Pace Equity Advising on Sales, Acquisitions, & Growth since 1989 Pace Equity is authorised and regulated by the Financial Conduct Authority Pace Equity Limited Blandy House 29 Hart Street Henley-on-Thames Oxfordshire RG9 2AR CORPORATE VALUATIONS

Introduction Valuing any business is an extraordinarily difficult and inexact science. The value of any business is usually in the “eye of the potential purchaser”. The objective for any selling shareholder is to try to estimate what any purchaser is likely to be prepared to pay, by understanding the reasons behind their interest in buying. For those buyers who are buying into a business as a strategic fit for adding strategic products, services, technology or geography to their own businesses, this is usually where the best prices are realised. There is no single method of valuation that is considered the definitive or correct method. Each business and each business sector has its own particular circumstances that may favour any single method or range of methods for valuing a business.

Pace Equity has developed its own unique corporate valuation methods, based on over 25 years of in-depth corporate M&A experience. Our methods, unlike most valuation models look beyond financial numbers and takes a holistic view of the company or shares being valued, to include an examination of a range of factors making up value, e.g: - The business strengths and weaknesses - Brand recognition and value - Growth potential - Management strengths and weaknesses - Positioning in the industry and the market - Quality of products / services - Quality of customer base - Stage in market / business life-cycle - Reputation - Intellectual property - Market share or market dominance - Financial history and potential The Pace methodology has stood the test of time and our statistics demonstrate that our valuations achieve excellent correlation with actual values achieved at the time of the sale or purchase. PACE EQUITY UNIQUE METHODOLOGY

To allow for all the various factors influencing the potential value of a business, Pace Equity applies a number of different valuation techniques to the data collected, researched or provided by the business, including: - Net Assets - Goodwill - P/E and EBITDA ratios - Historic performance - Future performance - Payback periods - Discounted Cash Flow - Net Present Value - Internal Rate of Return - Synergistic benefits - Market comparisons - Weighted averages RANGE OF VALUATION METHODS

DATA GATHERING Pace Equity takes meticulous care in gathering data prior to a valuation, both from the company itself and from market sources. The process typically takes half a day internally with a senior Director, External data can take a number of days for research and market assessment, competitor analysis, customer assessment, market positioning, etc. VALUATION REPORT The valuation culminates in a full written valuation report and presentation by Pace Equity. Valuation fees are based on the size and complexity of the company.

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