Increm - AI Valuation Platform

Active engagements

Client	Valuer	Stage	Data	Pending	Purpose
Inkl Pty Ltd ACN 167 159 819	J Smith CA	Valuer Review	91%	7	CGT - 30 June 2027
Riverdale Retail Pty Ltd	J Smith CA	Data Collection	61%	-	CGT - 30 June 2027

Accounting

Xero connected

FY22-FY26 YTD

Complete

Documents

62 docs found

51 classified

Complete

Questionnaire

12 questions

All answered

Complete

Banking

Not connected

Cash verified via Xero ($625k)

Skipped

Evidence Score

91 / 100

Financial history (FY22-FY26 YTD)

100

Documents

88

Revenue quality

82

DOCA / restructuring history

95

IP documentation

74

RV review coverage

0

Financial snapshot

Total Revenue FY26 (ann.)

~$980k

Gross Margin FY26

90.9%

Underlying Trading Profit

$155k/yr

Cash at Bank

$625k

SCOPE OF ENGAGEMENT

Client

Inkl Pty Ltd

ACN

167 159 819

ABN

62 167 159 819

Entity valued

Inkl Pty Ltd (100% ordinary equity interest)

Purpose

Market valuation for CGT purposes, 30 June 2027 deemed disposal

Standard of value

Fair Market Value

Valuation date

30 June 2027

Responsible Valuer

Jessica Smith CA

Credential

Chartered Accountant (CA ANZ) - Self-Declared

Firm

North Face Investments Pty Ltd (engaged valuer)

Known limitations at appointment

FY27 forward projections not yet available

IP assignment deed (founding era, Navin Peiris) pending execution

Management Representation Letter awaiting director signature

Banking data not connected (cash balance verified via Xero)

By accepting this scope, I confirm I have been appointed as Responsible Valuer, I hold professional indemnity insurance covering this type of engagement, and the credentials listed are accurate.

Revenue and profitability (from Xero)

Metric	FY24	FY25	FY26 YTD (9.9m)	FY26 Ann.
Total Revenue	$579k	$882k	$809k	~$980k
Gross Profit	$377k	$838k	$735k	~$891k
Gross Margin	65.1%	95.1%	90.9%	-
Operating Expenses (ex-restructuring)	($452k)	($617k)	($580k)	-
Underlying Trading Profit	($75k)	$221k	$155k	~$188k
Restructuring costs (non-recurring)	($188k)	($618k)	($312k)	-
Net Profit / (Loss) reported	($82k)	($444k)	($145k)	-

Revenue mix FY26 YTD

Sponsored Posts (B2B deal-by-deal)

$458k56.6%

White Label (contracted)

$136k16.8%

Consumer Direct Export

$106k13.1%

Consumer Direct Domestic

$48k5.9%

Consumer Channel Domestic

$49k6.0%

Other income

$3k0.4%

Balance sheet (27 Apr 2026)

Total bank$625,213

Accounts receivable$37,047

Total assets$898,350

Total liabilities($96,527)

Net assets$994,876

External debtNil

Loan: Scott Julian($1,000) credit

Documents classified

ASIC company extracts + SHA + cap tableFound

DOCA documentation (complete set)Found

FY22-FY24 statutory financials (Scendar)Found

Xero management accounts FY24/FY25/FY26 YTDFound

Publisher agreements (9 signed, 6 draft)Found

INKL trademark registrations (AU, GB, US, WO)Found

Contractor Services Agreements (Andrew, Scott, Navin)Found

FY27 forward projections workbookMissing

Management Rep Letter: signedMissing

IP deed: Navin Peiris founding eraPending

Normalisation: FY26 underlying earnings

Line item	Source	Amount	Status
Reported net loss FY26 YTD		($145,254)
Add: Restructuring costs (non-recurring)	Xero - 4 cost lines	+$312,189	Approved by J Smith CA
Director fees normalisation	Related-party review	$0	Rejected - at market
Underlying Trading Profit FY26 YTD		$166,935
Annualised Normalised Earnings		$202,588 (annualised)

AI note: FY26 YTD annualised earnings may understate maintainable earnings as Sponsored Posts revenue ramps (FY25 trading profit: $221k). Recommended: weight FME towards more recent periods. Valuer professional judgement required.

FME calculation (weighted average)

Period	Underlying Earnings	Weight	Weighted
FY24 (loss year, DOCA impact)	($75k)	5%	($3.8k)
FY25 (post-DOCA recovery)	$221k	30%	$66.3k
FY26 YTD annualised	$203k	65%	$131.9k
FME base		100%	~$194k

FME base

~$194k

Multiple (AI suggested)

3.2x

AI suggested, pending approval

FME Enterprise Value

~$0.6m

AI: Multiple rationale

Digital media/B2B SaaS comparables in AU market suggest 2.5x-4.5x earnings. Inkl positioned at lower-mid range given: revenue concentration in non-contracted Sponsored Posts (57%), declining consumer subscription base, early-stage B2B model. Offset by: 95%+ gross margins, nil debt, $625k cash, strong growth trajectory (+52% FY24-FY25). Median comparable: 3.2x. Requires Valuer approval.

Method results

FME (primary)

~$0.6mAwaiting comparable approval

Market comparables

~$0.8mAwaiting comparable approval

NAV (floor)

$0.99mNet assets as calculated

DCF

In progressRevenue trajectory analysis required

Valuer note: NAV exceeds FME

Net assets of $994k exceed the AI-suggested FME value of ~$0.6m. This is unusual and requires professional judgement. The NAV includes $625k cash. Enterprise value on an FME basis implies the business operating on a normalised basis has limited earnings premium over its asset base. Responsible Valuer must record their professional assessment of the appropriate methodology and value.

AI Proposed: Digital media / B2B SaaS comparables (EV/EBITDA where available; EV/Revenue where EBITDA unavailable)

Company	Sector	Revenue	Margin	EV Multiple	Basis	Date
Newslit (acq.)	Digital media / newsletter	~$1.2m	88%	3.8x	EV/EBITDA	2024
Puck (US)	B2B content / media	~$4m	72%	2.9x	EV/Revenue	2025
Readly (SE, listed)	Magazine aggregator SaaS	~SEK 420m	65%	1.4x	EV/Revenue	2024
FullStory (AU, acq.)	B2B SaaS analytics	~$2m ARR	91%	4.1x	EV/EBITDA	2025
Stacker (US, acq.)	Content syndication B2B	~$3m	78%	3.5x	EV/EBITDA	2024
Mamamia (AU)	Digital media / advertising	~$28m	42%	2.1x	EV/Revenue	2023
Broadsheet (AU)	Digital media / B2B content	~$5m	62%	2.8x	EV/EBITDA	2025
Median				3.2x

AI: Comparable selection rationale

Inkl most closely resembles a hybrid digital media / B2B content business. Higher-multiple SaaS comps (FullStory 4.1x) are partially relevant given 90%+ gross margins and recurring White Label revenue. Lower-multiple traditional media comps (Mamamia 2.1x) apply where revenue is non-contracted. Median of 3.2x applied. Requires Valuer approval of selection and multiple.

Multiple input: Valuer override

AI suggested

3.2x

Your multiple (optional override)

Method reconciliation

Method	Role	Indicated Value (EV)	Weight	Weighted
FME (Future Maintainable Earnings)	Primary	~$0.6m	-	-
Market Comparables	Cross-check	~$0.8m	-	-
NAV (Net Asset Value)	Floor	$0.99m	-	-
DCF	Not applied	FY27 projections unavailable	-	-

Valuer note: NAV exceeds FME, methodology selection required

The NAV floor of $994k exceeds the FME indicated value of ~$0.6m. In this case the Responsible Valuer must exercise professional judgement. The NAV includes $625k surplus cash. Where going concern value (FME) is below NAV, the appropriate FMV may be the higher of the two. Record your concluded value below.

Concluded value: Valuer input

Enterprise Value (concluded)

AI suggested: $1,500,000

Equity Value (plus surplus cash)

AI suggested: $1,700,000 (EV + $200k net cash)

Methodology basis and professional judgement note

SCOPE AND LIMITATIONS RECORD

Engagement

Inkl Pty Ltd: Market Valuation CGT

Valuation date

30 June 2027

Responsible Valuer

Jessica Smith, Chartered Accountant (CA ANZ)

Concluded EV

$1,500,000

Concluded Equity Value

$1,700,000

Information relied upon

Xero management accounts FY22-FY26 YTD; ASIC company extract; DOCA documentation; shareholder agreement; publisher agreements; INKL trademark registrations; management questionnaire (12 questions); statutory accounts FY22-FY24 (Scendar).

Limitations recorded

FY27 forward projections not available. Management Representation Letter not executed at time of declaration. IP assignment deed (Navin Peiris, founding era) pending execution. Banking data not connected (cash verified via Xero). DCF not applied.

By signing this record, I confirm that all limitations are accurately recorded and I have exercised my professional judgement in concluding the above values notwithstanding those limitations.

1. I have been appointed as Responsible Valuer for this engagement.

2. The purpose of this valuation is: Market valuation of 100% ordinary equity interest in Inkl Pty Ltd (ACN 167 159 819) for CGT purposes under the Treasury Laws Amendment (Tax Reform No. 1) Act 2026.

3. The valuation date is 30 June 2027.

4. The standard of value applied is Fair Market Value.

5. I have relied upon the information listed in the Scope and Limitations Record signed 23 August 2027.

6. Limitations on information available are as recorded in the Scope and Limitations Record, including the absence of FY27 forward projections and the unexecuted Management Representation Letter.

7. I have selected the following valuation methodologies: Future Maintainable Earnings (primary), Market Comparables (cross-check), Net Asset Value (floor/cross-check). DCF not applied due to absence of FY27 projections.

8. I have individually reviewed and approved all material normalisation adjustments and flagged items recorded in this engagement.

9. In my professional judgement, the valuation conclusion below is reasonable having regard to the information available and the limitations recorded.

10. Qualifications and caveats (edit as required):

Concluded value

$1.5m Enterprise Value

$1.7m Equity Value (incl. surplus cash)

Range: $1.3m - $1.7m equity

Responsible Valuer

J Smith CA

Market Valuation Report

Inkl Pty Ltd

ACN 167 159 819 | ABN 62 167 159 819

Prepared by

Jessica Smith

Chartered Accountant (CA ANZ)

North Face Investments Pty Ltd

Valuation Date: 30 June 2027

Report Date: 23 August 2027

Valuation conclusion

$1.5m Enterprise Value

$1.7m Equity Value (incl. surplus cash)

Range: $1.3m - $1.7m equity

Responsible Valuer

J Smith CA

Declaration issued 15:31

14 Aug 2027