanne had been considering at the start of the process (and 3.5x sales).Roxanne was also allowed to retain $15 mm of cash which was on the Company’s balance sheetat closing.

negotiated sale to honor non-monetary objectives:the sale of MOSCHINO*

Having successfully transitioned after the death of its founder in 1994, Moschino’s existing shareholders wanted to sell the company. It was critical to communicate that the uniqueness of the brand had been preserved and that significant growth opportunities remained.

Although a full sales process could have been implemented, we pursued a negotiated sale toAEFFE, the company’s long-standing RTW licensee because the shareholders wanted to preserve and honor their long-standing relationship with this group.

The Company was sold for 1x estimated sales and 7x estimated EBITDA in this negotiated transaction.The majority of the proceeds were dedicated to an AIDS foundation in Moschino’s name.

We were retained because we SPOKE

Ms. Karan’s LANGUAGE.

Ms. Karan remains itsChief Designer, with

complete CREATIVECONTROL

EAn artist is a man of action, whether he creates a personality, invents an expedient, or finds the issue of a complicated situation. Joseph Conrad

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expanding its franchise: developing and executing a“hip” cosmetics strategy for LVMH*

LVMH, the world’s largest luxury goods company, wanted to extend its cosmetics and fragrancesfranchise beyond its relatively mature prestige French brands. We assisted LVMH in developingand executing a strategy to accomplish its objectives: reaching new customers, leveraging its core competencies and developing new markets.

We recognized that LVMH wasinterested in investing in andgrowing young, entrepreneurialbrands. This fit within the overall corporate culture, which places a premium on innovation andcreativity. Over a four-year period, we worked with LVMH to assess many opportunities in the “hip”cosmetics market. This effort culminated in LVMH’s first U.S. acquisitions of any type as it assembleda portfolio of “hip” cosmetic companies: Benefit, Bliss, Fresh, Hard Candy and Urban Decay.

Most of these transactions were acquisitions of majority equity interests, subject to detailed shareholder and employment agreements. The entrepreneur’s creative control rights and a conceptual business plan, outlining the company’s future strategic objectives, were also criticalelements of the transactions.

Our success and extensive knowledge of its culture and business led to a broader relationshipwith LVMH, including representation in the Gucci situation. We could also effectively communicate its interest to sellers, as we represented both Donna Karan and Miami Cruiseline inthe sale of those companies to LVMH.

maximizing value by creating credibility:the sale of HARRY WINSTON*

For a decade, Harry Winston’s sons fought over the ownership of one of the world’s most spectacular brand names. Each had tried to buy or sell it several times during that period. Finally,in 1998, a court mandated that the company be sold.

We were retained because we understood the extraordinary brand’s value and could navigate through the significant impediments to the proposed sale (including a blocking shareholding structure; hostile management bidding for the business and unwieldy litigation). Weimmediately established credibility in the process, convincing interested buyers that the company would be sold, the negotiations would be fair and that the Winstons were not the onlytwo possible buyers.

We screened over 185 interested parties. Ultimately, nine groups were allowed to conduct duediligence, including an evaluation of the company’s inventory. We received four firm proposals. In 2000, Ronald Winston and Fenway Partners acquired Harry Winston for $140 mm,a 75% increase over Mr. Winston’s original bid (and 26x EBITDA).

growth through acquisition:LIZ CLAIBORNE implements a new strategy*

Despite its status as the U.S.’s largest fashion apparel and accessories company, in 1996, LizClaiborne had practically no experience making acquisitions. When the incoming Chairman andCEO established a new strategic direction based on external growth, the company neededadvice on how to move forward.

We were initially retained on the acquisition of Dooney & Bourke, but ult imately recommended that Liz not proceed with the transaction. This honest advice led to a long-standing relationship with Liz and our active involvement, over the next six years, as the company’s strategic advisor on a broad range of initiatives, including:

■ A strategic alliance with Donna Karan (the first license in Liz’s history).■ The acquisition of Segrets, Laundry, Lucky Brands and Monet.■ A variety of financing and capital structure issues and its investor relations program.■ Several acquisitions, ranging from $50 mm to $1.5 bn+ that were not consummated.

REACHING new customers, LEVERAGING its core competencies

and DEVELOPING new markets

HONEST advice led to a long-standing relationship

Etransactions

clientBurt’s Bees –––––––––––––––––––––––––––

Casual Corner ––––––––––––––––––––––––

CFDA/Vogue Fashion Fund –––––––––––––

Daily Candy ––––––––––––––––––––––––––

Donna Karan and her family –––––––––––––


Gianni Versace ––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––

Liz Claiborne ––––––––––––––––––––––––––

Luxottica Group –––––––––––––––––––––––

LVMH Moët Hennessy Louis Vuitton ––––––






Moschino ––––––––––––––––––––––––––––

Prada Group ––––––––––––––––––––––––––

Sundari ––––––––––––––––––––––––––––––

Tods ––––––––––––––––––––––––––––––––

Trust for the Estate of Harry Winston ––––––

Urban Zen –––––––––––––––––––––––––––

assignmentsale of company to AEA Investors

acquisition of Brooks Brothers

advice regarding award and mentoring to young American designers

sale of majority control to Pilot Group (Bob Pittman)

sale of Gabrielle Studio to LVMH

advice regarding LVMH’s proposal to acquire Donna KaranInternational

evaluation of strategic alternatives


formation of a strategic marketing alliance and license with DonnaKaran International for DKNY Jeans and Active

acquisition of U.S. Shoe Corporation

acquisition of a majority equity interest in BlissWorld

acquisition of a majority equity interest in Fresh

acquisition of a majority equity interest in Hard Candy

acquisition of a majority equity interest in Benefit Cosmetics

acquisition of Urban Decay

advice regarding acquisition of Gucci Group

sale of company to Aeffe

global coordinator for Initial Public Offering (aborted)

sale of company to Marico Industries

acquisition of the assets and archives of Roger Vivier

sale of Harry Winston to Ronald Winston and Fenway Partners

strategic advisory

notable assignments

EArt is not to be taught in Academies. It is what one looks at, not what one listens to, that makes the artist. The real schools should be the streets. Oscar Wilde

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Berkshire Partners –––––––––––––––––––––

Casual Corner ––––––––––––––––––––––––

Daily Candy ––––––––––––––––––––––––––

Donna Karan and her family –––––––––––––––––––––

Donna Karan and her family –––––––––––––––––––––––––

Dylan's Candy Bar ––––––––––––––––––––––––

Gianni Versace ––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––

Laird + Partners ––––––––––––––––––––––––

Liz Claiborne –––––––––––––––––––––––––––

Luxottica Group ––––––––––––––––––––––––

Luxottica Group ––––––––––––––––––––––––

Luxottica Group ––––––––––––––––––––––––

Luxottica Group ––––––––––––––––––––––––

LVMH Moët Hennessy Louis Vuitton ––––––––––––––––––––––––



LVMH Moët Hennessy Louis Vuitton –––––––––





Moschino –––––––––––––––––––––––––––––

Prada Group ––––––––––––––––––––––––––

Saks Fifth Avenue ––––––––––––––––––––––––

Saks Fifth Avenue ––––––––––––––––––––––––

Sundari ––––––––––––––––––––––––––––––––

The Neiman Marcus Group ––––––––––––––––––––––––

Tods –––––––––––––––––––––––––––––––––––

Trust for the Estate of Harry Winston ––––––

Urban Zen ––––––––––––––––––––––––––––

assignment

sale of Miami Cruiseline Services to LVMH

acquisition of Brooks Brothers

sale of majority control to Pilot Group (Bob Pittman)

sale of Gabrielle Studio to LVMH

advice regarding LVMH’s proposal to acquire Donna Karan International

strategic advisory


acquisition of minority interests in Simint

acquisition of GFT Net Factories from HdP


strategic advisory

formation of a strategic marketing alliance and license with DonnaKaran International for DKNY Jeans and Active

acquisition of U.S. Shoe Corporation

lead arranger for acquisition financing for U.S. Shoe

sale of Footwear Division of U.S. Shoe to Nine West

sale of Women’s Specialty Retailing Group of U.S. Shoe to La Leonardo Finanziaria

acquisition of Art & Auction Magazine






acquisition of Tag Heuer International

advice regarding acquisition of Gucci Group

sale of company to Aeffe

market positioning strategy in advance of proposed IPO and other external financing

sale of equity interest by Investcorp to Bishop Estate

initial public offering, secondary offering and convertible debt


acquisition advisory

acquisition of the assets and archives of Roger Vivier

sale of Harry Winston to Ronald Winston and Fenway Partners

strategic advisory

selected assignments involving luxury goods and brands

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Burt’s Bees –––––––––––––––––––––––––––

GoSmile –––––––––––––––––––––––––––––






POP and Pixie Beauty ––––––––––––––––––

Sundari ––––––––––––––––––––––––––––––––

assignment

sale of majority equity interest to AEA Investors

strategic advisory






strategic advisory


selected assignments in the beauty sector

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Donna Karan –––––––––––––––––––––––––––

Donna Karan ––––––––––––––––––––––––––

Donna Karan ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Donatella Versace –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Diego della Valle ––––––––––––––––––––––––––––––––––

Dany Levy ––––––––––––––––––––––––––––––––––––––––––

Marcia Kilgore –––––––––––––––––––––––––

Jane and Jean Ford –––––––––––––––––––––

Alina and Lev Glazman ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Patrizio Bertelli –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Paul Fireman ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Claudio Del Vecchio –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Dylan Lauren ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

CFDA/Vogue Fashion Fund –––––––––––––––––––––––––––––––––––––––––––––––––––––

involvement

strategic advice resulting in the sale of Gabrielle Studio and DKI to LVMH

on-going strategic advisory for Urban Zen

development of license agreement with Liz Claiborne for DKNY Jeans

evaluation of strategic alternatives in Gianni Versace SpA

evaluation of strategic alternatives in Giorgio Armani SpA

acquisition of the assets and archives of Roger Vivier by Tods

strategic advice resulting in investment by Pilot Group

acquisition of BlissWorld by LVMH

acquisition of Benefit Cosmetics by LVMH

acquisition of Fresh by LVMH

global coordinator for initial public offering of Prada (aborted)

strategic advisory and various divestitures for Reebok

Luxottica’s acquisition of US Shoe and Casual Corner’s acquisitionof Brooks Brothers

strategic advisory regarding Dylan’s Candy Bar

advice regarding award and mentoring to young American designers

selected assignments involving creative entrepreneursAn

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sale transaction

Company to Mohawk Industries

AnnTaylor to Merrill Lynch Capital Partners

Company to Toys “R” Us

Miami Cruiseline Services to LVMH

Majority stake in Company to Management

Sale of Company to Thomas H. Lee Company

Majority interest to AEA Investors

Britches of Georgetowne to Investor Group

Company to Jitney-Jungle Stores of America

Salt Division to Akzo America

Gabrielle Studio to LVMH

Sale of Bloomingdale’s (aborted)

Karastan/Bigelow to Mohawk Industries

Company to Cypress Group

Company to Federated Department Stores

Company to Beazer Plc

Footwear Division of U.S. Shoe to Nine West

Women’s Specialty Retailing Group of U.S. Shoe to La Leonardo Finanziaria

Wilson’s - The Leather Experts to Management

Texas Dairy to Southern Foods

Adohr Farms to Investor Group

Company to Aeffe

Company to Investor Group

Company to Cisneros Group

Ellesse U.S.A. to Homer Altice

Avia Group International to American Sporting Goods Corporation

Boston Whaler to MacAndrews & Forbes

Equity interest by Investcorp to Bishop Estate

Company to Marico Industries

U.S. operations to Blockbuster

Ward White Automotive Group to Merrill Lynch Capital Partners

Thorn America (Rent-A-Center) to Renters Choice

Harry Winston to Ronald Winston and Fenway Partners

Company to Safeway Stores

Zatarains to EII Advisors

selected company sales

client

Alladin Mills –––––––––––––––––––––––

Allied Stores –––––––––––––––––––––

Baby Superstore ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Berkshire Partners ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Big 5 Corp. ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Big V Supermarket –––––––––––––––––––––––––––––––––––––––––––––

Burt’s Bees ––––––––––––––––––––––––––––––––––––––––––

CML Group –––––––––––––––––––––––––––––––––––

Delchamps –––––––––––––––––––––––––––––––––––––

Diamond Crystal Salt ––––––––––––––––––––

Donna Karan and her family –––––––––––––––––––––––––––––––

Federated Department Stores –––––––––––––––––––––––––

Fieldcrest Cannon –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

General Host ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Joseph Horne –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Koppers ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Luxottica Group –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Luxottica Group –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Melville –––––––––––––––––––––––––––––––––––––––––––––––––––––––

MorningStar Foods ––––––––––––––––––––––––––

MorningStar Foods ––––––––––––––––––––––––––

Moschino ––––––––––––––––––––––––––––––––––––––––

Pacific Trail ––––––––––––––––––––––––––––––––––––––––––

Pueblo International ––––––––––––––––––––––––––

Reebok International –––––––––––––––––––––––––

Reebok International –––––––––––––––––––––––

Reebok International –––––––––––––––––––––––––

Saks Fifth Avenue ––––––––––––––––––––––––––––

Sundari ––––––––––––––––––––––––––––––––––––––––––––––

Super Club Holding Finance –––––––––––––

The Boots Company ––––––––––––––––––––––––

Thorn Plc ––––––––––––––––––––––––––––––––––––––––

Trust for the Estate of Harry Winston ––

Vons Grocery ––––––––––––––––––––––––––––––––––

Wyndham Foods –––––––––––––––––––––––––––––

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CompUSA –––––––––––––––––––––––––––––

CompUSA ––––––––––––––––––––––––––––

Federated Department Stores –––––––––––––––––––––––––––––––––––––––––––

Fieldcrest Cannon ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Financial Protection Services –––––––––––––––––––––––––––––––––––––––––––––––

Giorgio Armani ––––––––––––––––––––––––––––––––

Giorgio Armani –––––––––––––––––––––––––––––––––

IBC Holdings–––––––––––––––––––––––––

Investcorp –––––––––––––––––––––––––––––

Tods –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Kohlberg Kravis & Roberts –––––––––––––––––––––––––––––––––––––––––––––––––––––

Liz Claiborne ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Liz Claiborne ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Liz Claiborne ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Liz Claiborne –––––––––––––––––––––––––

Luxottica Group –––––––––––––––––––––

LVMH Moët Hennessy Louis Vuitton –––––








Michaels Stores––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Mohawk Industries ––––––––––––––––––

Casual Corner ––––––––––––––––––––––

The Pittston Company –––––––––––––––

Unifi ––––––––––––––––––––––––––––––

Unifi ––––––––––––––––––––––––––––––

Unifi ––––––––––––––––––––––––––––––

acquisition transaction

Tandy’s Computer City division

PCs Compleat

Fingerhut Companies

Amoskeag Company

CCC Information Services

Minority interests in Simint

GFT Net Factories from HdP

Interstate Bankeries by First Boston and Investor Group

Camelot Music

Assets and archives of Roger Vivier

Owens-Illinois

Lucky Brand Dungarees

Monet

Segrets

Laundry

U.S. Shoe Corporation

Art & Auction Magazine

Majority equity interest in BlissWorld

Majority equity interest in Fresh

Majority equity interest in Hard Candy

Majority equity interest in Benefit Cosmetics

Acquisition of Urban Decay

Acquisition of Tag Heuer International

Advice regarding acquisition of Gucci Group

Leewards Creative Crafts

World Carpet

Brooks Brothers

WTC International NV

Vintage Yarns

Pioneer

Macfield

selected acquisition advisory assignments

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Dylan’s Candy Bar ––––––––––––––––––––––

Gianni Versace –––––––––––––––––––––––––

Giorgio Armani –––––––––––––––––––––––––

GoSmile –––––––––––––––––––––––––––––––––––––

Laird + Partners ––––––––––––––––––––––––

Liz Claiborne –––––––––––––––––––––––––


Pixie and POP Cosmetics –––––––––––––––

Prada Group –––––––––––––––––––––––––––

Reebok International ––––––––––––––––––––

acquisition transaction

strategic and financial advisory, resulting in sale of Gabrielle Studio and DKI to LVMH, and on-going advice

strategic and financial advisory

evaluation of strategic alternatives, including strategic partnerships



financial advisory for founding of business

general investment banking advisory over seven years, culminating in five acquisitions, general strategic, corporate finance and investor relations strategies

five-year advisory role, involved in over 10 transactions and assignments


market positioning strategy in advance of proposed IPO and other external financing

M&A advisory, including sale of three businesses, stock repurchase and acquisition and investor relations strategies

recent strategic advisory relationships

Enews


EIn the end, you’re measured not by how much you undertake but by what you finally accomplish.Donald Trump

Movers and ShakersThe Deal, April 28, 2003

“Zauder…one of the biggest names in consumer-goods banking, made her reputation in part byexpertly navigating the sensitivities and expectations of the creative souls leading fashion compa-nies while…‘telling it straght’”

“…taking a cue from the fashion entrepreneurs, (she) decided to create her own firm. At elixir, she can advise on deals CSFB would have passed on as too small. And she’s back among thefashion crowd.”

“You have to be able to speak their language,” she says. “You have to understand that there arethings that matter to them that wouldn’t matter to a corporation. You have to be able to preservethat, whatever that is…And you have to pay attention. You can’t wear a Gucci suit to a meetingwith LVMH.”

How Sweet: Burt’s Bees’ 175+ Million Taste of HoneyNew York Post, September 8, 2003

“Five months after putting itself up for sale, Burt’s Bees is about to dip into the honey pot…Burt’sBees was founded in Maine in 1984, when (founder and CEO Roxanne) Quimby teamed up withbeekeeper Burt Shavitz, who was selling honey at a roadside stand, to peddle homemadebeeswax candles and soaps. Today, Burt’s Bees produces more than 150 personal-care productsfrom natural ingredients.”

“The auction, which is being handled by elixirAdvisors, was geared mainly toward buyout firms. Byselling to a buyout firm…Quimby will stay involved in company management and brand position-ing. As part of the deal, Quimby will also retain a minority stake - letting her capture the company'spotential upside.”

Sundari Skin Care SoldWWD, February 27, 2003

“Sundari, the Ayuredic skin care brand, has been sold. But Christy Turlington, one of…threefounders that launched the company in 1999, is staying…In addition to a capital infusion, theacquisition is seen as a way for Sundari to augment the range of raw materials it already sourcesfrom India.”

“elixirAdvisors, which is run by former Credit Suisse First Boston investment banker Gail Zauderrepresented Sundari during the four month negotiations.”

Eapproach


EA #2 pencil and a dream can take you anywhere.Joyce A. Myers

We provide a wide range of FINANCIALand STRATEGIC advisory services:

■ We consult on broad strategic and financial issues, including company development, brandpositioning, distribution strategies and ownership/liquidity objectives.

■ We develop strategic and financial business plans after assessing company diagnostics, varied business models and a range of potential objectives.

■ We design and implement company sales, strategic partnerships, acquisition programs, jointventures and licensing transactions.

■ We provide valuation advice.

elixiradvisors isn’t like other investment banks. We don’t have legions of men in suits and whiteshirts. We don’t have an office filled with fakeantiques. And we don’t speak a language thatneeds translation. We founded elixirAdvisors to

provide the experience and expertise of a major financial services firm to creative entrepreneurs andprestige brands not being appropriately served by other investment banks. We have a unique ability to translate creative visions and the essence of a brand into financial objectives and, if desired, intostrategic transactions. We provide individualized service, creative solutions and exceptional execution.We understand that no transaction is worthdoing if it means losing the things that makea brand unique. At elixirAdvisors, we understand the art of creation and the art of a deal.

We offer a UNIQUE approach:■ Our perspectives on your business, the drivers of its value and the elements of a transaction

have been developed through years of advising all types and sizes of companies on a widerange of strategic issues.

■ We “have seen it all” as a result of an exceptional amount of relevant transaction experience.■ We are entrepreneurs ourselves, and believe in developing custom-tailored creative solutions.■ We are selective in the assignments we accept so that we can deliver personalized, focused

high-level commitment.■ We provide seasoned, objective strategic advice, which places paramount importance on

achieving a client’s objectives and not just “doing a deal.”

A unique ability to translate creative VISIONS and theessence of a brand into

financial OBJECTIVES

At elixirAdvisors, we understand the art of CREATION and

the art of a DEAL.

Eapproach


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