Course Industry Period PA43544 Germany 4

M R S T L NKey Performance Indicators

Share Price Index 1000 in P0 1,522 1,435 920 1,491 2,651 1,039Market share - Total %U 18.8% 8.7% 10.5% 20.9% 25.0% 7.9%

%$ 15.1% 13.5% 9.5% 18.3% 28.9% 10.6%Market share - Clinites %$ 17.7% 10.1% 9.0% 19.5% 28.9% 9.9%Market share - Nutrites %$ 2.3% 30.1% 11.9% 12.4% 28.9% 14.4%Revenues K$ 88,634 76,707 55,830 105,574 164,808 60,918Earnings before taxes K$ 29,054 19,886 11,597 13,986 60,184 10,334

BenchmarkingRevenues % Rev 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%COGS % Rev -45.4% -51.6% -47.2% -53.8% -43.9% -41.7%Contribution before marketing % Rev 52.8% 45.9% 49.9% 45.0% 55.4% 57.6%Advertising expenditures % Rev -9.4% -10.0% -16.5% -10.6% -7.5% -8.1%Commercial team costs % Rev -6.6% -7.1% -7.5% -10.9% -7.5% -24.9%Merchandising expenditures % Rev -2.1% -2.4% -3.4% -2.7% -1.6% -2.8%Contribution after marketing % Rev 34.8% 26.3% 22.4% 20.7% 38.9% 21.8%Market research studies % Rev -0.5% -0.6% -0.6% -0.7% -0.6% -1.2%R&D % Rev -0.9% -3.2% -5.4% -1.9% -0.5% -5.6%Net contribution % Rev 32.8% 25.9% 20.8% 13.2% 36.5% 17.0%Next period budget K$ 11,600 8,000 8,000 8,000 23,000 8,000

Number of brandsTotal 4 5 5 5 5 6Clinites 3 3 4 3 3 4Nutrites 1 2 1 2 2 2

Leading in a segment MINT (Me), MITT (Lo) RUKD (He) SUSuny (El) NINE (Af)

#2 in a segment RISE (Af), RUKD (Fa) LIVEN (Me), LUSH (El) NUKE (He)

R&D Projects

Completed this period PuLeone (N), Pu.Maaz (N) puss (N) PU-LUSH (N)

Partially completed this period PUremusk (N)

LIME (Hi), LIKE (Si), LUSH (Fa)

TIME (Hi), TICK (Lo), TINY (Si)

PI-RICM (C), PI-RICV (C), PU-RUMB (N)

PICKLE (C), PURIT (N), PUold (N)

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites High Earners 190.2 8,518 14.4% 6.2% 1.2%

LIME TIME MISS RISELaunched in Period 0 Period 0 Period 0 Period 0Base R&D Project PI-LIME2 PITIME PI22miss PI-RIHNMarket Share %U 8.2% 4.1% 3.0% 3.7%

%$ 13.8% 8.4% 5.2% 6.1%Segment Share %U 46.7% 21.0% 10.5% 9.9%

%$ 44.9% 24.7% 10.5% 9.5%Contribution M$ 34.0 15.2 11.5 6.0

%Revenues 53.4% 39.3% 47.4% 21.2%Product Design - Distance from Ideal Point - Semantic Scales

Efficacy 22% 0.4 0.1 1.0 0.0Safety 14% 0.5 0.1 0.0 0.1

Packaging 5% 0.1 0.3 1.6 1.1Pleasure 8% 0.3 0.2 1.1 1.2Usability 3% 0.4 0.1 1.7 1.1

Product Design - Distance from Ideal Point - Multidimensional ScalingPerformance 36% 0.0 0.4 3.9 0.2Convenience 16% 1.9 0.8 9.3 7.9

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 22 27 23 22

Distance - Price 48% 0.2 0.6 0.0 0.2Distance - Economy 48% 1.4 5.1 0.1 1.3

Advertising budgetCurrent period K$ 700 1,490 1,110 830

Cumulative past 3 years K$ 2,110 3,630 3,250 1,460Ladder of Adoption

Awareness % 73.2% 79.7% 76.6% 69.0%Purchase Intentions % 54.7% 17.7% 9.0% 8.6%

Preference (Awa / PI) 1.0 0.3 0.2 0.2Size of commercial team

Mass Merchandisers 6% 15 18 3 22Specialized Mass 25% 30 30 10 33

Dept. Stores 57% 40 47 18 28Beauty Portals 13% 5 15 5 10

Distribution CoverageMass Merchandisers 6% 20% 26% 5% 23%

Specialized Mass 25% 36% 37% 14% 34%Dept. Stores 57% 53% 56% 34% 43%

Beauty Portals 13% 30% 50% 20% 40%Merchandising budget (K$)

Mass Merchandisers 6% 75 130 10 100Specialized Mass 25% 200 230 100 193

Dept. Stores 57% 300 320 200 260Beauty Portals 13% 50 70 20 55

Share of Shelf-SpaceMass Merchandisers 6% 3% 1% 1% 2%

Specialized Mass 25% 10% 2% 2% 4%Dept. Stores 57% 28% 5% 6% 10%

Beauty Portals 13% 13% 2% 3% 5%Gained (+) / Lost (-) sales Unit -676,364 281,912 129,092 112,612

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites Affluent Fam. 91.5 4,257 12.3% 65.4% 10.6%

NINE RISE MISS LIME TIMELaunched in Period 0 Period 0 Period 0 Period 0 Period 0Base R&D Project PI-NINE PI-RIHN PI22miss PI-LIME2 PITIMEMarket Share %U 3.2% 3.7% 3.0% 8.2% 4.1%

%$ 5.5% 6.1% 5.2% 13.8% 8.4%Segment Share %U 25.1% 22.5% 15.6% 14.9% 8.8%

%$ 26.0% 22.3% 16.2% 14.7% 10.7%Contribution M$ 9.7 6.0 11.5 34.0 15.2

%Revenues 37.5% 21.2% 47.4% 53.4% 39.3%Product Design - Distance from Ideal Point - Semantic Scales

Efficacy 22% 0.8 0.7 0.2 0.4 0.8Safety 14% 0.1 0.2 0.3 0.2 0.3

Packaging 5% 1.2 0.2 0.2 1.2 1.0Pleasure 8% 0.3 1.3 1.4 2.2 2.3Usability 3% 1.8 0.2 0.8 0.5 0.9

Product Design - Distance from Ideal Point - Multidimensional ScalingPerformance 36% 3.3 2.3 1.8 2.1 2.5Convenience 16% 5.7 4.5 3.1 10.5 11.6

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 23 22 23 22 27

Distance - Price 48% 0.4 0.5 0.7 0.5 1.3Distance - Economy 48% 3.0 3.3 4.7 3.3 9.8

Advertising budgetCurrent period K$ 280 210 530 600 770

Cumulative past 3 years K$ 2,290 840 1,440 1,840 2,700Ladder of Adoption

Awareness % 79.4% 68.0% 72.5% 76.9% 80.6%Purchase Intentions % 24.0% 21.4% 14.8% 19.2% 8.2%

Preference (Awa / PI) 1.0 1.0 0.6 0.8 0.3Size of commercial team

Mass Merchandisers 12% 35 22 3 15 18Specialized Mass 34% 35 33 10 30 30

Dept. Stores 44% 110 28 18 40 47Beauty Portals 10% 10 10 5 5 15

Distribution CoverageMass Merchandisers 12% 30% 23% 5% 20% 26%

Specialized Mass 34% 33% 34% 14% 36% 37%Dept. Stores 44% 53% 43% 34% 53% 56%

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites Affluent Fam. 91.5 4,257 12.3% 65.4% 10.6%

NINE RISE MISS LIME TIMELaunched in Period 0 Period 0 Period 0 Period 0 Period 0Base R&D Project PI-NINE PI-RIHN PI22miss PI-LIME2 PITIME

Beauty Portals 10% 40% 40% 20% 30% 50%Merchandising budget (K$)

Mass Merchandisers 12% 70 100 10 75 130Specialized Mass 34% 125 193 100 200 230

Dept. Stores 44% 250 260 200 300 320Beauty Portals 10% 40 55 20 50 70

Share of Shelf-SpaceMass Merchandisers 12% 1% 2% 1% 3% 1%

Specialized Mass 34% 2% 4% 2% 10% 2%Dept. Stores 44% 5% 10% 6% 28% 5%

Beauty Portals 10% 3% 5% 3% 13% 2%Gained (+) / Lost (-) sales Unit 45,295 46,084 34,877 -185,543 27,343

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites dium Income 110.5 7,806 9.2% -13.8% -2.9%

MINT LIVEN RICH TINY NITE NICE SILK LIKE SiFariLaunched in Period 0 Period 2 Period 0 Period 0 Period 4 Period 0 Period 0 Period 0 Period 4Base R&D Project PIremint PI-LIVEN PI-RICH pitinny PINE PI-NICE PISILK2 PI-LIKE2 PiFariaMarket Share %U 6.2% 2.3% 2.4% 8.0% 1.1% 2.7% 8.8% 14.2% 0.4%

%$ 5.8% 2.5% 3.0% 6.8% 1.4% 2.5% 6.7% 12.5% 0.4%Segment Share %U 19.4% 15.1% 9.9% 7.8% 7.2% 6.4% 5.5% 5.4% 1.7%

%$ 16.5% 15.0% 11.2% 5.9% 8.1% 5.3% 3.9% 4.3% 1.7%Contribution M$ 8.3 -1.5 6.0 11.5 -2.2 3.8 13.9 32.9 -2.3

%Revenues 29.0% -12.4% 40.8% 34.5% -33.2% 30.6% 41.9% 53.7% -120.7%Product Design - Distance from Ideal Point - Semantic Scales

Efficacy 22% 0.7 0.1 1.4 1.3 0.3 1.7 1.8 1.2 1.2Safety 14% 0.9 0.3 2.0 2.0 0.6 2.2 2.2 1.8 1.1

Packaging 5% 1.2 0.8 1.0 1.2 1.1 1.5 1.5 1.4 0.8Pleasure 8% 0.0 0.1 0.4 0.4 0.1 0.0 0.3 0.1 0.3Usability 3% 0.3 0.2 0.4 0.6 0.3 0.2 0.2 0.2 1.2

Product Design - Distance from Ideal Point - Multidimensional ScalingPerformance 36% 5.1 0.4 10.8 10.5 3.0 12.4 13.1 9.6 8.0Convenience 16% 1.9 1.5 0.1 4.6 2.0 2.8 4.1 2.7 4.1

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 13 15 17 12 17 13 11 12 15

Distance - Price 48% 0.7 0.5 0.1 1.0 0.4 0.5 1.3 1.2 0.2Distance - Economy 48% 4.8 3.2 0.6 6.5 3.0 3.3 8.9 8.3 1.3

Advertising budgetCurrent period K$ 910 1,110 940 640 670 110 440 270 690

Cumulative past 3 years K$ 2,600 2,940 1,970 1,830 670 540 1,290 800 690Ladder of Adoption

Awareness % 68.8% 52.7% 59.0% 61.6% 24.6% 57.2% 56.4% 57.2% 18.1%Purchase Intentions % 15.6% 29.3% 7.8% 6.2% 5.8% 5.3% 4.0% 5.6% 1.4%

Preference (Awa / PI) 0.4 1.0 0.2 0.2 0.4 0.2 0.1 0.2 0.1Size of commercial team

Mass Merchandisers 43% 35 40 16 25 40 52 20 43 4Specialized Mass 27% 18 30 17 26 60 19 25 42 15

Dept. Stores 24% 11 20 3 22 30 9 6 10 16Beauty Portals 6% 13 5 4 12 15 5 12 5 1

Distribution CoverageMass Merchandisers 43% 44% 44% 25% 36% 34% 39% 32% 44% 6%

Specialized Mass 27% 27% 37% 26% 35% 38% 23% 37% 46% 23%Dept. Stores 24% 19% 32% 7% 32% 34% 17% 11% 21% 30%

Beauty Portals 6% 40% 30% 20% 40% 40% 20% 30% 30% 0%Merchandising budget (K$)

Mass Merchandisers 43% 325 220 300 220 100 135 270 200 20Specialized Mass 27% 170 180 300 200 120 114 300 250 150

Dept. Stores 24% 40 100 98 94 60 54 30 90 150Beauty Portals 6% 35 50 49 40 20 16 15 60 5

Share of Shelf-SpaceMass Merchandisers 43% 6% 10% 2% 6% 3% 2% 7% 12% 0%

Specialized Mass 27% 5% 8% 2% 9% 2% 3% 6% 18% 1%Dept. Stores 24% 4% 10% 1% 5% 3% 2% 2% 8% 1%

Beauty Portals 6% 5% 7% 1% 9% 2% 2% 5% 16% 0%Gained (+) / Lost (-) sales Unit 302,052 -1,108,815 162,387 124,940 103,070 83,520 121,997 -12,182 22,140

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites Low Income 171.4 21,614 19.6% 98.2% 14.7%

MITT TICK SILK XIBU XILO XIFILaunched in Period 2 Period 2 Period 0 Period 0 Period 0 Period 3Base R&D Project PI11-low PITICK PISILK2 PIX05 PIX03 PIX04Market Share %U 10.9% 9.3% 8.8% 3.6% 3.2% 1.9%

%$ 6.7% 4.3% 6.7% 2.0% 1.8% 1.2%Segment Share %U 28.9% 24.2% 13.9% 8.6% 7.7% 4.8%

%$ 28.3% 18.1% 16.8% 7.7% 6.9% 4.6%Contribution M$ 15.5 2.4 13.9 5.4 4.9 2.9

%Revenues 45.8% 10.8% 41.9% 52.8% 53.6% 47.9%Product Design - Distance from Ideal Point - Semantic Scales

Efficacy 22% 0.7 0.1 0.7 0.4 0.1 0.1Safety 14% 1.1 0.1 0.5 1.0 1.1 1.1

Packaging 5% 0.3 0.7 1.3 0.5 0.8 0.1Pleasure 8% 0.6 0.7 1.9 0.4 0.4 0.3Usability 3% 0.1 0.9 2.3 0.5 0.7 0.5

Product Design - Distance from Ideal Point - Multidimensional ScalingPerformance 36% 0.0 0.1 1.1 4.6 3.6 2.7Convenience 16% 2.5 4.9 12.1 2.9 3.8 0.4

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 9 6 11 8 8 8

Distance - Price 48% 0.2 0.1 0.5 0.4 0.4 0.4Distance - Economy 48% 1.0 0.5 3.1 2.8 2.8 2.8

Advertising budgetCurrent period K$ 1,210 1,260 1,160 160 160 160

Cumulative past 3 years K$ 3,640 4,660 2,860 360 540 210Ladder of Adoption

Awareness % 47.9% 51.7% 61.9% 49.7% 45.6% 23.9%Purchase Intentions % 32.9% 36.6% 9.4% 4.5% 3.9% 2.1%

Preference (Awa / PI) 1.0 1.0 0.2 0.1 0.1 0.1Size of commercial team

Mass Merchandisers 58% 43 50 20 0 0 0Specialized Mass 29% 20 32 25 0 0 0

Dept. Stores 5% 1 8 6 0 0 0Beauty Portals 8% 13 10 12 0 0 0

Distribution CoverageMass Merchandisers 58% 53% 52% 32% 25% 45% 30%

Specialized Mass 29% 29% 40% 37% 0% 0% 0%Dept. Stores 5% 2% 17% 11% 0% 0% 0%

Beauty Portals 8% 30% 40% 30% 0% 0% 0%Merchandising budget (K$)

Mass Merchandisers 58% 410 300 270 0 0 0Specialized Mass 29% 180 200 300 0 0 0

Dept. Stores 5% 10 25 30 0 0 0Beauty Portals 8% 10 75 15 0 0 0

Share of Shelf-SpaceMass Merchandisers 58% 18% 18% 7% 1% 2% 2%

Specialized Mass 29% 9% 12% 6% 0% 0% 0%Dept. Stores 5% 2% 4% 2% 0% 0% 0%

Beauty Portals 8% 9% 14% 5% 0% 0% 0%Gained (+) / Lost (-) sales Unit -872,586 -2,676,382 961,830 880,731 818,388 574,888

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Clinites Singles 178.1 16,007 35.2% 86.4% 13.3%

LIKE TINY MINT SILK RIOVLaunched in Period 0 Period 0 Period 0 Period 0 Period 3Base R&D Project PI-LIKE2 pitinny PIremint PISILK2 PI-RISNMarket Share %U 14.2% 8.0% 6.2% 8.8% 1.2%

%$ 12.5% 6.8% 5.8% 6.7% 1.0%Segment Share %U 44.1% 20.5% 10.5% 9.9% 4.1%

%$ 44.2% 19.7% 11.2% 8.7% 3.9%Contribution M$ 32.9 11.5 8.3 13.9 -1.7

%Revenues 53.7% 34.5% 29.0% 41.9% -34.5%Product Design - Distance from Ideal Point - Semantic Scales

Efficacy 22% 0.1 0.2 0.4 0.7 0.1Safety 14% 0.2 0.3 0.8 0.5 0.1

Packaging 5% 0.7 0.4 0.4 0.7 0.2Pleasure 8% 0.3 0.6 0.2 0.5 0.3Usability 3% 1.3 0.4 1.3 0.9 0.3

Product Design - Distance from Ideal Point - Multidimensional ScalingPerformance 36% 0.8 1.7 3.7 4.3 0.8Convenience 16% 0.6 2.5 0.3 1.9 1.8

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 12 12 13 11 12

Distance - Price 48% 0.1 0.2 0.4 0.2 0.1Distance - Economy 48% 0.7 1.1 2.8 1.3 0.5

Advertising budgetCurrent period K$ 760 940 680 880 930

Cumulative past 3 years K$ 2,230 2,130 1,630 2,860 1,680Ladder of Adoption

Awareness % 67.8% 65.8% 65.4% 68.6% 19.6%Purchase Intentions % 46.9% 16.8% 8.8% 7.4% 9.0%

Preference (Awa / PI) 1.0 0.4 0.2 0.2 0.7Size of commercial team

Mass Merchandisers 28% 43 25 35 20 10Specialized Mass 48% 42 26 18 25 30

Dept. Stores 12% 10 22 11 6 1Beauty Portals 12% 5 12 13 12 1

Distribution CoverageMass Merchandisers 28% 44% 36% 44% 32% 12%

Specialized Mass 48% 46% 35% 27% 37% 26%Dept. Stores 12% 21% 32% 19% 11% 2%

Beauty Portals 12% 30% 40% 40% 30% 10%Merchandising budget (K$)

Mass Merchandisers 28% 200 220 325 270 30Specialized Mass 48% 250 200 170 300 50

Dept. Stores 12% 90 94 40 30 10Beauty Portals 12% 60 40 35 15 10

Share of Shelf-SpaceMass Merchandisers 28% 12% 6% 6% 7% 2%

Specialized Mass 48% 18% 9% 5% 6% 5%Dept. Stores 12% 8% 5% 4% 2% 1%

Beauty Portals 12% 16% 9% 5% 5% 3%Gained (+) / Lost (-) sales Unit -458,288 582,148 271,080 401,340 -783,353

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Nutrites lth Conscious 37.1 1,125 13.3% -9.6% -2.0%

RUKD NUKE LUSH tug LURE SUSunyLaunched in Period 3 Period 2 Period 3 Period 3 Period 4 Period 2Base R&D Project PU-RUHL PUKE PU-LUCI2 puppy PU-LURE PuSuny2Market Share %U 21.8% 10.9% 17.9% 9.4% 10.9% 14.1%

%$ 25.5% 13.1% 16.9% 8.6% 12.0% 12.0%Segment Share %U 57.8% 9.5% 8.4% 7.6% 5.2% 5.0%

%$ 61.7% 10.4% 7.3% 6.3% 5.3% 3.9%Contribution M$ 11.5 4.1 0.4 -1.5 -1.7 1.5

%Revenues 47.2% 32.3% 2.5% -18.1% -14.4% 12.9%Product Design - Distance from Ideal Point - Semantic Scales

Clinical Benefits 35% 0.2 0.2 0.7 0.0 0.1 1.5Nutrition 15% 0.5 1.5 1.5 0.4 0.1 0.9

Packaging 4% 0.0 0.9 1.2 0.2 2.1 0.7Flavor 10% 0.2 3.5 0.9 0.9 1.9 2.1

Variety 14% 0.2 2.1 1.5 0.1 0.7 0.2Product Design - Distance from Ideal Point - Multidimensional Scaling

Efficiency 49% 2.0 3.8 0.2 0.9 0.5 5.3Suitability 28% 0.4 16.8 8.5 1.6 8.7 6.2

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 37 38 30 29 35 27

Distance - Price 23% 0.3 0.0 0.8 0.4 0.1 1.8Distance - Economy 23% 1.9 0.0 5.6 2.5 0.9 12.3

Advertising budgetCurrent period K$ 1,030 550 870 550 550 390

Cumulative past 3 years K$ 1,960 2,000 1,640 810 550 1,080Ladder of Adoption

Awareness % 30.1% 41.5% 41.8% 26.3% 23.6% 19.4%Purchase Intentions % 57.8% 9.5% 8.4% 7.6% 5.2% 5.0%

Preference (Awa / PI) 1.0 0.1 0.1 0.2 0.1 0.1Size of commercial team

Mass Merchandisers 8% 2 25 10 7 10 2Specialized Mass 50% 11 30 50 52 50 10

Dept. Stores 32% 7 50 40 31 20 10Beauty Portals 11% 3 6 10 11 40 1

Distribution CoverageMass Merchandisers 8% 8% 44% 28% 20% 31% 9%

Specialized Mass 50% 13% 32% 48% 35% 43% 15%Dept. Stores 32% 12% 37% 49% 36% 32% 17%

Beauty Portals 11% 10% 20% 50% 30% 60% 10%Merchandising budget (K$)

Mass Merchandisers 8% 14 60 65 30 50 55Specialized Mass 50% 104 220 260 100 150 175

Dept. Stores 32% 62 48 180 100 80 105Beauty Portals 11% 22 20 50 20 100 5

Share of Shelf-SpaceMass Merchandisers 8% 6% 9% 23% 11% 18% 13%

Specialized Mass 50% 8% 9% 25% 13% 18% 9%Dept. Stores 32% 8% 9% 27% 13% 15% 9%

Beauty Portals 11% 8% 8% 26% 13% 18% 7%Gained (+) / Lost (-) sales Unit 0 0 0 0 0 0

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Nutrites Families 63.8 2,108 44.2% -37.5% -9.0%

LUSH RUKD NUKE tug LURE SUSuny RUXX TullyLaunched in Period 3 Period 3 Period 2 Period 3 Period 4 Period 2 Period 4 Period 3Base R&D Project PU-LUCI2 PU-RUHL PUKE puppy PU-LURE PuSuny2 PU-RUFAM puTIsMarket Share %U 17.9% 21.8% 10.9% 9.4% 10.9% 14.1% 4.2% 5.9%

%$ 16.9% 25.5% 13.1% 8.6% 12.0% 12.0% 4.5% 3.8%Segment Share %U 22.9% 17.4% 14.8% 9.6% 8.9% 7.8% 7.1% 6.3%

%$ 21.6% 20.2% 17.7% 8.7% 9.8% 6.6% 7.5% 4.0%Contribution M$ 0.4 11.5 4.1 -1.5 -1.7 1.5 -1.6 -5.6

%Revenues 2.5% 47.2% 32.3% -18.1% -14.4% 12.9% -36.9% -155.9%Product Design - Distance from Ideal Point - Semantic Scales

Clinical Benefits 35% 0.8 0.4 0.0 0.2 0.3 1.7 0.1 2.2Nutrition 15% 0.8 1.1 0.8 1.0 0.7 0.3 0.3 1.7

Packaging 4% 1.6 0.4 1.3 0.2 2.5 1.2 0.2 1.2Flavor 10% 0.1 0.8 2.5 0.1 0.9 1.1 0.4 1.2

Variety 14% 2.2 0.4 2.7 0.6 1.3 0.9 0.1 1.0Product Design - Distance from Ideal Point - Multidimensional Scaling

Efficiency 49% 2.3 4.1 1.7 3.0 2.7 7.4 1.1 7.0Suitability 28% 8.8 0.1 17.1 1.9 9.0 6.5 0.4 1.7

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 30 37 38 29 35 27 34 20

Distance - Price 23% 0.4 0.7 0.4 0.0 0.5 1.4 0.4 2.7Distance - Economy 23% 2.8 4.7 2.8 0.3 3.7 9.5 3.0 17.7

Advertising budgetCurrent period K$ 1,220 310 680 360 660 390 930 600

Cumulative past 3 years K$ 2,100 520 2,130 750 660 1,020 930 1,210Ladder of Adoption

Awareness % 41.1% 11.0% 43.6% 20.7% 19.8% 17.6% 14.6% 30.2%Purchase Intentions % 22.9% 17.4% 14.8% 9.6% 8.9% 7.8% 7.1% 6.3%

Preference (Awa / PI) 0.4 1.0 0.2 0.3 0.3 0.3 0.3 0.1Size of commercial team

Mass Merchandisers 18% 10 2 25 7 10 2 5 28Specialized Mass 43% 50 11 30 52 50 10 11 37

Dept. Stores 29% 40 7 50 31 20 10 8 25Beauty Portals 11% 10 3 6 11 40 1 3 7

Distribution CoverageMass Merchandisers 18% 28% 8% 44% 20% 31% 9% 14% 55%

Specialized Mass 43% 48% 13% 32% 35% 43% 15% 13% 40%Dept. Stores 29% 49% 12% 37% 36% 32% 17% 13% 38%

Beauty Portals 11% 50% 10% 20% 30% 60% 10% 10% 30%Merchandising budget (K$)

Mass Merchandisers 18% 65 14 60 30 50 55 34 150Specialized Mass 43% 260 104 220 100 150 175 88 300

Dept. Stores 29% 180 62 48 100 80 105 58 180Beauty Portals 11% 50 22 20 20 100 5 22 50

Share of Shelf-SpaceMass Merchandisers 18% 23% 6% 9% 11% 18% 13% 6% 8%

Specialized Mass 43% 25% 8% 9% 13% 18% 9% 5% 7%Dept. Stores 29% 27% 8% 9% 13% 15% 9% 5% 7%

Beauty Portals 11% 26% 8% 8% 13% 18% 7% 6% 7%Gained (+) / Lost (-) sales Unit 0 0 0 0 0 0 0 0

Course Industry Period P Market Segment Size P (M$) Size P (KU) Growth P+1 Growth P+5 CAGR + 5A43544 Germany 4 Nutrites Elderly 48.0 1,714 157.5% 1113.0% 64.7%

SUSuny LUSH LURE tug Tully NUKE MUSK NUPLEXLaunched in Period 2 Period 3 Period 4 Period 3 Period 3 Period 2 Period 3 Period 4Base R&D Project PuSuny2 PU-LUCI2 PU-LURE puppy puTIs PUKE PU111new PUKEMarket Share %U 14.1% 17.9% 10.9% 9.4% 5.9% 10.9% 3.8% 1.1%

%$ 12.0% 16.9% 12.0% 8.6% 3.8% 13.1% 2.3% 1.3%Segment Share %U 27.7% 17.9% 16.9% 10.4% 8.0% 7.1% 5.3% 1.2%

%$ 25.3% 18.2% 20.1% 10.2% 5.4% 9.1% 3.4% 1.7%Contribution M$ 1.5 0.4 -1.7 -1.5 -5.6 4.1 -4.4 -1.7

%Revenues 12.9% 2.5% -14.4% -18.1% -155.9% 32.3% -198.6% -133.5%Product Design - Distance from Ideal Point - Semantic Scales

Clinical Benefits 35% 0.4 0.5 1.1 1.1 0.9 1.3 0.8 1.0Nutrition 15% 0.2 0.4 1.2 1.5 1.3 0.4 0.3 0.6

Packaging 4% 0.6 0.2 0.7 1.5 0.6 0.4 0.2 0.4Flavor 10% 0.0 1.1 0.2 1.1 2.3 1.4 0.0 1.6

Variety 14% 0.2 1.2 0.3 0.5 0.1 1.7 0.1 1.7Product Design - Distance from Ideal Point - Multidimensional Scaling

Efficiency 49% 2.1 3.0 2.6 2.3 1.7 6.9 4.2 5.6Suitability 28% 1.2 1.0 1.2 5.8 6.1 9.3 0.1 10.4

Pricing - Retail Price in $ and Distance from Ideal PointRetail Price $ 27 30 35 29 20 38 19 40

Distance - Price 23% 0.9 0.1 1.1 0.6 2.1 1.0 2.2 1.5Distance - Economy 23% 5.9 0.8 7.3 3.9 14.1 6.5 14.9 10.3

Advertising budgetCurrent period K$ 670 460 1,990 300 1,150 270 850 190

Cumulative past 3 years K$ 1,470 900 1,990 560 2,260 880 1,700 190Ladder of Adoption

Awareness % 32.3% 32.9% 38.5% 21.3% 52.0% 40.4% 37.3% 12.4%Purchase Intentions % 27.7% 17.9% 16.9% 10.4% 8.0% 7.1% 5.3% 1.2%

Preference (Awa / PI) 1.0 0.6 0.5 0.6 0.2 0.2 0.2 0.1Size of commercial team

Mass Merchandisers 29% 2 10 10 7 28 25 9 25Specialized Mass 37% 10 50 50 52 37 30 23 40

Dept. Stores 26% 10 40 20 31 25 50 19 15Beauty Portals 8% 1 10 40 11 7 6 8 2

Distribution CoverageMass Merchandisers 29% 9% 28% 31% 20% 55% 44% 20% 39%

Specialized Mass 37% 15% 48% 43% 35% 40% 32% 19% 28%Dept. Stores 26% 17% 49% 32% 36% 38% 37% 24% 14%

Beauty Portals 8% 10% 50% 60% 30% 30% 20% 20% 10%Merchandising budget (K$)

Mass Merchandisers 29% 55 65 50 30 150 60 50 50Specialized Mass 37% 175 260 150 100 300 220 120 70

Dept. Stores 26% 105 180 80 100 180 48 120 20Beauty Portals 8% 5 50 100 20 50 20 20 12

Share of Shelf-SpaceMass Merchandisers 29% 13% 23% 18% 11% 8% 9% 5% 2%

Specialized Mass 37% 9% 25% 18% 13% 7% 9% 5% 2%Dept. Stores 26% 9% 27% 15% 13% 7% 9% 5% 2%

Beauty Portals 8% 7% 26% 18% 13% 7% 8% 5% 1%Gained (+) / Lost (-) sales Unit 0 0 0 0 0 0 0 0