Solid EBITDA runrate

Research evidence excerpt

Solid EBITDA runrate

reflect our personal views about the subject company or companies and its or their securities.

The views were reached independently, without any attempt of influence from anyone outside of Macquarie’s Research business. Any and all opinions expressed have a

reasonable basis, which are the result of the exercise of due care and skill. We confirm we (the authors), our team, and our associates do not hold securities in our sector of

coverage, except for holdings disclosed to Research Compliance where we have received approval to hold temporarily until we are able to dispose of the holdings, and confirm

the presence of disclosure language on this research which relates to this personal holding. To the best of our knowledge, we are not in receipt of, nor have included in this

report, information considered to be inside information at the time of publication. We also certify that no part of our compensation was, is or will be, directly or indirectly,

related to the specific recommendations or views expressed in this report. We acknowledge that the Analysts responsible for preparing this report receive compensation

from Macquarie that is based upon various factors including Macquarie Group Ltd.’s overall revenues, a portion of which are generated by Macquarie Group’s Investment

Banking activities.

General disclaimers:

Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie Group entity noted is not an authorized deposit-taking institution for the purposes of

the Banking Act 1959 (Commonwealth of Australia), and that entity’s obligations do not represent deposits or other liabilities of MBL. Any investments are subject to

investment risk including possible delays in repayment and loss of income and principal invested.