Ha_e +( DCF and valuation parameters F Transaction multiples Transaction multiples in the luxury industry remain at a significant premium to many other sectors • Transaction multiples illustrate the high attractiveness of the industry over the past few years. • Lheq also reÖect a premimm to raritq, indeed the brands repmted to be Éon the marcetÊ are nerq feo. • The average sales multiple in recent years ranged between 1.2x and 1.6x, when the average EBITDA multiple ranged between 10.4x and 15.0x. • Ceq transaction annomnced in *(). oere the acimisition of ;ornelianq bq Annestcorp and the acimisition of Joger Ninier bq Lods. =N'sales >Q)*Ç)@).! =N'=:AL<9 >Q)*Ç)@).! 1.8x 16.0x 14.6x 15.0x 1.6x 1.6x 1.6x 14.2x 14.1x 1.6x 1.5x 1.5x 1.5x 14.0x 12.8x 13.1x 13.4x 1.4x 12.0x 1.2x 1.2x 10.7x 10.4x 1.2x 1.1x 10.2x 10.0x 1.0x 0.9x 8.0x 0.8x 0.6x 6.0x 0.4x 4.0x 0.2x 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

Luxury and Cosmetic Financial Factbook Page 31 Page 33