Page 22 DCF and valuation parameters D SOTP and segment analyses Kering: further analysis of Gucci Group through SOTP approach • ?mcci ?romp KGLH analqsis implies an EN of Ò*/.+b in >Y).E. • Within the Gucci Group segment, the Gucci brand alone represents 49% of the top line and 60% of EBIT in FY16E, meaning that the Gucci brand is expected to constitute the largest segment within the Gucci Group and the most profitable in terms of operating margin. Kales Zjeacdgon >Q).= in ÒZ! =:AL Zjeacdgon >Q).= in ÒZ! =N Zjeacdgon >Q).= in ÒZ! 1.7 8.2 0.2 1.9 3.6 27.3 0.2 8% 21% 0.4 3.7 13% 1.1 10% 5.9 14% 1.4 13% 1.1 22% 17% 14.1 22% 4.0 60% 52% 49% Gucci brand Bottega Veneta YSL Other brands Gucci Group Gucci brand Bottega Veneta YSL Other brands Gucci Group Gucci brand Bottega Veneta YSL Other brands Gucci Group Komrces2 KGLH based on EY analqsis and on the follooing brocers reports2 :arclaqs 1 >ebrmarq *().!, M:K )0 Banmarq *().! and Eacimarie Jesearch 0