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ELEVATION CAPITAL – ESTIMATED INTRINSIC VALUE RANGE Elevation Capital – Estimated Intrinsic Value Range:

Downside/Upside Potential Range:

NZ$ 1.62 NZ$ 1.89

+50.4% +75.4%

PER SHARE

U

SUMM

$2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 Current Share Price*

244

ECVF Average Cost**

* Current Share Price = NZ$1.08 (as at 12 September 2018) ** Elevation Capital Value Fund (“ECVF”) Average Cost = NZ$1.07 (as at 20 August 2018) EC = Elevation Capital, ECVF = Elevation Capital Value Fund

Elevation Capital FY2019 Scenario

Elevation Capital FY2020 Scenario

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018