TOM FORD brand and intellectual property acquired by The Estée Lauder Companies Inc.

Basis

• USD 2.8bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• The $2,800,000,000 figure is the announced total enterprise valuation for the overall TOM FORD transaction, whose remainder is reflected in Zegna Group’s separate acquisition of TOM FORD FASHION. ELC paid approximately $2,250,000,000 at closing; $300,000,000 in deferred payments to sellers becomes due beginning July 2025. Approximately $250,000,000 received from Marcolin at closing is included in the stated closing funding, not added to the $2.25 billion. No supported transaction-scope revenue or EBITDA denominator is supplied. TOM FORD BEAUTY’s anticipated annual net sales of $1 billion is a forecast, not actual revenue. No supported actual transaction-scope revenue or EBITDA denominator; announced beauty sales figure is a forecast.