QPE NO. 7 MANAGEMENT PTY LIMITED

Herron Todd White – CJA Lee Property Valuers

Herron Todd White (Bidco) Pty Ltd (HTW Bidco) proposes to acquire 100% of the shares in CJA Lee Property Pty Ltd (CJA Lee Property) from C McMahon Enterprises Pty Ltd as trustee for the C&N McMahon Family Trust (C McMahon Enterprises) (50%) and T.J. Shaw Pty Ltd as trustee for the T.J. Shaw Family Trust (T.J. Shaw) (50%) (the Acquisition). As part of the Acquisition, C McMahon Enterprises and T.J. Shaw will be issued shares in the ultimate parent company of HTW Bidco – Herron Todd White (Holdings) Pty Ltd (HTW Holdings). Post-completion, C McMahon Enterprises and T.J. Shaw will own 0.15% of the shares in HTW Holdings. HTW Holdings and its fully owned subsidiaries (HTW Group) provide property valuation and property advisory services in Australia. HTW Group primarily provides residential property valuation services to Australian authorised deposit-taking institutions. HTW Group is majority-owned by funds managed by QPE No. 7 Management Pty Ltd, an entity within the Quadrant Private Equity group (QPE). Apart from HTW Group, QPE is not involved in the supply of property valuation and property advisory services in Australia. CJA Lee Property is an independent advisory firm that provides property valuations, property advisory, and energy advisory services in the Gippsland / south-east Victoria area. Historically, CJA Lee Property has predominantly supplied residential property valuation services to Australian authorised deposit-taking institutions. C McMahon Enterprises and T.J. Shaw are holding companies of CJA Lee Property and, apart from CJA Lee Property, do not operate any other businesses.