STRICTLY PRIVATE AND CONFIDENTIAL

Mar-20
Happy Hour Co — MODEL
Assumptions
Circular switch

On / off 1

Key assumptions

Last Historical FYE 30-Mar-19

Transaction date 31-Mar-20

Enterprise value calculation

Current share price (c) 165.0 p_price

NOSH (m) 199.0
Market cap ($m) 328.4
Net debt / (cash) ($m) 84.6
Minority interests ($m) 0.0
Pension liability ($m) 0.0
Investment in associates ($m) 0.0

EV ($m) 413.0
Happy Hour Co - 5 Year plan

5 Year Plan
FY20 FY21 FY22 FY23 FY24
Revenue 1,149 1,100 1,354 1,447 1,443
YoY growth % -4.3% 23.1% 6.9% -0.3%
GP $ 583 689 737 753
GM% 50.7% 50.0% 50.9% 50.9% 52.2%
Opex (523) (580) (622) (662) (678)
Operating profit 60 (580) 67 75 75
Operating margin % 5.2% -52.7% 4.9% 5.2% 5.2%
Interest and Amortisation (5) (6) (6) (6) (6)
Group PBT (Underlying) 55 (586) 61 68 69

Exceptionals (18) (7) 1 (5)

Group PBT post exceptionals 55 (604) 54 70 64
Add back: Interest 3 4 4 4 4
Add back: Amortisation 2 2 2 2 2
Add back: Depreciation 34 38 45 50 53
EBITDA post exceptionals 94 (560) 105 126 123

Adjust for non-cash exceptionals 0 0 0 24 0

Capex (36) (51) (50) (50) (50)
Acquisition (9) (9) 0 0 0
Tax (18) (9) (11) (12) (12)
Interest (3) (4) (4) (4) (4)
Working Capital 6 16 15 11 4
Dividend (37) (24) (24) (24) (24)
Other 0 (5) (5) (5)

Net Cash flow (3) (641) 26 65 31

Free Cash Flow 43 (607) 50 89 55

Opening Net Debt (82) (85) (725) (699) (634)

Closing Net Debt (85) (725) (699) (634) (603)
Net debt : EBITDA 0.9x (1.3x) 6.3x 5.1x 4.7x
 Income statement
Actuals CMD case Extrapolations

March YE ($mm) 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Total revenue 939.7 1,004.9 1,021.5 1,095.0 1,135.1 1,138.6 1,149.2 1,100.0 1,353.8 1,447.0 1,442.6 1,471.5 1,498.0 1,521.9 1,543.2 1,561.8 1,577.4
Management case 1,149.2 1,100.0 1,353.8 1,447.0 1,442.6
% forecast growth 0.9% (4.3%) 23.1% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%

EBITDA 101.1 109.9 114.6 108.7 109.5 98.2 94.1 (541.8) 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
Management case 94.1 (541.8) 111.8 124.4 127.6
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (675.5%) (120.6%) 11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%
% forecast margin 8.2% (49.3%) 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%

Depreciation and amortisation (23.3) (25.3) (30.1) (31.6) (34.9) (36.0) (36.1) (40.5) (47.2) (51.8) (54.8) (53.6) (52.4) (51.1) (49.9) (48.7) (47.5)
% growth n.a. 8.6% 19.0% 5.0% 10.4% 3.2% 0.4% 12.0% 16.7% 9.8% 5.7% (2.2%) (2.3%) (2.3%) (2.4%) (2.4%) (2.5%)
% capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
% margin 2.5% 2.5% 2.9% 2.9% 3.1% 3.2% 3.1% 3.7% 3.5% 3.6% 3.8% 3.6% 3.5% 3.4% 3.2% 3.1% 3.0%

EBIT 77.8 84.6 84.5 77.1 74.6 62.2 58.0 (582.3) 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (1103.6%) (111.1%) 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% (52.9%) 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%

% tax rate 19.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

x Net income 55.5 65.8 64.9 59.5 58.4 48.3 44.5 (486.7) 50.2 56.8 57.0
% growth n.a. 18.6% (1.4%) (8.3%) (1.8%) (17.3%) (7.9%) (1194.1%) (110.3%) 13.2% 0.3%
% margin 5.9% 6.5% 6.4% 5.4% 5.1% 4.2% 3.9% (44.2%) 3.7% 3.9% 4.0%

Cashflow statement

Capex (30.4) (37.5) (40.3) (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% growth n.a. 23.4% 7.5% (10.4%) 3.3% (16.9%) 16.1% 41.7% (2.0%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.6% 3.7% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 3.2%
% Cash conversion 69.9% 65.9% 64.8% 66.8% 65.9% 68.4% 61.8% 109.4% 55.3% 59.8% 60.8% 61.7% 62.5% 63.2% 63.8% 64.3% 64.8%

Change in Working Capital (5.3) 25.1 (11.2) (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. (573.6%) (144.6%) 45.5% (22.7%) (17.5%) (157.7%) 168.5% (5.9%) (26.8%) (64.4%) (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% 1.5% 1.1% 0.8% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Cashflows (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% growth n.a. n.a. n.a. n.a. n.a. (149.3%) (100.0%) n.a. n.a. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

Exceptional items 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (62.5%) (472.3%) (119.4%) (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.6% 0.5% (1.7%) 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Summary financials
March Y/E 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 940 1,005 1,022 1,095 1,135 1,139 1,149 1,100 1,354 1,447 1,443 1,471 1,498 1,522 1,543 1,562 1,577
% growth n.a. 6.9% 1.7% 7.2% 3.7% 0.3% 0.9% (4.3%) 23.1% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%
EBITDA 101 110 115 109 110 98 94 (542) 112 124 128 131 133 136 138 140 142
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (675.5%) (120.6%) 11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%
% margin 10.8% 10.9% 11.2% 9.9% 9.6% 8.6% 8.2% (49.3%) 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
D&A (23) (25) (30) (32) (35) (36) (36) (40) (47) (52) (55) (54) (52) (51) (50) (49) (48)
% of revenue (2.5%) (2.5%) (2.9%) (2.9%) (3.1%) (3.2%) (3.1%) (3.7%) (3.5%) (3.6%) (3.8%) (3.6%) (3.5%) (3.4%) (3.2%) (3.1%) (3.0%)
% of capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
EBIT 78 85 85 77 75 62 58 (582) 65 73 73 77 81 85 88 91 94
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (1103.6%) (111.1%) 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% (52.9%) 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
EBITDA 101 110 115 109 110 98 94 (542) 112 124 128 131 133 136 138 140 142
Capex (30) (38) (40) (36) (37) (31) (36) (51) (50) (50) (50) (50) (50) (50) (50) (50) (50)
% revenue 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.6% 3.7% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 3.2%
Change in NWC (5) 25 (11) (16) (13) (10) 6 16 15 11 4 0 0 0 0 0 0
% revenue (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% 1.5% 1.1% 0.8% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Cashflows 0 0 0 0 (2) 1 0 0 (5) (5) (5) (5) (5) (5) (5) (5) (5)
% revenue 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Exceptional items 0 0 0 0 0 0 0 (18) (7) 25 (5) 0 0 0 0 0 0
% revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.6% 0.5% (1.7%) 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
DCF
Key assumptions
Transaction date 31-Mar-20
Next financial YE 31-Mar-21
Perpetuity growth rate 0.5%
TV exit EBITDA multiple 8.5x
WACC used for sensitivity analy 8.5%

DCF FCF Calculation

Stub period (731) (366) 0 365 730 1,095 1,461 1,826 2,191 2,556 2,922 3,287 3,652
Stub factor 1 1 1 0 0 0 0 0 0 0 0 0 0

Actuals Estimates
March YE ($mm) 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 1,095.0 1,135.1 1,138.6 1,149.2 1,100.0 1,353.8 1,447.0 1,442.6 1,471.5 1,498.0 1,521.9 1,543.2 1,561.8 1,577.4
% growth 3.7% 0.3% 1.2% (4.3%) 23.1% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%

EBITDA 108.7 109.5 98.2 94.1 (541.8) 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
% margin 9.9% 9.6% 8.6% 8.2% (49.3%) 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
% growth 0.7% (10.3%) (4.1%) (675.5%) (120.6%) 11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%

D&A (31.6) (34.9) (36.0) (36.1) (40.5) (47.2) (51.8) (54.8) (53.6) (52.4) (51.1) (49.9) (48.7) (47.5)
% sales 2.9% 3.1% 3.2% 3.1% 3.7% 3.5% 3.6% 3.8% 3.6% 3.5% 3.4% 3.2% 3.1% 3.0%
% of capex 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%

EBIT 77.1 74.6 62.2 58.0 (582.3) 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% margin 7.0% 6.6% 5.5% 5.0% (52.9%) 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
% growth (3.2%) (16.6%) (6.7%) (1103.6%) (111.1%) 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%

Tax (11.0) 99.0 (11.0) (12.3) (12.4) (13.1) (13.7) (14.4) (15.0) (15.5) (16.1)
% tax rate 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

EBIAT 47.0 (483.3) 53.6 60.2 60.4 63.8 67.1 70.2 73.2 75.9 78.4
% margin 4.1% (43.9%) 4.0% 4.2% 4.2% 4.3% 4.5% 4.6% 4.7% 4.9% 5.0%
% growth n.a. (1128.4%) (111.1%) 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%

D&A 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 47.5

Capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% sales 3.3% 3.3% 2.7% 3.1% 4.6% 3.7% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 3.2%
% D&A 114.2% 106.9% 86.1% 99.6% 126.1% 105.9% 96.5% 91.2% 93.3% 95.5% 97.8% 100.1% 102.6% 105.3%

Change in working capital (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 0.0 0.0 0.0 0.0 0.0 0.0
% sales (1.5%) (1.1%) (0.9%) 0.5% 1.5% 1.1% 0.8% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Cashflows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% sales 0.0% (0.1%) 0.1% 0.0% 0.0% (0.4%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%)

Exceptional items 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% sales 0.0% 0.0% 0.0% 0.0% (1.6%) (0.5%) 1.7% (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

FCF 53.1 (495.7) 54.2 93.3 59.3 62.4 64.5 66.4 68.1 69.6 70.9

Stub period (53.1) 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
FCF for discounting 0.0 (495.4) 54.2 93.3 59.3 62.4 64.5 66.4 68.1 69.6 70.9

Days to cashflow 0 365 731 1,096 1,461 1,826 2,192 2,557 2,922 3,287 3,653
Discount factor 1.0 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.4

Terminal value Perpetuity growth portion 890.7

Exit EBITDA multiple 1,206.7

Perpetuity growth method Exit EBITDA multiple method

Present value ($m) (%) Present value ($m) (%)
PV of FCF (76) (23.9%) PV of FCF (75.9) (15.1%)
PV of Terminal Value 394 123.9% PV of Terminal Value 579.1 115.1%
Enterprise value 318 100.0% Enterprise value 503.2 100.0%
Net debt & adjustments (84.6) Net debt & adjustments (84.6)
Equity value 233 Equity value 418.6
Share price 117 Share price 210.3
% premium to current (28.9%) % premium to current 27.5%

Sensitivity analysis
Spread rates and step-up

Perpetuity growth 0.5% Perptuity growth rate step-up 0.25% EBITDA multiple 8.5x EBITDA multiple step-up 0.5x
WACC 8.5% WACC step-up 0.50% WACC 8.5% WACC step-up 0.5%

Perpetuity growth rate analysis EBITDA multiple analysis

Enterprise value ($m) Enterprise value ($m)
WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
318.0729604834 0.00% 0.25% 0.50% 0.75% 1.00% 503.1774886077 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 7.5%
8.0% 8.0%
8.5% 8.5%
9.0% 9.0%
9.5% 9.5%

Offer price (p) Offer price (p)

WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
117.3 0.00% 0.25% 0.50% 0.75% 1.00% 210.3 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 158 166 175 185 196 7.5% 206 225 244 262 281
8.0% 130 137 144 153 161 8.0% 191 209 227 244 262
8.5% 105 111 117 124 132 8.5% 176 193 210 227 245
9.0% 83 88 94 99 106 9.0% 162 178 195 211 228
9.5% 63 68 73 78 83 9.5% 149 164 180 196 212

Summary financials
March YE ($mm) 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
EBITDA 108.7 109.5 98.2 94.1 (541.8) 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
% margin 9.9% 9.6% 8.6% 8.2% (49.3%) 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
D&A 0.0 0.0 0.0 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 47.5
% of capex 0.0% 0.0% 0.0% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
EBIT 77.1 74.6 62.2 58.0 (582.3) 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% margin 7.0% 6.6% 5.5% 5.0% (52.9%) 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
Tax 0.0 0.0 0.0 (11.0) 99.0 (11.0) (12.3) (12.4) (13.1) (13.7) (14.4) (15.0) (15.5) (16.1)
Tax rate 0.0% 0.0% 0.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIAT 0.0 0.0 0.0 47.0 (483.3) 53.6 60.2 60.4 63.8 67.1 70.2 73.2 75.9 78.4
+D&A 31.6 34.9 36.0 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 47.5
+ Maintenance capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
+Change in working capital (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Exceptional cash flows 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
+ Other cash flows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)

FCF (20.8) (16.5) (4.7) 53.1 (495.7) 54.2 93.3 59.3 62.4 64.5 66.4 68.1 69.6 70.9
DCF output

Summary financials and cashflow

DCF Forecast Year 0 1

Mar YE ($m) 2020E 2021E

Revenue 1,149 1,100

% growth (4.3%)

EBITDA 94 (542)

% margin 8.2% (49.3%)

% growth (675.5%)

D&A (36) (40)

% of revenue 3.1% 3.7%

% of capex 79.3%

EBIT 58 (582)

% margin 5.0% (52.9%)

Tax on EBIT 99

% tax rate 17.0%

Capex (51)

% of revenue 4.6%

Change in NWC 16

Other Cashflows 0

% of revenue 0.0%

Exceptional items (18)

% of revenue 1.6%

Unlevered free cash flow (496)

1
Cashflow Timing (Years to Discount)
0.92
Discount Factor
Discounted DCF cashflows (457)

Net Present Value based on Perpetuity Growth Method

Amount % of Sensitising firm value ($m) an

Value Based on 8.5% WACC & 0.5% TGR
($m) NPV
Present Value of Cashflows (76) (24.0%)

PV of Terminal Value 394 124.0%

WACC (%)
 WACC (%)
Implied Firm NPV 318 100.0%

Net debt & adjustments (85)

Implied equity value 233

Implied share price ($c) 117

% premium to current (29.0%)

 2 3 4 5 6 7 8

2022E 2023E 2024E 2025E 2026E 2027E 2028E

1,354 1,447 1,443 1,471 1,498 1,522 1,543

23.1% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4%

112 124 128 131 133 136 138

8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9%

(120.6%) 11.3% 2.6% 2.3% 2.1% 1.9% 1.7%

(47) (52) (55) (54) (52) (51) (50)

3.5% 3.6% 3.8% 3.6% 3.5% 3.4% 3.2%

94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9%

65 73 73 77 81 85 88

4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7%

(11) (12) (12) (13) (14) (14) (15)

17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

(50) (50) (50) (50) (50) (50) (50)

3.7% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2%

15 11 4 0 0 0 0

(5) (5) (5) (5) (5) (5) (5)

0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

(7) 25 (5) 0 0 0 0

0.5% (1.7%) 0.3% 0.0% 0.0% 0.0% 0.0%

54 93 59 62 64 66 68

2 3 4 5 6 7 8

0.85 0.78 0.72 0.67 0.61 0.56 0.52

46 73 43 42 40 38 35

sitising firm value ($m) and implied offer price to WACC and TGR

Perpetuity Growth Rate (%)

0.00% 0.25% 0.50% 0.75% 1.00%

7.5% 399 / 158c 416 / 166c 434 / 175c 453 / 185c 474 / 196c
8.0% 342 / 130c 357 / 137c 372 / 144c 388 / 153c 406 / 161c

8.5% 293 / 105c 305 / 111c 318 / 117c 332 / 124c 346 / 132c

9.0% 250 / 83c 260 / 88c 271 / 94c 283 / 99c 295 / 106c

9.5% 211 / 63c 220 / 68c 229 / 73c 239 / 78c 250 / 83c
 9 10 TV

2029E 2030E
1,562 1,577

1.2% 1.0%

140 142

9.0% 9.0%

1.5% 1.3%

(49) (48)

3.1% 3.0%

97.4% 95.0%

91 94

5.9% 6.0%

(16) (16)

17.0% 17.0%

(50) (50)

3.2% 3.2%

0 0

(5) (5)

0.3% 0.3%

0 0

0.0% 0.0%

70 71 891

9 10

0.48 0.44

33 31 394