Press release

Patek Philippe opens an exclusive Boutique and Service Center in Shanghai, China

Patek Philippe
Geneva June 2005

Patek Philippe and the Melchers Group are opening a new Patek Philippe Boutique and Service Center in Shanghai to better meet the increasing demand for the Geneva watchmakers' timepieces from both watch collectors and upcoming watch lovers from China.

Spectacular location in Shanghai

The Melchers Group were able to secure a prime retail site in Shanghai located on the "Bund", an area with many classic colonial buildings situated on the banks of the Huangpu River which offers spectacular views of the Pudong Financial District modern skyscrapers.
Bund 18 is an elegant building constructed in 1923 for the Chartered Bank of India, Australia & China and today classified as a historical landmark by the Shanghai City Government. Close to the Nanjing Road shopping area, this magnificent building was entirely restored. It re-opened last October and its seven floors host a number of established companies, luxury boutiques and finest dining restaurants.

Enhancing Patek Philippe awareness in China

The new Patek Philippe Boutique in Shanghai is scheduled to open in June 2005. Covering a total area of 105 sqm, it will provide a dedicated showroom and sales outlet for the Patek Philippe Watch Collection. It will also host a fully equipped state-of-the-art After Sales Service Center manned by a full-time Patek Philippe trained watchmaker.
"The showroom will provide a fantastic opportunity to display our timepieces locally to Chinese amateurs of prestige watches, and to further improve awareness of Patek Philippe products in this important market, while allowing us to gain valuable commercial experience in China", said Mr. Philippe Stern, President of Patek Philippe.

Local management by well established, long-time partner Melchers

The management of the Patek Philippe Boutique and Service Center will be under the direct responsibility of the Melchers Group, one of Patek Philippe's long-standing partners. The Melchers Group has maintained commercial activities with China for almost 140 years and is well established in this country, especially in Shanghai. The Melchers Group already handles the distribution of Patek Philippe timepieces in Singapore, Malaysia, Thailand, Indonesia and the Philippines through its affiliated company, Geneva Master Time Pte Ltd (GMT), established in 1987 in Singapore as sole distributor for Patek Philippe timepieces.
The Boutique and Service Center will also benefit the current distribution network in the Special Administrative Regions of Hong Kong and Macau, where Patek Philippe have a well established distribution network managed by their local partner Libertas Ltd since 1996.
The new Shanghai Boutique, the Melchers Group and Libertas will work closely together, especially in communication aimed at the Chinese clientele.

An exclusive distribution network worldwide

Patek Philippe timepieces are distributed throughout the world via an exclusive network of more than 600 selected retail outlets in over 70 countries, each offering the ideal environment for purchasing the world's finest timepieces. The company has its own retail showrooms in Geneva and Paris, and is the direct agent for markets such as Switzerland, Austria, Scandinavia, Italy or South America. In other countries, Patek Philippe watches are imported by distributors such as Libertas in Hong Kong, or the Melchers Group.
Since 1839, Patek Philippe has been perpetuating the tradition of fine Geneva watchmaking. This independent watch manufacturer enjoys total creative freedom to entirely design, produce and assemble what experts agree to be the finest timepieces in the world. Combining classical design with leading-edge technology, Patek Philippe timepieces are designed to be passed from one generation to another. All Patek Philippe mechanical movements are honored with the Geneva Seal Hallmark, the watchmaking industry's highest official quality distinction.

For further information, please contact:
Ms. Jasmina Steele International Public Relations Director
Patek Philippe Geneva
P. O. Box 2654
1211 Geneva 2
Switzerland
Tel.: +41 22 884 20 20
Fax: +41 22 884 25 47

or consult Patek Philippe's website at www.patek.com