Page 5 - Valuation in Abnormally Uncertain Times

VALUATION MULTIPLES DETERIORATED

The significant decline in the market value of shareholders equity resulted in a decline in valuation multiples as well. We set out
below the median EV/EBITDA multiples from 31 December 2019 to 30 April 2020:

Median EV/EBITDA Multiples
Industry
31/12/2019 31/01/2020 29/02/2020 31/03/2020 30/04/2020
Communication Services 11.1x 9.8x 9.8x 7.2x 8.0x

Consumer Discretionary 10.0x 10.0x 9.2x 7.9x 7.8x
Consumer Staples 12.6x 12.3x 10.2x 8.7x 9.4x
Energy 9.1x 7.4x 7.6x 5.5x 5.5x
Financials 9.8x 9.9x 9.4x 8.7x 10.6x
Health Care 11.4x 15.0x 13.0x 11.9x 12.1x
Industrials 9.0x 8.8x 7.4x 7.1x 6.9x
Information Technology 8.3x 8.2x 6.5x 5.1x 5.4x

Materials 5.6x 5.3x 5.3x 4.9x 4.8x
Real Estate 21.1x 21.0x 19.6x 16.8x 18.5x
Utilities 12.0x 10.9x 10.7x 10.5x 10.7x
Total 10.3x 10.4x 9.2x 8.3x 8.8x
% change from 31 December 2019 1% -11% -19% -14%

Source: CapitalIQ

▪ The median EV/EBITDA multiple declined from 10.3x as at 31 December 2019 to 8.3x by the end of the first quarter of 2020, a
decline of 19%.

▪ As a result of the slight rebound in the market value as at 30 April 2020, the median EV/EBITDA multiple was 8.8x, a decline
of 14%, since year end 2019.

▪ As we can see, the various industries were by no means equally impacted.

Valuation in Abnormally Uncertain Times 5