independent expert opinion out

No surprises here

Scheme booklet out

In Section 8.2 we set out our valuation conclusions, which show the cash consideration being offered by
Hanlong under the Proposed Scheme is at a premium/(discount) of between 15.4% and (30.8)% to our
assessed value of a Sundance share determined on a 100% interest basis.
In Section 8.3, we set out the commercial and qualitative factors relevant to the consideration of the Proposed
Scheme. While individual shareholders may interpret these factors differently depending on their own
individual circumstances, in Ernst & Young Transaction Advisory Services’ opinion the potential advantages
outweigh the potential disadvantages to the shareholders as a whole.
Based on the results of the analysis undertaken and taking into consideration the matters detailed in our
report, in the opinion of Ernst & Young Transaction Advisory Services the Proposed Scheme is fair and
reasonable and therefore is in the best interests of Sundance Shareholders.
Having regard to the nature of the Proposed Scheme and the advantages and disadvantages, it is the opinion
of Ernst & Young Transaction Advisory Services, that Sundance Shareholders are likely to be better off if the
Proposed Scheme proceeds