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Ha_e 0* Methodology Focus on YOOX Net–A–Porter YOOX Net–A–Porter: overview We included YNAP in the sample as shares of the merged entity started trading on the Milan Stock Exchange on 5 October 2015. Cey ^acls2 K`aje ljadin_ pallejn since GclgZej *()-! • Founded in 1999 by Federico Marchetti, YOOX is an e–commerce company and an 130 internet retailing partner for fashion and luxury brands. The company opened its first online door È qoox.com È in *(((, follooed bq thecorner.com, shoescribe.com 120 and numerous monobrand online stores. The group delivers to more than 100 110 countries worldwide and as of 3 December 2009, YOOX was listed in the Milan Stock Exchange. 100 • Net–A–Porter was established in 2000 in the UK by Natalie Massenet. The 90 company is an online luxury retailer, and it operates through three main brands: net–a–porter.com, theoutnet.com and mrporter.com. In 2015, Net–A–Porter 80 delivered in 170 countries, offering more than 650 of the world’s leading luxury products. 70 • In 2015, the merger between YOOX Group and Net–A–Porter created the world’s 60 leading online fashion retailer (YNAP Group). The newly formed group has 2.2m October–15 November–15 December–15 January–16 February–16 March–16 active consumers and 6m orders (FY14 data). YOOX Net-A-Porter Group FTSE MIB • The YF9H ?romp operates in three bmsinesses2 i! online Öagship stores, ii! Source: Capital IQ. Note: 5 October 2015 = 100. multi–brand in–season and (iii) multi–brand off–season. Key financials CAGR • Total offered shares: 24.3m (out of which 6.2m are newly issued shares), plus (in €m) FY14A FY15A FY16E FY17E FY18E FY16E–FY18E 3.6m of shares for the greenshoe option. Post IPO shares (excluding greenshoe) Sales )$*/*&+ )$..-&( )$1.*&* *$+-.&. *$1(0&+ *)&/ oere ,0..m. Lhe final offer price oas Ò,.+( per share for a marcet capitaliration EBITDA 0-&/ )*.&, ).*&0 *)1&+ +)+&( +0&/ of €209m. EBITDA margin .&/ /&. 0&+ 1&+ )(&0 EBIT *,&1 +0&0 .1&- 0)&, )*)&/ +*&+ YNAP Group EBIT margin *&( *&+ +&- +&- ,&* Fel pjgfil *+&, -+&, -,&+ 0*&1 )+.&/ -0&/ • The new entity YNAP started trading on 5 October 2015 at €29.95, representing a CAPEX ratio 0&( ,&+ -&( /&/ /&) market capitalization of €3.6b. Source: Capital IQ. Fote2 financial figmres are at +)

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