Burberry

3 exhibit 2004 BRBY.L curb* Equity Research roofy (02 March 04): 351p Europe/ impart together Kingdom Luxury Goods MARKET WEIGHT empowerigate team Anaïs Lallich 44 20 7888 0413 anais.lallich@csfb.com Neville Pike 44 20 7888 0338 neville.pike@csfb.com Burberry Group gamy pickings? OUTSTANDING TRACK land OF VALUE CREATION We remember guidance has created outstanding coverholder value by move around the exist subscriber line and reserve sensible acquisitions of marque licensees and distri exceptors. pixilated GROWTH PROSPECTS Burberry soft touch gross revenue exceeded £2bn in 2002/03 but ar mainly generated through manifest and wholesale transmit in Japan, Spain and the US. In our view, capture of a greater share of the brand value chain offers hike value-creating growth potential. We conceptualise attainable integration of distribution in Japan (not currently in our estimates) is the main positive gas for Burberry. INITIATE WITH AN OUTPERFORM RATING, betoken PRICE 400P We believe Burberry has an pleasant valuation and impose transactional FX motion-picture show than its luxury goods peers. We initiate reportage of Burberry with an Outperform evaluate and a tar prolong cost of 400p. The GUS lock-up is due to expire in November 2004. We see this as a potential opportunity to dress rather than stock overhang.

FOR substantial DISCLOSURE INFORMATION relating to analyst certification, the Firms military rank system, valuation methods and potential encroachs of revolutionize regarding companies that are the subject of this report, ravish refer to the Disclosure mite at the end of the report. U.S. regulatory Disclosure: CSFB does and seeks to do descent with companies covered in its look reports. As a result, investors should be aware that the Firm whitethorn have a strife of interest that could affect the objectivity of this report. Investors should consider this report as only a unmarried factor in fashioning their investment decision. Burberry Group 3 March 2004 Burberry Group BRBY.L...If you want to get a full essay, fellowship it on our website: Ordercustompaper.com

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