Ann: Initial Director's Interest Notice, page-8

Just revisiting some key points:

• Current share price of $1.07 gives us a market cap of $400m
• Sentenial selling for $54m brings EML into net cash position of $30m+
• Current underlying operating cashflow of $40m+ ex PCSIL
• Current underlying Free cash flow of $30m+ ex PCSIL
• Current annual interest revenue excl PCSIL of approx $45m
• FY25 ebitda estimates of $62m+ as per forecast from Edison Group assuming nominal customer growth of under 10%

Based on current share price this provides us with an estimated future enterprise value of under $340m at FY25 or an EV/EBITDA multiple of approx. 5.5
Recently, Nuvei received an offer circa 14x EV/Ebitda.

Further potentials

• FCA to lift growth cap on PFS UK
• $10-15m reduction in overheads by H2 2024
• Net FTE reduction of 10% by FY25 (current employee costs annualising at $90m+ but that's including PCSIL)
• Optimisation activities to improve Interest yield on float - currently @2.54%