Updated calculations of BUY/BPH ratio after BPH CR If you...

Updated calculations of BUY/BPH ratio after BPH CR

If you disregard all other than PEP11 assets of BPH and BUY,

If you assume that BPH already invested additionally inAdvent after CR and own 33% of it,

than:

Advent energy own 85% of PEP11

BPH own 33 % of Advent energy,

BPH therefor have an 28.05% exposure to Pep11

BUY own 15% of PEP 11

After recent increase by 69 mln shares:

BPH - 633 millions shares 28.05% of PEP; 1% PEP= 22.6 mil

BUY - 1096 millions shares 15% of PEP; 1% PEP= 73.06 mil

The right ratio expected to be 1:3.23