Comcap Beauty Overview

Home , Aesop (brand), Ahava, Amorepacific Corporation, Elf (cosmetics), Mandom, Sephora

CONFIDENTIAL Complete presentation at: https://goo.gl/803d34

June 2017 Beauty industry – ComCap discussion materials CONFIDENTIAL

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 Steve Terry Fermin Caro Managing Partner Managing Director Director M: 415-235-8270 M: 415-971-3794 M: 650-743-7825 E: [email protected] E: [email protected] E: [email protected]

2 CONFIDENTIAL

Index

1 Beauty industry overview

2 ComCap overview

3 Appendix: Trading comparables, private placements and precedents

3 CONFIDENTIAL

1 Beauty industry overview

4 CONFIDENTIAL

Beauty industry – Key themes for 2017

Large growth opportunity for mass beauty products in emerging countries with a growing middle class 1 and premium beauty products in developed countries

Disruptors include startups as well as non-beauty retailers entering the beauty market organically 2 and inorganically

Instore model + online model is more effective than just ecommerce online model, giving 3 traditional players like ULTA and Sally Beauty an edge over ecommerce-pure play players

Consolidation continues with drive to attain scale, new capabilities, and entry into new 4 geographies

5 Shop-in-shop concept is gaining momentum within the beauty industry

6 'Fast-fashion' model for beauty is gaining increasing popularity with the younger generation

Huge ecommerce "replenishment" opportunity for global players (which fulfillment companies can 7 help serve with online and offline models)

8 Korean brands have had a growing influence on the global beauty market, leading to a K-Beauty trend

9 Investors continue to deploy meaningful capital in the industry at the early stages, growth stages and into public equity markets 5 CONFIDENTIAL 1 Beauty companies are well positioned with strong underlying growth factors

Beauty ecommerce has major room to grow Global growth in premium cosmetics market

Internet Sales as estimated % of total beauty and (In $bn) personal care sales, 2016 $126

19.7% $121 18.1% $116 $112 11.1% 10.6% 7.3% 7.7%8.1% $108 6.4% 4.6% 4.8% 4.2% 4.5%

World China UK US France Germany 2015 2016 2017 2018 2019

Source: Euromonitor International / Fung Global Retail & Technology Source: ULTA investor presentation

WW middle class growing significantly Luxury market continue to see strong growth (In million) 6,000 (In EUR million)

5,000 251 249 218 224 4,000 212 192 167 173 3,000 153 2,000

1,000

0 2015 2020 2025 2030 North America Europe Central and South America Asia Pacific 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sub-Saharan Africa Middle East and North Africa

Source: Global Economy and Development Source: Bain & Company

6 CONFIDENTIAL

Global cosmetics market overview

Growth of the worldwide cosmetics market from 2007 – 2016 Main worldwide players (Estimated annual growth rate, as %) (2016 sales, in billions of USD)

5.0% 4.6% 4.6% $28.0 3.8% 4.0% $20.5 4.2% 3.6% 2.9% 3.9% $17.6

$11.1

1.0% $7.1

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Breakdown of the worldwide cosmetics market – Geographic Breakdown of the worldwide cosmetics market – Product Zones (%) Categories (%)

2.9% 6.0%

10.5% Asia Pacific Skin Care 10.2% North America 36.9% 12.0% 36.3% Haircare Western Europe Make-up 19.2% Latin America 18.2% Fragrances Eastern Europe Hygiene Products Africa, Middle East 24.8% 22.9%

7 Source: L'Oréal Annual Report 2016 CONFIDENTIAL

Top players in the beauty industry today

Global Beauty (1) FY 16 Net Sales (USD Bn)

Coty + P&G Beauty Brands Pure Play Beauty Player (combined revenue is $9b) 28.6 Non Pure Beauty Player Skin Care Focused Players in Beauty Represents revenue related to beauty segment

Revlon + 11.3 Elizabeth Arden 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

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 8 Source: Coty Presentation, CapIQ CONFIDENTIAL

Boom in make-up market

Penetration rates still relatively modest in few geographical areas Women’s global spending on makeup compared to clothing (% of women who use at least one lip make-up product per year) (YoY growth)

7.2% 68.0% 6.4% 60.0% 50.0% 4.9% 5.2% 5.1% 5.0% 4.9% 3.9% 4.0% 3.7% 3.2% 28.0% 3.4%

US China France Brazil 2011 2012 2013 2014 2015 2016 Womens wear Color cosmetics

In all geographic zones, the make-up market is growing faster than the cosmetics market

X6 Western Makeup is the most dynamic category in Europe all sectors

Luxury

X2 New X2 North Markets Mass- Market America

Professional

9 Source: L'Oréal Annual Report 2016, Press CONFIDENTIAL

2 Disruptors include startups…

$200m+

$150m

$100m

$50m

$15m Total Funds Raised Funds Total

$10m

$5m

Seed Fragrance Men’s shaving & General Brands Salon Hair Care Subscription Skin Care Platform grooming Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook 10 CONFIDENTIAL …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 11 CONFIDENTIAL Amazon witnesses a 47% growth in sales as compared to 2% growth in the total US beauty market

Total US Beauty Market vs Amazon 2016 Beauty Sales

47% YoY Sales 2% YoY Sales $56.2bn $2.5bn

Total Value of the Amazon’s Total U.S. Beauty market Beauty Sales (2015) (2016)

2014 2015 2015 2016

. 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. 12 CONFIDENTIAL

3 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 Source: ULTA investor presentation they primarily focus on an in-store experience and use e-commerce to . Many online players are applying a “shop within a shop” complement it strategy, as well as setting up their own “digital hubs” at prominent retailers . This customer preference is unfavorable for online retailers like . A great example is Pinrose, a fragrance startup, that has set up Amazon who specialize in digital hubs at Sephora and Nordstrom's, which feature a quiz “replenishment” orders (iPad app) from Pinrose to help buyers find the right fragrance. Pinrose’s quiz is also integrated into Sephora’s website as a part . Prestige beauty brands have of their partnership managed to keep pricing and distribution on a fairly short leash as they keep product availability exclusive to certain merchants 13 CONFIDENTIAL

4 Recent M&A activity in the beauty space Many large transactions highlight increasing consolidation

Target Buyer Date Announced Consideration Multiples Deal Rationale

Feb 20, 2017 US$385.6m LTM Rev $270.8m: 0.3x . Expansion of capabilities: The acquisition LTM EBITDA $84.5: 0.8x 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

Nov 14, 2016 US$1.4bn NA . 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

Jul 22, 2016 US$1.2bn LTM Rev $182.0m: 6.6x . 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

Jul 20, 2016 US$1.0bn LTM Rev $152.0m: 6.6x . Expand into new geographies: Dollar Shave Club will be able to expand faster into new geographies and improve its distribution abilities in existing markets

Jun 16, 2016 US$905.4m LTM Rev $949.5m: 0.9x . Expansion of capabilities: Merger of the LTM EBITDA ($6.9m): nm two companies will create a multi-brand, NTM Revenue: 0.9x global beauty enterprise and tremendous opportunity for long-term growth and value NTM EBITDA: 22.3x creation

Jul 9, 2015 US$14.8bn NA . Enhance leadership position: 43 P&G beauty brands merged into Coty, trans- forming it into one of the world’s leading beauty companies

Source: CapIQ, Press 14 CONFIDENTIAL Shop-in-shop concept is gaining momentum within the 5 beauty industry “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:

Retailers and Description Brand owners • 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 15 CONFIDENTIAL 'Fast-fashion' model for beauty is gaining increasing 6 popularity with the younger generation

Pure Players

Declining Unit Rising Volumes Fast Fashion Prices

Fast Fashion

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

16 CONFIDENTIAL

7 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 E-Commerce Penetration of Personal Care and Beauty Sub-Categories – US, 2013

Daily Essentials Beauty

17% 12% 7% 7% 5% 3% 3% 1%

Haircare Deodorant Men's Bath and Fragrances Cosmetics Skincare Sets and Grooming Shower Kits

Prime disruption categories for replenishment

Where online US consumers shop online for personal care and beauty products

Traditional beauty players Mass retailers 73%

42% 35% 32% 24% 25% 25% 27% 28% 18% 18% 19% 20% 22% 23%

. 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 Source: Euromonitor, AT Kearney 17 CONFIDENTIAL Korean brands have had a growing influence on the global 8 beauty market, leading to a K-Beauty trend

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

Source: Fung Global Retail & Tech, Industrial Research Institute 18 CONFIDENTIAL

9 Strategic investors in the beauty space

Hair solutions Retailers Cosmetics and Salons

Conglomerates Beauty Products with beauty Manufacturers segment

Perfumes Multi-category retailers

Note: All the companies selected has a market of over $500m and the transaction values of over $250m 19 CONFIDENTIAL e.l.f and Coty: case studies highlight public market opportunity for cosmetics and beauty industry

Sep’16: Raised $141.7m from Nov’ 16: raised an additional amount of gross proceeds through issue $1.1bn of an IPO $400 $8,000 $7,523 $350 Oct’ 16: merged with P&G Specialty Beauty Business $350 $7,000 $291 Jul’ 12: Raised $1.0bn from gross $300 $6,000 proceeds through an issue of an IPO $5,403 $230 $250 $5,000 $4,611 $4,649 $4,552 $4,395 $191 $200 $4,000 $145 $150 $121 $3,000 $100 $83 $2,000 $50 $1,000 $0 $0 2012A 2013A 2014A 2015A 2016A 2017E 2018E 2012A 2013A 2014A 2015A 2016A 2017E Revenue (In $m) Revenue (In $m)

. The company was established in 2004 as J.A. Cosmetics, later it . Founded in 1904 by Francois Coty, who sold fragrances to was renamed in 2016 as e.l.f beauty Paris department stores . In 2014, TPG Growth acquired a majority stake in the company ─ It is a global leader in fragrances, with the number two position in hair and number three in color cosmetics . In the 2016 IPO, the company issued 8.3 million shares at a price of $17.00 per share . In the 2012 IPO, the company issued 57.1 million shares at a price of $17.50 per share . In March 2017, the company has raised gross proceeds of $225.3m ─ The shares are issued at a price of $17.50, between the by offering 8.3 million shares at a price of $27 per share. The amount indicated range of $16.50 and $18.50 raised will be used for working capital and general corporate purposes ─ The shares offered was sold by existing Coty stockholders, and Coty did not receive any of the proceeds of the offering . As of April 20, 2017, the company is trading at 6.2x LTM revenue, • In October 2016, Coty merged with P&G Specialty Beauty and has an enterprise value of $1.3bn Business. It expects to achieve total cost savings of approx. Source: CapitalIQ, Press Releases $750m, or 16%1 of acquired revenues Note: Coty financials not pro forma for P&G Beauty Brands merger 20 CONFIDENTIAL

Financial and corporate investors landscape US International Buyout / Alternate

Stage agnostic

Late stage

Early stage

Corp. VC

Investors with beauty investments 21 CONFIDENTIAL

Sub-verticals within beauty have a varied trading multiples range

Revenue multiples1

Beauty Products 9.4x Manufacturer 8.8x

7.0x Hair Solutions 6.1x

Conglomerates 13.6x with Beauty segment 11.7x

6.2x Cosmetics 4.5x

Retailers 3.5x and Salons 2.9x

2.1x Perfumes 2.0x

0.0x 5.0x 10.0x 15.0x

CY16 CY17

Note: (1) Max revenue multiples as of 07/19/2017 Source: Capital IQ 22 CONFIDENTIAL

2 ComCap overview

23 CONFIDENTIAL

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

24 CONFIDENTIAL ComCap – A leading boutique at the intersection of Capital and Commerce

Value Unique, Focused, Global, Strategy and Investment Banking Boutique Proposition 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. #1 Asian ecommerce B2B company Selected #3 Russian Internet company $200M rev US public company ComCap #1 UK Internet company Multiple US and EU private equity funds Clients Multiple private B2B ecommerce systems integrators Many ecommerce SaaS companies

Previous Clients

Selected Team Members

Aron Bohlig Steve Terry Matt Nemer Swetha Vijay Fermin Caro Managing Partner Managing Director Managing Director Director Director

23 years 20 years 20 years 9 years 14 years Credit Suisse Credit Suisse Wells Fargo DBS, Deloitte Credit Suisse Experience Become, Nortel Battery Ventures Thomas Weisel Avista/Houlihan SVB Capital Robertson Lokey Stephens

Wharton MBA McCombs School Vanderbilt IIM Ahmedabad Yale MBA Education of Business MBA MBA

Location San Francisco San Francisco San Francisco Singapore San Francisco

Back office Sakshi Goel Rajani Vadapalli Sabeeh Mohsan Dhawal Chotai Shiv Ng Charlotte Brook Team Associate Associate Analyst Analyst PPG Administration and Ops 25 CONFIDENTIAL 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 IPO experience

eCommerce & Broadlines Hardlines Marketplaces

26 CONFIDENTIAL Selected ComCap transactions & recent mandates

Project Perseus Project Orion SaaS

$80,000,000 Acquisition of Acquisition of Acquisitions of Dual Track Process stake in stake in DNVBs (group Capital raise for (equity financing consolidation) Australian tech and sale) Sole advisor to Sole advisor to company transcosmos transcosmos In process In process In process Mar 2017 Dec 2016

Acquisition of Project Titan stake in $200,000,000 $20,000,000 Strategic equity Acquisition $62,500,000 investment from Series B Sole advisor to Sole Advisor Debt Financing Financing transcosmos Oct 2015 Aug 2016 Mar 2016 Sep 2015 Aug 2015

Acquisition of Acquisition of Acquisition of $45,000,000 Acquisition of $55,000,000 Financing Sole Advisor to Sole Advisor to Sole Advisor to Sole Advisor to PFSweb PFSweb PFSweb PFSweb Jun 2015 Jun 2015 Feb 2015 Sep 2014 Sep 2014

$14,690,000 Acquisition of Merger with 20% stake in Acquisition of stake in Strategic Strategic Advisory Advisory Sole Advisor to Sole Advisor to transcosmos transcosmos Sep 2013 Jul 2013 May 2013 Mar 2013 Mar 2013

US Europe Australia Asia Latin America 27 CONFIDENTIAL Transcosmos case study – stock price increase following ComCap-advised strategic investments

Series of strategic investments advised by ComCap, post- engagement

Source: Transcosmos’ investor portfolio presentation 28 CONFIDENTIAL ComCap - active in 13 countries, including 11 of the top 22 global ecommerce markets

$672.0

$340.6 Retail Ecommerce Sales Worldwide – 2015 (In $bn)

$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

29 CONFIDENTIAL

ComCap helps DynamicAction raise $15m Strategic Round

DnA revenue ramp including synergies ($m) implies a ‘17 multiple in-line with vertical SaaS leaders

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

ComCap successfully executed a capital raise and partnership with committed resources to accelerate growth and realize material revenue synergies

30 CONFIDENTIAL ComCap helps drive global eCommerce outsourcing expansion through $15mm equity investment

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

Capabilities

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 31 CONFIDENTIAL $45m investment from Bridgepoint Development Capital for Trustly

• Trustly is a Stockholm-based online payment services provider (PSP) $45,000,000 • At the time of the transaction, Trustly processed payments of Financing €1.1bn p.a., implying year-on-year growth in excess of 100% • Trustly's proprietary and scalable PSP technology platform Feb 2015 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 ComCap Process Differentiation merchants across a variety of segments, such as Peer-to-Peer Marketplaces (Blocket, part of Schibsted), Sharing Economy • Extensive pre-transaction engagement to optimize company’s (Tripwell), Travel (Logitravel), Electronics (Samsung), Daily PR strategy and corporate positioning Deals (Groupon), Financial Services (Western Union), Gaming • Process designed to engage with key strategics and private (bwin.party) and e-Wallets (PayPal) 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 • Bridgepoint is an International private equity firm focused on component investing in leading middle market businesses • Minimized period of exclusivity to optimize competition on • Bridgepoint Development Capital ('BDC') focuses on buyouts economics and lower deal risk and growth capital investments, typically in businesses with an enterprise value between $25m and $150m

ComCap successfully executed a capital raise to fuel Trustly’s European expansion

32 CONFIDENTIAL ComCap helps drive global ecommerce outsourcing expansion through $15mm equity investment

Global outsourcing leader with premier client base, seeks International outsourced ecommerce with robust expansion via digital services & new geographies capabilities and iconic global brands • Based in Tokyo, founded in 1985, (TSE: 09715) since 1997 • Based in Texas, founded in 1994, IPO 1999 on NASDAQ: • $1.5B in sales, ~16,000 employees, ~ 800 clients PFSW • Leading BPO, contact center, digital marketer w. Asia expertise • $250M in sales, 1,400 employees, >60 brand name clients • Proactively sought to meet clients’ Int’l. expansion needs • Best in class provider of end-to-end ecommerce outsourcing • Identified ecommerce as next evolution in outsourced services • Established operations in N. America and Europe • Seeking strategic partners to achieve a global solution Clients Clients

Capabilities

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 33 CONFIDENTIAL ComCap helps drive capital and business alliance with Infracommerce

Global outsourcing leader with premier client base, seeks An e-commerce one-stop services provider with a expansion via digital services & new geographies focus on Brazil • Based in Tokyo, founded in 1985, (TSE: 09715) since 1997 • Based in São Paulo, Brazil; founded in 2012 • $1.9B in sales, ~18,000 employees • GMV of $25M+ in 2015, 400 employees • Leading BPO, contact center, digital marketer w. Asia expertise • Offers extensive e-commerce related services. A market leader • Proactively sought to meet clients’ Int’l. expansion needs in Brazil and expanded its sales channel into Mexico • Identified ecommerce as next evolution in outsourced services • Plans to enter into Argentina, Columbia, Chile and Peru from after 2017 Clients Clients

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

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

34 CONFIDENTIAL PFSW case study – stock price increase following 1 equity investment & 4 acquisitions PFSweb acquired MODA Closing stock price: ($13.74 as PFSweb acquired REV Solutions of 6/15/2015) 18 Closing stock price: ($5.09 as of 9/4/2014) 16 Transcosmos made a $14.7m 14 equity investment in PFSweb Closing stock price: ($4.34 as 12 of 5/15/2013) 10 8 PFSweb acquired CrossView 6 PFSweb acquired LiveAreaLabs Closing stock price: ($12 as of 8/5/2015) 4 Closing stock price: ($10.64 as of 9/23/2014) 2

Jul-01-2014 Jul-01-2015 Jul-01-2013

Jan-01-2014 Jan-01-2015 Jan-01-2016

Jun-01-2013 Jun-01-2014 Jun-01-2015

Oct-01-2013 Oct-01-2014 Oct-01-2015

Apr-01-2015 Apr-01-2014

Sep-01-2013 Feb-01-2014 Sep-01-2014 Feb-01-2015 Sep-01-2015 Feb-01-2016

Dec-01-2013 Dec-01-2014 Dec-01-2015

Aug-01-2013 Aug-01-2014 Aug-01-2015

Nov-01-2013 Nov-01-2014 Nov-01-2015

Mar-01-2015 Mar-01-2014

May-01-2013 May-01-2014 May-01-2015 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

Source: Capital IQ as of Feb 2, 2016 35 CONFIDENTIAL ComCap’s current thematic focus areas Theme Description Select companies

Digitally Native Vertical D2C digitally native brands covering clothing, accessories, personal care, Brands (DNVBs) home and kitchen, furniture, and other consumer-focused products.

Beauty, health and Universe of beauty companies, including product manufacturers, retailers, wellness disruptors and new entrants.

Focus on disruptors in the analytics space focused on ecommerce, Analytics logistics, retail, predictive, payment, risk and marketing

Personalization Emerging players in the ecommerce personalization space

Marketing Suites Emerging platforms in the digital marketing space

Focused on mobile solution providers optimizing the mobile experience Mobile from desktop-to-mobile website conversions, targeted mobile marketing, to simplifying the mobile checkout experience. Retail and commerce-related disruptors in the fintech universe. Current Fintech focus areas include payments, risk analytics, false declines and retail POS. Companies that provide outsourcing and end-to-end ecommerce services, Outsourcing and such as contact centers, platform, marketing, photo services, logistics, service providers warehousing etc. Focus on large SIs covering multiple platform as well as smaller SIs System Integrators covering just one or a handful of platforms.

Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector.

We are constantly evaluating new themes and evolving our focus. Other Other (IoT, SMB, POS) categories currently include logistics, shipping, IoT, and SMB. 3 6 CONFIDENTIAL

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

37 CONFIDENTIAL

Trading comparable companies

Public Comparable Mean 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%

Public Comparable Median 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% Beauty Products Manufacturer - diverse categories 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% 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% Conglomerates with beauty segment 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% 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%

Public Comparable Max 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% Beauty Products Manufacturer - diverse categories 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% 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% Conglomerates with beauty segment 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% 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%

Note: (1) Average revenue multiples as of 07/19/2017 38 Source: Capital IQ CONFIDENTIAL

Trading comparable companies 2

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%

(US$ million, except per share amounts) Trading Performance FD Capitalization Operating Statistics Stock Equity Enterprise Value / Y/Y Rev. Growth Price %52W Market Enterprise Revenue EBITDA P/E Multiples CY16 / CY17 / EBITDA Margin % Company (FYE) 7/18/2017 High Value Value LTM CY16 CY17 LTM CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17 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% Note: (1) Average revenue multiples as of 07/19/2017 39 Source: Capital IQ CONFIDENTIAL

Trading comparable companies 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%

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%

Note: (1) Average revenue multiples as of 07/19/2017 40 Source: Capital IQ CONFIDENTIAL

Trading comparable companies 4

Median $19.40 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%

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%

Median $8.98 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%

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%

Note: (1) Average revenue multiples as of 07/19/17 41 Source: Capital IQ CONFIDENTIAL

Beauty Quarterly Global Financing History Q1 ‘12 – Q1 ‘17 $400 50

44 45 $350 40 40 38 40 $300 33 35 36 $250 28 28 30

25 24 $200 23 25 22 22 21 21 24 23 18 20 $150 17 20 14 15 $100 10

$50

$33 $33 5

$13 $13

$115 $115 $54 $38 $38 $68 $53 $88 $55 $175 $363 $100 $273 $36 $248 $318 $77 $55 $139 $131 $99 $- 0 Q1 Q1 Q1 Q1 Q1 Q1 '12 '13 '14 '15 '16 '17

Disclosed Funding ($M) Deals

Note: CB Insights CONFIDENTIAL

Beauty Annual Global Financing History 2012-2017 YTD (4/19/17) $1,000 160 (Full-Year run Rate) 149 $900 140 125 $800 124 120 117 $700

100 $600

86 $500 80

71 $912 $400 60 $656 $300 44 40 $340 $200 $403 (Full-year Run- Rate) $264 20 $100 $200 $101 $- 0 2012 2013 2014 2015 2016 2017 YTD

Disclosed Funding ($M) Deals

Note: CB Insights CONFIDENTIAL

Beauty Annual Financing History by Category

140

120 8 11 8 100 29 17 27

80 1 14 30 29 29 60 8 22

21 40 4 55 56 8 50 45 20 7 36

0 2012 2013 2014 2015 2016 1Q'17

Packaged Goods eCommerce Platforms Salons On Demand

Note: CB Insights 44 CONFIDENTIAL

Beauty Annual Financing History by Category Fragrances

Note: CB Insights 45 CONFIDENTIAL

Recent beauty private placements 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, BirchBox 60.0 na TriplePoint Venture Growth BDC Corp and Comcast Ventures 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 Memebox 17.5 na Venture Capital, Tekton Ventures, Boon Hwee Koh, FundersClub, Bobby Yazdani, Noosheen Hashemi, HKB Capital, Amasia 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 Memebox 11.9 na Ventures, Accelerate Fund, Y Combinator, FundersClub, Suleman Ali, Signatures Capital 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 Note: Highland Capital Partners; Tiger Global Management and group invested in HF Global twice in 2014 but considered only one 46 Considered transactions over$10m CONFIDENTIAL

Recent beauty precedent M&A transactions Closed Enterprise LTM NTM Date Acquirer Target Value ($m) EV / EV / EBITDA EV / EV / EBITDA Revenue Revenue

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 - - - Valeant International Bermuda; Valeant 15-Jul-11 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 - - - - CCMP Capital Advisors, LP; Stockton Road Capital, 27-Jan-14 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 - - Godrej Consumer Products Limited 1-Jun-11 (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 60.1 And BCBGMAXAZRIA- - - - 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 51.1 Fragrance Brands- - - -

Median 2.0x 12.7x 1.6x 15.2x Note: Includes OOO Unilever Rus acquisitions of 82% stake in Concern Kalina, OAO 47 Considered transactions over $50m CONFIDENTIAL

Quarterly volume of beauty M&A transactions

7 18,000

6 16,000 6

14,000 5 5

12,000 ($m) Value Transactions

4 4 4 4 4 10,000

3 3 3 3 3 3 3 8,000 3

Number ofTransactions 6,000 2 2 2 2 2 2 2

4,000 1 1 1 1 1 2,000

0 0 0 0 0

Number of transactions Total Value ($m)

48 Note: 4Q16 represent deals till March 31, 2017 and the selected transactions are over $30m CONFIDENTIAL

Quarterly volume of beauty private placements

12 400

10 350 10

300

8 ($m) Value Transactions 250

6 200 5 5 5 5

4 4 4 4 150

Number Number ofTransactions 4 3 3 100 2 2 1 1 1 1 1 1 50

0 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Number of transactions Total Value ($m)

49 Note: 4Q16 represent deals till October 30, 2016 and the selected transactions are over $10m