We Make No Change to Our FVEs For WHSP or Brickworks Following Consideration of ESG Risks

Upon reflection of the various environmental, social and governance, or ESG, risks which Washington H. Soul Pattinson, or WHSP, and Brickworks are exposed to, we make no change to our respective AUD 20.60 per share and AUD 19.30 per share fair value estimates for the cross-shareholding linked pair. Equally, we retain our high fair value uncertainty ratings for the two no-moat names. While shares in Brickworks screen as approximately fairly valued, WHSP shares are materially overvalued, trading at a 56% premium to our unchanged valuation.