DCF and valuation parameters Ha_e +) F Transaction multiples The M&A deals in the cosmetics industry show a similar trend as the luxury industry • Lhe anerage sales mmltiple oner the last fine qears ranged betoeen ).*x and *.)x, ohen the E:AL<9 mmltiple ranged between 10.1x and 16.6x. • EN'E:AL<9 mmltiples in )@). are slightlq looer than *()- and inclmde the acimisition of the H? :eamtq s er Q)*Ç)@).! =N'=:AL<9 >Q)*Ç)@).! 2.5x 18.0x 16.6x 2.1x 16.0x 14.9x 2.0x 1.9x 1.9x 14.0x 12.6x 1.6x 1.6x 12.0x 11.7x 11.1x 11.0x 1.5x 10.1x 10.2x 10.9x 1.5x 1.4x 1.2x 10.0x 8.8x 1.0x 1.1x 8.0x 1.0x 6.0x 0.5x 4.0x 2.0x 0.0x 0.0x 2012 2013 2014 2015 1H16 2012 2013 2014 2015 1H16 Average Median Average Median Source: Capital IQ. The luxury and cosmetics financial factbook 2016