DCF and valuation parameters Ha_e *) SOTP and segment analyses Kering SOTP D • Cering KGLH analqsis implies a total EN of Ò*/.0b in >Y).E. • ;ontribmting almost the ohole of the total E:AL for .0 of sales, ?mcci ?romp is the most profitable segment in terms of operating margin. s er aluationt ame ar p DCF and v Kales Zjeacdgon >Q).= in ÒZ! =:AL Zjeacdgon >Q).= in ÒZ! =N Zjeacdgon >Q).= in ÒZ! 3.5 0.3 0.0 12.0 0.1 0.0 1.8 0.1 27.8 0% 1.9 6% 2.1 3% 1% 27.3 8% 1% 29% 8.2 103% 98% 68% (0.2) (1.7) -9% -6% Gucci Group Puma Other brands Eliminations Total Gucci Group Puma Other brands Eliminations Total Gucci Group Puma Other brands Eliminations Total Luxury Sport and lifestyle Luxury Sport and lifestyle Luxury Sport and lifestyle Komrces2 KGLH based on EY analqsis and on the follooing brocers reports2 :arclaqs 1 >ebrmarq *().!, M:K )0 Banmarq *().! and Eacimarie Jesearch 0