DCF and valuation parameters Page 27 E Trading multiples EY luxury and cosmetics sample: summary of EV/EBITDA multiples =N'=:AL<9 >Q)-9'=! =N'=:AL<9 >Q).=! =N'=:AL<9 >Q)/=! =N'=:AL<9 >Q)0=! YOOX Net-A-Porter 27.0x YOOX Net-A-Porter 21.0x Hermès 15.8x Hermès 15.1x s er Hermès 18.6x Hermès 17.1x YOOX Net-A-Porter 15.6x YOOX Net-A-Porter 14.0x aluationt Coty 17.5x Coty 16.2x Coty 15.4x Coty 13.8x ame Estée Lauder 17.5x Estée Lauder 16.0x DGj†al 14.9x DGj†al 13.4x ar p :jmnellg ;mcinelli 16.7x DGj†al 15.8x Estée Lauder 14.7x Estée Lauder 12.5x DCF and v DGj†al 16.5x :jmnellg ;mcinelli 14.9x Tumi 13.7x Tumi 12.4x Beiersdorf 15.7x Beiersdorf 14.7x Beiersdorf 13.6x Beiersdorf 12.1x Shiseido 15.0x Tumi 14.1x :jmnellg ;mcinelli 13.4x :jmnellg ;mcinelli 10.9x Tumi 14.1x Shiseido 12.9x Shiseido 11.4x Shiseido 10.0x Luxottica 13.5x Luxottica 11.7x Luxottica 10.8x Luxottica 9.9x Coach 12.9x Cejin_ 11.6x Cejin_ 10.6x Cejin_ 9.7x Egnclej 12.6x Egnclej 11.2x Kalnalgje >ejja_aeg 10.2x Kalnalgje >ejja_aeg 9.3x Cejin_ 12.6x 9neja_e 11.1x 9neja_e 10.1x 9neja_e 9.3x 9neja_e 12.3x Kalnalgje >ejja_aeg 10.8x Egnclej 10.0x Egnclej 9.2x Jimmy Choo 12.2x Coach 10.7x Richemont 9.9x Richemont 9.2x Kalnalgje >ejja_aeg 11.7x Jimmy Choo 10.5x Coach 9.7x Coach 9.2x Richemont 10.8x Burberry 10.2x Burberry 9.6x Burberry 9.1x Tod's 10.6x Richemont 10.1x Jimmy Choo 9.3x Jimmy Choo 8.6x Natura 10.4x LVMH 9.7x LVMH 9.1x LVMH 8.5x LVMH 10.2x Tod's 9.5x Tod's 8.8x Tod's 8.4x Burberry 10.2x Natura 9.2x Prada 8.6x Prada 8.1x Tiffany 10.0x Tiffany 9.1x Tiffany 8.5x Tiffany 8.0x Swatch 9.9x Prada 9.0x Natura 8.2x Natura 7.8x L'Occitane 9.8x L'Occitane 8.9x L'Occitane 8.0x L'Occitane 7.3x Prada 9.8x Swatch 8.4x Swatch 7.9x Swatch 6.8x Chow Tai Fook 9.1x Chow Tai Fook 8.4x Chow Tai Fook 7.4x Chow Tai Fook 6.5x @en_deli 7.3x Eic`ael Cgjs 6.9x Hugo Boss 6.3x Hugo Boss 6.3x Eic`ael Cgjs 6.9x Hugo Boss 6.6x Eic`ael Cgjs 6.3x Eic`ael Cgjs 5.6x Hugo Boss 6.7x Jalp` Damjen 5.9x Kafilg 6.1x Kafilg 5.6x Kafilg 6.5x @en_deli 5.7x Jalp` Damjen 5.3x Jalp` Damjen 4.9x Jalp` Damjen 6.4x Kafilg 4.7x @en_deli 5.0x @en_deli 4.2x EV/EBITDA (FY15A/E) EV/EBITDA (FY16E) EV/EBITDA (FY17E) EV/EBITDA (FY18E) 12.3x 11.1x 10.1x 9.3x Low High Low High Low High Low High Industry benchmark Industry benchmark Industry benchmark Industry benchmark Source: Data based on consensus of several brokers reports for each company. Notes: • Market capitalization is based on a one-month average as of 31 March 2016. • Lhe resmlts of *()- are actmal É9Ê! if the financial resmlts are closed and expected ÉEÊ! if the financial qear is not closed qet. The luxury and cosmetics financial factbook 2016