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Contents Landmark Historical Financial and Common Size Broadway Historical Financial and Common Size Pre-Acquisition Projection of Both Companies Treasury Bill, Corporate Bond Rates and Market Risk Premium Comparables data and Unlevered Beta Broadway Capital Structure and Debt Obligation under both options Calculation of Beta, Ke and WACC Post-Acquisition of both companies and combined firm - Optimistic Case Post-Acquisition of both companies and combined firm - Pessimistic Case Valuation of Both companies and Combined firm under both options Dilution of Equity

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Landmark In US$ Million Income statement Net sales COGS Gross profit Operating expenses Depreciation and amortization Operating profit Interest expense Income taxes Net income EPS Dividend

2010

Financials 2012

2011

222.2 222.2 22.2 22.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 22.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 22.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

Common Size 2013

2014 [E]

222.2 222.2 22.2 22.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 22.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

2010

2011

222.22% 22.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

222.22% 22.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

Balance sheet Cash Accounts receivable Other current assets Current assets Net PP&E Investments and other assets Total assets

2.2

2.2

2.2

2.2

2.2

2.22%

2.22%

22.2 2.2 22.2 2.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2

22.2 2.2 22.2 22.2 22.2 22.2

22.22% 2.22% 22.22% 2.22% 22.22% 222.22%

22.22% 2.22% 22.22% 2.22% 22.22% 222.22%

Accounts payable Bank borrowing Current Liabilities Accrued expenses and deferred taxes Other non-current liabilities Total liabilities Shareholders' equity

2.2 2.2 2.2 22.2 22.2 22.2 22.2

2.2 2.2 2.2 22.2 22.2 22.2 22.2

2.2 2.2 22.2 22.2 22.2 22.2 22.2

2.2 2.2 22.2 22.2 22.2 22.2 22.2

22.2 2.2 22.2 22.2 22.2 22.2 22.2

2.22% 2.22% 2.22% 22.22% 22.22% 22.22% 22.22%

2.22% 2.22% 2.22% 22.22% 22.22% 22.22% 22.22%

Total liabilities and equity

22.2

22.2

22.2

22.2

22.2

222.22%

222.22%

Common Size 2012 222.22% 22.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

2013

2014 [E]

222.22% 22.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

222.22% 22.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

2.22%

2.22%

2.22%

22.22% 2.22% 22.22% 2.22% 22.22% 222.22%

22.22% 2.22% 22.22% 2.22% 22.22% 222.22%

22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

2.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22%

2.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22%

22.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22%

222.22%

222.22%

222.22%

Broadway In US$ Million Income statement Net sales COGS Gross profit Operating expenses Depreciation and amortization Operating profit Interest expensea Income taxes Net income EPS Dividends

2010

2011

Financials 2012

Common Siz 2013

2014 [E]

2010

2011

222.2 222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.2 222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 22.22 22.22

222.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

222.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

Balance sheet Cash Accounts receivable Other current assets Current assets Net PP&E Investments and other assets Total assets

2.2 22.2 2.2 22.2 22.2 22.2 22.2

2.2 22.2 2.2 22.2 22.2 22.2 22.2

2.2 22.2 2.2 22.2 22.2 22.2 22.2

2.2 22.2 2.2 22.2 22.2 22.2 22.2

2.2 22.2 2.2 22.2 22.2 22.2 22.2

2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

Accounts payable Long-term debt, current portionb Current Liabilities Long-term debt Accrued expenses and deferred taxes Other non-current liabilities Total liabilities Shareholders 'equity

2.2 2.2 2.2 2.2 22.2 22.2 22.2 22.2

2.2 2.2 22.2 2.2 22.2 22.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2 22.2 22.2

22.2 2.2 22.2 2.2 22.2 22.2 22.2 22.2

22.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22% 22.22%

22.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22% 22.22%

22.2 22.2 Total liabilities and equity a Interest rate on long-term debt outstanding is at 4.5% per year. b Principal amount of long-term debt is amortized at $0.4m per year.

22.2

22.2

22.2

222.22%

222.22%

2.2 2.2%

2.2 2.2%

2.2 2.2%

Net WC Net WC as % of Sales

2.2 2.2%

2.2 2.2%

Common Size 2012

2013

2014 [E]

222.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

222.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

222.22% 22.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22% 2.22%

2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 222.22%

22.22% 2.22% 22.22% 22.22% 22.22% 22.22% 22.22% 22.22%

22.22% 2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 22.22%

22.22% 2.22% 22.22% 2.22% 22.22% 22.22% 22.22% 22.22%

222.22%

222.22%

222.22%

Landmark In US$ Million Net sales Operating profit Net income Depreciation and amortization Change in net working capital Capital expenditure Total FCF

2015 222.2 2.2 2.2 2.2 2.2 2.2 2.2

2016 222.2 2.2 2.2 2.2 2.2 2.2 2.2

Financials 2017 222.2 2.2 2.2 2.2 2.2 2.2 2.2

2018 222.2 2.2 2.2 2.2 2.2 2.2 2.2

Broadway Financials In US$ Million 2015 2016 2017 2018 222.2 222.2 222.2 222.2 Net sales 2.2 2.2 2.2 2.2 Operating profit 2.2 2.2 2.2 2.2 Interest expense 2.2 2.2 2.2 2.2 Net income 2.2 2.2 2.2 2.2 Depreciation and amortization 2.2 2.2 2.2 2.2 Change in net working capital 2.2 2.2 2.2 2.2 Capital expenditure 2.2 2.2 2.2 2.2 Total FCF *Numbers in the exhibits are based on the assumption Broadway does not acquire Landmark.

2019 222.2 2.2 2.2 2.2 2.2 2.2 2.2

2019 222.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Exhibit 5 Selected Capital Markets Information as of September 1, 2014 Treasury: 3-month Treasury bill rate 1-year Treasury bond rate 10-year Treasury bond rate

2.22% 2.22% 2.22%

Corporate bond yield: Aaa Aa A Baa

2.22% 2.22% 2.22% 2.22%

Market risk premium

2.22%

Chosen Parameters Risk-free rate (10-Yr Tbill Rate) Market Risk Premium

2.22% 2.22%

Exhibit 4 Financial Data of Publically Traded Competitors, 2014 (U.S. $ millions) In US$ Mn Comparable Company 1 Comparable Company 2 222,222.2 22,222.2 Sales 2222.2 2222.2 Net income 22.22 22.22 EPS Share price Number of shares outstanding Market capitalization Debt Assets Equity beta

222.22 222.2 22,222.2 22,222.2 222,222.2 2.22

Comparable Company 3 2222.2 222.2 22.22

222.22 22.2 22,222.2 2222.2 22,222.2 2.22

222.22 22.2 2222.2 2222.2 2222.2 2.22

P/E Market Cap to Sales

22.22 2.22

22.22 2.22

22.22 2.22

D/E Equity Beta (levered) Unlevered Beta Average Unlevered Beta

2.2 2.22 2.22 2.22

2.2 2.22 2.22

2.2 2.22 2.22

Pre Acq

Broadway Long term debt Equity Total Capital Debt % Equity % D/E

Post Acq New @ 100% debt financing

Existing 2.22

222.22

22.22

22.22

22.22

222.22

22.2%

22.2%

22.2%

22.2%

2.22

2.22

New Loan Servicing (100% debt financing) - US$ Mn

New @ 1:1 financing

Year Op Loan Bal Interest Repayment 22.22 222.22 2.22 2015 222.22 222.22 2.22 2016 222.22 222.22 2.22 2.22 2017 222.22 2.22 2.22 2018 22.2% 2019 222.22 2.22 2.22 22.2% 2020 222.22 2.22 2.22 222.22 2.22 2.22 2021 2.22 22.22 2.22 2.22 2022 22.22 2.22 22.22 2023 New Loan Servicing (50% debt financing) - US$ Mn

Year Op Loan Bal Interest Repayment 22.22 2.22 2015 22.22 2.22 2016 22.22 2.22 2017 22.22 2.22 2018 22.22 2.22 2019 22.22 2.22 22.22 2020

ancing) - US$ Mn

Optimistic Case

Cl Loan Bal

Total annual Broadway obligation incl Standalone old loan Op Profit

Int coverage

Pessimistic Case

Broadway combined profit

Broadway Standalone Int Cov Op Profit

Int coverage

222.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

222.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

222.22

22.22

2.22

2.22

22.22

2.22

2.22

2.22

222.22

22.22

2.22

2.22

22.22

2.22

2.22

2.22

222.22

22.22

2.22

2.22

22.22

2.22

2.22

2.22

222.22

22.22

22.22

22.22

22.22

22.22

-

22.22

ncing) - US$ Mn

Optimistic Case

Cl Loan Bal

Total annual Broadway obligation incl Standalone old loan Op Profit

Int coverage

Pessimistic Case

Broadway combined profit

Broadway Standalone Int Cov Op Profit

Int coverage

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

22.22

2.22

2.22

2.22

-

22.22

Pessimistic Case Broadway combined profit

Int Cov

22.22

2.22

22.22

2.22

22.22

2.22

22.22

2.22

22.22

2.22

Pessimistic Case Broadway combined profit

Int Cov

22.22

2.22

22.22

2.22

22.22

2.22

22.22

2.22

22.22

2.22

Broadway D/E Unlevered Beta Tax Rate Levered Beta Risk-free rate Market risk premium Cost of Equity (CAPM)

1st Alternative (100% Debt) 2.2 2.2 22% 2.22 2.22% 2.22% 22.2%

2nd Alternative (50% Debt) 2.2 2.2 22% 2.22 2.22% 2.22% 22.2%

Cost of Debt (Pre-tax) Cost of Debt (Post-tax)

2.22% 2.22%

2.22% 2.22%

Debt portion Equity portion

22.2% 22.2%

22.2% 22.2%

WACC

2.22%

2.22%

Landmark In US$ Million Sales Growth Sales Operating Margin Capital Expenditure % of sales Depreciation Non-cash Net WC as % of sales Net WC

2015 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2016 2% 222.2 2.22% 2% 2.2 2.22% 22.22

Net sales Operating profit Net income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

222.22 2.22 2.22 2.22 (2.2) 2.22 2.22

222.22 2.22 2.22 2.22 (2.2) 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

222.22 22.22 2.22 2.22 (2.2) 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

Broadway In US$ Million Sales Growth Sales Gross Margin Opex as % of sales Capex as % of sales Depreciation Non-cash Net WC as % of sales Net WC

2015 -22.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2016 -22.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2017 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2018 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2019 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2020 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

222.2 22.2 2.2 2.2 2.2 2.2 2.2 (2.2) 2.2 2.22

222.2 22.2 2.2 2.2 2.2 2.2 2.2 (2.2) 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

2015 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 2.22

2016 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 22.22

2017 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 22.22

2018 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

2019 222.22 22.22 2.22 2.22 22.22 2.22 (2.22) 2.22 22.22

2020 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

Net sales Gross profit Opex Operating profit Interest expense Net income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF Combined (100% debt financing) In US$ Million Sales Operating Profit Interest Expense - Old Loan Interest Expense - New Loan Net Income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

2017 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2018 2% 222.2 2.22% 2% 2 2.22% 22.22

2019 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2020 2% 222.2 2.22% 2% 2.2 2.22% 22.22

Combined (50% debt financing) In US$ Million Sales Operating Profit Interest Expense - Old Loan Interest Expense - New Loan Net Income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

2015 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 2.22

2016 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 22.22

2017 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

2018 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

2019 222.22 22.22 2.22 2.22 22.22 2.22 (2.22) 2.22 22.22

2020 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

22.2%

22.2%

22.2%

22.2%

22.2%

22.2%

Landmark In US$ Million Sales Growth Sales Operating Margin Capital Expenditure % of sales Depreciation Non-cash Net WC as % of sales Net WC

2015 2% 222.2 2.22% 2% 2.2 2.22% 22.22

Net sales Operating profit Net income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

222.22 2.22 2.22 2.22 (2.2) 2.22 2.22

222.22 2.22 2.22 2.22 2.2 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

222.22 22.22 2.22 2.22 (2.2) 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

222.22 22.22 2.22 2.22 2.2 2.22 2.22

Broadway In US$ Million Sales Growth Sales Gross Margin Opex as % of sales Capex as % of sales Depreciation Non-cash Net WC as % of sales Net WC

2015 -22.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2016 -22.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2017 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2018 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2019 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

2020 2.22% 222.22 2.22% 2.22% 2.22% 2.2 2.22% 2.22

222.2 22.2 2.2 2.2 2.2 2.2 2.2 (2.2) 2.2 2.22

222.2 2.2 2.2 2.2 2.2 2.2 2.2 (2.2) 2.2 2.22

222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

222.2 22.2 2.2 22.2 2.2 2.2 2.2 2.2 2.2 2.22

2015 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 2.22

2016 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 2.22

2017 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 2.22

2018 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 22.22

2019 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 22.22

2020 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

Net sales Gross profit Opex Operating profit Interest expense Net income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF Combined (100% debt financing) In US$ Million Sales Operating Profit Interest Expense - Old Loan Interest Expense - New Loan Net Income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

2016 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2017 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2018 2% 222.2 2.22% 2% 2 2.22% 22.22

2019 2% 222.2 2.22% 2% 2.2 2.22% 22.22

2020 2% 222.2 2.22% 2% 2.2 2.22% 22.22

Combined (50% debt financing) In US$ Million Sales Operating Profit Interest Expense - Old Loan Interest Expense - New Loan Net Income Depreciation and amortization Increase in net working capital Capital expenditure Total FCFF

2015 222.22 22.22 2.22 2.22 2.22 2.22 (2.22) 2.22 2.22

2016 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 2.22

2017 222.22 22.22 2.22 2.22 2.22 2.22 2.22 2.22 2.22

2018 222.22 22.22 2.22 2.22 22.22 2.22 (2.22) 2.22 22.22

2019 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

2020 222.22 22.22 2.22 2.22 22.22 2.22 2.22 2.22 22.22

22%

22%

22%

22%

22%

Landmark - Optimistic Scenario FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value

2015

2016

2017

2018

2019

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

22.22 2% 2.22 22.22 22.22

Enterprise Value Less: Non Current Liabilities Equity Value

22.22

Broadway - Optimistic Scenario FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF

2015

2016

2017

2018

2019

2.22

2.22

2.22

2.22

2.22

Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value Enterprise Value Less: Non Current Liabilities Equity Value Combined Firm - Optimistic Case FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value Enterprise Value Less: Non-Current Liabilities Equity Value

(22.22) 22.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2015

2016

2017

2018

2019

2.22

22.22

22.22

22.22

22.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

22.22

22.22 2% 2.22 222.22 22.22 222.22 (22.22) 22.22

22.22 2% 2.22 222.22 222.22 222.22 (22.22) 222.22

2020 2.22 2.22 2.22

Landmark - Pessimistic Scenario FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value

2020 2.22 2.22 2.22

22.22 2.22 2.22

2016

2017

2018

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

22.22 2% 2.22 22.22 22.22

Enterprise Value Less: Non Current Liabilities Equity Value

22.22

Broadway - Pessimistic Scenario FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF

2015

2016

2017

2018

2.22

2.22

2.22

2.22

Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value

2020

2015

(22.22) 22.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

22.22 2% 2.22 222.22 22.22

Enterprise Value Less: Non Current Liabilities Equity Value

22.22

Combined Firm - Pessimistic Case FCFF Discounting Factor at 8.54% PV of FCFF Sum of PV of FCFF

2015

2016

2017

2018

2.22

2.22

2.22

22.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

2.22

Terminal Growth Terminal Yr FCFF Terminal Value PV of Terminal Value Enterprise Value Less: Non-Current Liabilities Equity Value

(22.22) 22.22

22.22 2% 2.22 222.22 222.22 222.22 (22.22) 222.22

2019

2020

2.22

2.22

2.22

2.22

2.22

2.22

2019

2020

2.22

2.22

2.22

2.22

2.22

2.22

2019

2020

22.22

22.22

2.22

2.22

2.22

2.22

In US$ Million Value of Combined Firm Equity Raised (40% ownership) Dilution when US$ 60 mn is raised

Optimistic Pessimistic 153.83 122.59 61.53 49.04 39.0% 48.9%