HUB24 LIMITED — M&A Activity 2021

Jan 19, 2021

MinterEllison

20 January 2021

ASX Market Announcement Office ASX Limited 20 Bridge Street Sydney NSW 2000

Off-market proportional takeover offer by HUB24 Limited

We act for HUB24 Limited (HUB).

We attach a copy of HUB's Bidder's Statement in relation to HUB's proportional off-market takeover offer for 1 out of every 3 ordinary shares in Easton Investments Limited.

Further announcements will be made in relation to despatch of the Bidder's Statement.

Yours faithfully MinterEllison

Minter Elizas

Contact: Suzie Losanno T: +61 2 9921 4872 suzie.losanno@minterellison.com OUR REF: 1314371

Level 40 Governor Macquarie Tower 1 Farrer Place Sydney GPO Box 521 Sydney NSW 2001 Australia DX 117 Sydney
T +61 2 9921 8888 F +61 2 9921 8123 minterellison.com

BIDDER'S STATEMENT ACCEPT THE CASH OFFER

(unconditional other than in respect of the No Prescribed Occurrences Condition)

by HUB24 Limited ABN 87 124 891 685 to acquire 1 out of every 3 of your fully paid ordinary shares of Easton Investments Limited ABN 48 111 695 357 (rounded up to the nearest Share) for \$1.20 cash per Easton Share

7KH(DVWRQ'LUHFWRUVXQDQLPRXVO\LQWHQGWRUHFRPPHQGWKDW\RX\$&&(37WKH2HULQWKH absence of a Superior Proposal.

THIS IS AN IMPORTANT DOCUMENT AND REQUIRES YOUR IMMEDIATE ATTENTION.

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CONTENTS

	KEY DATES	3
	IMPORTANT INFORMATION	$\overline{4}$
	DISCLAIMER AND NOTICES	$\overline{4}$
	LETTER FROM THE CHAIRMAN OF HUB24	6
	REASONS WHY YOU SHOULD ACCEPT THE OFFER	8
	FREQUENTLY ASKED QUESTIONS	14
$\mathcal{L}$ .	INFORMATION ON HUB24	20
2.	INFORMATION ON EASTON AND EASTON SHARES	26
	3. INTENTIONS OF HUB24	29
	4. SOURCES OF CASH CONSIDERATION	31
5.	TAXATION CONSIDERATIONS FOR AUSTRALIAN EASTON SHAREHOLDERS	32
6.	OTHER INFORMATION	35
7.	THE OFFER	40
8.	DEFINITIONS AND INTERPRETATIONS	49
	9. APPROVAL OF BIDDER'S STATEMENT	54
	APPENDIX A - EASTON ASX ANNOUNCEMENTS FOR PERIOD SINCE 30 JUNE 2020	55
	CORPORATE DIRECTORY	57

KEY DATES

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HOW DO I ACCEPT THIS OFFER?

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• 1. For Issuer Sponsored Holdings of Easton Shares:

(Shareholder Reference Number beginning with 'I')

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• complete and sign the enclosed Acceptance Form in accordance with the instructions on it and return it in the enclosed envelope or to an address on the Acceptance Form, together with all other documents required by the LQVWUXFWLRQVRQLWVRWKDWWKH\DUHUHFHLYHGLQVXɝFLHQWWLPHIRU+8%RULWVQRPLQHHWRJLYHLQVWUXFWLRQVWR\RXU &RQWUROOLQJ3DUWLFLSDQWDQGIRU\RXU&RQWUROOLQJ3DUWLFLSDQWWRDFWRQ\RXULQVWUXFWLRQEHIRUHSP6\GQH\WLPH? RQWKHODVWGD\RIWKH2HU3HULRG

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IMPORTANT INFORMATION

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DISCLAIMER AND NOTICES

INVESTMENT DECISIONS

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OFFERS OUTSIDE AUSTRALIA

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FORWARD-LOOKING STATEMENTS

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PRIVACY COLLECTION STATEMENT

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EFFECT OF ROUNDING

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INFORMATION ON EASTON

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DIAGRAMS AND DATA IN CHARTS, GRAPHS AND TABLES

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REFERENCES TO CURRENCY

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REFERENCES TO TIME

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FURTHER QUESTIONS

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LETTER FROM THE CHAIRMAN OF HUB24

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Dear Easton Shareholder

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The acquisition of Paragem provides additional scale

As part of the Transactions, Easton has agreed to acquire 100% of the shares in Paragem Pty Ltd from HUB24 in consideration for the issuance of 3,333,333 Easton Shares to HUB24 ("Paragem Shares"). HUB24 believes the combination of Easton and Paragem may add significant scale to Easton's adviser network and accelerate Easton's strategy to become a leading noninstitutional provider of adviser and Licensee services. The acquisition is expected to deliver synergistic benefits with the backing of a strengthened management team.

At the date of this Bidder's Statement, HUB24 has a Relevant Interest in 6,744,539 Easton Shares representing approximately 17.93% of Easton Shares.

About HUR24

HUB24 is a company listed on the ASX with a market capitalisation of approximately \$1.5 billion (as at 5 January 2021).

HUB24 operates the award-winning HUB24 Platform, licenses financial advisers authorised by Paragem³ and provides technology and data services through Agility Applications Pty Ltd and HUBconnect Pty Ltd.

The HUB24 Platform offers financial advisers and their clients a comprehensive range of investment options, including the market-leading managed portfolio solution, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients. HUBconnect Pty Ltd and Agility Applications Pty Ltd, subsidiaries of HUB24, focus on leveraging data and technology to provide solutions to common challenges for Licensees, advisers and stockbrokers to enable the delivery of professional advice to more Australians.

HUB24 had \$19.1 billion in funds under administration as at 30 September 2020, which is expected to increase to approximately \$42 billion (\$28 billion in custody and \$14 billion in non-custody) at the completion of the strategic transactions proposed at the end of October 2020.4

Further information

Detailed information in respect of the Offer is set out in this Bidder's Statement. We encourage you to read the entirety of this Bidder's Statement carefully and then accept the Offer as soon as possible.

The Offer is open for acceptance until 7.00pm (Sydney time) on 22 February 2021, unless extended or withdrawn. To accept the Offer, you should follow the instructions detailed in the enclosed Acceptance Form in this Bidder's Statement.

If you require additional assistance, please contact the Offer Information Line on 1300 794 935 (for calls made within Australia) or +61 1300 794 935 (for calls made from outside Australia) from Monday to Friday between 8.30am and 5:00pm (Sydney time).

On behalf of the HUB24 Board of Directors, thank you for considering the Offer. We look forward to a successful relationship with Easton and to receiving your support and acceptance.

Yours Sincerely

Bonne PA

Bruce Higgins Chairman of HUB24 Limited

³ On 20 December 2020, HUB24 entered into the Paragem Agreement to sell 100% of the shares in Paragem to Easton.

⁴ The acquisition of Ord Minnett's Portfolio Administration and Reporting Service business settled on 28 November 2020 and includes \$8 billion in non-custody FUA.

REASONS WHY YOU SHOULD ACCEPT THE OFFER

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REASONS WHY YOU SHOULD ACCEPT THE OFFER

$\mathcal{L}$ The Offer Price represents a significant premium to the Easton Closing Price before Original Announcement, the Easton 30 Day VWAP, Easton 3 month VWAP and Easton 6 month VWAP.8

The Offer Price of \$1.20° cash per Easton Share represents a significant premium to the recent Easton Share price. Specifically, the Offer Price represents a:

• 38% premium to the Easton Closing Price before Original Announcement of \$0.87 per Easton Share;
• 40% premium to the Easton 30 Day VWAP of \$0.86 per Easton Share for the 30 days up to and including 27 October 2020;10
• 52% premium to the Easton 3 Month VWAP of \$0.79 per Easton Share for the three months up to and including 27 October 2020; and
• 55% premium to the Easton 6 Month VWAP of \$0.77 per Easton Share for the six months up to and including 27 October 2020.

The graph below illustrates the implied premiums reflected by the Offer.

Source: IRESS

$2.5$ Easton Directors unanimously intend to recommend that you accept the Offer in the absence of a Superior Proposal and have entered into Pre-Bid Acceptance Agreements committing to accept the Offer in respect of 1 out of every 3 Easton Shares they own or control.

All Easton Directors unanimously intend to recommend that Easton Shareholders accept the Offer, in the absence of a Superior Proposal.

Easton Directors have entered into Pre-Bid Acceptance Agreements committing to accept the Offer in respect of 1 out of every 3 Easton Shares held or controlled by each of them, which in aggregate represent approximately 9.07% of Easton's Shares.

Further details in relation to the Pre-Bid Acceptance Agreements are set out in Section 6.7(b) of this Bidder's Statement.

10 Being the last day of trading prior to the Original Announcement Date.

$\mathcal{S}$ By reference to the Easton Closing Price before Original Announcement. VWAP is calculated for the relevant period up to and including the Last Trading Date before Original Announcement Date (27 October 2020), being the last trading day prior to the Original Announcement.

⁹ The consideration under the Offer will be reduced by the amount of any Rights which you (or any previous holder of your Easton Shares) become entitled to receive in respect of your Easton Shares on or after the date of this Bidder's Statement. These Rights do not include the Easton Special Dividend of \$0.05 per Easton Share, which is payable on 21 January 2021.

3. 7KHDOOFDVK2HUSURYLGHVFHUWDLQW\RIYDOXHIRURXWRIHYHU\RI\RXU(DVWRQ6KDUHV

+8%LVRHULQJDOOFDVKFRQVLGHUDWLRQRIIRURXWRIHYHU\RI\RXU(DVWRQ6KDUHV11 providing you with an RSSRUWXQLW\WRUHDOLVHFHUWDLQDQGDWWUDFWLYHYDOXHRIWKHFRQVLGHUDWLRQEHLQJRHUHGIRUDSRUWLRQRI\RXULQYHVWPHQW

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• EHSDLG\RXUFDVKSD\PHQWZLWKLQ%XVLQHVV'D\VDIWHUWKHODWHURI
• ȫ receipt of your valid acceptance; and
• ȫ WKHGDWHRQZKLFKWKH2HUEHFRPHVXQFRQGLWLRQDO

7KH2HULVVXEMHFWWRWKH1R3UHVFULEHG2FFXUUHQFHV&RQGLWLRQZKLFKLVVHWRXWLQIXOOLQ6HFWLRQ

Easton Shareholders who were on the Easton Register on the record date for the Easton Special Dividend of 23 'HFHPEHUZLOOEHHQWLWOHGWRUHWDLQWKH(DVWRQ6SHFLDO'LYLGHQGRISHU(DVWRQ6KDUHZKHWKHURUQRWWKH\ DFFHSWWKH2HU

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• (DVWRQ6KDUHVFRQVWLWXWH+8%ȇV5HOHYDQWΖQWHUHVWDVDUHVXOWRIWKH3UH%LG\$FFHSWDQFH Agreements; and
• (DVWRQ6KDUHVDUHGLUHFWO\KHOGE+8%FRPSULVLQJWKH(DVWRQ6KDUHVLVVXHGE(DVWRQLQ FRQVLGHUDWLRQIRUWKHVDOHRIRIWKHVKDUHVLQ3DUDJHP3W\/WGXQGHUWKH3DUDJHP\$JUHHPHQW

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• WKH2HULVDWDVLJQLȴFDQWSUHPLXPWRWKHSULFHVDWZKLFK(DVWRQ6KDUHVZHUHWUDGHGRQWKH\$6;SULRUWRWKH Original Announcement Date; and
• +8%KDVD5HOHYDQWΖQWHUHVWLQ(DVWRQ6KDUHVUHSUHVHQWLQJDSSUR[LPDWHO\RIDOO(DVWRQ 6KDUHVRQLVVXHDWWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWDVDUHVXOWRIWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWVDQG +8%ȇVGLUHFWKROGLQJRI(DVWRQ6KDUHVLVVXHGE(DVWRQLQFRQVLGHUDWLRQIRUWKHDFTXLVLWLRQ RIb3DUDJHP

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7KHFKDUWEHORZVKRZVWKHFORVLQJSULFHRI(DVWRQ6KDUHVWUDGHGRQWKH\$6;IRUWKHSHULRGRIWZHQW\IRXUPRQWKVWR 31 December 2020.

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Source: IRESS

⁷KLVLVWKH/DVW7UDGLQJ'DWHEHIRUH2ULJLQDO\$QQRXQFHPHQW'DWHIRU(DVWRQ6KDUHVEHLQJWKHODVWGD\RIWUDGLQJRQWKH\$6;SULRUWRWKH 2ULJLQDO\$QQRXQFHPHQWRI+8%ȇVSURSRVHGLQYHVWPHQWLQ(DVWRQ

(DVWRQ6KDUHVFXUUHQWO\WUDGHDWORZYROXPHVRQWKH\$6;DQG\RXPD\KDYHOLPLWHG DOWHUQDWLYHRSSRUWXQLWLHVWRVHOO\RXU(DVWRQ6KDUHVDWRUQHDUWKH2HU3ULFHLQWKH near future.

(DVWRQ6KDUHVDUHUHODWLYHO\WKLQO\WUDGHGRQWKH\$6;ZLWKDQDYHUDJHGDLO\WUDGLQJYROXPHȊADTVȋ?RILQ WKHWUDGLQJGD\VSULRUWRWKH2ULJLQDO\$QQRXQFHPHQW'DWHΖQWKHODVWPRQWKVXSWRDQGLQFOXGLQJ?WKH/DVW 7UDGLQJ'DWHEHIRUH2ULJLQDO\$QQRXQFHPHQW'DWHWKHUHZHUHGD\VRURIWKHWRWDO\$6;WUDGLQJGD\VRQZKLFK WKHUHZHUHQRPDUNHWWUDGHVUHFRUGHGRQWKH\$6;16 Trading volumes did increase on the Original Announcement of +8%ȇVSURSRVHGLQYHVWPHQWLQ(DVWRQKRZHYHUKDYHVLQFHUHYHUWHGWRYROXPHVFRQVLVWHQWZLWKWKRVHSULRUWRWKH Original Announcement Date.

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7KHFKDUWEHORZVKRZVWKHFXPXODWLYHWUDGLQJYROXPHVRQPDUNHWDQGRPDUNHW?RI(DVWRQ6KDUHVIRUWKHSHULRG of twelve months to 31 December 2020.

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Source: IRESS

Note (1): Total cumulative trading volumes exceeded 200,000 shares on the following dates: 28/10/2020 (approximately 607,000 shares traded), 29/10/2020 (approximately 444,000 shares traded) and 4/11/2020 (approximately 242,000 shares traded).

16 %DVHGRQYROXPHWUDGHGEHWZHHQDPDQGSPSHUΖ5(667RWDORIWUDGLQJGD\VEHWZHHQDQGEDVHGRQ WKH\$6;7UDGLQJ&DOHQGDUDQGLQFOXGHVGD\VRQZKLFKWKH\$6;FORVHGHDUO\

The Offer is unconditional other than in respect of the No Prescribed Occurrences 8. Condition.

The Offer for your Easton Shares is unconditional other than in respect of the No Prescribed Occurrences Condition. Details of the No Prescribed Occurrences Condition are set out in Section 7.10 of this Bidder's Statement.

9. You will not incur any brokerage charges by accepting the Offer.

In addition to a significant premium to the Easton Closing Price before Original Announcement and relevant VWAP periods prior to the Original Announcement Date, you will not incur any brokerage charges on the transfer of 1 out of every 3 of your Easton Shares to HUB24 pursuant to this Offer.

However, if your Easton Shares are in a CHESS holding or you are a beneficial owner whose Easton Shares are registered in the name of a bank, custodian or other nominee, you should ask your Controlling Participant (usually your broker) or the bank, custodian or other nominee whether it will charge any transaction fees or service charges in connection with your acceptance of the Offer.

FREQUENTLY ASKED QUESTIONS

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1.	What is the %LGGHUȇV	7KLVGRFXPHQWLVWKH%LGGHUȇV6WDWHPHQWDQGLWKDVEHHQSUHSDUHGE+8% for distribution to Easton Shareholders.	Important information
	Statement	ΖWVHWVRXWWKHWHUPVDQGFRQGLWLRQVRIWKH2΍HUDQGLQIRUPDWLRQUHOHYDQWWR \RXUGHFLVLRQZKHWKHURUQRWWRDFFHSWWKH2΍HU
		7KLV%LGGHUȇV6WDWHPHQWLVDQLPSRUWDQWGRFXPHQW6KRXOG\RXKDYHDQ\GRXEW DERXWKRZWRGHDOZLWKWKLVGRFXPHQW\RXVKRXOGFRQVXOW\RXUOHJDOȴQDQFLDORU other professional adviser.
2.	What is the 2΍HU"	+8%LVPDNLQJDQ2΍HUWRDFTXLUHRXWRIHYHU\RI\RXU(DVWRQ6KDUHV (rounded up to the nearest Share).7KH2΍HUFRQVLGHUDWLRQLV cash for 1 out RIHYHU(DVWRQ6KDUHVRQWKHWHUPVVHWRXWLQ6HFWLRQRIWKLV%LGGHUȇV6WDWHPHQW	6HFWLRQb
		\$FFRUGLQJO\LI\RXDFFHSWWKH2΍HU\RXZLOOEHSDLGIRURXWRIHYHU\RI your Easton Shares (rounded up to the nearest Share) and retain the balance of your Easton Shares.
		)RUH[DPSOHLI\RXRZQ(DVWRQ6KDUHVDQGDFFHSWWKH2΍HU\RXZLOOEH paid \$3,600 in cash for 3,000 of your Easton Shares and continue to own 6,000 Easton Shares.
		<rxpd\rqo\dffhswwkh2΍hulqixooirurxwrihyhu\ri\rxu(dvwrq6kduhv and not a greater or lesser proportion.</rxpd\rqo\dffhswwkh2΍hulqixooirurxwrihyhu\ri\rxu(dvwrq6kduhv
		+RZHYHULIE\DFFHSWLQJWKH2΍HU\RXZLOOEHOHIWKROGLQJOHVVWKDQD0DUNHWDEOH 3DUFHOWKHQ+8%ZLOOEX\DOORI\RXU(DVWRQ6KDUHVIRUFDVKHDFK In WKHVHOLPLWHGFLUFXPVWDQFHVZKHUHDFFHSWLQJWKH2΍HUZRXOGOHDYH\RXKROGLQJ OHVVWKDQD0DUNHWDEOH3DUFHORI(DVWRQ6KDUHVWKH2΍HUZLOOH[WHQGWR\$//RI your Easton Shares.
		7KLVUXOHUHJDUGLQJWKH2΍HUDSSO\LQJWRDOORI\RXU(DVWRQ6KDUHVZLOOQRWDSSO\ WRDSDUFHORI(DVWRQ6KDUHVZKHWKHUKHOGEHQHȴFLDOO\RURWKHUZLVHWKDWKDV FRPHLQWRH[LVWHQFHRULQFUHDVHGLQVL]HEHFDXVHRIDWUDQVDFWLRQHQWHUHGLQWR (including the creation of one or more trusts), at any time after 10:00am on the Announcement Date.
		Subject to the provisions of a notice complying with the requirements in 6HFWLRQbE?WKLVDOVRDSSOLHVLQUHODWLRQWRSHUVRQVZKRKROG(DVWRQ6KDUHV DVbQRPLQHHRUWUXVWHHIRURWKHUVVHH6HFWLRQbE?RIWKLV%LGGHUȇV6WDWHPHQW IRUbIXUWKHUGHWDLOV

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• 21 Strategic Insights Master Funds Platforms and Wraps September 2020
• 22 2Q'HFHPEHU+8%HQWHUHGLQWRWKH3DUDJHP\$JUHHPHQWWRVHOODOOLWVVKDUHVLQ3DUDJHPWRDVXEVLGLDU\RI(DVWRQ

²³ 2Q2FWREHU+8%GLVFORVHGWRWKH\$6;WKDWLWZRXOGEHGLYHVWLQJ3DUDJHPWR(DVWRQZKLFKFRPELQHGZLWKDQLQYHVWPHQWLQ (DVWRQZRXOGUHVXOWLQ+8%RZQLQJXSWRRI(DVWRQ2Q'HFHPEHU+8%HQWHUHGLQWRWKH3DUDJHP\$JUHHPHQWZLWK Easton as part of the Transactions.

4XHVWLRQ	\$QVZHU	Bidder's Statement 5HIHUHQFH
What is +8%ȇV	\$WWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW+8%KDVD5HOHYDQWΖQWHUHVWLQ DSSUR[LPDWHO\RI(DVWRQ6KDUHV	6HFWLRQb
	+8%ȇV5HOHYDQWΖQWHUHVWDULVHVDVDUHVXOWRI
(DVWRQ6KDUHV"	• +8%KDYLQJHQWHUHGLQWRWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWVZLWK each of the Directors (or their Associates), committing them to accept the 2΍HULQUHVSHFWRIRXWRIHYHU(DVWRQ6KDUHVWKH\RZQRUFRQWUROΖQ DJJUHJDWHWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWVDUHLQUHVSHFWRI (DVWRQ6KDUHVUHSUHVHQWLQJDSSUR[LPDWHO\RI(DVWRQ6KDUHV
	\$VXPPDU\RIWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWVLVVHWRXWLQ
	• (DVWRQ6KDUHVKHOGGLUHFWO\E+8%FRPSULVLQJ(DVWRQ6KDUHV LVVXHGE(DVWRQLQFRQVLGHUDWLRQIRUWKHVDOHRIRIWKHVKDUHVLQ 3DUDJHP3W\/WGXQGHUWKH3DUDJHP\$JUHHPHQW
	ΖIDOO(DVWRQ6KDUHKROGHUVDFFHSWWKH2΍HU+8%ȇVPD[LPXP5HOHYDQWΖQWHUHVW LQ(DVWRQ6KDUHVZRXOGEHDSSUR[LPDWHO\
What is the 2΍HU3ULFH"	7KH2΍HU3ULFHLV\$FDVKIRURXWRIHYHU(DVWRQ6KDUHVKHOGRQWKH WHUPVDQGFRQGLWLRQVVHWRXWLQ6HFWLRQ	6HFWLRQb
Do the Easton Directors support WKH2΍HU"	The Easton Directors unanimously intend to recommend that Easton 6KDUHKROGHUVDFFHSWWKH2΍HULQWKHDEVHQFHRID6XSHULRU3URSRVDO	N/A
What choices	As an Easton Shareholder, you have the following choices:	N/A
GRΖKDYH"	• DFFHSWWKH2΍HUIRURXWRIHYHU\RI\RXU(DVWRQ6KDUHVEHSDLGWKH cash consideration and either:
	ȫ retain the balance of your Easton Shares; or
	ȫ VHOOVRPHRUDOOWKHEDODQFHRI\RXU(DVWRQ6KDUHVRQ\$6;\$Q\VDOH RIWKRVHUHPDLQLQJ(DVWRQ6KDUHVZLOOWUDGHRQDQH[R΍HUGHIHUUHG VHWWOHPHQWEDVLVDQGDSXUFKDVHUZLOOQRWEHDEOHWRDFFHSWWKH2΍HU in respect of any of those Easton Shares;
	• VHOOVRPHRUDOORI\RXU(DVWRQ6KDUHVRQ\$6;RQDFXPR΍HUEDVLVH[FHSW WRWKHH[WHQW\RXKDYHSUHYLRXVO\DFFHSWHG+8%ȇV2΍HU?LQZKLFKFDVH DSXUFKDVHURIWKRVH(DVWRQ6KDUHVPD\DFFHSW+8%ȇV2΍HUZLWKLQ WKH2΍HU3HULRGLQUHVSHFWRIRXWRIHYHU\RIWKH(DVWRQ6KDUHVWKH\ acquire; or
	current interest in	6HFWLRQE • do nothing.

^\$VVXPLQJ+8%GRHVQRWDFTXLUHD5HOHYDQWΖQWHUHVWLQDQ(DVWRQ6KDUHVRWKHUWKDQSXUVXDQWWRDFFHSWDQFHVXQGHUWKH2HUDQG H[FOXGLQJWKHSRWHQWLDODFTXLVLWLRQRIOHVVWKDQ0DUNHWDEOH3DUFHOVRI(DVWRQ6HFXULWLHVXQGHUVHFWLRQbG

No.	4XHVWLRQ	\$QVZHU	Bidder's Statement 5HIHUHQFH
	Can I accept the	No, you can only accept for the full 1 out of every 3 of your Easton Shares.	6HFWLRQbD
	2΍HUIRUOHVV than 1 out of every 3 of my (DVWRQ6KDUHV"	ΖI\RXDFFHSWWKH2΍HU\RXZLOOUHWDLQRXWRIHYHU\RI\RXU(DVWRQ6KDUHV XQOHVVDFFHSWLQJWKH2΍HUZRXOGOHDYH\RXKROGLQJOHVVWKDQD0DUNHWDEOH 3DUFHOLQZKLFKFDVHWKH2΍HUH[WHQGVWRDOO\RXU(DVWRQ6KDUHV <rxpd\vhoo DQ\RUDOOWKHVHUHPDLQLQJ(DVWRQ6KDUHVRQPDUNHWEXWDQ\SXUFKDVHURIWKRVH (DVWRQ6KDUHVZLOOQRWEHHQWLWOHGWRDFFHSWWKH2΍HULQUHVSHFWRIDQ\RIWKRVH Easton Shares. Any sale of the remaining 2 out of every 3 of your Easton Shares GXULQJWKH2΍HU3HULRGZLOOWUDGHRQDGHIHUUHGVHWWOHPHQWȊH[2΍HUȋ?EDVLV VXFKWKDWVHWWOHPHQWZLOOEHGHIHUUHGXQWLODIWHUWKHHQGRIWKH2΍HU3HULRG</rxpd\vhoo
		ΖI\RXGRQRWDFFHSWWKH2΍HULQUHVSHFWRI\RXU(DVWRQ6KDUHVDQGLQVWHDG sell some or all your Easton Shares, the purchaser of those Easton Shares may DFFHSWWKH2΍HUΖQWKLVFLUFXPVWDQFH\RXU(DVWRQ6KDUHVZLOOWUDGHRQDȊFXP 2΍HUȋEDVLVXQGHUWKHQRUPDO\$6;VHWWOHPHQWSURFHVV
10.	What happens if I accept WKH2΍HU"	2QFH\RXDFFHSWWKH2΍HULQUHVSHFWRIRXWRIHYHU\RI\RXU(DVWRQ Shares, you will not be able to sell those Easton Shares or deal with the Rights DWWDFKLQJWRWKRVH(DVWRQ6KDUHVXQOHVV+8%KDVUHGXFHGWKH2΍HU3ULFH by an amount equal to those Rights), subject to your limited statutory rights to withdraw your acceptance in certain circumstances.	Important Information, and VHFWLRQVb DQG
		ΖI\RXDFFHSWWKH2΍HU\RXZLOOEHDEOHWRVHOOWKHUHPDLQGHURI\RXU(DVWRQ Shares, but a purchaser of such Easton Shares will not be able to accept the 2΍HULQUHVSHFWRIWKRVH(DVWRQ6KDUHV
11.	Do I get to NHHSWKH Easton Special 'LYLGHQG"	Easton Shareholders who were on the Easton Register on the record date for the Easton Special Dividend of 23 December 2020 will be entitled to retain the (DVWRQ6SHFLDO'LYLGHQGRISHU(DVWRQ6KDUHZKHWKHURUQRWWKH\DFFHSW WKH2΍HU
12.	If I accept the 2΍HUZKHQ ZLOOΖEHSDLG"	ΖI\RXDFFHSWWKLV2΍HUDQGLWEHFRPHVXQFRQGLWLRQDO+8%ZLOOSD\RXWKH FRQVLGHUDWLRQXQGHUWKH2΍HUZLWKLQ%XVLQHVV'D\VDIWHUUHFHLSWRI\RXUYDOLG DFFHSWDQFHRIWKH2΍HU	6HFWLRQb
13.	What happens if I do not accept WKH2΍HU"	ΖI\RXGRQRWDFFHSWWKH2΍HUDQG\RXGRQRWRWKHUZLVHVHOO\RXU(DVWRQ Shares, you will retain all of your Easton Shares and will not receive any cash FRQVLGHUDWLRQR΍HUHGE+8%XQGHUWKH2΍HU	N/A
	When does the 2΍HUFORVH"	7KH2΍HULVFXUUHQWO\VFKHGXOHGWRFORVHDWSP6\GQH\WLPH?RQ)HEUXDU\ XQOHVVH[WHQGHGRUZLWKGUDZQDVSHUPLWWHGE\WKH&RUSRUDWLRQV\$FW	6HFWLRQb
	&DQ+8% H[WHQGWKH 2΍HU3HULRG"	<hvwkh2΍hu3hulrgfdqehh[whqghge+8%dwlwvhohfwlrqvxemhfwwrwkh &RUSRUDWLRQV\$FW\$Q\H[WHQVLRQWRWKH2΍HU3HULRGZLOOEHDQQRXQFHGWR\$6;ΖI WKH2΍HULVVWLOOVXEMHFWWRWKH'HIHDWLQJ&RQGLWLRQRULI\RXKDYHQRWDFFHSWHG \RXZLOOEHVHQWZULWWHQQRWLFHRIWKHH[WHQVLRQ</hvwkh2΍hu3hulrgfdqehh[whqghge+8%dwlwvhohfwlrqvxemhfwwrwkh	6HFWLRQb
16.	Can I sell my Easton Shares	<hv\rxfdqvhoo\rxu(dvwrq6kduhvrqpdunhwkrzhyhu\rxpd\lqfxu EURNHUDJHFRVWVLQGRLQJVR</hv\rxfdqvhoo\rxu(dvwrq6kduhvrqpdunhwkrzhyhu\rxpd\lqfxu	6HFWLRQb DQG
	RQPDUNHW"	ΖI\RXDFFHSWWKH2΍HU\RXZLOOUHWDLQRXWRIHYHU\RI\RXU(DVWRQ6KDUHV <rxpd\vhoowkhvh(dvwrq6kduhvrqdqh[2΍huedvlv rqpdunhwzklovwwkh2΍HU3HULRGLVRSHQEXWDQ\SXUFKDVHURIVXFK(DVWRQ6KDUHVZLOOQRWEHDEOH WRDFFHSWWKH2΍HULQUHVSHFWRIWKRVH(DVWRQ6KDUHVDQGVHWWOHPHQWRIWKHVDOH ZLOOEHGHIHUUHGXQWLODIWHUWKHHQGRIWKH2΍HU3HULRG
		6HHWKHDQVZHUWRȊ&DQΖDFFHSWWKH2΍HUIRUOHVVWKDQRXWRIHYHU\RIP\ (DVWRQ6KDUHV"ȋIRUPRUHLQIRUPDWLRQLQWKLVUHJDUG

</rxvkrxogdffhswwkh2΍huiruwkhiroorzlqjuhdvrqv<>

No.	4XHVWLRQ	\$QVZHU	Bidder's Statement 5HIHUHQFH
	Will I need to SD\DEURNHUDJH fee if I accept	If your Easton Shares are registered in an Issuer Sponsored Holding in your QDPHDQG\RXGHOLYHUWKHPGLUHFWO\WR+8%\RXZLOOQRWLQFXUDQ\EURNHUDJH LQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKH2΍HU	6HFWLRQb
	WKH2΍HU"	ΖI\RXU(DVWRQ6KDUHVDUHLQD&+(66+ROGLQJ\RXVKRXOGQRWLQFXUEURNHUDJH IHHVLI\RXDFFHSWWKH2΍HU+RZHYHU\RXVKRXOGDVN\RXU&RQWUROOLQJ 3DUWLFLSDQWXVXDOO\RXUEURNHU?ZKHWKHULWZLOOFKDUJHDQ\WUDQVDFWLRQDOIHHVRU VHUYLFHFKDUJHVLQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKH2΍HU
	ΖVWKH2΍HU subject to FRQGLWLRQV"	7KH2΍HULVRQO\FRQGLWLRQDORQWKHUHEHLQJQR3UHVFULEHG2FFXUUHQFHVȂWKHVH include Easton splitting or consolidating its shares, Easton or a subsidiary EX\LQJEDFNRUUHGXFLQJLWVFDSLWDO(DVWRQRUDVXEVLGLDU\LVVXLQJVHFXULWLHV Easton or a subsidiary disposing of the whole or a substantial part of its business or property, or the occurrence of insolvency events in respect of Easton or a subsidiary. Details of the No Prescribed Occurrences Condition are VHWRXWLQ6HFWLRQRIWKLV%LGGHUȇV6WDWHPHQW	6HFWLRQb
	What happens if the Defeating	ΖIWKH'HIHDWLQJ&RQGLWLRQLVQRWVDWLVȴHGRUZDLYHGWKH2΍HUZLOOODSVHDQGDQ\ DFFHSWDQFHVRIWKH2΍HUZLOOEHYRLG	6HFWLRQ
	Condition is QRWVDWLVȴHGRU ZDLYHG"	\$WWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW+8%LVQRWDZDUHRIDQ\HYHQWVRU FLUFXPVWDQFHVZKLFKZRXOGUHVXOWLQQRQIXOȴOOPHQWRIWKH'HIHDWLQJ&RQGLWLRQ
20.	Why should	<rxvkrxogdffhswwkh2΍huiruwkhiroorzlqjuhdvrqv< td="">	Reasons why	Reasons why
	I accept the 2΍HU"	7KH2΍HU3ULFHUHSUHVHQWVDVLJQLȴFDQWSUHPLXPIRURXWRIHYHU\RI your Easton Shares.	you should accept the
		2. Easton Directors unanimously intend to recommend that you accept the 2΍HULQWKHDEVHQFHRID6XSHULRU3URSRVDODQGKDYHHQWHUHGLQWR3UH%LG \$FFHSWDQFH\$JUHHPHQWVFRPPLWWLQJWRDFFHSWWKH2΍HULQUHVSHFWRIRXW of every 3 Easton Shares they own or control.	2΍HU
		7KHDOOFDVK2΍HUSURYLGHVFHUWDLQW\RIYDOXHIRURXWRIHYHU\RI\RXU Easton Shares.
		7KH2΍HUHQDEOHV\RXWRUHWDLQDSRUWLRQRI\RXU(DVWRQVKDUHKROGLQJDQG SDUWLFLSDWHDVDQ(DVWRQ6KDUHKROGHULQ(DVWRQȇVSHUIRUPDQFH
		\$WWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW+8%KDVD5HOHYDQWΖQWHUHVWLQ DSSUR[LPDWHO\RI(DVWRQ6KDUHVZKLFKPD\UHGXFHWKHOLNHOLKRRG of a Competing Proposal emerging.
		7KHUHLVDULVNRIWKH(DVWRQ6KDUHSULFHIDOOLQJDIWHUWKH2΍HUFORVHV
		(DVWRQ6KDUHVFXUUHQWO\WUDGHDWORZYROXPHVRQWKH\$6;DQG\RXPD\ have limited alternative opportunities to sell your Easton Shares at or near WKH2΍HU3ULFHLQWKHQHDUIXWXUH
		7KH2΍HULVXQFRQGLWLRQDORWKHUWKDQLQUHVSHFWRIWKH1R3UHVFULEHG Occurrences Condition.
		<rxzlooqrwlqfxudq\eurnhudjhfkdujhve\dffhswlqjwkh2΍hu26 </rxzlooqrwlqfxudq\eurnhudjhfkdujhve\dffhswlqjwkh2΍hu26

ΖIDFFHSWLQJWKH2HUZRXOGOHDYH\RXZLWKDOHVVWKDQD0DUNHWDEOH3DUFHORI(DVWRQ6KDUHVWKH2HUZLOOH[WHQGWRDOORI\RXU(DVWRQ 6KDUHVVXEMHFWWRWKHPRGLȴFDWLRQWRVHFWLRQ?RIWKH&RUSRUDWLRQV\$FWJUDQWHGLQ\$6Ζ&&ODVV2UGHU6HHVHFWLRQVbG?DQG RIWKLV%LGGHUȇV6WDWHPHQWIRUIXUWKHUGHWDLOV

²⁶ ΖI\RXU(DVWRQ6KDUHVDUHUHJLVWHUHGLQD&+(66KROGLQJRU\RXDUHDEHQHȴFLDORZQHUZKRVH(DVWRQ6KDUHVDUHUHJLVWHUHGLQWKHQDPHRID EDQNFXVWRGLDQRURWKHUQRPLQHH\RXVKRXOGDVN\RXU&RQWUROOLQJ3DUWLFLSDQWXVXDOO\RXUEURNHU?RUWKDWQRPLQHHZKHWKHULWZLOOFKDUJH DQ\WUDQVDFWLRQIHHVRUVHUYLFHFKDUJHVLQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKH2HU

	No.	Question	Answer	Bidder's Statement Reference
	21.	Can I withdraw my acceptance?	Once you accept the Offer, you cannot withdraw your acceptance unless a withdrawal right exists or arises under the Corporations Act.	Section 7.6
			Such a right may arise if, after you have accepted the Offer and HUB24 varies the Offer in a way that postpones, for more than one month, the time by which HUB24 has to meet its obligations under the Offer. If this occurs, a notice will be sent to you at the relevant time that explains your rights and the process to follow to withdraw your acceptance of the Offer.
22. Offer?		What are the tax implications if I accept the	A general outline of the likely Australian taxation consequences is set out in Section 5 of this Bidder's Statement.	Section 5
			You should not rely on that outline as advice on the tax implications of accepting the Offer. Please consult your financial, tax or other professional adviser on the tax implications of accepting the Offer.
	What if I 23. require further		If you are in doubt as to how to deal with the Offer, you should consult your legal, financial or other professional adviser.	N/A
		information?	If you have questions in relation to the Offer or how to accept it, please call the Offer Information Line on:
			1300 794 935 (for calls made within Australia) or
			+61 1300 794 935 (for calls made from outside Australia)
			from Monday to Friday between 8:30am and 5:00pm (Sydney time) or visit: https://events.miraqle.com/hub24-offer

1. INFORMATION ON HUB24

1.1 OVERVIEW OF HUB24

+8%/LPLWHGȊHUB24ȋ?LVDȴQDQFLDOVHUYLFHVFRPSDQ\ZKLFKSURYLGHVLQYHVWPHQWDQGVXSHUDQQXDWLRQSRUWIROLR DGPLQLVWUDWLRQVHUYLFHV/LFHQVHHVHUYLFHVWRȴQDQFLDODGYLVHUVDQGWHFKQRORJ\DQGGDWDVHUYLFHVWRWKHȴQDQFLDO services industry.

+8%ZDVȴUVWHVWDEOLVKHGLQDQGKDVEHHQEXLOWE\DWHDPZLWKH[SHULHQFHLQEXLOGLQJPDUNHWOHDGLQJ VROXWLRQVLQFOXGLQJ9LVLSODQ&2Ζ11DYLJDWRUQRZ0/&ZUDS?DQG\$YDQWHRVQRZ&RORQLDO)LUVW:UDS?3URGXFWV ZHUHODXQFKHGWRPDUNHWIURPDFKLHYLQJELOOLRQLQ)XQGV8QGHU\$GPLQLVWUDWLRQ)8\$?LQ6LQFH +8%ȇVEXVLQHVVKDVJURZQWRRYHUELOOLRQLQ)8\$DVDW6HSWHPEHU?ZKLFKLVH[SHFWHGWRLQFUHDVHWR DSSUR[LPDWHO\ELOOLRQELOOLRQLQFXVWRG\DQGELOOLRQLQQRQFXVWRG\?DWWKHFRPSOHWLRQRIWKHVWUDWHJLF transactions proposed at the end of October 2020.+8%KDVFRQVLVWHQWO\PDLQWDLQHGQGSODFHIRUDQQXDOQHW LQȵRZVVLQFH0DUFKDVFRPSDUHGWRRWKHUSODWIRUPVLQWKH\$XVWUDOLDQPDUNHW

+8%LVOLVWHGRQWKH\$6;DQG+8%6KDUHVDUHTXRWHGRQWKH\$6;XQGHUWKHFRGHȆ+8%ȇ\$VDW-DQXDU\ +8%ȇVPDUNHWFDSLWDOLVDWLRQZDVDSSUR[LPDWHO\ELOOLRQ

1.2 BUSINESS OVERVIEW

+8%/LPLWHGRSHUDWHVWKH+8%3ODWIRUPOLFHQVHVȴQDQFLDODGYLVHUVDXWKRULVHGE\3DUDJHPDQGSURYLGHV WHFKQRORJ\DQGGDWDVHUYLFHVWKURXJK+8%FRQQHFW3W\/WGDQG\$JLOLW\$SSOLFDWLRQV3W\/WG2Q'HFHPEHU +8%HQWHUHGLQWRWKH3DUDJHP\$JUHHPHQWWRVHOODOOLVVXHGVKDUHVLQ3DUDJHPWRDVXEVLGLDU\RI(DVWRQZKLFK LVH[SHFWHGWRFRPSOHWHRQ)HEUXDU\2QFRPSOHWLRQRIWKHVDOHRI3DUDJHP+8%ZLOOFHDVHWRSURYLGH OLFHQVLQJVHUYLFHVWRȴQDQFLDODGYLVHUV

7KH+8%3ODWIRUPLVDOHDGLQJSRUWIROLRDGPLQLVWUDWLRQVHUYLFHWKDWSURYLGHVȴQDQFLDODGYLVHUVZLWKWKHFDSDELOLW\ WRRHUWKHLUFOLHQWVDFFHVVWRDZLGHUDQJHRILQYHVWPHQWVLQFOXGLQJPDUNHWOHDGLQJPDQDJHGSRUWIROLRIXQFWLRQDOLW\ HɝFLHQWDQGFRVWHHFWLYHWUDGLQJLQVXUDQFHDQGFRPSUHKHQVLYHUHSRUWLQJIRUDOOW\SHVRILQYHVWRUVȂLQGLYLGXDOV FRPSDQLHVWUXVWVRUVHOIPDQDJHGVXSHUIXQGV\$VRQHRIWKHIDVWHVWJURZLQJSODWIRUPVLQWKHPDUNHWWKH+8% platform is recognised for providing choice and innovative product solutions that create value for advisers and WKHLUbFOLHQWV

+8%ȇVDZDUGZLQQLQJSODWIRUPVROXWLRQLVXVHGE\PRUHWKDQDGYLVHUVDW-XQH?DQGFRQWLQXHVWR EHUHFRJQLVHGDFURVVWKHLQGXVWU\IRULWVLQQRYDWLYHSURGXFWVYDOXHIRUPRQH\DQGFXVWRPHUH[SHULHQFH

• (a) (TXDOȴUVWIRUSODWIRUPVHUYLFHRXWRISODWIRUPVZLWKWKHKLJKHVWSHUFHQWDJHRIWRSUDWLQJVDFURVVDOO categories
• (b) %HVW3ODWIRUP0DQDJHG\$FFRXQWVIXQFWLRQDOLW\WK\HDUUXQQLQJ³⁰
• (c) 5DWHG1RIRU3URGXFW2HULQJ³¹
• (d) Rated No.1 for Integration³²
• (e) 1st place in terms of overall investment options and second overall in terms of adviser satisfaction³³

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Strategic Insights Master Funds Platforms and Wraps September 2020

Wealth Insights Platform Service Report 2020

³⁰ ΖQYHVWPHQW7UHQGV&RPSHWLWLYH\$QDO\VLVDQG%HQFKPDUNLQJ5HSRUW'HFHPEHU

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1.3 STRATEGY AND GROWTH OPPORTUNITIES

(a) ΖQGXVWU\7UHQGV

Continued evolution of retail platforms

Demand for Managed Accont Solutions

Institutions reshaping/exiting wealth (platform & financial advice)

Technology, innovation and greated data connectivity

Transformation of Financial advice Industry

Growing advice gap

7KH\$XVWUDOLDQȴQDQFLDOVHUYLFHVLQGXVWU\FRQWLQXHVWRXQGHUJRXQSUHFHGHQWHGFKDQJHDVDUHVXOWRIWKH+D\QH 5R\DO&RPPLVVLRQH[DFHUEDWHGE\WKH&29Ζ'SDQGHPLF'LVORFDWLRQKDVDFFHOHUDWHGUHFHQWO\ZLWKVHYHUDORI the incumbent institutions either revising their wealth strategy or opting out of wealth management altogether by selling, or announcing the sale of, their wealth businesses.

²Q'HFHPEHU+8%HQWHUHGLQWRWKH3DUDJHP\$JUHHPHQWWRVHOODOOLWVVKDUHVLQ3DUDJHPWR(DVWRQZKLFKLVH[SHFWHGWR complete on 1 February 2021.

Due to this uncertainty, Licensees and advisers are increasingly looking for providers that are committed to wealth management and continuing to invest in their proposition, evidenced by increasing net flows to Specialist Platforms and FUA transitions from incumbent platforms.

In this context, HUB24 continues to be positioned as a platform of choice, given its robust operational infrastructure, customer service excellence and innovative product solutions. HUB24 is rapidly growing and gaining market share.

According to the latest available Strategic Insights data for the Australian platform market, HUB24 has maintained 2nd place ranking for annual net inflows, as compared to other platforms in the Australian market. HUB24's market share has increased from 1.6% at September 2019 to 2.3% at September 2020.³⁵

Furthermore, mid-tier Licensees are growing and aggregated self-licensed practices are emerging. Advisers within these practices are continuing to transform their businesses to remain competitive and adjust to new regulations and education requirements. Innovative technology and data solutions available through HUB24 are highly valued to assist them in this transformation.

(b) Strategy

HUB24 has a clear purpose: to make a difference in our customers' lives by connecting them to innovative solutions that create better investment outcomes. This purpose underpins HUB24's vision and strategy.

HUB24's strategic objectives are centred around strengthening its position as a leading specialist platform provider through constant innovation, delivering broad product choice, and delivering innovative solutions that unlock value for advisers and their clients to help them meet their retirement and investment goals.

HUB24 is committed to wealth management and enabling the transformation of advice so that more Australians can access cost-effective professional financial advice.

HUB24 is focused on three strategic priorities; maintaining its market leading platform and capabilities; accelerating growth and enabling an advice profession.

(c) Outlook

FY20 was a successful year for HUB24 even though the COVID-19 pandemic brought challenges that impacted customers, staff, shareholders and the community. In this context, HUB24 continued to successfully operate the business with record growth, while also building the foundations for further growth.

Subject to market conditions, HUB24 expects this growth will continue as its focus is resulting in a strengthening pipeline and is securing a number of new client relationships.

Despite the current pandemic HUB24 believes the market conditions are increasingly favourable for HUB24 as the wealth management industry continues to transform and the financial advice market continues to reshape.

With the continued growth in FUA onto the HUB24 Platform and continuing success of its supporting businesses, the HUB24 Group expects its financial results to continue improving with scale.

As disclosed to ASX on 28 October 2020, in addition to the proposed investment in Easton, HUB24 also announced two additional transactions and a capital raising as follows:

• The acquisition of Ord Minnett's non-custody Portfolio Administration and Reporting Service ('PARS') for \$10.5 million upfront cash consideration, which successfully completed on 28 November 2020. PARS is a non-custody portfolio service that has been operating within Ord Minnett for 15 years and includes tax reporting and corporate action management for over \$8 billion in FUA and is one of the largest providers in the Australian market. This acquisition included an experienced team of 12 FTE, software and related intellectual property.
• The proposed acquisition of Xplore Wealth for \$60 million, comprising 50% cash and 50% HUB24 shares, but with flexibility to elect to receive all cash or all shares (subject to scale back if cap limits are exceeded). Xplore Wealth is one of Australia's longest serving independent Specialist Platform Providers (SPP) and investment administrators, with extensive expertise in managed accounts and FUA of approximately \$15 billion as at 30 June 2020. Xplore Wealth also owns an APRA regulated Registrable Superannuation Entity (RSE), Aracon Superannuation Pty Ltd, the trustee of Aracon Superannuation Fund.

³⁵ Strategic Insights Master Funds Platforms and Wraps September 2020

• \$QHTXLW\FDSLWDOUDLVLQJRIXSWRPLOOLRQEHLQJDFRPELQDWLRQRILQVWLWXWLRQDOSODFHPHQWRIPLOOLRQ DQGDVKDUHSXUFKDVHSODQRIXSWRPLOOLRQ7KHLQVWLWXWLRQDOSODFHPHQWZDVFRPSOHWHGRQ2FWREHU IRUPLOOLRQDQGWKHVKDUHSXUFKDVHSODQZDVRYHUVXEVFULEHGDQGVXEVHTXHQWO\LQFUHDVHGWR \$20 million. Shares for the share purchase plan were issued on 30 November 2020.

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1.4 BOARD AND SENIOR MANAGEMENT

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E? &RPSDQ\6HFUHWDU\ Kitrina Shanahan

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$15$ SUBSTANTIAL HUB24 SHAREHOLDERS

According to documents lodged with ASX up until the last trading day prior to the date of this Bidder's Statement, the following persons and entities were substantial holders of HUB24 Shares.

l Name	Holding	Percentage
ECP Asset Management Pty Ltd	6,915,640	10.33%
Hyperion Asset Management	6,651,965	994%
Thorney Investment Group and Associates	5,850,297	8.74%
Bennelong Australian Equity Partners	5,450,737	8.14%

$1.6$ PUBLICLY AVAILABLE INFORMATION

HUB24 is a disclosing entity for the purposes of the Corporations Act and as such it is subject to regular reporting and disclosure obligations. As a company listed on ASX, HUB24 is also subject to the ASX Listing Rules which require continuous disclosure (with some exceptions) of any information which a reasonable person would expect to have a material effect on the price or value of HUB24 Shares. In addition, HUB24 is required to maintain periodic disclosure (including yearly and half-yearly financial statements) with ASIC in accordance with the Corporations Act and the ASX in accordance with the ASX Listing Rules.

The information disclosed to the ASX is available from the ASX's website (www.asx.com.au) as well as HUB24 website (www.hub24.com.au). Copies of the documents lodged with ASIC by HUB24 may be obtained from or inspected at any ASIC office.

$17$ HUB24'S RELEVANT INTEREST IN EASTON SHARES

As at the date of this Bidder's Statement, HUB24 has a Relevant Interest and voting power in approximately 6,744,539 Easton Shares which represents approximately 17.93% of the total number of Easton Shares on issue as at the date of this Bidder's Statement.

Mr Tony McDonald, a director of HUB24, holds, via one of his controlled entities, 20,000 shares in Easton at the date of this Bidder's Statement.

$1.8$ ACQUISITIONS BY HUB24 OF EASTON SHARES DURING THE PREVIOUS 3 MONTHS

Over the past 3 months, neither HUB24 or any its subsidiaries have acquired any Easton Shares on-market.

2. INFORMATION ON EASTON AND EASTON SHARES

2.1 OVERVIEW OF EASTON AND ITS PRINCIPAL ACTIVITIES

(DVWRQLVLQYROYHGLQWKHSURYLVLRQRILQWHJUDWHGDFFRXQWLQJDQGZHDOWKVROXWLRQVWRWKH\$XVWUDOLDQPDUNHW(DVWRQȇV operations are divided into two business segments, namely Wealth Solutions and Accounting Solutions.

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2.2 DIRECTORS

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Name	Position
Kevin White	([HFXWLYH&KDLUPDQDQGΖQWHULP0DQDJLQJ'LUHFWRU([HFXWLYH'LUHFWRU
-RKQ*UHJRU\Hayes	1RQ([HFXWLYH'LUHFWRU
Carl Scarcella	1RQ([HFXWLYH'LUHFWRU
*UDKDPH(YDQV	([HFXWLYH'LUHFWRU

2.3 DIRECTORS' INTERESTS IN EASTON SHARES

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Director	Easton Shares
Kevin White	3,100,000
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Carl Scarcella	200,000
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2.4 CAPITAL STRUCTURE OF EASTON

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Easton Shares

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2.5 SUBSTANTIAL EASTON SHAREHOLDERS

%DVHGRQLQIRUPDWLRQGLVFORVHGLQ(DVWRQȇV\$QQXDO5HSRUWZKLFKLVEDVHGRQVXEVWDQWLDOKROGLQJQRWLFHV ORGJHGWR-XQHDQGVXEVWDQWLDOKROGLQJQRWLFHVORGJHGVXEVHTXHQWWRWKDWGDWHDQGXSXQWLOWKHODVWWUDGLQJ GD\SULRUWRWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWWKHIROORZLQJSHUVRQVDQGHQWLWLHVZHUHVXEVWDQWLDOKROGHUVRI Easton Shares:

6XEVWDQWLDO6KDUHKROGHr	Last notice	1XPEHURI6KDUHV	9RWLQJSRZHU41 (%)
+8%/LPLWHG	-DQXDU\
-RKQ*UHJRU+D\HVGLUHFWDQG associated entities) Pie Funds 0DQDJHPHQW/LPLWHG	\$XJXVW
Kevin and Margaret White as Trustees of the White Family Super Fund A/C	1RYHPEHU	3,100,000
3LH)XQGV0DQDJHPHQW/LPLWHG	6 November 2020

2.6 RECENT EASTON SHARE PRICE PERFORMANCE

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• (a) WKHKLJKHVWUHFRUGHGVDOHSULFHRI(DVWRQ6KDUHVRQ\$6;ZDVRQ'HFHPEHUDQGHDFKGD\XSWRDQG including 20 December 2020; and
• (b) WKHORZHVWUHFRUGHGVDOHSULFHRI(DVWRQ6KDUHVRQ\$6;ZDVRQ6HSWHPEHU

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7KHFORVLQJSULFHVDQGWUDGLQJYROXPHVRI(DVWRQ6KDUHVRQWKH\$6;RYHUWKHSHULRGRIPRQWKVWR'HFHPEHU 2020, being the Trading Day prior to the Announcement Date are shown in the chart below.

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2.7 MATERIAL CONTRACTS

Source: IRESS

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2.8 PUBLICLY AVAILABLE INFORMATION

\$VDQHQWLW\OLVWHGRQ\$6;(DVWRQLVVXEMHFWWRWKHSHULRGLFDQGFRQWLQXRXVGLVFORVXUHUHTXLUHPHQWVRIWKH &RUSRUDWLRQV\$FWDQG\$6;/LVWLQJ5XOHV)RULQIRUPDWLRQFRQFHUQLQJWKHȴQDQFLDOSRVLWLRQDQGDDLUVRI(DVWRQ\RX should refer to the information that has been disclosed by Easton in accordance with these obligations.

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3. INTENTIONS OF HUB24

3.1 INTRODUCTION

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• (a) the future business of Easton;
• (b) DQ\PDMRUFKDQJHVWRWKHEXVLQHVVRI(DVWRQLQFOXGLQJDQ\UHGHSOR\PHQWRIWKHȴ[HGDVVHWVRI(DVWRQDQG
• (c) the future employment of the present employees of Easton.

These intentions are based on facts and information concerning Easton, its business and the general business HQYLURQPHQWZKLFKDUHNQRZQWR+8%DWWKHWLPHRISUHSDULQJWKLV%LGGHUȇV6WDWHPHQW7KLVLQIRUPDWLRQLV OLPLWHGWRSXEOLFO\DYDLODEOHLQIRUPDWLRQRUOLPLWHGLQIRUPDWLRQPDGHDYDLODEOHWR+8%E(DVWRQ7KHVWDWHPHQWV in this Section are of current intentions only and accordingly may vary as new information becomes available or circumstances change.

\$WWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW+8%KDVD5HOHYDQWΖQWHUHVWLQRI(DVWRQ6KDUHVLQFOXGLQJ+8%ȇV LQWHUHVWVXQGHUWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWVSXUVXDQWWRZKLFKWKH(DVWRQ'LUHFWRUVFRPPLWWRDFFHSWWKH 2HUIRURXWRIHYHU(DVWRQ6KDUHVWKH\RZQRUFRQWURO

ΖWLVQRW+8%ȇVFXUUHQWLQWHQWLRQWRFRQWURO(DVWRQRUWRKDYHLWRSHUDWHDVDVXEVLGLDU\RI+8%ΖIDOO(DVWRQ 6KDUHKROGHUVDFFHSWWKH2HU+8%ȇVPD[LPXP5HOHYDQWΖQWHUHVWLQ(DVWRQ6KDUHVZRXOGEHDSSUR[LPDWHO\

+8%LQWHQGVWRQRPLQDWHWZRFDQGLGDWHVWREHDSSRLQWHGDVGLUHFWRUVRQWKH(DVWRQ%RDUGDQG(DVWRQKDV DJUHHGWRDSSRLQWVXFKQRPLQHHVDVGLUHFWRUVWRȴOOFDVXDOYDFDQFLHVRQWKH(DVWRQ%RDUG2QFHDSSRLQWHGDV GLUHFWRUVRI(DVWRQ+8%ȇVQRPLQHHVZLOOEHVXEMHFWWRHOHFWLRQE(DVWRQ6KDUHKROGHUVDWWKHQH[W(DVWRQDQQXDO general meeting.

+8%KDVQRWPDGHDQ\GHFLVLRQRQWKHVHOHFWLRQRI+8%ȇVQRPLQHHVWREHDSSRLQWHGWRWKH(DVWRQ%RDUGDQG LQWHQGVWRGRVRLQFRQVXOWDWLRQZLWKWKH(DVWRQ%RDUG

+8%KDVDOVRDJUHHGZLWK(DVWRQWKDW+8%KDYHWKHULJKWWRDSSRLQWDGGLWLRQDOGLUHFWRUVWRWKH(DVWRQ%RDUG from time to time, commensurate with its shareholding, subject to satisfying any requirements imposed by law LQFOXGLQJWKH\$6;/LVWLQJ5XOHV

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^\$VDWWKHGDWHRIDQGDVVSHFLȴHGLQWKH3UH%LG\$FFHSWDQFH\$JUHHPHQWV

^\$VVXPLQJ+8%GRHVQRWDFTXLUHD5HOHYDQWΖQWHUHVWLQDQ(DVWRQ6KDUHVRWKHUWKDQSXUVXDQWWRDFFHSWDQFHVXQGHUWKH2HUDQG H[FOXGLQJWKHSRWHQWLDODFTXLVLWLRQRIOHVVWKDQ0DUNHWDEOH3DUFHOVRI(DVWRQ6HFXULWLHVXQGHUVHFWLRQbG?DQGH[FOXGLQJWKHLPSDFWRI WKHH[HUFLVHRIDQ\1HZ(DVWRQ2SWLRQV

3.2 STRATEGIC REVIEW

\$IWHUWKHHQGRIWKH2HU3HULRG+8%LQWHQGVWRSURSRVHWRWKH(DVWRQ%RDUGWKDWLWFRQGXFWDWKRURXJK DQGEURDGEDVHGVWUDWHJLFUHYLHZRI(DVWRQȇVFRUSRUDWHVWUXFWXUHDVVHWVEXVLQHVVHVSHUVRQQHODQGRSHUDWLRQV LQFOXGLQJRSSRUWXQLWLHVWROHYHUDJHWKHQHZUHODWLRQVKLSZLWK+8%

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\$WWKLVVWDJH+8%GRHVQRWKDYHDQ\SUHFRQFHSWLRQVRUVSHFLȴFLQWHQWLRQVDVWRWKHRXWFRPHRIWKHEURDGEDVHG strategic review.

Final decisions will only be reached in light of available information and circumstances at the relevant time. Accordingly, the statements set out in this section are statements of current intention only and may vary as new LQIRUPDWLRQEHFRPHVDYDLODEOHWR+8%RUDVFLUFXPVWDQFHVFKDQJH

3.3 MANAGING DIRECTOR

ΖWLVDQWLFLSDWHGWKDWDQHZ0DQDJLQJ'LUHFWRUZLOOEHDSSRLQWHGE(DVWRQEHLQJ1DWKDQ-DFREVHQZLWK0U -DFREVHQȇVDSSRLQWPHQWEHJLQQLQJRQ)HEUXDU\0U-DFREVHQLVFXUUHQWO\DVHQLRUH[HFXWLYHZLWK+8%DQG KROGVWKHGXDOUROHVRI0DQDJLQJ'LUHFWRURI3DUDJHPDQG+HDGRI7HFKQRORJ\6ROXWLRQVRI+8%

3.4 OTHER INTENTIONS

2WKHUWKDQDVVHWRXWLQWKLV6HFWLRQ+8%ȇVFXUUHQWLQWHQWLRQLVWKDW(DVWRQZLOO

• (a) JHQHUDOO\FRQWLQXHDQGH[SDQGWKHEXVLQHVVRI(DVWRQLQWKHVDPHPDQQHUDVDWWKHGDWHRIWKLV%LGGHUȇV 6WDWHPHQWHQKDQFHGE\DFFHVVWR+8%ȇVWHFKQRORJ\GHYHORSPHQWFDSDELOLWLHVVSHFLȴFDOO\IRFXVHGRQ UHSRVLWLRQLQJ(DVWRQZLWKDFRPSHWLWLYHDGYDQWDJHLQWKHGHOLYHU\RIHɝFLHQWFRVWHHFWLYHVROXWLRQVDQG services to advisers, accountants and their clients; and
• (b) QRWPDNHDQ\PDMRUFKDQJHVWRWKHFXUUHQWEXVLQHVVRI(DVWRQRUUHGHSOR\DQ\ȴ[HGDVVHWVRI(DVWRQ

+8%KDVQRLQWHQWLRQWRSURSRVHDQ\FKDQJHVWRWKHIXWXUHHPSOR\PHQWRIFXUUHQWHPSOR\HHV

3.5 LIMITATIONS OF INTENTIONS

For the avoidance of doubt, the intentions and statements of future conduct set out in this section are subject to:

• (a) WKHODZLQFOXGLQJWKH&RUSRUDWLRQV\$FW?DQGWKH\$6;/LVWLQJ5XOHVLQFOXGLQJWKHUHTXLUHPHQWVRIWKH &RUSRUDWLRQV\$FWDQGWKH\$6;/LVWLQJ5XOHVLQUHODWLRQWRFRQȵLFWVRILQWHUHVWDQGȆUHODWHGSDUW\ȇWUDQVDFWLRQV JLYHQWKDW+8%FDQQRWDFTXLUHDOORIWKH(DVWRQ6KDUHV+8%ZLOOEHWUHDWHGDVDUHODWHGSDUW\RI(DVWRQ for these purposes; and
• (b) WKHOHJDOREOLJDWLRQRIWKHGLUHFWRUVRIWKH(DVWRQ%RDUGDWWKHWLPHLQFOXGLQJDQ\QRPLQHHVRI+8%WRDFW in good faith, for proper purposes and to have regard to the interests of Easton, and all Easton Shareholders.

4. SOURCES OF CASH CONSIDERATION

4.1 TOTAL CONSIDERATION AND SOURCES

7KHFRQVLGHUDWLRQIRUWKHDFTXLVLWLRQRIWKH(DVWRQ6KDUHVWRZKLFKWKH2HUUHODWHVZLOOEHVDWLVȴHGE\WKHSD\PHQW RIFDVKLQ\$XVWUDOLDQGROODUV?7KHFRQVLGHUDWLRQRHUHGE+8%IRUHDFKRIWKH(DVWRQ6KDUHVFRPSULVLQJRXW RIHYHU(DVWRQ6KDUHVLVSHU(DVWRQ6KDUHVXEMHFWWR6HFWLRQ

+8%ZLOOVDWLVI\LWVSD\PHQWREOLJDWLRQVXQGHUWKH2HUIURPH[LVWLQJFDVKUHVHUYHVKHOGLQ\$XVWUDOLDQEDQNDFFRXQWV

\$VDWWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW+8%KDGFDVKRQGHSRVLWRIDWOHDVWPLOOLRQLQDGGLWLRQWR FRPPLWWHGDQGXQGUDZQFUHGLWIDFLOLWLHVRIPLOOLRQ\$VDWWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWIXQGVRIDWOHDVW HTXDOWRWKH0D[LPXP&DVK&RQVLGHUDWLRQDVGHȴQHGEHORZ?WRJHWKHUZLWKWUDQVDFWLRQFRVWVKDYHEHHQDOORFDWHG IURPWKHVHFDVKUHVHUYHVVROHO\WRZDUGVVDWLVI\LQJWKHREOLJDWLRQVRI+8%XQGHUWKH2HU\$FFRUGLQJO+8% KDVDFFHVVWRVXɝFLHQWFDVKUHVHUYHVWRIXQGWKH0D[LPXP&DVK&RQVLGHUDWLRQDQGFRYHUDOOWUDQVDFWLRQFRVWV DVVRFLDWHGZLWKWKH2HU

4.2 AMOUNT PAYABLE

\$WWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWWKHUHDUH(DVWRQ6KDUHVRQLVVXH

7KHPD[LPXPDPRXQWRIFDVKWKDW+8%ZRXOGEHUHTXLUHGWRSD\XQGHUWKH2HULIDFFHSWDQFHVDUHUHFHLYHG LQUHVSHFWRIRXWRIHYHU(DVWRQ6KDUHVRQLVVXHDWWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWH[FOXGLQJWKH(DVWRQ 6KDUHVDOUHDG\RZQHGE+8%?LVDSSUR[LPDWHO*0D[LPXP&DVK&RQVLGHUDWLRQ*).

7KH0D[LPXP&DVK&RQVLGHUDWLRQLVFDOFXODWHGRQWKHIROORZLQJEDVLV

1XPEHURI(DVWRQ6KDUHV	Price	7RWDOUHTXLUHGFRQVLGHUDWLRQ
	2΍HU3ULFHRI	DSSUR[LPDWHO\
(comprising 1 out of 3 of the total Easton 6KDUHVRQLVVXHQRWDOUHDG\RZQHGE+8%	for 1 out of every 3 Easton Shares

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4.3 SUFFICIENCY OF FUNDING TO MEET CASH CONSIDERATION

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• (a) WKH0D[LPXP&DVK&RQVLGHUDWLRQUHTXLUHGIRUDFTXLVLWLRQRIWKH(DVWRQ6KDUHVLQVXɝFLHQWWLPHWRHQDEOH +8%WRGLVFKDUJHLWVREOLJDWLRQVWR(DVWRQ6KDUHKROGHUVZKRKDYHDFFHSWHGWKH2HUDQG
• (b) DOOWUDQVDFWLRQFRVWVDVVRFLDWHGZLWKWKH2HU

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5. TAXATION CONSIDERATIONS FOR AUSTRALIAN EASTON SHAREHOLDERS

5.1 AUSTRALIAN TAX IMPLICATIONS FOR EASTON SHAREHOLDERS

7KHIROORZLQJLVDJHQHUDOGHVFULSWLRQRIWKH\$XVWUDOLDQLQFRPHWD[DQG*67FRQVHTXHQFHVIRU(DVWRQ6KDUHKROGHUV on disposing of their Easton Shares, in return for cash.

7KHLQIRUPDWLRQLVEDVHGXSRQ\$XVWUDOLDQWD[DWLRQODZDQGHVWDEOLVKHGSUDFWLFHDQGLQWHUSUHWDWLRQVLQHHFWDWWKH GDWHRIWKLV%LGGHUȇV6WDWHPHQWΖWLVQRWLQWHQGHGWREHDQDXWKRULWDWLYHFRPSOHWHVWDWHPHQWRUFRPSUHKHQVLYH DQDO\VLVRIWKHWD[DWLRQODZVRI\$XVWUDOLD

7KHVXPPDU\GRHVQRWFRQVLGHUDQ\VSHFLȴFIDFWVRUFLUFXPVWDQFHVWKDWPD\DSSO\WRSDUWLFXODU(DVWRQ6KDUHKROGHUV

The information applies only to Easton Shareholders who hold their interest in the Shares on capital account, VXFKWKDWWKH\ZLOOEHVXEMHFWWRFDSLWDOJDLQVWD[&*7?LQUHVSHFWRIGHDOLQJVLQWKHLUKROGLQJRI(DVWRQ6KDUHV7KLV summary does not address the consequences that arise for Easton Shareholders:

• (a) ZKRKROGWKHLU(DVWRQ6KDUHVRQUHYHQXHDFFRXQWRUDVWUDGLQJVWRFN
• (b) ZKRKROGWKHLU(DVWRQ6KDUHVDVDVVHWVXVHGLQFDUU\LQJRQDEXVLQHVVRUDVSDUWRIDSURȴWPDNLQJ XQGHUWDNLQJRUVFKHPH
• (c) who acquired their Easton Shares through an employee share scheme;
• (d) ZKRDUH\$XVWUDOLDQWD[UHVLGHQWVEXWZKRKROGWKHLU(DVWRQ6KDUHVDVSDUWRIDQHQWHUSULVHFDUULHGRQDWRU through a permanent establishment in a foreign country;
• (e) ZKRDUHȴQDQFLDOLQVWLWXWLRQVLQVXUDQFHFRPSDQLHVSDUWQHUVKLSVWD[H[HPSWRUJDQLVDWLRQVWUXVWVH[FHSW ZKHUHH[SUHVVO\VWDWHG?VXSHUDQQXDWLRQIXQGVH[FHSWZKHUHH[SUHVVO\VWDWHG?RUWHPSRUDU\UHVLGHQWVRU
• (f) ZKRDUHVXEMHFWWRWD[DWLRQRIȴQDQFLDODUUDQJHPHQWVUXOHVLQUHODWLRQWRJDLQVDQGORVVHVRQWKHLU(DVWRQ6KDUHV

<RXDUHDGYLVHGWRVHHNLQGHSHQGHQWSURIHVVLRQDODGYLFHUHJDUGLQJWKH\$XVWUDOLDQWD[FRQVHTXHQFHVRIGLVSRVLQJRI your Easton Shares according to your own particular circumstances.

7KH\$XVWUDOLDQWD[FRQVHTXHQFHVRIGLVSRVLQJRI\RXU(DVWRQ6KDUHVZLOOGHSHQGRQDQXPEHURIIDFWRUVLQFOXGLQJ

• (a) ZKHWKHU\RXDUHDQ\$XVWUDOLDQUHVLGHQWRUQRQUHVLGHQWIRUWD[SXUSRVHV
• (b) ZKHWKHU\RXKROG\RXU(DVWRQ6KDUHVRQUHYHQXHDFFRXQWRUDVWUDGLQJVWRFN
• (c) ZKHQ\RXDFTXLUHG\RXU(DVWRQ6KDUHVIRUWD[SXUSRVHVRU
• (d) whether you are an individual, a company or a trustee of a complying superannuation entity.

5.2 CGT CONSEQUENCES - IMPLICATIONS OF DISPOSAL OF EASTON SHARES BY EASTON SHAREHOLDERS

\$FFHSWDQFHRIWKH2HUZLOOUHVXOWLQDGLVSRVDORIWKH(DVWRQ6KDUHVE\RXDQGVKRXOGWULJJHUD&*7HYHQW8QGHU WKH2HUWKH(DVWRQ6KDUHKROGHUVZLOOGLVSRVHRIWKHLU(DVWRQ6KDUHVLQH[FKDQJHIRUFDVK

7KHGLVSRVDORI\RXU(DVWRQ6KDUHVZLOOJLYHULVHWRDFDSLWDOJDLQRUORVVHTXDOWRWKHGLHUHQFHEHWZHHQWKHFDSLWDO proceeds received for the disposal of your Easton Shares and the cost base of your Easton Shares.

(a) &DSLWDOSURFHHGV

%URDGO\WKHFDVKFRQVLGHUDWLRQRHUHGE+8%XQGHUWKH2HUVKRXOGEHWKHFDSLWDOSURFHHGVIRUWKH purposes of calculating the capital gain or loss.

E? &RVWEDVHRIWKH(DVWRQ6KDUHV

%URDGO\WKHFRVWEDVHRUUHGXFHGFRVWEDVH?RIHDFK(DVWRQ6KDUHVKRXOGEHWKHDPRXQW\RXSDLGWRDFTXLUH the Easton Share (plus any incidental costs you incur on acquisition and disposal of the Easton Share). Your FRVWEDVHLQWKH(DVWRQ6KDUHVZLOOEHUHGXFHGE\DQ\UHWXUQVRIFDSLWDODQGRUWD[GHIHUUHGGLVWULEXWLRQV UHFHLYHGLQUHVSHFWRIWKDWSDUWLFXODU(DVWRQ6KDUH7KHWD[GHIHUUHGDPRXQWVDQGRUFDSLWDOUHWXUQVVKRXOG have been disclosed to you in your previous dividend statements from Easton. Easton Shareholders should VHHNWKHLURZQDGYLFHRQWKHUHOHYDQWFRVWEDVHRUUHGXFHGFRVWEDVH?RIWKHLULQWHUHVWLQWKH(DVWRQ6KDUHV

5.3 CGT CONSEQUENCES FOR AUSTRALIAN RESIDENT EASTON SHAREHOLDERS

(a) &*7GLVFRXQW

\$Q\QHWFDSLWDOJDLQVKRXOGEHLQFOXGHGLQ\RXUDVVHVVDEOHLQFRPHLI\RXDUHDQ\$XVWUDOLDQWD[UHVLGHQW(DVWRQ 6KDUHKROGHUDQGVXEMHFWWR\$XVWUDOLDQLQFRPHWD[DW\RXUDSSOLFDEOHPDUJLQDOWD[UDWH\$&*7GLVFRXQWPD\EH available to reduce your capital gain.

Easton Shareholders who are individuals, trusts or complying superannuation funds who have held their (DVWRQ6KDUHVIRUDWOHDVWPRQWKVEHIRUHWKHLUGLVSRVDOVKRXOGEHHQWLWOHGWRD&*7GLVFRXQWWRWKHH[WHQW there is a net capital gain for the income year.

%URDGO\WKH&*7GLVFRXQWUXOHVSURYLGHWKDW\$XVWUDOLDQUHVLGHQW(DVWRQ6KDUHKROGHUVPD\UHGXFHWKHLUFDSLWDO JDLQDIWHUWKHDSSOLFDWLRQRIDQ\FXUUHQW\HDURUSULRU\HDUFDSLWDOORVVHV?E\IRULQGLYLGXDOVDQGWUXVWVDQG E\IRUFRPSO\LQJVXSHUDQQXDWLRQIXQGV(DVWRQ6KDUHKROGHUVVKRXOGVHHNWKHLURZQVSHFLȴFDGYLFHLQ this respect.

E? &DSLWDOORVVHV

A capital loss will arise where the capital proceeds received by the Easton Shareholders on the disposal of their Easton Shares are less than the reduced cost base of those Easton Shares.

\$FDSLWDOORVVPD\EHXVHGWRRVHWDQ\RWKHUFDSLWDOJDLQVPDGHE\WKH(DVWRQ6KDUHKROGHUVIRUWKH UHOHYDQW\HDURILQFRPHRUPD\EHFDUULHGIRUZDUGWRRVHWFDSLWDOJDLQVLQIXWXUHLQFRPH\HDUV6SHFLȴFORVV recoupment test rules may apply to companies to restrict their ability to utilise capital losses in future years in VRPHFLUFXPVWDQFHV(DVWRQ6KDUHKROGHUVVKRXOGREWDLQWKHLURZQWD[DGYLFHLQUHODWLRQWRWKHRSHUDWLRQRI these rules.

5.4 CGT CONSEQUENCES FOR FOREIGN RESIDENT EASTON SHAREHOLDERS

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• (a) WKHIRUHLJQUHVLGHQW(DVWRQ6KDUHKROGHUWRJHWKHUZLWKLWVDVVRFLDWHV?KROGRUPRUHRIWKHLVVXHGVKDUHV LQ(DVWRQDWWKHWLPHRIWKH&*7HYHQWUHVXOWLQJIURPWKHGLVSRVDORIWKH(DVWRQ6KDUHVRUIRUDQ\FRQWLQXRXV WZHOYHPRQWKSHULRGZLWKLQWZR\HDUVSUHFHGLQJWKHWLPHRIWKH&*7HYHQWDQG
• (b) PRUHWKDQRIWKHPDUNHWYDOXHRI(DVWRQLVGHULYHGIURPUHDOSURSHUW\LQ\$XVWUDOLDEURDGO\ODQGDQG DVVHWVȴ[HGWRWKHODQG?VLWXDWHGLQ\$XVWUDOLD

A Shareholding that meets these conditions is referred to as an indirect Australian real property interest. ΖPSRUWDQWO\IRUHLJQUHVLGHQW(DVWRQ6KDUHKROGHUVPXVWDVVHVVZKHWKHUWKH\DUHVXEMHFWWR&*7DWWKHWLPHRIWKH &*7HYHQWUHVXOWLQJIURPWKHLUGLVSRVDORIWKH(DVWRQ6KDUHV

)RUHLJQUHVLGHQW(DVWRQ6KDUHKROGHUVZKRDUHVXEMHFWWR&*7RQWKHGLVSRVDORIWKHLU(DVWRQ6KDUHVVKRXOGQRWEH HQWLWOHGWRWKH&*7GLVFRXQW

(DVWRQ6KDUHKROGHUVZKRDUHQRW\$XVWUDOLDQ7D[UHVLGHQWVVKRXOGQRWHWKDWWKH\$XVWUDOLDQWD[FRQVHTXHQFHV IURPWKHGLVSRVDORIWKH(DVWRQ6KDUHVPD\EHDHFWHGE\DQ\GRXEOHWD[DJUHHPHQWEHWZHHQ\$XVWUDOLDDQGWKHLU FRXQWU\RIUHVLGHQFH)RUHLJQUHVLGHQW(DVWRQ6KDUHKROGHUVVKRXOGREWDLQVSHFLȴFWD[DGYLFH

5.5 FOREIGN RESIDENT CGT WITHHOLDING OBLIGATIONS

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• (a) NQRZVWKHWDUJHWVKDUHKROGHULVDIRUHLJQUHVLGHQWRU
• (b) reasonably believes that the target shareholder is a foreign resident; or
• (c) does not reasonably believe that the target shareholder is an Australian resident and either:
• (i) the target shareholder has an address outside Australia; or
• (ii) WKHELGGHULVDXWKRULVHGWRPDNHSD\PHQWRIWKHRHUFRQVLGHUDWLRQWRDSODFHRXWVLGH\$XVWUDOLD (whether to the target shareholder or to anyone else).

ΖIWKHELGGHUFRQVLGHUVWKDWLWKDVDQREOLJDWLRQWRPDNHWKHDERYHSD\PHQWWRWKH\$72LWPD\ZLWKKROGWKH DSSOLFDEOHDPRXQWIURPWKHRHUFRQVLGHUDWLRQSDLGWRWKHUHOHYDQWWDUJHWVKDUHKROGHU:KHUHWKHELGGHUSD\V WKHZLWKKHOGDPRXQWWRWKH\$72WKHELGGHUZLOOEHGLVFKDUJHGRIDQ\OLDELOLW\WRSD\WKDWDPRXQWRIWKHRHU consideration to the target shareholder.

'HVSLWHDQ\RWKHUSURYLVLRQVRIWKLVVHFWLRQbLI+8%UHDVRQDEO\EHOLHYHVWKDWWKHUHLVRULVUHDVRQDEO\OLNHO\ to be, a liability to withhold and pay an amount to the ATO in respect of the disposal of the Easton Shares by a (DVWRQ6KDUHKROGHU+8%ZLOOZLWKKROGWKHDSSOLFDEOHDPRXQWIURPWKHSD\PHQWRI2HUFRQVLGHUDWLRQWRWKH Easton Shareholder and pay the amount withheld to the ATO. The Easton Shareholder will then only receive the QHWSURFHHGVDIWHUGHGXFWLRQRIWKLVZLWKKHOGDPRXQWDQGWKHSD\PHQWRIWKHQHWSURFHHGVZLOOEHWDNHQWREHIXOO SD\PHQWIRUWKHSXUSRVHVRIWKH2HU

ΖI+8%FRQVLGHUVWKDWDZLWKKROGLQJZLOOEHUHTXLUHG+8%ZLOOQRWLI\WKHUHOHYDQW(DVWRQ6KDUHKROGHUDWWKHLU registered address. A Easton Shareholder who believes the disposal of their Easton Shares may trigger a foreign UHVLGHQW&*7ZLWKKROGLQJWD[OLDELOLW\VKRXOGREWDLQWKHLURZQLQGHSHQGHQWWD[DGYLFHDQGFRQVLGHUFRQWDFWLQJ+8%

+8%PD\UHTXHVWWKH(DVWRQ6KDUHKROGHUWRFRPSOHWHVLJQDQGUHWXUQDȆ5HOHYDQW)RUHLJQ5HVLGHQW'HFODUDWLRQ )RUPȇLQRUGHUWRHQVXUHWKDWWKH(DVWRQ6KDUHVKHOGE\WKH(DVWRQ6KDUHKROGHUDUHQRWLQGLUHFW\$XVWUDOLDQUHDO SURSHUW\DQGWKHUHIRUHQRWVXEMHFWWRZLWKKROGLQJWD[EHLQJGHGXFWHGIURPWKH2HUFRQVLGHUDWLRQ

5.6 GST

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6. OTHER INFORMATION

6.1 INDUCING BENEFITS GIVEN BY HUB24 DURING PREVIOUS 4 MONTHS

([FHSWDVVHWRXWLQWKLV%LGGHUȇV6WDWHPHQWGXULQJWKHSHULRGEHJLQQLQJPRQWKVEHIRUHWKHGDWHRQZKLFKWKLV %LGGHUȇV6WDWHPHQWLVORGJHGZLWK\$6Ζ&DQGHQGLQJWKHGD\EHIRUHWKDWGDWHRIORGJHPHQWQHLWKHU+8%QRUDQ\ \$VVRFLDWHRI+8%JDYHRURHUHGWRJLYHRUDJUHHGWRJLYHDEHQHȴWWRDQRWKHUSHUVRQWKDWLVQRWDYDLODEOHXQGHU WKH2HUVDQGZDVOLNHO\WRLQGXFHWKHRWKHUSHUVRQRUDQ\$VVRFLDWHRIWKHRWKHUSHUVRQWR

• (a) DFFHSWDQ2HURU
• (b) dispose of Easton Shares.

6.2 NO ESCALATION AGREEMENTS

1HLWKHU+8%QRUDQ\RILWV\$VVRFLDWHVKDVHQWHUHGLQWRDQ\HVFDODWLRQDJUHHPHQWWKDWLVSURKLELWHGE\VHFWLRQ 622 of the Corporations Act.

6.3 NO OTHER MATERIAL INFORMATION

([FHSWDVVHWRXWLQWKLV%LGGHUȇV6WDWHPHQWWKHUHLVQRLQIRUPDWLRQPDWHULDOWRWKHPDNLQJRIDGHFLVLRQE\DQ RHUHHZKHWKHURUQRWWRDFFHSWWKH2HUEHLQJLQIRUPDWLRQWKDWLVNQRZQWR+8%DQGKDVQRWSUHYLRXVO\EHHQ disclosed to the holders of Easton Shares.

)RUWKHSXUSRVHVRIXQGHUWDNLQJGXHGLOLJHQFHLQYHVWLJDWLRQVDVSDUWRIHYDOXDWLQJZKHWKHURUQRWWRPDNHWKH2HU (DVWRQSURYLGHG+8%ZLWKDFFHVVWRLQIRUPDWLRQFRQFHUQLQJ(DVWRQDQGLWVEXVLQHVVDQGDDLUVVRPHRIZKLFK LVQRWJHQHUDOO\DYDLODEOHWR(DVWRQ6KDUHKROGHUV7KHLQIRUPDWLRQPDGHDYDLODEOHWR+8%GXULQJWKHFRXUVHRI LWVGXHGLOLJHQFHLQYHVWLJDWLRQVLVHLWKHULQWKHSXEOLFGRPDLQGLVFORVHGLQWKLV%LGGHUȇV6WDWHPHQWRULQ+8%ȇV RSLQLRQLVQRWPDWHULDOWRWKHPDNLQJRIDGHFLVLRQE\DQ(DVWRQ6KDUHKROGHUZKHWKHURUQRWWRDFFHSWWKH2HU

6.4 CONSENTS TO BE NAMED

7KHIROORZLQJSHUVRQVKDYHJLYHQWKHLUFRQVHQWWREHLQJQDPHGLQWKLV%LGGHUȇV6WDWHPHQWLQWKHIRUPDQGFRQWH[WLQ ZKLFKWKHLUQDPHVDSSHDUDQGKDYHQRWZLWKGUDZQWKHLUFRQVHQWSULRUWRWKHORGJHPHQWRIWKLV%LGGHUȇV6WDWHPHQW with ASIC:

• (a) 0LQWHU(OOLVRQ\$&1?WREHQDPHGDVWKHOHJDODGYLVHUWR+8%
• (b) *UHHQKLOO &R\$XVWUDOLD3W\/WG\$&1?WREHQDPHGDVȴQDQFLDODGYLVHUWR+8%DQG
• (c) /LQN0DUNHW6HUYLFH/LPLWHG\$&1?WREHQDPHGDVWKHUHJLVWU\IRUWKH2HU

1RQHRIWKHDERYHPHQWLRQHGSHUVRQVKDYHFDXVHGRUDXWKRULVHGWKHLVVXHRIWKLV%LGGHUȇV6WDWHPHQWRUPDNHRU SXUSRUWWRPDNHDQ\VWDWHPHQWLQWKLV%LGGHUȇV6WDWHPHQWRUDQ\VWDWHPHQWRQZKLFKDVWDWHPHQWLQWKH%LGGHUȇV 6WDWHPHQWLVEDVHGDQGWRWKHPD[LPXPH[WHQWSHUPLWWHGE\ODZGLVFODLPDOOOLDELOLW\LQUHVSHFWRIDQGWDNHVQR UHVSRQVLELOLW\IRUDQ\SDUWRIWKLV%LGGHUȇV6WDWHPHQW

6.5 ASIC RELIEF

7KLV%LGGHUȇV6WDWHPHQWLQFOXGHVRULVDFFRPSDQLHGE\VWDWHPHQWVZKLFKDUHPDGHLQRUEDVHGRQVWDWHPHQWV PDGHLQGRFXPHQWVORGJHGZLWK\$6Ζ&RURQWKHFRPSDQ\DQQRXQFHPHQWSODWIRUPRI\$6;8QGHUWKHWHUPVRI\$6Ζ& &ODVV2UGHUWKHSDUWLHVPDNLQJWKRVHVWDWHPHQWVDUHQRWUHTXLUHGWRFRQVHQWWRDQGKDYHQRWFRQVHQWHG WRWKHLQFOXVLRQRIWKRVHVWDWHPHQWVLQWKLV%LGGHUȇV6WDWHPHQWΖI\RXZRXOGOLNHWRUHFHLYHDFRS\RIDQ\RIWKHVH GRFXPHQWVSOHDVHFRQWDFWWKH2HUΖQIRUPDWLRQ/LQHDQG\RXZLOOEHVHQWFRSLHVIUHHRIFKDUJHZLWKLQ%XVLQHVV Days of the request.

As permitted by ASIC Corporations (Consents to Statements) Instrument 2016/72WKLV%LGGHUȇV6WDWHPHQWPD\ without consent, include or be accompanied by certain trading data references and certain statements which fairly UHSUHVHQWDVWDWHPHQWE\DQRɝFLDOSHUVRQRUZKLFKFRPHIURPDSXEOLFRɝFLDOGRFXPHQWRUSXEOLVKHGERRN journal or comparable publication.

As permitted by ASIC Corporations (Consents to Statements) Instrument 2016/72WKLV%LGGHUȇV6WDWHPHQWFRQWDLQV VKDUHSULFHWUDGLQJGDWDVRXUFHGIURPΖ5(66/LPLWHGDQG)DFW6HW5HVHDUFK6\VWHPVΖQFZLWKRXWLWVFRQVHQW

6.6 WITHHOLDING OF CONSIDERATION

([FHSWDVRXWOLQHGLQVHFWLRQb+8%LVQRWFXUUHQWO\DZDUHRIDQ\RWKHUDPRXQWVWKDWDUHRUZRXOGEHWUHDWHG DVZLWKKROGLQJDPRXQWVXQGHUVHFWLRQb+RZHYHULWLVSRVVLEOHWKDW+8%PD\EHFRPHDZDUHRIDQREOLJDWLRQ LQWKLVUHJDUGDIWHUWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW

)RUH[DPSOHXQGHUVHFWLRQbRIWKHIncome Tax Assessment Act 1936&WK?WKH\$XVWUDOLDQ7D[DWLRQ2ɝFHPD\ QRWLI+8%WKDWDOORUSDUWRIWKHFRQVLGHUDWLRQRWKHUZLVHSD\DEOHXQGHUWKH2HUWR(DVWRQ6KDUHKROGHUVZKR DUHQRQUHVLGHQWVRI\$XVWUDOLDLVWREHUHWDLQHGE+8%RUSDLGWRWKH\$XVWUDOLDQ7D[DWLRQ2ɝFHLQVWHDGRIEHLQJ SDLGWRWKHUHOHYDQW(DVWRQ6KDUHKROGHUVWRWKHH[WHQWWKDW\$XVWUDOLDQWD[LVGXHDQGSD\DEOHE\WKHQRQUHVLGHQW 7KHDPRXQWWKDWFDQEHZLWKKHOGVKRXOGEHHTXDOWRWKHDPRXQWRIWD[GXHDQGSD\DEOHE\WKHQRQUHVLGHQW

6LPLODUO\XQGHUVHFWLRQbRI6FKHGXOHbWRWKHTaxation Administration Act 1953&WK?WKH\$XVWUDOLDQ7D[DWLRQ 2ɝFHPD\UHTXLUH+8%WRSD\WRWKH\$XVWUDOLDQ7D[DWLRQ2ɝFHDOORUSDUWRIWKHFRQVLGHUDWLRQRWKHUZLVHSD\DEOH XQGHUWKH2HUWR(DVWRQ6KDUHKROGHUVZKRRZHWD[UHODWHGGHEWVWRWKH\$XVWUDOLDQ*RYHUQPHQWWRWKHH[WHQWWKDW WKHUHOHYDQW(DVWRQ6KDUHKROGHURZHVWD[UHODWHGGHEWVWRWKH\$XVWUDOLDQ*RYHUQPHQW

6.7 ARRANGEMENTS BETWEEN EASTON AND HUB24

+8%DQG(DVWRQKDYHHQWHUHGLQWRWKHIROORZLQJDUUDQJHPHQWVWKHNH\WHUPVRIZKLFKDUHVXPPDULVHGEHORZ

(a) 7UDQVDFWLRQΖPSOHPHQWDWLRQ'HHG

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2΍HU	+8%DJUHHGWRPDNHDQR΍HUWR(DVWRQ6KDUHKROGHUVWRDFTXLUHRXWRIHYHU\ 3 Easton Shares for consideration of \$1.20 cash for 1 out of every 3 Easton Share reduced by any dividends or distributions paid or payable by Easton after the GDWHRIWKH-RLQW\$QQRXQFHPHQWDQGSULRUWRWKHHQGRIWKH2΍HU3HULRGH[FHSW the Permitted Dividend.
&RQGLWLRQWR2΍HU	%HWZHHQWKH\$QQRXQFHPHQW'DWHDQGWKHHQGRIWKH2΍HU3HULRGQR3UHVFULEHG Occurrence occurs.
2΍HU3HULRG	7KH2΍HU3HULRGZLOOEHIRUDPLQLPXPRIPRQWK
Heads of Agreement	7KH+HDGVRI\$JUHHPHQWDQQRXQFHGRQWKH\$6;GDWHG2FWREHUZDV terminated.

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Options	+8%ZLOOVXEVFULEHIRUWKH1HZ(DVWRQ2SWLRQVRQ)HEUXDU\DV FRQVLGHUDWLRQIRU+8%HQWHULQJLQWRWKH7HFKQRORJ\3DUWQHUVKLSDQG Distribution Agreement (see below) on the following terms:
	• Nil Subscription Price
	• Each New Easton Option entitles the holder to subscribe for one Share XSRQH[HUFLVHRIWKH1HZ(DVWRQ2SWLRQ
	• 7KHDPRXQWSD\DEOHXSRQH[HUFLVHRIHDFKQHZ(DVWRQ2SWLRQZLOOEH
	• (DFK1HZ(DVWRQ2SWLRQZLOOH[SLUHPRQWKVIURPWKHGDWHRILVVXH\$ QHZ(DVWRQ2SWLRQQRWH[HUFLVHGEHIRUHWKH([SLU\'DWHZLOODXWRPDWLFDOO\ ODSVHRQWKH([SLU\'DWH
	• 7KH1HZ(DVWRQ2SWLRQVDUHH[HUFLVDEOHDWDQ\WLPHRQRUSULRUWRWKH ([SLU\'DWHE\SURYLGLQJQRWLFHLQZULWLQJWR(DVWRQ
	• (DVWRQZLOODOORWDQGLVVXHWKH(DVWRQ6KDUHVZLWKLQ%XVLQHVV'D\VDIWHU (DVWRQUHFHLYHVQRWLFHRIH[HUFLVHDQGSD\PHQWRIWKHH[HUFLVHSULFH
	• 7KH(DVWRQ6KDUHVLVVXHGRQH[HUFLVHRIWKH1HZ(DVWRQ2SWLRQVUDQN equally with all other Easton Shares on issue
	• (DVWRQZLOODSSO\WR\$6;IRUTXRWDWLRQRIWKH(DVWRQ6KDUHVXSRQH[HUFLVH of the New Easton Options
	• All rights of a New Easton Option holder will be changed in the manner FRQVLVWHQWZLWKWKH&RUSRUDWLRQV\$FWDQGWKH\$6;/LVWLQJ5XOHVLIWKHLVVXHG capital of Easton is reorganised
	• 7KH1HZ(DVWRQ2SWLRQVFRQIHUVWKHULJKWWRFKDQJHLQ([HUFLVH3ULFHLQ DFFRUGDQFHZLWKWKH\$6;/LVWLQJ5XOHV
	• 7KH1HZ(DVWRQ2SWLRQVZLOOQRWEHTXRWHGRQWKH\$6;
	• The New Easton Options are not transferable.
Appointment of Directors to Easton	+8%ZLOOQRPLQDWHWZRGLUHFWRUVWREHDSSRLQWHGDVGLUHFWRUVRI(DVWRQRQ 1 February 2021.
%RDUG	+8%PD\QRPLQDWHDGGLWLRQDOQXPEHURIGLUHFWRUVWREHDSSRLQWHGWRWKH (DVWRQ%RDUGFRQVLVWHQWZLWKLWVVKDUHKROGLQJLQ(DVWRQIURPWLPHWRWLPH
([FOXVLYLW\	&XVWRPDU\H[FOXVLYLW\SURYLVLRQVDUHSURYLGHGIRUWKHEHQHȴWRI+8%LQFOXGLQJ
	• No shop;
	• 1RWDON
	• No due diligence; and
	• 1RWLȴFDWLRQDQGPDWFKLQJULJKWV
%UHDN)HHDQG%UHDN Costs	(DVWRQPXVWSD\WR+8%LID&RPSHWLQJ3URSRVDOLVDQQRXQFHG before the End Date and is subsequently implemented.
	(DVWRQPXVWSD\WR+8%LIWKH2΍HUGRHVQRWJRDKHDGRU(DVWRQLV in material breach of a warranty or other material obligation of the Transaction Implementation Deed.
Top up rights	+8%KDVWKHULJKWWRSDUWLFLSDWHLQDQ\IXWXUHFDSLWDOUDLVLQJVRI(DVWRQ SURYLGHGLWKROGVLQH[FHVVRIRIWKHWRWDOLVVXHG(DVWRQ6KDUHV
Termination	+8%PD\WHUPLQDWHWKH7UDQVDFWLRQΖPSOHPHQWDWLRQ'HHGLIWKH%UHDN)HHRU %UHDN&RVWVDUHSD\DEOHLIWKH(DVWRQ%RDUGQRORQJHUVXSSRUWVWKH2΍HURUD Prescribed Occurrence eventuates.

E? 3UH%LG\$FFHSWDQFH\$JUHHPHQWV

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Consideration	ΖQFRQVLGHUDWLRQRI\$E+8%WRHDFKVKDUHKROGHUDVVRFLDWHGZLWKD GLUHFWRUOLVWHGEHORZ?ȊDirector Shareholders"), each Director Shareholder will DFFHSWWKH2΍HULQUHODWLRQWR
	• (DVWRQ6KDUHVȂ.HYLQ:KLWHDQGUHODWHGHQWLWLHV • (DVWRQ6KDUHVȂUHJ+D\HVDQGUHODWHGHQWLWLHV • (DVWRQ6KDUHVȂ&DUO6FDUFHOODDQGUHODWHGHQWLWLHV • (DVWRQ6KDUHVȂUDKDPH(YDQVDQGUHODWHGHQWLWLHV
Acceptance of arrangements	7KH'LUHFWRU6KDUHKROGHUVPXVWDFFHSWWKH2΍HULQUHVSHFWRIWKH\$FFHSWDQFH 6KDUHVE\SPRQWKHȴIWK%XVLQHVV'D\DIWHUWKHGHVSDWFKRIWKH%LGGHUȇV 6WDWHPHQWLQUHVSHFWRIWKH2΍HU
Restriction on dealing in Acceptance Shares	The Director Shareholders must not sell, transfer or otherwise dispose of any of WKH\$FFHSWDQFH6KDUHVRWKHUWKDQSXUVXDQWWRWKH2΍HU?XQWLOWKHWHUPLQDWLRQRI WKH3UH%LG\$FFHSWDQFH\$JUHHPHQWV
Termination	This agreement will terminate if:
	• +8%GRHVQRWGHVSDWFKWKH2΍HUWR(DVWRQ6KDUHKROGHUVZLWKLQ PRQWKVIURPWKHDQQRXQFHPHQWE+8%WKDWLWLQWHQGVWRPDNHDQ 2΍HURU+8%ZLWKGUDZVWKH2΍HU
	• D'HIHDWLQJ&RQGLWLRQLVWULJJHUHGDQGQRWZDLYHGE+8%?ZLWKLQGD\V
	• +8%UHGXFHVWKH2΍HU3ULFH

(c) 3DUDJHP\$JUHHPHQW

.H\7HUP	6XPPDU\
Overview	+8%DQGDVXEVLGLDU\RI(DVWRQHQWHUHGLQWRWKH3DUDJHP\$JUHHPHQW pursuant to which Easton will acquire all the outstanding shares in Paragem, +8%ȇVȴQDQFLDODGYLFHEXVLQHVVLQFRQVLGHUDWLRQIRU(DVWRQ6KDUHV DWHDFKȊ3DUDJHP6KDUHVȋ?UHSUHVHQWLQJRI(DVWRQ6KDUHV
	The Paragem Agreement is not subject to any conditions precedent.
%X\%DFNRI Consideration Shares	If Completion does not occur by the Sunset Date (31 March 2021) due to a EUHDFKE+8%(DVWRQPD\WHUPLQDWHWKLVDJUHHPHQW(DVWRQZLOOWKHQEH HQWLWOHGWRFRQGXFWDVHOHFWLYHVKDUHEX\EDFNZKLFK+8%PXVWSDUWLFLSDWHLQ for \$1 in aggregate for all Consideration Shares.
Obligations before Completion	3ULRUWR&RPSOHWLRQ+8%PXVWSURFXUHWKDW3DUDJHPFDUULHVRQLWVEXVLQHVV in the ordinary course and consistent with past practice and includes customary restrictions in respect of various actions without the prior written consent of (DVWRQVXFKFRQVHQWQRWWREHXQUHDVRQDEO\ZLWKKHOGRUGHOD\HG?+8%ZLOO DOORZ(DVWRQDQGLWV5HSUHVHQWDWLYHVUHDVRQDEOHDFFHVVWR1DWKDQ-DFREVHQDQG the Records at all reasonable times before completion of the sale of Paragem to enable Easton to, as is reasonably necessary, become familiar with the 3DUDJHPbEXVLQHVV
Restraint	+8%LVVXEMHFWWRDFXVWRPDU\UHVWUDLQWLQUHODWLRQWRLWFDUU\LQJRQDVLPLODU business to that of Paragem.
Completion	&RPSOHWLRQRIWKH3DUDJHPDFTXLVLWLRQLVH[SHFWHGWRRFFXURQ)HEUXDU\

.H\7HUP	6XPPDU\
Term	+8%ZLOOVXSSO\WHFKQRORJ\VROXWLRQVWR(DVWRQSXUVXDQWWR6WDWHPHQWVRI :RUNWREHDJUHHGEHWZHHQWKHSDUWLHVIURPWLPHWRWLPH
Termination	(LWKHUSDUW\PD\WHUPLQDWHWKLVDJUHHPHQWDQGRUDQ\6WDWHPHQWVRI:RUN?E\ issuing a Termination Notice to the other party if:
	• WKHRWKHUSDUW\FRPPLWVD0DWHULDO%UHDFKRURWKHUZLVHIDLOVWRUHPHG\ within 20 business days)
	• DQ\RɝFHUVFRPPLWVDQ\IUDXGRUPLVUHSUHVHQWDWLRQ
	• WKHUHLVDGHȴQHGFKDQJHLQFRQWUROHYHQWZLWKRXWSURFXULQJSULRUZULWWHQ consent
Change of Control	(LWKHUSDUW\PD\WHUPLQDWHWKLVDJUHHPHQWDQGRU6WDWHPHQWVRI:RUN?E\ issuing a termination notice to the other party if there is a change in control in WKHRWKHUSDUW\ZLWKRXWWKDWSDUW\REWDLQLQJWKH7HUPLQDWLQJ3DUW\ȇVSULRUZULWWHQ consent.
	&KDQJHRIFRQWUROPHDQVDFKDQJHLQPRUHWKDQRIWKHVKDUHKROGLQJRU underlying control or the composition of the board of directors of a person ZKHUHȆFRQWUROȇKDVWKHPHDQLQJJLYHQWRWKDWWHUPLQVHFWLRQ\$\$RIWKH Corporations Act).

(d) 7HFKQRORJ\3DUWQHUVKLSDQG'LVWULEXWLRQ\$JUHHPHQW

(e) ([HFXWLYH&RQWUDFW

(DVWRQDQG1DWKDQ-DFREVHQDUHDWWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWQHJRWLDWLQJWKHWHUPVRIWKH([HFXWLYH &RQWUDFWWKDWZRXOGVHH0U-DFREVHQEHHQJDJHGDVWKH0DQDJLQJ'LUHFWRURI(DVWRQRQ)HEUXDU\ 'LVFORVXUHRIWKHPDWHULDOWHUPVRIWKH([HFXWLYH&RQWUDFWRQFHȴQDOLVHGZLOOEHPDGHWR\$6;

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Services	\$VXEVLGLDU\RI+8%ȊHUB24 ServiceCo") will provide certain services to Paragem on a transitional basis following completion of the Paragem Agreement.
Term	The agreement commences on the Completion Date (being the date of completion under the Paragem Agreement) and continues for 3 months.
	3DUDJHPPD\UHTXHVWWKDWWKHUHOHYDQW6HUYLFH7HUPEHH[WHQGHGZKHUHIDLOXUH WRH[WHQGLQ3DUDJHPȇVUHDVRQDEOHRSLQLRQZRXOGKDYHDPDWHULDODGYHUVH impact on the continuity of the Paragem business, provided that the term not be H[WHQGHGEH\RQGPRQWKVDIWHU&RPSOHWLRQ
Termination	+8%6HUYLFH&RDQG3DUDJHPPD\WHUPLQDWHWKLVDJUHHPHQWE\JLYLQJQRWLFHLI the other party commits a material breach (or fails to remedy within 20 business GD\V?RUDGHȴQHGLQVROYHQF\HYHQWRFFXUV

7. THE OFFER

7.1 GENERAL TERMS

• (a) +8%RHUVWRDFTXLUHIURP\RXRQWKHWHUPVDQGFRQGLWLRQVRIWKLV2HURXWRIHYHU\RI\RXU(DVWRQ 6KDUHVWRJHWKHUZLWKDOO5LJKWVDWWDFKLQJWRWKH6ROG6KDUHV6XEMHFWWRSDUDJUDSKVbE?F?G?H?DQGI?RIWKLV VHFWLRQb\RXPD\RQO\VHOORXWRIHYHU\RI\RXU(DVWRQ6KDUHVXQGHUWKLV2HUDQGQRWDJUHDWHURU OHVVHUSURSRUWLRQ)RUH[DPSOHLI\RXKROG(DVWRQ6KDUHV\RXFDQRQO\VHOORI\RXU(DVWRQ6KDUHV WR+8%XQGHUWKLV2HU
• (b) 7KLV2HUGRHVQRWH[WHQGWR(DVWRQ6KDUHVLQUHVSHFWRIZKLFK\RXEHFRPHUHJLVWHUHGRUEHFRPHHQWLWOHGWR EHUHJLVWHUHGDVWKHKROGHUSULRUWRWKHHQGRIWKH2HU3HULRGDVDUHVXOWRIWKHFRQYHUVLRQRIRUWKHH[HUFLVH of rights attached to, other shares convertible into Easton Shares that are on issue at the Register Date.
• (c) 7KLV2HUH[WHQGVWRDQ\SHUVRQZKRLVDEOHGXULQJWKH2HU3HULRGWRJLYHJRRGWLWOHWRDSDUFHORI(DVWRQ 6KDUHVDQGKDVQRWDOUHDG\DFFHSWHGDQ2HUIRUWKRVH(DVWRQ6KDUHVVHHVHFWLRQbD??ΖI\RXDFFHSWWKLV 2HUIRU+8%WRDFTXLUHRXWRIHYHU\RI\RXU(DVWRQ6KDUHV\RXZLOOEHWDNHQWRKDYHDFFHSWHGWKH2HU IRUDOO\RXU(DVWRQ6KDUHVIRUWKHSXUSRVHVRIVHFWLRQb%RIWKH&RUSRUDWLRQV\$FW<RXZLOOQRWEHHQWLWOHGWR DFFHSWWKH2HUIRUWKHUHPDLQLQJRXWRIRI\RXU(DVWRQ6KDUHVȊ5HPDLQLQJ6KDUHV"). You can sell your 5HPDLQLQJ6KDUHVEXWDWUDQVIHUHHFDQQRWDFFHSWWKH2HULQUHVSHFWRIWKH5HPDLQLQJ6KDUHV<RXU5HPDLQLQJ 6KDUHVZLOOHHFWLYHO\EHȊWDJJHGȋDQGORFNHGRQHLWKHU(DVWRQȇVLVVXHUVSRQVRUHGVXEUHJLVWHURUWKH&+(66 VXEUHJLVWHUWRSUHYHQWWKHLUDFFHSWDQFHLQWRWKLV2HURUWUDQVIHUWRDQRWKHUSDUW\GXULQJWKH2HU3HULRG
• (d) 6XEMHFWWRSDUDJUDSKbH?DQGGHVSLWHSDUDJUDSKVbD?E?DQGF?RIWKLVVHFWLRQbLIDFFHSWLQJWKLV2HU ZRXOGOHDYH\RXZLWKOHVVWKDQD0DUNHWDEOH3DUFHORI(DVWRQ6KDUHVWKLV2HUH[WHQGVWRWKHZKROHRIWKDW SDUFHODQGLI\RXDFFHSWWKH2HU\RXZLOOEHGHHPHGWRKDYHDFFHSWHGIRUDQGZLOOUHFHLYHFRQVLGHUDWLRQ IRU?RXWRIHYHU\LH?RI\RXU(DVWRQ6KDUHV7KLVDOVRDSSOLHVVXEMHFWWRSDUDJUDSKbH?WRSHUVRQV who hold one or more parcels of Easton Shares as nominee or trustee for others, provided that the holder SURYLGHVDQRWLFHFRPSO\LQJZLWKVHFWLRQbE?LQUHODWLRQWRHDFKSDUFHO
• (e) 3DUDJUDSKbG?ZLOOQRWDSSO\WRDSDUFHORI(DVWRQ6KDUHVZKHWKHUKHOGEHQHȴFLDOO\RURWKHUZLVHWKDWKDVFRPH LQWRH[LVWHQFHRULQFUHDVHGLQVL]HEHFDXVHRIDWUDQVDFWLRQHQWHUHGLQWRLQFOXGLQJWKHFUHDWLRQRIRQHRU PRUHWUXVWV?DIWHUWKLV2HULVDQQRXQFHG
• (f) ΖIWKHQXPEHURI\RXU(DVWRQ6KDUHVWRZKLFKWKLV2HUUHODWHVLVQRWDZKROHQXPEHUWKH2HUZLOOEH rounded up to the nearest whole number.
• (g) 7KHFRQVLGHUDWLRQRHUHGIRUHDFKRI\RXU6ROG6KDUHVLVFDVKZKLFKPD\EHUHGXFHGLQDFFRUGDQFH ZLWKVHFWLRQbE\WKHDPRXQWRIDQ\5LJKWVZKLFK\RXRUDQ\SUHYLRXVKROGHURI\RXU6ROG6KDUHV?EHFRPH HQWLWOHGWRUHFHLYHLQUHVSHFWRI\RXU6ROG6KDUHVRQRUDIWHUWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW
• (h) 7KH2HULVGDWHG-DQXDU\
• (i) 7KH2HULVXQFRQGLWLRQDORWKHUWKDQLQUHVSHFWRI1R3UHVFULEHG2FFXUUHQFHV&RQGLWLRQ

7.2 OFFER PERIOD

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• (a) on 22 February 2021; or
• (b) RQDQ\GDWHWRZKLFKWKHSHULRGRIWKLV2HULVH[WHQGHGXQGHUWKLVVHFWLRQb

+8%UHVHUYHVWKHULJKWH[HUFLVDEOHLQLWVVROHGLVFUHWLRQWRH[WHQGWKH2HU3HULRGLQDFFRUGDQFHZLWKWKH Corporations Act.

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• (c) +8%YDULHVWKH2HUVWRLPSURYHWKHFRQVLGHUDWLRQRHUHGRU
• (d) +8%ȇVYRWLQJSRZHULQ(DVWRQLQFUHDVHVWRPRUHWKDQ

7.3 HOW TO ACCEPT THE OFFER

<RXPD\DFFHSWWKLV2HUIRU+8%WRDFTXLUHRXWRIHYHU\RI\RXU(DVWRQ6KDUHVWR+8%QRPRUHRUOHVV VXEMHFWWRVHFWLRQVbE?F?G?H?DQGI

6HFWLRQVbE?DQGF?UHIHUDPRQJRWKHUWKLQJVWRWKHGLHUHQW\$FFHSWDQFH)RUPVIRUXVHWRDFFHSWWKLV2HU depending on the nature of your shareholding in Easton. You will only be sent one type of Acceptance Form with WKLV%LGGHUȇV6WDWHPHQW

(a) \$FFHSWWRVHOORXWRIHYHU\RI\RXU(DVWRQ6KDUHV

<RXFDQRQO\DFFHSWWKLV2HUGXULQJWKH2HU3HULRG

<RXZLOOEHWDNHQWRKDYHDFFHSWHGWKH2HUIRU+8%WRDFTXLUHRXWRIHYHU\RXU(DVWRQ6KDUHVVXEMHFW WRVHFWLRQVbE?F?G?H?DQGI?GHVSLWHDQ\GLHUHQFHEHWZHHQWKDWQXPEHUDQGWKHQXPEHURI(DVWRQ 6KDUHVVSHFLȴHGRQ\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUP

E? &+(66+ROGLQJV

ΖI\RXU(DVWRQ6KDUHVDUHLQD&+(66+ROGLQJLQZKLFKFDVH\RXU+ROGHUΖGHQWLȴFDWLRQ1XPEHUZLOOFRPPHQFH ZLWKȆ;ȇ?\RXPXVWFRPSO\ZLWKWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHVDQG\RXU&RQWUROOLQJ3DUWLFLSDQWZLOODFWLQ DFFRUGDQFHZLWK\$6;6HWWOHPHQWȇVQRWLFHVIRUSURFHVVLQJDSURSRUWLRQDOWDNHRYHUELG

• (i) ΖI\RXDUHWKH&RQWUROOLQJ3DUWLFLSDQW\RXPXVW\RXUVHOILQLWLDWHDFFHSWDQFHXQGHUUXOHRIWKH\$6; 6HWWOHPHQW2SHUDWLQJ5XOHVEHIRUHWKHHQGRIWKH2HU3HULRGRU
• (ii) if you are not the Controlling Participant, you should either:
• \$? LQVWUXFW\RXU&RQWUROOLQJ3DUWLFLSDQWXVXDOO\RXU%URNHU?WRLQLWLDWHDFFHSWDQFHRIWKLV2HUXQGHU UXOHRIWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHVEHIRUHWKHHQGRIWKH2HU3HULRGRU
• %? FRPSOHWHDQGVLJQWKH\$FFHSWDQFH)RUPLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVRQLW2QFHFRPSOHWHG and signed, you need to return the Acceptance Form together with all other documents required E\WKHLQVWUXFWLRQVRQLWWRRQHRIWKHDGGUHVVHVVSHFLȴHGRQWKHIRUP7KLVZLOODXWKRULVH+8% RU+8%ȇVQRPLQHH?WRLQVWUXFW\RXU&RQWUROOLQJ3DUWLFLSDQWXVXDOO\RXU%URNHU?WRLQLWLDWH DFFHSWDQFHRIWKLV2HURQ\RXUEHKDOI)RUUHWXUQRIWKH\$FFHSWDQFH)RUPWREHDQHHFWLYH DFFHSWDQFHRIWKH2HU\RXPXVWHQVXUHLWLVUHFHLYHGE+8%LQWLPHWRJLYHLQVWUXFWLRQVWR your Controlling Participant, and for your Controlling Participant to carry out those instructions, EHIRUHWKHHQGRIWKH2HU3HULRG

(c) ΖVVXHU6SRQVRUHG+ROGLQJV

ΖI\RXU(DVWRQ6KDUHVDUHUHJLVWHUHGLQ(DVWRQȇVΖVVXHU6SRQVRUHG+ROGLQJLQZKLFKFDVH\RXU6HFXULW\KROGHU 5HIHUHQFH1XPEHUZLOOFRPPHQFHZLWKȆΖȇ?RULIDWWKHWLPHRI\RXUDFFHSWDQFH\RXDUHHQWLWOHGWREHEXWDUH not yet) registered as the holder of, or are otherwise able to give good title to, your Easton Shares, to accept WKLV2HU\RXPXVW

• (i) complete and sign the Acceptance Form in accordance with the instructions on it; and
• (ii) return the Acceptance Form together with all other documents required by the instructions on it to one RIWKHDGGUHVVHVVSHFLȴHGRQWKHIRUPLQWKHDGGUHVVHGHQYHORSHSURYLGHGVRWKDWWKH\DUHUHFHLYHG EHIRUHWKHHQGRIWKH2HU3HULRG

7.4 ENTITLEMENT TO OFFER

• (a) 6XEMHFWWRVHFWLRQbF?DSHUVRQZKR
• (i) LVDEOHGXULQJWKH2HU3HULRGWRJLYHJRRGWLWOHWRDSDUFHORI(DVWRQ6KDUHVDQG
• (ii) KDVQRWDOUHDG\DFFHSWHGDQ2HUIRUWKRVH(DVWRQ6KDUHV

PD\LQDFFRUGDQFHZLWKVHFWLRQb%?RIWKH&RUSRUDWLRQV\$FWDFFHSWWKLV2HUDVLIDQRHURQWHUPV LGHQWLFDOZLWKWKH2HUKDGEHHQPDGHWRWKDWSHUVRQLQUHODWLRQWRWKRVH(DVWRQ6KDUHV

• (b) ΖIDWDQ\WLPHGXULQJWKH2HU3HULRGDQGEHIRUH\RXDFFHSWWKLV2HU\RXU(DVWRQ6KDUHVFRQVLVWRI RQHRUPRUHVHSDUDWHSDUFHOVIRUWKHSXUSRVHRIVHFWLRQb%RIWKH&RUSRUDWLRQV\$FWIRUH[DPSOH because you hold Easton Shares on trust for, as nominee for, or on account of, another person or persons Ȋ%HQHȴFLDULHVȋ??WKHQ\RXPD\DFFHSWDVLIDVHSDUDWHRHULQWKHIRUPRIWKLV2HUKDGEHHQPDGHWR\RXLQ relation to each of those parcels (including any parcel you hold in your own right). An acceptance by you of the 2HULQUHVSHFWRIDQ\VXFKSDUFHORI(DVWRQ6KDUHVZLOOEHLQHHFWLYHXQOHVV
• (i) \RXUDFFHSWDQFHVSHFLȴHVWKHQXPEHURI(DVWRQ6KDUHVLQWKHSDUFHOWRZKLFKWKHDFFHSWDQFHUHODWHV
• (ii) EHIRUHRUDWWKHVDPHWLPHDVWKHDFFHSWDQFH\RXKDYHJLYHQ+8%DQRWLFHVWDWLQJWKDWWKH(DVWRQ 6KDUHVLQWKDWSDUFHOFRQVLVWRIDVHSDUDWHSDUFHOȊParcel Notice"); and
• (iii) the Parcel Notice:
  • (A) is signed by you as the holder of those Easton Shares (a person who is, or is entitled to be registered, as the holder of the shares); and
  • %? LQWKHFDVHRI(DVWRQ6KDUHVQRWLQD&+(66+ROGLQJLVLQZULWLQJDQG
  • (C) in the case of Easton Shares in a CHESS Holding is in a form (which may include an electronic form) DSSURYHGE\WKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHVDQG
  • (D) where the parcel of Easton Shares is held by you as trustee or nominee for, or otherwise on DFFRXQWRIRQHRUPRUH%HQHȴFLDULHVWKH3DUFHO1RWLFHVSHFLȴHV
  • WKHQDPHDQGDGGUHVVRIHDFK%HQHȴFLDU\
  • WKHGDWH\RXUHDVRQDEO\EHOLHYHHDFKEHQHȴFLDU\DFTXLUHGDEHQHȴFLDOLQWHUHVWLQWKHSDUFHO and
  • ZKHUHWKDWGDWHLVZKHQWKH2HURSHQVȂWKHWLPHRIGD\RXUHDVRQDEO\EHOLHYHGHDFK %HQHȴFLDU\DFTXLUHGDEHQHȴFLDU\LQWHUHVWLQWKHSDUFHO
  • (? ZKHUHWKHSDUFHORI(DVWRQ6KDUHVLVKHOGE\RXLQ\RXURZQULJKWȂWKH3DUFHO1RWLFHVSHFLȴHV
  • that you hold the parcel in your own right;
  • the date you acquired a legal interest in the parcel; and
  • ZKHUHWKDWGDWHLVZKHQWKH2HURSHQVȂWKHWLPHRIGD\RXDFTXLUHGDOHJDOLQWHUHVWLQ WKHbSDUFHO

7.5 YOUR AGREEMENT

%\VLJQLQJDQGUHWXUQLQJ\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUPZKLFKIRUPVSDUWRIWKH2HU?RURWKHUZLVHDFFHSWLQJ WKLV2HU\RXZLOOEHGHHPHGWRKDYH

• (a) LUUHYRFDEO\DXWKRULVHG+8%WRDOWHU\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUPRQ\RXUEHKDOIE\
• (i) inserting correct details of your Easton Shares (including details of a parcel of Easton Shares required by VHFWLRQbE
• (ii) ȴOOLQJLQDQ\EODQNVUHPDLQLQJRQ\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUPDQG
• (iii) rectifying any errors in, and omissions from, your personalised Acceptance Form,

DVPD\EHQHFHVVDU\WRPDNH\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUPDYDOLGDFFHSWDQFHRIWKLV2HUIRU \RXU(DVWRQ6KDUHVDQGWRHQDEOHUHJLVWUDWLRQRIWKHWUDQVIHURIDQ\6ROG6KDUHVWR+8%DQGDJUHHG WRSURYLGHDQ\GRFXPHQWUHDVRQDEO\UHTXHVWHGE+8%WRPDNH\RXUSHUVRQDOLVHG\$FFHSWDQFH)RUP DYDOLGDFFHSWDQFHRIWKLV2HURUWRRWKHUZLVHJLYHEHWWHUHHFWWR\RXUDFFHSWDQFH

• (b) LIDQ\RI\RXU6ROG6KDUHVDUHLQD&+(66+ROGLQJLUUHYRFDEO\DXWKRULVHG+8%WR
• (i) LQVWUXFW\RXU&RQWUROOLQJ3DUWLFLSDQWWRHHFW\RXUDFFHSWDQFHRIWKLV2HUIRU\RXU(DVWRQ6KDUHVDQG WUDQVIHURI\RXU6ROG6KDUHVXQGHUWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHVDQG
• (ii) give to your Controlling Participant on your behalf any other instructions in relation to your Easton Shares which are contemplated by the sponsorship agreement between you and your Controlling 3DUWLFLSDQWDQGDUHQHFHVVDU\RUDSSURSULDWHWRIDFLOLWDWH\RXUDFFHSWDQFHRIWKLV2HU DQGDFNQRZOHGJHGWKDW
• (iii) ZLWKUHVSHFWWRVXESDUDJUDSKbL?DERYH+8%ZLOOIRUZDUG\RXU\$FFHSWDQFH)RUPWR\RXU&RQWUROOLQJ 3DUWLFLSDQWEHLQJWKHRQO\SHUVRQZKRFDQDFFHSWWKLV2HURQ\RXUEHKDOI?DQGWKDWLWLV\RXU UHVSRQVLELOLW\WRDOORZVXɝFLHQWWLPHIRU\RXU&RQWUROOLQJ3DUWLFLSDQWWRLQLWLDWHDFFHSWDQFHRIWKLV2HU
• (iv) +8%LVQRWUHVSRQVLEOHIRUDQ\GHOD\VLQFXUUHGE\WKHSURFHVVGHVFULEHGLQVXESDUDJUDSKbL?DERYHRU any losses whatsoever you incur by the fact that your acceptance is not processed before the end of the 2HU3HULRGDQG
• (v) \RXPXVWSURPSWO\JLYHDQ\IXUWKHULQVWUXFWLRQVRUWDNHDQ\IXUWKHUDFWLRQVQHFHVVDU\FRQFHUQLQJ\RXU (DVWRQ6KDUHVWRDOORZ\RXU&RQWUROOLQJ3DUWLFLSDQWWRLQLWLDWHDFFHSWDQFHRIWKLV2HURQ\RXUEHKDOILQ DFFRUGDQFHZLWKWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHVSULRUWRWKHHQGRIWKH2HU3HULRG
• (c) VXEMHFWWRVHFWLRQb(RIWKH&RUSRUDWLRQV\$FWDQGVHFWLRQbLUUHYRFDEO\DFFHSWHGWKLV2HULQUHVSHFWRI \RXU(DVWRQ6KDUHVDQGDJUHHGWRWUDQVIHU\RXU6ROG6KDUHVLQDFFRUGDQFHZLWKWKLV2HUHYHQLIWKHQXPEHU RI(DVWRQ6KDUHVVSHFLȴHGLQWKH\$FFHSWDQFH)RUPGLHUVIURPWKHQXPEHURI\RXU(DVWRQ6KDUHV
• (d) LUUHYRFDEO\DXWKRULVHGDQGGLUHFWHG(DVWRQWRSD\WR+8%RUWRDFFRXQWWR+8%IRUDOO5LJKWVLQUHVSHFW RI\RXU6ROG6KDUHVVXEMHFWLIWKLV2HULVUHVFLQGHGRUUHQGHUHGYRLGWR+8%DFFRXQWLQJWR\RXIRUDQ\ VXFK5LJKWVUHFHLYHGE+8%
• (e) UHSUHVHQWHGDQGZDUUDQWHGWR+8%WKDWDWWKHWLPHRI\RXUDFFHSWDQFHRIWKLV2HUDQGDWWKHWLPHRI WUDQVIHURI\RXU6ROG6KDUHVWR+8%
• (i) you have paid to Easton all amounts which are due for payment in respect of your Sold Shares;
• (ii) all of your Sold Shares are fully paid and free from all Encumbrances and restrictions on transfer of any nature;
• (iii) XQOHVV\RXKDYHQRWLȴHG+8%LQDFFRUGDQFHZLWKVHFWLRQbE?\RXU(DVWRQ6KDUHVGRQRWFRQVLVWRI separate parcels of Easton Shares; and
• (iv) you have full power and capacity to sell and transfer those Sold Shares;
• (f) RQWKLV2HUEHFRPLQJXQFRQGLWLRQDO
• (i) LUUHYRFDEO\DSSRLQWHG+8%DQGDQ\QRPLQHHV?RI+8%IURPWLPHWRWLPHMRLQWO\DQGHDFKRIWKHP severally as your agent and attorney on your behalf to:
  • \$? DWWHQGDQGYRWHDVLWVHHVȴW?LQUHVSHFWRI\RXU6ROG6KDUHVDWDOOJHQHUDOPHHWLQJVRI(DVWRQRU DSSRLQWDSUR[\RUSUR[LHVWRDWWHQGDQGYRWHLQWKHPDQQHUGLUHFWHGE+8%RQ\RXUEHKDOILQ respect of your Sold Shares at any such meeting; and
  • %? H[HFXWHDOOIRUPVQRWLFHVGRFXPHQWVLQFOXGLQJDGRFXPHQWDSSRLQWLQJDQ\QRPLQHHV?RI+8% DVDSUR[\RUSUR[LHVIRU\RXU6ROG6KDUHV?DQGUHVROXWLRQVUHODWLQJWR\RXU6ROG6KDUHVDQG JHQHUDOO\WRH[HUFLVHDOOSRZHUVDQGULJKWVZKLFK\RXKDYHDVWKHUHJLVWHUHGKROGHURI\RXU6ROG Shares and perform such actions as may be appropriate in order to vest good title in your Sold 6KDUHVLQ+8%DQG
• (ii) DJUHHGQRWWRH[HUFLVHRUSXUSRUWWRH[HUFLVH?E\SUR[\RURWKHUZLVHDQ\RIWKHSRZHUVFRQIHUUHGRQ +8%RUDQ\RILWVQRPLQHHV?E\VHFWLRQbI?L?LQUHVSHFWRI\RXU6ROG6KDUHV
• (g) DJUHHGWKDWLQH[HUFLVLQJWKHSRZHUVFRQIHUUHGE\WKHSRZHURIDWWRUQH\LQVHFWLRQbI?+8%DQGHDFKRI LWVQRPLQHHLVHQWLWOHGWRDFWLQWKHLQWHUHVWRI+8%
• (h) LIDQGZKHQWKHFRQWUDFWUHVXOWLQJIURP\RXUDFFHSWDQFHRIWKLV2HUEHFRPHVXQFRQGLWLRQDOHYHQWKRXJK +8%KDVQRW\HWSDLGRUSURYLGHGWKHFRQVLGHUDWLRQGXHWR\RX?DXWKRULVHG+8%WRWUDQVIHURZQHUVKLS RI\RXU(DVWRQ6KDUHVLQFOXGLQJE\WUDQVPLWWLQJDPHVVDJHWR\$6;6HWWOHPHQWLQDFFRUGDQFHZLWKWKH\$6; 6HWWOHPHQW2SHUDWLQJ5XOHVVRDVWRHQWHU\RXU6ROG6KDUHVZKLFKDUHLQD&+(66+ROGLQJLQWR+8%ȇV 7DNHRYHU7UDQVIHUHH+ROGLQJRUE\WUDQVIHURQWKHLVVXHUVSRQVRUHGVXEUHJLVWHUDQG

(i) DJUHHGWRLQGHPQLI+8%LQUHVSHFWRIDQ\FODLPRUDFWLRQDJDLQVWLWRUDQ\ORVVGDPDJHRUOLDELOLW\LQFXUUHG E\LWDVDUHVXOWRI\RXQRWSURGXFLQJ\RXU+ROGHUΖGHQWLȴFDWLRQ1XPEHURU6KDUHKROGHU5HIHUHQFH1XPEHU or in consequence of the transfer of your Sold Shares being registered by Easton without production of your +ROGHUΖGHQWLȴFDWLRQ1XPEHURU6KDUHKROGHU5HIHUHQFH1XPEHU

7KHUHSUHVHQWDWLRQVZDUUDQWLHVDXWKRULWLHVDQGLQGHPQLW\UHIHUUHGWRLQWKLVVHFWLRQbZLOOXQOHVVRWKHUZLVH VWDWHG?UHPDLQLQIRUFHDIWHU\RXUHFHLYHWKH2HUFRQVLGHUDWLRQIRU\RXU6ROG6KDUHVDQGDIWHU+8%EHFRPHVWKH registered holder of them.

7.6 REVOCATION OF ACCEPTANCE

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• (a) LID'HIHDWLQJ&RQGLWLRQDVVHWRXWLQVHFWLRQbLVWULJJHUHGRUQRWZDLYHGWKHQWKLV2HUZLOODXWRPDWLFDOO\ terminate and the Sold Securities will be returned or released to you; or
• (b) WKH2HU3HULRGLVYDULHGLQDZD\WKDWSRVWSRQHVIRUPRUHWKDQRQHPRQWKWKHWLPHZKHQ+8%KDVWR PHHWLWVREOLJDWLRQVXQGHUWKH2HUDQGDWWKHWLPHWKH2HULVVXEMHFWWRD'HIHDWLQJ&RQGLWLRQDVVHWRXW LQVHFWLRQbWKHQ\RXPD\EHDEOHWRZLWKGUDZ\RXUDFFHSWDQFHLQDFFRUGDQFHZLWKVHFWLRQb(RIWKH Corporations Act.

7.7 POWERS OF ATTORNEY

If the Acceptance Form is signed under power of attorney, the attorney declares that the attorney has no notice of UHYRFDWLRQRIWKHSRZHUDQGLVHPSRZHUHGWRGHOHJDWHSRZHUVDVGHVFULEHGLQVHFWLRQb

7.8 VALIDATION OF OTHERWISE INEFFECTIVE ACCEPTANCES

• (a) 6XEMHFWWRWKLVVHFWLRQb\RXUDFFHSWDQFHRIWKLV2HUZLOOQRWEHYDOLGXQOHVVLWLVPDGHLQDFFRUGDQFHZLWK WKHSURFHGXUHVLQVHFWLRQb
• (b) +8%ZLOOGHWHUPLQHLQLWVVROHGLVFUHWLRQDOOTXHVWLRQVDVWRWKHIRUPRIGRFXPHQWVHOLJLELOLW\WRDFFHSWWKH 2HUDQGWLPHRIUHFHLSWRIDQDFFHSWDQFHRIWKH2HU+8%LVQRWUHTXLUHGWRFRPPXQLFDWHZLWK\RXSULRU WRPDNLQJWKLVGHWHUPLQDWLRQ7KHGHWHUPLQDWLRQRI+8%ZLOOEHȴQDODQGELQGLQJRQDOOSDUWLHV
• (c) 1RWZLWKVWDQGLQJVHFWLRQb+8%PD\LQLWVVROHGLVFUHWLRQDWDQ\WLPHDQGZLWKRXWIXUWKHUFRPPXQLFDWLRQ to you, deem any Acceptance Form it receives to be a valid acceptance in respect of your Easton Shares, even if a requirement for acceptance has not been complied with but the payment of the consideration in DFFRUGDQFHZLWKWKH2HUPD\EHGHOD\HGXQWLODQ\LUUHJXODULW\KDVEHHQUHVROYHGRUZDLYHGDQGDQ\RWKHU GRFXPHQWVUHTXLUHGWRSURFXUHUHJLVWUDWLRQKDYHEHHQUHFHLYHGE+8%
• (d) ΖI+8%GRHVWUHDWVXFKDQ\$FFHSWDQFH)RUPDVYDOLGVXEMHFWWRVHFWLRQb+8%ZLOOQRWEHREOLJHG WRJLYHWKHFRQVLGHUDWLRQWR\RXXQWLO+8%UHFHLYHVDOOWKRVHGRFXPHQWVDQGDOORIWKHUHTXLUHPHQWVIRU DFFHSWDQFHUHIHUUHGWRLQVHFWLRQbDQGLQWKH\$FFHSWDQFH)RUPKDYHEHHQPHW

7.9 NOMINEE HOLDINGS

%HQHȴFLDORZQHUVZKRVH(DVWRQ6KDUHVDUHUHJLVWHUHGLQWKHQDPHRID%URNHULQYHVWPHQWGHDOHUEDQNWUXVW FRPSDQ\RURWKHUQRPLQHHVKRXOGFRQWDFWWKDWQRPLQHHIRUDVVLVWDQFHLQKDYLQJWKLV2HUDFFHSWHGLQUHVSHFWRI WKH(DVWRQ6KDUHVZKLFKWKH\EHQHȴFLDOO\RZQ

7.10 DEFEATING CONDITION

(a) 7KH2HUDQGWKHFRQWUDFWUHVXOWLQJIURPWKHDFFHSWDQFHRIWKH2HUDQGHDFKRWKHU2HUDQGHDFKFRQWUDFW UHVXOWLQJIURPWKHDFFHSWDQFHWKHUHIRUH?DUHVXEMHFWWRWKHIROORZLQJFRQGLWLRQWKHȊ'HIHDWLQJ&RQGLWLRQ") EHLQJHLWKHUIXOȴOOHGRUZDLYHGE+8%

During the Condition Period, none of the following events happen:

• (A) Easton converts all or any of its shares into a larger or smaller number of shares;

• %? (DVWRQRUD6XEVLGLDU\RI(DVWRQUHVROYHVWRUHGXFHLWVVKDUHFDSLWDOLQDQ\ZD\

• (C) Easton or a Subsidiary of Easton:

• (i) HQWHUVLQWRDEX\EDFNDJUHHPHQWRU
• (ii) UHVROYHVWRDSSURYHWKHWHUPVRIDEX\EDFNDJUHHPHQWXQGHU6HFWLRQ&?RU'?RIWKH Corporations Act;
• '? (DVWRQRUD6XEVLGLDU\RI(DVWRQLVVXHVVKDUHVRUJUDQWVDQRSWLRQRYHULWVVKDUHVRUDJUHHVWRPDNH such an issue or grant such an option;
• (E) Easton or a Subsidiary of Easton issues, or agrees to issue, convertible notes;
• (F) Easton or a Subsidiary of Easton disposes, or agrees to dispose, of the whole, or a substantial part, of LWVEXVLQHVVRUSURSHUW\H[FOXGLQJ3DQWKHUFRUS
• *? (DVWRQRUD6XEVLGLDU\RI(DVWRQJUDQWVRUDJUHHVWRJUDQWDVHFXULW\LQWHUHVWLQWKHZKROHRUD substantial part, of its business or property;
• (H) Easton or a Subsidiary of Easton resolves to be wound up;
• (I) a liquidator or provisional liquidator of Easton or of a Subsidiary of Easton is appointed;
• -? DFRXUWPDNHVDQRUGHUIRUWKHZLQGLQJXSRI(DVWRQRURID6XEVLGLDU\RI(DVWRQ
• .? DQDGPLQLVWUDWRURI(DVWRQRURID6XEVLGLDU\RI(DVWRQLVDSSRLQWHGXQGHUVHFWLRQ\$%RU &RIWKH&RUSRUDWLRQV\$FW
• /? (DVWRQRUD6XEVLGLDU\RI(DVWRQH[HFXWHVDGHHGRIFRPSDQ\DUUDQJHPHQWRU
• (M) a receiver, or a receiver and manager, is appointed in relation to the whole, or a substantial part, of the property of Easton or of a Subsidiary of Easton.

(b) 'HIHDWLQJ&RQGLWLRQIRUEHQHȴWRI+8%

7KH'HIHDWLQJ&RQGLWLRQVXEMHFWWRWKH&RUSRUDWLRQV\$FWRSHUDWHVRQO\IRUWKHEHQHȴWRI+8%DQGDQ\ EUHDFKRUQRQIXOȴOPHQWRIVXFKFRQGLWLRQPD\EHUHOLHGXSRQRQO\E+8%

(c) 1DWXUHRI'HIHDWLQJ&RQGLWLRQ

7KH'HIHDWLQJ&RQGLWLRQLVDFRQGLWLRQVXEVHTXHQWWRFRQWUDFWIRUPDWLRQDQGQRQIXOȴOPHQWRIWKH'HIHDWLQJ &RQGLWLRQGRHVQRWXQWLOWKUHH%XVLQHVV'D\VDIWHUWKHHQGRIWKH2HU3HULRGSUHYHQWDFRQWUDFWWRVHOO\RXU (DVWRQ6KDUHVUHVXOWLQJIURP\RXUDFFHSWDQFHRIWKLV2HUEXWEUHDFKRIWKH'HIHDWLQJ&RQGLWLRQHQWLWOHV +8%WRUHVFLQGWKDWFRQWUDFWE\ZULWWHQQRWLFHWR\RX

(d) 1RWLFHGHFODULQJ2HUVIUHHRI'HIHDWLQJ&RQGLWLRQ

6XEMHFWWRWKH&RUSRUDWLRQV\$FW+8%PD\GHFODUHWKLV2HUDQGDQ\FRQWUDFWUHVXOWLQJIURPDFFHSWDQFH RIWKLV2HUIUHHIURPWKH'HIHDWLQJ&RQGLWLRQE\JLYLQJZULWWHQQRWLFHWR(DVWRQDQG\$6;QRWODWHUWKDQWKUHH %XVLQHVV'D\VDIWHUWKHHQGRIWKH2HU3HULRG

(e) 1RWLFHRIVWDWXVRI'HIHDWLQJ&RQGLWLRQ

The date for giving the notice on the status of the Defeating Condition as required by section 630(1) of the &RUSRUDWLRQV\$FWLV)HEUXDU\VXEMHFWWRH[WHQVLRQLQDFFRUGDQFHZLWKWKH&RUSRUDWLRQV\$FWLIWKH 2HU3HULRGLVbH[WHQGHG

(f) &RQWUDFWYRLGLI'HIHDWLQJ&RQGLWLRQQRWIXOȴOOHGRUZDLYHG

<RXUDFFHSWDQFHRIWKLV2HUDQGDQ\FRQWUDFWUHVXOWLQJIURP\RXUDFFHSWDQFHRIWKLV2HULVYRLGLI

• (i) WKUHH%XVLQHVV'D\VDIWHUWKHHQGRIWKH2HU3HULRGWKH'HIHDWLQJ&RQGLWLRQLQWKLVVHFWLRQKDV QRWEHHQIXOȴOOHGDQG
• (ii) +8%KDVQRWGHFODUHGWKLV2HUDQGDQ\FRQWUDFWUHVXOWLQJIURPWKHDFFHSWDQFHRILWIUHHIURPWKDW Defeating Condition.
• (g) (DFKSDUDJUDSKVXESDUDJUDSKDQGVXEVXESDUDJUDSKLQVHFWLRQbLVDVHSDUDWHVHYHUDODQGGLVWLQFW FRQGLWLRQ1RFRQGLWLRQZLOOEHWDNHQWROLPLWWKHPHDQLQJRUHHFWRIDQ\RWKHUFRQGLWLRQ

⁽DVWRQȇVVDOHRI3DQWKHUFRUSȇVH[SHFWHGWREHFRPSOHWHGRQRUDURXQG-DQXDU\ZLWKHHFWIURP'HFHPEHUVXEMHFWWRWKH FRQGLWLRQVRIVDOHEHLQJVDWLVȴHGRUZDLYHG

7.11 PAYMENT FOR YOUR EASTON SHARES

(a) :KHQZLOO+8%SD\RX"

6XEMHFWWRWKLVVHFWLRQbDQGWKH&RUSRUDWLRQV\$FWLI\RXDFFHSWWKLV2HU+8%ZLOOSD\RXZLWKLQ %XVLQHVV'D\VDIWHUWKHODWHURI

• (i) WKHGDWHRIUHFHLSWRI\RXUYDOLGDFFHSWDQFHRIWKLV2HUDQG
• (ii) LIWKLV2HULVVXEMHFWWRD'HIHDWLQJ&RQGLWLRQZKHQDFFHSWHGWKHFRQWUDFWUHVXOWLQJIURP\RXU acceptance becomes unconditional.

(b) \$FFHSWDQFH)RUPUHTXLUHVDGGLWLRQDOGRFXPHQWV

:KHUHGRFXPHQWVDUHUHTXLUHGWREHJLYHQWR+8%ZLWK\RXUDFFHSWDQFHWRHQDEOH+8%WREHFRPHWKH holder of your Sold Shares (such as a power of attorney):

• (i) LIWKHGRFXPHQWVDUHJLYHQZLWK\RXUDFFHSWDQFH+8%ZLOOSD\RXLQDFFRUGDQFHZLWKVHFWLRQbD
• (ii) LIWKHGRFXPHQWVDUHJLYHQDIWHU\RXUDFFHSWDQFHDQGEHIRUHWKHHQGRIWKH2HU3HULRGZKLOHWKH2HU LVVXEMHFWWRD'HIHDWLQJ&RQGLWLRQ+8%ZLOOSD\RXWKHFRQVLGHUDWLRQZLWKLQ%XVLQHVV'D\VDIWHU the contract resulting from your acceptance becomes unconditional;
• (iii) LIWKHGRFXPHQWVDUHJLYHQDIWHU\RXUDFFHSWDQFHDQGEHIRUHWKHHQGRIWKH2HU3HULRGZKLOHWKH2HU LVQRORQJHUVXEMHFWWRD'HIHDWLQJ&RQGLWLRQ+8%ZLOOSD\RXWKHFRQVLGHUDWLRQZLWKLQ%XVLQHVV 'D\VDIWHU+8%LVJLYHQWKHGRFXPHQWVRU
• (iv) LIWKHGRFXPHQWVDUHJLYHQDIWHUWKHHQGRIWKH2HU3HULRG+8%ZLOOSD\RXWKHFRQVLGHUDWLRQZLWKLQ %XVLQHVV'D\VDIWHUWKHGRFXPHQWVDUHJLYHQ+RZHYHULIDWWKHWLPH+8%LVJLYHQWKHGRFXPHQWV WKHFRQWUDFWUHVXOWLQJIURPDFFHSWDQFHRIWKH2HULVVWLOOVXEMHFWWRDȆQR3UHVFULEHG2FFXUUHQFHVȇ 'HIHDWLQJ&RQGLWLRQLQVHFWLRQbD?+8%ZLOOSD\RXWKHFRQVLGHUDWLRQZLWKLQ%XVLQHVV'D\V after the contract becomes unconditional.

(c) 'HOLYHU\RIFRQVLGHUDWLRQ

+8%ZLOOVHQGRUDUUDQJHWREHVHQWFKHTXHVIRUWKHFDVKSD\PHQWGXHWR\RXE\SUHSDLGRUGLQDU\PDLORU in the case of an address outside Australia by airmail, to the address shown in the Acceptance Form.

7.12 APPROVALS FOR PAYMENT

ΖIDWWKHWLPHRIDFFHSWDQFHRIWKLV2HUDQ\FRQVHQWDXWKRULW\RUFOHDUDQFHRID3XEOLF\$XWKRULW\LVUHTXLUHGIRU \RXWRUHFHLYHDQ\FRQVLGHUDWLRQXQGHUWKLV2HULQFOXGLQJEXWQRWOLPLWHGWRFRQVHQWDXWKRULW\RUFOHDUDQFHRIWKH 0LQLVWHUIRU)RUHLJQ\$DLUVWKH5HVHUYH%DQNRI\$XVWUDOLDWKH\$XVWUDOLDQ7D[DWLRQ2ɝFHRULI\RXDUHD

• (a) resident in, or a resident of, a place to which; or
• (b) person to whom, any of the following applies:
• (i) 3DUWRIWKH&KDUWHURIWKH8QLWHG1DWLRQV\$FW&WK
• (ii) &KDUWHURIWKH8QLWHG1DWLRQV'HDOLQJZLWK\$VVHWV?5HJXODWLRQV&WK
• (iii) DQ\RWKHUUHJXODWLRQVPDGHXQGHU3DUWRIWKHCharter of the United Nations Act 1945 (Cth);
• (iv) Autonomous Sanctions Regulations 2011 (Cth); or
• (v) DQ\RWKHUODZRI\$XVWUDOLDWKDWZRXOGPDNHLWXQODZIXOIRU+8%WRSD\WKHFRQVLGHUDWLRQWKDW\RXDUH HQWLWOHGWRXQGHUWKHWHUPVRIWKH2HU

WKHQDFFHSWDQFHRIWKH2HUZLOOQRWFUHDWHRUWUDQVIHUWR\RXDQ\ULJKWFRQWUDFWXDORUFRQWLQJHQW?WRKDYHWKH FRQVLGHUDWLRQXQGHUWKH2HUSURYLGHGWR\RXXQOHVVDQGXQWLODOOUHTXLVLWHFRQVHQWVDXWKRULWLHVRUFOHDUDQFHV have been obtained.

7.13 WITHHOLDING PAYMENT

If any amount (the withholding amount) is required, under any Australian law or by any Public Authority, to be:

• (a) ZLWKKHOGIURPDQ\FRQVLGHUDWLRQRWKHUZLVHSD\DEOHWR\RXXQGHUWKLV2HUDQGSDLGWRD3XEOLF\$XWKRULW\RU
• (b) UHWDLQHGE+8%RXWRIDQ\FRQVLGHUDWLRQRWKHUZLVHSD\DEOHWR\RXXQGHUWKLV2HU

WKHSD\PHQWSURYLVLRQRUUHWHQWLRQE+8%RIWKHZLWKKROGLQJDPRXQWDVDSSOLFDEOH?ZLOOFRQVWLWXWHIXOO GLVFKDUJHRI+8%ȇVREOLJDWLRQWRSURYLGHWKHFRQVLGHUDWLRQWR\RXWRWKHH[WHQWRIWKHZLWKKROGLQJDPRXQW

7.14 RETURN OF DOCUMENTS

ΖIWKLV2HUGRHVQRWEHFRPHXQFRQGLWLRQDORUDQ\FRQWUDFWDULVLQJIURPWKLV2HULVUHVFLQGHGE+8%RQWKH JURXQGVRIDEUHDFKRIDFRQGLWLRQRIWKDWFRQWUDFW+8%ZLOODWLWVHOHFWLRQHLWKHUUHWXUQE\SRVWWR\RXDWWKH address shown on the Acceptance Form any Acceptance Form and any other documents sent with it by you, or GHVWUR\WKRVHGRFXPHQWVDQGQRWLI\WKH\$6;RIWKLV

7.15 RIGHTS

• (a) +8%ZLOOEHHQWLWOHGWRDQG\RXPXVWSD\WUDQVIHURUDVVLJQWR+8%DOO5LJKWVZKLFK\RXRUDQ\SUHYLRXV KROGHURI\RXU6ROG6KDUHV?EHFRPHHQWLWOHGWRRQRUDIWHUWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWLQUHVSHFWRI 6ROG6KDUHVWKDW+8%DFTXLUHVIURP\RXSXUVXDQWWRWKLV2HURWKHUWKDQWRWKHH[WHQWWKH2HU3ULFHLV UHGXFHGLQDFFRUGDQFHZLWKE?RUF
• (b) ΖIKROGHUVRI6ROG6KDUHVEHFRPHHQWLWOHGWRUHFHLYHDQ\FDVK5LJKWVDIWHUWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQW +8%ZLOOSURYLGHGWKHVDPHKDVQRWEHHQSDLGWR+8%?EHHQWLWOHGWRUHGXFHWKH2HU3ULFHSD\DEOHE\LW to holders of the Sold Shares by an amount equal to the value of such cash Rights.
• (c) ΖIKROGHUVRI6ROG6KDUHVEHFRPHHQWLWOHGWRUHFHLYHDQ\QRQFDVK5LJKWVDIWHUWKHGDWHRIWKLV%LGGHUȇV 6WDWHPHQW+8%ZLOOSURYLGHGWKHVDPHKDVQRWEHHQLVVXHGWR+8%?EHHQWLWOHGWRUHGXFHWKH2HU Price payable by it to holders of Sold Shares by an amount equal to the value (as reasonably assessed by the &KDLUPDQRIWKH\$6;RUKLVRUKHUQRPLQHH?RIVXFKQRQFDVK5LJKWV

7.16 COSTS

+8%ZLOOSD\DOOFRVWVDQGH[SHQVHVRIWKHSUHSDUDWLRQDQGFLUFXODWLRQRIWKH2HUV

7.17 GOVERNING LAW AND JURISDICTION

7KLV2HUDQGDQ\FRQWUDFWUHVXOWLQJIURP\RXUDFFHSWDQFHRIWKLV2HUDUHJRYHUQHGE\WKHODZVLQIRUFHLQ1HZ South Wales.

7.18 DATE FOR DETERMINING HOLDERS OF EASTON SHARES

)RUWKHSXUSRVHVRIVHFWLRQbRIWKH&RUSRUDWLRQV\$FWWKHGDWHIRUGHWHUPLQLQJWKHSHRSOHWRZKRPLQIRUPDWLRQ LVWREHVHQWXQGHULWHPVDQGRIVHFWLRQb?IRUHDFK2HULVSP6\GQH\7LPH?RQWKH5HJLVWHU'DWH

7.19 BROKERAGE AND FEES

• (a) If your Easton Shares are registered in an Issuer Sponsored Holding in your name and you deliver the Sold 6KDUHVGLUHFWO\WR+8%\RXZLOOQRWLQFXUDQ\EURNHUDJHLQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKLV2HU
• (b) ΖI\RXU(DVWRQ6KDUHVDUHUHJLVWHUHGLQD&+(66+ROGLQJ\RXVKRXOGQRWLQFXUEURNHUDJHIHHVLI\RXDFFHSW WKH2HU+RZHYHU\RXU&RQWUROOLQJ3DUWLFLSDQWXVXDOO\RXU%URNHU?PD\FKDUJHWUDQVDFWLRQDOIHHVRUVHUYLFH FKDUJHVLQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKH2HU
• (c) ΖI\RXKROG\RXU(DVWRQ6KDUHVWKURXJKDEDQNFXVWRGLDQRURWKHUQRPLQHHWKH&RQWUROOLQJ3DUWLFLSDQW XVXDOO\RXU%URNHU?RUWKHEDQNFXVWRGLDQRURWKHUQRPLQHHPD\FKDUJHWUDQVDFWLRQDOIHHVRUVHUYLFH FKDUJHVLQFRQQHFWLRQZLWK\RXUDFFHSWDQFHRIWKH2HU

+8%ZLOOEHDUWKHFRVWRILWVRZQEURNHUDJHLIDQ\?RQWKHWUDQVIHURIDQ\6ROG6KDUHVDFTXLUHGWKURXJKWKH2HU

7.20 VARIATION

+8%PD\DWDQ\WLPHDQGIURPWLPHWRWLPHYDU\WKH2HULQDFFRUGDQFHZLWKWKH&RUSRUDWLRQV\$FW

7.21 FOREIGN LAWS

7KLV2HULVQRWUHJLVWHUHGLQDQ\MXULVGLFWLRQRXWVLGH\$XVWUDOLDXQOHVVDQDSSOLFDEOH)RUHLJQ/DZWUHDWVLWDV UHJLVWHUHGDVDUHVXOWRIWKLV%LGGHUȇV6WDWHPHQWEHLQJORGJHGZLWK\$6Ζ&?ΖWLV\RXUVROHUHVSRQVLELOLW\WRVDWLVI\ \RXUVHOIWKDW\RXDUHSHUPLWWHGE\DQ)RUHLJQ/DZDSSOLFDEOHWR\RXWRDFFHSWWKLV2HU

7.22 WITHDRAWAL

• (a) ΖQDFFRUGDQFHZLWK6HFWLRQ%RIWKH&RUSRUDWLRQV\$FW+8%PD\ZLWKGUDZXQDFFHSWHG2HUVDWDQ\ time with the written consent of ASIC which consent may be given subject to such conditions (if any) as are VSHFLȴHGLQWKHFRQVHQW1RWLFHRIDQ\ZLWKGUDZDOZLOOEHJLYHQWR\$6;DQG(DVWRQDQGZLOOFRPSO\ZLWKDQ\ other conditions imposed by ASIC.
• (b) ΖI+8%ZLWKGUDZVWKLV2HUDQ\FRQWUDFWUHVXOWLQJIURPLWVDFFHSWDQFHZLOODXWRPDWLFDOO\EHYRLG

8. DEFINITIONS AND INTERPRETATIONS

7KHIROORZLQJGHȴQLWLRQVDSSO\LQWKLV%LGGHUȇV6WDWHPHQWLQFOXGLQJLWV\$SSHQGLFHV?DQGLQWKH\$FFHSWDQFH)RUPXQOHVVWKH FRQWH[WUHTXLUHVRWKHUZLVH

Term	'HȴQLWLRQ
\$FFHSWDQFH)RUP	WKHIRUPZLWKWKDWWLWOHWKDWDFFRPSDQLHVWKLV%LGGHUȇV6WDWHPHQWRUDVWKHFRQWH[WUHTXLUHV DQ\UHSODFHPHQWRUVXEVWLWXWHDFFHSWDQFHIRUPSURYLGHGE\RURQEHKDOIRI+8%
ADTV	average daily trading volume.
\$QQRXQFHPHQW'DWH	WKHGDWH+8%ORGJHGLWVLQWHQWLRQWRPDNHDWDNHRYHUELGEHLQJ'HFHPEHU
ASIC	the Australian Securities and Investments Commission
Associate	has the meaning given in section 12 of the Corporations Act.
ASX	\$6;/LPLWHG\$%1RUZKHUHWKHFRQWH[WUHTXLUHVRUSHUPLWVWKHȴQDQFLDO PDUNHWNQRZQDVWKH\$XVWUDOLDQ6HFXULWLHV([FKDQJHRSHUDWHGE\LW
\$6;/LVWLQJ5XOHV	WKHRɝFLDOOLVWLQJUXOHVRI\$6;
ASX Settlement	\$6;6HWWOHPHQW3W\/LPLWHG\$%1
ASX Settlement 2SHUDWLQJ5XOHV	WKHRSHUDWLQJUXOHVRIWKHVHWWOHPHQWIDFLOLW\SURYLGHGE\$6;6HWWOHPHQW
ATO	WKH\$XVWUDOLDQ7D[DWLRQ2ɝFH
Bidder's Statement	WKLVGRFXPHQWEHLQJWKHVWDWHPHQWPDGHE+8%XQGHU3DUW'LYLVLRQRIWKH &RUSRUDWLRQV\$FWUHODWLQJWRWKHSURSRUWLRQDOWDNHRYHUELGFRQVWLWXWHGE\WKH2΍HUV
%URNHU	DSHUVRQZKRLVDVKDUHEURNHUDQGSDUWLFLSDQWLQ&+(66
%XVLQHVV'D\	DQ\GD\RQZKLFKEDQNVDUHRSHQIRUEXVLQHVVH[FOXGLQJ6DWXUGD\V6XQGD\VDQGSXEOLF holidays in Sydney, New South Wales.
CAGR	compound annual growth rate.
CHESS	WKH&OHDULQJ+RXVH(OHFWURQLF6XEUHJLVWHU6\VWHPRSHUDWHGE\$6;6HWWOHPHQWZKLFK provides for the electronic transfer, settlement and registration of shares.
&+(66+ROGLQJ	a holding of Easton Shares on the CHESS Subregister of Easton.
&+(666XEUHJLVWHU	KDVWKHPHDQLQJVHWRXWLQWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHV
&RPSHWLQJ3URSRVDO	DQ\SURSRVDOR΍HURUWUDQVDFWLRQE\DWKLUGSDUW\RWKHUWKDQ%LGGHURULWV5HODWHG(QWLWLHV that, if completed, would mean:
	(a) DSHUVRQZRXOGDFTXLUHD5HOHYDQWΖQWHUHVWRUYRWLQJSRZHULQRUPRUHRI(DVWRQ 6KDUHVRURIWKHVHFXULWLHVRIDQ\PHPEHURIWKH(DVWRQ*URXS
	(b) a person would enter into, buy, dispose of, terminate or otherwise deal with any cash settled equity swap or other synthetic, economic or derivative transaction connected ZLWKRUUHODWLQJWRRUPRUHRI(DVWRQ6KDUHVRURIWKHVHFXULWLHVRIDQ\PHPEHURI WKH(DVWRQ*URXS
	(c) a person would directly or indirectly acquire or obtain an interest (including an economic interest) in all or substantially all of the business conducted by, or assets or SURSHUW\RI(DVWRQRUWKH(DVWRQ*URXS

Term	'HȴQLWLRQ
&RPSHWLQJ3URSRVDO	(d) DSHUVRQZRXOGDFTXLUH&RQWURORI(DVWRQRUWKH(DVWRQ*URXSRU
(continued)	(e) DSHUVRQPD\RWKHUZLVHDFTXLUHRUPHUJHZLWK(DVWRQLQFOXGLQJE\ZD\RIWDNHRYHU bid, scheme of arrangement, capital reduction, sale of assets, sale of securities, strategic alliance, dual listed company structure, joint venture or partnership),
	DQGIRUWKHDYRLGDQFHRIGRXEWHDFKVXFFHVVLYHPDWHULDOPRGLȴFDWLRQRUYDULDWLRQRIDQ\SURSRVDO R΍HURUWUDQVDFWLRQLQUHODWLRQWRD&RPSHWLQJ3URSRVDOZLOOFRQVWLWXWHDQHZ&RPSHWLQJ3URSRVDO
Condition Period	WKHSHULRGFRPPHQFLQJRQWKH\$QQRXQFHPHQW'DWHDQGHQGLQJDWWKHHQGRIWKH2΍HU3HULRG
&RQWUROOLQJ3DUWLFLSDQW	KDVWKHPHDQLQJVHWRXWLQWKH\$6;6HWWOHPHQW2SHUDWLQJ5XOHV
&RUSRUDWLRQV\$FW	the Corporations Act 2001 (Cth).
'HIHDWLQJ&RQGLWLRQ or1R3UHVFULEHG 2FFXUUHQFHV&RQGLWLRQ	WKHFRQGLWLRQVHWRXWLQVHFWLRQb
Easton	(DVWRQΖQYHVWPHQWV/LPLWHG\$%1
(DVWRQ'D\9:\$3	(DVWRQȇVGD\9:\$3RISHU(DVWRQ6KDUHIRUWKHGD\VXSWRDQGLQFOXGLQJ 2FWREHU
Easton 3 Month VWAP	(DVWRQȇVWKUHHPRQWK9:\$3RISHU(DVWRQ6KDUHIRUWKUHHPRQWKVXSWRDQGLQFOXGLQJ 2FWREHU
Easton 6 Month VWAP	(DVWRQȇVVL[PRQWK9:\$3RISHU(DVWRQ6KDUHIRUVL[PRQWKVXSWRDQGLQFOXGLQJ 2FWREHU
Easton Board or Board	the board of directors of Easton.
(DVWRQ&ORVLQJ3ULFH EHIRUH2ULJLQDO \$QQRXQFHPHQW	(DVWRQȇVFORVLQJSULFHRISHU(DVWRQ6KDUHRQ2FWREHUEHLQJWKHODVWGD\RI trading prior to the Original Announcement.
(DVWRQ*URXS	Easton and its Related Entities collectively, and (DVWRQURXS0HPEHU means any member RIWKH(DVWRQURXS
(DVWRQ5HJLVWHU	the register of members of Easton.
Easton Shares	each fully paid ordinary share in Easton.
Easton Shareholders or Shareholders	each holder of Easton Shares.
(DVWRQ6SHFLDO'LYLGHQG or Permitted Dividend	WKHVSHFLDOGLYLGHQGRISHU(DVWRQ6KDUHDQQRXQFHGE(DVWRQRQ'HFHPEHU bearing a record date of 23 December 2020 and payable to eligible Easton Shareholders on -DQXDU\
(QFXPEUDQFH	(a) a share interest;
	(b) an easement, restrictive covenant, caveat or similar restriction over property;
	(c) DQ\RWKHULQWHUHVWRUDUUDQJHPHQWRIDQ\NLQGWKDWLQVXEVWDQFHVHFXUHVWKHSD\PHQW of money or the performance of an obligation, or that gives a creditor priority over XQVHFXUHGFUHGLWRUVLQUHODWLRQWRDQ\SURSHUW\LQFOXGLQJDULJKWWRVHWR΍RUZLWKKROG payment of a deposit or other money);
	(d) a right of any person to purchase, occupy or use an asset (including under an option, agreement to purchase, licence, lease or hire purchase;
	(e) DQ\RWKHUWKLQJWKDWSUHYHQWVUHVWULFWVRUGHOD\VWKHH[HUFLVHRIDULJKWRYHUSURSHUW\ the use of property or the registration of an interest in or dealing with property; or
	(f) an aJUHHPHQWWRFUHDWHDQ\WKLQJUHIHUUHGWRLQFODXVHVbD?WRH?DERYHRUWR allow any of them to e[LVW

Term	'HȴQLWLRQ
([HFXWLYH&RQWUDFW	DQH[HFXWLYHVHUYLFHVHPSOR\PHQWDJUHHPHQWEHWZHHQ(DVWRQDQG1DWKDQ-DFREVHQWR HQJDJH0U-DFREVHQDVPDQDJLQJGLUHFWRURI(DVWRQ
)RUHLJQ/DZ	a law of a jurisdiction other than an Australian jurisdiction.
FUA	funds under administration.
GST	has the same meaning as in A New Tax System (Goods and Services Tax) Act 1999 (Cth).
+HDGVRI\$JUHHPHQW	WKHKHDGVRIDJUHHPHQWEHWZHHQ(DVWRQDQG+8%GHVFULEHGLQWKH\$6;DQQRXQFHPHQW GDWHG2FWREHUWHUPLQDWHGE\WKH7UDQVDFWLRQΖPSOHPHQWDWLRQ'HHGDQGDV GHVFULEHGLQVHFWLRQ
+ROGHUΖGHQWLȴFDWLRQ 1XPEHU	the number used to identify an Easton Shareholder on the CHESS Subregister of Easton.
HUB24	+8%/LPLWHG\$%1
+8%*URXS	+8%DQGLWV5HODWHG(QWLWLHVFROOHFWLYHO\DQG+8%URXS0HPEHU means any member RIWKH+8%URXS
+8%3ODWIRUP	WKH+8%LQYHVWPHQWDQGVXSHUDQQXDWLRQSODWIRUPWKDWSURYLGHVȴQDQFLDODGYLVHUVZLWK WKHFDSDELOLW\WRR΍HUWKHLUFOLHQWVDFFHVVWRDZLGHUDQJHRILQYHVWPHQWVLQFOXGLQJPDUNHW OHDGLQJPDQDJHGSRUWIROLRIXQFWLRQDOLW\HɝFLHQWDQGFRVWH΍HFWLYHWUDGLQJLQVXUDQFHDQG comprehensive reporting for all types of investors including investors, companies, trusts and VHOIPDQDJHGVXSHUIXQGV
ΖVVXHU6SRQVRUHG +ROGLQJ	DKROGLQJRI(DVWRQ6KDUHVRQ(DVWRQȇVLVVXHUVSRQVRUHGVXEUHJLVWHU
IRESS	Ζ5(66/LPLWHG\$%1
/DVW7UDGLQJ'DWH EHIRUH2ULJLQDO \$QQRXQFHPHQW'DWH	2FWREHUEHLQJWKHODVWWUDGLQJGD\SULRUWRWKH2ULJLQDO\$QQRXQFHPHQW
Licensee	KROGHURIDQ\$XVWUDOLDQȴQDQFLDOVHUYLFHVOLFHQFHWKDWSURYLGHVȴQDQFLDODGYLFH
0DUNHWDEOH3DUFHO	DKROGLQJRI(DVWRQ6KDUHVZLWKDYDOXHRIQRWOHVVWKDQEDVHGRQWKHȊFXP2΍HUȋ\$6; closing price of Easton Shares on the most recent Trading Day before the date of the relevant DFFHSWDQFHRIWKH2΍HU
1HZ(DVWRQ2SWLRQV	RSWLRQVHDFKWRVXEVFULEHIRURQH(DVWRQ6KDUHWREHJUDQWHGE(DVWRQRQ )HEUXDU\DVFRQVLGHUDWLRQIRU+8%HQWHULQJLQWRWKH7HFKQRORJ\3DUWQHUVKLSDQG Distribution Agreement.
2΍HURU2΍HUV	DVWKHFRQWH[WUHTXLUHVWKHR΍HUWRDFTXLUH(DVWRQ6KDUHVDVVHWRXWLQVHFWLRQbRIWKLV %LGGHUȇV6WDWHPHQWRUWKHR΍HUVFRQVWLWXWLQJWKHWDNHRYHUELGPDGHXQGHUWKH%LGGHUȇV 6WDWHPHQWDQGLQFOXGHVDUHIHUHQFHWRWKRVHR΍HUVDVYDULHGLQDFFRUGDQFHZLWKWKH Corporations Act.
2΍HUΖQIRUPDWLRQ/LQH	WKHWHOHSKRQHOLQHIRUDQ\TXHULHVLQFRQQHFWLRQZLWKWKH2΍HUEHLQJIRUFDOOV PDGHZLWKLQ\$XVWUDOLD?RUIRUFDOOVPDGHIURPRXWVLGH\$XVWUDOLD?IURP 0RQGD\WR)ULGD\EHWZHHQDPDQGSP6\GQH\WLPH
2΍HU3HULRG	WKHSHULRGUHIHUUHGWRLQFODXVHbRIWKLV%LGGHUȇV6WDWHPHQW
2΍HU3ULFH	+8%ȇVR΍HUIRUWRSXUFKDVHHDFK(DVWRQ6KDUHIRURXWRIHYHU(DVWRQ6KDUHV DVUHGXFHGLQDFFRUGDQFHZLWKVHFWLRQbE\WKHDPRXQWRIDQ\5LJKWVZKLFK\RXRUDQ\ previous holder of the Easton Share) become entitled to receive in respect of the Easton 6KDUHRQRUDIWHUWKHGDWHRIWKLV%LGGHUȇV6WDWHPHQWDVVHWRXWLQVHFWLRQb

Term	'HȴQLWLRQ
2ULJLQDO\$QQRXQFHPHQW	WKHRULJLQDODQQRXQFHPHQWE(DVWRQDQG+8%RI+8%ȇVSURSRVHGLQYHVWPHQWLQ(DVWRQ on the Original Announcement Date.
2ULJLQDO\$QQRXQFHPHQW Date	2FWREHU
3DQWKHUFRUS	3DQWKHUFRUS&673W\/WG\$%1
3DUDJHP	3DUDJHP3W\/LPLWHG\$&1
3DUDJHP\$JUHHPHQW	DVKDUHVDOHDJUHHPHQWEHWZHHQ(DVWRQDQG+8%GDWHG'HFHPEHUWRZKLFK (DVWRQZLOODFTXLUHDOOWKHLVVXHGVKDUHVLQ3DUDJHP3W\/WG\$%1DQGDV GHVFULEHGLQVHFWLRQ
3DUDJHP6KDUHV	(DVWRQ6KDUHVLVVXHGWR+8%SXUVXDQWWRWKH3DUDJHP\$JUHHPHQW
3UH%LG\$FFHSWDQFH \$JUHHPHQWV	WKHSUHELGDFFHSWDQFHDJUHHPHQWVGDWHG'HFHPEHUEHWZHHQ+8%DQGHDFKRI the following persons in relation to Easton Shares they own or control:
	(a) Kevin White; (b) -RKQUHJRU+D\HV (c) Carl Scarcella; and (d) UDKDPH(YDQV ZKLFKDUHVXPPDULVHGLQVHFWLRQ
3UHVFULEHG2FFXUUHQFH	DQ\RIWKHHYHQWVVSHFLȴHGLQVHFWLRQbD
3XEOLF\$XWKRULW\	DQ\JRYHUQPHQWRUDQ\JRYHUQPHQWDOVHPLJRYHUQPHQWDOVWDWXWRU\RUMXGLFLDOHQWLW\RU DXWKRULW\RUDQ\PLQLVWHUGHSDUWPHQWRɝFHRUGHOHJDWHRIDQ\JRYHUQPHQWZKHWKHULQ \$XVWUDOLDRUHOVHZKHUHΖWDOVRLQFOXGHVDQ\VHOIUHJXODWRU\RUJDQLVDWLRQHVWDEOLVKHGXQGHU VWDWXWHDQGDQ\VKDUHVH[FKDQJH
5HJLVWHU	the registers of members of Easton maintained in accordance with the Corporations Act.
5HJLVWHU'DWH	SPRQ-DQXDU\
Relevant Interest	KDVWKHPHDQLQJJLYHQLQVHFWLRQVDQGRIWKH&RUSRUDWLRQV\$FW
5HPDLQLQJ6KDUHV	KDVWKHPHDQLQJJLYHQWRWKDWWHUPLQVHFWLRQbF
5LJKWV	DOODFFUHWLRQVULJKWVRUEHQHȴWVRIZKDWHYHUNLQGDWWDFKLQJWRRUDULVLQJIURPRULQUHVSHFWRI Easton Shares, whether directly or indirectly, including without limitation all rights to receive dividends, to receive or subscribe for shares, units, notes, options or other Shares and to receive all other distributions or other entitlements declared, paid, made or issued by Easton RUDQ\HQWLW\FRQWUROOHGE(DVWRQH[FHSWWKH3HUPLWWHG'LYLGHQG
6HFXULW\KROGHU 5HIHUHQFH1XPEHU	the number allocated by Easton to identify a shareholder on the Issuer Sponsored Holding.
Sold Share	DQ(DVWRQ6KDUHWKDW\RXKDYHDJUHHGWRVHOOWR+8%XQGHUWKH2΍HU
6XSHULRU3URSRVDO	DZULWWHQERQDȴGH&RPSHWLQJ3URSRVDOZKLFKWKH(DVWRQ%RDUGDFWLQJLQJRRGIDLWKDQGDIWHU KDYLQJȴUVWREWDLQHGZULWWHQDGYLFHIURPLWVOHJDODQGȴQDQFLDODGYLVHUVGHWHUPLQHVLV
	(a) UHDVRQDEO\FDSDEOHRIEHLQJFRPSOHWHGWDNLQJLQWRDFFRXQWDOODVSHFWVRIWKH&RPSHWLQJ Proposal; and
	(b) PRUHIDYRXUDEOHWR(DVWRQ6KDUHKROGHUVWKDQWKH2΍HUWDNLQJLQWRDFFRXQWDOOWHUPV and conditions of the Competing Proposal.
7DNHRYHU7UDQVIHUHH +ROGLQJ	WKH&+(66+ROGLQJWRZKLFK6ROG6KDUHVDUHWREHWUDQVIHUUHGDIWHUDFFHSWDQFHRIWKH2΍HU

Term	'HȴQLWLRQ
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Transactions	WKHVHULHVRIWUDQVDFWLRQVEHWZHHQ+8%DQG(DVWRQGHVFULEHGLQ+8%ȇVDQQRXQFHPHQW WR\$6;RQ'HFHPEHU
Transitional Services \$JUHHPHQW	WKH7UDQVLWLRQDO6HUYLFHV\$JUHHPHQWEHWZHHQ+8%RULWVVXEVLGLDU\?DQG3DUDJHPGDWHG 20 December 2020 in relation to the provision of transitional services following the sale of 3DUDJHPWR(DVWRQRULWVVXEVLGLDU\?DVVHWRXWLQVHFWLRQ
VWAP	volume weighted average price.
\RXU(DVWRQ6KDUHV	VXEMHFWWRVHFWLRQVE?F?G?H?DQGI?WKH(DVWRQ6KDUHVLQUHVSHFWRIZKLFK\RXDUH registered or entitled to be registered as holder in the Register as at the Register Date and to ZKLFK\RXDUHDEOHWRJLYHJRRGWLWOHDWWKHWLPH\RXDFFHSWWKH2΍HUGXULQJWKH2΍HU3HULRGDQG DQ(DVWRQ6KDUHVLQUHVSHFWRIZKLFK\RXFDQDFFHSWWKH2΍HULQDFFRUGDQFHZLWKVHFWLRQD

8.1 INTERPRETATION

• (a) 8QOHVVRWKHUZLVHGHȴQHGZRUGVDQGSKUDVHVZKLFKDUHGHȴQHGE\WKH&RUSRUDWLRQV\$FWKDYHWKHVDPHPHDQLQJ LQWKLV%LGGHUȇV6WDWHPHQWDQGWKH\$FFHSWDQFH)RUPDQGLIDVSHFLDOPHDQLQJLVJLYHQIRUWKHSXUSRVHVRI Chapter 6 or 6A or a provision of Chapter 6 or 6A of the Corporations Act, have that special meaning.
• (b) +HDGLQJVDUHIRUFRQYHQLHQFHRQO\DQGGRQRWDHFWLQWHUSUHWDWLRQ
• (c) 7KHIROORZLQJUXOHVDOVRDSSO\LQLQWHUSUHWLQJWKLV%LGGHUȇV6WDWHPHQWDQGWKH\$FFHSWDQFH)RUPH[FHSWZKHUH WKHFRQWH[WPDNHVLWFOHDUWKDWDUXOHLVQRWLQWHQGHGWRDSSO\
• (i) a singular word includes the plural, and vice versa;
• (ii) a word which suggests one gender includes the other genders;
• (iii) a word which suggests one gender includes the other genders;
• (iv) a reference to a person, corporation, trust, partnership, unincorporated body or association or other entity includes any of them;
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• (vii) DUHIHUHQFHWRDQ\OHJLVODWLRQRUWRDQ\SURYLVLRQRIDQ\OHJLVODWLRQLQFOXGHVDQ\PRGLȴFDWLRQRUUH enactment of it, any legislative provision substituted for it and all regulations and statutory instruments issued under it;
• (viii) DUHIHUHQFHWR\RXLVWRDSHUVRQWRZKRPWKH2HUXQGHUVHFWLRQbLVRULVGHHPHGWREH?PDGH
• L[? XQOHVVRWKHUZLVHVWDWHGUHIHUHQFHVLQWKLV%LGGHUȇV6WDWHPHQWWR3DUWVFODXVHVSDUDJUDSKVDQG VXESDUDJUDSKVDUHWR3DUWVFODXVHVSDUDJUDSKVDQGVXESDUDJUDSKVRIWKLV%LGGHUȇV6WDWHPHQWDQG
• [? a reference to a person includes a body corporate.

9. APPROVAL OF BIDDER'S STATEMENT

This Bidder's Statement has been approved by a resolution passed by the directors of HUB24.

Dated: 6 January 2021

SIGNED for and on behalf of HUB24 Limited by:

Andrew Alcock Managing Director

APPENDIX A - EASTON ASX ANNOUNCEMENTS FOR PERIOD SINCE 30 JUNE 2020

List of Easton announcements lodged with ASX since the date of Easton's FY20 Annual Report.

	Date	Announcement
1.	04/01/2021	Change in substantial holding from HUB
2.	04/01/2021	Cleansing Notice
3.	04/01/2021	Application for Quotation of Securities - Appendix 2A
4.	24/12/2020	Update on Divestment of Document Businesses and Other Matters
5.	22/12/2020	Becoming a substantial holder from HUB
6.	21/12/2020	Proposed Issue of Securities - EAS
7.	21/12/2020	Proposed Issue of Securities - EAS
8.	21/12/2020	Update on HUB24 Proposed Investment in Easton
9.	21/12/2020	HUB: HUB24 Investment in Easton
10.	15/12/2020	Dividend/Distribution - EAS
11.	15/12/2020	Trading Update & Special Dividend
12.	14/12/2020	Announcement of buy-back - Appendix 3C
13.	11/12/2020	Final share buy-back notice - Appendix 3F
14.	01/12/2020	Change of Joint Company Secretary
15.	20/11/2020	Divestment of Panthercorp
16.	20/11/2020	SEQ: Acquisition of Panthercorp CST Pty Ltd
17.	17/11/2020	Divestment of Equity Interest in Law Central
18.	10/11/2020	Ceasing to be a substantial holder
19.	06/11/2020	Change in substantial holding
20.	04/11/2020	Change of Director's Interest Notice - K White
21.	04/11/2020	Change of Director's Interest Notice - C Scarcella
22.	29/10/2020	Correction to Yesterday's ASX Announcement
23.	28/10/2020	Important Heads of Agreement with HUB24
24.	26/10/2020	Cancellation of shares ASIC form 484
25.	08/10/2020	Completion of the Sale of Equity Interest in HKNSW
26.	01/10/2020	Results of Annual General Meeting
27.	01/10/2020	2020 Annual General Meeting
28.	07/09/2020	Cancellation of shares ASIC form 484
29.	07/09/2020	Daily share buy-back notice - Appendix 3E
30.	02/09/2020	Daily share buy-back notice - Appendix 3E

	Date	\$QQRXQFHPHQW
31.		'DLO\VKDUHEX\EDFNQRWLFH\$SSHQGL[(
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		Full Year 2020 Results Presentation
		\$SSHQGL[DQG&RUSRUDWHRYHUQDQFH6WDWHPHQW
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		1RWLȴFDWLRQRI&KDQJHRI\$XGLWRU
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		Completion of the Sale of Equity Interest in First Financial
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		'DLO\VKDUHEX\EDFNQRWLFH\$SSHQGL[(
		Divestment of Equity Interest in HKNSW

CORPORATE DIRECTORY

HUB24 LIMITED ABN 87 124 891 685

Directors

ΖDQ/LWVWHU %UXFH+LJJLQV \$QGUHZ\$OFRFN Anthony McDonald Paul Rogan Ruth Stringer

REGISTERED OFFICE

/HYHO 0DFTXDULH3O Sydney, NSW 2000

LEGAL ADVISER

MinterEllison

/HYHO *RYHUQRU0DFTXDULH7RZHU 1 Farrer Place Sydney NSW 2000

FINANCIAL ADVISER

*UHHQKLOO &R\$XVWUDOLD3W\/WG

/HYHO *RYHUQRU3KLOOLS7RZHU 1 Farrer Place Sydney NSW

REGISTRY

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Transfer and Acceptance Form – CHESS Subregister Subreg

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REGISTRY USE ONLY

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Further Important Instructions

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Completion instructions

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Lodgement instructions instructio

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Your acceptance must be received by no later than the end of the Offer Period, which is currently 7:00pm (Sydney time) on 22 February 2021, unless extended.

If you have any questions about the terms of the Offer or how to accept, please call the Offer Information Line on the following numbers:

within Australia: 1300 794 935 outside Australia: +61 1300 794 935 or visit https://events.miraqle.com/hub24-offer

HUB24 LIMITED BIDDER'S STATEMENT

59

Need help? Contact Offer Information Line Phone 1300 794 935 (from within Australia) Phone +61 1300 794 935 (from outside Australia)

SAMPLE NAME 1 SAMPLE NAME 2 SAMPLE ADDRESS 1 SAMPLE ADDRESS 2

A Your name Your holding

Securityholder Reference Number: I12345678910

Easton Shares held as at the register date 14 January 2021 99,999,999

If your holding has changed between the register date and time of acceptance, then write your current holding here. Your acceptance will be granted over your updated holding.

This is an important document. If you are in doubt as to KRZWRFRPSOHWHWKLVIRUPSOHDVHFRQVXOW\RXUÀQDQFLDO or other professional adviser immediately. ument. are SOHDVHFRQVXOW\RXUÀQDQFLDObove.ed and

Transfer and Acceptance Form – Issuer Sponsored Subregister uer Su

This is a personalised form for the sole use of the holder and holding recorded above.

B You must give your instructions to accept the Offer Off

If you correctly sign and return this form, you will be deemed to have accepted the Offer in respect of 1 out of every 3 of your Easton Shares. If as a result of accepting the Offer, you will be left with holding less than a Marketable Parcel (a parcel of Easton Shares worth less than \$500), then the Offer will extend to all of your Easton Shares and you will be deemed to have accepted for (and will receive consideration for) 100% of your Easton Shares. mmediately PLE ranted /We, acce PL AM case^M o of e w ll o MP[ca

[number of Easton Shares] Being 1 out of every 3 of res]

Total number of your Easton Shares As a result of this acceptance this number of my Easton Shares would be transferred this acce transfe

[calc of [XX]% of Shares]

my total Easton Shares

C Contact details

Please provide your contact name and telephone number in case we need to speak to you about this Acceptance Form.

Telephone Number where you can be contacted during business hours Contact Name (PRINT)

D You must sign this form for your instructions in this Acceptance Form to be implemented

I/We, the person(s) named above, accept the Offer in respect of 1 out of every 3 of my/our Easton Shares and hereby agree to transfer to HUB24 1 out of every 3 of P\RXU(DVWRQ6KDUHVIRUWKHFRQVLGHUDWLRQVSHFL¿HGLQWKH2IIHUDQGRQWKHWHUPVDQGFRQGLWLRQVRIWKH2IIHUDVVHWRXWLQWKH%LGGHU¶V6WDWHPHQW,IDVDUHVXOWRI DFFHSWLQJWKH2IIHU,ZHZLOOEHOHIWZLWKOHVVWKDQD0DUNHWDEOH3DUFHO,ZHDFFHSWWKH2IIHUIRUDOORIP\RXU(DVWRQ6KDUHVIRUWKHFRQVLGHUDWLRQVSHFL¿HGLQWKH Offer, and on the terms and conditions of the Offer. P\RXU(DVWRQ6KDUHVIRUWKHFRQVLGH DFFHSWLQJWKH2IIHU,ZHZL SAt form ^Shareholder (Individual er hou

Shareholder 1 (Individual/Joint) Shareholder 2 (Individual/Joint) Shareholder 3 (Individual/Joint)

Sole Director & Sole Company Secretary Secretary/Director (delete one) Director

Please refer overleaf for further important instructions

REGISTRY USE ONLY

Holding

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Further Important Instructions

Your Easton Shares are in an Issuer Sponsored Holding. To accept the Offer, you must complete and return this Acceptance Form in accordance with the instructions below.

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Completion instructions

• A Please check the front page to ensure that your name and address are correct. If incorrect, please write your correct details and initial the amendments. Amendments to your name can only be processed by your Easton Registry. Ecorrec r
• Please note your consideration will be issued in the names as they appear on the Easton register.
• D Please sign this Acceptance Form in the places for signature(s) set out on the front page and in accordance with the following instructions: gister.accordance
• Individual Shareholder: If your Easton Shares are held in your name please sign in the appropriate box.
• Joint Shareholders: If your Easton Shares are held in the names of more than one person, all of those persons must sign this Acceptance Form. lease must
• Corporations: This Acceptance Form must be signed by either two directors or a director and a company secretary. Alternatively, where the company has a sole director and, pursuant to the Corporations Act, there is no company secretary, or where the sole director is also the sole company secretary, that director may sign alone. Alternatively, a duly appointed attorney may sign. s n e
• Powers of attorney:,IWKLV\$FFHSWDQFH)RUPLVVLJQHGXQGHUDSRZHURIDWWRUQH\SOHDVHDWWDFKDFHUWL¿HGFRS\RIWKH power of attorney to this Acceptance Form when you return it. If this Acceptance Form is signed under Power of Attorney, the attorney declares that he/she has no notice of revocation of the Power of Attorney. VVLJQHGXQGHUDSRZHURIDWWRUQH\SOHDVHDWWDFK orm e/she revocation
• Deceased Estates: All the executors and administrators must sign this Acceptance Form. When you return this \$FFHSWDQFH )RUP SOHDVH DWWDFK LW WR D FHUWL¿HG FRS\ RI SUREDWH OHWWHUV RI DGPLQLVWUDWLRQ RU FHUWL¿FDWH RI JUDQW DFFRPSDQLHGZKHUHUHTXLUHGE\ODZIRUWKHSXUSRVHRIWUDQVIHU?E\DFHUWL¿FDWHRISD\PHQWRIGHDWKRUVXFFHVVLRQ duties and (if necessary) a statement in terms of Section 1071B(9)(b)(iii) of the Corporations Act. s si OH WKHSXUSRVHRIWUDQVIHU?E\DFH y)

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Lodgement instructions

• Mail completed Acceptance Form(s) and any other documents required by the above instructions to:

Mailing Address ailing

Link Market Services Limited Easton Takeover Locked Bag A14 SYDNEY SOUTH NSW 1235 mited on Takeover A14 123

• A reply paid envelope is enclosed for use within Australia. velope

Your acceptance must be received by no later than the end of the Offer Period, which is currently 7:00pm (Sydney time) on 22 February 2021, unless extended. acce

If you have any questions about the terms of the Offer or how to accept, please call the Offer Information Line on the following numbers:

within Australia: 1300 794 935 outside Australia: +61 1300 794 935 or visit https://events.miraqle.com/hub24-offer

HUB24 LIMITED BIDDER'S STATEMENT

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