Ann: Non-binding Indicative Proposal to acquire Pacific Current, page-38

Update on estimated NAV of PAC, adjusted for fair value :

1/ PAC statutory NAV at 31/12/22 : 9.93 $
2/ Adjusted for fair value : 1.50- 2 $ (source : PAC)
3/ Increase of PAC NAV since 31/12/22 due to its holding in GQG* : 0.60 $
4/ Increase of PAC NAV since 31/12/22 due to its holdings in other boutiques (than GQG) : ?

Overall, estimated NAV of PAC at 30/6/23, adjusted for fair value : 12.03 - 12.53 $.
This looks like a minimum, because it does not include the increase in value for other boutiques (than GQG) since 31/12/22.

* GQG share price : 1.66 $ at 28/7/23 vs 1.40 $ at 30/12/22.