Estee Lauder 2008 Annual Report Download - page 117

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THE EST{E LAUDER COMPANIES INC. 115
Performance Graphs
The following graphs compare the cumulative fi ve- and thirteen-year total stockholder return (stock price appreciation
plus dividends) on the Company’s Class A Common Stock with the cumulative total return of the S&P 500 Index and a
market weighted index of two publicly traded peer groups. The returns are calculated by assuming an investment of
$100 in the Class A Common Stock and in each index on June 30, 2003 for the fi ve-year graph, and November 16, 1995
(the Company’s initial public offering date) for the thirteen-year graph. The publicly traded companies included in the
old peer group are: Avon Products, Inc., Groupe Clarins S.A., L’Oreal S.A., LVMH Moët Hennessy Louis Vuitton S.A.,
The Procter & Gamble Company, Shiseido Company, Ltd. and Unilever N.A. The companies in the new peer group
are the same except that Beiersdorf AG has been added and Groupe Clarins S.A. and Unilever N.A. have been removed.
The change is due to the divestiture by Unilever N.A. of substantially all of its prestige beauty brands and the anticipated
delisting of Groupe Clarins S.A. In this transition year, it is showing the returns measured by each index.
Cumulative fi ve-year total stockholder return
0
50
100
150
$200
The Estée Lauder Companies Inc. S&P 500 New Peer Group Old Peer Group
June 2003 June 2004 June 2005 June 2006 June 2007 June 2008
Cumulative thirteen-year total stockholder return
0
50
100
150
200
250
300
350
400
$450
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The Estée Lauder Companies Inc. S&P 500 New Peer Group Old Peer Group