I'm a big fan of this reference. The blue and gold combo works brilliantly and I love the annual calendar complication. The baguette diamonds is the icing on the cake!
Love this reference, even more special in this -015 iteration! Very interesting that the 5396 has been produced for 16 years in a large number of versions, and is always such a flawless beauty! Cheers from my R-011 (archive picture taken in Italy):
The 5396 is my favorite automatic annual calendar from PP. I just love the classic style. While the 5396 is a perfect sized dress watch by today's standards, I am amazed at the size difference when next to the 3940. Also amazing is that the caliber for the 5396 annual calendar has more parts than the 3940 perpetual calendar.