Page 26 DCF and valuation parameters E Trading multiples EY luxury and cosmetics sample: summary of EV/sales multiples =N'sales >Q)-9'=! =N'sales >Q).=! =N'sales >Q)/=! =N'sales >Q)0=! Heje†s .&.p Heje†s .&)p Heje†s -&.p Heje†s -&+p Mgnclej ,&+p Mgnclej +&0p Mgnclej +&,p Mgnclej +&)p DGj†al +&-p DGj†al +&,p DGj†al +&*p DGj†al +&)p =sl†e Damdej +&+p =sl†e Damdej +&)p =sl†e Damdej +&(p =sl†e Damdej *&0p Lmei +&(p ;gly +&(p ;gly *&1p ;gly *&/p ;gly *&1p Lmei *&1p Lmei *&0p Lmei *&-p Dmpgllica *&0p Jic`eegnl *&/p Jic`eegnl *&.p Jic`eegnl *&-p Jic`eegnl *&0p Dmpgllica *&.p Dmpgllica *&,p Dmpgllica *&+p :jmnellg ;mcinelli *&0p :jmnellg ;mcinelli *&-p Kalnalgje >ejja_aeg *&,p Kalnalgje >ejja_aeg *&+p Kalnalgje >ejja_aeg *&/p Kalnalgje >ejja_aeg *&-p :eiejsdgj^ *&,p :eiejsdgj^ *&*p :eiejsdgj^ *&.p :eiejsdgj^ *&-p :jmnellg ;mcinelli *&+p :jmnellg ;mcinelli *&*p ;gac` *&-p ;gac` *&+p ;gac` *&+p ;gac` *&)p Li^^any *&+p Li^^any *&+p Hjada *&*p Hjada *&(p 9neja_e 2.+p DNE@ *&*p Li^^any *&)p Li^^any *&(p DNE@ 2.+p 9neja_e *&*p DNE@ *&)p DNE@ *&(p Cejin_ 2.*p Hjada 2.*p 9neja_e *&)p 9neja_e )&1p Hjada 2.*p Cejin_ *&)p :mjZejjy *&(p :mjZejjy )&1p :mjZejjy *&*p :mjZejjy *&)p Cejin_ *&(p Cejin_ )&1p Lgds 2.)p Lgds *&(p Lgds )&1p Lgds )&0p QGGP Fel%9%Hgjlej 2.)p Eic`ael Cgjs *&(p Eic`ael Cgjs )&1p Eic`ael Cgjs )&0p Eic`ael Cgjs *&(p Koalc` )&1p Koalc` )&0p Koalc` )&.p Koalc` *&(p Bieey ;`gg )&0p Bieey ;`gg )&.p Bieey ;`gg )&-p Bieey ;`gg *&(p QGGP Fel%9%Hgjlej )&/p Falmja )&.p Falmja )&,p Falmja )&1p Falmja )&/p QGGP Fel%9%Hgjlej )&-p QGGP Fel%9%Hgjlej )&+p DGccilane )&/p DGccilane )&.p DGccilane )&,p DGccilane )&+p @m_g :gss 1.,p @m_g :gss 1.,p @m_g :gss )&+p @m_g :gss )&*p K`iseidg 1.3p K`iseidg )&*p K`iseidg )&*p K`iseidg )&)p Jalp` Damjen )&(p Jalp` Damjen )&(p Jalp` Damjen (&1p Jalp` Damjen (&1p ;`go Lai >ggc 0.9p ;`go Lai >ggc 0.9p ;`go Lai >ggc (&0p ;`go Lai >ggc (&/p Kafilg (&-p Kafilg (&-p Kafilg (&-p Kafilg (&-p @en_deli (&,p @en_deli (&,p @en_deli (&,p @en_deli (&,p =N'sales >Q)-9'=! =N'sales >Q).=! =N'sales >Q)/=! =N'sales >Q)0=! *&+p *&*p *&)p )&1p Dgo Hi_h Dgo Hi_h Dgo Hi_h Dgo Hi_h Indmsljy Zencheajc Indmsljy Zencheajc Indmsljy Zencheajc Indmsljy Zencheajc Source: Data based on consensus of several brokers reports for each company. Notes: • Lhe resmlts of *()- are actmal É9Ê! if the financial resmlts are closed and expected ÉEÊ! if the financial qear is not closed qet. • Market capitalization is based on a one-month average as of 31 March 2016. The luxury and cosmetics financial factbook 2016