Clariane - Viewed as two companies - Model Update - Positioning

We maintain that the best way to analyse Clariane is to construct a theoretical PropCo and OpCo structure, which enables greater clarity regarding the risks and opportunities across the capital stack. This approach allows us to isolate the operational leverage within the structure, informing our investment decision.

As part of our analysis, we have discussed a variety of upcoming decisions facing the Company, associated options and their impact on the theoretical OpCo and PropCo entities.