VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Bare Escentuals (BARE)

$2,436

6.5

48.7

-6.1

-6.1

14%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

2

3

2

1

8

Compare & Contrast -- annualizing six months ended June 30, 2006

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

Price

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

9/29/06

Bare Escentuals (BARE)

$2,436

6.5

49

-6.1

-6.1

$28.00

Alberto-Culver Co. (ACV)

$4,710

1.2

27

2.9

5.0

$50.50

Estee Lauder Companies (EL)

$8,480

1.9

41

5.2

9.3

$40.37

Avon Products Inc. (AVP)

$8,460

1.0

20

8.4

8.4

$30.83

Current ratio comparison

Growth % -- 6/30/06 vs 6/30/05

(current assets / current liabilities)

Sales

Net inc

Bare Escentuals (BARE)

1.9

+67%

+158%

Alberto-Culver Co. (ACV)

1.6

Estee Lauder Companies (EL)

1.5

Avon Products Inc. (AVP)

1.4