Ha_e 0( Methodology Approach and SOTP analyses Approach Lhere are manq criteria bq ohich to analqre the operating and financial performances of listed companies. Lhe aim of this smrneq is not to condmct a detailed analysis of the selected companies. The approach implemented in this sixth edition of The luxury and cosmetics financial factbook essentially relies on three types of information: • Several standard valuation parameters and operating aggregates • Industry characteristics (in terms of growth forecasts and drivers) • An overview of 30 major players of the industry Even though this data is important and essential to the analysis, it must be stressed that other criteria or parameters could also have been analyzed. The entirety of the data utilized in this factbook is publicly disclosed information. The Transaction Advisory Services (TAS) teams of EY who participated in developing this SOTP analyses docmment hane not had access to anq confidential information. If the information used is found out to be incomplete or incorrect, EY will not be held >or the companies that hane dinersified actinities DNE@, Cering, D’Gr†al!, oe performed a responsible for any impact this may have on the results or the analyses presented in this SOTP analysis to isolate the pure luxury segment and to better understand its document. characteristics as well as its contribution to the companies’ performance. It must be noted that the information provided in this study is based on the latest available This analysis was not possible for Swatch, Beiersdorf and Shiseido as no accurate data financial statements of each companq as at +) Earch *().. Earcet data has been was available. considered as of +) Earch *()., mnless stated otheroise or apart from smbseiment pieces of information inclmded in this smrneq. 9nq modification of the analqred gromp’s financial performances or anq enolmtion of the financial marcets that occmrred since +) Earch 2016 could lead to partially or completely different conclusions. Hlease note that oe hane presented the actmal *()- figmres for the companies, ohich have already released their 2015 annual results as of 31 March 2016. The luxury and cosmetics financial factbook 2016