Ann: Supplementary Bidder's Statement, page-2

“Bennamon holds acontrolling stake in Pact of over 87.6% (as at this morning, 31 May 2024).”

This shows that it is less than 87.7%, or it would have said so. It may in fact be less than 87.65% as otherwise they probably would have followed the convention of rounding up the figure (to 87.7%), rather than down (to 87.6%).

Bidder had 86.85% on 13 February. 87.45% on 28 April. Latest 3Y showed87.64% at COB on Tuesday 28 May. Thus on Wed and Thursday of this week bidder acquired at most 0.06% (180K), but more likely less than 0.01% (30K).

Bidder’s last substantial shareholder notice was dated 13 February, when he disclosed an increase to 86.85%. He must provide a change of substantial shareholder notice by 930 am on trading day immediately following the day when he increases by 1.00% or more from the previous notice. That would be triggered at 87.85%, which would be about 727 K more than he held at COB on 28 May. This notice is the thing to watch for, as the next 3Y isn’t due until COB on Tuesday 4 June (more likely morning of Wed 5 June). Trading volumes have been thin, but we don’t know the rate of off- market acceptances coming in. We must be vigilant for the next sub sh notice, if it comes. If it doesn’t come at all next week, then we have won.

Hold tight folks. A week to go.