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Partners d'Horlogerie GmbH to acquire Patek Philippe SA. Georges Kern to assume role as President and CEO.

Press Release

Patek Philippe, Geneva

Partners d’Horlogerie GmbH to acquire Patek Philippe SA

As part of a generational planning initiative by the Stern family, Patek Philippe SA, the world’s leading independent Swiss watch manufacture, has announced its sale to Partners d’Horlogerie GmbH.

Thierry Stern and Claude Peny will remain in their present capacities until the sale is consummated, which is expected to occur by 30 June 2019.

Georges Kern, formerly of Breitling SA and IWC International Watch Co. AG, will, upon consummation of the sale, assume all duties of Thierry Stern and Claude Peny and act in the capacity of President and CEO of Patek Philippe SA. Philippe Stern will remain in his present capacity as Honorary President.

Commenting on the sale, Messrs. Stern and Stern issued a joint statement, noting, “We are pleased to complete our generational planning initiative utilizing a corporate structure that will ensure the financial health and longevity of Patek Philippe for many generations to come.

“It is our sincere pleasure to engage Georges Kern to lead Patek Philippe into the future, especially since our earnest calls to Thierry Nataf went unreturned. While we felt that enabling a continuity of Thierrys would have been best for Patek Philippe and our valued staff and clients, we ultimately concluded that Mr. Nataf may be too Defiant and Xtreme for the more staid philosophies of the venerable Patek Philippe. So we stopped calling. Our very close second choice was Georges as we have deep abiding confidence in the business acumen of anyone whose surname rhymes with Stern.

“Although rumors may persist that the founders and members of Partners d’Horlogerie GmbH have orchestrated this acquisition solely to increase their likelihood of obtaining Patek Philippe’s much sought-after stainless steel Nautilus models, we want to assure our valued clients that we have stipulated in our contractual documentation that all parties associated with Partners d’Horlogerie GmbH shall acquire Patek Philippe timepieces solely through non-Boutique authorized dealer channels on the Island of Mallorca. We have further prohibited these parties from receiving any models in-box or in otherwise sealed packaging. Lastly, they must acquire at full retail prices multiple low-demand Patek Philippe models prior to qualifying for an indefinite waiting period to receive our most sought-after models.”

Georges Kern noted, “Patek Philippe will soon implement a 28% price increase across all models employing calibres 215 or 324, and their derivative movements.  Although the research and development costs for these calibres have long-since been fully amortized, we will use the additional funds to undertake our most aspirational efforts to date to bring Patek Philippe wristwatches to the most very important of global inhabitants through an exciting new all-media advertising campaign and international VIP events.

“As part of our efforts to broaden Patek Philippe’s client base, we have engaged the Kardashian family as our newest influencers and have retained John Mayer to wear a Flavor Flav-sized Patek Philippe World Time pendant on stage at all concert venues. Patek Philippe is proud to have prevailed over Rolex SA in its efforts to secure Mr. Mayer as an exclusive sponsor and tattoo him with a large-scale Rolex crown logo, the circumferential base of which was to encircle Mr. Mayer’s navel for shirtless on-stage concert appearances.

“Lastly, Patek Philippe remains committed to its long-standing slogan that ‘You never actually own a Patek Philippe. You merely occupy a spot on the waitlist for the next generation,’ ” added Kern.

Although all transaction terms are confidential, news media inquiries may be directed to our public relations specialist John Yossarian at Tel. + 41 22 884 20 20 or +AP RI LFO OO LS.

PATEK PHILIPPE SA GENEVE

Chemin du Pont-du-Centenaire 141 – 1228 Plan-les-Ouates

P.O. Box 2654 – CH – 1211 Geneva 2 – Switzerland

Tel. + 41 22 884 20 20 – Fax + 41 22 884 25 47 – www.patek.com m

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