Survey Update

Research evidence excerpt

Survey Update

FoundationMExhibit 2: Analyst survey responses

A2M.AX - Julia de Sterke

Is the industry structure facing the firm likely to improve or deteriorate over the next year? Rate of a scale of 1-5 (1=getting much worse, 2=getting slightly

worse, 3=no change, 4= getting slightly better, 5=getting much better, na=no view) - No Change

Is the regulatory/government environment facing the firm likely to improve or deteriorate over the next year? Rate of a scale of 1-5 (1=getting much

tougher, 2=getting slightly worse, 3=no change, 4= getting slightly better, 5=getting much better, na=no view) - Getting slightly worse

Are capex levels likely to significantly fall for this firm over the next year? Rate on a scale of 1-5 (1=very likely to increase, 2=likely to increase, 3=no change,

4=likely to fall, 5=very likely to fall, na=no view) - Very likely to increase

How exposed are the earnings of the stock to a strong AUDUSD? Rate on a scale 1-5 (1=high AUDUSD very bad for earnings, 2=high AUDUSD bad for

earnings, 3=neutral, 4=high AUDUSD good for earnings, 5=high AUDUSD very good for earnings, na=no view) - High AUDUSD bad for earnings

What is the probability of the firm issuing >5% equity over the next six months? Rate on a scale of 1-5 (1=very unlikely, 2=unlikely, 3=possible, 4=likely

5=highly likely, na=no view) - Very unlikely

Over the last 3-6 months in broad terms have things been improving/no change/getting worse for this stock? Rate on a scale of 1-5 (1=getting a lot worse,

2=getting worse, 3=not much change, 4=getting better, 5=getting a lot better, na=no view) - Getting worse

Relative to the current CONSENSUS earnings forecast, is the next company earnings update likely to lead to: Rate on a scale of 1-5 (1=very negative surprise,