Seale & Associates Creative Solutions. Trusted Advice. PERSONAL CARE INDUSTRY Q4 2020 VALUATION UPDATE INTRODUCTION We are pleased to share our Personal Care Industry Valuation Update for Q4 2020. We at Seale & Associates are committed to provide process-driven solutions designed to optimize value and achieve our clients’ strategic objectives on a range of transactions including Mergers, Acquisitions, Divestitures and Carve-Outs, Business Sales, Recapitalizations, and Joint Ventures, among other corporate finance and strategy consulting services. Over the course of 20 years we have been successfully serving clients all over the world, and we are delighted to provide investment banking advisory services to our Personal Care clients that are looking to grow through acquisitions or optimize their portfolio through strategic divestitures. Sector Relevant Experience Team Seale & Associates acted as exclusive Sergio Garcia Managing Director financial advisor to ConvaTec Group O: +52 (55) 8000 7463 on the divestiture of their Aloe Vesta M: +52 (55) 5454 3152 and Sensi-Care specialty skincare [email protected] business to Medline Industries. The divestiture is part of ConvaTec’s Carlos Hernandez strategy to focus on its core Managing Director businesses and markets. O: +1 (571) 482 3431 M: +1 (703) 795 4903 [email protected] Read more on the following page. Sofia Felix Head of Business Development O: +52 (55) 8000 7463 M: +52 (55) 3489 1049 [email protected] Miguel Leal Business Development O: +52 (55) 8000 7463 M: +52 (55) 4381 1348 [email protected] Washington, D.C. Mexico City Miami Monterrey Personal Care Industry Seale & Associates Q4 2020 Creative Solutions. Trusted Advice. Seale & Associates Investment Banking Update For more information, please contact: Jim Seale President has sold [email protected] and Carlos Hernandez Managing Director to [email protected] Aaron Garcia Analyst [email protected] SEALE & ASSOCIATES ADVISES CONVATEC ON DIVESTITURE OF ITS SKIN CARE BUSINESS AUG. 6, 2020 - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to ConvaTec Group (LON: CTEC) on the divestiture of their Aloe Vesta and Sensi-Care skin care business to Medline Industries, a private American healthcare company with almost $14 billion in annual sales. The divestiture is part of ConvaTec’s strategy to focus on its core businesses and markets. The sale includes the Aloe Vesta and Sensi-Care skin care business in both the U.S. and Canada (but excludes the Sensi-Care Sting Free product line) and gives Medline global rights to market outside North America. “Seale was instrumental in keeping the process moving in a swift, orderly fashion” said George Landau, Vice President, Corporate Development at ConvaTec. “Their common sense and ability to find simple, common ground solutions while preserving our interests were invaluable in bringing this project to a successful conclusion.” “We are proud to have helped our client achieve a very successful outcome for this business” said Carlos Hernandez, Managing Director at Seale & Associates. “This business is a terrific strategic fit for Medline, and the transaction allows ConvaTec to focus on its core business.” ConvaTec Group Plc (LON: CTEC), headquartered in Reading, United Kingdom with annual revenues of almost $2 billion, is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion care. Its products provide a range of clinical and economic benefits, including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. ConvaTec has over 9,400 employees and is present in over 110 countries. Medline Industries Inc., headquartered in Northfield, Illinois, is a privately held manufacturer and distributor of medical supplies uniquely positioned to provide products, education and support across the continuum of care. Medline Industries, Inc. stands as a fourth generation, family-owned company offering over 550,000 medical products and clinical solutions to healthcare facilities around the world. The company has over 26,000 employees and more than $13.9 billion in sales. Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings. For more information, please visit www.sealeassociates.com. Personal Care Industry Seale & Associates Q4 2020 Creative Solutions. Trusted Advice. COMPARABLE PUBLIC COMPANIES – GLOBAL Annual Average Fourth Quarter Market Enterprise Revenue EBITDA EV/EBITDA Dec. 31, 2020 Company Country Cap. Value US$MM Margin EV/ EV/ US$MM US$MM 2019 2020 EBITDA Revenue Amorepacific Corporation KOR $11,570 $11,261 $3,959 18.4% 15.1x 13.1x 14.4x 2.7x Beiersdorf Aktiengesellschaft DEU $26,203 $24,847 $8,176 16.4% 16.6x 15.8x 16.2x 2.8x Colgate-Palmolive Company USA $73,297 $79,888 $16,162 26.8% 15.3x 16.9x 18.4x 4.9x Coty Inc. USA $5,377 $14,840 $4,431 5.3% 12.0x 18.1x 38.9x 3.3x e.l.f. Beauty, Inc. USA $1,286 $1,400 $292 12.7% 19.4x 22.9x 34.3x 4.8x The Estée Lauder Companies USA $96,256 $100,099 $13,961 18.9% 20.3x 20.6x 28.8x 7.2x Inc. Hengan International Group CHN $8,400 $8,651 $3,205 27.8% 11.2x 11.1x 9.7x 2.7x Company Limited Herbalife Nutrition Ltd. USA $5,844 $7,443 $5,351 13.4% 10.1x 9.4x 9.5x 1.4x Kao Corporation JPN $37,140 $36,991 $13,256 19.2% 14.2x 13.7x 14.1x 2.7x Kimberly-Clark Corporation USA $45,861 $52,982 $18,887 22.5% 12.5x 12.8x 12.1x 2.8x KOSÉ Corporation JPN $9,728 $9,120 $2,723 9.1% 15.6x 18.0x 36.1x 3.3x LG Household & Health Care KOR $24,943 $25,199 $6,668 18.9% 17.1x 16.4x 18.5x 3.5x Ltd. Natura &Co Holding S.A. BRA $13,897 $17,136 $5,265 5.1% 18.9x NR 37.0x 3.0x The Procter & Gamble USA $345,012 $364,557 $73,975 28.2% 17.0x 17.4x 18.2x 5.0x Company Reckitt Benckiser Group plc GBR $63,599 $77,649 $16,736 29.4% 14.8x 15.2x 14.1x 4.2x Shiseido Company, Limited JPN $27,620 $29,912 $8,899 9.5% 21.0x 22.8x 34.7x 3.3x Ulta Beauty, Inc. USA $16,178 $17,531 $6,259 11.0% 14.1x 12.0x 17.2x 2.8x Unilever PLC NLD $157,314 $188,876 $58,033 21.7% 11.9x 13.0x 12.9x 3.0x NR: Not Relevant Mean 15.4x 15.8x 21.4x 3.5x Median 15.2x 15.8x 17.7x 3.1x Personal Care Industry Sources: Capital IQ, Market Intelligence Seale & Associates Q4 2020 Creative Solutions. Trusted Advice. PERSONAL CARE – Q4 GLOBAL TRANSACTIONS Date Target Country Description Seller Buyer Additional Notes Manufactures plant-based Dec-20 No B.S. Life, LLC USA PureK Holdings Corp. Acquired for US$5.5 million skincare products Develops, tests, manufactures, Dec-20 Biogix, Inc. USA and distributes bioactive Biogix, Inc. Acquired for US$110.0 million. EV/Revenue: 5.0x antioxidants for women Forever Company Dec-20 BRA Manufactures hair products - Cosmeticos Ltda Develops, manufactures, and sells Dec-20 Takami Co., Ltd. JPN cosmetics and dietary - supplements Produces vegan plant-based Ausmerica Wellness Services Dec-20 KidzShake LLC USA Acquired for US$0.2 million nutritional shakes for kids LLC Manufactures and markets skin- OFI Officina Farmaceutica Dec-20 ITA cosmetics and dietary - Italiana SpA supplements Produces essential oil-based body Dec-20 Way of Will Inc. CAN Acquired for US$4.6 million care products Produces skincare products for Dec-20 Medinutrix Limited IRL Medinutrix Limited - dry skin conditions Dec-20 Veloskin Limited GBR Manufactures skincare products ND - Manufactures and delivers Dec-20 Vi-Jon, Inc. USA - personal care products Manufactures bio natural cosmetic Dec-20 Swanicoco Co., Ltd. KOR Brain Contents CO., LTD. Global Tax Free Co., Ltd. Acquired a 60.5% stake for US$23.7 million products Manufactures and sells cosmetic Dec-20 Intercos S.p.A. ITA Acquired a 44.0% stake products Manufactures and offers wholesale soap making supplies, Nov-20 Elements Body and Bath USA - packaging, recipes, instructions, and accessories Operation in Newbridge Comprises personal products Nov-20 County Kildare of Procter & IRL - manufacturing business Gamble U.K. Develops, markets, and distributes Nov-20 SmartyPants Vitamins, Inc. USA GMO-free gummy vitamins and - supplements Produces liquid vitamin products Nov-20 Vitana-X Europe AG CHE Vitana-X Europe AG Vitana Distributions, Inc. - and other supplements Institut De Recherche Biologique - Nov-20 Laboratoires Laudavie FRA Manufactures food supplements - IRB Manufactures cosmetics, cosmeceuticals, medical surgical Nov-20 Pharmatek-Pmc s.r.l. ITA Acquired for US$24.0 million aids, medical devices, and biocides Nov-20 Sirius SAS FRA Offers organic cosmetic products Sirius SAS QualiData SAS - Manufactures and sells nutritional Nov-20 Prime Fifty Limited GBR Prime Fifty Limited - supplements for senior citizens ND: Not Disclosed Personal Care Industry Sources: Capital IQ, Market Intelligence Seale & Associates Q4 2020 Creative Solutions. Trusted Advice. PERSONAL CARE – Q4 GLOBAL TRANSACTIONS Date Target Country Description Seller Buyer Additional Notes Manufactures and supplies Principle Healthcare Nov-20 GBR vitamins, minerals, and nutritional - International Ltd supplements Researches and develops food Nov-20 Apphia Laboratories GRC supplements, functional foods, and Cannsun Medhel Group PLC - nutricosmetics Skin Care Business in Comprises beauty and skin care Nov-20 POL - Poland.