Beauty Industry Overview 2017

CONFIDENTIAL
Beauty industry – ComCap
discussion materials
June 2017
Complete presentation at: https://goo.gl/803d34

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2
We are pleased to present our 2017 beauty industry overview
 In the following slides we have synthesized our views on the key themes in the beauty industry, which remains one of the
most attractive CPG industries globally
 With strong tailwinds for growth from emerging markets, mix shift to premium products, and a wave of new entrants and
disruptors, the industry is undergoing a tectonic shift - this is prime time to network in support of fundraising and
commercial partnerships with established and emerging industry players to help you to achieve your objectives
 ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key subsectors
including B2C ecommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and logistics and call
center), payments, marketplaces and digitally native brands
 Headquartered in San Francisco, our firm works with mid-cap public companies on buyside initiatives, and with public
and private growth companies on equity financings and strategic M&A
 In addition to being the only boutique focused exclusively on disruptive commerce models, we differentiate by bringing
bulge bracket techniques to emerging models, a strong and uncommon buyside/strategy practice, deep understanding of
industry drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed
transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin America
 In this deck, we have provided a brief overview of our firm, as well as our latest perspectives on the beauty industry overall
 If you'd like to connect with us over the phone and/or meet in person to discuss your strategic initiatives, please contact
either Aron, Steve or Fermin:
Aron Bohlig
Managing Partner
M: 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: 415-971-3794
E: steve@comcapllc.com
Fermin Caro
Director
M: 650-743-7825
E: fermin@comcapllc.com

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Index
ComCap overview2
Beauty industry overview1
Appendix: Trading comparables, private placements and precedents3

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Beauty industry overview
4
1

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Investors continue to deploy meaningful capital in the industry at the early stages, growth stages and into
public equity markets
5
Beauty industry – Key themes for 2017
Large growth opportunity for mass beauty products in emerging countries with a growing middle class
and premium beauty products in developed countries
Disruptors include startups as well as non-beauty retailers entering the beauty market organically
and inorganically
Instore model + online model is more effective than just ecommerce online model, giving
traditional players like ULTA and Sally Beauty an edge over ecommerce-pure play players
'Fast-fashion' model for beauty is gaining increasing popularity with the younger generation
Shop-in-shop concept is gaining momentum within the beauty industry
Consolidation continues with drive to attain scale, new capabilities, and entry into new
geographies
Korean brands have had a growing influence on the global beauty market, leading to a K-Beauty trend
Huge ecommerce "replenishment" opportunity for global players (which fulfillment companies can
help serve with online and offline models)
5
4
8
7
1
2
3
6
9

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Beauty companies are well positioned with strong underlying
growth factors
Beauty ecommerce has major room to grow Global growth in premium cosmetics market
Source: Euromonitor International / Fung Global Retail & Technology Source: ULTA investor presentation
Luxury market continue to see strong growth
Source: Bain & Company
WW middle class growing significantly
Source: Global Economy and Development
Internet Sales as estimated % of total beauty and
personal care sales, 2016
$108
$112
$116
$121
$126
2015 2016 2017 2018 2019
(In $bn)
6.4%
18.1%
10.6%
7.7%
4.6% 4.2%
7.3%
19.7%
11.1%
8.1%
4.8% 4.5%
World China UK US France Germany
167
153
173
192
212 218 224
251 249
2008 2009 2010 2011 2012 2013 2014 2015 2016
1
0
1,000
2,000
3,000
4,000
5,000
6,000
2015 2020 2025 2030
North America Europe
Central and South America Asia Pacific
Sub-Saharan Africa Middle East and North Africa
(In million)
(In EUR million)

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Global cosmetics market overview
5.0%
2.9%
1.0%
4.2%
4.6% 4.6%
3.8%
3.6%
3.9%
4.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Growth of the worldwide cosmetics market from 2007 – 2016
(Estimated annual growth rate, as %)
Main worldwide players
(2016 sales, in billions of USD)
Breakdown of the worldwide cosmetics market – Geographic
Zones (%)
Breakdown of the worldwide cosmetics market – Product
Categories (%)
$7.1
$11.1
$17.6
$20.5
$28.0
36.9%
24.8%
19.2%
10.2%
6.0%
2.9%
Asia Pacific
North America
Western Europe
Latin America
Eastern Europe
Africa, Middle East
36.3%
22.9%
18.2%
12.0%
10.5%
Skin Care
Haircare
Make-up
Fragrances
Hygiene Products
Source: L'Oréal Annual Report 2016

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28.6
11.3
9.0 8.1 7.4
5.8 5.0 4.4 4.3 4.0 3.8 3.8 3.6 3.5 3.0 2.5 2.5 2.3
Pure Play Beauty Player
Non Pure Beauty Player
Skin Care Focused Players in Beauty
Represents revenue related to beauty
segment
8
Top players in the beauty industry today
Global Beauty (1) FY 16 Net Sales (USD Bn)
Notes:
1) Global Beauty defined as Fragrances, Color, Skin, Retail Hair Coloring & Styling, Salon Hair
2) Coty reflects pro forma for annualized Hypermarcas Beauty Business revenues as well as the “P&G Beauty Brands” excludes the
Excluded Brands and the Divested Brands
3) Revlon pro Forma for pending acquisition of Elizabeth Arden, expected to close by the end of 2016
Source: Coty Presentation, CapIQ
Coty + P&G Beauty Brands
(combined revenue is $9b)
Revlon +
Elizabeth Arden

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Boom in make-up market
Penetration rates still relatively modest in few geographical areas
(% of women who use at least one lip make-up product per year)
Women’s global spending on makeup compared to clothing
(YoY growth)
In all geographic zones, the make-up market is growing faster than the cosmetics market
X6 Western
Europe
X2 North
America
X2 New
Markets
Makeup is the most dynamic category in
all sectors
Luxury
Mass- Market
Professional
4.0%
5.0%
3.4%
3.7% 3.9%
3.2%
4.9% 5.2% 5.1% 4.9%
6.4%
7.2%
2011 2012 2013 2014 2015 2016
Womens wear Color cosmetics
68.0%
28.0%
60.0%
50.0%
US China France Brazil
Source: L'Oréal Annual Report 2016, Press

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Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook
TotalFundsRaised
`
Disruptors include startups…
$5m
$50m
$15m
$10m
$100m
$150m
$200m+
Seed
Fragrance Men’s shaving &
grooming
General Brands Skin Care PlatformHair Care
2
10
SubscriptionSalon

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…as well as non-beauty retailers entering the beauty market
organically and inorganically
Retailers Key steps to focus on the beauty market
• In 2013, the company acquired DermStore Beauty Group, to expand in the evolving online beauty market
• In 2014, the company upped its beauty ante by adding new brands to the usual drugstore suspects
• Target started its own ‘Beauty Trial Box Service’ that consists of 10 trial products per month
• In April 2017, the company announced to remodel its stores; the stores will offer a better display of its
apparel, home and beauty departments
• In 2016, the company expanded its beauty offering with four exclusive new brands
─ Added a nail polish collection from Defy & Inspire and three different bath and body ranges: Mayfair
Soap Foundry, Marlowe and You Are amazing
• Has started a “concierge service” where customers can shop online for beauty products and speak
directly with Beauty Stylists and Advisors
• The customers can even choose three free samples with their purchases online
• Announced plans to establish Natural Beauty Outposts at 46 brick-and-mortar location
• The company is currently expanding their beauty supply line
• In March 2015, the company acquired Bluemercury, a luxury beauty retailer and spa, for $210m to
broaden the department’s customer base
─ The chain features in-house spas and carries high-end beauty and health brands, as well as M-61, a
proprietary skincare brand
• Partnered with Sephora under which Sephora stores are placed within J.C. Penney locations. The
Sephora brand assist in increasing sales for existing J.C. Penny customers as well as attract new
customers
• The partnership was a part of the strategy to turn J.C. Penny profitable in 2016
• In 2017, JC Penney announced plans to establish 70 new in-store Sephora shops and expand 32 of the
current shops by 50%.
• In September 2015, The Honest Co. established Honest Beauty, a complete range of cosmetics & skin
care. In February 2016, Honest Beauty expanded distribution with Ulta Beauty
• In August 2016, the company launched Honest Beauty Haircare which is available on honestbeauty.com
& ulta.com

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Amazon witnesses a 47% growth in sales as compared to 2%
growth in the total US beauty market
 Skincare was one of the major growth drivers in the total market along with cosmetics, but actually
experienced a decline in the prestige category
− This indicates that consumers are spending more on expensive beauty products for cosmetic reasons,
not because of health and dermatology
 Skincare was the real MVP for Amazon’s Beauty product group, revealing key ways Amazon differs from the
total market in this segment:
─ dermatological beats cosmetic, prestige does not drive growth and skincare outpaces cosmetics by a
wide margin
─ Men’s products are a key driver in beauty sales
 Amazon’s success in the beauty product group comes from the sale of a very large volume of small,
inexpensive items.
$56.2bn
Total Value of the
U.S. Beauty market
(2015)
$2.5bn
Amazon’s Total
Beauty Sales
(2016)
2%
YoY Sales
2014 2015 2015 2016
47%
YoY Sales
Total US Beauty Market Amazon 2016 Beauty Salesvs

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Online sales supplement in-store experience
 Beauty shopping remains a
predominantly offline experience,
with buyers continuing to prefer the
in-store experience with “interest in
discovery, trial and newness”
─ The "test-and-trial" nature of
beauty products prompts first-
time buyers to head to a brick-
and-mortar shop instead of
ordering online
 Retailers like ULTA and Sephora
are the biggest beneficiaries of this
prevailing customer preference, as
they primarily focus on an in-store
experience and use e-commerce to
complement it
 This customer preference is
unfavorable for online retailers like
Amazon who specialize in
“replenishment” orders
 Prestige beauty brands have
managed to keep pricing and
distribution on a fairly short leash as
they keep product availability
exclusive to certain merchants
Source: ULTA investor presentation
3
 Many online players are applying a “shop within a shop”
strategy, as well as setting up their own “digital hubs” at
prominent retailers
 A great example is Pinrose, a fragrance startup, that has set up
digital hubs at Sephora and Nordstrom's, which feature a quiz
(iPad app) from Pinrose to help buyers find the right fragrance.
Pinrose’s quiz is also integrated into Sephora’s website as a part
of their partnership

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Many large transactions highlight increasing consolidation
Deal Rationale
Source: CapIQ, Press
Recent M&A activity in the beauty space
 Enhance leadership position: 43 P&G
beauty brands merged into Coty, trans-
forming it into one of the world’s leading
beauty companies
 Expand into new geographies: Dollar
Shave Club will be able to expand faster into
new geographies and improve its distribution
abilities in existing markets
 Expansion of capabilities: Merger of the
two companies will create a multi-brand,
global beauty enterprise and tremendous
opportunity for long-term growth and value
creation
 Expand product-line: L'Oréal acquired IT
Cosmetics to add more than 300 skin-care
and makeup products to its line-up and
strengthen its business in parts of Asia and
Latin America
 Strengthen the market position:
Strengthen the leadership position of Estee
Lauder in cosmetics and increase the
Company’s consumer reach in the specialty-
multi channel
 Expansion of capabilities: The acquisition
will help the company to enhance its position
in the Chinese marketplace. It’s Skin will also
take responsibility for, and ownership of,
Habul’s R&D center and production facilities
in both Korea and China including a plant
currently being built in China
Consideration
US$14.8bn
US$1.0bn
US$905.4m
US$1.2bn
US$1.4bn
US$385.6m
Date Announced
Jul 9, 2015
Jul 20, 2016
Jun 16, 2016
Jul 22, 2016
Nov 14, 2016
Feb 20, 2017
Target Buyer Multiples
NA
LTM Rev $152.0m: 6.6x
LTM Rev $949.5m: 0.9x
LTM EBITDA ($6.9m): nm
NTM Revenue: 0.9x
NTM EBITDA: 22.3x
LTM Rev $182.0m: 6.6x
NA
LTM Rev $270.8m: 0.3x
LTM EBITDA $84.5: 0.8x
4

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Shop-in-shop concept is gaining momentum within the
beauty industry
Retailers and
Brand owners
Description
• In 2006, Sephora partnered with J.C. Penny – under the partnership agreement Sephora established its
stores within J.C. Penney locations
─ Sephora inside JCPenney features products from more than 200 beauty brands. Also features its own
collection of makeup, skincare, tools and accessories
─ It also has a Beauty Studio, Sephora’s exclusive destination for free one-on-one beauty sessions with
its experts
─ In 2017, JC Penney announced plans to establish 70 new in-store Sephora shops and expand 32 of the
current shops by 50%.
─ Also launched a same-day, click-and-collect option for online purchases of Sephora products through
JC Penney.
• Bonobos, partnered with Nordstrom in 2012 to transform their online store into specialty shops within 20
Nordstrom locations
• This has proved to be a great way for online only brands to test the waters of a brick and mortar concept,
allowing consumers to interact with their products
• Peach & Lily is an online e-commerce website that specializes in Korean beauty products
• Peach & Lily established its first shop-in-shop at Macy’s and has recently established its second store in
2016
• In January 2016, Bluemercury a US luxury beauty retail chain, established a shop-in-shop at Macy’s
─ It offers exclusive brands, M-61 and Lune+Aster, and hair and make-up advice from top experts in the
fields of skincare, hair, makeup from various brands
• In March 2016, Macy’s acquired Bluemercury for $210m
“Shop-in-Shop model” is where a brand owner or retailer takes space in another retailer's store and fits it
out to provide selling space dedicated to that secondary company's products. Brand manufacturers are
rethinking ways to reach consumers directly and retailers are permitting them to make a clear brand and
price statement at the point of purchase. Key examples are:
5

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'Fast-fashion' model for beauty is gaining increasing
popularity with the younger generation
Key features:
• Constant changes in the line of products to increase the customer visit in the stores
• Rapid response to latest consumer trends
• Reduction in the marketing budget and mark-up to reduce the cost of the product
Declining Unit
Prices
Rising Volumes Fast Fashion
Pure
Players
6
Fast
Fashion

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1%
3% 3%
7% 7%
5%
12%
17%
Haircare Deodorant Men's
Grooming
Bath and
Shower
Fragrances Cosmetics Skincare Sets and
Kits
17
Presence of a significant “replenishment” opportunity
 While online retailers like Amazon have not been able to topple large players such as ULTA and Sephora due to continuing
customer preference for instore retail, they have made significant inroads for beauty and personal care product replenishment
and refills
Prime disruption categories for replenishment
 The “replenishment model” opportunity has also given birth to highly successful startups such as Dollar Shave Club and Harry’s
 With low but meaningfully growing online beauty sales, online beauty etailers have a significant advantage to offer refill /
replenishment options which can be fulfilled by 3rd party ecommerce fulfillment players such as PFSWeb and Transcosmos
Daily Essentials Beauty
E-Commerce Penetration of Personal Care and Beauty Sub-Categories – US, 2013
Source: Euromonitor, AT Kearney
Where online US consumers shop online for personal care and beauty products
18% 19% 20% 23%
24%
35%
18% 22% 25% 25% 27% 28%
32%
42%
73%Traditional beauty players Mass retailers
7

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Approach to Korean Beauty for the US market:
• The go-to-market strategies: include rethinking
formulation if required and tailoring packaging,
branding and marketing to match the regions
requirements
• The trends: Skin care is the main focus area of the
K-beauty. Earlier the K-beauty was 7-9 step ritual but
now tending towards efficiency and efficacy.
• The Innovations: K-beauty is very innovative and
other skin brand can easily follow the K-brans
 The Korean beauty brands have
adopted a “fast fashion” product
development cycle and gained
recognition for innovative formulas,
ingredients, manufacturing processes
and packaging
 Embraced the digital transformation
age and have taken advantage of the
cultural influence of the Korean wave
to come up with innovative marketing
strategies
 Fast to adopt in-store technologies
 Certain Korean beauty start-ups have
emerged that have brought Korean
beauty products overseas with e-
commerce
 Leveraging the growing influence of
digital media to engage with
customers
 According to the Korean Customs
Service, exports of Korean cosmetics
have been increasing by an average
of 36.9% every year since 2011, and
reaching $2.5bn in 2015
Country GDP (PPP)
In bn
R&D
As a % of GDP
GERD (PPP)
In bn
United States 17,460 2.78% 485.39
China 17,630 1.95% 343.78
Japan 4,807 3.40% 163.44
Germany 3,621 2.85% 103.20
Korea 1,786 3.60% 64.30
India 7,277 0.85% 61.85
France 2,587 2.25% 58.21
Russia 3,258 1.50% 53.52
Source: Fung Global Retail & Tech, Industrial Research Institute
8
Korean brands have had a growing influence on the global
beauty market, leading to a K-Beauty trend

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Retailers
and
Salons
Beauty Products
Manufacturers
Multi-category
retailers
Perfumes
Conglomerates
with beauty
segment
Cosmetics
Hair
solutions
19
Strategic investors in the beauty space
Note: All the companies selected has a market of over $500m and the transaction values of over $250m
9

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$4,611 $4,649 $4,552 $4,395
$5,403
$7,523
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
2012A 2013A 2014A 2015A 2016A 2017E
Revenue (In $m)
20
e.l.f and Coty: case studies highlight public market opportunity for
cosmetics and beauty industry
Source: CapitalIQ, Press Releases
Note: Coty financials not pro forma for P&G Beauty Brands merger
 Founded in 1904 by Francois Coty, who sold fragrances to
Paris department stores
─ It is a global leader in fragrances, with the number two
position in hair and number three in color cosmetics
 In the 2012 IPO, the company issued 57.1 million shares at a
price of $17.50 per share
─ The shares are issued at a price of $17.50, between the
indicated range of $16.50 and $18.50
─ The shares offered was sold by existing Coty stockholders,
and Coty did not receive any of the proceeds of the offering
• In October 2016, Coty merged with P&G Specialty Beauty
Business. It expects to achieve total cost savings of approx.
$750m, or 16%1 of acquired revenues
Jul’ 12: Raised $1.0bn from gross
proceeds through an issue of an IPO
Oct’ 16: merged with P&G Specialty
Beauty Business
 The company was established in 2004 as J.A. Cosmetics, later it
was renamed in 2016 as e.l.f beauty
 In 2014, TPG Growth acquired a majority stake in the company
 In the 2016 IPO, the company issued 8.3 million shares at a price of
$17.00 per share
 In March 2017, the company has raised gross proceeds of $225.3m
by offering 8.3 million shares at a price of $27 per share. The amount
raised will be used for working capital and general corporate
purposes
 As of April 20, 2017, the company is trading at 6.2x LTM revenue,
and has an enterprise value of $1.3bn
$83
$121
$145
$191
$230
$291
$350
$0
$50
$100
$150
$200
$250
$300
$350
$400
2012A 2013A 2014A 2015A 2016A 2017E 2018E
Revenue (In $m)
Sep’16: Raised $141.7m from
gross proceeds through issue
of an IPO
Nov’ 16: raised an additional amount of
$1.1bn

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Financial and corporate investors landscape
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International
Investors with beauty investments

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Sub-verticals within beauty have a varied trading multiples range
2.0x
2.9x
4.5x
11.7x
6.1x
8.8x
2.1x
3.5x
6.2x
13.6x
7.0x
9.4x
0.0x 5.0x 10.0x 15.0x
Perfumes
Retailers
and Salons
Cosmetics
Conglomerates
with Beauty
segment
Hair Solutions
Beauty Products
Manufacturer
CY16 CY17
Revenue multiples1
Source: Capital IQ
Note: (1) Max revenue multiples as of 07/19/2017

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ComCap overview
23
2

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24
Why ComCap?
 Who is ComCap?
− eCommerce-focused boutique, 100% focused on the eCommerce value chain
− Proven team with background at Credit Suisse, UBS, J.P. Morgan, with 50+ years of experience
− Senior execution, no bait-and-switch, but with a strong bench team for support
− We are small, so we must be selective, working only on the best probability engagements, but
working ferociously to achieve a great outcome
− We do deals where we add unique value – not untargeted auctions to test the market
 How do we differentiate?
− Vertical focus enables deep understanding of your value proposition
− Unique synergies identification and advocacy process – based on bottoms up revenue and profit
analysis of the value of entering new geographies, new verticals for strategic investors / buyers
− Huge network among strategics in the US, Europe and Asia
− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)
− New market entry experience on buyside
 Win-win proposal and differentiated proposition for our clients
− While we may charge premium pricing, we offer greater levels of service than other firms, and
our client references will attest to this

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Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Brazil, Argentina, UK, Sweden, Belgium, France, Germany
$2B revenue Japanese ecommerce BPO co.
#3 Russian Internet company
#1 UK Internet company
Multiple private B2B ecommerce systems integrators
Selected
ComCap
Clients
#1 Asian ecommerce B2B company
$200M rev US public company
Multiple US and EU private equity funds
Many ecommerce SaaS companies
Previous
Clients
Selected
Team
Members
Fermin Caro
Director
Aron Bohlig
Managing Partner
Steve Terry
Managing Director
Matt Nemer
Managing Director
Swetha Vijay
Director
Experience
14 years
Credit Suisse
SVB Capital
23 years
Credit Suisse
Become, Nortel
20 years
Credit Suisse
Battery Ventures
Robertson
Stephens
20 years
Wells Fargo
Thomas Weisel
9 years
DBS, Deloitte
Avista/Houlihan
Lokey
Education
Yale MBAWharton MBA McCombs School
of Business MBA
Vanderbilt IIM Ahmedabad
MBA
Location San FranciscoSan Francisco San Francisco San Francisco Singapore
ComCap – A leading boutique at the intersection of Capital and
Commerce
25
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabeeh Mohsan
Analyst
Charlotte Brook
Administration and Ops
Rajani Vadapalli
Associate
Dhawal Chotai
Analyst

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26
Matt Nemer: unique perspective as only lead equity research
analyst covering offline and online retail
 Matt Nemer has 15+ years of experience covering retail
and digital commerce at Wells Fargo Securities, Thomas
Weisel Partners, and DLJ
 He was the first and only retail analyst to cover physical
retail with pure play ecommerce, video commerce, and
marketplaces
 Matt has been a regular contributor on CNBC,
Bloomberg, and the WSJ
 Matt is in regular dialogue with C-level executives at the
major retailers
Retail coverage experience
eCommerce &
Marketplaces
Broadlines Hardlines
IPO experience

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US 27
Selected ComCap transactions & recent mandates
Europe Australia Asia
Strategic
Advisory
Sep 2013 Mar 2013
Merger with
Strategic
Advisory
Mar 2013
Feb 2015
$45,000,000
Financing
$20,000,000
Series B
Financing
Aug 2015
Sole Advisor to
PFSweb
Sep 2014
Acquisition of
Sole advisor to
transcosmos
Mar 2016
Acquisition of
stake in
Project Perseus
$80,000,000
Capital raise for
Australian tech
company
Project Orion SaaS
Dual Track Process
(equity financing
and sale)
Acquisitions of
DNVBs (group
consolidation)
Acquisition of
$55,000,000
Sole Advisor to
PFSweb
Jun 2015
Acquisition of
Sole Advisor to
PFSweb
Jun 2015
Sole Advisor to
PFSweb
Sep 2014
Acquisition of
$62,500,000
Debt Financing
Sep 2015
$14,690,000
Acquisition of
stake in
Sole Advisor to
transcosmos
May 2013
Acquisition of
20% stake in
Sole Advisor to
transcosmos
Jul 2013
Strategic equity
investment from
Aug 2016
Sole Advisor
Oct 2015
Project Titan
$200,000,000
Acquisition
Mar 2017In process In processIn process
Latin America
Sole advisor to
transcosmos
Dec 2016
Acquisition of
stake in
Sole advisor to
transcosmos
Acquisition of
stake in

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28
Transcosmos case study – stock price increase following
ComCap-advised strategic investments
Source: Transcosmos’ investor portfolio presentation
Series of
strategic
investments
advised by
ComCap, post-
engagement

CONFIDENTIAL
$672.0
$340.6
$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2
Retail Ecommerce Sales Worldwide – 2015 (In $bn)
29
ComCap - active in 13 countries, including 11 of the top 22
global ecommerce markets

CONFIDENTIAL
30
ComCap helps DynamicAction raise $15m Strategic Round
• DynamicAction (DnA) is a San Francisco based SaaS predictive
analytics platform for retailers
• DnA’s solution leverages >600 algorithms to provide large retailers with
big data insights, derived from $12bn in annual GMV (2nd only to
Amazon), and proscribe prioritized actions related to critical issues that
are largely not visible today - across primarily merchandising, site
operations and customer interactions
• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,
Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,
Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y
growth in profit during the 4Q (the most important season for retailers)
• At the time of the transaction, DnA surpassed its 2016E target revenue
and had visibility into >70% of its 2017E target standalone revenue
(112% including its weighted pipeline)
• The round valued DnA at 7.3x 2017E target standalone revenue and
5.3x 2017E revenue (including synergies)
ComCap process differentiation
ComCap successfully executed a capital raise and partnership with committed resources to accelerate
growth and realize material revenue synergies
• Extensive pre-transaction engagement to optimize company’s
positioning emphasizing first mover advantage and
differentiation
• Process designed to engage with key strategics and targeted
private equity players on a global basis
• Created detailed analysis of historical financials to support key
value drivers, customized for each strategic investor, and
detailed synergy models to gain commercial buy-in
• Aggressively engaged with commercial and strategic investment
teams to foster commitment to and consideration for synergies
in the valuation rationale
• Accenture’s retail practice corroborated the commercial opportunity
and, along with the strategic investment, committed to accelerating
DnA’s penetration of the largest retailers worldwide.
• Synergies to DnA are expected to contribute 33% in incremental
annualized revenues vs. DnA’s 2017E standalone revenues
$5
$9
$23
$0
$3
$9
$5
$12
$33
$0
$10
$20
$30
$40
2016E 2017E 2018E
DnA Standalone DnA Synergies
5.3x
Multiple
DnA revenue ramp including synergies ($m)
implies a ‘17 multiple in-line with vertical SaaS leaders

CONFIDENTIAL
ComCap helps drive global eCommerce outsourcing expansion
through $15mm equity investment
Global outsourcing leader with premier client base, seeks
expansion via digital services & new geographies
• Based in Tokyo, founded in 1985, (TSE: 09715) since 1997
• $1.5B in sales, ~16,000 employees, ~ 800 clients
• Leading BPO, contact center, digital marketer w. Asia expertise
• Proactively sought to meet clients’ Int’l. expansion needs
• Identified eCommerce as next evolution in outsourced services
31
International outsourced eCommerce with robust
capabilities and iconic global brands
• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:
PFSW
• $250M in sales, 1,400 employees, >60 brand name clients
• Best in class provider of end-to-end eCommerce outsourcing
• Established operations in N. America and Europe
• Seeking strategic partners to achieve a global solution
Capabilities
Capabilities
Clients Clients
Working with fifteen different strategic partners over four months, ComCap brought together a large
strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

CONFIDENTIAL
32
$45m investment from Bridgepoint Development Capital for
Trustly
• Trustly is a Stockholm-based online payment services provider
(PSP)
• At the time of the transaction, Trustly processed payments of
€1.1bn p.a., implying year-on-year growth in excess of 100%
• Trustly's proprietary and scalable PSP technology platform
integrates any payment method and offers instant pay-ins and
pay-outs, based on online banking epayments
• Trustly's instant pay-ins and pay-outs are used by leading
merchants across a variety of segments, such as Peer-to-Peer
Marketplaces (Blocket, part of Schibsted), Sharing Economy
(Tripwell), Travel (Logitravel), Electronics (Samsung), Daily
Deals (Groupon), Financial Services (Western Union), Gaming
(bwin.party) and e-Wallets (PayPal)
ComCap Process Differentiation
ComCap successfully executed a capital raise to fuel Trustly’s European expansion
• Extensive pre-transaction engagement to optimize company’s
PR strategy and corporate positioning
• Process designed to engage with key strategics and private
equity players on a global basis
• Created detailed financial and operational model to enable
counterparties to construct own “what if” and scenario analyses
• Aggressively bid European and US private equity firms against
each other to optimize valuation and size of secondary
component
• Minimized period of exclusivity to optimize competition on
economics and lower deal risk
$45,000,000
Financing
Feb 2015
• Bridgepoint is an International private equity firm focused on
investing in leading middle market businesses
• Bridgepoint Development Capital ('BDC') focuses on buyouts
and growth capital investments, typically in businesses with an
enterprise value between $25m and $150m

CONFIDENTIAL
33
ComCap helps drive global ecommerce outsourcing expansion
through $15mm equity investment
• $1.5B in sales, ~16,000 employees, ~ 800 clients
• Identified ecommerce as next evolution in outsourced services
International outsourced ecommerce with robust
capabilities and iconic global brands
• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:
PFSW
• $250M in sales, 1,400 employees, >60 brand name clients
• Best in class provider of end-to-end ecommerce outsourcing
• Established operations in N. America and Europe
• Seeking strategic partners to achieve a global solution
Capabilities
Capabilities
Clients Clients
Working with fifteen different strategic partners over four months, ComCap brought together a large
strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

CONFIDENTIAL
34
ComCap helps drive capital and business alliance with
Infracommerce
• $1.9B in sales, ~18,000 employees
• Identified ecommerce as next evolution in outsourced services
An e-commerce one-stop services provider with a
focus on Brazil
• Based in São Paulo, Brazil; founded in 2012
• GMV of $25M+ in 2015, 400 employees
• Offers extensive e-commerce related services. A market leader
in Brazil and expanded its sales channel into Mexico
• Plans to enter into Argentina, Columbia, Chile and Peru from
after 2017
Clients Clients
ComCap successfully executed the alliance to enhance e-commerce one-stop services capability in Latin America by
delivering superior products and services to consumers in countries including Brazil and Mexico
Rationale
• Through the alliance with Transcosmos, Infracommerce planned to offer its client companies’ superior products to consumers across Latin American
countries, focusing on Brazil
─ Integrated Transcosmos’s proven operational know-how on “Global E-Commerce One-Stop Services” with the service capabilities that
Infracommerce owns
• Infracommerce has a wealth of know-how and insights regarding the Brazil’s complicated regulations and offers optimum solutions for all businesses
and products
─ Offers comprehensive support ranging from developing e-commerce websites, shop management, online marketing, fulfilment, payment as well as
CRM and customer care
─ Aimed to make a huge contribution to international clients to expand into the Latin American market
─ The amount raised will be used to speed up the internationalization and facilitate omni-channel scale

CONFIDENTIAL
35
PFSW case study – stock price increase following 1 equity
investment & 4 acquisitions
0
2
4
6
8
10
12
14
16
18
May-01-2013
Jun-01-2013
Jul-01-2013
Aug-01-2013
Sep-01-2013
Oct-01-2013
Nov-01-2013
Dec-01-2013
Jan-01-2014
Feb-01-2014
Mar-01-2014
Apr-01-2014
May-01-2014
Jun-01-2014
Jul-01-2014
Aug-01-2014
Sep-01-2014
Oct-01-2014
Nov-01-2014
Dec-01-2014
Jan-01-2015
Feb-01-2015
Mar-01-2015
Apr-01-2015
May-01-2015
Jun-01-2015
Jul-01-2015
Aug-01-2015
Sep-01-2015
Oct-01-2015
Nov-01-2015
Dec-01-2015
Jan-01-2016
Feb-01-2016
Source: Capital IQ as of Feb 2, 2016
ComCap’s role
• Developed acquisition strategy in terms of services offered (system integrators, creative agencies, marketing agency,
technical agencies, etc.), geographical reach (Europe, Asia, North America) and technology platform partnership
(Demandware, Magento, and Hybris)
• Reached out to a variety of lenders including asset management firms, hedge funds, and strategic investors, resulting in a
$14.7m investment from Japanese ecommerce solutions provider Transcosmos
• Managed and executed deal from submitting an LOI package to negotiating deal structure and terms to conducting due
diligence calls on the acquisition target’s top clients
• Improved PFSweb’s geographical presence and service offering in Europe, resulting in cross-selling opportunities with its
newly acquired subsidiaries and access to marquee European clients in retail and luxury
Transcosmos made a $14.7m
equity investment in PFSweb
Closing stock price: ($4.34 as
of 5/15/2013)
PFSweb acquired LiveAreaLabs
Closing stock price: ($10.64 as of
9/23/2014)
PFSweb acquired REV Solutions
Closing stock price: ($5.09 as of
9/4/2014)
PFSweb acquired MODA
Closing stock price: ($13.74 as
of 6/15/2015)
PFSweb acquired CrossView
Closing stock price: ($12 as of
8/5/2015)

CONFIDENTIAL
ComCap’s current thematic focus areas
Theme Description Select companies
Digitally Native Vertical
Brands (DNVBs)
D2C digitally native brands covering clothing, accessories, personal care,
home and kitchen, furniture, and other consumer-focused products.
Beauty, health and
wellness
Universe of beauty companies, including product manufacturers, retailers,
disruptors and new entrants.
Analytics
Focus on disruptors in the analytics space focused on ecommerce,
logistics, retail, predictive, payment, risk and marketing
Personalization Emerging players in the ecommerce personalization space
Marketing Suites Emerging platforms in the digital marketing space
Mobile
Focused on mobile solution providers optimizing the mobile experience
from desktop-to-mobile website conversions, targeted mobile marketing, to
simplifying the mobile checkout experience.
Fintech
Retail and commerce-related disruptors in the fintech universe. Current
focus areas include payments, risk analytics, false declines and retail POS.
Outsourcing and
service providers
Companies that provide outsourcing and end-to-end ecommerce services,
such as contact centers, platform, marketing, photo services, logistics,
warehousing etc.
System Integrators
Focus on large SIs covering multiple platform as well as smaller SIs
covering just one or a handful of platforms.
Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector.
Other (IoT, SMB, POS)
We are constantly evaluating new themes and evolving our focus. Other
categories currently include logistics, shipping, IoT, and SMB.
3
6

CONFIDENTIAL
Appendix: Trading comparable’s, private
placements and precedent transactions
37
3

CONFIDENTIAL
38
Trading comparable companies
Source: Capital IQ
Note: (1) Average revenue multiples as of 07/19/2017
(US$ million, except per share amounts)
Trading Performance FD Capitalization Operating Statistics
Stock Equity Enterprise Value / Y/Y Rev. Growth
Price Market Enterprise P/E Multiples CY16 / CY17 / EBITDA Margin %
Company (FYE) High Value Value LTM CY16 CY17 LTM CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17
Retailers and salons 73% $6,929 $7,336 1.6x 1.6x 2.0x 10.6x 10.7x 11.5x 11.1x 18.6x 22.4x 13.0% 10.7% 12.6% 17.0%
Beauty Products Manufacturer - diverse categories 80% $11,309 $11,818 2.6x 2.6x 2.6x 16.4x 16.5x 15.2x 26.8x 30.5x 25.3x 14.3% 14.1% 14.6% 15.8%
Perfumes 89% $464 $459 1.8x 2.0x 1.8x 16.0x 17.2x 15.1x 33.2x 31.3x 18.5x 8.8% 20.1% 11.7% 12.3%
Conglomerates with beauty segment 93% $102,753 $109,222 4.0x 4.1x 3.7x 18.0x 13.8x 12.5x 27.7x 27.0x 24.2x 4.9% 9.4% 22.3% 22.8%
Cosmetics 77% $1,064 $1,072 2.6x 2.8x 2.4x 17.4x 18.7x 12.7x 27.3x 25.1x 15.1x 22.2% 20.3% 15.6% 19.5%
Hair Solutions 91% $1,883 $1,813 3.2x 3.3x 4.5x 15.9x 16.5x 23.0x 24.6x 25.9x 18.7x 6.2% 16.3% 18.4% 19.9%
Median 84% $20,734 $21,953 2.6x 2.7x 2.8x 15.7x 15.6x 15.0x 25.1x 26.4x 20.7x 11.6% 15.1% 15.9% 17.9%
Mean 84% $20,734 $21,953 2.6x 2.7x 2.8x 15.7x 15.6x 15.0x 25.1x 26.4x 20.7x 11.6% 15.1% 15.9% 17.9%
Retailers and salons 64% $3,522 $448 1.1x 1.1x 2.0x 7.4x 7.5x 11.5x 14.8x 18.6x 26.4x 11.5% 30.9% 15.9% 17.0%
Perfumes 88% $204 $231 1.9x 2.1x 1.8x 16.8x 17.8x 15.1x 33.2x 33.4x 26.1x 8.8% 20.1% 11.8% 12.3%
Cosmetics 73% $278 $259 1.8x 2.0x 1.6x 17.7x 20.0x 13.0x 24.3x 28.7x 20.1x 21.9% 19.3% 13.5% 15.8%
Hair Solutions 93% $562 $507 2.9x 3.1x 4.5x 13.6x 14.3x 23.0x 25.4x 22.1x 14.0x 6.2% 16.3% 20.5% 19.9%
Median 86% $1,047 $477 1.9x 2.1x 2.1x 15.1x 15.9x 14.1x 26.8x 26.7x 23.5x 10.2% 17.8% 15.7% 16.9%
Mean 83% $10,451 $12,859 2.1x 2.2x 2.5x 14.3x 15.2x 15.1x 25.7x 26.0x 22.3x 11.2% 17.9% 16.2% 17.0%
Retailers and salons 90% $17,661 $17,190 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x 11.1x 18.6x 34.3x 23.7% 20.8% 17.9% 18.1%
Perfumes 100% $1,142 $1,107 2.0x 2.1x 2.0x 18.4x 19.5x 17.6x 34.8x 37.0x 29.4x 11.2% 31.9% 14.8% 15.5%
Cosmetics 97% $4,772 $4,170 5.6x 6.2x 4.5x 30.0x 32.8x 19.4x 38.4x 42.9x 34.2x 38.7% 46.9% 33.8% 34.6%
Hair Solutions 94% $6,233 $6,153 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x 35.4x 48.2x 46.9x 9.3% 19.3% 21.4% 20.3%
Median 98% $11,947 $11,671 6.2x 6.6x 5.3x 32.1x 26.3x 18.5x 35.1x 45.4x 39.2x 17.8% 26.3% 26.2% 26.4%
Mean 97% $85,852 $84,449 6.8x 7.0x 6.0x 34.4x 27.3x 21.6x 31.7x 40.5x 41.6x 21.9% 28.6% 25.6% 26.1%
Public Comparable Max
Public Comparable Mean
Public Comparable Median
%52W Revenue EBITDA

CONFIDENTIAL
39
Trading comparable companies 2
Source: Capital IQ
Company (FYE) 7/18/2017 High Value Value LTM CY16 CY17 LTM CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17
Retailers and Salons
Ulta Beauty, Inc. (US) $284.71 90% $17,661.27 $17,189.55 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x NM NM 34.3x 23.7% 20.8% 17.9% 18.1%
Regis Corporation (US) $10.24 66% $472.97 $424.63 0.2x 0.2x NA 5.9x 4.8x NM NM NM NM NM NM 5.0% NM
Sally Beauty Holdings, Inc. (US) $19.13 62% $2,651.30 $4,392.40 1.1x 1.1x 1.1x 7.4x 7.5x 6.9x 11.1x 18.6x 10.5x 2.2% 0.7% 14.9% 15.9%
Mean $104.69 73% $6,929 $7,336 1.6x 1.6x 2.0x 10.6x 10.7x 11.5x 11.1x 18.6x 22.4x 13.0% 10.7% 12.6% 17.0%
Median $5.75 64% $3,522 $448 1.1x 1.1x 2.0x 7.4x 7.5x 11.5x 14.8x 18.6x 26.4x 11.5% 30.9% 15.9% 17.0%
Max $284.71 90% $17,661 $17,190 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x 11.1x 18.6x 34.3x 23.7% 20.8% 17.9% 18.1%
Beauty Products Manufacturer - diverse categories (skin care, makeup, fragrance, and hair care products)
L'Oréal S.A. (FR) $210.66 97% $117,783.73 $117,191.51 4.1x 4.3x 3.8x 19.2x 20.4x 17.1x 36.6x 29.7x 27.0x NM 13.4% 21.1% 22.2%
The Estée Lauder Companies Inc. (US) $96.99 99% $35,676.00 $37,748.00 3.3x 3.3x 3.1x 16.0x 17.1x 15.6x 31.9x 24.6x 26.8x 2.8% 7.5% 19.4% 19.8%
Amorepacific Corporation (KR) $280.65 72% $18,196.15 $17,295.97 3.4x 3.7x 3.3x 19.3x 20.2x 19.2x NM 38.4x 31.8x 15.8% 10.7% 18.2% 17.4%
Beiersdorf Aktiengesellschaft (DE) $107.58 98% $24,401.65 $22,230.07 2.9x 3.1x 2.8x 16.8x 17.8x 15.8x 35.6x 27.8x 28.7x NM 12.0% 17.5% 17.6%
Shiseido Company, Limited (JP) $36.00 97% $14,377.15 $14,758.05 1.9x 2.0x 1.7x 21.6x 22.6x 17.3x NM 40.7x 52.3x NM 17.1% 9.0% 10.0%
AmorePacific Group (KR) $120.72 79% $9,284.29 $10,215.47 1.7x 1.8x 1.6x 9.1x 9.4x 8.6x NM 42.5x 34.3x 15.6% 12.1% 19.5% 19.1%
Coty Inc. (US) $19.14 64% $14,309.83 $21,172.43 3.3x 3.9x 2.4x 21.4x 25.1x 14.6x NM 21.3x 23.2x 26.4% NM 15.6% 16.6%
KOSÉ Corporation (JP) $115.44 97% $6,584.97 $5,958.86 2.5x 2.7x 2.3x 14.5x 16.7x 13.2x 32.7x 27.5x 30.4x 11.8% 19.5% 16.2% 17.1%
Edgewell Personal Care Company (US) $77.25 88% $4,435.79 $5,662.39 2.4x 2.4x 2.4x 13.1x 12.9x 12.3x 26.3x NM 19.9x NM NM 18.6% 19.7%
Emami Limited (IN) $16.95 87% $3,846.36 $3,860.28 9.8x 9.4x 8.8x 35.4x 30.3x 29.4x NM NM 45.5x 8.3% 6.4% 31.1% 30.1%
Avon Products, Inc. (GB) $3.48 50% $1,530.67 $3,327.97 0.6x 0.6x 0.6x 7.8x 7.3x 6.6x 12.5x NM 15.1x NM 3.4% 8.1% 8.8%
Oriflame Holding AG (CH) $39.74 90% $2,164.27 $2,264.64 1.6x 1.7x 1.5x 14.1x 15.5x 11.9x 28.7x 48.4x 21.6x 0.2% 17.1% 11.1% 12.4%
Revlon, Inc. (US) $23.05 61% $1,203.31 $3,813.21 1.5x 1.6x NA 12.5x 10.7x NM 26.2x 25.8x 0.0x 21.9% NM 15.2% NM
Kolmar Korea Co., Ltd. (KR) $66.70 71% $1,407.46 $1,503.59 2.4x 2.7x 2.0x 18.9x 21.3x 16.1x 34.7x 31.1x 24.2x 21.8% 35.8% 12.7% 12.4%
e.l.f. Beauty, Inc. (US) $26.60 82% $1,214.75 $1,387.22 5.8x 6.0x 4.8x 38.6x 38.3x 22.1x NM NM 60.8x 19.9% 26.8% 15.8% 21.6%
Mandom Corporation (JP) $54.57 97% $1,275.73 $1,048.38 1.5x 1.6x 1.4x 10.6x 11.4x 10.1x 31.4x 17.9x 24.9x 8.3% 10.1% 13.9% 14.2%
Bajaj Corp Limited (IN) $5.81 86% $857.03 $804.95 6.5x NA 5.9x 19.7x NM 18.2x 30.0x 48.6x 22.3x NM NM NM 32.5%
Safilo Group S.p.A. (IT) $7.26 64% $454.74 $508.91 0.4x 0.4x 0.4x 6.2x 6.5x 9.8x 25.0x NM NM NM NM 5.9% 4.0%
TONYMOLY Co.,Ltd. (KR) $18.20 54% $320.98 $307.18 1.5x 1.6x 1.4x 22.1x 19.3x 21.8x NM 27.6x 18.7x 3.6% 13.2% 8.2% 6.4%
Able C&C Co., Ltd. (KR) $23.39 77% $386.83 $287.82 0.8x 0.8x 0.7x 11.2x 11.8x 9.9x 26.5x 20.1x 20.6x 4.1% 9.3% 6.8% 7.4%
Alès Groupe S.A. (FR) $14.91 95% $216.41 $269.81 1.0x 1.1x 1.0x 16.3x 17.3x 14.0x NM 19.3x 27.5x NM 10.9% 6.2% 6.9%
HABA Laboratories,Inc. (JP) $33.53 85% $131.91 $123.95 0.9x 0.9x NA 6.0x 5.2x NM 13.5x 28.0x 0.0x 17.3% NM 17.2% NM
Nippon Shikizai Inc. (JP) $8.02 63% $42.02 $72.42 0.8x 0.8x NA 6.9x 6.0x NM 10.5x NM 0.0x 36.8% NM 13.3% NM
Mean $61.16 80% $11,309 $11,818 2.6x 2.6x 2.6x 16.4x 16.5x 15.2x 26.8x 30.5x 25.3x 14.3% 14.1% 14.6% 15.8%
Median $33.53 85% $1,531 $3,328 1.9x 1.9x 2.1x 16.0x 16.9x 15.1x 28.7x 27.8x 24.5x 15.6% 12.1% 15.4% 16.9%
Max $280.65 99% $117,784 $117,192 9.8x 9.4x 8.8x 38.6x 38.3x 29.4x 36.6x 48.6x 60.8x 36.8% 35.8% 31.1% 32.5%
%52W Revenue EBITDA
%52W Revenue EBITDA

CONFIDENTIAL
40
Source: Capital IQ
Perfumes
Inter Parfums, Inc. (US) $36.65 88% $1,142.32 $1,106.73 2.0x 2.1x 2.0x 12.8x 14.3x 12.6x 31.7x 33.4x 29.4x 11.2% 8.2% 14.8% 15.5%
Jacques Bogart S.A. (FR) $13.02 79% $204.02 $230.71 1.9x 2.1x 1.6x 16.8x 17.8x 17.6x 34.8x 23.5x 26.1x 6.4% 31.9% 11.8% 9.0%
Ulric de Varens SA (FR) $5.78 100% $45.58 $40.80 1.6x 1.6x NA 18.4x 19.5x NM NM 37.0x 0.0x NM NM 8.4% NM
Mean $18.48 89% $464 $459 1.8x 2.0x 1.8x 16.0x 17.2x 15.1x 33.2x 31.3x 18.5x 8.8% 20.1% 11.7% 12.3%
Median $13.02 88% $204 $231 1.9x 2.1x 1.8x 16.8x 17.8x 15.1x 33.2x 33.4x 26.1x 8.8% 20.1% 11.8% 12.3%
Max $36.65 100% $1,142 $1,107 2.0x 2.1x 2.0x 18.4x 19.5x 17.6x 34.8x 37.0x 29.4x 11.2% 31.9% 14.8% 15.5%
Conglomerates with beauty segment
Johnson & Johnson (US) $136.43 100% $367,519.23 $360,883.23 5.0x 5.0x 4.8x 14.4x 14.5x 13.5x 28.0x 21.0x 19.2x 2.6% 5.1% 34.7% 35.3%
The Procter & Gamble Company (US) $89.42 97% $228,701.88 $246,506.88 3.8x 3.8x 3.8x 13.8x 13.9x 14.3x 25.2x 28.5x 22.5x NM 0.3% 27.2% 26.3%
Unilever PLC (GB) $54.58 98% $154,569.27 $169,258.66 2.9x 3.0x 2.7x 17.3x 18.1x 14.3x 34.0x 26.0x 22.5x NM 12.5% 16.8% 18.9%
Colgate-Palmolive Company (US) $75.92 98% $67,059.59 $72,382.59 4.8x 4.8x 4.7x 16.3x 16.4x 16.0x 29.3x 24.1x 26.0x NM 2.4% 29.1% 29.1%
Henkel AG & Co. KGaA (DE) $140.50 97% $56,606.89 $58,162.50 2.7x 2.9x 2.5x 13.9x 15.3x 12.9x 27.1x 25.7x 21.3x 0.6% 16.5% 19.2% 19.6%
Christian Dior SE (FR) $285.87 99% $51,356.52 $77,320.23 1.6x 1.7x 1.6x 6.8x 7.2x 6.6x 30.1x 23.4x 19.8x 11.1% 7.8% 23.7% 24.2%
L Brands, Inc. (US) $53.46 67% $15,334.64 $19,526.64 1.6x 1.6x 1.6x 7.7x 7.6x 8.3x 15.2x 15.6x 16.5x 3.5% NM 20.3% 18.7%
LVMH Moët Hennessy Louis Vuitton S.E. (FR) $259.44 97% $130,372.30 $135,926.11 3.2x 3.4x 2.9x 14.3x 15.2x 12.2x 33.2x 25.6x 24.3x 2.5% 16.6% 22.5% 24.1%
LG Household & Health Care Ltd. (KR) $874.11 83% $12,814.25 $13,142.82 2.4x 2.6x 2.4x 14.2x 15.6x 14.1x 27.3x 31.2x 25.4x 11.8% 9.8% 16.6% 16.7%
Kao Corporation (JP) $61.36 95% $30,246.84 $29,154.02 2.2x 2.3x 2.2x 13.1x 14.0x 12.5x 28.1x 28.1x 24.5x 2.0% 6.8% 16.6% 17.4%
Godrej Consumer Products Limited (IN) $14.83 97% $15,703.10 $19,174.10 13.4x 13.6x 11.7x 66.6x NM NM NM 47.8x 44.1x 5.7% 16.2% 18.6% 20.2%
Mean $185.99 93% $102,753 $109,222 4.0x 4.1x 3.7x 18.0x 13.8x 12.5x 27.7x 27.0x 24.2x 4.9% 9.4% 22.3% 22.8%
Median $89.42 97% $56,607 $72,383 2.9x 3.0x 2.7x 14.2x 14.8x 13.2x 28.1x 25.7x 22.5x 3.0% 8.8% 20.3% 20.2%
Max $874.11 100% $367,519 $360,883 13.4x 13.6x 11.7x 66.6x 18.1x 16.0x 34.0x 47.8x 44.1x 11.8% 16.6% 34.7% 35.3%
%52W Revenue EBITDA
%52W Revenue EBITDA

CONFIDENTIAL
41
Source: Capital IQ
Cosmetics
Kobayashi Pharmaceutical Co., Ltd. (JP) $61.04 97% $4,772.48 $4,169.70 3.0x 3.2x 3.0x 20.7x 21.7x 19.3x NM 28.7x 34.2x 15.7% 4.7% 14.7% 15.8%
Natura Cosméticos S.A. (BR) $7.97 73% $3,429.55 $4,064.42 1.7x 1.7x 1.6x 9.7x 10.4x 9.1x 24.6x 19.3x 24.0x 21.9% 3.3% 16.0% 17.8%
Nu Skin Enterprises, Inc. (US) $63.82 97% $3,372.27 $3,453.42 1.5x 1.6x 1.5x 10.1x 10.3x 10.1x 21.6x 21.2x 20.5x NM 2.4% 15.2% 15.1%
Cosmax, Inc. (KR) $104.86 67% $1,053.77 $1,251.48 1.8x 2.0x 1.5x 22.5x 23.1x 19.4x NM NM 33.2x 38.7% 31.2% 8.6% 7.8%
Chlitina Holding Limited (KY) $4.62 73% $363.45 $278.01 2.8x 2.7x 2.5x 10.1x 8.2x 7.9x 23.9x 10.3x 19.8x NM 6.6% 32.6% 31.7%
Cosmecca Korea Co., Ltd. (KR) $61.77 84% $329.85 $288.61 1.8x 2.1x 1.4x 18.8x 21.9x 13.4x NM 4.5x 23.3x NM 46.9% 9.6% 10.7%
Dr.Wu Skincare Co., Ltd. (TW) $6.05 70% $277.35 $218.41 5.6x 6.2x 4.5x 16.6x 18.2x 13.0x 35.6x 33.2x 20.6x 35.3% 37.0% 33.8% 34.6%
Hankook Cosmetics Co., Ltd. (KR) $16.52 80% $265.47 $240.36 1.5x 1.8x NA 9.9x 14.8x NM 19.7x NM 0.0x NM NM 12.1% NM
COSON Co., Ltd. (KR) $10.88 64% $191.21 $219.05 2.9x 3.2x NA 23.9x 25.9x NM NM NM 0.0x 31.1% NM 12.3% NM
NeoPharm Co., Ltd. (KR) $29.30 81% $212.20 $190.76 5.0x 5.4x 4.1x 19.5x 21.9x 14.8x 38.4x NM 22.0x 15.2% 31.0% 24.7% 27.9%
Coreana Cosmetics Co., Ltd. (KR) $5.72 72% $181.58 $187.05 1.7x 1.8x NA 30.0x 30.2x NM NM 32.3x 0.0x NM NM 6.0% NM
Ivy Cosmetics Corporation (JP) $72.19 69% $277.72 $284.04 4.7x 5.5x NA 26.2x 32.8x NM NM 42.9x 0.0x 22.7% NM 16.7% NM
Genic Co., Ltd. (KR) $11.46 52% $77.68 $87.91 1.1x 1.2x 1.0x 14.1x 11.2x 7.1x NM 33.7x 13.4x 18.9% 19.3% 10.5% 13.9%
C'bon Cosmetics Co.,Ltd. (JP) $22.27 93% $95.11 $68.36 0.6x 0.6x NA 11.9x 11.2x NM NM NM 0.0x 0.4% NM 5.6% NM
Mean $34.18 77% $1,064 $1,072 2.6x 2.8x 2.4x 17.4x 18.7x 12.7x 27.3x 25.1x 15.1x 22.2% 20.3% 15.6% 19.5%
Max $104.86 97% $4,772 $4,170 5.6x 6.2x 4.5x 30.0x 32.8x 19.4x 38.4x 42.9x 34.2x 38.7% 46.9% 33.8% 34.6%
Hair Solutions
Marico Limited (IN) $4.83 94% $6,232.79 $6,153.45 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x NM 48.2x 46.9x NM 13.3% 19.8% 19.6%
Milbon Co.,Ltd. (JP) $55.56 94% $909.60 $870.78 3.3x 3.5x 3.0x 16.0x 16.6x 14.6x 35.4x 24.6x 27.9x 9.3% 19.3% 21.3% 20.3%
Cota Co., Ltd. (JP) $11.46 92% $175.53 $142.61 2.4x 2.6x NA 11.1x 12.0x NM 25.4x 19.7x 0.0x 3.1% NM 21.4% NM
Artnature Inc. (JP) $6.49 85% $215.12 $85.53 0.2x 0.3x NA 2.3x 2.3x NM 13.1x 11.0x 0.0x NM NM 11.1% NM
Mean $19.59 91% $1,883 $1,813 3.2x 3.3x 4.5x 15.9x 16.5x 23.0x 24.6x 25.9x 18.7x 6.2% 16.3% 18.4% 19.9%
Max $55.56 94% $6,233 $6,153 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x 35.4x 48.2x 46.9x 9.3% 19.3% 21.4% 20.3%
%52W Revenue EBITDA
%52W Revenue EBITDA

CONFIDENTIAL
Beauty Quarterly Global Financing History
$33
$13
$38
$115
$68
$53
$88
$55
$175
$363
$100
$273
$36
$248
$318
$54
$77
$55
$139
$131
$99
17
14
18
22
20
23
21
22
24
28
25
40
21
23
44
36
40
24
33
28
38
0
5
10
15
20
25
30
35
40
45
50
$-
$50
$100
$150
$200
$250
$300
$350
$400
Q1
'12
Q1
'13
Q1
'14
Q1
'15
Q1
'16
Q1
'17
Disclosed Funding ($M) Deals
Q1 ‘12 – Q1 ‘17
Note: CB Insights

CONFIDENTIAL
Beauty Annual Global Financing History
$200
$264
$912
$656
$403
$101
$340
71
86
117
124
125
44
149
0
20
40
60
80
100
120
140
160
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2012 2013 2014 2015 2016 2017 YTD
Disclosed Funding ($M) Deals
(Full-year Run-
Rate)
(Full-Year run
Rate)
2012-2017 YTD (4/19/17)
Note: CB Insights

CONFIDENTIAL
44
Beauty Annual Financing History by Category
36
45
55
50
56
17
21
22
30
29
29
7
8
14
17 27
29
8
1
8
11
8
4
0
20
40
60
80
100
120
140
2012 2013 2014 2015 2016 1Q'17
Packaged Goods eCommerce Platforms Salons On Demand
Note: CB Insights

CONFIDENTIAL
45
Beauty Annual Financing History by Category
Note: CB Insights
Fragrances

CONFIDENTIAL
46
Recent beauty private placements
Note: Highland Capital Partners; Tiger Global Management and group invested in HF Global twice in 2014 but considered only one
Considered transactions over$10m
Closed Deal LTM
Date Investor Company Value ($m) EV /
Revenue
22-Oct-14 Novacap; EDC Equity and group Knowlton Development Corporation 147.2 na
22-Jan-14 Bullish, Lakestar, Highland Capital Partners, SV Angel, Thrive Capital, Tiger Global Management, Harrison Metal, Grace Beauty Capital, Andrew Mitchell Harry's 122.5 na
22-Jan-14 Highland Capital Partners; Tiger Global Management and group HF Global, Inc. 122.5 na
14-Sep-15 TPG Growth and Sherpa Capital IPSY 100.0 na
8-Apr-15 Crescent HydePark, Milestone Capital China and group Lili & Beauty 100.0 na
15-Jun-15 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 90.7 1.4x
7-Jul-15 Bullish, Wellington Management Harry's 75.6 na
24-Nov-14 Wellington Management Group; Tiger Global Management HF Global, Inc. 75.6 na
19-Nov-14 Bullish, Thrive Capital, Lakestar, BoxGroup, SV Angel, Red Swan Ventures, Highland Capital Partners, Tiger Global Management, Grace Beauty Capital Harry's 75.0 na
8-Jan-14 Piper Jaffray, Polaris Partners and group Living Proof 75.0 na
9-Aug-16 Altos Ventures, Cota Capital, Cowboy Ventures, Formation Group, FundersClub, Goodwater Capital, Mousse Partners, Pear Ventures Memebox 66.0 na
18-May-15 CITIC Capital Partners; New Alliance Capital KanS 64.5 na
15-Dec-16 Altos Ventures, Cota Capital, Cowboy Ventures, Formation Group, FundersClub, Goodwater Capital, Mousse Partners, Pear Ventures Memebox 60.0 na
21-Apr-14 Viking Global Investors, First Round Capital, Accel Partners, Consigliere Brand Capital, Aspect Partners, Glynn Capital Management, Slow Ventures,
TriplePoint Venture Growth BDC Corp and Comcast Ventures
BirchBox 60.0 na
14-Jun-17 Viking Global Investors Yes To 56.0 na
19-Aug-14 Rhone Capital Elizabeth Arden, Inc. 50.0 0.0x
31-Jul-14 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 50.0 2.5x
14-Apr-17 Beautiful Color Pte. Ltd Clio Cosmetics Co., Ltd. (KOSDAQ:A237880) 49.9 0.3x
2-Dec-13 LMN VC Restorsea 44.2 na
3-Jun-13 ChrysCapital CavinKare Pvt. Ltd. 44.1 na
22-Jul-15 KT&G Corporation Somang Cosmetics Co., Ltd. 42.5 na
26-Oct-15 PremjiInvest Hygienic Research Institute Pvt. Ltd. 33.3 0.6x
16-Jun-15 Kaszek Ventures, Tiger Global Management Beleza Na Web 30.0 3.3x
13-Feb-13 Polaris Partners; Leerink Swann & Company and group Living Proof, Inc 30.0 na
8-Jun-17 L Catterton IL Makiage 29.0 na
16-Sep-15 Alicorp Holdco España Alicorp Argentina S.C.A. 25.0 na
13-Jul-15 Fosun Kinzon Capital, Lightspeed Venture Partners, Cowboy Ventures, Slow Ventures, FF Angel LLC StyleSeat 25.0 na
30-Nov-16 Index Ventures, IVP (Institutional Venture Partners) Glossier 24.0 na
28-Sep-15 500 Startups, Aaron Batalion, Andreessen Horowitz, and group Walker & Company 24.0 na
15-Dec-14 TPG Growth Counter Brands, LLC 21.3 na
3-May-17 Knight Therapeutics (Barbados) Inc. Synergy CHC Corp. (OTCPK:SNYR) 20.0 na
5-Apr-16 Palamon Capital Partners Feelunique.com 20.0 na
24-Jan-17 LDC Rush Hair 19.9 na
15-Aug-13 Sequoia Capital Vini Cosmetics Private Limited 17.9 na
30-Jan-15 Formation 8, Goodwater Capital, AME Cloud Ventures, Pear Ventures, Y Combinator, Winklevoss Capital, Cowboy Ventures, Altos Ventures, Fenox
Venture Capital, Tekton Ventures, Boon Hwee Koh, FundersClub, Bobby Yazdani, Noosheen Hashemi, HKB Capital, Amasia
Memebox 17.5 na
8-Dec-14 Sequoia Capital China Hanhoo 16.2 na
10-Sep-15 Norwest Venture Partners; Comcast Ventures and group Madison Reed, Inc. 16.1 na
13-Jul-15 TheFaceShop Le Groupe Fruits & Passion inc. 15.6 na
25-Oct-16 Launch Angels Madison Reed 15.0 na
1-Aug-16 Accel Partners, Alven Capital Partners and group BirchBox 15.0 0.7x
18-Apr-16 Forerunner Ventures; Sherpa Ventures and group Curology, Inc. 15.0 na
1-Sep-15 The Windquest Group AOBiome, LLC 15.0 na
9-Sep-14 Longwood Founders Management Colorescience, Inc. 15.0 na
6-Apr-16 Jilin Jian Yisheng Pharmaceutical; Yiren Tongxin Investment; and group Jilin Zhonghan Yisheng Hancan Cosmetics Co., Ltd.14.8 0.8x
3-Oct-13 Battery Ventures; Venrock and group Dollar Shave Club, Inc. 13.2 na
9-Feb-17 na Madison Reed 13.0 na
27-Apr-16 Fullshare Holdings Hin Sang Group (International) Holding Co. Ltd. (SEHK:6893)12.9 0.4x
19-Jan-17 na COSON Co., Ltd. (KOSDAQ:A069110) 12.9 0.2x
12-Sep-16 Techpro Ventures Private Limited; TVS Capital Funds Limited Nykaa 12.3 na
22-Feb-17 na Function Inc 12.0 na
1-Jul-14 Paul Pressler, Pear Ventures, Formation 8, Goodwater Capital, Altos Ventures, Winklevoss Capital, Fenox Venture Capital, Tekton Ventures, Cowboy
Ventures, Accelerate Fund, Y Combinator, FundersClub, Suleman Ali, Signatures Capital
Memebox 11.9 na
8-Jan-14 Lightspeed Venture Partners, Lowercase Capital, AFSquare, Justin Mateen, Base Ventures, Slow Ventures, Kevin Colleran, FF Angel StyleSeat 10.2 na
23-Mar-17 Trinity Capital Investment Madison Reed 10.0 na
18-Jun-15 500 Startups, Andreessen Horowitz and group Mayvenn 10.0 na
22-May-14 Grace Beauty Capital, Andrew Mitchell Harry's 10.0 na
Median 0.7x

CONFIDENTIAL
47
Recent beauty precedent M&A transactions
Note: Includes OOO Unilever Rus acquisitions of 82% stake in Concern Kalina, OAO
Considered transactions over $50m
Closed Enterprise
Date Acquirer Target Value ($m) EV /
Revenue
EV / EBITDA EV /
Revenue
EV / EBITDA
9-Jul-15 Coty Inc. (NYSE:COTY) P&G Beauty Brands 14,814.6 - - - -
2-Jun-16 Johnson & Johnson Consumer Companies Vogue International LLC 3,300.0 - - - -
14-Nov-16 The Estée Lauder Companies Inc. (NYSE:EL) Too Faced Cosmetics, LLC 1,450.0 - - - -
22-Jul-16 L'Oreal SA (ENXTPA:OR) It Cosmetics, LLC 1,200.0 6.6x - - -
9-Jun-17 Natura Cosméticos The Body Shop International 1,119.1 - - - -
20-Jul-16 Unilever PLC (LSE:ULVR) Dollar Shave Club, Inc. 1,000.0 6.6x - - -
23-Mar-11 Colgate-Palmolive Europe Sarl Unilever plc, Global Sanex Business 949.0 3.6x - - -
16-Jun-16 Revlon Consumer Products Corp. Elizabeth Arden, Inc. 864.2 0.9x - 0.9x 22.3x
14-Oct-11 OOO Unilever Rus Concern Kalina, OAO 794.8 2.1x 11.6x 1.8x 12.5x
14-Aug-14 Cosmax BTI, Inc. (KOSE:A044820) Cosmax, Inc. (KOSE:A192820) 788.0 - - 1.9x 17.0x
28-Apr-17 - Clio Cosmetics 746.3 4.2x 37.7x 3.3x 19.7x
15-Aug-13 L'Oreal SA (ENXTPA:OR) Magic Holdings International Limited 719.2 3.3x 21.2x 2.6x 14.2x
5-Aug-13 Revlon Consumer Products Corp. The Colomer Group Spain, S.L. 656.6 - - - -
19-Nov-13 Domtar Inc. Laboratorios INDAS S.A.U. 574.9 - - - -
13-Mar-17 - CavinKare Pvt. Ltd. 566.7 - - - -
21-Apr-17 Leaf & Vine Co., Ltd. Able C&C Co., Ltd. (KOSE:A078520) 551.1 1.5x 21.5x 1.3x 17.9x
17-Oct-16 Coty Inc. (NYSE:COTY) Jemella 511.8 - - - -
16-Dec-15 Lancy Company Limited (SZSE:002612) L&P Cosmetic Co., Ltd. 510.1 - - - -
18-Jun-14 L'Oreal SA (ENXTPA:OR) NYX, Los Angeles, Inc. 500.0 6.9x - - -
3-Jul-12 Albea Services S.A.S. Rexam PLC, Cosmetics, Toiletries And Household Care Products Business 459.0 - - - -
28-Sep-16 Puig S.L. Grupo Granado SA 439.9 0.2x - - -
21-Sep-15 Symrise AG (XTRA:SY1) Pinova Holdings, Inc. 417.0 1.5x 11.2x - -
20-Feb-17 It'S SKIN Co., Ltd. (KOSE:A226320) Han Bul Cosmetics Co., Ltd. 385.6 0.3x 0.8x - -
16-Nov-12 Allergan, Inc. SkinMedica, Inc. 375.0 - - - -
2-Jun-14 Henkel AG & Co. KGaA (DB:HEN3) Kenra Limited and Alterna Holdings Corp. and Sexy Hair Concepts, LLC 367.3 1.9x - - -
15-Jul-11
Valeant International Bermuda; Valeant
Pharmaceuticals North America LLC Ortho Dermatologics, Inc. 346.1 2.4x - - -
24-Apr-17 Leaf & Vine Co., Ltd. Able C&C Co., Ltd. (KOSE:A078520) 344.7 0.9x 13.2x 0.8x 11.4x
17-Oct-13 L'Oreal SA (ENXTPA:OR) Decléor S.A. and Carita International SA 311.0 2.3x - - -
30-Nov-11 POLA Orbis Holdings, Inc. (TSE:4927) Jurlique International Pty. Limited 299.4 3.3x - - -
16-Aug-12 Yves Rocher sa Kosan Kozmetik Pazarlama Ve Ticaret A.S. 294.1 2.9x - - -
4-Jul-16 Sulzer, Ltd. (SWX:SUN) GEKA GmbH 289.8 1.7x - - -
10-Nov-16 Acasta Enterprises Inc. (TSX:AEF) Apollo Health And Beauty Care Corporation 289.2 - - - -
27-Jan-14
CCMP Capital Advisors, LP; Stockton Road Capital,
LLC Jamieson Laboratories Ltd. 270.8 - - - -
19-Jan-12 Baring Private Equity Asia Magic Holdings International Limited 258.1 1.7x 8.8x 1.4x 7.2x
7-Oct-14 Coty Inc. (NYSE:COTY) Bourjois S.A.S., Bourjois SARL, Bourjois B.V. and Bourjois Limited 246.0 - - - -
27-Dec-11 Earth Chemical Co., Ltd. (TSE:4985) Bathclin Corporation 238.8 1.5x - - -
24-Sep-15 Soulbrain Co.,Ltd. (KOSDAQ:A036830) Genic Co., Ltd. (KOSDAQ:A123330) 230.8 4.1x 34.5x 3.1x 16.2x
17-Feb-17 It'S Hanbul Co., Ltd. (KOSE:A226320) Han Bul Cosmetics Co., Ltd. 233.5 0.8x 2.6x - -
26-Apr-12 L'Oreal SA (ENXTPA:OR) Cadum International S.A. 225.8 2.9x 12.2x - -
1-Jun-11
Godrej Consumer Products Limited
(NSEI:GODREJCP) Darling Group Holdings 218.8 1.0x - - -
9-Jul-15 Alliance Boots Holdings Limited Liz Earle Beauty Co. Limited 215.4 - - - -
28-Jun-11 Puig-Exea Corporation; Sabadell Capital Laboratoires Dermatologiques d'Uriage S.A. 201.1 2.0x - - -
7-Dec-15 Han Bul Cosmetics Co., Ltd. Neopharm Co Ltd (KOSDAQ:A092730) 200.3 7.3x 29.6x - -
2-Feb-16 Church & Dwight Co. Inc. (NYSE:CHD) Spencer Forrest, Inc. 175.0 5.8x - - -
23-Dec-11 Perfumania Holdings, Inc. (NasdaqCM:PERF) Parlux Fragrances Inc. 165.6 1.3x 47.3x - -
17-Mar-14 KOSE Corp. (TSE:4922) Tarte, Inc. 144.4 - - - -
8-Dec-12 WIPRO UNZA Holdings Pte Ltd L.D.Waxson (S) Pte Ltd. 144.0 2.1x - - -
20-Dec-16 Groupe Rocher Sabon 129.0 - - - -
20-Dec-12 Natura Cosméticos SA (BOVESPA:NATU3) Aesop Retail Pty Ltd 114.5 - - - -
30-Mar-12 OOO Estel Kosmeticheskoe Ob'edinenie Svoboda, Oao 109.2 - - - -
20-Jan-14 HF Global, Inc. Feintechnik GmbH Eisfeld 100.0 - - - -
12-Oct-11 Edmond de Rothschild Investment Partners, S.A.S. Maesa 91.2 0.9x 10.1x 0.9x 9.0x
30-May-11 POLA Orbis Holdings, Inc. (TSE:4927) H2O Plus, LLC 91.0 - - - -
26-Jul-11 Wet Wipes International s.r.o. Unilever Cr, Spol. S R.o., Factory in Nelahozeves 89.4 - - - -
17-Aug-15 NBTY (2015) Limited Dr Organic Limited 85.8 - - - -
6-Sep-12 Markwins International Corporation Physicians Formula Holdings Inc. 77.2 0.8x 8.1x - -
1-Sep-15 Fosun International Limited (SEHK:656) AHAVA Dead Sea Laboratories Ltd 73.8 1.6x - - -
2-Jul-12 Revlon, Inc. (NYSE:REV) Bari Cosmetics, Ltd., Certain Assets 66.2 - - - -
4-Aug-11 Church & Dwight Co. Inc. (NYSE:CHD) Vivalis Ltd, BATISTE Brand 64.8 3.2x - - -
15-Jan-15 Orkla ASA (OB:ORK) Cederroth AB 61.7 - - - -
16-Dec-14 MW Legal 36 Sp. z o.o. Global Cosmed S.A. (WSE:GLC) 61.6 1.3x 17.4x - -
31-May-12 Elizabeth Arden, Inc. New Wave Fragrances, Global Licenses And Certain Assets For Ed Hardy, True Religion And BCBGMAXAZRIA60.1 - - - -
4-Apr-16 PDC Brands Original Additions (Beauty Products) Ltd 52.8 0.9x - - -
12-Jun-12 Elizabeth Arden, Inc. Give Back Brands LLC, Global Licenses and Assets for Justin Bieber and Nicki Minaj Fragrance Brands51.1 - - - -
Median 2.0x 12.7x 1.6x 15.2x
LTM NTM

CONFIDENTIAL
48
Quarterly volume of beauty M&A transactions
1
3 3
5
2
3
4
3
0 0
2 2
3
2
1
2
1
0
6
2
1
3
4 4
3
4
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0
1
2
3
4
5
6
7
TransactionsValue($m)
NumberofTransactions
Number of transactions Total Value ($m)
Note: 4Q16 represent deals till March 31, 2017 and the selected transactions are over $30m

CONFIDENTIAL
49
Quarterly volume of beauty private placements
1 1 1
2
4
3
5 5
1
5
10
1 1
4 4
3
5
4
0
50
100
150
200
250
300
350
400
0
2
4
6
8
10
12
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
TransactionsValue($m)
NumberofTransactions
Number of transactions Total Value ($m)
Note: 4Q16 represent deals till October 30, 2016 and the selected transactions are over $10m

Beauty Industry Overview 2017

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