科锐国际:Caraffi评估报告

Caraffi Limited

Rm902C Block A Horoy Center No.5059 Tinghai Road Qianhai Nanshan District Shenzhen PRC

(Tel):+86(755)82221353 (Postcode):518066

http://www.kroll-appraisal.com Email: mail@kroll-appraisal.comCaraffi Limited

9.4346/

51890.3Caraffi Limited

1Investigo 7000 66.15 70

Graeme Paxton 2788 26.34 23.48

Hayley Gray 358 3.37 3

Oliver Amos 160 1.51 1.35

Lee Stebbings 160 1.51 1.35

Mark Willams 28 0.26 0.24

Emily Tatham 28 0.26 0.24

Bryony Forbes 28 0.26 0.24

David Proctor 14 0.13 0.12

Nick Baxter 14 0.13 0.00

Haresh Vaya 7 0.07 0.00

10583100.00100.00

2507989246863040740728143156

1569745159814424399923825030

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11197125134937301836097128577655

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4321991806452

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6789101112Robert Half Inc. (NYSE:RHI)

13Kelly Services Inc. (NasdaqGS:KELY.A)

Randstad N.V. (ENXTAM:RAND)

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212223242526ICaraffi Ltd EXHIBIT A-1

VALUATION SUMMARY AND KEY ASSUMPTIONS

5 Date of Valuation: Dec 31 25

6 Year End: 31-Dec

7 Subject Company: Caraffi Ltd

8 Business Description: TA

9 Accounting Standard: FRS

10 Currency Unit: GBP '000

11 Projection Period: 2026 to 2030

15 Purpose of Valuation: Internal Reference

17 (DLOM)

18 1) Valuation Conclusion 1) Indicated Value Control Marketability

19 of Invested Capital Premium Discount Total

20 GBP '000 35% 35% GBP '000

21 Market Approach:

22 Guideline Companies Method

Enterprise Value ("EV") / LTM

EBITDA

/5979420928(28253)52469

Enterprise Value ("EV") / LTM

EBIT

/6662223318(31479)58461

Price ("P") / LTM Net Income

/5870420546(27738)5151326

35 Income Approach:

36 Discounted Cash Flow Analysis - Base Case 55485 55485

40 Indicated Value of Business Enterprise (Invested Capital) 55485

42 Add:

43 Excess cash 0

45 Business Enterprise Value (ROUNDED TO MILLION) 55000

47 Less:

50 Outstanding Debt 0

52 Equity Value (ROUNDED TO MILLION) 55000

53Caraffi Ltd EXHIBIT B-1

HISTORICAL FINANCIALS - PROFIT AND LOSS ACCOUNTS -

(All figures in GBP '000 unless specified otherwise)

Years ended 31 December 2022 2023 2024 2025 Average

12 31 (Note 1) (Note 1) (Note 1) (Note 2)

10 Revenue 17203 100.0% 20808 100.0% 26032 100.0% 40610 100.0%

13 Total 17203 100.0% 20808 100.0% 26032 100.0% 40610 100.0% 100.0%

15 Cost of Revenue (11197) -65.1% (13494) -64.8% (18361) -70.5% (28578) -70.4% -67.7%

17 Gross Profit 6006 34.9% 7315 35.2% 7671 29.5% 12032 29.6% 32.3%

19 Operating Expenses :

20 G&A Expenses (5255) -30.5% (6703) -32.2% (6481) -24.9% (7516) -18.5% -26.5%

24 Other Operating Expense 0.0% 0.0% 0.0% 0.0% 0.0%

25(5255)(6703)(6481)(7516)

26 EBIT 751 4.4% 611 2.9% 1190 4.6% 4517 11.1% 5.7%

29 Non-Operating Income :

30 Interest Income 0.0% 5 0.0% 0.0% 0.0% 0.0%

31 Other Income 0.0% 0.0% 0.0% 0.0% 0.0%

3200.0%50.0%00.0%00.0%0.0%

34 Non-Operating Expenses :

35 Interest Expenses: (15) -0.1% (15) -0.1% (24) -0.1% (26) -0.1% -0.1%

38 Other Non-Operating Expenses 0.0% 0.0% 0.0% 0.0% 0.0%

39(15)-0.1%(15)-0.1%(24)-0.1%(26)-0.1%-0.1%

41 Pretax Profit/ (Loss) / 736.512 4.3% 601.632 2.9% 1166.025 4.5% 4490 11.1% 5.7%

43 Profit (Tax)/ Refund / (141) -0.8% (157) -0.8% (298) -1.1% (1126) -2.8% -1.4%

45 Net Income 595.819 3.5% 444.861 2.1% 868.085 3.3% 3364 8.3% 4.3%

50 Notes:

1 Source from audit reports provided by target management

2 Source from unaudit financial statements provided by target managementCaraffi Ltd EXHIBIT B-2

HISTORICAL FINANCIALS - BALANCE SHEETS -

(All figures in GBP '000 unless specified otherwise)

As at 31 December 2022 2023 2024 2025 Average

12 31 (Note 1) (Note 1) (Note 1) (Note 2)

10 Fixed Assets 32 1.3% 36 1.5% 19 0.5% 7 0.1% 0.8%

26 Current Assets

27 Cash And Bank Balances 369 14.7% 215 8.7% 1668 40.9% 2656 32.6% 24.2%

29 Trade Receivables 2009 80.1% 2071 83.9% 2041 50.1% 3110 38.2% 63.1%

30 Other Receivables 20 0.8% 30 1.2% 113 2.8% 432 5.3% 2.5%

31 Prepayments and Accrued Income 79 3.2% 116 4.7% 233 5.7% 1937 23.8% 9.3%

34247698.7%243398.5%405599.5%813699.9%99.2%

36 Total Assets 2508 100.0% 2469 100.0% 4074 100.0% 8143 100.0% 100.0%

38 Long Term Liabilities

43 Deferred tax liability 0.0% 9 0.4% 5 0.1% 2 0.0% 0.1%

4400.0%90.4%50.1%20.0%0.1%

48 Current Liabilities

52 Trade Payables 506 20.2% 594 24.0% 1725 42.3% 1085 13.3% 25.0%

53 Other creditors and accruals 188 7.5% 234 9.5% 173 4.2% 1806 22.2% 10.9%

54 Current Income Tax Liabilities 445 17.8% 424 17.2% 386 9.5% 573 7.0% 12.9%

55 Directors' Current Accounts 19 0.8% 19 0.8% 0.0% 0.0% 0.4%

56 Deferred Income 411 16.4% 319 12.9% 152 3.7% 359 4.4% 9.4%

57157062.6%158964.4%243559.8%382346.9%58.4%

59 Shareholders' Equity

60 Share Capital 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0.0%

63 Retained Profits 938 37.4% 870 35.3% 1634 40.1% 4318 53.0% 41.4%

6493837.4%87035.3%163440.1%431853.0%41.5%

66 Non-Controlling Interest 0.0% 0.0% 0.0% 0.0% 0.0%

68 Liabilities & Shareholders' Equity 2508 100.0% 2469 100.0% 4074 100.0% 8143 100.0% 100.0%

Notes:

1 Source from audit reports provided by target management

2 Source from unaudit financial statements provided by target managementCaraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

///

5 Performance of Guideline Companies

6 EV/Sales EV/EBITDA EV/EBIT P/E

7 Guideline Companies CapitalIQ Code CIQ LTM LTM LTM LTM

9 Hays plc LSE: HAS 0.13 16.70 23.82 N/A

10 Adecco Group AG SWX:ADEN 0.27 8.66 10.31 14.09

11 SThree plc LSE: STEM 0.13 6.27 7.03 9.88

12 PageGroup plc LSE: PAGE 0.44 9.56 44.22 77.45

13 Korn Ferry NYSE:KFY 1.07 7.40 8.53 11.51

14 Robert Half Inc. NYSE:RHI 0.42 17.54 29.44 16.93

15 Beijing Career International Co. Ltd SZSE:300662 0.35 16.34 16.66 16.61

16 Kelly Services Inc. NasdaqGS:KELY.A 0.09 3.90 6.91 N/A

17 Randstad N.V. ENXTAM:RAND 0.29 10.72 13.21 18.97

20 Highest 1.07 17.54 44.22 77.45

21 Lowest 0.09 3.90 6.91 9.88

22 Average 0.36 10.79 17.79 23.64

23 Median 0.29 9.56 13.21 16.61

24 Adjusted 1.65 13.20 14.75 17.45

26 Selected Ratio 1.65 13.20 14.75 17.45

28 Estimated Value of Subject Company

30 Financial Year LTM LTM LTM LTM

31 Economic Measures Net sales EBITDA EBIT Net income

33 GBP '000 GBP '000 GBP '000 GBP '000

34 Financial Results 40610 4530 4517 3364

35 Applicable Ratio 1.65 13.20 14.75 17.45

37 Mulitiplication product 67007 5 9794 6 6622 58704

51Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

52 Comparable Companies

53 CapitalIQ Code: CIQ Subject LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

54 Size in Term of Revenue (in RMB Mn) 41 6607 23082 1302 1597 2730 5379 11788 4251 23077

55 Reporting Currency GBP Mn GBP Mn EUR Mn GBP Mn GBP Mn USD Mn USD Mn CNY Mn USD Mn EUR Mn

56 Latest Financial Year Ended Dec 31 25 Dec 31 25 Dec 31 25 Nov 30 25 Dec 31 25 Oct 31 25 Dec 31 25 Sep 30 25

57 Latest Quarter/Interim Ended / Dec 31 25 Dec 31 25 Dec 31 25 Nov 30 25 Dec 31 25 Oct 31 25 Dec 31 25 Sep 30 25 Dec 28 25 Dec 31 25

61 Enterprise Value as at Appraisal Date (in Million)

62 Market Capitalization (in Reporting Currency) 900.16 4157.93 242.66 729.74 3445.91 2715.50 4985.11 310.67 5672.21

63 Net Interest Bearing Debts (40.30) 2113.00 (67.96) (31.38) (434.33) (464.44) (169.54) 68.90 985.00

64 Minority Interest 0.00 10.00 0.00 0.00 5.63 0.00 101.81 0.00 1.00

65 Preferred Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 305.50

66 Enterprise Value ("EV") 859.86 6280.93 174.70 698.37 3017.21 2251.07 4917.38 379.57 6658.21

68 Historical Financial Results (in Million)

69 Year LTM LTM LTM LTM LTM LTM LTM LTM LTM

70 Total Assets 1678.10 11756.00 483.41 575.73 3722.93 2856.28 4260.01 2250.60 10686.00

71 Cash plus Marketable Securities 169.90 388.00 67.96 31.38 786.45 464.44 432.89 33.00 399.00

72 Long Term Investment 0.00 259.00 0.00 0.00 46.03 0.00 162.27 0.00 28.00

73 Invested Capital 430.80 5509.00 167.13 183.25 1515.46 811.42 2104.02 1045.40 4987.00

75 Total Debt 129.60 2760.00 0.00 0.00 398.15 0.00 425.63 101.90 1412.00

76 Total Equity 471.10 3396.00 235.10 214.63 1949.79 1275.86 2273.56 976.50 4002.00

77 Net Income (10.50) 295.00 17.67 9.02 261.69 132.99 289.84 (254.10) 299.00

78 EBIT (Exclude /Include Share Profit in Associate) / 36.10 609.00 24.86 15.79 353.60 76.46 295.19 54.90 504.00

79 EBITDA 51.50 725.00 27.84 73.07 407.88 128.37 300.91 97.30 621.00

80 Sales 6494.10 23082.00 1302.20 1596.58 2811.09 5378.51 14026.25 4250.90 23077.00

82 Year 2025 2025 2025 2025 2025 2025 2024 2025 2025

83 Total Assets 1769.10 11756.00 483.41 575.73 3861.22 2856.28 4024.55 2250.60 10686.00

84 Cash plus Marketable Securities 169.90 388.00 67.96 31.38 786.45 464.44 432.89 33.00 399.00

85 Long Term Investment 0.00 259.00 0.00 0.00 43.58 0.00 142.58 0.00 28.00

86 Invested Capital 428.30 5509.00 167.13 183.25 1439.85 811.42 1848.84 1045.40 4987.00

88 Total Debt 131.50 2760.00 0.00 0.00 397.74 0.00 369.52 101.90 1412.00

89 Total Equity 466.70 3396.00 235.10 214.63 1872.14 1275.86 2054.79 976.50 4002.00

90 Net Income (7.80) 295.00 17.67 9.02 246.06 132.99 205.35 (254.10) 299.00

91 EBIT (Exclude /Include Share Profit in Associate) / 40.80 609.00 24.86 15.79 334.53 76.46 208.12 54.90 504.00

92 EBITDA 58.70 725.00 27.84 73.07 373.81 128.37 224.26 97.30 621.00

93 Sales 6607.00 23082.00 1302.20 1596.58 2730.09 5378.51 11787.66 4250.90 23077.00

95 Year 2024 2024 2024 2024 2024 2024 2023 2024 2024

96 Total Assets 1817.30 12099.00 506.73 650.10 3678.87 2854.41 3748.36 2632.30 11190.00

97 Cash plus Marketable Securities 160.90 482.00 69.76 95.35 966.42 537.58 800.39 39.00 357.00

98 Long Term Investment 0.00 256.00 0.00 0.00 30.21 0.00 146.20 0.00 33.00

99 Invested Capital 500.80 5888.00 178.98 167.06 1137.65 840.42 1446.80 1435.40 5390.00

101 Total Debt 104.10 3040.00 0.09 0.00 396.95 0.00 541.13 239.80 1647.00

102 Total Equity 557.60 3586.00 248.64 262.41 1737.33 1378.00 1852.26 1234.60 4133.00

103 Net Income (4.90) 303.00 49.69 28.44 169.15 251.60 200.50 (0.60) 123.00

104 EBIT (Exclude /Include Share Profit in Associate) / 98.70 602.00 65.53 47.79 271.79 241.47 189.84 70.30 514.00

105 EBITDA 119.00 748.00 67.82 60.55 313.25 294.74 219.87 110.50 615.00

106 Sales 6949.10 23138.00 1492.91 1738.94 2762.67 5795.84 9778.50 4331.80 24122.00Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

107

108 Year 2023 2023 2023 2023 2023 2023 2022 2023 2023

109 Total Assets 1904.00 12430.00 472.30 704.57 3574.44 3010.79 3748.74 2581.60 10686.00

110 Cash plus Marketable Securities 145.60 556.00 83.20 90.14 877.24 731.74 1144.33 125.80 261.00

111 Long Term Investment 0.00 197.00 0.00 0.00 27.50 0.00 136.87 0.00 39.00

112 Invested Capital 534.70 6052.00 139.68 216.35 1144.47 856.61 1206.62 1127.90 4967.00

114 Total Debt 10.00 3204.00 0.00 0.00 396.19 0.00 36.77 0.00 567.00

115 Total Equity 670.30 3601.00 222.88 306.49 1653.01 1588.35 2451.05 1253.70 4700.00

116 Net Income 138.30 325.00 56.05 77.07 209.53 411.15 290.79 36.40 624.00

117 EBIT (Exclude /Include Share Profit in Associate) / 193.80 748.00 77.79 116.27 359.74 464.59 390.29 65.30 851.00

118 EBITDA 214.70 916.00 80.52 129.90 398.78 518.84 413.10 99.20 951.00

119 Sales 7583.30 23957.00 1663.17 2010.30 2835.41 6392.52 9092.06 4835.70 25426.00

120

121 Year 2022 2022 2022 2022 2022 2022 2021 2022 2022

122 Total Assets 2077.40 13256.00 470.40 794.94 3464.55 2964.49 3388.49 2663.80 11109.00

123 Cash plus Marketable Securities 296.20 782.00 65.81 131.48 1025.31 658.63 1097.04 153.70 274.00

124 Long Term Investment 0.00 185.00 0.00 0.00 38.31 0.00 116.86 0.00 41.00

125 Invested Capital 500.00 6224.00 135.01 220.72 881.44 909.93 1042.32 1101.20 5146.00

127 Total Debt 0.00 3298.00 0.42 0.00 395.48 0.00 41.92 0.70 546.00

128 Total Equity 796.20 3893.00 200.39 352.20 1549.59 1568.56 2214.31 1254.20 4915.00

129 Net Income 154.20 342.00 54.20 139.01 326.36 657.92 252.54 (62.50) 929.00

130 EBIT (Exclude /Include Share Profit in Associate) / 208.90 680.00 79.72 194.48 465.73 975.09 337.62 70.00 1137.00

131 EBITDA 229.00 875.00 83.32 205.90 501.25 1024.15 356.18 103.40 1220.00

132 Sales 6588.90 23640.00 1639.45 1990.29 2626.72 7238.14 7010.45 4965.40 27568.00

133

134 Year 2021 2021 2021 2021 2021 2021 2020 2021 2021

135 Total Assets 1873.50 11865.00 400.57 724.46 3056.53 2952.36 1985.21 2894.20 11040.00

136 Cash plus Marketable Securities 410.60 3052.00 57.53 153.98 905.36 619.00 486.94 112.70 859.00

137 Long Term Investment 0.00 175.00 0.00 0.00 40.65 0.00 110.39 387.70 53.00

138 Invested Capital 461.20 3708.00 100.65 186.12 817.56 762.05 623.82 835.80 4670.00

140 Total Debt 0.00 3135.00 0.02 0.00 394.79 0.00 38.30 0.00 680.00

141 Total Equity 871.80 3800.00 158.15 340.11 1368.78 1381.05 1182.85 1336.20 4902.00

142 Net Income 61.50 586.00 41.98 118.36 114.45 598.63 186.31 156.10 768.00

143 EBIT (Exclude /Include Share Profit in Associate) / 88.80 865.00 61.19 167.20 180.03 742.51 209.85 52.60 1016.00

144 EBITDA 111.70 984.00 64.95 175.59 216.48 796.96 229.69 82.40 1120.00

145 Sales 5648.40 20949.00 1330.73 1643.74 1810.05 6461.44 3932.00 4909.70 24635.00

146

147 Selected Historical (3Yrs or 5 Yrs) Financial Ratios 3/5

149 Current Ratio 1.73 1.37 1.20 1.84 1.65 1.81 1.72 2.20 1.55 1.23

150 Total Assets Turnover 6.67 3.55 1.87 3.19 2.61 0.72 2.13 2.40 1.79 2.28

151 Total Debt to Total Assets 0.00 0.13 0.29 0.08 0.18 0.17 0.08 0.08 0.05 0.14

152 EBITDA Margin (post) 0.00 0.03 0.05 0.05 0.09 0.16 0.10 0.04 0.03 0.04

153 Sales Growth 0.34 0.05 0.03 0.00 0.00 0.12 (0.04) 0.34 (0.03) (0.01)

154 3-Yrs Average: 3

155 Net Income 41.87 307.67 41.14 38.18 208.25 265.24 232.21 (72.77) 348.67

156 EBIT 111.10 653.00 56.06 59.95 322.02 260.84 262.75 63.50 623.00

157 EBITDA 130.80 796.33 58.73 87.84 361.95 313.98 285.75 102.33 729.00

158 Sales 7046.47 23392.33 1486.09 1781.94 2776.06 5855.62 10219.41 4472.80 24208.33

159 Book Value 564.87 3527.67 235.54 261.17 1754.16 1414.07 2119.36 1154.93 4278.33

160 Invested Capital 487.93 5816.33 161.93 188.89 1240.65 836.15 1500.75 1202.90 5114.67Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

161 5-Yrs Average: 5

162 Net Income 68.26 370.20 43.92 74.38 213.11 410.46 227.10 (24.94) 548.60

163 EBIT 126.20 700.80 61.82 108.31 322.36 500.02 267.14 62.62 804.40

164 EBITDA 146.62 849.60 64.89 129.00 360.71 552.61 288.62 98.56 905.40

165 Sales 6675.34 22953.20 1485.69 1795.97 2552.99 6253.29 8320.13 4658.70 24965.60

166 Book Value 672.52 3655.20 213.03 295.17 1636.17 1438.36 1951.05 1211.04 4530.40

167 Invested Capital 485.00 5476.20 144.29 194.70 1084.19 836.09 1233.68 1109.14 5032.00

168 Estimated financial result (in million)

169 2026E

170 Net Income 23.01 456.89 7.00 27.70 256.65 171.50 348.89 66.00 542.90

171 EBIT 50.00 737.50 10.58 46.50 342.42 233.88 420.88 85.00 744.52

172 EBITDA 112.68 941.00 27.50 107.75 459.18 298.75 542.00 133.70 1069.49

173 Sales 6284.50 23775.95 1273.50 1576.00 2708.10 5383.99 17305.00 4175.00 23642.00

174

175 2027E

176 Net Income 53.90 537.00 17.40 46.74 275.48 264.00 407.00 65.56 627.00

177 EBIT 85.76 835.95 25.62 72.91 387.89 368.77 480.00 86.15 876.52

178 EBITDA 154.50 1046.00 43.67 137.30 495.00 438.00 638.24 150.11 1128.00

179 Sales 6507.00 24744.00 1311.71 1645.46 2848.76 5835.97 20129.00 4425.50 24551.00

180

181 LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

182 Price Multiples Based on Latest Twelve Months Financials 12

183 P/E N/A 14.1 9.9 77.4 11.5 16.9 16.6 N/A 19.0

184 P/B 1.8 1.2 0.7 3.3 1.5 1.8 2.1 0.3 1.4

185 EV/EBIT 23.8 10.3 7.0 44.2 8.5 29.4 16.7 6.9 13.2

186 EV/EBITDA 16.7 8.7 6.3 9.6 7.4 17.5 16.3 3.9 10.7

187 EV/Sales 0.1 0.3 0.1 0.4 1.1 0.4 0.4 0.1 0.3

188 EV/Invested Capital 2.0 1.1 1.0 3.8 2.0 2.8 2.3 0.4 1.3

189 Price Multiples Based on Latest Financial Statement

190 P/E N/A 14.1 9.9 77.4 12.2 16.9 23.5 N/A 19.0

191 P/B 1.8 1.2 0.7 3.3 1.6 1.8 2.3 0.3 1.4

192 EV/EBIT 21.1 10.3 7.0 44.2 9.0 29.4 23.6 6.9 13.2

193 EV/EBITDA 14.6 8.7 6.3 9.6 8.1 17.5 21.9 3.9 10.7

194 EV/Sales 0.1 0.3 0.1 0.4 1.1 0.4 0.4 0.1 0.3

195 EV/Invested Capital 2.0 1.1 1.0 3.8 2.1 2.8 2.7 0.4 1.3

196 Price Multiples Based on 3-Yr Average Financial Statement 3

197 P/E 20.5 13.5 4.2 18.3 14.5 8.5 20.7 N/A 16.3

198 P/B 1.5 1.2 0.7 2.7 1.7 1.6 2.3 0.3 1.3

199 EV/EBIT 7.7 9.6 3.1 11.6 9.4 8.6 18.7 6.0 10.7

200 EV/EBITDA 6.6 7.9 3.0 8.0 8.3 7.2 17.2 3.7 9.1

201 EV/Sales 0.1 0.3 0.1 0.4 1.1 0.4 0.5 0.1 0.3

202 EV/Invested Capital 1.8 1.1 1.1 3.7 2.4 2.7 3.3 0.3 1.3

203 Price Multiples Based On 5-Yr Average Financial Statement 5

204 P/E 12.6 11.2 4.0 9.4 14.1 5.5 21.2 N/A 10.3

205 P/B 1.3 1.1 0.8 2.4 1.8 1.6 2.5 0.3 1.3

206 EV/EBIT 6.8 9.0 2.8 6.4 9.4 4.5 18.4 6.1 8.3

207 EV/EBITDA 5.9 7.4 2.7 5.4 8.4 4.1 17.0 3.9 7.4

208 EV/Sales 0.1 0.3 0.1 0.4 1.2 0.4 0.6 0.1 0.3

209 EV/Invested Capital 1.8 1.1 1.2 3.6 2.8 2.7 4.0 0.3 1.3Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

210 Price Multiples Based on Estimated 2025E Financial Statement

211 P/E 37.4 9.1 25.0 25.2 11.7 13.1 13.8 4.7 10.4

212 P/B

213 EV/EBIT 17.2 8.5 16.5 15.0 8.8 9.6 11.7 4.5 8.9

214 EV/EBITDA 7.6 6.7 6.4 6.5 6.6 7.5 9.1 2.8 6.2

215 EV/Sales 0.1 0.3 0.1 0.4 1.1 0.4 0.3 0.1 0.3

216 EV/Invested Capital

217 Price Multiples Based on Estimated 2026E Financial Statement

218 P/E 16.0 7.7 10.0 14.9 10.9 8.5 11.8 4.7 9.0

219 P/B

220 EV/EBIT 10.0 7.5 6.8 9.6 7.8 6.1 10.2 4.4 7.6

221 EV/EBITDA 5.6 6.0 4.0 5.1 6.1 5.1 7.7 2.5 5.9

222 EV/Sales 0.1 0.3 0.1 0.4 1.1 0.4 0.2 0.1 0.3

223

224 Growth and Risk Adjustment

227

228 Subject LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

229

230 Present Value of $1 after Five Years 5 $1 $18.64 $10.82 $64.99 $8.98 $10.70 $15.29 $11.85 $17.80 $11.80 $30.71

231 Indicated Growth and Risk Adjustment 72.25% -71.32% 107.61% 74.18% 21.90% 57.23% 4.74% 58.00% -39.30%

232

233 Selected Growth and Risk Adjustment 70% -70% 110% 75% 20% 55% 5% 60% -40%

234

235 Sustained Growth Rate --- Up to Year 2 28.2% -0.8% 3.5% 0.4% 1.5% 2.2% 4.2% 30.7% 2.0% 3.1%

236202766750650724744131216452849583620129442624551

237202540610660723082130215972730537911788425123077

238 2025 - 2027 CAGR 28.2% -0.8% 3.5% 0.4% 1.5% 2.2% 4.2% 30.7% 2.0% 3.1%

239 Discount Rate 10.6% 11.1% 3.7% 13.2% 11.7% 8.8% 10.8% 11.2% 10.6% 5.4%

240

241 Year 0 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00

242 Year 1 $1.28 $0.99 $1.04 $1.00 $1.02 $1.02 $1.04 $1.31 $1.02 $1.03

243 Year 2 $1.64 $0.98 $1.07 $1.01 $1.03 $1.04 $1.09 $1.71 $1.04 $1.06

244 Year 3 $1.68 $1.01 $1.09 $1.03 $1.05 $1.06 $1.11 $1.74 $1.06 $1.09

245 Year 4 $1.71 $1.03 $1.12 $1.05 $1.07 $1.09 $1.13 $1.78 $1.08 $1.11

246 Year 5 $1.75 $1.05 $1.14 $1.07 $1.10 $1.11 $1.15 $1.82 $1.11 $1.13

247 Total NPV $5.94 $3.72 $4.89 $3.60 $3.81 $4.15 $4.08 $6.05 $3.95 $4.63

248 Terminal Value $21.00 $12.00 $72.00 $10.00 $12.00 $17.00 $13.00 $20.00 $13.00 $34.00

2490.600.590.830.540.570.660.600.590.600.77

250 Total Value $18.64 $10.82 $64.99 $8.98 $10.70 $15.29 $11.85 $17.80 $11.80 $30.71

251

252Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

253 Discount Rate Calculation Subject LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

254

255 Rf 4.58% 0.32% 4.58% 4.58% 4.18% 4.18% 1.75% 4.18% 3.10%

256 Equity Risk Premium 5.41% 4.65% 5.41% 5.41% 5.00% 5.00% 5.55% 5.41% 4.65%

257 Beta (Levered) 1.22 1.16 1.11 1.15 0.83 1.15 1.38 1 .04 0.61

258 Small Size Risk Premium 0.90% 0.42% 2.59% 0.90% 0.90% 0.90% 2.59% 2.59% 0.42%

259 Other Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

260 Cost of Equity 10.6% (no CSR) 12.1% 6.1% 13.2% 11.7% 9.2% 10.8% 12.0% 12.4% 6.4%

261 Cost of Debt (Prime Rate or CIQ Effective Interest Rate) 5.64% 0.00% 5.64% 5.64% 6.75% 6.75% 3.50% 6.75% 2.44%

262 Tax Rate 25.00% 8.50% 25.00% 25.00% 21.00% 21.00% 25.00% 21.00% 25.80%

263 After-tax Cost of Debt 4.2% 4.2% 0.0% 4.2% 4.2% 5.3% 5.3% 2.6% 5.3% 1.8%

264 Equity as % of Total Capital 100.0% 0.87 0.60 1.00 1.00 0.90 1.00 0.92 0.75 0 .80

265 Debt as % of Total Capital 0.0% 0.13 0.40 - - 0.10 - 0.08 0 .25 0 .20

266

267 Weighted Average Cost of Capital 10.6% 11.1% 3.7% 13.2% 11.7% 8.8% 10.8% 11.2% 10.6% 5.4%

268

269

298

299 Tax Rate Adjustment

300

301 A tax adjustment was made based on the corporate income tax rate.

302

303

304 Subject LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

305

306 Local Country's Normal Tax Rate 25.00% 25.00% 8.50% 25.00% 25.00% 21.00% 21.00% 25.00% 21.00% 25.80%

307 Tax Rate Adjustment to EBIT Price Multiple 0.00% -18.03% 0.00% 0.00% -5.06% -5.06% 0.00% -5.06% 1.08%

308

309

310 EBITDA margin 0.89% 3.14% 2.14% 4.58% 13.69% 2.39% 1.90% 2.29% 2.69%

311 EBIT margin 0.62% 2.64% 1.91% 0.99% 12.25% 1.42% 1.77% 1.29% 2.18%

312 Dep & Amort. to Sales 0.27% 0.50% 0.23% 3.59% 1.44% 0.97% 0.14% 1.00% 0.51%

313 Dep & Amort. to Sales / EBITDA margin 30.49% 16.00% 10.70% 78.39% 10.51% 40.43% 7.20% 43.58% 18.84%

314 Tax Rate Adjustment to EBITDA Price Multiple 0.00% -15.15% 0.00% 0.00% -4.53% -3.02% 0.00% -2.86% 0.88%

315

316

374

375 EV/ EBIT LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

376

377 Unadjusted Multiple 23.8 10.3 7.0 44.2 8.5 29.4 16.7 6.9 13.2

378

379 Adjustments

380 Growth and Risk Adjustment 70% -70% 110% 75% 20% 55% 5% 60% -40%

381 Tax Rate Adjustment - EBIT 0% -18% 0% 0% -5% -5% 0% -5% 1%

3820%0%0%0%0%0%0%0%0%

3830%0%0%0%0%0%0%0%0%

3840%0%0%0%0%0%0%0%0%

3850%0%0%0%0%0%0%0%0%

386

387 Adjusted Multiple 40.49 2 .54 14.76 7 7.39 9 .72 4 3.32 17.49 1 0.50 8 .01

388Caraffi Ltd EXHIBIT C

GUIDELINE COMPANIES METHOD

389 Average Multiple 24.91

390 Median Multiple 14.76

391 Selected Multiple (Rounded) 14.75

392

393 EV/ EBITDA LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

394

395 Unadjusted Multiple 16.7 8.7 6.3 9.6 7.4 17.5 16.3 3.9 10.7

396

397 Adjustments

398 Growth and Risk Adjustment 70% -70% 110% 75% 20% 55% 5% 60% -40%

399 Tax Rate Adjustment - EBITDA 0% -15% 0% 0% -5% -3% 0% -3% 1%

4000%0%0%0%0%0%0%0%0%

4010%0%0%0%0%0%0%0%0%

4020%0%0%0%0%0%0%0%0%

4030%0%0%0%0%0%0%0%0%

404

405 Adjusted Multiple 28.38 2.21 13.18 16.73 8.47 26.36 17.16 6 .06 6 .49

406

407 Average Multiple 13.89

408 Median Multiple 13.18

409 Selected Multiple (Rounded) 13.20

410

411 P/E LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KELY.AENXTAM:RAND

412

413 Unadjusted Multiple N/A 14.1 9.9 77.4 11.5 16.9 16.6 N/A 19.0

414

415 Adjustments

416 Growth and Risk Adjustment 70% -70% 110% 75% 20% 55% 5% 60% -40%

4170%0%0%0%0%0%0%0%0%

4180%0%0%0%0%0%0%0%0%

4190%0%0%0%0%0%0%0%0%

4200%0%0%0%0%0%0%0%0%

4210%0%0%0%0%0%0%0%0%

422

423 Adjusted Multiple N/A 4.23 20.76 135.54 1 3.81 26.24 1 7.45 N/A 11.38

424

425 Average Multiple 32.77

426 Median Multiple 17.45

427 Selected Multiple (Rounded) 17.45Caraffi Ltd EXHIBIT D

FINANCIAL RATIO COMPARISON

Valuation date: 31-Dec-25

0.9%1.0%0.9%1.0%1.2%

Financial ratio (5-years average of individual comparable company)

9 Capital IQ Code: CIQ LSE: HAS SWX:ADEN LSE: STEM LSE: PAGE NYSE:KFY NYSE:RHI SZSE:30066N2asdaqGS:KEENLXYT.AAM:RANMDedian Subject

11 Liquidity :

12 Current Ratio 1.37 1.20 1.84 1.65 1.81 1.72 2.20 1.55 1.23 1.65 1.73

13 Quick Ratio 1.37 1.20 1.84 1.65 1.81 1.72 2.20 1.55 1.23 1.65 1.73

14 Cash Ratio 0.24 0.22 0.31 0.34 1.01 0.47 0.70 0.09 0.09 0.31 0.44

15 Cash to Current Assets 0.17 0.16 0.17 0.20 0.56 0.27 0.31 0.06 0.07 0.17 0.24

16 Inventory to Current Assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17 Times of Interest Earned 11.37 7.60 50.56 26.44 31.97 N/A 43.48 4.70 13.65 20.05 58.85

19 Asset Utilization/ Turnover Ratios: /

20 Receivable Turnover 6.07 5.32 4.44 5.00 4.33 7.16 4.61 3.59 4.68 4.68 11.11

21 Average Debt Collection Period 60.18 68.81 82.85 73.43 84.84 51.11 79.25 102.18 78.15 78.15 33.88

24 Sales to Current Assets 4.83 4.01 3.59 3.83 1.53 2.81 3.04 3.10 4.12 3.59 8.97

25 Sales to Fixed Assets 33.55 35.55 38.26 12.48 8.15 19.56 145.18 58.14 39.58 35.55 1973.79

26 Total Assets Turnover 3.55 1.87 3.19 2.61 0.72 2.13 2.40 1.79 2.28 2.28 6.67

28 Leverage :

29 Total Debt to total Assets 0.13 0.29 0.08 0.18 0.17 0.08 0.08 0.05 0.14 0.13 0.00

30 Long Term Debt to Equity 0.29 0.85 0.12 0.31 0.33 0.12 0.09 0.10 0.27 0.27 0.00

31 Fixed Assets to Equity 0.31 0.18 0.19 0.52 0.19 0.22 0.04 0.07 0.14 0.19 0.02

32 Total Debt to Equity 0.39 0.98 0.18 0.42 0.36 0.17 0.14 0.11 0.35 0.35 0.00

34 Profitability :

35 Profit Margin 1.01% 1.64% 2.90% 4.04% 8.25% 6.32% 3.07% -0.66% 2.15% 2.90% 4.31%

36 EBIT Margin (pre) 1.87% 3.07% 4.09% 5.89% 12.49% 7.56% 3.63% 1.35% 3.18% 3.63% 5.75%

37 EBIT Margin (Include Share Profit in Associate pre) 1.87% 3.20% 4.09% 5.89% 12.49% 7.56% 3.63% 1.37% 3.18% 3.63% 5.75%

38 EBITDA Margin (pre) 2.18% 3.72% 4.30% 7.11% 14.03% 8.41% 3.92% 2.13% 3.59% 3.92% 5.82%

39 EBITDA Margin (Include Share Profit in Associate pre) 2.18% 3.84% 4.30% 7.11% 14.03% 8.41% 3.92% 2.16% 3.59% 3.92% 5.82%

44 Gross Margin 5.18% 20.05% 25.54% 50.85% 24.77% 40.15% 9.69% 19.88% 19.96% 20.05% 32.29%

45 Return On Equity 8.90% 10.07% 21.25% 22.89% 13.00% 27.97% 11.97% -3.29% 11.66% 11.97% 61.41%

46 Return On Assets 3.45% 3.03% 9.47% 10.14% 6.00% 13.92% 7.01% -1.37% 5.01% 6.00% 26.10%

48 Growth :

49 Sales Growth 4.61% 2.63% 0.41% 0.10% 12.33% -4.05% 34.02% -3.44% -1.33% 0.41% 34.02%

50 Fixed Assets Growth -3.45% 11.67% 11.58% 7.82% 1.66% 0.78% 211.50% -12.61% -4.77% 1.66% -31.53%

51 Total Assets Growth -1.17% 0.00% 5.13% -5.20% 6.10% -0.79% 22.17% -5.90% -0.74% -0.74% 54.45%

53 Accounts Receivable Growth 5.81% 1.20% 4.03% -2.25% 6.15% -6.36% 33.66% -3.63% -0.16% 1.20% 18.01%

54 SG&A Expenses Growth 5.50% 3.56% 0.95% 2.18% 7.88% -0.19% 12.37% -2.38% 0.01% 2.18% 13.41%

56 Other Ratios:

57 Capex to Sales 0.14% 0.73% 0.24% 0.92% 2.07% 0.82% 0.70% 0.25% 0.19% 0.70% 0.07%

58 R&D Expenditure to Sales 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.42% 0.00% 0.00% 0.00% 0.00%

59 Fixed Assets to Sales 3.03% 2.86% 2.83% 8.21% 12.58% 5.18% 1.02% 1.76% 2.53% 2.86% 0.11%

60 Add. Working Capital to Sales 0.02% -0.23% 0.63% 0.06% -0.60% -0.18% 2.12% 0.06% -0.01% 0.02% 1.29%

61 Net Working Capital to Sales 2.74% 1.69% 8.90% 6.69% -6.83% 6.36% 8.70% 9.83% 4.18% 6.36% 2.51%

62 Operating Expenses to Sales 2.25% 16.60% 20.05% 44.78% 9.47% 32.58% 5.16% 18.05% 16.50% 16.60% 26.54%

63 Depreciation & Amortization to Sales (pre) 0.31% -0.09% 0.21% 1.22% -0.51% -0.23% 0.29% 0.59% 0.41% 0.29% 0.07%

64 Depreciation & Amortization to Sales (post) 0.99% 0.84% 1.11% 2.87% 1.94% 1.14% 0.77% 1.15% 1.12% 1.12% 0.07%

65 Depreciation to Net Fixed Assets (pre) 10.20% -3.64% 7.86% 13.61% -3.65% -5.47% 49.65% 35.67% 16.21% 10.20% 94.58%

66 Depreciation to Net Fixed Assets (post) 32.85% 29.49% 41.64% 35.16% 15.60% 21.19% 96.24% 67.54% 44.35% 35.16% 94.58%

68 Effective income tax rate 167.21% 28.96% 28.95% 35.67% 26.13% 28.42% 23.60% -28.36% 25.27% 28.42% 23.95%Caraffi Ltd EXHIBIT E

DISCOUNT RATE DERIVATION (SINGLE DATE) ( )

As of December 31 2025

Pre lease Pre lease Pre lease

CIQ beta beta

7 Market Outstanding total

8 Capital IQ Levered capitalisation2 interest bearing debts3 Debt-to-equity Unlevered Reporting

9 Comparative Companies Code beta1 Tax rate (in million) (in million) ratio beta Currency

10 Hays plc LSE: HAS 1.22 25.00% 900.16 129.60 0.14 1.10 GBP

11 Adecco Group AG SWX:ADEN 1.16 8.50% 4157.93 2760.00 0.66 0.72 EUR

12 SThree plc LSE: STEM 1.11 25.00% 242.66 0.00 0.00 1.11 GBP

13 PageGroup plc LSE: PAGE 1.15 25.00% 729.74 0.00 0.00 1.15 GBP

14 Korn Ferry NYSE:KFY 0.83 21.00% 3445.91 398.15 0.12 0.76 USD

15 Robert Half Inc. NYSE:RHI 1.15 21.00% 2715.50 0.00 0.00 1.15 USD

16 Beijing Career International Co. Ltd SZSE:300662 1.38 25.00% 4985.11 425.63 0.09 1.29 CNY

17 Kelly Services Inc. NasdaqGS:KELY.A 1.04 21.00% 310.67 101.90 0.33 0.82 USD

18 Randstad N.V. ENXTAM:RAND 0.61 25.80% 5672.21 1412.00 0.25 0.51 EUR

21 Average Levered / Unlevered beta / Beta 1.07 0.96

22 Average D/E ratio D/E 0.18

23 Using average beta

24 Cost of equity UK US China Switzerland Netherlands UK

25 Risk-free Rate4 4.58% 4.18% 1.75% 0.32% 3.10% 4.58%

26 Unlevered Beta Beta 1.02 0.91 1.29 0.72 0.51 0.96

27 Levered Beta10 Beta 1.02 0.91 1.29 0.72 0.51 0.96

29 Equity Risk Premium5 5.41% 5.00% 5.55% 4.65% 4.65% 5.41%

30 Currency Adjustment 0.0% -0.2% 0.1% 1.3% 0.1%

33 Country Risk Differential 0.0% 0.4% -0.1% 0.8% 0.8%

34 Cost of equity 10.1% 8.9% 8.9% 5.7% 6.4% 9.8%

35 Average Cost of Equity 8.0%

36 Small Size Risk Premium6 2.59%

37 Company Specific Risk 2.25%

39 Cost of equity 12.84%

41 Cost of Debt

42 Cost of Debt7 5.64%

43 Tax8 25%

44 After Tax Cost of Debt 4.23%

46 Proportion of Debt9 0.0%

47 Proportion of Equity9 100.0%

49 WACC 12.84%

50 Rounded 13.00%

51 Pre lease

53 Notes:

1. Levered beta extracted from Barra Beta Warehouse as of the valuation date.

1. beta Barra Beta Warehouse

2. Market capitalization extracted from CIQ as of the valuation date and converted to reporting currency when share price is nominated in different currency

2. CapitalIQ

3. Book value of debt extracted from the latest financial statements.

4. The yield-to-maturity of the government bond with the longest maturity in respective countries quoted from CIQ.

4. CIQ

5. US: based on US equity risk premium estimated by Kroll plus normalized risk free rate less spot 20-year US treasury yield

Non US: based on country default spread x volatility index relative to bond plus US ERP

5. Kroll 20

ERP

6. Extracted from the Cost of Capital Navigator of Kroll.

6. Kroll Cost of Capital Navigator

7. Based on the cost of borrowing for non-financial business from central bank of England.

8. Corporate tax rate applicable to the company.

9. Based on (company's target) debt-to-equity ratio

10. Re-levered beta in accordance to the long term capital structure of the company

10. Re-levered betaCaraffi Ltd EXHIBIT F-1

INCOME APPROACH - DISCOUNTED CASHFLOW ANALYSIS -

(All figures in GBP '000 unless specified otherwise)

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

6 As of December 31 2025

7 Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

9 Revenue 20808 26032 40610 59097 66750 77518 88351 100492 102562

10 Cost of Revenue (13494) (18361) (28578) (44319) (46123) (53325) (61034) (69823) (71261)

11 Gross Profit 7315 7671 12032 14778 20627 24194 27317 30669 31301

13 Operating Expenses (6703) (6481) (7516) (10524) (14123) (16405) (18613) (21107) (21541)

14 Earnings before Interest & Tax (EBIT) 611 1190 4517 4254 6504 7788 8704 9563 9760

16 Non-Operating Income / (Expenses) / 0 0 0 0 0 0 0 0 0

17 EBIT after Non-Operating Income / (Expenses) 611 1190 4517 4254 6504 7788 8704 9563 9760

19 Net Interest Income / (Expenses) /( ) (10) (24) (26) (44) (26) (26) (27) (30) (30)

20 Earnings before Tax (EBT) 602 1166 4490 4210 6478 7763 8677 9533 9731

22 Income Tax Expenses (157) (298) (1126) (1057) (1623) (1946) (2176) (2392) (2433)

23 Net Income 445 868 3364 3154 4855 5817 6501 7142 7298

25 Adjustments

26 Depreciation & Amortization (Non-Cash Expenses) & ( ) 14 13 20 27 33 40

27 Tax Adjusted Net Interest Expenses / (Income) /( ) 33 19 19 20 22 22

28 Capital Expenditures (20) (20) (20) (40) (40) (41)

29 Decrease / (Increase) in Working Capital /( ) (800) (695) (531) (490) (535) (97)

30 Other Cash Flow Items 0 0 0 0 0 0

31 Free Cash Flow to Business Enterprise 2381 4172 5305 6018 6622 7222

33 Period 0.5000 1.5000 2.5000 3.5000 4.5000 5.5000

34 Discount Rate / Present Value Factor / 13.0% 0.9410 0.8320 0.7370 0.6520 0.5770 0.5110

36 Present Value of Cash Flows 2240 3471 3910 3924 3821 3690

37 % of Total

38 Present Value of Interim Period Cash Flows 21056 37.95%

40 Terminal Value 67376

41 (Equivalent to Exit EV/EBITDA Multiple) 6 .87

42 Present Value Factor at Terminal Year 0.5110

43 Present Value of Terminal Value 34429 62.05%

45 Indicated Value of Invested Capital 55485

Caraffi Ltd EXHIBIT F-2

COMMON SIZE ANALYSIS

(All figures in GBP '000 unless specified otherwise)

53 Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

56 Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

57 Cost of Revenue -64.8% -70.5% -70.4% -75.0% -69.1% -68.8% -69.1% -69.5% -69.5%

59 Gross Profit 35.2% 29.5% 29.6% 25.0% 30.9% 31.2% 30.9% 30.5% 30.5%

61 Operating Expenses -32.2% -24.9% -18.5% -17.8% -21.2% -21.2% -21.1% -21.0% -21.0%

63 Earnings before Interest & Tax (EBIT) 2.9% 4.6% 11.1% 7.2% 9.7% 10.0% 9.9% 9.5% 9.5%

65 Non-Operating Income/ (Expenses) / 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

67 EBIT after Non-Operating Income / (Expenses) 2.9% 4.6% 11.1% 7.2% 9.7% 10.0% 9.9% 9.5% 9.5%

69 Net Interest Income / (Expenses) /( ) 0.0% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0%

71 Earnings before Tax (EBT) 2.9% 4.5% 11.1% 7.1% 9.7% 10.0% 9.8% 9.5% 9.5%

73 Income Tax Expense -0.8% -1.1% -2.8% -1.8% -2.4% -2.5% -2.5% -2.4% -2.4%

75 Net Income 2.1% 3.3% 8.3% 5.3% 7.3% 7.5% 7.4% 7.1% 7.1%

77 EBITDA 3.0% 4.7% 11.2% 7.2% 9.8% 10.1% 9.9% 9.5% 9.6%Caraffi Ltd EXHIBIT F-3

REVENUE

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

91 Revenue 20808 26032 40610 59097 66750 77518 88351 100492 102562

92 Annual Growth Rate 25.1% 56.0% 45.5% 12.9% 16.1% 14.0% 13.7% 2.1%

93 CAGR 2026 - 2031 11.7%

95 Revenue breakdown by products (RMB '000)

96 Central / Consulting 678 1227 1531 1684 1852 2038 2241

97 TaaS 1737 2465 929 1022 1124 1237 1360

98 MSP 19416 30232 47120 54165 62290 71633 82378

99 BOT 4237 6378 8958 8909 10792 11613 12452

100 Advisory 560 970 1460 1830 2060

101 Total 26068 40302 59097 66750 77518 88351 100492

10237(308)

103 Growth Rate Assumption

104 Central / Consulting 10% 10% 10% 10%

105 TaaS 10% 10% 10% 10%

106 MSP 15% 15% 15% 15%

107 BOT -1% 21% 8% 7%

108 Advisory 73% 51% 25% 13%

109

110 Structure of Each Business Line

111 Central / Consulting 2.6% 2.5% 2.4% 2.3% 2.2%

112 TaaS 1.6% 1.5% 1.5% 1.4% 1.4%

113 MSP 79.7% 81.1% 80.4% 81.1% 82.0%

114 BOT 15.2% 13.3% 13.9% 13.1% 12.4%

115 Advisory 0.9% 1.5% 1.9% 2.1% 2.0%

116 Total 100% 100% 100% 100% 100%

155

Caraffi Ltd EXHIBIT F-4

COST OF REVENUE

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

182 Cost of Revenue (13494) (18361) (28578) (44319) (46123) (53325) (61034) (69823) (71261)

183 % of Revenue 64.8% 70.5% 70.4% 75.0% 69.1% 68.8% 69.1% 69.5% 69.5%

184

206

207 Company Indications

208 Historical Average 67.7%

209 Median 67.7%

210 High 70.5%

211 Low 64.8%

212

213 Similar Company Indications

214 Historical Average 76.0%

215 Median 79.9%

216 High 94.8%

217 Low 49.2%

Caraffi Ltd EXHIBIT F-5

OPERATING EXPENSES

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

232 Operating Expenses (6703) (6481) (7516) (10524) (14123) (16405) (18613) (21107) (21541)

233 % of Revenue 32.2% 24.9% 18.5% 17.8% 21.2% 21.2% 21.1% 21.0% 21.0%

234 YoY growth -3.3% 16.0% 40.0% 34.2% 16.2% 13.5% 13.4% 2.1%

235

258

259 Earnings Before Interest and Tax 611 1190 4517 4254 6504 7788 8704 9563 9760

260 % of Revenue 2.9% 4.6% 11.1% 7.2% 9.7% 10.0% 9.9% 9.5% 9.5%

261

287 Op. Exp

288 Company Indications to Revenue EBIT Margin

289 Historical Average 26.5% 5.7%

290 Median 27.7% 4.5%

291 High 32.2% 11.1%

292 Low 18.5% 2.9%

293

294 Op. Exp

295 Similar Company Indications to Revenue EBIT Margin

296 Historical Average 18.4% 4.8%

297 Median 16.6% 3.6%

298 High 44.8% 12.5%

299 Low 2.3% 1.3%Caraffi Ltd EXHIBIT F-6

INTEREST EXPENSES

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

332 Net Interest Income / (Expenses) / (10) (24) (26) (44) (26) (26) (27) (30) (30)

333 as % of Revenue 0.0% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0%

334 Interest Income

335 Interest Expenses (44) (26) (26) (27) (30) (30)

336

Caraffi Ltd EXHIBIT F-7

INCOME TAX

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

349 Earning before Tax 602 1166 4490 4210 6478 7763 8677 9533 9731

350

351 Total Income Tax Expense (157) (298) (1126) (1057) (1623) (1946) (2176) (2392) (2433)

352 % of Revenue -0.8% -1.1% -2.8% -1.8% -2.4% -2.5% -2.5% -2.4% -2.4%

353

354 Implied Tax Rate -26% -26% -25% -25% -25% -25% -25% -25% -25%

Caraffi Ltd EXHIBIT F-8

NET INCOME

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

367 Net Income 3154 4855 5817 6501 7142 7298

368 As % of Revenue 5.3% 7.3% 7.5% 7.4% 7.1% 7.1%

369

370 Company Indications Net Profit Margin

371 Historical Average 4.3%

372 Median 3.4%

373 High 8.3%

374 Low 2.1%

375

376 Similar Company Indications Net Profit Margin

377 Historical Average 3.2%

378 Median 2.9%

379 High 8.3%

380 Low -0.7%

Caraffi Ltd EXHIBIT F-9

DEPRECIATION AND AMORTIZATION

(All figures in GBP '000 unless specified otherwise)

Years ended 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

389 Depreciation 19 22 13 14 13 20 27 33 40

390 Amortization

391

392 Total Non-cash Expenses 14 13 20 27 33 40

393 as % of Revenue 0.02% 0.02% 0.03% 0.03% 0.03% 0.04%

394

395 Company's History (As % of Sales)

396 Historical Average 0.07%

397 Median 0.07%

398 High 0.09%

399 Low 0.03%

400

401 Similar Companies

402 Historical Average 1.33%

403 Median 1.12%

404 High 2.87%

405 Low 0.77%

406Caraffi Ltd EXHIBIT F-10

CAPITAL EXPENDITURE

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

420 Capital Expenditures (Including lease-related CapEx) 23 6 3 20 20 20 40 40 41

421 % of Revenue 0.03% 0.03% 0.03% 0.05% 0.04% 0.04%

422

438

439 CAPEX to Sales Ratio: Capex Fixed assets

440 Company Indications to sales ratio to sales ratio

441 Historical Average 0.07% 0.11%

442 Median 0.07% 0.12%

443 High 0.16% 0.18%

444 Low 0.01% 0.02%

445

446 Capex Fixed assets

447 Similar Company Indications to sales ratio to sales ratio

448 Historical Average 0.67% 4.45%

449 Median 0.70% 2.86%

450 High 2.07% 12.58%

451 Low 0.14% 1.02%

Caraffi Ltd EXHIBIT F-11

CHANGES IN WORKING CAPITAL

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2023 2024 2025 2026 2027 2028 2029 2030 2031

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Extrapolated

/1231

468 Working Capital Requirements (Net Debt) 628 (49) 1656 2456 3151 3683 4172 4707 4804

469 % of Revenue 3.0% -0.2% 4.1% 4.2% 4.7% 4.8% 4.7% 4.7% 4.7%

470

471 Increase/(Decrease) in Working Capital / 800 695 531 490 535 97

473 Analysis of working capital requirement 628 (49) 1656 2456 3151 3683 4172 4707

Actual Actual Actual

475 Trade Receivables 2071 2041 3110 4857 5486 6371 7262 8260

476 Other Receivables 30 113 432 629 710 825 940 1070

477 Prepayments 116 103 248 360 407 473 539 613

478 Accrued income from MSP Contract 130 1689 2458 2777 3225 3675 4180

479

480 Trade Payables 594 1725 1085 1821 1895 2191 2508 2869

481 Other creditors 234 47 167 243 274 319 3 63 413

482 MSP Contract costs 126 1640 2428 2527 2922 3344 3826

483 Current Income Tax Liabilities 424 386 573 834 942 1094 1247 1418

484 Directors' Current Accounts 19 0 0 0 0 0 0 0

485 Deferred Income 319 152 359 522 590 685 781 888

486

487

489 Days in account receivable 36 29 28 30 30 30 30 30

490 OR as of Revnue% 0.1% 0.4% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1%

491 Prepayment as of Revnue% 0.6% 0.4% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%

492 Days in MSP Contract income 2 15 15 15 15 15 15

493

494 Days in accounts payable 16 34 14 15 15 15 15 15

495 OP as of Revnue% 1.1% 0.2% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%

496 Days in MSP Contract costs 2 21 20 20 20 20 20

497 Income tax liabilities as of Revnue% 2.0% 1.5% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%

498 as of Revnue% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

499 Deferred income as of Revnue% 1.5% 0.6% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%

500

501

508

509 Working capital

510 Company Indications as % of sales

511 Historical Average 2.5%

512 Median 3.1%

513 High 4.1%

514 Low -0.2%

515

516 Working capital (net debt)

517 Similar Company Indications as % of sales

518 Historical Average 4.7%

519 Median 6.4%

520 High 9.8%

521 Low -6.8%Caraffi Ltd EXHIBIT F-12

DISCOUNT RATE/ PRESENT VALUE FACTOR /

(All figures in GBP '000 unless specified otherwise)

Years ended/ ending 31 December 2026 2027 2028 2029 2030 2031

/1231

558 Date of Value Dec 31 25

559 Days Remaining in Fiscal Year 3 65

560 Discount Days 183 548 913 1278 1643 2008

561 Discount Period 0.5000 1.5000 2.5000 3.5000 4.5000 5.5000

562 Present Value Factor 0.941 0.832 0.737 0.652 0.577 0.511

563

564 Discount Rate 13.0%

Caraffi Ltd EXHIBIT F-13

TERMINAL VALUE

(All figures in GBP '000 unless specified otherwise)

599 Debt-Free Net Cash Flow in Terminal Year 7222

600

601 Add:

602 Additional Working Capital Requirement in Terminal Year 97

603 Capex in Terminal Year 41

604

605 Less:

606 Non-Recurring Cash Flow 0

607

608 Total 7360

609

610 Debt-Free Net Cash Flow in One Year after Terminal Year

611 (Before Additional Working Capital and Capex Requirement) 7511

612

613 Adjustments on an Going Concern Basis

614 (1) Capex (For Replacement of Existing Fixed Assets) (41)

615

625 (2) Additional Working Capital Requirement

626

627 Sales Amount in Terminal Year 102562

628 Increase in Sales One Year after Terminal Year (At Perpetual Growth Rate) 2113

629 Additional Working Capital Requirement (Based on Increase in Sales) 4.7% (99)

630

631 Debt-Free Net Cash Flow in One Year after Terminal Year 7371

632

633 Terminal Growth Rate 2.1%

634

635 Divided By: Capitalization Rate

636 (Discount Rate - Terminal Growth Rate) - 10.9%

637 Terminal Value 67376IIIIIIVVVIVII11160072

142126***********0

2025

(2026-04-30)

2025070211001782

410482***********2

2025

(2026-04-30)

20250512

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