Inditex

Source: Inditex Annual Report 2012: http://www.inditex.com/documents/10279/18789/Annual_report_2012.pdf/1f394d3f-55cc-49b8-af13-14f87f8da3de

33

L’Oreal

Source: L’Oreal Annual Report 2012: http://www.loreal-finance.com/_docs/pdf/rapport-annuel/2012/LOREAL_Document-de-Reference-2012_GB.pdf

34

Source: L’Oreal Annual Report 2012: http://www.loreal-finance.com/_docs/pdf/rapport-annuel/2012/LOREAL_Document-de-Reference-2012_GB.pdf

LVMH

Source: LVMH Annual Report 2012: https://r.lvmh-static.com/uploads/2014/10/document_de_reference_2012_va.pdf 36

Source: LVMH Annual Report 2012: https://r.lvmh-static.com/uploads/2014/10/document_de_reference_2012_va.pdf

Nestlé

Source: Nestlé Annual report 2012: http://www.nestle.com/asset-library/documents/library/documents/annual_reports/2012-annual-report-en.pdf 38

Novartis

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

39

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Source: Novartis Annual Report 2012: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2012-en.pdf

Novo Nordisk

49

Source Novo Nordsk Annual Report 2012: http://www.novonordisk.com/content/dam/Denmark/HQ/investors/irmaterial/annual_report/2013/20130204_%20Annual%20Report%202012_UK.pdf

Source Novo Nordsk Annual Report 2012: http://www.novonordisk.com/content/dam/Denmark/HQ/investors/irmaterial/annual_report/2013/20130204_%20Annual%20Report%202012_UK.pdf

Source Novo Nordsk Annual Report 2012: http://www.novonordisk.com/content/dam/Denmark/HQ/investors/irmaterial/annual_report/2013/20130204_%20Annual%20Report%202012_UK.pdf

Rio Tinto

53

Source: Rio Tinto Annual Report 2012: http://www.riotinto.com/documents/RT_Annual_report_2013.pdf

Roche

59

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf

Source: Roche Annual Report 2012: http://www.roche.com/dam/jcr:3e048249-e3ce-4969-a77e-cc90d8f3fa73/en/gb12e.pdf