B C D E F H Equity Valuations using Multiples and Transactions EPS BV Sales EBITDA Premium Synergy Historical Multiples: - Average - Median 14.00 13.50 3.00 2.50 2.00 2.20 10.00 9.00 40.0% 30.0% 20.0% 15.0% 6 Last 40 4.84 67.76 8 9 Est. 2021 4.91 69.02 Est. 2022 5.69 10 EPS Jaguar EPS Maximum Minimum Book Value Jaguar Book Value Maximum Minimum 11 12 32.46 97.38 13 14 Sales 15 16 17 18 3,722 2.00 7,444 2,094 5,350 8,188.40 19 20 21 22 23 24 Jaguar Sales (Last 4Q) Average Sales Multiple Fiim Value Debt Value Equity Value Maximum Minimum EBITDA Jaguar EBITDA (Last 4Q) Average EBITDA Multiple Firm Value Debt Value Equity Value Maximum Minimum 25 26 1,017 10.00 10,170 2.094 8.076 10,170.00 27 28 29 A D D 1 2 3 2020 Dividends Dividends Growth/yr. 3.66 3.0% 2.25 4.4% 1.15 3.9% Northern Eastern Central 4 5 6 7 8 Dividend Stream 2021 3.77 2.35 2022 3.88 TV 58.82 9 10 Northern Eastern Central 11 12 13 DDM Value of each Firm $/share $54.93 14 15 Northern 16 Eastern 17 Central 18 19 JTM WACC 20 7.0% 21 B C D E F H Equity Valuations using Multiples and Transactions EPS BV Sales EBITDA Premium Synergy Historical Multiples: - Average - Median 14.00 13.50 3.00 2.50 2.00 2.20 10.00 9.00 40.0% 30.0% 20.0% 15.0% 6 Last 40 4.84 67.76 8 9 Est. 2021 4.91 69.02 Est. 2022 5.69 10 EPS Jaguar EPS Maximum Minimum Book Value Jaguar Book Value Maximum Minimum 11 12 32.46 97.38 13 14 Sales 15 16 17 18 3,722 2.00 7,444 2,094 5,350 8,188.40 19 20 21 22 23 24 Jaguar Sales (Last 4Q) Average Sales Multiple Fiim Value Debt Value Equity Value Maximum Minimum EBITDA Jaguar EBITDA (Last 4Q) Average EBITDA Multiple Firm Value Debt Value Equity Value Maximum Minimum 25 26 1,017 10.00 10,170 2.094 8.076 10,170.00 27 28 29 A D D 1 2 3 2020 Dividends Dividends Growth/yr. 3.66 3.0% 2.25 4.4% 1.15 3.9% Northern Eastern Central 4 5 6 7 8 Dividend Stream 2021 3.77 2.35 2022 3.88 TV 58.82 9 10 Northern Eastern Central 11 12 13 DDM Value of each Firm $/share $54.93 14 15 Northern 16 Eastern 17 Central 18 19 JTM WACC 20 7.0% 21