TODAY‘S Results, Ex-Dividends & AGMs

Research evidence excerpt

TODAY‘S Results, Ex-Dividends & AGMs

Valuation Method and Risk Statement

Risks of multi-asset investing include but are not limited to market risk, credit risk, interest rate

risk, and foreign exchange risk. Correlations of returns among different asset classes may

deviate from historical patterns. Geopolitical events and policy shocks pose risks that can

reduce asset returns. Valuations may be adversely affected during times of high market

volatility, thin liquidity, and economic dislocation.

Forecasting earnings and corporate financial behaviour is difficult because it is affected by a

wide range of economic, financial, accounting and regulatory trends, as well as changes in

tax policy.

Valuation methodology for all E&P and utilities companies mentioned here, is based on DCF

methodology. Investment risk inherent in the oil and gas sector includes but is not limited to

movement of commodity price and currency, which may differ materially from the

assumptions used in this report. Furthermore the sector is subject to political, financial,

environmental and operational risks, each of which has the potential to significantly impact

on company/industry performance.

Beach Energy Limited:

Our BPT valuation is based on discounted cash flow methodology. We believe the potential

risks in the energy sector include, but are not limited to, the volatile nature of commodity

prices and currencies as well as political, financial, operational and climate risk. These risks

may significantly impact company/industry performance.

Origin Energy:

Our valuation is based on a SOTP DCF method for ORG's Energy Markets division (applying a

7.5% WACC), net cash distributions from APLNG to ORG (applies a 10% WACC) and ORG's

22.7% equity interest in Octopus Energy (applies 7.5% WACC).