<SEC-DOCUMENT>0001193125-25-325599.txt : 20251219
<SEC-HEADER>0001193125-25-325599.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219060216
ACCESSION NUMBER:		0001193125-25-325599
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20251218
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COTY INC.
		CENTRAL INDEX KEY:			0001024305
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				133823358
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35964
		FILM NUMBER:		251584887

	BUSINESS ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
		BUSINESS PHONE:		212-389-7300

	MAIL ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COTY INC /
		DATE OF NAME CHANGE:	19961004
</SEC-HEADER>
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<td style="width:5%;vertical-align:top;text-align:left"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2025-12-18_to_2025-12-18" format="ixt-sec:boolballotbox" id="ixv-362">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:5pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%">&#160;</td>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:5pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top;text-align:left"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2025-12-18_to_2025-12-18" format="ixt-sec:boolballotbox" id="ixv-364">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:5pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:34%"/>
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<td style="width:32%"/>
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<td style="width:32%"/></tr>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange<br/>on which registered</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-12-18_to_2025-12-18" id="ixv-366">Class&#160;A Common Stock, $0.01 par value</ix:nonNumeric></td>
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<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-12-18_to_2025-12-18" id="ixv-367">COTY</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;1.01.</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Sale and Purchase Agreement </span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;18, 2025, Coty JV Holding S.&#224; r.l., a soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e incorporated under the laws of Switzerland (&#8220;<span style="text-decoration:underline">Coty&#160;JV</span>&#8221;), an indirect subsidiary of Coty Inc. (the &#8220;<span style="text-decoration:underline">Company</span>&#8221;), entered into a Purchase and Sale Agreement (the &#8220;<span style="text-decoration:underline">Agreement</span>&#8221;) with Tides Holdco Limited, an exempted company incorporated under the laws of the Cayman Islands (&#8220;<span style="text-decoration:underline">Buyer</span>&#8221;), and Rainbow JVCo Limited, a private limited company incorporated under the laws of Jersey (&#8220;<span style="text-decoration:underline">Rainbow JVCo</span>&#8221;), pursuant to which, among other things, Buyer will purchase from Coty JV 7,747,552.2297 shares of Class&#160;1 Ordinary Shares, 53,056,845.8482 shares of A1 Preference Shares and 423,419,953.0856 shares of B1 Preference Shares in the capital of Rainbow JVCo (the &#8220;<span style="text-decoration:underline">Sale Shares</span>&#8221;) in exchange for (i)&#160;an aggregate amount of cash equal to $750,000,000 and (ii)&#160;a consideration loan note issued by Buyer, which will subsequently be contributed to Buyer as a contribution in kind in exchange for, or immediately after, the issuance of shares by Buyer to Coty JV in accordance therewith. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Buyer and Coty JV each have made certain customary representations and warranties in the Agreement, including without limitation as to ownership of the Sale Shares (for Coty JV), due organization and existence and authority to enter into the Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary of the Agreement is qualified in its entirety by the full text of the Agreement, which is attached hereto as Exhibit 2.1 and incorporated herein by reference. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Termination Agreement </span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;18, 2025, Coty JV entered into a Deed of Termination in respect of the termination of that certain Shareholders&#8217; Agreement, dated as of March&#160;31, 2021, as amended, varied, restated, supplemented or otherwise modified from time to time,<span style="font-weight:bold"> </span>relating to Rainbow JVCo, with the Company, Rainbow Capital Group Limited, Rainbow JVCo and Rainbow UK Bidco Limited. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Shareholders&#8217; Agreement </span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;18, 2025, Coty JV entered into a shareholders&#8217; agreement relating to Buyer (the &#8220;<span style="text-decoration:underline">Buyer SHA</span>&#8221;), with Tides Holdco Blocker Limited, an exempted company incorporated under the laws of the Cayman Islands (&#8220;<span style="text-decoration:underline">KKR Member</span>&#8221;) and Buyer. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Buyer SHA, for as long as Coty JV owns shares in Buyer, Coty JV will have (i)&#160;consent rights with respect to certain corporate actions proposed to be taken by Buyer and (ii)&#160;the right to designate one individual as a <span style="white-space:nowrap">non-voting</span> observer to the board of Buyer, provided that KKR Member shall at all times have the right to appoint all of the directors of the board of Buyer (and any committee thereof). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Buyer SHA, all Distributions (as defined therein) shall be made (i)&#160;first, to the shareholders holding preference shares, up to an agreed cap, and (ii)&#160;second, to the shareholders holding ordinary shares, in each case on a pro rata basis and subject to the Maximum Return (as defined therein). 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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;2.06</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Material Impairments. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the entry into the Agreement, as discussed under Item 1.01 of this Current Report on Form <span style="white-space:nowrap">8-K,</span> the Company expects to record a material <span style="white-space:nowrap">non-cash</span> impairment charge in the second quarter ended December&#160;31, 2025 in an estimated amount of approximately $200&#160;million. This is a preliminary </p>
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estimate and the actual amount may change as the Company finalizes its calculation of the impairment charge. The Company expects to provide further detail in its Quarterly Report on Form&#160;10-Q for the quarter ending December&#160;31, 2025. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Other Events. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;19, 2025, the Company issued a press release announcing the execution of the Agreement. A copy of the press release is attached hereto as Exhibit 99.1. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;9.01.</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d66788dex21.htm">Purchase and Sale Agreement, dated December&#160;18, 2025, by and among Coty JV Holding S.&#224; r.l., Tides Holdco Limited and Rainbow JVCo Limited </a></td></tr>
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<td style="vertical-align:top"><a href="d66788dex101.htm">Shareholders&#8217; Agreement, dated December&#160;18, 2025, by and between Coty JV Holding S.&#224; r.l., Tides Holdco Limited and Tides Holdco Blocker Limited </a></td></tr>
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<td style="vertical-align:top"><a href="d66788dex991.htm">Press release of Coty Inc., dated December&#160;19, 2025 </a></td></tr>
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<td style="vertical-align:bottom">Date: December 18, 2025</td>
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<td style="vertical-align:top">By:</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Laurent Mercier</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>OTY</SMALL> JV H<SMALL>OLDINGS</SMALL> S.<SMALL>&Agrave;</SMALL> <SMALL>R</SMALL>.<SMALL>L</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chemin Louis-Hubert </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1213
Petit-Lancy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Switzerland </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;18, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tides Holdco Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Maples Corporate Services Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">of PO Box 309, Ugland
House </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Grand Cayman, <FONT STYLE="white-space:nowrap">KY1-1104</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cayman Islands </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: <U>Purchase and Sale Agreement</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter agreement (this &#8220;<U>Agreement</U>&#8221;), by and between Coty JV Holdings S.&agrave; r.l., a soci&eacute;t&eacute; &agrave;
responsabilit&eacute; limit&eacute;e incorporated under the laws of Switzerland (&#8220;<U>Seller</U>&#8221;), Tides Holdco Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands
(&#8220;<U>Buyer</U>&#8221;), and, solely for purposes of <U>Section</U><U></U><U>&nbsp;2(c)</U>, Rainbow JVCo Limited, a private limited company incorporated under the laws of Jersey (&#8220;<U>Rainbow JVCo</U>&#8221;), is being delivered in
connection with the purchase by Buyer of 7,747,552.2297 shares of Class&nbsp;1 Ordinary Shares, 53,056,845.8482 shares of A1 Preference Shares and 423,419,953.0856 shares of B1 Preference Shares (collectively, the &#8220;<U>Shares</U>&#8221;) in the
capital of Rainbow JVCo, from Seller. The Shares are owned by Seller as of the date hereof and as of the Closing (defined below). Capitalized or other terms used but not defined herein shall have the meaning ascribed to such term in that certain
Amended and Restated Shareholders&#8217; Agreement relating to Rainbow JVCo and the UK Divestco Group (as defined therein) between Coty Inc., a Delaware corporation (&#8220;<U>Coty Parent</U>&#8221;), Coty International B.V., a private limited
liability company incorporated under the laws of the Netherlands, Rainbow Capital Group Limited, a private limited company incorporated under the laws of Jersey, having its registered office at 2nd Floor, Sir Walter Raleigh House, <FONT
STYLE="white-space:nowrap">48-50</FONT> (&#8220;<U>Rainbow Capital</U>&#8221;) and Rainbow UK Bidco Limited, a private limited company incorporated under the laws of England and Wales (&#8220;<U>Rainbow UK Bidco</U>&#8221;), dated 31&nbsp;March 2021
(the &#8220;<U>Existing JVCo SHA</U>&#8221;), to which Seller became a party on 29&nbsp;June 2021 pursuant to a deed of adherence entered into between Seller, Rainbow Capital, Rainbow JVCo and Rainbow UK Bidco. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual covenants and conditions as hereinafter set forth, Seller and Buyer hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Purchase and Sale. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions of this Agreement, on the date hereof, Seller hereby sells, assigns, transfers and
conveys to Buyer, and Buyer hereby purchases from Seller, all of the Shares, free and clear of any Encumbrance, except for restrictions on transfer provided under applicable securities Laws, in exchange for (i)&nbsp;an aggregate amount of cash equal
to $750,000,000 (the &#8220;<U>Cash Consideration</U>&#8221;) and (ii)&nbsp;a consideration loan issued by Buyer in the form agreed between Buyer and Seller (the &#8220;<U>Note</U>&#8221;), which will subsequently be contributed to Buyer as a
contribution in kind in exchange for, or immediately after, the issuance of shares by Buyer to Seller in accordance therewith (the &#8220;<U>Consideration Shares</U>&#8221;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The purchase and sale of the Shares (the &#8220;<U>Closing</U>&#8221;)
shall take place remotely via the exchange of documents and signatures on the date hereof (the &#8220;Closing Date&#8221;), provided that Buyer irrevocably and unconditionally undertakes to pay the Cash Consideration to Seller in immediately
available funds to the Seller&#8217;s bank account, the details of which have been confirmed by Seller to Buyer prior to the date hereof, on 19&nbsp;December 2025. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Buyer and Seller shall take such actions as may be reasonably required for the sale and transfer of the Shares to be
reflected in the books and records of Rainbow JVCo. In connection with the foregoing, Buyer and Seller shall provide to Rainbow JVCo all documentation and certifications reasonably requested in connection therewith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Buyer and Seller agree that for U.S. federal income tax purposes, the Note is intended to be disregarded and the Closing
treated as a sale of a portion of the JVCo Shares (the &#8220;<U>Deemed Sold Partnership Interests</U>&#8221;) by Coty to KKR Aggregator, followed by a contribution described in Section&nbsp;721 of the U.S. Internal Revenue Code of 1986, as amended
of the Deemed Sold Partnership Interests and the remaining JVCo Shares to the Company by KKR Aggregator and Coty, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
<U>Closing Deliverables</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) At the Closing, Buyer shall deliver: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to Seller, the Shareholders&#8217; Agreement of Buyer in the form agreed between Buyer and Seller (the
&#8220;<U>Shareholders&#8217; Agreement</U>&#8221;), duly executed by Buyer and the other parties thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to Seller,
the Note, duly executed by Buyer; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to Seller, the contribution agreement in the form agreed between Buyer and Seller
pursuant to which Seller shall contribute the Note to Buyer in consideration for Class&nbsp;B Ordinary Shares of Buyer as set forth therein (the &#8220;<U>Contribution Agreement</U>&#8221;), duly executed by Buyer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to Rainbow JVCo and Seller, the side letter in the form agreed between Seller, Coty Parent, Rainbow Capital, Rainbow JVCo
and Buyer reflecting certain rights of Seller with respect to Rainbow JVCo (the &#8220;<U>Side Letter</U>&#8221;), duly executed by Buyer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to Rainbow JVCo, the Shareholders&#8217; Agreement in the form agreed between Buyer and Seller relating to Rainbow JVCo and
the UK Divestco Group (as defined therein) of JVCo dated as of the date hereof, by and among Rainbow Capital, Rainbow JVCo, Rainbow UK Bidco and Buyer (the &#8220;<U>New JVCo SHA</U>&#8221;), duly executed by Buyer; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) resolutions of Buyer approving entry into the various transaction
documents referred to above, the issuance of the Consideration Shares and the relevant update to the register of members reflecting the issuance of the Consideration Shares; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) a draft closing register of the members of Buyer reflecting the Seller as the legal and beneficial owner of the
Consideration Shares (with the finalized updated register of members to follow within one (1)&nbsp;Business Day of the Closing). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At the Closing, Seller shall deliver: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to Buyer, the Shareholders&#8217; Agreement, duly executed by Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to Buyer and Rainbow JVCo, duly executed stock transfer forms in the forms agreed between Buyer, Rainbow JVCo and Seller;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to Buyer, an IRS Form <FONT STYLE="white-space:nowrap">W-8,</FONT> duly executed by Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to Buyer, the Note, duly executed by Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to Buyer, the Contribution Agreement, duly executed by Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) to Rainbow JVCo, the termination agreement in the form agreed between Seller and Rainbow JVCo (the &#8220;<U>Termination
Agreement</U>&#8221;) of the Monitoring Fee Agreement, dated as of 30&nbsp;November 2020, by and between Rainbow UK Bidco and Coty Parent, duly executed by Coty Parent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) to Rainbow JVCo, the Deed of Termination in the form agreed between Buyer and Seller relating to the Existing JVCo SHA,
dated as of the date hereof, by and among Coty Parent, Rainbow Capital, Rainbow JVCo and Seller (the &#8220;<U>JVCo SHA Termination Deed</U>&#8221;), duly executed by Seller and Coty Parent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) to Rainbow JVCo and Buyer, the Side Letter, duly executed by Seller and Coty Parent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) to Rainbow JVCo, executed resignations letters comprising the resignation of any directors or managers nominated by Coty
Parent or its Affiliates of Rainbow JVCo, Rainbow Midco Limited, Rainbow UK Midco 2 Limited, Rainbow UK Holdco Limited, Rainbow Bidco and Rainbow Finco S.&agrave;.rl. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At the Closing, Rainbow JVCo shall deliver: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to Seller, the Termination Agreement, duly executed by Rainbow Bidco; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to Seller and Buyer, the Side Letter, duly executed by Rainbow JVCo and Rainbow Capital; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to Seller and Buyer, the New JVCo SHA, duly executed by Rainbow Capital, Rainbow JVCo and Rainbow UK Bidco; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to Seller, the JVCo SHA Termination Deed, duly executed by Rainbow JVCo and Rainbow Capital; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to Seller and Buyer, a certificate in accordance with Treasury Regulations Section 1.1446(f)-2(b) that will enable Buyer to
determine that no withholding is required under Section 1446 of the Code from payments under this Agreement, duly executed by Rainbow JVCo; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) to Seller and Buyer, a draft closing register of members of Rainbow JVCo reflecting Buyer as the legal and beneficial
owner of the Shares (with the finalized updated register of members to follow within one (1)&nbsp;Business Day of the Closing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.
<U>Public Announcements</U>. Without the prior written consent of Buyer or Seller, respectively <FONT STYLE="white-space:nowrap">(e-mail</FONT> to be sufficient), neither Seller nor Buyer shall publish any press release or otherwise make any public
announcement with regard to this Agreement or the transactions contemplated hereunder, without the prior written consent of the other, except to the extent required by applicable Law, save that the Buyer and Seller shall each be permitted to publish
an initial public announcement in relation to this Agreement in the form attached at <U>Exhibit A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Tax Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All Swiss transfer, documentary, sales, use, stamp, registration, recording and other similar taxes and fees (including any
penalties and interest), comprising the Swiss transfer stamp duty (Umsatzabgabe) as defined in Article 13 of the Swiss Federal Act on Stamp Duties of 27&nbsp;June 1973 (as amended from time to time) (the &#8220;<U>Swiss Transfer Stamp
Duty</U>&#8221;), that are imposed on any of the parties by any taxing authority in connection with the transactions contemplated by this Agreement (collectively, &#8220;<U>Swiss Transfer Taxes</U>&#8221;) and all expenses of filing tax returns with
respect to such Taxes shall be borne solely by Seller. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All transfer, documentary, sales, use, stamp, registration, recording
and other similar taxes and fees (including any penalties and interest) not described in <U>Section</U><U></U><U>&nbsp;4(a)</U> (&#8220;<U><FONT STYLE="white-space:nowrap">Non-Swiss</FONT> Transfer Taxes</U>&#8221;) shall be borne 50% by Seller and
50% by Buyer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Seller and Buyer shall cooperate in timely making all filings, returns, reports and forms as necessary
or appropriate to comply with the provisions of all applicable tax laws in connection with the payment of such <FONT STYLE="white-space:nowrap">Non-Swiss</FONT> Transfer Taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the above paragraphs (a)&nbsp;to (c), Buyer acknowledges that Seller intends to treat the Purchase and Sale
described in Section&nbsp;1 of this Agreement as exempt from Swiss Transfer Stamp Duty under Article 14 paragraph 1 letter i or j of the Swiss Federal Act on Stamp Duties of 27&nbsp;June 1973, as amended from time to time. The Seller and the Buyer
shall cooperate in good faith and provide each other with such information and assistance as may reasonably be required to obtain such treatment, including in connection with any Swiss tax filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Representations and Warranties of Buyer</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of the date hereof, Buyer represents and warrants to Seller: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Buyer is an exempted company duly incorporated, validly existing and in good standing (to the extent such concept exists
under the laws of its jurisdiction) under the laws of the Cayman Islands. Buyer possesses all requisite power and authority necessary to execute and deliver and to perform its obligations and carry out the transactions contemplated by this
Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) this Agreement has been duly executed and delivered by Buyer and, assuming the due authorization,
execution and delivery of this Agreement by Seller, this Agreement constitutes the valid and binding obligation of Buyer, enforceable against the Buyer in accordance with its terms, except as the enforceability thereof may be limited by:
(i)&nbsp;bankruptcy, insolvency, reorganization or other similar Laws affecting enforcement of creditors&#8217; rights generally; and (ii)&nbsp;subject to general principles of equity (the &#8220;<U>Enforceability Exceptions</U>&#8221;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions
contemplated hereby does not and will not, with or without the giving of notice or the passage of time or both, (i)&nbsp;violate the provisions of any Law applicable to Buyer or its properties or assets; (ii)&nbsp;violate any judgment, decree, order
or award of any Governmental Authority or arbitrator applicable to Buyer or its properties or assets; or (iii)&nbsp;result in any breach of any terms or conditions, or constitute a default under, any contract, commitment, agreement or similar
arrangement to which Buyer is a party or by which Buyer or its properties or assets are bound. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority, is required by or with respect
to Buyer in connection with the execution and delivery by Buyer of this Agreement, or the consummation by Buyer of the transactions contemplated hereby; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) since its date of incorporation, it has not undertaken any business or
other commercial or operational activities. Other than Maples Corporate Services Limited acting as initial subscriber, there have been no other shareholders of Buyer since its date of incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Shares</U>. As of the date hereof, Buyer acknowledges and represents that Buyer has been advised by Seller that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the offer and sale of the Shares have not been registered under the Securities Act; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Buyer must continue to bear the economic risk of the investment in the Shares unless the offer and sale of such Shares are
subsequently registered under the Securities Act and all applicable state securities Laws or an exemption from such registration is available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Additional Investment Representations</U>. As of the date hereof, Buyer represents and warrants to Seller that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Buyer&#8217;s financial situation is such that Buyer can afford to bear the economic risk of holding the Shares and can
afford to suffer a complete loss of Buyer&#8217;s investment in the Shares; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Buyer&#8217;s knowledge and experience in
financial and business matters are such that Buyer is capable of evaluating the merits and risks of the investment in the Shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Buyer has independently, and without reliance upon Seller or any of its Affiliates or any representative of the foregoing,
and based on such documents and information as Buyer has deemed appropriate, performed its own due diligence and business investigations with respect to the Group and made its own investment decision with respect to the investment represented by the
Shares. Buyer has consulted, to the extent deemed appropriate by Buyer, with Buyer&#8217;s own advisers as to the financial, tax, legal and related matters concerning an investment in the Shares and on that basis understands the financial, tax,
legal and related consequences of an investment in the Shares; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Buyer is an &#8220;accredited investor&#8221; within
the meaning of Rule 501(a) under the Securities Act; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Buyer is acquiring the Shares for its own account and not
with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable state securities Laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Representations and Warranties of Seller</U>. As of the date hereof, Seller represents
and warrants to Buyer that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Seller is a soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e duly
organized, validly existing and in good standing (to the extent such concept exists under the laws of its jurisdiction) under the laws of Switzerland. Seller possesses all requisite power and authority necessary to execute and deliver and to perform
its obligations and carry out the transactions contemplated by this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the execution, delivery and performance
by Seller of this Agreement has been duly authorized by Seller&#8217;s governing body on behalf of Seller. This Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against it in accordance with its terms, except as
enforceability may be limited by the Enforceability Exceptions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the execution, delivery and performance by Seller of
this Agreement, and the consummation by Seller of the transactions contemplated hereby does not and will not, with or without the giving of notice or the passage of time or both: (i)&nbsp;violate Seller&#8217;s organizational documents;
(ii)&nbsp;violate the provisions of any Law applicable to Seller or its properties or assets; (iii)&nbsp;violate any judgment, decree, order or award of any Governmental Authority or arbitrator applicable to Seller or its properties or assets; or
(iv)&nbsp;result in any breach of any terms or conditions, or constitute a default under, any contract, commitment, agreement or similar arrangement to which Seller is a party or by which Seller or its properties or assets are bound. No consent,
approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority, is required by or with respect to Seller in connection with the execution and delivery by Seller of this Agreement, or the consummation by
Seller of the transactions contemplated hereby; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Seller is the legal and beneficial owner of the Shares and has good,
valid title to the Shares, free and clear of any Encumbrance, except for restrictions on transfer provided under applicable securities Laws and the Existing JVCo SHA; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Seller is not making, and Seller hereby specifically disclaims, any representation or warranty regarding the Group,
including any representations or warranties regarding their financial information, budgets, estimates, projections, forecasts or other forward looking statements, business plans (including the reasonableness of any assumptions underlying such
estimates, projections, forecasts, forward looking statements or business plans). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Survival of Seller</U><U>&#8217;</U><U>s
Representations and Warranties</U>. The representations and warranties made by Seller in <U>Section</U><U></U><U>&nbsp;8</U> shall survive the Closing for a period of one (1)&nbsp;year anniversary of the Closing Date (the &#8220;<U>Survival
Period</U>&#8221;). Each such representation and warranty shall be null and void and of no further force and effect following the last day of the Survival Period unless, on or prior to such last day, Buyer shall have provided Seller with a written
notice alleging that Seller is in breach of such representation or warranty and specifying in reasonable detail the nature of such breach. The maximum aggregate liability of Seller under this Agreement shall not exceed the Cash Consideration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Waiver</U>. No waiver of any provision of this Agreement will be effective unless
such waiver is in writing, specifically references the provision being waived and is signed by the party against whom the waiver is being enforced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Assignment</U>. This Agreement may not be assigned, in whole or in part, by operation of Law or otherwise, by any party without the
prior written consent of the other parties hereto. Any purported assignment in violation of this Agreement is null and void. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>No
Third Party Beneficiaries</U>. Nothing in this Agreement, express or implied, is intended to or will confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Amendment</U>. This Agreement may not be amended, modified or supplemented except by a written instrument executed by the parties
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Severability</U>. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any
provision will not affect the validity or enforceability of the other provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Specific Performance</U>. Each of the
parties hereto agrees that irreparable damage may occur in the event applicable provisions of this Agreement were not fully performed by such party in accordance with the terms hereof and that the other parties hereto shall be entitled to seek an
injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in addition to any other remedy to which such other parties may be entitled at Law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Counterparts</U>. This Agreement may be executed in any number of counterparts (including counterparts transmitted via facsimile or in
.pdf or similar format) with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Entire Agreement</U>. This Agreement, together with the schedules, annexes and exhibits hereto and the other documents related to the
subject matter hereof, constitute the entire agreement among the parties with respect to the matters covered hereby and supersede all previous written, oral or implied understandings among them with respect to such matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>No Strict Construction</U>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Governing Law</U>. All matters relating to the interpretation, construction, validity
and enforcement of this Agreement, including all claims or disputes (whether in contract or in tort, in law or in equity, or granted by statute) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or
performance of this Agreement or the transactions contemplated hereby (including any claim, proceeding or cause of action based upon, arising out of, or related to any representation or warranty made in or in connection with this Agreement or as an
inducement to enter into this Agreement), shall be governed by and construed in accordance with the domestic Laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of Laws of any jurisdiction other than the State of Delaware, including statutes of limitation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Consent to Jurisdiction and Service of Process</U>. Any claim, proceeding or cause of
action involving any party to this Agreement arising out of or in any way relating to this Agreement, including all disputes (whether in contract or in tort, in law or in equity, or granted by statute) that may be based upon, arise out of or relate
to this Agreement or the negotiation, execution or performance of this Agreement or the transactions contemplated hereby, shall be brought exclusively in the Court of Chancery of the State of Delaware (unless the Court of Chancery of the State of
Delaware declines to accept jurisdiction over a particular matter, in which case, the Superior Court of the State of Delaware (and the Complex Commercial Litigation Division thereof if such division has jurisdiction over the particular matter) or,
if the Superior Court of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware) (together with the appellate courts thereof, the &#8220;<U>Chosen Courts</U>&#8221;) and each of
the parties hereby submits to the exclusive jurisdiction of the Chosen Courts for the purpose of any such claim, proceeding or cause of action. Each party irrevocably and unconditionally agrees not to assert (a)&nbsp;any objection which it may ever
have to the laying of venue of any such claim, proceeding or cause of action in any Chosen Court, (b)&nbsp;any claim that any such claim, proceeding or cause of action brought in any Chosen Court has been brought in an inconvenient forum and
(c)&nbsp;any claim that any Chosen Court does not have personal jurisdiction over any party with respect to such claim, proceeding or cause of action. To the extent that service of process by mail is permitted by applicable Law, each party
irrevocably consents to the service of process in any such claim, proceeding or cause of action in such courts by the mailing of such process by registered or certified mail, postage prepaid, at its address set forth on the signature pages hereto.
The parties agree that any judgment entered by any Chosen Court may be enforced in any court of competent jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Waiver of
Jury Trial</U>. Each party to this Agreement irrevocably and unconditionally waives any right to a trial by jury and agrees that any of them may file a copy of this <U>Section</U><U></U><U>&nbsp;21</U> with any court as written evidence of the
knowing, voluntary and <FONT STYLE="white-space:nowrap">bargained-for</FONT> agreement among the parties irrevocably to waive its right to trial by jury in any claim, proceeding or cause of action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U><FONT STYLE="white-space:nowrap">Non-Recourse</FONT></U>. This Agreement may only be enforced against, and any claim, proceeding or
cause of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby may only be brought against, the Persons that are expressly named as parties hereto and then only with respect to the specific
obligations set forth herein with respect to such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Further Assurances</U>. The parties hereto shall cooperate with one
another at all times to do, or procure the doing of, all acts and things, and execute, or procure the execution of, all documents and instruments, as may reasonably be required to give full effect to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Reorganization</U>. Following the Closing, the shareholders of Rainbow JVCo will
contribute all of the outstanding equity of Rainbow JVCo to a newly incorporated private limited company incorporated under the laws of Jersey that is treated for U.S. federal income tax purposes as an association taxable as a corporation
(&#8220;<U>New JVCo</U>&#8221;) in exchange for equivalent shares of New JVCo (the &#8220;<U>Reorganization</U>&#8221;). In the event the Reorganization occurs, in connection with closing thereof, the Rainbow Capital and Buyer shall deliver to
Seller (i)&nbsp;a duly executed copy of the shareholders agreement of New JVCo, by and among Rainbow Capital, New JVCo, Rainbow UK Bidco and Buyer, which shall be in a form agreed between Buyer and Seller and on the same terms as the New JVCo SHA,
subject to changes to reflect the replacement of Rainbow JVCo with New JVCo and the effect of the Reorganization and (ii)&nbsp;a duly executed copy of the contribution agreement effecting the Reorganization in a form agreed between Buyer and Seller.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Pages Follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the
day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>SELLER</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>COTY JV HOLDINGS S.&Agrave; R.L.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michal-Caroline Andreotti</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U></U>Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michal-Caroline Andreotti</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BUYER</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TIDES HOLDCO LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Samuel Plotner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U></U>Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Samuel Plotner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>RAINBOW JVCO</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Solely for purposes of Section&nbsp;2, RAINBOW JVCO LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Simon Bouchard</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U></U>Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Simon Bouchard</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Purchase and Sale Agreement]</I> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Announcements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COTY
SELLS REMAINING STAKE IN WELLA TO KKR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>$750</I><I></I><I>&nbsp;million of immediate cash proceeds and right to significant share of ongoing proceeds
after KKR preferred return</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Marks successful completion of multi-year Wella monetization program exactly inline with its original target
to divest Wella by end of CY25</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Transaction reduces Coty&#8217;s financial net leverage to </I>~<I>3x by the end of CY25, strengthening its
path towards 2.0x </I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coty Inc. (NYSE: COTY) (Paris: COTY) (&#8220;Coty&#8221; or &#8220;the Company&#8221;) today announced that it
has sold its remaining 25.8% stake in Wella to KKR managed capital accounts and investment affiliates. Under the terms of the transaction, Coty will receive upfront cash consideration of $750&nbsp;million and 45% of any proceeds from a further sale
or an initial public offering of the business, after KKR&#8217;s preferred return has been met. Based on Wella&#8217;s strong recent and expected performance, as well as current market valuations, Coty sees strong potential for additional cash
proceeds, bringing the total gross proceeds closer to the carrying value of its investment in Wella. The sale completes the program initiated in 2020 to simplify Coty&#8217;s portfolio and operations, while realizing the full value of its Wella
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coty intends to use the vast majority of the Wella upfront cash proceeds related to this transaction, net of tax, to pay down its short term
and long term debt. Both the Wella proceeds and Coty&#8217;s strong free cash flow generation (over $350&nbsp;million in the first half of FY26, inline with its recent guidance) are expected to reduce Coty&#8217;s financial net leverage to ~3x by
the end of CY25. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<I>This transaction marks a pivotal milestone for Coty &#8211; both in our transformation and in our long-running deleveraging
commitment</I>,&#8221; said Laurent Mercier, Coty&#8217;s CFO. &#8220;<I>Our strategic partnership with KKR has proven highly value accretive. We have benefited from Wella&#8217;s strong growth by progressively monetizing our stake, allowing us to
strengthen Coty&#8217;s financial foundations year-after-year. Completing this transaction exactly inline with our original target to fully divest Wella by the end of CY25 underscores our focus on delivering on our financial commitments and
crystalizing value from <FONT STYLE="white-space:nowrap">non-core</FONT> assets, all while sharpening our strategic focus.&#8221;</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citi is serving as
financial advisor and Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP is serving as legal advisor to Coty. Simpson Thacher&nbsp;&amp; Bartlett LLP is serving as legal counsel to KKR. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Coty Inc. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Founded in Paris in 1904, Coty is
one of the world&#8217;s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in over 120 countries
and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to protecting the planet. Learn more at coty.com or on LinkedIn and Instagram. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward Looking Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in
this release are &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company&#8217;s current views with respect to, among other things, the
use of proceeds from the sale transaction and the expected impact on Coty&#8217;s future results and financial condition as a result of the transaction including net debt and leverage ratio, as well as the extent and timing of any future profit
distributions. These forward-looking statements are generally identified by words or phrases, such as &#8220;anticipate&#8221;, &#8220;are going to&#8221;, &#8220;estimate&#8221;, &#8220;plan&#8221;, &#8220;project&#8221;, &#8220;expect&#8221;,
&#8220;believe&#8221;, &#8220;intend&#8221;, &#8220;foresee&#8221;, &#8220;forecast&#8221;, &#8220;will&#8221;, &#8220;may&#8221;, &#8220;should&#8221;, &#8220;outlook&#8221;, &#8220;continue&#8221;, &#8220;temporary&#8221;, &#8220;target&#8221;,
&#8220;aim&#8221;, &#8220;potential&#8221;, &#8220;goal&#8221; and similar words or phrases. These statements are based on certain assumptions and estimates that we consider reasonable, but are subject to a number of risks and uncertainties, many of
which are beyond our control, which could cause actual events or results (including our financial condition, results of operations, cash flows and prospects) to differ materially from such statements, including risks and uncertainties relating to
the timing and cost of redemptions of the Company&#8217;s outstanding debt or other deleveraging activities, the timing and terms of any future Wella exit transaction by KKR and any related future profit distribution, and other factors described
elsewhere in documents that the Company files with the SEC from time to time. </P>
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<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SHAREHOLDERS&#8217; AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RELATING TO TIDES HOLDCO LIMITED<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated December&nbsp;18, 2025 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS AND INTERPRETATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II IMPLEMENTATION MATTERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Conflicts or Inconsistencies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effectuating the Intent of the Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Collective Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Applicable Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III GOVERNANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Shareholder Meetings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Composition of the Board</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Proceedings, Quorum and Acts of the Board</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Committees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Electronic Communications</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Action by Consent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Officers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Board Observer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Coty Consent Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Information Rights of the Shareholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV ISSUANCES OF NEW SECURITIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>New Issuances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preemptive Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Determination of Subscription Price of New Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Excepted Issuances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Further Assurance in respect of issuance of New Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V TRANSFERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General Prohibition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Permitted Transfers; Permitted Pledges</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Drag-Along Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Other Transfer Restrictions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Transferees to Become Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Further Assurances in respect of Transfers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Obligation to <FONT STYLE="white-space:nowrap">Re-Transfer</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Coty Put Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Exit <FONT STYLE="white-space:nowrap">Co-Operation</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI INDEMNIFICATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Warranties of the Shareholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Warranties of the Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII ADDITIONAL COVENANTS AND AGREEMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Certain Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Confidentiality and Public Announcements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Costs and Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dividends and Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>JVCo SHA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Anti-Frustration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Actual or Deemed Liquidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Amendment; Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effectiveness; Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Default; Escalation Procedure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Applicable Law; Dispute Resolution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Specific Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Several Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Titles and Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Binding Effect</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Third Party Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>&#8195;&#8195;Schedule A Notice Details</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">38</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>&#8195;&#8195;Schedule B Reserved Matters</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">40</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>&#8195;&#8195;Schedule C Deed of Adherence</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHAREHOLDERS&#8217; AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This <B>SHAREHOLDERS&#8217; AGREEMENT</B> was made on December&nbsp;18, 2025 (this &#8220;<U>Agreement</U>&#8221;) by and among: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Coty JV Holdings S.&agrave; r.l., a limited liability company
(<I>soci</I><I>&eacute;</I><I>t</I><I>&eacute;</I><I> </I><I>&agrave;</I><I> responsabilit</I><I>&eacute;</I><I> limit</I><I>&eacute;</I><I>e) </I>incorporated under the laws of Switzerland, having its office address at Chemin Louis-Hubert, 1213
Petit-Lancy, Switzerland, and registered in the commercial register of Geneva under number <FONT STYLE="white-space:nowrap">CHE-474.474.597</FONT> (&#8220;<U>Coty</U>&#8221;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tides Holdco Blocker Limited, an exempted company incorporated under the laws of the Cayman Islands with
registered number 429123 and having its registered office at c/o Maples Corporate Services, PO Box 309, Ugland House, Grand Cayman, <FONT STYLE="white-space:nowrap">KY1-1104,</FONT> Cayman Islands (&#8220;<U>KKR Member</U>&#8221;); and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tides Holdco Limited, an exempted company incorporated under the laws of the Cayman Islands with registered
number 428818 and having its registered office at c/o Maples Corporate Services, PO Box 309, Ugland House, Grand Cayman, <FONT STYLE="white-space:nowrap">KY1-1104,</FONT> Cayman Islands (the &#8220;<U>Company</U>&#8221;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The parties listed in (1)&nbsp;through (3) together with any other Person who becomes a party to this Agreement, collectively, the
&#8220;<U>Parties</U>.&#8221; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas on the date hereof, the Company and Coty entered into a Share Purchase Agreement (the &#8220;<U>Share
Purchase Agreement</U>&#8221;) pursuant to which the Company acquired 7,747,552.2297 shares of Class&nbsp;1 Ordinary JVCo Shares, 53,056,845.8482 shares of A1 Preference JVCo Shares and 423,419,953.0856 shares of B1 Preference JVCo Shares
(collectively, the &#8220;<U>Rainbow</U> <U>JVCo Shares</U>&#8221;) of Rainbow Capital JVCo Limited, a private limited company incorporated under the laws of Jersey (&#8220;<U>Rainbow</U> <U>JVCo</U>&#8221;), constituting all the outstanding shares
of JVCo held by Coty (the &#8220;<U>Acquisition</U>&#8221;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">II.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas, in connection with the closing of the transactions contemplated by the Share Purchase Agreement
(&#8220;<U>Closing</U>&#8221;), the Company issued a consideration loan to Coty (the &#8220;<U>Loan</U>&#8221;) which shall be settled by contribution to the Company in exchange for 45 Class&nbsp;B Ordinary Shares in accordance with the terms
thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">III.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas, for U.S. federal income tax purposes, the Loan is intended to be disregarded and the Acquisition
treated as a sale of a portion of the JVCo Shares (the &#8220;<U>Deemed Sold Partnership Interests</U>&#8221;) by Coty to KKR Member, followed by a contribution described in Section&nbsp;721 of the IRC of the Deemed Sold Partnership Interests and
the remaining JVCo Shares (the &#8220;<U>Coty JVCo Partnership Interests</U>&#8221;) to the Company by KKR Member and Coty, respectively. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">IV.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas, at the time of the Acquisition, JVCo is classified as a partnership for U.S. federal income tax
purposes and the Coty JVCo Shares are Section&nbsp;704(c) property. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">V.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas, following the Closing, the shareholders of Rainbow JVCo will contribute all of the outstanding equity
of Rainbow JVCo to a newly incorporated private limited company incorporated under the laws of Jersey that is treated for U.S. federal income tax purposes as an association taxable as a corporation (&#8220;New JVCo&#8221;) in exchange for equivalent
shares of New JVCo (the &#8220;<U>JVCo Reorganization</U>&#8221;). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">VI.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas, under Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(a)(8)(i),</FONT> the
shares of JVCo deemed issued in the JVCo Reorganization with respect to the Coty JVCo Partnership Interests (the &#8220;<U>Coty JVCo Shares</U>&#8221;) will be treated as Section&nbsp;704(c) property, while the shares of JVCo deemed issued in the
JVCo Reorganization with respect to the Deemed Sold Partnership Interests (the &#8220;<U>KKR JVCo Shares</U>&#8221;) will not. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">VII.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whereas in connection with Closing, the Parties are entering into this Agreement to make certain provisions for
the rights and obligations of the parties hereto on the terms and conditions set forth herein. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">VIII.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Parties intend that this Agreement is the only agreement between the Parties with respect to the matters
contemplated hereby and sets forth the entire understanding of the Parties with respect thereto and supersedes all oral statements and prior writings with respect thereto. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the Parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
AND INTERPRETATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 <U>Definitions</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The
following terms have the following meanings when used herein: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>A1 Preference JVCo Shares</U>&#8221; shall mean the A1 preference shares in the
share capital of JVCo, with the rights and subject to the restrictions set out in the JVCo Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Affiliate</U>&#8221; shall
mean, with respect to any Person, another Person Controlled directly or indirectly by such first Person, Controlling directly or indirectly such first Person or directly or indirectly under the same Control as such first Person (including for the
avoidance of doubt in respect of Coty, the JAB Group for so long as the JAB Group Beneficially Owns at least 35% of the outstanding Voting Stock of Coty Parent), <I>provided however</I> that any other portfolio companies or portfolio investments (as
such terms are commonly understood in the private equity industry) of any member of the KKR Shareholder Group or any of their Affiliates are not taken to be Affiliates of the KKR Shareholder Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Agreement</U>&#8221; shall mean this Shareholders&#8217; Agreement, as amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Articles of Association</U>&#8221; shall mean the articles of association of the Company, as amended from
time to time in accordance with its terms and this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>B1 Preference JVCo Shares</U>&#8221; shall mean the B1 preference shares in the
share capital of JVCo, with the rights and subject to the restrictions set out in the JVCo Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Beneficial Owner</U>&#8221;
or &#8220;<U>Beneficial Ownership</U>&#8221; shall have the meaning assigned to such term in Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act, and a Person&#8217;s
beneficial ownership of securities shall be calculated in accordance with the provisions of such Rules (in each case, irrespective of whether or not such Rules are actually applicable in such circumstance). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Board</U>&#8221; shall mean the board of directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Business Day</U>&#8221; shall mean any day of the week other than a Saturday, Sunday or public holidays in England and Wales, the Cayman Islands and
New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Cash Invested</U>&#8221; means the total amount of cash which has been paid by the KKR Member to
subscribe for Shares in the Company on or prior to the date of a relevant Distribution, which as at the date of this Agreement shall be $750,000,000.00. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Capital Stock</U>&#8221; shall mean, with respect to any Person, any and all shares of, interests in, rights to purchase, warrants to purchase,
options for, participations in or other equivalents of or interests in (however designated) stock issued by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Class</U><U></U><U>&nbsp;1 Ordinary JVCo Shares</U>&#8221; shall mean the class 1 ordinary shares in the share capital of JVCo, with the rights and
subject to the restrictions set out in the JVCo Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Class</U><U></U><U>&nbsp;A Ordinary Shares</U>&#8221; shall mean
voting ordinary shares in the share capital of the Company, with the rights and subject to the restrictions set out in the Articles of Association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Class</U><U></U><U>&nbsp;B Ordinary Shares</U>&#8221; shall mean <FONT STYLE="white-space:nowrap">non-voting</FONT> ordinary shares in the share
capital of the Company, with the rights and subject to the restrictions set out in the Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Companies Act</U>&#8221; shall
mean the Companies Act (As Revised) of the Cayman Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Completion</U>&#8221; shall mean the completion of the Acquisition pursuant to the
Share Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Completion Date</U>&#8221; shall mean the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Control</U>&#8221; shall mean, with respect to a Person (other than an individual)&nbsp;(a) direct or indirect ownership of more than 50% of the
voting securities of such Person, (b)&nbsp;the right to appoint, or cause the appointment of, more than 50% of the members of the board of directors (or similar governing body) of such Person or (c)&nbsp;the right to manage, or direct the management
of, on a discretionary basis the assets of such Person, and, for avoidance of doubt, a general partner is deemed to Control a limited partnership and, solely for the purposes of this Agreement, a fund advised or managed directly or indirectly by a
Person shall also be deemed to be Controlled by such Person (and the terms &#8220;Controlling&#8221; and &#8220;Controlled&#8221; shall have meanings correlative to the foregoing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Coty Parent</U>&#8221; shall mean Coty Inc., a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Coty Parent Common Stock</U>&#8221; shall mean the shares of class A common stock of Coty Parent, par value US$0.01 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Coty Parent Series B Preferred Stock</U>&#8221; shall mean, with respect to Coty Parent, the preferred stock of Coty Parent designated as
&#8220;Series B Convertible Preferred Stock&#8221;, par value US$0.01 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Coty Representative</U>&#8221; shall mean Gordon von Bretten.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Deed of Adherence</U>&#8221; shall mean a deed of adherence substantially in the form set out in Schedule C or in such other form as shall be
approved by all Shareholders, to be executed by any Person who becomes the holder of any Securities or other economic or equitable interests in Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Director</U>&#8221; shall mean a member of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Encumbrance</U>&#8221; shall mean a mortgage, charge, pledge, lien, option, restriction, equity, right of first refusal, right of <FONT
STYLE="white-space:nowrap">pre-emption,</FONT> third party right or interest, other encumbrance or security interest of any kind, or other type of agreement or arrangement having similar effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Equity Percentage</U>&#8221; shall mean, on the date of determination, with respect to any Shareholder, a figure, expressed as a percentage,
calculated by dividing (a)&nbsp;the aggregate number of Ordinary Shares of the Company then held by such Shareholder&#8217;s Shareholder Group by (b)&nbsp;the aggregate number of Ordinary Shares of the Company then outstanding, provided that if any
New Securities are issued other than by way of a Dilutive Issuance, each Shareholder&#8217;s Equity Percentage shall be calculated excluding any such New Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Exit</U>&#8221; has the meaning given to such term in the JVCo SHA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Fair Market Value</U>&#8221; shall mean, for any Security as of any date or within any time period, the price that a willing buyer would pay for
such Security, as a willing seller/issuer, in an arms&#8217; length transaction on such date or within such time period, it being understood that the voting and economic rights associated with such Security shall be taken into consideration but no
control premium, minority discount for illiquidity or other similar type of discount shall be taken into consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Governmental
Authority</U>&#8221; shall mean: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the government of any jurisdiction (or any political or administrative subdivision thereof), whether
provincial, state or local, and any department, ministry, agency, instrumentality, court, central bank or other authority thereof, including without limitation any entity directly or indirectly owned or controlled thereby; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any public international organisation or supranational body and its institutions, departments, agencies and
instrumentalities; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any quasi-governmental or private body or agency lawfully exercising, or entitled to exercise, any
administrative, executive, judicial, legislative, regulatory, licensing, competition, tax or other governmental or quasi-governmental authority, including any regulator of a regulated investment exchange. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Group</U>&#8221; shall mean the Company and its direct and indirect Subsidiaries, and &#8220;member of the Group&#8221; shall be construed
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>IFRS</U>&#8221; shall mean International Financial Reporting Standards and International Accounting Standards, as adopted for use
in the European Union. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Imputed Underpayment Amount</U>&#8221; shall mean any imputed underpayment within the meaning of Section&nbsp;6225 of
the IRC paid (or payable) by the Company as a result of an adjustment with respect to any Company item, including any interest or penalties with respect to any such adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Information</U>&#8221; shall mean the books and records of the Company and information relating to the Company and its properties, operations,
financial condition, plans, budgets and affairs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Investor Returns</U>&#8221; means, in respect of the KKR Member (together with its Permitted
Transferees), an amount equal to the aggregate of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">on a Distribution, all amounts paid or distributed by or on behalf of the Company, directly or indirectly, in
cash and/or <FONT STYLE="white-space:nowrap">non-cash</FONT> to the KKR Member (together with its Permitted Transferees), including any redemptions of capital of, or cash dividends/yield paid on, such Shares (provided that any <FONT
STYLE="white-space:nowrap">non-cash</FONT> distributions shall only be taken into account in determining Investor Returns at the point on which such non-cash consideration is converted into cash consideration); and/or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">on any Transfer (other than to a Permitted Transferee), the aggregate cash and/or <FONT
STYLE="white-space:nowrap">non-cash</FONT> consideration payable (or paid) to the KKR Member and/or its Permitted Transferees with respect to its Shares (provided that any <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration shall only be
taken into account in determining Investor Returns at the point on which such non-cash consideration is converted into cash consideration), </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">provided that (i)&nbsp;no sum shall be double counted when calculating the Investor Returns, (ii)&nbsp;all
amounts and values taken into account when calculating the relevant Investor Returns shall be determined in USD on the date received (and where an amount or value is taken into account in calculating the return (or any part thereof) and is in a
currency other than USD, such amount shall be converted into USD at the <FONT STYLE="white-space:nowrap">mid-point</FONT> closing rate for exchanges between the relevant currency and USD on the Business Day for which that rate is so quoted on
Bloomberg.com immediately prior to the date received), (iii) in the case of contingent consideration, such contingent consideration shall be taken into account in determining Investor Returns at the point in time at which the contingent
consideration is actually paid in cash to the KKR Member or its Permitted Transferees, (iv)&nbsp;in the case of any deferred consideration, such deferred consideration shall only be taken into account in determining Investor Returns at the point in
time at which the agreement relating to the deferred consideration completes in accordance with its terms and (v)&nbsp;no management or transaction fees, expenses, other advisory fees, board fees or the reimbursement of any expenses (or any payments
similar to the foregoing) shall be taken into account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>IPO</U>&#8221; has the meaning given to such term in the JVCo SHA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>IPO Entity</U>&#8221; has the meaning given to such term in the JVCo SHA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>IRC</U>&#8221; shall mean the U.S. Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>IRR</U>&#8221; means the internal rate of return (calculated on the basis of the actual date of investment and actual date of receipt of cash in
accordance with the definition of Investor Returns) achieved by the KKR Member with respect to the KKR Member&#8217;s Investor Returns in relation to the Cash Invested, calculated using the XIRR function in Microsoft Excel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JAB Entities</U>&#8221; shall mean each of JAB Holding Company S.&agrave;. r.l., JAB Consumer Fund SCA SICAR and Cottage Holdco B.V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JAB Group</U>&#8221; shall mean, collectively as a group, (a)&nbsp;the JAB Entities and (b)&nbsp;any Person that (i)&nbsp;is organized by a JAB
Entity or an Affiliate of a JAB Entity (including any other funds or investment entities established by the senior management of JAB Holding Company S.&agrave; r.l.), and (ii)&nbsp;directly or indirectly, is controlled by the JAB Entities, but
excluding any operating portfolio companies of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo</U>&#8221; shall mean (i)&nbsp;on or prior to the JVCo Reorganization,
Rainbow JVCo, and (ii)&nbsp;following the completion of the JVCo Reorganization (if it occurs), New JVCo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo Articles of
Association</U>&#8221; shall mean the articles of association of JVCo, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo New Securities</U>&#8221; shall mean
&#8220;New Securities&#8221; as defined in the JVCo SHA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo Pro Rata Portion</U>&#8221; shall mean the Company&#8217;s Pro Rata Portion (for
these purposes, as defined in the JVCo SHA) of JVCo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo Proposed Sale</U>&#8221; shall mean &#8220;Proposed Sale&#8221; as defined in the
JVCo SHA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo SHA</U>&#8221; shall mean (i)&nbsp;prior to the JVCo Reorganization, the amended and restated
shareholders&#8217; agreement relating to JVCo and the UK Divestco Group (as defined therein) between Rainbow Capital Group Limited (&#8220;<U>Rainbow Capital</U>&#8221;), Rainbow UK Bidco Limited and the Company dated as of the date hereof (the
&#8220;<U>Rainbow JVCo SHA</U>&#8221;) and (ii)&nbsp;following the completion of the JVCo Reorganization (if it occurs), the shareholders&#8217; agreement of New JVCo (which shall be in the form agreed by Coty and on the same terms as the Rainbow
JVCo SHA, subject to changes to reflect the replacement of Rainbow JVCo with New JVCo and the effect of the JVCo Reorganization). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo
Shares</U>&#8221; shall mean (i)&nbsp;prior to the JVCo Reorganization, the Rainbow JVCo Shares, and (ii)&nbsp;following the completion of the JVCo Reorganization (if it occurs), the shares of New JVCo issued to the Company pursuant to the JVCo
Reorganization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo Securities</U>&#8221; shall mean &#8220;Securities&#8221; as defined in the JVCo SHA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>JVCo <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right</U>&#8221; shall mean <FONT STYLE="white-space:nowrap">&#8220;Tag-Along</FONT>
Right&#8221; as defined in the JVCo SHA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>KKR Representative</U>&#8221; shall mean Samuel Plotner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>KKR Shareholder Group</U>&#8221; shall mean the Shareholder Group of the KKR Member. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Law</U>&#8221; shall mean any applicable statute, law, rule, regulation, guideline, ordinance, code, policy or rule of common law issued,
administered or enforced by any Governmental Authority, or any judicial or administrative interpretation thereof including the rules of any regulated investment exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>New Securities</U>&#8221; shall mean any newly issued Shares or any other Securities of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Ordinary Shares</U>&#8221; shall mean, collectively, the Class&nbsp;A Ordinary Shares and Class&nbsp;B Ordinary Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Organisational Documents</U>&#8221; shall mean the memorandum and articles of association, <FONT STYLE="white-space:nowrap">by-laws</FONT> or other
organisational documents of the Company, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Permitted Transfer</U>&#8221; shall mean (a)&nbsp;a Transfer to a Permitted Transferee
in accordance with Clause 5.2 or (b)&nbsp;a Transfer pursuant to Clause 5.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Permitted Transferee</U>&#8221; of a Shareholder shall mean
(a)&nbsp;any Affiliate of or successor entity to such Shareholder (provided that the RCGL Shareholder Group (as defined in the JVCo SHA) shall not be deemed an Affiliate of the KKR Member for this purpose), or (b)&nbsp;in the case of the KKR Member
only, any investment fund, vehicle, holding company or similar entity for managed accounts with respect to which the Sponsor serves as a general partner, manager or advisor, or any successor entity of the Persons described in this <FONT
STYLE="white-space:nowrap">sub-clause</FONT> (b); <I>provided, however, </I>that in no event shall the Company or any of its Subsidiaries constitute a &#8220;Permitted Transferee&#8221;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Person</U>&#8221; shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture or other entity or organisation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Preference Shares</U>&#8221; shall mean the preference shares in the
share capital of the Company, with the rights and subject to the restrictions set out in the Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Pro Rata
Portion</U>&#8221; shall mean, with respect to any Shareholder Group: (a)&nbsp;in relation to any New Securities of the Company to be issued to a Shareholder in accordance with this Agreement, the Equity Percentage held by such Shareholder Group;
and (b)&nbsp;in relation to any Proposed Sale which triggers the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right, on the date of determination, a figure expressed as a percentage, calculated by (i)&nbsp;dividing the number of Ordinary Shares
of the Company which the Selling Shareholders propose to Transfer by (ii)&nbsp;the aggregate number of Ordinary Shares of the Company then held by the Selling Shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Proposed Sale</U>&#8221; shall, when used in the context of Clause 5.3 <FONT
STYLE="white-space:nowrap">(Tag-Along</FONT> Right), have the meaning set forth in Clause 5.3(a) and, when used in the context of Clause 5.4 (Drag-Along Right), have the meaning set forth in Clause 5.4(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Proposed Transferee</U>&#8221; shall mean, when used in the context Clause 5.3 <FONT STYLE="white-space:nowrap">(Tag-Along</FONT> Right) or Clause
5.4 (Drag-Along Right), a proposed Transferee or Transferees (together with any of its or their Affiliates). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Reorganisation
Transactions</U>&#8221; shall mean any action necessary or desirable (a) to liquidate, dissolve, wind up, merge or <FONT STYLE="white-space:nowrap">de-merge</FONT> or to reorganise, recapitalise or otherwise restructure any member of the Group or
the JVCo Group or one or more entities interposed above the JVCo Group and its subsidiaries and/or (b) to incorporate and/or interpose one or more companies into the Group or the JVCo Group structure (including the conversion or exchange of a member
of the Group&#8217;s or the JVCo Group&#8217;s securities into securities of another legal entity that either mirrors the capital structure of such entity or that maintains the economic rights of the shareholders) or above JVCo or the Company and/or
(c) in connection with an Exit, (i)&nbsp;to convert the legal form of JVCo or the Company into another legal form or (ii)&nbsp;to cause the Shareholders to exchange their Securities in the Company for equity interests in any member of the Group or
the JVCo Group or an entity interposed above the JVCo or the Company in order for such entity to be the IPO Entity (as defined in the JVCo SHA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Representatives</U>&#8221; shall mean each Affiliate of each Shareholder and each adviser to each such Shareholder or Affiliate and each of their
respective directors, managers, officers, partners, principals, employees, professional advisers, general and limited partners and agents and any Director or Board Observer designated by such Shareholder pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Securities</U>&#8221; shall mean, collectively, Shares, shareholder loan or any other securities of the Company and any securities issued as a
dividend in kind with respect to any of the foregoing and any securities of the Company issued in exchange therefor or upon any reclassification thereof, including, for the avoidance of doubt, any New Securities which have been issued and having the
rights and being subject to the restrictions set out in this Agreement and the relevant instrument constituting such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Senior
Representatives</U>&#8221; shall mean the Coty Representative and the KKR Representative. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Shareholder</U>&#8221; shall mean a holder of Shares
or Securities in the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Shareholder Group</U>&#8221; shall mean, in respect of a Shareholder, collectively as a group, such Shareholder,
each of its Permitted Transferees that holds Securities and each of its Affiliates that holds Securities as a result of such Shareholder nominating it to take up its Subscription Right under Clause 4.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Shares</U>&#8221; shall mean, collectively, the Ordinary Shares, the Preference Shares and any other shares of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Sponsor</U>&#8221; shall mean KKR Credit Advisors (US) LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Subsidiary</U>&#8221; shall mean a Person that is Controlled directly or indirectly by another Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Taxation Authority</U>&#8221; shall mean any government, state or municipality or any local, state, federal or other fiscal, revenue, customs or
excise authority, body or official anywhere in the world having authority in the assessment, collection or administration of tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Tax
Compliance Person</U>&#8221; shall mean the Company or such other Person as designated by the KKR Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Tax Return</U>&#8221; shall mean all
computations and returns relating to tax matters (and correspondence and documentation relating thereto). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Tides Transaction Documents</U>&#8221; has the meaning given to such term in the JVCo SHA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Transactions</U>&#8221; shall mean the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Transfer</U>&#8221; shall mean any direct or indirect transfer, sale, assignment, pledge, Encumbrance, hypothecation or other disposition (including
by way of contractual or other arrangement which transfers the economic risk and reward), either voluntarily or involuntarily, including pursuant to the creation of a derivative security, the grant of an option or other right (including in respect
of any voting rights attached thereto), the imposition of a restriction on disposition or voting, by operation of law or by any disposition of any legal or beneficial interest in any parent holding company of the relevant Person and any agreement to
do any of the foregoing; <I>provided, however, </I>that, notwithstanding anything to the contrary in this Agreement, (a)&nbsp;in the event that Coty ceases to be Controlled directly or indirectly by Coty Parent, such event shall be deemed to
constitute a Transfer subject to the restrictions contained or referenced herein; (b)&nbsp;a Transfer shall not include the redemption or other acquisition of Securities by the Company from each Shareholder on a
<FONT STYLE="white-space:nowrap">pro-rata</FONT> basis; (c)&nbsp;with respect to the KKR Shareholder Group, a Transfer shall not include the creation of any Encumbrance over any Securities where any such Person (or in the case of a Person who is a
fund, the operator, manager or custodian thereof) enters into a third party debt facility in connection with which it grants Encumbrances to the relevant lenders; and (d)&nbsp;with respect to the KKR Shareholder Group, any direct or indirect
transfer, sale, assignment, exchange or any other disposition by a partner, member or other equity holder of a Shareholder to another Person, of any partnership or membership interest or other equity security of such Shareholder that does not result
in the Person Controlling such Shareholder or a Permitted Transferee thereof to cease to Control such Shareholder, shall not be deemed to constitute a Transfer subject to the restrictions on Transfer contained or referenced herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Transferee</U>&#8221; shall mean a Person to which a Transfer is made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>U.S. GAAP</U>&#8221; shall mean generally accepted accounting principles in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>U.S. Treasury Regulations</U>&#8221; shall mean the U.S. federal income tax regulations promulgated under the IRC, as such regulations may be
amended from time to time (it being understood that all references herein to specific sections of the regulations shall be deemed also to refer to any corresponding provisions of succeeding regulations). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Voting Stock</U>&#8221; shall mean, with respect to Coty, the Coty Parent Common Stock, the Coty Parent Series B Preferred Stock and any other
Capital Stock of Coty Parent having the right to vote generally in any election of directors of the Board of Coty Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<U>Winding Up</U>&#8221;
shall mean a voluntary or involuntary distribution pursuant to a winding up, dissolution or liquidation of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) As used in this Agreement,
each of the following capitalised terms shall have the meaning ascribed to it in the Clause set forth opposite such term below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Clause</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Acceptance Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.3(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Acquisition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Alternate Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 3.3(d)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Authorised Recipients</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.2(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Call Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Call Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 6.1(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Confidential Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.2(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coty</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preamble</TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Clause</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coty JVCo Partnership Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coty JVCo Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CRS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.1(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Deemed Sold Partnership Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 9.4</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Default Cure Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 9.4</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Default Notification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 9.4</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Defaulting Shareholder</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 9.4</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dilutive Issuance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 4.1(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Distribution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Drag-Along Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.4(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Drag-Along Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.4(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dragged Shareholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.4(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dragging Shareholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.4(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FATCA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.1(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Indemnitees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 6.1(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">IRR Measurement Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JVCo</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JVCo Group</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 3.10(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JVCo Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">KKR JVCo Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">KKR Member</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preamble</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Losses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 6.1(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maximum Return</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Max Return Trigger Transaction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Party</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 9.11(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preamble</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Profit Share</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.4(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PFIC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.1(e)(i)(D)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Permitted Pledge</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.2(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Related Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.2(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Reserved Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 3.9</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Selling Shareholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 5.3(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Share Purchase Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Recitals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Shareholder Contributed Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.7(a)(i)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Shareholder Directly Contributed Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clause 8.7(a)(i)</TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Clause</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Substituted Basis Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 8.7(a)(i)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 5.3(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 5.3(c)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 5.3(a)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 5.3(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Tagging Shareholder</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 5.3(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Tax Advances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 8.1(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Tax Indemnified Shareholder</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause 8.1(b)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Tax Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Clause&nbsp;8.2(c)</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 <U>Interpretation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Unless the context otherwise requires, words and expressions defined in the Articles of Association and words and expressions defined in or having a
meaning provided by the Companies Act shall have the same meaning in this Agreement, including, references to a &#8220;company&#8221;, &#8220;holding company&#8221;, &#8220;subsidiary&#8221;, &#8220;parent undertaking&#8221;, &#8220;group
undertaking&#8221; and &#8220;subsidiary undertaking&#8221;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Whenever the words &#8220;include&#8221;, &#8220;includes&#8221; or
&#8220;including&#8221; &#8220;in particular&#8221; or any similar expressions are used in this Agreement they shall be construed as illustrative and shall be deemed to be followed by the words &#8220;without limitation&#8221; and shall not limit
the sense of the words preceding those expressions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) The words &#8220;hereof,&#8221; &#8220;herein&#8221; and &#8220;herewith&#8221; and words of
similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term, and words denoting
any gender shall include all genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) Unless the context otherwise requires, or as expressly defined otherwise, in this Agreement: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">references to any document shall be deemed to be to that document as may be amended, supplemented, novated or
replaced from time to time (with such consents as may be required pursuant to the terms of this Agreement); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any reference to a regulatory body or agency shall be deemed to include any successor of such regulatory body
or agency and shall be construed as a reference to the same; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any time or date shall be construed as a reference to the time or date prevailing in New York, New York;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if a Director appoints a proxy Director in accordance with Clause 3.3(e), any reference to a Director shall be
deemed to be a reference to his proxy Director; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a reference to any Party or any party to any other agreement or document shall include such Party&#8217;s or
party&#8217;s successors and permitted assignees. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) Unless otherwise specifically provided, a reference to any legislation or to any provision of any
legislation shall include any amendment to, and any modification or <FONT STYLE="white-space:nowrap">re-enactment</FONT> thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or
pursuant thereto, except where the context requires otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g) The Schedules form part of this Agreement and shall have the same force and effect as
if expressly set out in the body of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(h) The headings in this Agreement are for convenience only and shall not affect its meaning.
References to a Clause, <FONT STYLE="white-space:nowrap">sub-clause,</FONT> Schedule or paragraph are (unless otherwise stated) to a Clause and <FONT STYLE="white-space:nowrap">sub-clause</FONT> of this Agreement, a Schedule to this Agreement and to
a paragraph of the relevant Schedule to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) References to &#8220;to the extent&#8221; shall be construed as &#8220;if, but only to the
extent&#8221;. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMPLEMENTATION MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 <U>Conflicts
or Inconsistencies</U>. In all events, this Agreement will govern and prevail as among the Parties in the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Organisational Documents of the
Company, <I>provided</I> that if necessary, the Parties will exercise all their voting rights and other rights and powers available to them to procure (so far as it is able to do so) any required amendment to such Organisational Documents as soon as
possible to remove such conflict or inconsistency and reflect the principles set forth in this Agreement, to the extent permitted or required by Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2
<U>Effectuating the Intent of the Parties</U>. Each Party shall take all action in its power and authority as a shareholder of the Company and, if applicable, vote the shares of the Company and instruct (subject to their fiduciary duties) its
designees on the Board and on any committees thereof to exercise their voting rights on each such body in a manner consistent with the rights and obligations of the Parties under this Agreement so as to effectuate and preserve the intent of the
Parties as set out herein and satisfy any applicable requirements thereto.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 <U>Collective
Parties</U>. In the event of a Party (other than the &#8220;<U>Shareholders</U>&#8221;) which is defined by a collective defined term herein (i.e., comprises multiple entities but is represented by one defined term), the rights of such Party under
this Agreement may be exercised by any such constituent entity and the other Parties shall be entitled to rely on such constituent entity as the authorised representative of all constituent entities. Notice delivered to such a Party pursuant to
Schedule A shall be deemed effective if properly delivered to any of its constituent entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.4 <U>Applicable Law</U>. The Parties acknowledge that in
certain instances a provision of this Agreement may not be enforceable or that its enforceability may be limited by Law. Nevertheless, the Parties agree that they intend to be bound by the terms of this Agreement and, if any provision is held to be
unenforceable, the Parties agree to use their commercially reasonable endeavours to implement an alternative enforceable mechanism that would effect, as closely as possible, the intent of the Parties as reflected in or provided by the unenforceable
provision. Moreover, each Party agrees that, if any corporate formality or other procedure is not expressly mandated by Law or the provisions of this Agreement to be taken by the Parties, but the enforceability of any provision of this Agreement
would be enhanced if the Parties act in accordance with such corporate formality or other procedure, then each Party shall act in accordance with such corporate formality. Topco shall not be bound by any provision of this Agreement to the extent
that it constitutes an unlawful fetter on any statutory power of Topco. This shall not affect the validity of the relevant provision as between the other parties to this Agreement or the respective obligations of the other parties as between
themselves. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOVERNANCE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 <U>Shareholder
Meetings</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Subject to Clause 3.9, unless a different majority is required by Law, shareholder decisions will be made by the shareholders of the
Company by a majority vote of the Class&nbsp;A Ordinary Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 <U>Composition of the Board</U><U>.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The Board shall initially consist of such number of Directors as determined by the KKR Member in its sole discretion. KKR Member shall at all times have
the right to appoint all of the Directors of the Board (and any committee thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Any Director of the Board may be removed (with or without cause),
and a substitute Director appointed, from time to time and at any time, solely as determined by the KKR Member, upon written notice to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3
<U>Proceedings, Quorum and Acts of </U><U>the Board</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The Directors of the Company shall have full and complete discretion to manage and control
the Company, to make all decisions affecting the business and affairs of the Company and to take all such actions as they deem necessary or appropriate to accomplish the purposes of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Meetings of the Board shall be called at the written request of any Director of the Company. Such written notice shall be sent at least one
(1)&nbsp;Business Day prior to the date set for the meeting (except in cases of urgent need) by electronic mail, at such times and at such places as shall from time to time be determined by the Board or the chairman thereof (if any), as applicable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) At all duly called meetings of the Board, Directors holding a majority of the total number of votes on the Board (taking into account any proxy held
by a Director on behalf of another Director as provided in Clause 3.3(e) below) shall constitute a quorum for the transaction of business. If a quorum shall not be present at any meeting of the Board, the Directors present thereat may adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. No action may be taken by the Board thereof under this Agreement or the Companies Act at a meeting unless a quorum is present at such
meeting. No action may be taken by the Board thereof under this Agreement or the Companies Act without the consent of Directors holding a majority of the votes on the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Subject to any compulsory supplementary requirements of Law, a Director may appoint another Director as his replacement (an &#8220;<U>Alternate
Director</U>&#8221;) for any specified meetings of the Board by serving written notice of such appointment on the Company. Such replacement may exercise the votes of, and otherwise have the same rights and obligations as, the Director who appointed
him and such appointing Director may direct his replacement on how to exercise such votes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) Each director may confer a proxy to another Director to
attend and vote at any meetings of the Board on their behalf. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.4 <U>Committees</U>. The Board may create any committee thereof as the Board deems necessary, appropriate
or desirable from time to time. The KKR Member shall be entitled to designate the representatives of any such committee. The provisions of Clause 3.3 shall apply to any committees <I>mutatis mutandis</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.5 <U>Electronic Communications</U>. Subject to Law, Directors of the Board or committee thereof may participate in a meeting of the Board or any committee
thereof by means of conference telephone, video conference or similar communications equipment by means of which all Persons participating in the meeting can hear and speak to each other and such participation in a meeting shall constitute presence
in person at the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.6 <U>Action by Consent</U>. Subject to any applicable Law, any action required or permitted to be taken at any meeting of the
Board, or any committee thereof or by the shareholders of the Company may be taken without a meeting (including without a meeting pursuant to Clause 3.5) and without a vote, if a consent or consents in writing, or written resolutions, setting forth
the action so taken, shall be signed by such number of Directors whose votes would be required to pass the relevant resolution at a meeting of the Board or by the relevant shareholders whose votes would be required to pass the relevant resolution at
a general meeting, as applicable; <I>provided </I>that no action by written consent shall be taken in respect of a Reserved Matter that requires the consent of Coty, without the prior written consent of Coty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.7 <U>Officers</U>. The Board may appoint one or more officers (the &#8220;<U>Officers</U>&#8221;) and/or authorized signatories to perform such duties and
to carry out such functions, including the execution of agreements, undertakings, certificates, instruments and other documents, for and on behalf of the Company as shall be determined from time to time by the Board, except as otherwise set forth
herein. Any number of offices may be held by the same Person. Unless the Board decides otherwise, if a title assigned to a Person is one commonly used for officers of a Delaware corporation, the assignment of such title shall constitute the
delegation to such Person of the authorities and duties that are customarily associated with that office under the Delaware General Corporation Law. Any delegation pursuant to this Clause 3.7 may be revoked at any time by the Board. An Officer may
be removed with or without cause at any time by the Board. The Officers of the Company shall have the power and authority to execute and deliver instruments and other documents in the name and on behalf of the Company, and the execution and delivery
in the name and on behalf of the Company of any instrument or other document by any Officer of the Company shall be necessary to bind the Company with respect to such instrument or other document unless otherwise authorized by resolution of the
Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.8 <U>Board Observer</U>. Coty shall have the right to designate one individual as a <FONT STYLE="white-space:nowrap">non-voting</FONT> observer
to the Board (the &#8220;<U>Board Observer</U>&#8221;) for so long as Coty holds any Class&nbsp;B Ordinary Shares. The initial Board Observer shall be Gordon von Bretten. The Board Observer may only be removed and replaced with the prior written
consent of Coty, and Coty shall have the sole authority to remove or replace its appointed Board Observer at any time for any or no reason; provided that any such Board Observer shall be acceptable to the KKR Member (acting reasonably). The Board
Observer shall be entitled to attend meetings of the Board or any of its committees and to receive all information and notices provided to any of the Directors and at the same time; provided, that (a)&nbsp;the Board Observer shall not be entitled to
vote on any matter submitted to the Board or any of its committees nor to offer any motions or resolutions to the Board or such committees; (b)&nbsp;the Company may withhold information or materials from the Board Observer and exclude such Board
Observer from any meeting or portion thereof if, as determined by the Board in good faith, access to such information or materials or attendance at such meeting would be expected to (i)&nbsp;violate Law, an applicable outstanding order, judgment,
injunction, ruling writ or decree of any Governmental Authority or obligation of confidentiality owing to a third party, (ii)&nbsp;jeopardise the protection of an attorney-client privilege, attorney work product protection or other legal privilege
(<I>provided, however,</I> that the Company shall use reasonable efforts to provide alternative, redacted or substitute documents or information in a manner that would not result in the loss of the ability to assert attorney-client privilege,
attorney work product protection or other legal privileges), or (iii)&nbsp;result in a conflict of interest; <I>provided</I> that in each case, any such limitation shall </P>
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apply only to such portion of such material or meeting that contains the subject matter giving rise to such limitation and not to any other portion thereof; and (c)&nbsp;the Board Observer shall
be subject to the same obligations as Directors with respect to confidentiality (and shall provide, prior to attending any meetings or receiving any information or materials, such agreements, undertakings or assurances to such effect as may be
requested by the Company). For the avoidance of doubt, the absence of the Board Observer from any meeting shall not affect the validity of any action taken by the Board or committee thereof. The rights to designate a Board Observer hereunder is
personal to Coty and may not be Transferred or assigned except to a Permitted Transferee of Coty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.9 <U>Coty Consent Rights</U>. Notwithstanding
anything to the contrary herein, for so long as Coty at such time holds any Class&nbsp;B Ordinary Shares, the Company shall not take any of the actions set forth in Schedule B (the &#8220;<U>Reserved Matters</U>&#8221;) or Clause 4.1 without the
prior written consent of Coty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.10 <U>Information Rights of the Shareholders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The KKR Member shall have, and the Company shall provide the KKR Member or its designated Representative with access, to all Information regarding the
Company and any other information which the KKR Shareholder Group may reasonably require for the purpose of monitoring its investment in the Company and its indirect investment in JVCo and its direct and indirect Subsidiaries (the &#8220;<U>JVCo
Group</U>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) For so long as Coty at such time holds Securities, Coty shall be entitled to and the Company shall provide it with: (i)&nbsp;the
quarterly unaudited accounts of the JVCo Group promptly upon receipt thereof from JVCo; and (ii)&nbsp;the annual audited accounts of the JVCo Group promptly upon receipt thereof from JVCo. For so long as Coty at such time holds Securities, to the
extent required to satisfy Coty&#8217;s public reporting requirements, Coty shall be entitled to require that the Company exercise its rights under Clause 3.12(c) of the JVCo SHA to request the accounts to be provided by the JVCo in accordance with
the foregoing clauses (i)&nbsp;and (ii) be provided (at the cost of Coty) together with a reconciliation from IFRS to US&nbsp;GAAP. In addition, for so long as Coty at such time holds Securities, Coty shall be entitled to such information reasonably
required by Coty to comply with the rules of the U.S. Securities and Exchange Commission and to the extent such information relates to the JVCo Group, the Company shall request such information of JVCo pursuant to Clause 3.12 of the JVCo SHA and
shall deliver such information to Coty promptly upon receipt thereof from JVCo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) The Company shall promptly provide each Shareholder with copies of
any notices or other information provided by JVCo to the Company or its designated Representatives pursuant to the JVCo SHA concerning the JVCo Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The Company shall not be obligated to provide such access or materials if the Board determines, in its reasonable judgment, that doing so would be
expected to (i)&nbsp;violate Law, an applicable outstanding order, judgment, injunction, ruling writ or decree of any Governmental Authority or obligation of confidentiality owing to a third party, (ii)&nbsp;jeopardise the protection of an
attorney-client privilege, attorney work product protection or other legal privilege (<I>provided, however,</I> that the Company shall use reasonable efforts to provide alternative, redacted or substitute documents or information in a manner that
would not result in the loss of the ability to assert attorney-client privilege, attorney work product protection or other legal privileges), or (iii)&nbsp;expose the Company to risk of liability for disclosure of personal information (<I>provided,
however,</I> that the Company shall use reasonable efforts to provide alternative, redacted or substitute documents or information in a manner that would not result in the disclosure of protected personal information); and<I> provided further</I>
that the Parties shall use their commercially reasonable efforts to disclose such information in a manner that would not violate the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) The Parties acknowledge and agree (i)&nbsp;that the Directors and Board Observers shall be entitled to
disclose any information (other than commercially sensitive information) he or she receives in his or her capacity as Director from the Company to officers, directors, members, employees and representatives of the KKR Member or Coty (as applicable),
its equityholders and their respective Affiliates and (ii)&nbsp;to the internal use thereby of any information received from the Company (including any information received by the Company with respect to the JVCo Group), subject, however, to such
Person maintaining adequate procedures to prevent such information from being used in connection with the purchase or sale of Securities of the Company in violation of Law. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ISSUANCES OF
NEW SECURITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 <U>New Issuances</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Subject
to Clause 4.1(b), the Company may not issue any New Securities without the prior written consent of Coty, and in circumstances where Coty does consent to an issuance of New Securities, such issuance shall be subject to Clause 4.2 unless otherwise
agreed upon by the Parties; provided that in such circumstance, Coty&#8217;s Equity Percentage (calculated immediately prior to such issuance of New Securities) shall not be diluted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) In the event of an issuance of JVCo New Securities triggering the Company&#8217;s rights under Clause 4.1 of the JVCo SHA, Clause 4.2 shall not apply and
the Company shall (i)&nbsp;provide written notice to each Shareholder within three (3)&nbsp;Business Days following receipt by the Company of a written notice as set out in Clause 4.1(a) of the JVCo SHA and (ii)&nbsp;shall pass through all rights to
participate in such offering to the Shareholders such that each Shareholder shall have the right, by written notice to the Company at any time until the day that is one (1)&nbsp;Business Day prior to the end of the Subscription Period (for these
purposes, as such term is defined in the JVCo SHA), to direct the Company to purchase a number of JVCo New Securities up to its Pro Rata Portion of the Company&#8217;s JVCo Pro Rata Portion of any such JVCo New Securities. In the event that any of
the Shareholders elect to indirectly participate in such issuance of JVCo New Securities, the Company shall issue Securities that in the aggregate have an equivalent value to the JVCo New Securities that are being issued to the Company to each
Shareholder in accordance with the elections made pursuant to the prior sentence; provided that to the extent Coty does not exercise such right under this Clause 4.1(b) with respect to its Pro Rata Portion, then Coty&#8217;s Equity Percentage
(calculated immediately prior to such issuance of New Securities) will be diluted accordingly (such issuance of New Securities, a &#8220;<U>Dilutive Issuance</U>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 <U>Preemptive Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) If the Company proposes to
issue any New Securities to any Shareholder (other than any other member of the Group and other than an issuance pursuant to Clause 4.1(b)), the Company shall deliver to each Shareholder a written notice of such proposed issuance at least 15
Business Days prior to the date of the proposed issuance (the period from the effectiveness of such notice pursuant to Clause 9.3 until the date of such proposed issuance, the &#8220;<U>Subscription Period</U>&#8221;). Such written notice shall set
out the relevant entitlement of each Shareholder for each class of New Securities, the proposed subscription price per security for each class of New Securities (as determined in accordance with Clause 4.3 (the &#8220;<U>Subscription
Price</U>&#8221;)) and the aggregate Subscription Price for each such entitlement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Each Shareholder (a &#8220;<U>Participating Shareholder</U>&#8221;) shall have the option, exercisable
at any time during the first 10 Business Days of the Subscription Period, by delivering written notice to the Company and on the same terms as those of the proposed issuance of such New Securities to each other Person, to subscribe for (or to
nominate any Person that would be eligible to be its Permitted Transferee to subscribe on its behalf for, subject to such nominee adhering to the terms of this Agreement) any number of such New Securities up to such Participating Shareholder&#8217;s
Pro Rata Portion of any such New Securities (rounded to the nearest unit number) (&#8220;<U>Subscription Right</U>&#8221;). If a Shareholder fails to deliver a notice referred to in this Clause 4.2(b) for the offered New Securities within the 10
Business Day period referred to in this Clause 4.2(b), any rights which such Shareholder may have had to subscribe for any of such offered New Securities shall be extinguished. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) In the event that any Participating Shareholder elects to purchase less than the maximum number of New Securities for which it may subscribe pursuant to
Clause 4.2(b), the Company shall deliver to each other Participating Shareholder a written notice thereof not later than the 10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Business Day of the Subscription Period, including the number of
New Securities which were subject to the Subscription Right and were not elected to be subscribed for by the declining Shareholder and such Participating Shareholders may subscribe for such New Securities before the expiration of the Subscription
Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) If less than all of the offered New Securities are subscribed for during the Subscription Period, then on the expiry of the Subscription
Period the Company shall have the option to: (i)&nbsp;complete a portion of the offering within 60 Business Days from the date of the notice referred to in Clause 4.2(a) for such number of offered New Securities subscribed for by the Participating
Shareholders only or (ii)&nbsp;not to complete the offering and give notice of cancellation of the offering to the Shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 <U>Determination of
Subscription Price of New Securities</U>. The Subscription Price for any issuance of New Securities under Clause 4.1(b) or Clause 4.2 shall be equal to the Fair Market Value per security of such class of New Securities as determined in good faith by
the Board, based on such valuation methodologies and analyses as the Board deems appropriate (provided that no Security shall be issued at a price below its nominal value). The price determined by the Board shall be final. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 <U>Excepted Issuances</U>. The Shareholders agree that the provisions of this Article IV shall not apply
to (i)<U></U>&nbsp;the issuance of New Securities pursuant to the terms of options or convertible or exchangeable securities or other similar securities which have been issued, sold or granted in compliance with this Article IV; and
(ii)<U></U>&nbsp;the issuance of New Securities in connection with any pro rata share subdivision or pro rata share capitalization or any Reorganisation Transaction (provided that in each case the Company will consider in good faith the reasonable
tax requirements of the Shareholders); provided that in such circumstances, Coty&#8217;s Equity Percentage (calculated immediately prior to such issuance of New Securities) shall not be diluted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.5 <U>Further Assurance in respect of issuance of New Securities</U>. Subject to the other provisions of this Article IV, each Party shall take or cause to
be taken all such actions as may be necessary in order to expeditiously issue New Securities pursuant to the terms of this Agreement, including: executing, acknowledging and delivering consents, assignments, waivers and other documents or
instruments; furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or instruments with governmental authorities, voting its Securities in favour of any such issuance of New Securities
(including shareholders&#8217; resolutions) or granting proxies to vote in favour or executing consents to such issuance of New Securities; and otherwise cooperating with the relevant parties. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSFERS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 <U>General Prohibition</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) No Shareholder
may Transfer any Securities or other economic or equitable interests in any Security except as expressly permitted by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) All Transfers
of Securities must comply with this Agreement, including this Article V. Any purported Transfer of Securities or other economic or equitable interests in Securities in violation of this Agreement shall be null and void, and the Company shall not in
any way give effect to any such impermissible Transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Without prejudice to any other remedies available, where a Shareholder breaches this Article
V or a Shareholder or an Affiliate of a Shareholder causes a breach of this Article V (in each case, other than the KKR Member or one of its Affiliates), the relevant Shareholder (and to the extent any Transferee has become a Party, that new
Shareholder) shall cease to have any voting, Reserved Matter or other governance rights under Article III (to the extent applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 <U>Permitted
Transfers</U><U>; Permitted Pledges</U>. Notwithstanding any other provision in this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) any Shareholder may at any time Transfer any or all of
the Securities (and rights to subscribe or acquire any of the Securities and any other rights in respect of the Securities, in each case, arising under this Agreement (the &#8220;<U>Related Rights</U>&#8221;)) held by it to one or more of its
respective Permitted Transferees; <I>provided</I> that such Permitted Transferee becomes a party to this Agreement by executing and delivering a Deed of Adherence; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) any Shareholder may at any time and from time to time grant a charge, mortgage or pledge of such Securities and Related Rights granted to secure any
indebtedness of the relevant Shareholder from a bank or other financial institution (a &#8220;<U>Permitted Pledge</U>&#8221;) over any or all of the Securities and Related Rights held by it. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 <U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right</U><U>.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Other than pursuant to (i)&nbsp;a Transfer, in respect of which a Drag-Along Notice has been served pursuant to Clause 5.4(b) or (ii)&nbsp;a Permitted
Transfer or a Transfer pursuant to a Permitted Pledge (including in connection with an exercise of remedies in respect thereof) under Clause 5.2, if the KKR Shareholder Group (the &#8220;<U>Selling Shareholders</U>&#8221;) proposes to Transfer any
Ordinary Shares (a &#8220;<U>Proposed Sale</U>&#8221;), then each Shareholder shall be entitled to participate in such Proposed Sale up to the Pro Rata Portion of the Ordinary Shares held by that Shareholder at the same time and on the same economic
terms and conditions (including as to price) as the Selling Shareholders under such Proposed Sale (the &#8220;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right</U>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) In the event of a Proposed Sale which triggers the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right, the Selling Shareholders shall furnish to each
other Shareholder a written notice of such Proposed Sale pursuant to the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right (the &#8220;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice</U>&#8221;) no later than 20 Business Days prior
to the anticipated closing date of such Proposed Sale and such written notice may be served prior to definitive documentation being entered into in respect of the Proposed Sale. The relevant <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice
will include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) the number of Ordinary Shares proposed to be Transferred by the Selling Shareholders, (B)&nbsp;the proposed
price per Security (which shall be the same price per Ordinary Share as the Selling Shareholders are receiving, subject to the Maximum Return, if applicable) and form of consideration to be received by the Selling Shareholders per Security (as
applicable) (and if such consideration consists in part or in whole of assets other than cash, a good faith estimate of the Fair Market Value of such <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration and relevant information relating to
such <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration); (C) to the extent known, the identity of the Proposed Transferee(s); (D) to the extent known, the expected closing date of the proposed Transfer; and (E)&nbsp;to the extent known,
a summary of any other material terms and conditions of the Proposed Sale; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an invitation to each Shareholder to make an offer in respect of the
<FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right (any such Shareholder who elects to make such an offer pursuant to the relevant <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice being a &#8220;<U>Tagging Shareholder</U>&#8221; and,
together with the Selling Shareholders, the &#8220;<U><FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers</U>&#8221;) to include in the Proposed Sale the number of Ordinary Shares held directly or indirectly by such Tagging Shareholder
determined as set out in Clause 5.3(c) below. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Each Tagging Shareholder wishing to exercise the
<FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right must, within 10 Business Days following delivery of the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice (the &#8220;<U>Acceptance Period</U>&#8221;), deliver a notice (the &#8220;<U><FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Offer</U>&#8221;) to the Selling Shareholders indicating its desire to exercise its rights and specifying the number of Ordinary Shares it desires to Transfer. To the extent the aggregate number of
Ordinary Shares proposed to be Transferred pursuant to a Proposed Sale is greater than the total number of Ordinary Shares the Proposed Transferee is willing to purchase, then the number of Ordinary Shares to be Transferred by each <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Seller shall be reduced <I>pro rata</I> to its holding of Ordinary Shares relative to the holdings of the other <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers so as to permit the <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Sellers to sell the number of Ordinary Shares that the Proposed Transferee is willing to purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The
offer of each Tagging Shareholder contained in such Tagging Shareholder&#8217;s <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer shall be unconditional and irrevocable and such Tagging Shareholder shall be bound and obligated to Transfer in
the Proposed Sale, in accordance with this Clause 5.3, on the same economic terms and conditions with respect to each Security Transferred as the Selling Shareholders and upon the other terms set forth in the
<FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice, up to such number of Ordinary Shares as such Tagging Shareholder shall have specified in its <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer (or as reduced in accordance with this
Clause 5.3). Notwithstanding the foregoing, no Tagging Shareholder shall be entitled to Transfer its Ordinary Shares pursuant to a <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right conferred pursuant to this Clause 5.3 in the event that,
notwithstanding delivery of a <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer pursuant to this Clause 5.3, the Selling Shareholders fail to consummate the Transfer of Ordinary Shares which gave rise to such
<FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) The Selling Shareholders shall, in their sole discretion, decide whether to or not to pursue,
consummate, postpone or abandon any Proposed Sale and the terms and conditions thereof, <I>provided</I> that such Proposed Sale may only be made if completed within 60 Business Days of the expiry of the Acceptance Period (or, where any anti-trust,
regulatory or other third party conditions are required to be satisfied before the Proposed Sale can be completed, by the long-stop date for the satisfaction of such conditions in the Proposed Sale documentation). No Shareholder or any Affiliate of
such Shareholder shall have any liability to any other Shareholder or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any such proposed Transfer except to
the extent such Shareholder shall have failed to comply with the provisions of this Clause 5.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) Each Shareholder who does not make a <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Offer in compliance with the above requirements, including the time period, shall be deemed to have waived all of such Shareholder&#8217;s rights with respect to such Proposed Sale, and the <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Sellers shall thereafter be free to Transfer up to such number of their Ordinary Shares as was specified in the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice and the Ordinary Shares in respect
of which a <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Offer has been made pursuant to and in compliance with this Clause 5.3 to the Proposed Transferee, for the same form of consideration, at a price no greater than the price set forth in the
<FONT STYLE="white-space:nowrap">Tag-Along</FONT> Notice and on other terms and conditions which are not more favourable in the aggregate to the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers than those set forth in the <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g) In connection with any such Proposed Sale, each Tagging Shareholder participating in such
Transfer must agree to make the same representations, warranties, covenants, undertakings and indemnities as the Selling Shareholders agree to make in connection with such Transfer; <I>provided </I>that, (i)&nbsp;a Tagging Shareholder shall not be
required to give any business warranties in connection with the Proposed Sale; (ii)&nbsp;in no event shall any Tagging Shareholder be required to enter into any <FONT STYLE="white-space:nowrap">non-compete,</FONT>
<FONT STYLE="white-space:nowrap">non-solicit</FONT> or similar covenant in connection with such Transfer; (iii)&nbsp;no such Tagging Shareholder shall be required to make representations and warranties or covenants or provide undertakings or
indemnities as to any other <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Seller; (iv)&nbsp;no Tagging Shareholder shall be liable for the breach of any covenant by any other <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers; and
(v)&nbsp;notwithstanding anything in this Clause 5.3(g) to the contrary, (y)&nbsp;any liability relating to representations, warranties and covenants (and related indemnities) and other undertakings or indemnification obligations regarding the
business of the Company assumed in connection with the Transfer, and (z)&nbsp;any distribution to the <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers of any amount placed in escrow or subject to holdback in connection with such Transfer
that has been released from such escrow or holdback or in respect of any earn out or other delayed or deferred payment, shall be shared by or made to, as the case may be, each such <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Seller <I>pro
rata</I> in proportion to (and shall not exceed) the aggregate proceeds received by such <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Seller in the proposed Transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(h) Each <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Seller shall be responsible for its proportionate share of costs and expenses incurred for the
benefit of all <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Sellers in connection with the Proposed Sale, and any indemnities, holdbacks, escrows and similar items relating to the consummated proposed Transfer (other than those that relate to
representations or indemnities concerning a shareholder&#8217;s valid ownership of the Ordinary Shares held by it free and clear of all liens, claims and Encumbrances or a Shareholder&#8217;s authority, power and legal right to enter into and
consummate a sale and purchase or merger agreement or ancillary document), based on the gross proceeds received or to be received in such Proposed Sale, to the extent not paid or reimbursed by the Proposed Transferee or Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) If the Proposed Sale is not completed within the period set out in Clause 5.3(e) above, the Selling Shareholders shall promptly return to the <FONT
STYLE="white-space:nowrap">Tag-Along</FONT> Sellers all documents (if any) previously delivered in respect of the Proposed Sale, and all the restrictions on Transfer contained in this Agreement with respect to Ordinary Shares held or owned by the
Shareholders shall once again be in effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 <U>Drag-Along</U><U> Right</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) If the KKR Shareholder Group (the &#8220;<U>Dragging Shareholders</U>&#8221;) intends to Transfer Ordinary Shares to unaffiliated <I>bona fide </I>third
party or a group of unaffiliated <I>bona fide </I>third parties acting in concert, in each case on arm&#8217;s length terms, (other than to a Permitted Transferee) which would result in the Proposed Transferee (together with any of its Affiliates)
holding an Equity Percentage of 50% or more (a &#8220;<U>Proposed Sale</U>&#8221;), such Dragging Shareholders may, at their option and subject to the provisions of Clause 5.4(d), require the other Shareholders (&#8220;<U>Dragged
Shareholders</U>&#8221;) to participate in the Proposed Sale and Transfer all the Ordinary Shares held by the Dragged Shareholders to the Proposed Transferee at the same time and on the same economic terms and conditions (including as to price) as
the KKR Member under such Proposed Sale (the &#8220;<U>Drag-Along Right</U>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) If the Dragging Shareholders wish to exercise their Drag-Along
Right and require the participation of the Dragged Shareholders as provided herein, the Dragging Shareholders shall furnish to each Dragged Shareholder a written notice of such Proposed Sale pursuant to the Drag-Along Right (the
&#8220;<U>Drag</U><U>-Along Notice</U>&#8221;) no later than 20 Business Days prior to the anticipated closing date of such Proposed Sale, which shall be accompanied by all definitive documentation required to be entered into by the Dragged
Shareholders in respect of the Proposed Sale. The relevant Drag-Along Notice will include: (A)&nbsp;the number of Securities to be transferred by the Dragging Shareholders; (B)&nbsp;the proposed price per Ordinary Share (which shall be calculated as
if the Proposed Sale has occurred by way of a sale of all Securities on such date and the proceeds of which will be allocated between the classes of Securities in accordance with Clause 8.4 (and if such consideration consists in part or in whole of
assets other than cash, a good faith estimate of the Fair Market Value of such <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration and relevant information, if available, relating to such <FONT STYLE="white-space:nowrap">non-cash</FONT>
consideration); (C) to the extent known, the identity of the Proposed Transferee(s); (D) to the extent known, the expected closing date of the proposed Transfer; and (E)&nbsp;to the extent known, a summary of any other material terms and conditions
of the proposed Transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Each Dragged Shareholder shall, upon receipt of a Drag-Along Notice, be obligated to (i)&nbsp;participate in the Proposed
Sale and sell or otherwise Transfer all the Ordinary Shares held by the Dragged Shareholder; (ii)&nbsp;to vote its Ordinary Shares in favour of the Proposed Sale at any meeting of the Shareholders called to vote on or approve the Proposed Sale and
Transfer and/or consent in writing to the proposed Transaction; (iii)&nbsp;waive all dissenters&#8217; or appraisal rights in connection with the Proposed Sale and enter into agreements relating to the Proposed Sale; and (v)&nbsp;take all reasonable
actions in connection with the consummation of the Proposed Sale and the Transfer as may be requested by the Dragging Shareholders. In connection with any such Transfer, each Dragged Shareholder must agree to make the same representations,
warranties, covenants, undertakings and indemnities as the KKR Member agrees to make in connection with such Transfer; <I>provided </I>that, unless otherwise agreed by such Dragged Shareholder, (A)&nbsp;a Dragged Shareholder shall not be required to
give any business warranties in connection with the Proposed Sale; (B)&nbsp;in no event shall any Dragged Shareholder be required to enter into any <FONT STYLE="white-space:nowrap">non-compete,</FONT>
<FONT STYLE="white-space:nowrap">non-solicit</FONT> or similar covenant in connection with such Transfer; (C)&nbsp;no such Dragged Shareholder shall be required to make representations and warranties or covenants or provide undertakings or
indemnities as to any other Shareholder; (D)&nbsp;no Dragged Shareholder shall be liable for the breach of any covenant by any other Shareholder; and (E)&nbsp;notwithstanding anything in this Clause 5.4(c) to the contrary, (y)&nbsp;any liability
relating to representations, warranties and covenants (and related indemnities) and other undertakings or indemnification obligations regarding the business of the Company assumed in connection with the Transfer, and (z)&nbsp;any distribution to the
Shareholders of any amount placed in escrow or subject to holdback in connection with such Transfer that has been released from such escrow or holdback or in respect of any earn out or other delayed or deferred payment, shall be shared by or made
to, as the case may be, each such Shareholder <I>pro rata</I> in proportion to (and shall not exceed) the aggregate proceeds received by each Shareholder in the proposed Transfer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The obligations of the Dragged Shareholders pursuant to this Clause 5.4 are subject to the satisfaction
of the following conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">upon the consummation of the proposed Transfer, the Dragged Shareholders shall receive for each of its Ordinary
Shares being sold, the same consideration the Dragging Shareholders receive for each of its Ordinary Shares being sold; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">each Dragged Shareholder will be responsible for its proportionate share of costs and expenses incurred for the
benefit of all Shareholders (including the Dragging Shareholders) in connection with a consummated proposed Transfer, and any indemnities, holdbacks, escrows and similar items relating to the consummated proposed Transfer (other than those that
relate to representations or indemnities concerning a shareholder&#8217;s valid ownership of the Ordinary Shares held by it free and clear of all liens, claims and Encumbrances or a Shareholder&#8217;s authority, power and legal right to enter into
and consummate a sale and purchase or merger agreement or ancillary document), based on the gross proceeds received or to be received in such proposed Transfer, to the extent not paid or reimbursed by the Proposed Transferee or the Company.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) The Dragging Shareholders shall, in their sole discretion, decide whether to or not to pursue, consummate, postpone or abandon any
proposed Transfer and the terms and conditions thereof, <I>provided</I> that such Proposed Sale may only be made if completed within 60 Business Days of the expiry of the date upon which the Drag-Along Notice is served (or, where any anti-trust,
regulatory or other third party conditions are required to be satisfied before the Proposed Sale can be completed, by the long-stop date for the satisfaction of such conditions in the Proposed Sale documentation). No Shareholder or any Affiliate of
such Shareholder shall have any liability to any other Shareholder or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any such proposed Transfer except to
the extent such Shareholder shall have failed to comply with the provisions of this Clause 5.4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) If the Proposed Sale is not completed within the
period set out in Clause 5.4(e) above, the Dragging Shareholders shall promptly return to the Dragged Shareholders all documents (if any) previously delivered in respect of the Proposed Sale, and all the restrictions on Transfer contained in this
Agreement with respect to Ordinary Shares held or owned by the Shareholders shall once again be in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.5 <U>Other Transfer Restrictions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) In addition to any other restrictions on direct or indirect Transfers herein contained no Transfer of any Securities or other economic or equitable
interests in Securities or any direct or indirect Transfer of shares or other securities in a Shareholder shall take place: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to any Person who lacks the legal right, power or capacity to directly or indirectly own such Securities or
shares or other securities in the relevant Shareholder (as the case may be); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">without the approval of the KKR Member, if such Transfer requires the registration or other qualification of
such Securities or shares or other securities in the relevant Shareholder (as the case may be) pursuant to any applicable securities Laws; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if such Transfer would result in a violation of anti-bribery, anti-corruption, anti-money laundering and
sanctions Laws, regulations or governmental orders applicable to a Shareholder; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">without the approval of each of the KKR Member and Coty, if such Transfer is effectuated through an
&#8220;established securities market&#8221; or a &#8220;secondary market (or the substantial equivalent thereof)&#8221; within the meaning of Section&nbsp;7704 of the IRC or such Transfer would otherwise result in the Company being treated as a
&#8220;publicly traded partnership,&#8221; as such term is defined in Sections 469(k)(2) or 7704(b) of the IRC and the U.S. Treasury Regulations promulgated thereunder (unless (i)&nbsp;such Transfer is disregarded in determining whether interests in
the Company are readily tradable on a secondary market or the substantial equivalent thereof under <FONT STYLE="white-space:nowrap">Section&nbsp;1.7704-1</FONT> of the U.S. Treasury Regulations (other than
<FONT STYLE="white-space:nowrap">Section&nbsp;1.7704-1(e)(1)(x)</FONT> thereof) or (ii)&nbsp;the Shareholder determines that the Company will satisfy the requirements of <FONT STYLE="white-space:nowrap">Section&nbsp;1.7704-1(h)</FONT> of the U.S.
Treasury Regulations at all times during the taxable year of such Transfer). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Unless otherwise approved by the Board, no direct
Transfer may be made or recorded in the register of members of the Company unless the Transferee delivers to the Company a duly executed instrument of transfer and notice of such Transfer (together with reasonable supporting evidence of such
Transfer), including any agreements or other documents required by this Agreement and a Deed of Adherence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.6 <U>Transferees to Become Parties.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Any Transferee receiving any Securities or other economic or equitable interests in Securities in a Transfer (and any Affiliate of a Shareholder which
acquires Securities having been nominated to take up a Subscription Right under Clause 4.2(b)) shall become a Party to this Agreement and be subject to the terms and conditions of, and be entitled to enforce, this Agreement as a Shareholder by
executing and delivering to the Company a Deed of Adherence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Prior to any Transfer of any Securities or other economic or equitable interests in
Securities in accordance with this Agreement, and as a condition thereto, each Shareholder effecting such Transfer shall cause such Transferee to deliver to the Company and each Shareholder a Deed of Adherence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) For purposes of this Clause 5.6, the terms &#8220;Transfer&#8221; shall exclude the granting of a Permitted Pledge and &#8220;Transferee&#8221; shall
exclude a secured party under a Permitted Pledge (or any agent therefor) acting in its capacity as secured party (or secured party&#8217;s agent) unless and until the secured party (or its agent) has become the beneficial owner of any Securities.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.7 <U>Further Assurances in respect of Transfers</U>. Subject to the other provisions of this Article V, each Party shall take or cause to be taken all
such actions as may be necessary in order to expeditiously consummate each Transfer which is effected pursuant to the terms of this Agreement, including executing, acknowledging and delivering consents (including, without limitation, procuring that
any Director appointed to the Board by such Party consents to such transfer where required by the relevant Organisational Documents), assignments, waivers and other documents or instruments; furnishing information and copies of documents; filing
applications, reports, returns, filings and other documents or instruments with governmental authorities, voting its Securities in favour of any such Transfer (including shareholders&#8217; resolutions) or granting proxies to vote in favour or
executing consents to such Transfer; and otherwise cooperating with the relevant parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.8 <U>Obligation to
<FONT STYLE="white-space:nowrap">Re-Transfer</FONT></U>. If any Person to which any Securities have been Transferred pursuant to <FONT STYLE="white-space:nowrap">sub-clause</FONT> (a)&nbsp;of the definition of Permitted Transfer ceases to be a
Permitted Transferee of the Transferring Shareholder, such Person shall immediately Transfer to the Transferring Shareholder (or to another Permitted Transferee of such Shareholder) all of the Securities it holds to such Person and, until such
further Transfer has occurred, all of the voting and economic rights with respect to the Securities so Transferred shall be suspended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.9 <U>Coty Put Right</U>. At any time after the date that is 24 months following the Completion Date, Coty
may, by delivering written notice to the KKR Member and the Company, require the KKR Member or, at the election of the KKR Member, the Company to promptly (and in any event, within ten (10)&nbsp;Business Days of delivery of such written notice, as
such period may be extended to obtain any required mandatory and suspensory regulatory approvals) acquire all of the Securities held by Coty, free and clear of all Encumbrances (other than those set out or created pursuant to this Agreement), for an
aggregate purchase price equal to US $1.00. In connection therewith, Coty shall execute any share transfer forms or other transfer documentation reasonably required by the KKR Member (or, to the extent applicable, the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.10 <U>Exit <FONT STYLE="white-space:nowrap">Co-Operation</FONT></U>. If an Exit is proposed, each of the Shareholders shall use their rights and powers as
shareholders to provide such <FONT STYLE="white-space:nowrap">co-operation</FONT> and assistance to the KKR Member as is reasonably required by the KKR Member to implement such Exit, in each case as may reasonably be recommended by corporate finance
or professional advisers advising on the Exit as being in accordance with market practice at such time or, in the sole discretion of the KKR Member, as being important for the tax structure of the Exit (having consulted with Coty and considered in
good faith the reasonable tax requirements of the Shareholders and subject to Clauses 8.1 and 8.4(d)), including, without limitation taking such actions as are necessary, appropriate or desirable in connection with or to implement any Reorganisation
Transaction, including executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments; furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or
instruments with governmental authorities, voting its Securities in favour of any such Reorganisation Transaction (including shareholders&#8217; resolutions) or granting proxies to vote in favour or executing consents to such Reorganisation
Transaction; and otherwise cooperating with the relevant parties; provided, that, for the avoidance of doubt, the Parties will take appropriate actions so that the terms of this Agreement shall continue to apply following such Reorganisation
Transaction in accordance with its terms. For the avoidance of doubt, the taking of the foregoing actions in accordance with this Clause 5.10 shall not be considered Reserved Matters to which Clause 3.9 would apply or an issuance of New Securities
to which Clause 4.1 or 4.2 would apply. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1
<U>Indemnification</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) To the fullest extent permitted by Law without prejudice to any other remedy, the Company agrees to indemnify, pay, protect
and hold harmless the Shareholders and each of their Affiliates and its and their Representatives (the &#8220;<U>Indemnitees</U>&#8221;) from and against any and all actions, judgments, claims, proceedings, investigations and arbitrations
(collectively, the &#8220;<U>Claims</U>&#8221;) and against any and all liabilities, obligations, losses, damages (including punitive and exemplary damages), fees, fines, penalties, costs, expenses (including any expense relating to enforcement of
rights and obligations hereunder and reasonably and properly incurred attorneys&#8217; fees and expenses incurred in connection with the investigation, settlement and/or defence of or the appeal against any Claims) and reasonable disbursements
(collectively, the &#8220;<U>Losses</U>&#8221;) which at any time before or after the date hereof may be imposed on, incurred by, or asserted against the Indemnitee in any way relating to or arising out of, or alleged to relate to or arise out of:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any action or inaction on the part of the Indemnitee when acting on behalf of the Company in any capacity,
whether such action or inaction has occurred or is yet to occur; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this Agreement, the Acquisition as contemplated by the Share Purchase Agreement, the equity funding or
financing of the Acquisition, any of the Transactions or any services provided to the Company in relation thereto, whether pursuant to any securities or other Laws that are applicable or otherwise; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any Indemnitee who was or is a party, or is threatened to be made a party to any threatened, pending or
completed Claim (including (A)&nbsp;any action by or in the right of, or relating to, the Company and (B)&nbsp;any past, current or future litigation relating to the Acquisition as contemplated by the Share Purchase Agreement, the equity funding or
financing of the Acquisition, the Transactions or the services provided to the Company in relation thereto or the Indemnitee&#8217;s past, current or future equity ownership in the Company), (x) by reason of any actions or omissions or alleged acts
or omissions arising out of such Indemnitee&#8217;s activities (whether prior to the date hereof or otherwise) either on behalf of the Company or in furtherance of the interests of the Company or (y)&nbsp;arising out of or in connection with its
purchase, ownership, transfer or sale of equity interests in the Company (including its involvement in the Transactions and any future proposal to transfer or sell such equity interest), from and against any and all Claims and Losses; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) the fact that such Indemnitee is or was a Director or Officer of the Company or is or was serving at the
request of the Company as a director, officer, manager, member, employee or agent of or adviser or consultant to another corporation, partnership, joint venture, trust or other enterprise, (B)&nbsp;any breach or alleged breach by such Indemnitee of
his or her fiduciary or other duty as a Director, Officer or manager of the Company or (C)&nbsp;being an Affiliate of an Indemnitee that is described in either of the foregoing clauses (A)&nbsp;and (B), </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">other than (y)&nbsp;any such Losses or Claims by an Indemnitee as a result of a breach of this Agreement or the Tides Transaction Documents, or (z)&nbsp;such
Losses which are finally determined by a competent court (after all appeals have been heard or waived) to have resulted from such Indemnitee&#8217;s fraud, gross negligence or wilful misconduct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) In any Claim against any Indemnitee, the Indemnitee shall, subject to this Clause 6.1, have the right jointly to employ, at the expense of the Company or
its designee, counsel of the Indemnitee&#8217;s choice, which counsel shall be reasonably satisfactory to the Company, in such Claim. If joint counsel is so retained, an Indemnitee may nonetheless employ separate counsel, but at such
Indemnitee&#8217;s own expense. If an Indemnitee is determined by a court, tribunal or other relevant body to have committed fraud or to have acted with gross negligence or to have been guilty of wilful misconduct, the Indemnitee shall reimburse all
the expenses paid by the Company or its designee on its behalf under this Clause 6.1. Under no circumstances will any Indemnitee be liable for or have any obligation to satisfy any indemnification claim made hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) The Shareholders agree to take all action as shareholders of the Company which may be required to, or to authorise the Company to take any action required
to, give effect to this Clause 6.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The indemnification rights contained in this Clause 6.1 will be cumulative and in addition to any and all other
rights, remedies and recourse to which an Indemnitee, its heirs, successors, assignees and administrators are entitled. The indemnification provided in this Clause 6.1 will inure to the benefit of the heirs, successors, assignees and administrators
of each of the Indemnitees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) The terms of this Clause 6.1 shall survive for a period of six years from the date of termination of this Agreement for
any reason (but only with respect to events occurring during or prior to the time when this Agreement was in effect), except to the extent that a Claim has been brought within such period, in which case the terms of this Clause 6.1 shall survive
until such Claim is resolved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) The indemnity provided by this Clause 6.1 shall in no event cover damages or indemnifiable expenses to the extent they
are actually paid or reimbursed by or under any applicable insurance policy or arrangement carried by or on behalf of or in favour of an Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g)
Except as set forth in the last sentence of Clause 6.1(a), under no circumstances will any Indemnitee be liable for or have any obligation to satisfy any indemnification claim made hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANTIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 <U>Warranties of the
Shareholders</U>. Each Shareholder, severally and not jointly, warrants (in respect of itself only) to each other Party, as of the date hereof or as of the date such Shareholder becomes a party hereto, as the case may be, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) <U>Organisation</U>. Such Shareholder is an entity duly organised or incorporated and validly existing under the Laws of the jurisdiction of its
organisation or incorporation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. Such Shareholder has full power and authority to enter into, execute and deliver this Agreement. The
execution and delivery of this Agreement and the performance of the rights and obligations hereunder and thereunder have been duly and validly authorised by such Shareholder and no other proceedings by or on behalf of such Shareholder will be
necessary to authorise this Agreement or the performance of the rights and obligations hereunder and thereunder. This Agreement constitutes the valid and binding obligations of such Shareholder enforceable against it in accordance with its terms,
except as the enforceability thereof may be limited by: (i)&nbsp;bankruptcy, insolvency, reorganisation or other similar laws affecting enforcement of creditors&#8217; rights generally; and (ii)&nbsp;subject to general principles of equity; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) <U>No Legal Bar</U>. The execution, delivery and performance of this Agreement by such Shareholder will not: (i)&nbsp;violate: (x) the organisational
documents of such Shareholder; or (y)&nbsp;any Law, treaty, rule or regulation applicable to or binding upon such Shareholder or any of its properties or assets; or (ii)&nbsp;result in a breach of any contractual obligation to which such Shareholder
is a party or by which it or any of its properties or assets is bound. In the case of each of prongs (i)(y) and (ii), such warranty shall apply only in any respect that would reasonably be expected to have a material adverse effect on the ability of
such Shareholder to perform its obligations under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) <U>Litigation</U>. There is no civil, criminal or administrative action, suit,
demand, claim, hearing, notice of violation or investigation, proceeding or demand letter pending, or to the knowledge of such Shareholder threatened, against such Shareholder, which if adversely determined would reasonably be expected to have a
material adverse effect on the ability of such Shareholder to perform its obligations hereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) <U>Securities Not Registered</U>. Such Shareholder
has acquired Securities solely for its own account, for investment purposes and not with a view to, or for sale in connection with, the distribution thereof other than as permitted under applicable securities and other Laws. Such Shareholder:
(i)&nbsp;has such knowledge and experience in business and financial matters as will enable it to evaluate the merits and risks of the Transactions; (ii)&nbsp;is able to bear the economic risk of an investment in the Company; and (iii)&nbsp;is able
to bear the risk of loss of its entire investment in the Company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) <U>No Other Representations</U>. Except for the representations and warranties
contained in this Article VII, no Shareholder, nor any other Person acting on behalf of such Shareholder, makes any representation or warranty, express or implied, to any other Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 <U>Warranties of the Company.</U> The Company warrants to the Shareholders as of the date hereof, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) <U>Organisation</U>. It is an entity duly incorporated and validly existing under the Laws of the jurisdiction of its incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. It has full power and authority to enter into, execute and deliver this Agreement. The execution and delivery of this Agreement and the
performance of the rights and obligations hereunder have been duly and validly authorised by it and no other proceedings by or on behalf of it will be necessary to authorise this Agreement or the performance of the rights and obligations hereunder.
This </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agreement constitutes the valid and binding obligations of each such Party enforceable against it in accordance with its terms and corporate law regulations, except as the enforceability thereof
may be (i)&nbsp;limited by bankruptcy, insolvency, reorganisation or other similar Laws affecting enforcement of creditors&#8217; rights generally; and (ii)&nbsp;subject to general principles of equity. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL
COVENANTS AND AGREEMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 <U>Certain Tax Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) <U>Tax </U><U>Reporting</U><U> Regimes.</U> The Company and each Shareholder shall, upon request, provide to the Tax Compliance Person such documentation
and any other information related to such Shareholder&#8217;s direct or indirect owners as is required in order for the Company to satisfy any applicable tax reporting or compliance requirements, including pursuant to Sections 1471 through 1474 of
the IRC and any U.S. Treasury Regulations, forms, instructions or other guidance issued pursuant thereto, any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the IRC, any intergovernmental agreement entered into in connection with
such Sections of the IRC, any law implementing any such intergovernmental agreement (&#8220;<U>FATCA</U>&#8221;) and any legislation or any law which implements, or implements rules similar to, the Organisation for Economic <FONT
STYLE="white-space:nowrap">Co-operation</FONT> and Development&#8217;s Common Reporting Standard (&#8220;<U>CRS</U>&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <U>Tax Advances.</U> To
the extent the Company is required by law to withhold or to make tax payments (including any interest and penalties thereon) on behalf of or with respect to any Shareholder (&#8220;<U>Tax Advances</U>&#8221;), the Company may withhold such amounts
and make such tax payments. All Tax Advances shall, at the option of the Company, (i)&nbsp;be promptly paid to the Company by the Shareholder on whose behalf such Tax Advances were made or (ii)&nbsp;be repaid by reducing the amount of the current or
next succeeding distribution or distributions which would otherwise have been made to such Shareholder or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation or
<FONT STYLE="white-space:nowrap">winding-up</FONT> otherwise payable to such Shareholder. Whenever the Company selects the option set forth in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (ii)&nbsp;above, for all purposes of this Agreement
such Shareholder shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each Shareholder hereby agrees to indemnify and hold harmless the Company with respect to Tax Advances required on behalf of or with
respect to such Shareholder. In the event the Company is liquidated or <FONT STYLE="white-space:nowrap">wound-up</FONT> and a liability is asserted against any Shareholder or any member or officer of a Shareholder (a &#8220;<U>Tax Indemnified
Shareholder</U>&#8221;) for Tax Advances in respect of another Shareholder, the Tax Indemnified Shareholder shall have the right to be reimbursed by the Shareholder on whose behalf such Tax Advance was made. The obligations of a Shareholder set
forth in this Clause 8.1(b) shall survive the withdrawal of any Shareholder from the Company or any Transfer of a Shareholder&#8217;s economic interests in the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) <U>U.S. Tax Entity Classification</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company has elected or shall elect pursuant to U.S. Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3(c)</FONT> to be classified and treated as an entity disregarded from its owner for U.S. federal income tax purposes from its inception. The Tax Compliance Person is hereby authorized and
empowered on behalf and in the name of the Company to make the U.S. tax entity classification election described above, and the Shareholders shall cooperate with the Tax Compliance Person as needed in connection therewith. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless the Shareholders provide consent, such consent not to be unreasonably withheld, conditioned or delayed,
and the Company shall refrain from, directly or indirectly, (A)&nbsp;filing or permitting to be filed any entity classification elections pursuant to U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3(c)</FONT> with
respect to the Company, other than the initial entity classification election described in 8.1(c)(i) above, (B)&nbsp;converting the Company under local law from an &#8220;eligible entity&#8221; (within the meaning of U.S.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3(a),</FONT> an &#8220;Eligible Entity&#8221;) to an entity that is not an eligible entity (a &#8220;Per Se
Entity&#8221;); (C) amending or otherwise modifying the organizational documents of the Company (or any other agreements or arrangements relating to the personal liability of any Shareholder) if such amendment or modification would cause the Company
not to qualify as an Eligible Entity; or (D)&nbsp;agreeing to or authorizing, or committing to agree to or authorize (in writing or otherwise) any of the actions set forth in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (A). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Company received notice from JVCo that JVCo intends to make an entity classification election pursuant
to U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3(c),</FONT> pursuant to its right under Section&nbsp;9.1(c)(ii) of the JVCo SHA, the Company shall notify the Shareholders. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) <U>Tax Compliance.</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Tax Compliance Person will be responsible for the preparation, signing and filing of all Tax Returns of the
Company and the Company&#8217;s compliance with the requirements of FATCA, CRS and any other applicable tax reporting regime. The Tax Compliance Person shall be authorized to make any and all elections for U.S. federal, state, local and foreign tax
purposes, including to adjust the basis of Company property pursuant to Sections 734(b), 743(b) and 754 of the IRC or comparable provisions of U.S. state or local or foreign Law. If requested by Coty, the Tax Compliance Person and each other
Shareholder shall consider in good faith any requests made by Coty to make any of the aforementioned elections. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Solely for U.S. federal income tax purposes, the Tax Compliance Person shall establish and maintain a separate
capital account for each Shareholder in respect of the Company in accordance with U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv),</FONT> as the same may be amended or revised. Profits and losses (or, to the
extent necessary, items thereof) of the Company shall be allocated among the capital accounts of the Shareholders in a manner that as closely as possible gives economic effect to the provisions of this Agreement. For U.S. federal, state and local
income tax purposes, all items of income, gain, loss and deduction of the Company shall be allocated among the Shareholders in the same manner that the corresponding book items have been allocated among the Shareholders&#8217; respective capital
accounts, <I>provided</I> that, notwithstanding the foregoing, the Tax Compliance Person may make such allocations for U.S. tax purposes as it deems reasonably necessary to ensure that allocations are in accordance with the interests of the
Shareholders within the meaning of the U.S. Treasury Regulations, and/or in accordance with Section&nbsp;704(c) of the IRC and the U.S. Treasury Regulations promulgated thereunder (to the extent applicable). Notwithstanding the foregoing, if the
Shareholders do not agree on an alternative method, any allocations to be made in accordance with Section&nbsp;704(c) of the IRC will be made using the &#8220;remedial method&#8221; as defined in U.S. Treasury Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-3(b).</FONT> This Clause 8.1(d)(ii) shall be deemed to contain a &#8220;minimum gain chargeback&#8221; within the meaning of U.S. Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(b)(2),</FONT> a &#8220;partner nonrecourse debt minimum gain chargeback&#8221; within the meaning of U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(4)</FONT>
and a &#8220;qualified income offset&#8221; within the meaning of U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d),</FONT> and shall be interpreted consistently therewith </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) <U>Tax Information and Reporting</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Tax Compliance Person shall use commercially reasonable efforts to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notify the Shareholders prior to making an entity classification election pursuant to U.S. Treasury Regulation <FONT
STYLE="white-space:nowrap">Section&nbsp;301.7701-3(c);</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As reasonably requested, make available on a reasonable and mutually convenient basis to the requesting Party
or to any Taxation Authority all information, records, documents, and personnel with relevant information relating to any tax applicable to such requesting Party, including, but not limited to, on a quarterly basis, information reasonably requested
by a Shareholder to satisfy its tax, legal, and accounting reporting requirements under U.S. GAAP as a publicly traded company to the extent the Company has such information and, to the extent the Company does not have such information, the Company
shall request such information from JVCo pursuant to its rights under Paragraph 1 of Schedule E of the JVCo SHA and shall promptly provide such information to the requesting Party upon receipt thereof; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide to a requesting Shareholder all such other information that is reasonably requested or necessary for
such Shareholder, or any direct or indirect investor in such Shareholder, to duly complete and file its Tax Returns to the extent the Company has such information and, to the extent the Company does not have such information, the Company shall
request such information from JVCo pursuant to its rights under Paragraph 2 of Schedule E of the JVCo SHA and shall promptly provide such information to the requesting Shareholder upon receipt thereof from JVCo; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Request of JVCo pursuant to its rights under Paragraph 3 of Schedule E of the JVCo SHA such information as any
Shareholder may reasonably request at any time or from time to time in order to permit such Shareholder to determine whether any member of the JVCo Group has been or may become a &#8220;passive foreign investment company&#8221; (a
&#8220;<U>PFIC</U>&#8221;) or a &#8220;controlled foreign corporation&#8221; (or a corporation having a similar status) for purposes of the IRC and deliver such information to such Shareholder upon receipt thereof from JVCo; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If a member of JVCo Group is determined to be a PFIC, provide to the Shareholders any information received from
JVCo reasonably necessary to make or maintain any election available under the IRC related to PFIC status, including a &#8220;qualified electing fund&#8221; election in respect of such member of JVCo Group. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case the case of the provision of assistance, information, documents or records pursuant to Clause
8.1(d)(i), the Shareholder requesting such assistance, information, documents or records shall bear the direct and indirect costs reasonably accrued or incurred by the Company or the Tax Compliance Person in providing such assistance, information,
documents or records. To the extent the information is relevant to or requested by more than one Shareholder, the cost shall be shared pro rata among such Shareholders. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) <U>Partnership Representative</U>. The Tax Compliance Person shall act as the &#8220;partnership representative&#8221; of the Company within the meaning
of Section&nbsp;6223(a) of the IRC, as amended by the U.S. Bipartisan Budget Act of 2015. The partnership representative shall have all of the rights, duties, powers and obligations provided for in Sections 6221 through 6231 of the IRC, as amended
by the U.S. Bipartisan Budget Act of 2015. Notwithstanding the foregoing, the KKR Member, in its sole discretion, may designate another person to replace the Tax Compliance Person as &#8220;partnership representative&#8221;, and such person shall
have all such rights, duties, powers and obligations. The partnership representative shall promptly notify the KKR Member, Coty and the Tax Compliance Person (if it is not the partnership representative at that time) of any notices that it receives
related to a U.S. tax </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
proceedings, and shall timely inform such persons of the status of such tax proceedings. Notwithstanding the foregoing, the partnership representative shall be subject to the control of the Board
and shall not settle or otherwise compromise any issue in any examination, audit or other proceeding with any Taxation Authority without first obtaining approval of the Board. The partnership representative shall determine whether any Imputed
Underpayment Amount can be reduced pursuant to Sections 6225(c)(2)(B), (3), (4) or (5)&nbsp;of the IRC and any similar provisions of state or local laws. Each Shareholder hereby agrees to cooperate to provide any information or take such other
actions as may be reasonably requested by the partnership representative in order to make such determination. Notwithstanding the foregoing, the partnership representative shall not require any Shareholder to file an amended Tax Return. A
Shareholder&#8217;s obligation to comply with this Clause 8.1(f) shall survive the transfer, assignment or liquidation of such Shareholder&#8217;s interest in the Company. The partnership representative shall receive no compensation for its
services. All third party costs and expenses incurred by the partnership representative in performing its duties as such (including legal and accounting fees and any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses) shall be borne by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g) <U>Tax
Residence</U>. The Shareholders intend that the Company be and remain solely a resident of the Cayman Islands for all tax purposes. The Shareholders shall use commercially reasonable efforts to fulfil this intention. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(h) <U>Section 704(c) Amounts with Respect to JVCo Shares</U>.&nbsp;Under Treasury Regulation Section 1.704-3(a)(8)(i), the Coty JVCo Shares will be treated
as Section 704(c) property, while the KKR JVCo Shares will not. The Company shall designate for U.S. federal income tax purposes which shares of New JVCo deemed issued in the JVCo Reorganization are Coty JVCo Shares, with respect to which Coty has
an IRC Section&nbsp;704(c) amount, and which shares of New JVCo deemed issued in the JVCo Reorganization are KKR JVCo Shares, with respect to which no Shareholder has an IRC Section&nbsp;704(c) amount. If following the JVCo Reorganization, a
portion, but not all, of the JVCo Shares are sold by the Company, the Company shall first sell the designated KKR JVCo Shares, and only after all the designated KKR JVCo Shares have been sold may the Company sell the designated Coty JVCo Shares.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2 <U>Confidentiality and Public Announcements</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)
Each Shareholder agrees to hold in strict confidence all Information furnished to it, the terms of this Agreement and any other matters relating to the Transactions or the discussions among the Parties in relation thereto (collectively,
&#8220;<U>Confidential Information</U>&#8221;) and to procure that its Affiliates hold in strict confidence the Confidential Information. Subject to Law, a Shareholder may disclose any Confidential Information: (s)&nbsp;to any of its
Representatives; (t)&nbsp;if a Shareholder is a fund or an Affiliate of a fund, to current or prospective investors in such Shareholder, <I>provided</I> that only Confidential Information of the type customarily given to limited partners of such
fund or to current or prospective investors is disclosed; (u)&nbsp;if a Shareholder is a fund or an Affiliate of a fund, or Coty, to such Shareholder&#8217;s or its Affiliates&#8217; current or prospective lenders on a confidential and strict need
to know basis as a direct consequence of such Shareholder&#8217;s participation in the Transactions, <I>provided</I> that only Confidential Information of the type customarily given to lenders to such Person is disclosed; (v)&nbsp;to its
Representatives that are current or prospective partners or members of such Shareholder or are former partners or members who retained an economic interest in such Shareholder to the extent such disclosure is limited to customary disclosures made in
the ordinary course of business by an investment fund to its current, prospective or former investors or equityholders in respect of investments made thereby, including in connection with the disposition thereof, each of which Representatives shall
be deemed to be bound by the provisions of this Clause 8.2(a) (<I>provided</I> that with respect to Representatives who are limited partners or members of any Shareholder, such Representatives shall instead be deemed to be bound by any
confidentiality agreement or obligation with such Shareholder having restrictions substantially similar to this Clause 8.2(a)) and such Shareholder shall be responsible for any breach of this provision by any such Representative; (w)&nbsp;to any
Affiliate of such Shareholder; (x)&nbsp;to any potential Transferee (in connection with a Transfer permitted hereunder), who shall agree to be bound by the provisions of this Clause 8.2(a) or a confidentiality agreement having restrictions
substantially similar to this Clause 8.2(a) and such Transferee agrees to hold any such information in strict confidence and not to use such information for any purpose other than such Transfer; (y)&nbsp;to the Company or its Directors, Officers or
advisers; (z)&nbsp;in connection with an audit or an ordinary course examination by a regulator, bank examiner or self-regulator, organization with regulatory oversight over the Company or such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Representative, <I>provided</I> that such audit or examination is not specifically directed at the Company, the JVCo Group or the Confidential Information (the recipients under <FONT
STYLE="white-space:nowrap">sub-clause</FONT> (s)-(z) above, collectively, the &#8220;<U>Authorised Recipients</U>&#8221;); <I>provided</I> that a Shareholder shall be responsible for the compliance of such Authorised Recipients with this Clause
8.2(a) or such Authorised Recipients shall have entered into a confidentiality undertaking for the benefit of the Company to hold any such information in strict confidence in accordance with this Clause 8.2(a). &#8220;Confidential Information&#8221;
shall not include any information that: is or becomes generally available to the public other than as a result of an unauthorised disclosure by such Shareholder; is or becomes available to a Shareholder or any of its Representatives on a <FONT
STYLE="white-space:nowrap">non-confidential</FONT> basis from a third party source (other than any other Shareholder or its Representatives or any Person described in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (w)&nbsp;above), which source
(after reasonable inquiry) is not known by the relevant Shareholder to be bound by a duty of confidentiality to any Shareholder or its Representatives or any Person described in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (y)&nbsp;above in
respect of such Confidential Information; or is independently developed by any Shareholder without the benefit of any other Confidential Information. If any Shareholder or any of its Authorised Recipients is required by Law or regulation or any
legal or judicial process to disclose any Confidential Information, such Shareholder shall, unless prohibited from doing so by any Law or regulation, promptly notify the Company and the other Shareholders of such requirement so that the Company may,
in consultation with the Shareholders to the extent practicable under the circumstances, at its own expense, oppose such requirement or seek a protective order and request confidential treatment thereof. If such Shareholder or such Authorised
Recipient is nonetheless required to disclose any such Confidential Information, such Shareholder or Authorised Recipient may disclose such portion of such Confidential Information that is legally required to be disclosed without liability
hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) A Shareholder may disclose Confidential Information in connection with any proposed Transfer of Securities by such Shareholder, provided
that such Transfer is proposed to be made as a Transfer permitted by this Agreement, and the relevant Transferee shall enter into a confidentiality agreement for the benefit of the Company to hold any such information in strict confidence and not to
use such information for any purpose other than such Transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Except to the extent any information relating to the tax treatment or tax structure of
any Party (&#8220;<U>Tax Information</U>&#8221;) is required to be kept confidential to comply with any applicable securities laws, such Tax Information may be disclosed by a Party. For the purposes of this Clause 8.2(c), Tax Information does not
include, and a Party will not disclose: the name of, or any other identifying information regarding, any Party or any existing or future Party (or any Affiliate thereof); any performance information relating to any Party or its investments, if any;
or any information regarding the specific terms of any Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) A Shareholder may disclose Confidential Information for the purpose of enforcing the
terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) Subject to an initial public announcement announcing the Transactions, which shall be mutually agreed by the Company, the
KKR Member and Coty, no public announcement or press release concerning the business or affairs of the Company or any member thereof or concerning this Agreement or any of its provisions shall be made by any Party (or any Affiliate thereof), without
the prior consent of the Board. This provision shall not prohibit any public announcement or press release required to be made by any Laws or regulations; <I>provided</I> that such Party (or such Affiliate) that is making such announcement shall, to
the extent practicable, consult with the Company and the Shareholders concerning the timing and content of such announcement before such announcement is made and shall give a copy thereof to the other Parties at the same time as, or as soon as
reasonably practicable after, the making of such announcement. Notwithstanding anything to the contrary herein, in no event shall this Clause 8.2 limit disclosure by any Shareholder (or any Affiliate thereof) of ordinary course communications
regarding this Agreement and the Transactions to its existing or prospective general and limited partners, equityholders, members, managers and investors of any Affiliates of such Person, including disclosing information about the Acquisition, the
Transactions and the Company on their websites in the ordinary course of business consistent with past practice or as part of any sales and transfer to any <FONT STYLE="white-space:nowrap">co-investors.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3 <U>Costs and Fees</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Except as expressly provided for in this Agreement, each Shareholder shall bear its own costs and expenses incurred in connection with this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Each Director on the Board shall be paid and reimbursed (as applicable) by the Company all reasonable and documented travel expenses and all other
reasonable and documented business-related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred by him or her in connection with his or her duties to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Any fees and expenses of the Company incurred in connection with maintaining its legal organization and good standing shall be borne by the KKR Member,
either (i)&nbsp;by calling capital from the KKR Member or (ii)&nbsp;as a reduction from Distributions to the KKR Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4 <U>Dividends and
Distributions</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) All returns to Shareholders by dividend payment, distribution, redemption, repurchase, liquidation or otherwise in respect of
their investments in Shares of the Company (a &#8220;<U>Distribution</U>&#8221;) shall be made in accordance with the terms, conditions, rights and preferences of such Shares, in accordance with Law (including the making of any solvency statements
to support any such Distribution required in accordance with Law); provided that, subject to Clause 8.4(b), any Distributions shall be made (i)&nbsp;first, to the Shareholders holding the Preference Shares, pro rata in proportion to the number of
outstanding Preference Shares held by each such Shareholder over the total number of outstanding Preference Shares, until the holders of such Preference Shares have received aggregate Distributions equal to $1,200,000,000 and (ii)&nbsp;second, the
remaining amount, if any, to the Shareholders holding Ordinary Shares, pro rata in proportion to such Shareholder&#8217;s Equity Percentage (such clause (ii), the &#8220;<U>Profit Share</U>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything in Clause 8.4(a) to the contrary, in the event that the Company sells or otherwise transfers any of the JVCo Shares or the KKR
Shareholder Group sells or otherwise transfers any of its Shares (other than to a Permitted Transferee) (such a transaction, a &#8220;Max Return Trigger Transaction&#8221;), in each case, for cash and provided such sale is consummated on or before
the date that is the 24&nbsp;month anniversary of Completion (the &#8220;IRR Measurement Date&#8221;), the aggregate Investor Returns made to the KKR Shareholder Group from the date of this Agreement until the IRR Measurement Date shall not exceed
40% IRR (the &#8220;<U>Maximum Return</U>&#8221;), and any remaining Distributions thereafter shall be made solely to Coty, provided that (i)&nbsp;if at the IRR Measurement Date, the Maximum Return has not been achieved, this Clause
8.4(b)&nbsp;shall cease to apply and (ii)&nbsp;this Clause 8.4(b)&nbsp;shall terminate immediately prior to, and contingent upon, the consummation of an IPO and the Maximum Return shall cease to apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) If in connection with any Max Return Trigger Transaction that is consummated on or before the IRR Measurement Date, (1)&nbsp;some or all of the
consideration includes non-cash consideration; and (2)&nbsp;at such time, after giving effect to such Max Return Trigger Transaction the Maximum Return would be achieved (assuming, for purposes of the calculation of the Maximum Return, that all
non-cash consideration received in such Max Return Trigger Transaction is cash with an aggregate value equal to either (x)&nbsp;the value ascribed to such non-cash consideration in the definitive transaction documents related to such transaction or
(y)&nbsp;if such non-cash consideration is public securities and a specific value is not ascribed thereto in the definitive transaction documents related to such transaction, the closing share price of such public securities as of the date of the
closing of such transaction), the KKR Member shall provide Coty with written notice of such Max Return Trigger Transaction at least 40&nbsp;days prior to the consummation of such Max Return Trigger Transaction (which notice shall include copies of
the purchase agreement and other material agreements related to such Max Return Trigger Transaction) and then Coty shall have the one time right (the &#8220;Call Right&#8221;), exercisable at least one Business Day prior to the consummation of such
Max Return Trigger Transaction by delivering an irrevocable written notice to the KKR Member (the &#8220;Call Notice&#8221;), to purchase, all (but not less than all) of the Shares held by the KKR Shareholder Group for an aggregate purchase price,
in cash, equal to the amount of cash, when added to the aggregate Investor Returns made prior to (but including with respect to) the Max Return Trigger Transaction, that would result in the KKR Shareholder Group achieving a 40% IRR as of the date of
the consummation of the Max Return Trigger Transaction. Coty shall promptly (and in any event, within 30 days of delivery of the Call Notice, as such period may be extended to obtain any required mandatory and suspensory regulatory approvals),
consummate the purchase of such Shares held by the KKR Shareholder Group. In connection therewith, Coty and the KKR Member shall execute any share transfer forms or other transfer documentation reasonably required by the KKR Member or Coty (as the
case may be) (or, to the extent applicable, the Company) in order to implement such transfer. If Coty does not exercise the foregoing Call Right upon the first Max Return Trigger Transaction that includes non-cash consideration, this
Section&nbsp;8.4(c) shall automatically terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, in connection with an IPO or any Reorganisation Transaction, the
Parties will take appropriate actions so that this Clause 8.4 shall continue to apply in accordance with its terms and consider in good faith the reasonable tax requirements of the Shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)&nbsp;In the event that the Company sells or otherwise transfers any of the JVCo Shares for cash,
following consultation with Coty and unless otherwise instructed by Coty and unless otherwise required by applicable Law, the Company shall Distribute such consideration promptly (and in any event within five (5)&nbsp;Business Days following receipt
of such written notice) to the Shareholders in accordance with the terms of this Clause 8.4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.5 <U>JVCo SHA</U>. Unless Coty provides the Company with
written consent otherwise, (i)&nbsp;in connection with any JVCo Proposed Sale that triggers a JVCo <FONT STYLE="white-space:nowrap">Tag-Along</FONT> Right, the Company shall exercise its rights to sell its JVCo Pro Rata Portion of such JVCo
Securities in accordance with Clause 5.4 of the JVCo SHA (including, without limitation, taking the same form of consideration to be received by the Selling Shareholders (for these purposes, as such term is defined in the JVCo SHA)) and
(ii)&nbsp;the Company shall exercise its rights pursuant to Clause 6.3(a) of the JVCo SHA. In connection with the foregoing, the Company shall provide each Shareholder with all written notices and other information received by the Company pursuant
to Clause 5.4 of the JVCo SHA promptly following receipt thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.6 <U>Anti-Frustration</U>. The KKR Member and the Company shall not, take, or omit to
take, any action, which could reasonably be interpreted as having a primary purpose of artificially and intentionally reducing Coty&#8217;s portion of the Profit Share (including, without limitation, intentionally delaying or structuring any sale or
transfer of the JVCo Shares in a manner that has as its primary purpose causing the Maximum Return not to apply). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.7 <U>Actual or Deemed
Liquidation.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) In the event of a deemed or actual liquidation or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Company, each
Shareholder is entitled to receive: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">first, to the extent of any amounts due to such Shareholder in respect of the Securities held by such
Shareholder, any remaining assets of the Company that such Shareholder contributed, or as a successor in interest is considered to have contributed (consistent with U.S. Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(a)(7)),</FONT> to the Company as a capital contribution (&#8220;<U>Shareholder Directly Contributed Assets</U>&#8221;), and any remaining assets that are treated as substituted basis property
under U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(a)(8)(i)</FONT> as a result of having been received by the Company in an exchange or series of exchanges in which no gain or loss was recognized, or any installment
note received by the Company in exchange for any of the foregoing property as provided in U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(a)(8)(ii)</FONT> (&#8220;<U>Substituted Basis Assets</U>&#8221; together with
the Shareholder Directly Contributed Assets, the &#8220;<U>Shareholder Contributed Assets</U>&#8221;), in each case prioritizing that portion of Shareholder Contributed Assets that constitute property subject to Section&nbsp;704(c) of the IRC at the
time of such distribution before other Shareholder Contributed Assets, to the extent of any amounts due to such Shareholder with respect to the Securities held by such Shareholder; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">second, any remaining assets of the Company that are not Shareholder Contributed Assets, to the extent of any
remaining amounts due to such Shareholder in respect of the Securities held by such Shareholder. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) For the avoidance of doubt, with
respect to Coty, the Coty JVCo Partnership Interests are Shareholder Directly Contributed Assets and the Coty JVCo Shares are Substituted Basis Assets; and with respect to KKR Member, the Deemed Sold Partnership Interests are Shareholder Directly
Contributed Assets and the KKR JVCo Shares are Substituted Basis Assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1 <U>Amendment;
Waiver</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) This Agreement can only be amended, supplemented, restated or otherwise modified by a written instrument executed by the Shareholders,
<I>provided, however,</I> that the KKR Member may amend, supplement, restate, waive or otherwise modify this Agreement without a Shareholder&#8217;s consent or signature to the extent such amendment, supplement, waiver or modification (i)&nbsp;does
not affect or prejudice such Shareholder in any respect, (ii)&nbsp;does not subject such Shareholder to materially adverse differential treatment relative to the other Shareholders, or (iii)&nbsp;is immaterial or administrative. The Company shall
send to each Shareholder a copy of any amendment, modification, supplement or restatement to this Agreement prior to any such amendment, modification, supplement or restatement is made or, if not practicable to do so, promptly thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the Party so waiving.
Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, will be deemed to constitute a waiver by the Party taking such action of compliance with any
covenants or agreements contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2 <U>Effectiveness; Termination</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) This Agreement
shall become effective immediately following execution by the parties hereto, and, subject to Clause 9.2(c), shall terminate and be of no further force or effect upon (and contemporaneously with) the earlier of: (i)&nbsp;the written agreement of all
Shareholders; (ii)&nbsp;the date on which there is no longer any Shareholder which is a party to this Agreement; (iii)&nbsp;the date on which there is only one Shareholder of the Company; and (iv)&nbsp;the date on which a Winding Up of the Company
is concluded. At the time any Shareholder (provided in the case of a Permitted Transfer that the Transferee has signed a Deed of Adherence) which is a Party ceases to hold any Securities, such Shareholder shall automatically cease to be a Party to
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any termination of this Agreement in its entirety or in respect of any Shareholder pursuant to Clause 9.2(a): (i) the
provisions of Clause 8.2 (Confidentiality and Public Announcements) and Article VII (Warranties) shall survive for a period of three years following such termination; and (ii)&nbsp;this Article IX (Miscellaneous) shall survive indefinitely. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Termination of this Agreement pursuant to this Clause 9.2 shall not affect a Party&#8217;s accrued rights and obligations above (including under the
provisions identified in Clause 9.2(b)) at the date of termination although each Party&#8217;s further rights and obligations shall cease immediately on termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3 <U>Notices</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Any notices or other communications
required or permitted hereunder to a Party shall be sufficiently given if in writing and either: personally delivered; sent by registered or certified mail, return receipt requested, postage prepaid; sent by overnight delivery service such as DHL;
or sent by electronic mail, and, in each case, addressed for the Parties as set forth in Schedule A or to such other address as the relevant Party shall have given notice of pursuant hereto. All such notices and other communications shall be deemed
to have been given and received; (i)&nbsp;if by personal delivery, on the day of such delivery; (ii)&nbsp;if by registered or certified mail, on the third day after the mailing thereof; and (iii) if by overnight delivery service such as DHL or by
electronic mail, on the next Business Day (unless receipt is confirmed prior to such next Business Day in which case such notice or other communication shall be deemed to have been given on received when such receipt is confirmed). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Copies of any notices or correspondence received by the Company under, in connection with this Agreement
or the Transactions shall be promptly provided to each Shareholder by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.4 <U>Default; Escalation Procedure.</U> If a Shareholder (the
&#8220;<U>Defaulting Shareholder</U>&#8221;) materially breaches any of its obligations hereunder (a &#8220;<U>Default</U>&#8221;), then the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Shareholder may deliver notice to the Defaulting
Shareholder describing in reasonable detail the alleged Default in question, including the specific alleged material breach(es) of such material obligations by the Defaulting Shareholder (a &#8220;<U>Default Notification</U>&#8221;). The allegedly
Defaulting Shareholder shall have 30 days from the receipt of the applicable Default Notification to cure such Default. If the Defaulting Shareholder fails to cure such Default within 30 day cure period (&#8220;<U>Default Cure Period</U>&#8221;) or
such Default is incapable of being cured, then either Shareholder may within 10 Business Days of the expiration of the Default Cure Period refer such matter to each Shareholder&#8217;s respective authorised Senior Representatives for discussion and
resolution. The Senior Representatives shall use good faith efforts to resolve any such Default so referred to them as soon as practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.5
<U>Applicable Law; Dispute Resolution.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) This Agreement and all matters, claims or actions (whether at law, in equity, in contract, in tort or
otherwise) based upon, arising out of or relating to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts
executed in and to be performed entirely within that state, regardless of the laws that might otherwise govern under any applicable conflict of laws principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement or the Company or its operations, each
of the Parties unconditionally accepts the exclusive jurisdiction and venue of any United States District Court located in the State of Delaware, or of the Court of Chancery of the State of Delaware, and the appellate courts to which orders and
judgments thereof may be appealed. In any such judicial proceeding, the Parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be
made by delivery provided pursuant to the directions in Clause 9.3. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any claim,
controversy or dispute arising out of or relating to this Agreement or any of the Transactions brought in such courts or any defense of inconvenient forum for the maintenance of such claim, controversy or dispute. Each of the Parties agrees that a
final and unappealable judgment in any such claim, controversy or dispute shall be conclusive and may be enforced in other jurisdictions by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such
judgment, or in any other manner provided by Law. EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR RELATING TO THE COMPANY OR ITS
OPERATIONS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.6 <U>Assignment</U>. Except in the case of a valid Transfer of Securities pursuant to this Agreement and the accession of the relevant
Transferee to this Agreement pursuant to Clause 5.6, the rights and obligations under this Agreement may not be transferred by any Party hereto, in whole or in part, to any Person, and any purported Transfer shall be void and unenforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.7 <U>Specific Performance</U>. Each Party acknowledges and agrees that money damages would not be a sufficient remedy for any material breach of the
provisions of this Agreement. In the event of a material breach of this Agreement by a Party which material breach threatens irreparable harm to any other Party, such <FONT STYLE="white-space:nowrap">non-breaching</FONT> Party may seek specific
enforcement or injunctive relief from any court of competent jurisdiction, which remedies shall not limit, but shall be in addition to, all other remedies that the <FONT STYLE="white-space:nowrap">non-breaching</FONT> Parties may have at law or in
equity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.8 <U>Further Assurances</U>. The Parties shall observe and comply fully with the provisions of this
Agreement and will sign such further documents, cause such further meetings to be held, adopt such resolutions and do and perform and cause to be done such further acts and things as may be necessary in order to give full effect to this Agreement
and the transactions contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.9 <U>Several Obligations</U>. The obligations of each of the Parties under this Agreement shall be
several and not joint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.10 Status of Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) If
there is an inconsistency between any of the provisions of this Agreement and the provisions of the Articles of Association, the provisions of this Agreement shall prevail as between the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Each Party shall, when necessary, exercise their powers of voting and any other rights and powers lawfully available to them as a shareholder of the
Company to amend, waive or suspend a conflicting provision in the Articles of Association to the extent necessary to permit the Company and its business to be administered as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.11 <U>Entire Agreement</U><U>; No Recourse</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) This
Agreement and the Schedules hereto represent the entire understanding and agreement of the Parties and supersede all prior agreements, understandings and arrangements (whether written or oral) among the Parties with respect to the subject matter
hereof. Each Party acknowledges that it has not made or relied on any representation or warranty other than those specifically set forth herein, and <I>provided</I> that nothing in this Clause 9.11(a) shall exclude any liability of any party for
fraud or fraudulent misrepresentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Without prejudice to any liability for fraud, fraudulent misrepresentation or fraudulent misstatement, the
only rights or remedies in relation to any representation, warranty, assurance, covenant, indemnity, undertaking or commitment given or action taken in connection with this Agreement are contained in this Agreement, and no party shall have any right
to rescind this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) No provision of this Agreement shall confer upon any Person other than the Parties hereto and their permitted assigns any
rights or remedies hereunder, except that the <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Parties shall be third party beneficiaries of this Clause 9.11(c). This Agreement may only be enforced against, and any claims or causes of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as Parties hereto, including entities that become
parties hereto after the date of this Agreement or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the Shareholders, and no former, current or future equityholders, controlling persons,
directors, officers, employees, general or limited partner, member, manager, advisor, agents, successors, assigns or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer, employee,
general or limited partner, member, manager, advisor, agent successors, assigns or Affiliate of any of the foregoing (each, a &#8220;<U><FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Party</U>&#8221;) shall have any liability for any
obligations or liabilities of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations (whether
written or oral) made in connection herewith, and no personal liability shall attach to, be imposed upon or otherwise be incurred by the <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Parties through a Shareholder or otherwise, whether by or
through attempted piercing of the corporate (or partnership or limited liability company) veil, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or Law, or otherwise. Without limiting
the rights of any Party against the other Parties hereto, in no event shall any Party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from,
any <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) This Agreement shall not be construed as creating any partnership or agency relationship between any of
the parties, except where this Agreement expressly so provides. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.12 <U>Titles and Headings</U>. The headings contained in this Agreement are for
reference purposes only and will not affect the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.13 <U>Binding Effect</U>. This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective heirs, successors and permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.14 <U>Severability</U>. Should any provision
of this Agreement be invalid or unenforceable, in whole or in part, or should any provision later become invalid or unenforceable, this shall not affect the validity of the remaining provisions of this Agreement which shall not be affected and shall
remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.15 <U>Third Party Rights</U>. A person who is not a party to this Agreement has no right hereunder to enforce any term
of, or enjoy any benefit under, this Agreement, except to the extent expressly provided in this Agreement, including, for the avoidance of doubt, (x)&nbsp;the Indemnitees, which shall be third party beneficiaries with the right to enforce Clause 6.1
and (y)&nbsp;the <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Parties which shall be third party beneficiaries with the right to enforce Clause 9.10(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.16 <U>Counterparts</U>. This Agreement shall be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile or electronic mail shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such Party.<B>
</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice Details </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>KKR Member: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30 Hudson Yards </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the attention of: Samuel Plotner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: samuel.plotner@kkr.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With copies (which shall not
constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marni J. Lerner; Johanna Mayer Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-455-3443;</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-455-3856</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: mlerner@stblaw.com; johanna.mayer@stblaw.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Coty: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chemin Louis-Hubert </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1213 Petit-Lancy </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Switzerland </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: caroline_andreotti@cotyinc.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With a copy to: Chief
Legal Officer and General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: kristin_blazewicz@cotyinc.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With copies (which shall not constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean Doyle
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One
Manhattan West </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10001-8602 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 212 7352554
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: Sean.Doyle@skadden.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Katja Butler </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom (UK)
LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22 Bishopsgate </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">London </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EC2N 4BQ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +447894811419 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: Katja.Butler@skadden.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Reserved Matters </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(<B>Organisational Documents</B>) Amending the Organisational Documents of the Company in a manner which would
have a disproportionate and adverse effect on the legal, economic or tax position of Coty. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(<B>Voluntary Liquidation</B>) Commence a voluntary liquidation, bankruptcy, dissolution or similar insolvency
proceedings of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(<B>Change to the Business</B>) Make any fundamental change to the nature of the business of the Company.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(<B>Affiliate Agreements</B>) Enter into, terminate or vary the terms of any agreement or arrangement between
the Company, on the one hand, and the KKR Member or any of its Affiliates, on the other hand, excluding: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">arrangements pursuant to the definitive documentation executed at Completion (including indemnification
arrangements); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">arrangements pursuant to which KKR Capital Markets provides advisory services to the Company;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">arrangements entered into on an arms&#8217; length basis; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the payment of any fees and expenses under the terms of the Monitoring Fee Agreement, dated as of
November&nbsp;30, 2020, by and between Bidco and Sponsor (as defined in the JVCo SHA) (the &#8220;<U>MFA</U>&#8221;), as in effect on the date hereof (provided that there shall be no increase to any fees payable thereunder without the prior written
consent of Coty save as otherwise contemplated by the MFA); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the exercise of any rights under the terms of the JVCo SHA. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(<B>Removal of Observer</B>) Remove any Board Observer appointed by Coty to the Board. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Deed of Adherence </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS DEED</B> is
made on [&#149;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY [&#149;] of [&#149;] (the &#8220;<U>New Party</U>&#8221;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY [REMAINING PARTY] of [&#149;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BY [Tides Holdco Ltd.]
(&#8220;<U>Company</U>&#8221;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On [&#149;], Coty JV Holding S.&agrave; r.l., [Tides Aggregator] and the Company, entered into a
shareholders&#8217; agreement governing the relationship between the Shareholders of the Company and establishing the manner in which the affairs of the Company would be conducted (such agreement as amended, supplemented or novated from time to
time) (the &#8220;<U>Shareholders&#8217; Agreement</U>&#8221;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[By a Transfer dated [&#149;], [&#149;] Transferred to the New Party [[&#149;] Securities] in the Company.]
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Deed is entered into in compliance with Clause 5.6(a) of the Shareholders&#8217; Agreement.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW THIS DEED WITNESSES </B>as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Words and expressions defined in the Shareholders&#8217; Agreement shall, unless the context otherwise
requires, have the same meanings when used in this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The New Party undertakes to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the parties to the Shareholders&#8217; Agreement as at the date of the Shareholders&#8217; Agreement (other
than those who have ceased to be parties to the Shareholders&#8217; Agreement); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any other person or persons who may after the date of the Shareholders&#8217; Agreement (and whether prior to
or after the date hereof) assume any rights or obligations under the Shareholders&#8217; Agreement and be permitted to do so by the terms thereof, </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">to be bound by and comply in all respects with the Shareholders&#8217; Agreement, and to assume the benefits of the Shareholders&#8217;
Agreement, as if the New Party had executed the Shareholders&#8217; Agreement, and was named as a party to it, as a Shareholder with effect from the date of this Deed. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The New Party represents, warrants and undertakes to and the Company and to the other Shareholder(s) (and each
other person who may from time to time expressly adhere to the Shareholders&#8217; Agreement) in the terms set out in Article VII of the Shareholders&#8217; Agreement, but so that such representations, warranties and undertakings shall be deemed to
be given on the date of this Deed and shall be deemed to refer to this Deed of Adherence (in respect of Article VII only) as well as the Shareholders&#8217; Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The address [and <FONT STYLE="white-space:nowrap">e-mail</FONT> address] of the New Party for the purpose of
Clause 9.3 of the Shareholders&#8217; Agreement shall be as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Address: [&#149;] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> [&#149;] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the attention of: [&#149;] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[With a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Address: [&#149;] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> [&#149;] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the attention of: [&#149;]] </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The provisions of Clause 9.5 of the Shareholders&#8217; Agreement shall apply to this Deed.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B> this Deed has been duly executed on the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

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<TD WIDTH="17%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>EXECUTED</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
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<TD VALIGN="top">by [NEW PARTY] acting by its</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px dotted #000000;">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-0.50em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
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<TD VALIGN="top">Received, read and acknowledged</TD>
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<TD VALIGN="top"><B>EXECUTED</B></TD>
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<TD VALIGN="top">by [REMAINING PARTY] acting by its</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px dotted #000000;">&nbsp;</TD>
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<TD VALIGN="top">authorised representative</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-0.50em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-0.50em; font-size:10pt; font-family:Times New Roman">Attorney:</P></TD>
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<TD VALIGN="top"><B>EXECUTED</B></TD>
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<TD VALIGN="top">by [TIDES HOLDCO LTD.] acting by its</TD>
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<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px dotted #000000;">&nbsp;</TD>
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<TD VALIGN="top">authorised representative</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-0.50em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-0.50em; font-size:10pt; font-family:Times New Roman">Attorney:</P></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>SIGNED </B>for and on behalf of <B><BR></B><B>Tides Holdco Blocker Limited </B>by</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey M. Smith</P></TD></TR>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Jeffrey M. Smith</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: Vice
President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>SIGNED </B>for and on behalf of <B><BR></B><B>Tides Holdco Limited </B>by</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Samuel Plotner</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Samuel Plotner</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:
Director</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to
Shareholders&#8217; Agreement</I>] </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top"><B>SIGNED </B>for and on behalf of <B><BR></B><B>Coty JV Holdings S.&agrave; r.l. </B>by</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jean-Claude Immer</P></TD></TR>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Jean-Claude Immer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:
Manager</P></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to
Shareholders&#8217; Agreement</I>] </P>

</DIV></Center>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>d66788dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COTY SELLS REMAINING STAKE IN WELLA TO KKR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>$750</I><I></I><I>&nbsp;million of immediate cash proceeds and right to significant share of ongoing proceeds
after KKR preferred return</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Marks successful completion of multi-year Wella monetization program exactly inline with its original target
to divest Wella by end of CY25</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Transaction reduces Coty&#8217;s financial net leverage to </I>~<I>3x by the end of CY25, strengthening its
path towards 2.0x </I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coty Inc. (NYSE: COTY) (Paris: COTY) (&#8220;Coty&#8221; or &#8220;the Company&#8221;) today announced that it
has sold its remaining 25.8% stake in Wella to KKR managed capital accounts and investment affiliates. Under the terms of the transaction, Coty will receive upfront cash consideration of $750&nbsp;million and 45% of any proceeds from a further sale
or an initial public offering of the business, after KKR&#8217;s preferred return has been met. Based on Wella&#8217;s strong recent and expected performance, as well as current market valuations, Coty sees strong potential for additional cash
proceeds, bringing the total gross proceeds closer to the carrying value of its investment in Wella. The sale completes the program initiated in 2020 to simplify Coty&#8217;s portfolio and operations, while realizing the full value of its Wella
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coty intends to use the vast majority of the Wella upfront cash proceeds related to this transaction, net of tax, to pay down its short term
and long term debt. Both the Wella proceeds and Coty&#8217;s strong free cash flow generation (over $350&nbsp;million in the first half of FY26, inline with its recent guidance) are expected to reduce Coty&#8217;s financial net leverage to ~3x by
the end of CY25. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;<I>This transaction marks a pivotal milestone for Coty &#8211; both in our transformation and in our long-running deleveraging
commitment</I>,&#8221; said Laurent Mercier, Coty&#8217;s CFO. &#8220;<I>Our strategic partnership with KKR has proven highly value accretive. We have benefited from Wella&#8217;s strong growth by progressively monetizing our stake, allowing us to
strengthen Coty&#8217;s financial foundations year-after-year. Completing this transaction exactly inline with our original target to fully divest Wella by the end of CY25 underscores our focus on delivering on our financial commitments and
crystalizing value from <FONT STYLE="white-space:nowrap">non-core</FONT> assets, all while sharpening our strategic focus.&#8221;</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citi is serving as
financial advisor and Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP is serving as legal advisor to Coty. Simpson Thacher&nbsp;&amp; Bartlett LLP is serving as legal counsel to KKR. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Coty Inc. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Founded in Paris in 1904, Coty is
one of the world&#8217;s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in over 120 countries
and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to protecting the planet. Learn more at coty.com or on LinkedIn and Instagram. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward Looking Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this release are &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect the Company&#8217;s current views with respect to, among other things, the use of proceeds from the sale transaction and the expected impact on Coty&#8217;s future results and financial condition as a result
of the transaction including net debt and leverage ratio, as well as the extent and timing of any future profit distributions. These forward-looking statements are generally identified by words or phrases, such as &#8220;anticipate&#8221;,
&#8220;are going to&#8221;, &#8220;estimate&#8221;, &#8220;plan&#8221;, &#8220;project&#8221;, &#8220;expect&#8221;, &#8220;believe&#8221;, &#8220;intend&#8221;, &#8220;foresee&#8221;, &#8220;forecast&#8221;, &#8220;will&#8221;, &#8220;may&#8221;,
&#8220;should&#8221;, &#8220;outlook&#8221;, &#8220;continue&#8221;, &#8220;temporary&#8221;, &#8220;target&#8221;, &#8220;aim&#8221;, &#8220;potential&#8221;, &#8220;goal&#8221; and similar words or phrases. These statements are based on certain
assumptions and estimates that we consider reasonable, but are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual events or results (including our financial condition, results of
operations, cash flows and prospects) to differ materially from such statements, including risks and uncertainties relating to the timing and cost of redemptions of the Company&#8217;s outstanding debt or other deleveraging activities, the timing
and terms of any future Wella exit transaction by KKR and any related future profit distribution, and other factors described elsewhere in documents that the Company files with the SEC from time to time. </P>
</DIV></Center>

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    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>coty-20251218_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
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<!-- CTU Version: Release 2512 Build:20250722.1 -->
<!-- Creation date: 12/19/2025 4:00:31 PM Eastern Time -->
<!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
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    xmlns:xlink="http://www.w3.org/1999/xlink"
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" order="38.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" order="39.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" order="40.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" order="41.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
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  </link:presentationLink>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 18, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001024305<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 18,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Coty Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35964<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">13-3823358<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">350 Fifth Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10118<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">389-7300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Class&#160;A Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">COTY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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