1. The legal qualification of the (re)sale by the department store of goods supplied on a consignment basis Legal and antitrust constraints 2012 IDI Annual Conference - Venice

2. CHAIRMAN: Ignacio Alonso, Advocatia Abogados, Madrid; IDI country expert for agency and distribution (Spain) PANELLISTS: Luciana Bassani: Dannemann Siemsen Advogados, Rio de Janeiro; IDI country expert for franchising (Brazil) Silvia Bortolotti: Buffa Bortolotti & Mathis, Torino; Secretary General IDI Dorota Wiellowicz: Legal Manager for International Markets, Yves Rocher Group, Paris

3. What’s consignment? Why DS / suppliers are or are not interested in such a way of distribution relationship?

4. Possible legal classifications: - commercial agent - commission - sale under suspensive condition of the resale - sale with long term payment - consignment sale (contratto estimatorio)

5. When is payment due to the supplier? Which party bears the risk on the products, while they are stocked in DS business unit?

6. Does DS have the right to return the unsold products to the supplier? Which party is responsible for possible defects of the products, after sale by DS to the final customer?

7. Is the supplier entitled to fix the resale price? What happens if DS goes bankrupt? Are there relevant tax issues to be mentioned?

8. Thank you for your kind attention! Ignacio Alonso: ialonso@advocatia.net Luciana Bassani: lbassani@dannemann.com.br Silvia Bortolotti: s.bortolotti@bbmpartners.com Dorota Wiellowicz: dorota.wiellowicz@yrnet.com