Kleinwort Benson feral Source: Kleinwort Benson management 450 • Kleinwort Benson EFTA_R1_02059783 16 EFTA02698761 Expected investor returns IRR Sensitivity Analysis — Kleinwort Benson Group Attractive entry valuation of €717m will generate high returns on invested capital Exit exists for investors into list

57.9% 574% 56/f 55.5% 45% 60% 48.8% 484% 478% 46.9% 535% 53.1% 526% 518% 504% 454% TAP ADVISORS AS EFTA_R 1_02096508 EFTA02705698 IRR Sensitivity Analysis (cont'd) Even with draconian haircuts to the business plan, Google would still significantly exceed its cost of capital I RR Waterfall Is/ Purchase