Team Internet Business Overview

Shinez delivers on the promise of focused bolt-on acquisitions that are immediately accretive before synergies and beat share buybacks in terms of cashflow returns Accretion Summary 1 (based on FY23 Pro Forma) From a cashflow yield perspective, the transaction yields higher returns on investment than a buyback of TIG shares December Year End ($'m) TI FY23 (Actual) FY23 Pro Forma Target FY23 (Actual) Interest-New Combined Debt Revenue 836.9 111.0 Expenses (740.5) (100.6) 947.9 (841.1) Adjusted EBITDA 96.4 10.4 D&A (3.3) (0.2) EBIT 93.1 10.2 106.8 (3.5) 103.3 TI Free Cashflow yield TI Market Cap TI FY23 Adj. Free Cashflow Interest (15.9) (3.0) (18.8) Target EV Pre-Tax Profit 77.2 10.2 (3.0) Tax (14.0) (1.9) 0.5 84.5 (15.3) Target FY23 Adj. Free Cashflow Target Free Cashflow yield 63.2 8.4 (2.4) 69.2 Adjusted Earnings Shares on Issue (Adj. dil) (m) 282.0 EPS ($ per share) 0.224 TI: Accretion/Dilution Notes: (1) Structure of 100% Debt 282.0 Cashflow ROI $453.3m $62.4m 14% $41.8m $8.5m (assumed 100% cash conversion less tax) 20% 0.245 Accretion Assumptions 9.4% Consideration $41.8m Debt Element $41.8m Equity Element Nil 21 24

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