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PRIVATE EQUITY

INVESTMENT COMMITTEE PAPER

Appendices

GROUP III

José Paredes (3170)

João Pinto (3077)

Marko Klipic (3260)

José Luís Lima (3401)

2

Appendix 1 | Store Location per Segment (Europe)

Country Own Stores Franchise/License Concessions

Austria 7 3

Belgium 22 5 N/A

Croatia 2

Cyprus N/A

Czech Republic 1

Denmark 4 7

Finland 1 N/A

France 13 97 N/A

Germany 31 14

Greece 2 N/A

Hungary 1

Iceland 2

Italy 5 8

Latvia 1

Country Own Stores Franchise/License Concessions

Luxembourg 2

Netherlands 9 5 N/A

Norway 4

Poland 3

Portugal N/A

Romania 1

Russia 4

Slovakia 1

Slovenia 1 N/A

Spain 2 33 N/A

Sweden 3

Switzerland 5 N/A

Turkey 2

UK and ROI 99 N/A

Estimated values. 35 franchisees location not founded

3

Country Own Stores Franchise/License Concessions

Australia16 N/A

CanadaN/A

China5 3

Columbia2 N/A

Egypt1

Georgia1

Hong Kong5 N/A

India17 N/A

Indonesia5 N/A

Iran2

Israel1

Kuwait3

Lebanon2

Macau2

Country Own Stores Franchise/License Concessions

Malaysia4 N/A

Oman1

Philippines4

Qatar1

Saudi Arabia2

SingaporeN/A

South Africa3

South Korea4 N/A

Taiwan2 N/A

Thailand4 N/A

UAE7 N/A

USA20 N/A

Venezuela3

Estimated values. 35 franchisees location not founded

Appendix 2 | Store Location per Segment (RoW)

4

Capital Structure Value (in millions) %

Non-Current Assets 212,7 38,5%

Current Assets 340,1 61,5%

Non-Current Liabilities 48,3 8,7%

Current Liabilities 132,1 23,9%

Equity 372,4 67,4%

€0

€20

€40

€60

€80

€100

€120

€140

FY2017

Current Liabilities

90,0%

SuperGroup’s Detailed Capital Structure

Capital Structure

Based on SuperGroup’s Balance Sheet we can define the Capital Structure and confirm whether they are supported by debt or not. Indeed, about 67,4% of capital is provided by stockholders amounting to almost £373 million. The 32,6% left is divided into current & non-current liabilities where we visually describe it in the bar above. Observing it, we conclude that almost all current liabilities are related to account payables amounting to approximately 90% of the total with 0£ of borrowings meaning that SuperGroup has room for external financing.

Appendix 3 | Capital Structure Analysis

5

Appendix 4 | Shareholder Overview

Ownership Summary Holders by Category

50,03

30,95

8,12

2,27

1,01 0,73 6,89

Investment Advisor Individuals

Insurance Company Sovereign Wealth Fund

Hedge Fund Manager Pension Fun

Other

Individual Outstanding % Nº shares

Julian Dunkerton 26,59% 21.696.788

James Holder 10,91% 8.898.610

Euan Sutherland 0,01% 11.613

Peter Bamford 0,01% 6.000

Andrea Cartwright 0,01% 5.410

Institutional Outstanding % Nº Shares

Standard Life Aberdeen 7,77% 6.340.770

OFI Global Asset Management 6,54% 5.331.880

Old Mutual Plc 5,55% 4.528.367

Orbis Allen Gray Ltd 3,98% 3.246.891

Country %

UK 44,91%

Unknown 30,95%

US 18,70%

Norway 2,27%

6

Name Position Appointed Remarks

EuanSutherland

CEO December 2012Euan has over 20 years’ experience within the retail sector having held roles with Boots, Dixons, Coca-Cola, Matalan and Mars. Also, CEO of the Co-operative Group and COO at Kingfisher plc.

Nick Wharton CFO June 2015Previously CEO of Dunelm Group plc between 2010 and 2014 and before that CFO of Halfords Group Plc. In his eight year career at Halfords, he held both finance and strategy roles.

Julian Dunkerton

Founder and Product and Brand Director

February 2010He has worked mainly in the retail sector for over 30 years. Together with James Holder, Julian established the Superdry clothing brand in 2003. Deep understanding of the Superdry brand.

Nick Tatum Global Retail Director November 2015Nick worked for Tesco Stores in both the Operations and the Commercial function (covering all new store openings, change plans and trade planning, buying models and structure).

Jon Wragg Global Trading Director April 2014Multi-channel Director at Asda working closely with Walmart’s Global e-commerce team. Also, responsible for transforming ShopDirect into a major e-commerce player.

Paula Kerrigan

Transformation Director August 2015Over 20 years’ developing retail businesses (UK and internationally). Including spending 9 years growing Kingfisher’s businesses in Taiwan, China, South Korea, Poland and Turkey.

Hugo Adams Director Marketing November 2016Previously, he was responsible for International Business Development and Global Marketing at Dyson, with focus being on the global expansion of the Dyson brand.

Andrea Cartwright

Director Human Resources

November 2012Transformed the perception of the HR function across Supergroup: doubling headcount and taking the Supergroup into 15 different employment jurisdictions around the world.

Simon Callander

Group General Counsel and Company Secretary

2 May 2017Previously Simon worked as General Counsel of Addleshaw Goddard and General Counsel and Partnership Secretary of Olswang.

Source: Company’s Annual Report from 2010-2017 and Company’s Website

Appendix 5 | Management Team

7

Appendix 6 | Company’s Board

Name Position Appointed Remarks

Peter Bamford Chairman 29 January 2010Peter is also Deputy Chairman and Senior Independent Director of Spire Healthcare Group Plc. Previously, he was Director of Vodafone Group Plc, Non-Executive Director of Rentokil Initial Plc and Chairman of Six Degrees Holding Limited.

Euan Sutherland CEO1 December

2012He is also currently a Non-Executive Director of Britvic Plc. Euan previously served as Group Chief Executive Officer of the Co-operative Group and Group Chief Operating Officer at Kingfisher Plc.

Nick Wharton CFO 24 June 2015Previously he was Chief Executive Officer of Dunelm Group Plc and even before he was Chief Financial Officer of Halfords Group Plc.

Julian DunkertonFounder and Product and Brand Director

3 February 2010He has worked mainly in the retail sector for over 30 years. He founded the Cult retail chain and turning it into a successful retail chain.

Keith EdelmanSenior Independent

Non-Executive Director4 February 2010

Keith Edelman is also Non-Executive Chairman of Revolution Bars Group Plc. He was previously Non-Executive Chairman of Goal Soccer Centers Plc, Non-Executive Director of Safestore Holdings Plc, Chairman of Beale Plc, Managing Director of Arsenal Holdings Plc.

Penelope HughesIndependent Non-Executive Director

1 April 2015Penelope is also the Non-Executive Chairman of The Gym Group plc and a Non-Executive Director of The Royal Bank of Scotland Group Plc. Previously she was Non-Executive Director of The Gap Inc and Next Plc and President of Coca-Cola in UK.

Martin PowellIndependent Non-Executive Director

1 December 2012

Martin is also a Non-Executive Director of Computacenter Plc. Prior to that Minnow spent 35 years with Deloitte.

Steve SunnucksIndependent Non-Executive Director

1 March 2016Sunnucks worked as global president for Gap and has also held executive positions at New Look and worked at Burton Group Plc, J. Sainsbury Plc, and Marks and Spencer Plc.

Beatrice LafonIndependent Non-Executive Director

14 September 2016

Beatrice was the CEO of Claire’s Stores Inc. and was the President of The European Division of Claire’s Stores Inc.

Simon CallanderGroup General Counsel and Company Secretary

2 May 2017Previously Simon worked as General Counsel of Addleshaw Goddard and General Counsel and Partnership Secretary of Olswang.

Source: Company’s Annual Report from 2010-2017

8

Appendix 7 | Demand Analysis – Recent Promotion Strategy

This is the most recent marketing plan implemented by Supergroup.Objectives:

• Aspirational, engaging creative

• Fully integrated campaign

• Drive footfall instore and online

• Attract new customers to the brand

• Drive sales of key categories

This has being achieved through:

• Events (Brand Activation)

o 149 million reach, 23 million engagements

• Influencers

o Creating their stories with Superdry’s product

o They have creative control

• Social Media Strategy

BRINGING SUPERDRY TO LIFE

Online interactions to drive

sales (Instagram/Snapchat)

Partnerships with

Social Networks

Social Ready

Assets

9

Appendix 8 | Balance Sheet

ASSETS 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cash and equivalents 29 55 86 68 101 65 17 34 82 114 186 302

Accounts receivable 16 46 54 70 80 112 140 169 193 213 230 243

Inventory 21 73 78 108 113 157 199 239 275 303 327 345

Other current assets 0 1 0 20 1 5 5 5 5 5 5 5

Current assets 67 174 218 266 295 340 361 447 555 635 748 895

Intangible assets 1 42 47 52 52 54 1.752 1.755 1.755 1.754 1.751 1.746

Tangible assets 23 64 70 72 95 121 173 206 220 219 207 180

Other long term assets 50 34 31 29 32 38 38 38 38 38 38 38

Long term assets 74 139 148 154 179 213 1.962 1.998 2.013 2.011 1.996 1.964

Total assets 141 314 366 420 474 553 2.323 2.445 2.567 2.646 2.744 2.859

LIABILITIES & EQUITY 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Accounts payable 22 49 59 80 90 119 165 191 211 226 239 247

Short term debt 1 0 0 0 0 0 0 0 0 0 0 0

Other current liabilities 1 8 14 13 14 13 13 13 13 13 13 13

Current liabilities 24 57 73 93 104 132 178 204 224 239 252 260

Long term debt 0 0 0 0 0 0 809 848 873 834 795 755

Other long term liabilities 17 32 32 32 35 48 48 48 48 48 48 48

Long term liabilities 17 32 32 32 35 48 857 896 921 882 843 804

Subscribed capital 4 4 4 4 4 4 200 200 200 200 200 200

Other equity 96 220 257 291 331 368 1.087 1.145 1.222 1.324 1.449 1.596

Equity 100 224 261 295 335 372 1.287 1.345 1.422 1.524 1.649 1.796

Total liabilities and equity 141 314 366 420 474 553 2.323 2.445 2.567 2.646 2.744 2.859

10

Appendix 9 | Income Statement

INCOME STATEMENT 2010 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Operating revenue 140 366 436 493 606 764 992 1.192 1.366 1.507 1.625 1.716

Sales revenue 139 360 431 487 598 752 979 1.179 1.352 1.493 1.610 1.700

Other operating revenue 1 5 5 6 9 12 12 13 14 14 15 16

Cost of goods sold (COGS) 66 150 174 190 230 299 382 460 527 582 628 663

Gross profit on sales 73 210 257 296 368 453 597 719 825 911 982 1.037

gross profit margin on sales 52,6% 58,3% 59,7% 60,9% 61,6% 60,2% 61,0% 61,0% 61,0% 61,0% 61,0% 61,0%

Operating expenses (OPEX) 47 145 178 212 272 339 456 548 618 670 711 735

Employee costs 15 54 64 67 84 107 144 172 191 204 214 218

Other operating expenses 32 91 114 145 188 232 312 376 427 466 497 518

EBITDA 27 70 84 91 104 126 154 185 220 255 286 318

EBITDA margin 19,1% 19,2% 19,2% 18,4% 17,2% 16,5% 15,5% 15,5% 16,1% 16,9% 17,6% 18,5%

Amortization 4 18 22 27 32 37 45 55 64 71 78 83

EBIT (Operating profit) 23 52 62 64 72 89 109 130 157 184 209 234

EBIT margin 16,1% 14,2% 14,1% 13,0% 11,9% 11,7% 11,0% 10,9% 11,5% 12,2% 12,8% 13,6%

Financial income 0,0 0,3 0,6 0,4 0,0 0,2 0,0 0,1 0,3 0,5 0,8 1,2

Financial expenses 0,2 0,0 0,1 1,1 0,7 2,6 53,5 56,3 58,3 53,3 50,5 47,8

of which interest cost (cash interest) 0,2 0,0 0,0 0,6 0,10 0,00 53,45 56,28 58,25 53,27 50,55 47,82

non-deductible shareholder pik 68 74 82 90 99 109

Total revenue 140 366 436 493 606 764 992 1.193 1.366 1.508 1.626 1.717

Total costs 118 314 374 430 534 677 1.004 1.193 1.349 1.467 1.566 1.639

Earnings before taxes 22 52 62 63 72 87 -12 -1 17 41 60 79

Income tax -50 13 15 15 15 18 12 16 21 28 34 41

Net income 72 39 47 48 57 69 -24 -17 -5 12 25 38

Net profit margin 51,6% 10,6% 10,8% 9,8% 9,4% 9,0% -2,4% -1,4% -0,3% 0,8% 1,6% 2,2%

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Appendix 10 | Trading Comps & Through-Cycle Comps Behaviour

Company Mkt Cap (GBP) EV/EBITDA EV/EBIT

Fast Retailing £ 31.288.461.494,83 20,6x 25,3x

Mr Price £ 3.941.838.231,20 12,4x 20,0x

Inditex £ 80.469.498.728,78 16,0x 20,2x

H&M £ 25.330.703.187,75 8,7x 11,9x

Ted Baker £ 1.204.834.819,50 16,2x 21,6x

A&F £ 877.709.206,82 2,6x 35,6x

Next £ 6.607.046.031,75 8,0x 9,3x

AVERAGE 12,1x 20,5x

MEDIAN 12,4x 20,2x

0,0x

5,0x

10,0x

15,0x

20,0x

25,0x

30,0x

35,0x

40,0x

FastRetailing

Mr Price Inditex H&M Ted Baker A&F Next

EV/EBITDA EV/EBIT

EV

/E

BIT

DA

M

ed

ian

12

,4x

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Urban Outfitters Inc 15,1x 5,5x 10,6x 9,2x 8,8x 11,4x 7,8x — 5,0x 5,7x

H&M 10,0x 13,0x 13,3x 14,1x 13,4x 16,8x 16,7x 15,7x 13,9x 8,7x

Inditex 9,2x 8,0x 11,1x 10,6x 11,9x 15,3x 16,6x 18,8x 18,9x 17,5x

Next PLC 5,4x 4,5x 6,1x 5,9x 6,8x 8,4x 11,7x 12,2x 11,2x 6,8x

Fast Retailing 9,7x 8,0x 6,6x 9,2x 10,8x 19,1x 19,4x 24,0x 22,1x 13,3x

Mr Price Group 5,3x 6,0x 14,5x 9,5x 12,5x 13,2x 14,4x 19,6x 12,0x 12,7x

Guess? Inc 9,2x 3,2x 7,6x 7,4x 4,5x 5,5x 6,1x 5,4x 5,9x 7,4x

Hanesbrands 7,0x 11,5x 9,2x 7,7x 9,2x 14,0x 19,4x 19,8x 13,0x 12,1x

Ralph Lauren Corp 7,0x 5,1x 8,6x 10,8x 12,1x 10,6x 9,4x 8,1x 8,6x 27,5x

Abercrombie & Fitch 7,0x 1,3x 5,6x 7,2x 7,5x 5,7x 7,3x 4,7x 5,3x 2,6x

Ted Baker PLC 7,2x 6,3x 7,7x 8,9x 10,1x 13,5x 18,5x 17,0x 18,9x 16,2x

PVH 7,2x 4,6x 6,7x 17,0x 11,4x 12,4x 16,1x 15,7x 8,5x 8,6x

HUGO BOSS AG 10,0x 6,1x 8,0x 10,8x 8,8x 10,8x 12,8x 12,3x 9,1x 9,5x

AVERAGE 8,4x 6,4x 8,9x 9,9x 9,8x 12,1x 13,6x 14,4x 11,7x 11,4x

MEDIAN 7,2x 6,0x 8,0x 9,2x 10,1x 12,4x 14,4x 15,7x 11,2x 9,5x

0,0x

5,0x

10,0x

15,0x

20,0x

AVERAGE MEDIAN

Bloomberg

12

Appendix 11 | Transaction Comps Multiples

Year Country Target Company Bidder Company Seller CompanyReported EBITDA

(mil)Reported EBITDA

Multiple

2016 IndiaMadura Garments Lifestyle Retail Company Limited

Aditya Birla Fashion and Retail Ltd Aditya Birla Nuvo Limited 57,8592 17,5x

2015 USA Sheplers, Inc. Boot Barn Holdings, Inc. Gryphon Investors 9,2404 14,6x

2015 Spain El Ganso LVMH's L Capital 70 13,0x

2017 United Kingdom Burberry Group Plc Groupe Bruxelles Lambert SA 671,8985 12,7x

2015 United Kingdom The Net-A-Porter Group Limited YOOX Net-A-Porter Group (YNAP) Compagnie Financiere Richemont SA

58 12,4x

2015 Japan Nice Claup Co., Ltd. Pal Co., Ltd. 2,0194 11,9x

2015 United KingdomPhase Eight (Fashion & Designs) Limited

Foschini Limited TowerBrook Capital Partners L.P. 26,5903 10,8x

2014 USA Jos. A. Bank Clothiers, Inc. Tailored Brands, Inc. 115,0825 9,4x

2016 United Kingdom GO Outdoors Limited JD Sports Fashion Plc3i Group Plc; YFM Equity Partners Limited

18,4186 9,2x

2015 United Kingdom New Look Group Limited Brait Private EquityApax Partners LLP; PermiraAdvisers LLP

287,5495 9,0x

2014 Netherlands Gerzon Holding B.V. LS Travel Retail Benelux 8,144 9,0x

2015 USA ANN INC. Ascena Retail Group, Inc 197,6804 8,9x

AVERAGE 11,5x

MEDIAN 11,3x

Mergermarket

13

Appendix 12 | Deeper Analysis on Risks

Currency Risk Purchase Power Capacity / Inflation in USA

£1 = 1,36€

£1 = 1,13€

Due to the speculation related with Brexit Process, the Pound devaluated around17% compared to Euro and around 11% compared to Dollar. That means thatthere were devaluations compared to the two most strong currencies in the worldresulting in losses that do not depend on the business itself but is still a huge riskthat could affect the company.

£ - €

£ - $£1 = 1,49$

£1 = 1,33$

2 years

Disposable Income per Capita

USA Inflation Rate

Since the crisis in 2007, the disposable income per capita in the USA and all over theworld has been very unstable which is reflected on the amount of money thatconsumers spend in secondary goods such as Apparel & Cloths. Also, the evolution ofprices is affected by the inflation rate meaning that this could be a risk that affects thepurchasing power and consequently the sales of our company.

14

Appendix 13 | Exit Strategies

+ –

IPO

• Access to equity capital markets• Participation in future value growth (in case of partial exit)• Management incentive systems• Total exit also possible, depending on market conditions at IPO• Share as acquisition currency• PR-effect

• Depend on market conditions• Execution risk likely to be higher• Not a complete exit (Exposure to fluctuations)• Long and expensive process.

Strategic Sale

• Clear/rapid exit strategy• Potential realization of synergy premium• Relatively low execution risk• Likely full cash on exit

• No participation in future upside• Potential resistance from management (replacement risk)• Confidential business information disclosure to competitors

during negotiation

Secondary Buyout

• Clear/rapid exit strategy• Strong interest from financial buyers expected• Relatively low execution risk• Valuation assisted in case of attractive debt markets• These kind of deals tend to be done faster and with less failure in

the M&A process

• No participation in future upside• Depending on financing markets