Ann: Corporate Presentation, page-52

Look I think you have to naturally give PME higher multiples based on:

- Much larger proven TCV.

- Contracts based in developed markets.

- Larger balance of cash on hand.

But should the multiple discrepancy be so large between the two? No way!

IME are expanding into new verticals.

The BIG rerate I think will be once one material commercial contract in a developed market is secured. That will see it close the gap massively with PME multiples wise. AU market looks most likely for that to happen first as pilots are already underway here.

In the mean time further LATAM contracts and new verticals will see good SP appreciation.