Investor Presentaiton

Conservative valuation basis £4,362m 33% Zi £6,016m • . No assets held at cost ⚫ Forecast earnings used, rather than historic, where future earnings are likely to fall • Weighted average EBITDA multiple 5.9. 7.4 Weighted average PE multiple 2007 2008 Year to 31 March 33% £4,050m 2009 Quoted DCF Industry metric Fund Other Price of recent investment Net assets Imminent sale Earnings Market adjustment from cost Cost 12

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