Premier Investments. Making a move? A$14.18 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation

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AUSTRALIA PMV AU Price (at 09:06, 29 Mar 2017 GMT) Outperform A$14.18 Valuation - Sum of Parts A$ 17.19 12-month target A$ 17.92 12-month TSR % +30.4 Volatility Index Low/Medium GICS sector Retailing Market cap A$m 2,232 30-day avg turnover A$m 5.4 Number shares on issue m 157.4 Investment fundamentals Year end 31 Jul 2016A 2017E 2018E 2019E Revenue m 1,049.2 1,115.4 1,222.0 1,345.7 EBIT m 142.4 151.4 177.5 213.5 Reported profit m 103.9 110.6 131.3 158.3 Adjusted profit m 104.6 112.7 131.3 158.3 Gross cashflow m 128.5 140.2 168.3 197.6 CFPS 81.5 89.0 106.8 125.4 CFPS growth % 14.0 9.1 20.0 17.5 PGCFPS x 17.4 15.9 13.3 11.3 PGCFPS rel x 1.38 1.41 1.28 1.22 EPS adj 66.4 71.6 83.3 100.5 EPS adj growth % 16.2 7.8 16.5 20.6 PER adj x 21.4 19.8 17.0 14.1 PER rel x 0.93 1.05 1.03 1.02 Total DPS 48.0 51.5 60.0 72.4 Total div yield % 3.4 3.6 4.2 5.1 Franking % 100 100 100 100 ROA % 8.6 8.8 9.9 11.4 ROE % 7.8 8.3 9.4 10.8 EV/EBITDA x 12.5 11.6 9.7 8.2 Net debt/equity % -13.3-10.4-11.9-15.1 P/BV x 1.7 1.6 1.6 1.5 PMV AU vs Small Ordinaries, & rec history Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, March 2017 (all figures in AUD unless noted) 29 March 2017 Macquarie Securities (Australia) Limited Making a move? Event PMV confirmed it purchased ~11% of Myer for $1.15 per share. It is not currently considering making a takeover offer for Myer (MYR AU, A$1.20, Outperform, TP: A$1.21, Andrew McLennan). Impact PMV announces a ~11% stake in MYR: PMV confirmed it purchased ~11% of MYR for $1.15 per share by lodging a substantial shareholder notice. It is not currently considering making a takeover offer for MYR. We are not sure what to make of the transaction at this stage and need to see what a final bid looks like in order to take a view, if one occurs at all. We note PMV is a longtime holder of a 27.5% stake in Breville Group (BRG AU, A$10.24, Outperform, TP: A$9.50, Adam Simpson). This came as a surprise to us: We were initially unsure if PMV was the buyer of the MYR stake given Mr Lew s extensive retail interests and the focus of PMV on Smiggle s global rollout. PMV balance sheet refresh: As at 31-Jan-17, PMV had $279m of cash and $135m of debt on its balance sheet i.e. net cash $144m. Almost all of the cash sits at the PMV group level. Of the debt, $15-20m sits at the PMV group level and we assume the rest sits in the Retail business. As such, net cash available for use at the PMV group level is ~$260m. PMV owns 27.5% of Breville Group, which at yesterday's close of $10.26 equates to ~$365m. This is a long-term holding and there will be associated capital gains tax, which we estimate at ~$70m. Preliminary scenario analysis: We perform a basic scenario analysis were PMV to purchase the ~89% of MYR it does not already own at a 30% premium. Our analysis is on a FY17 pro forma basis (i.e. assuming a full 12 months as a combined entity) and incorporates arbitrary cost synergy assumptions. If PMV sells its BRG stake we estimate EPS accretion of 22-49%, assuming cost synergies of 0-1.5% of the combined cost base. Our EPS accretion estimate falls to 10-34% if PMV retains its BRG stake. With PMV trading at a significant premium to MYR the scrip component does not detract as much as we would prima facie expect. Earnings and target price revision We assume PMV receives dividend income as a shareholder of MYR, which increases our EPS by 1-3%. We add the MYR holding to our valuation using a similar treatment to BRG, increasing our PT from $17.19 to $17.92. Price catalyst 12-month price target: A$17.92 based on a Sum of Parts methodology. Catalyst: Any change in view on MYR. FY17 result in September. Action and recommendation We retain our Outperform rating with our investment thesis predicated on organic growth. However, we are watching the outcome of the MYR position closely and will reassess our view as new information becomes available. PMV s retail business is trading on FY17e PER of 15.6x and FY18 of 13.4x, which we think looks attractive with Retail EBIT growth of 13-15% p.a. over the medium-term. Please refer to page 7 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.

Earnings changes and price target We assume PMV receive dividend income as a shareholder of MYR, which increases our EPS by 1-3%. We add the MYR holding to our valuation using a similar treatment to BRG, increasing our PT from $17.19 to $17.92. Preliminary scenario analysis Figures 1 and 2 on the following pages contain a basic scenario analysis if PMV were to launch a 100% takeover of MYR. This does not include the possibility of PMV acting as part of a bidding consortium. We run our cost synergy scenarios under two funding outcomes PMV sells / retains its BRG holding. Key takeaways are as follows: If PMV sells its BRG stake, we estimate EPS accretion of 22-49%, assuming cost synergies of 0-1.5% of the combined cost base. If PMV retains its BRG stake, we estimate EPS accretion of 10-34%, again assuming cost synergies of 1-1.5% of the combined cost base. With PMV trading at a significant premium to MYR, the scrip component of the transaction does not detract as much as we would prima facie expect. Our analysis is on a pro-forma basis using FY17 forecasts i.e. assuming the acquisition occurred on 1 August 2016. Key assumptions are: PMV pays a 30% premium for the 89% of shares in MYR it does not own, equating to $1,015m. This implies a total deal equity value of $1,116m. Assuming ND of $117m for MYR (MQe FY17), the implied deal EV is $1,233m. Using FY17e EBITDA (MQe), this implies a deal FY17e EV/EBITDA of 5.9x. PMV utilises all its available net cash at the group level, with Premier Retail debt remaining in the business. The combined business is geared at 1x ND/EBITDA, with EBITDA measured on a postsynergy basis. Any residual funding will be in PMV shares issued to MYR shareholders at PMV s closing price of $14.18 i.e. there is no capital raising for additional funding. Cost synergies ranging from 0% of the combined cost base to 1.5%. Our cost synergy assumptions are arbitrary and we do not assume any revenue synergies. A 5% interest rate and 30% tax rate. MYR earnings forecasts are Macquarie estimates. 29 March 2017 2

Fig 1 Cost synergy scenarios for 100% MYR takeover selling BRG stake (A$m) Cost synergy scenarios % cost base: 0.0% 0.5% 1.0% 1.5% PMV 1H17 net cash 260.0 Less payment for 10% MYR 101.3 PMV cash post 10% MYR 158.7 BRG stake ex-cgt 295.0 Total cash available 453.7 Deal equity value remaining 89% 1,014.6 Residual to be funded 560.9 PMV retail ND 116.0 MYR ND 117.0 PF ND/EBITDA (x) 1.0 1.0 1.0 1.0 PF implied ND 372.3 388.4 404.4 420.4 Available debt financing 139.3 155.4 171.4 187.4 Cash component 593.0 609.0 625.1 641.1 Scrip component 421.6 405.6 389.5 373.5 Cash per MYR share ($) $0.72 $0.74 $0.76 $0.78 PMV shares issued @ $14.18 (m) 29.7 28.6 27.5 26.3 PMV sales 1,115.4 1,115.4 1,115.4 1,115.4 MYR sales 2,463.7 2,463.7 2,463.7 2,463.7 Pro forma sales 3,579.1 3,579.1 3,579.1 3,579.1 PMV retail EBITDA 166.2 166.2 166.2 166.2 PMV other EBITDA -4.5-4.5-4.5-4.5 MYR EBITDA 210.6 210.6 210.6 210.6 Pro forma EBITDA 372.3 372.3 372.3 372.3 Pro forma costs 3206.8 3206.8 3206.8 3206.8 Cost synergies 0.0 16.0 32.1 48.1 Post-synergy EBITDA 372.3 388.4 404.4 420.4 PMV depn 27.4 27.4 27.4 27.4 MYR depn 95.7 95.7 95.7 95.7 Pro forma depn 123.1 123.1 123.1 123.1 Post-synergy EBIT 249.2 265.2 281.3 297.3 Pro forma NI @ 5% 18.6 19.4 20.2 21.0 Pro forma PBT 230.6 245.8 261.0 276.3 Pro forma NPAT (30% TR) 161.4 172.1 182.7 193.4 Pro forma # shares (m) 187.2 186.0 184.9 183.8 PMV EPS 70.5 70.5 70.5 70.5 Pro forma EPS 86.2 92.5 98.8 105.2 Accretion / dilution 22% 31% 40% 49% Source: Macquarie Research, March 2017 29 March 2017 3

Fig 2 Cost synergy scenarios for 100% MYR takeover retaining BRG stake (A$m) Cost synergy scenarios % cost base: 0.0% 0.5% 1.0% 1.5% PMV 1H17 net cash 260.0 Less payment for 10% MYR 101.3 PMV cash post 10% MYR 158.7 BRG stake ex-cgt 0.0 Total cash available 158.7 Deal equity value remaining 89% 1,014.6 Residual to be funded 855.9 PMV retail ND 116.0 MYR ND 117.0 PF ND/EBITDA (x) 1.0 1.0 1.0 1.0 PF implied ND 372.3 388.4 404.4 420.4 Available debt financing 139.3 155.4 171.4 187.4 Cash component 298.0 314.0 330.1 346.1 Scrip component 716.6 700.6 684.5 668.5 Cash per MYR share ($) $0.36 $0.38 $0.40 $0.42 PMV shares issued @ $14.18 (m) 50.5 49.4 48.3 47.1 PMV sales 1,115.4 1,115.4 1,115.4 1,115.4 MYR sales 2,463.7 2,463.7 2,463.7 2,463.7 Pro forma sales 3,579.1 3,579.1 3,579.1 3,579.1 PMV retail EBITDA 166.2 166.2 166.2 166.2 PMV other EBITDA -4.5-4.5-4.5-4.5 MYR EBITDA 210.6 210.6 210.6 210.6 Pro forma EBITDA 372.3 372.3 372.3 372.3 Pro forma costs 3206.8 3206.8 3206.8 3206.8 Cost synergies 0.0 16.0 32.1 48.1 Post-synergy EBITDA 372.3 388.4 404.4 420.4 PMV depn 27.4 27.4 27.4 27.4 MYR depn 95.7 95.7 95.7 95.7 Pro forma depn 123.1 123.1 123.1 123.1 Post-synergy EBIT 249.2 265.2 281.3 297.3 Pro forma NI @ 5% 18.6 19.4 20.2 21.0 Pro forma PBT 230.6 245.8 261.0 276.3 Pro forma NPAT (30% TR) 161.4 172.1 182.7 193.4 Pro forma # shares (m) 208.0 206.8 205.7 204.6 PMV EPS 70.5 70.5 70.5 70.5 Pro forma EPS 77.6 83.2 88.8 94.5 Accretion / dilution 10% 18% 26% 34% Source: Macquarie Research, March 2017 29 March 2017 4

(PMV:$14.18) 29-Mar-17 Interim results 1H/16A 2H/16A 1H/17A 2H/17E Profit & Loss 2016A 2017E 2018E 2019E Revenue 565.0 484.2 588.6 526.8 Revenue $m 1049.2 1115.4 1222.0 1345.7 EBITDA $m 109.2 57.1 112.6 66.2 EBITDA (incl. assoc.) $m 166.3 178.9 214.5 252.8 Depreciation $m 12.3 11.6 13.0 14.5 Depreciation $m 23.9 27.4 37.0 39.3 Amortisation $m 0.0 0.0 0.0 0.0 Amortisation $m 0.0 0.0 0.0 0.0 EBIT (incl. assoc.) $m 96.9 45.5 99.7 51.7 EBIT (incl. assoc.) $m 142.4 151.4 177.5 213.5 Net Interest expense $m -1.4-1.6-0.9-0.3 Net interest expense $m -3.0-1.2-0.6-1.8 Pre-Tax Profit $m 98.3 47.1 100.6 52.1 Pre-Tax Profit $m 145.4 152.7 178.1 215.4 Tax Expense $m 26.8 14.0 26.6 13.3 Tax Expense $m 40.8 39.9 46.8 57.0 Net Profit $m 71.5 33.0 74.0 38.8 Net Profit $m 104.6 112.7 131.3 158.3 Outside equity interests $m 0.0 0.0 0.0 0.0 Outside equity interests $m 0.0 0.0 0.0 0.0 Net Abn/Extra $m 0.0-0.7-2.1 0.0 Net Abnormals/Extra. $m -0.7-2.1 0.0 0.0 Reported Earnings $m 71.5 32.3 71.9 38.8 Reported Earnings $m 103.9 110.6 131.3 158.3 Adjusted Earnings $m 71.5 33.0 74.0 38.8 Adjusted Earnings $m 104.6 112.7 131.3 158.3 Gross Cashflow $m 83.7 47.7 87.2 52.1 Gross Cashflow $m 131.5 139.3 175.2 207.8 EPS (Adj/dil) c 45.4 21.0 47.0 24.6 EPS (adj/diluted) c 66.4 71.6 83.3 100.5 EPS growth % 25.4 0.2 3.4 17.3 EPS growth % 16.2 7.8 16.5 20.6 CFPS c 53.2 30.3 55.3 33.1 PE (adj) x 21.4 19.8 17.0 14.1 CFPS Growth % 10.6 9.9 4.1 9.2 CFPS c 83.3 88.4 111.2 131.9 EBITDA/Sales % 19.3 11.8 19.1 12.6 CFPS Growth % 10.3 6.2 25.8 18.6 EBIT/Sales % 17.1 9.4 16.9 9.8 PGCFPS x 17.0 16.0 12.8 10.7 Earnings Split % 68.4 31.6 65.6 34.4 DPS c 48.0 51.5 60.0 72.4 Revenue Growth % 15.1 6.4 4.2 8.8 Yield % 3.4 3.6 4.2 5.1 EBIT Growth % 27.1 18.8 2.9 13.7 Franking % 100.0 100.0 100.0 100.0 AUD:GBP 0.50 0.59 0.57 0.54 Profit and Loss ratios 2016A 2017E 2018E 2019E Cashflow Analysis 2016A 2017E 2018E 2019E Revenue Growth % 10.9 6.3 9.6 10.1 EBIT Growth % 24.3 6.3 17.2 20.3 Pre-tax Profit $m 145.4 152.7 178.1 215.4 EBITDA/Sales % 15.8 16.0 17.5 18.8 Depreciation & Amortisation $m 23.9 27.4 37.0 39.3 EBIT/Sales % 13.6 13.6 14.5 15.9 Tax Paid $m -37.8-40.8-39.9-46.8 Effective tax rate % 28.1 26.2 26.3 26.5 Gross cashflow $m 131.5 139.3 175.2 207.8 Payout ratio % 72.3 72.0 72.0 72.0 Changes in working capital $m -14.6-4.2-6.8-7.9 EV/EBITA x 14.4 13.7 11.5 9.3 Other $m -13.2 6.8 0.0 0.0 EV/EBITDA x 12.3 11.6 9.5 7.9 Operating Cashflow $m 103.7 141.8 168.3 199.9 EV/Sales x 1.9 1.9 1.7 1.5 Acquisitions $m 0.0-5.0-6.0-5.8 Capex - Plant & Equip. $m -45.0-103.0-55.6-48.6 Balance sheet ratios Asset Sales $m 1.2 0.0 0.0 0.0 ROE % 7.8 8.3 9.4 10.8 Other $m 9.7 0.0 0.0 0.0 ROA % 10.4 10.6 11.9 14.0 Investing cashflow $m -34.2-108.0-61.6-54.4 ROFE % 12.3 12.7 14.3 16.9 Dividend (ordinary) $m -69.0-73.5-79.7-89.4 Net Debt $m -177.4-143.4-170.4-226.4 Equity raised $m 0.0 0.0 0.0 0.0 Net Debt/Equity % < 0 < 0 < 0 < 0 Other $m -219.2 5.6 0.0 0.0 Interest Cover x nmf nmf nmf nmf Financing cashflow $m -288.1-67.9-79.7-89.4 Price/NTA x 4.6 4.3 3.9 3.5 NTA per share $ 3.07 3.31 3.63 4.07 Net Change in cash/debt $m -218.6-34.1 27.0 56.0 EFPOWA m 157.9 157.5 157.5 157.5 Historical performance 2013A 2014A 2015A 2016A Balance Sheet 2016A 2017E 2018E 2019E Cash $m 283.2 303.2 323.2 370.2 Revenue $m 843.2 888.4 945.7 1049.2 Receivables $m 16.5 17.5 19.2 21.1 EBITDA $m 108.4 120.2 137.1 166.3 Inventories $m 123.6 131.4 143.9 158.5 Depreciation/Amortisation $m 19.2 21.9 22.6 23.9 Investments $m 213.4 218.4 224.3 230.2 EBIT $m 89.2 98.3 114.5 142.4 Property, plant & equipment $m 139.2 214.8 233.4 242.7 Net interest expense $m -6.9-4.6-4.1-3.0 Intangibles $m 854.8 854.8 854.8 854.8 Pre-Tax Profit $m 96.1 102.9 118.6 145.4 Other Assets $m 32.2 28.9 28.9 28.9 Tax Expense $m 26.8 26.7 28.8 40.8 Total Assets $m 1662.9 1769.0 1827.8 1906.5 Net Profit $m 69.3 76.2 89.8 104.6 Payables $m 73.0 77.6 85.0 93.6 Net Abn/Extra $m 105.2-3.2-1.7-0.7 Short Term Debt $m 0.0 0.0 0.0 0.0 Long Term Debt $m 105.8 159.9 152.8 143.8 EPS (adj/dil) c 44.2 48.6 57.1 66.4 Other Liabilities $m 145.6 155.9 162.8 173.0 EPS growth % 1.5 9.9 17.6 16.2 Total Liabilities $m 324.3 393.3 400.6 410.3 Ordinary DPS c 38.0 40.0 51.0 48.0 Shareholders Funds $m 1338.6 1375.7 1427.2 1496.1 EBITDA/Sales % 12.9 13.5 14.5 15.8 Minority Interests $m 0.0 0.0 0.0 0.0 EBIT/Sales % 10.6 11.1 12.1 13.6 Total Shareholders Equity $m 1338.6 1375.7 1427.2 1496.1 ROE % 5.4 5.9 6.8 7.8 ROFE % 8.2 9.0 10.1 12.3 Total Funds employed $m 1,662.9 1,769.0 1,827.8 1,906.5 EFPOWA m 156.7 156.7 157.6 157.9 Source: Company data, Macquarie Research, March 2017 29 March 2017 5

Macquarie Quant View The quant model currently holds a neutral view on. The strongest style exposure is Quality, indicating this stock is likely to have a superior and more stable underlying earnings stream. The weakest style exposure is Price Momentum, indicating this stock has had weak medium to long term returns which often persist into the future. 257/531 Global rank in Retailing % of BUY recommendations 50% (6/12) Number of Price Target downgrades 3 Number of Price Target upgrades 6 Fundamentals Attractive Quant Local market rank Global sector rank Displays where the company s ranked based on the fundamental consensus Price Target and Macquarie s Quantitative Alpha model. Two rankings: Local market (Australia & NZ) and Global sector (Retailing) Macquarie Alpha Model ranking A list of comparable companies and their Macquarie Alpha model score (higher is better). Factors driving the Alpha Model For the comparable firms this chart shows the key underlying styles and their contribution to the current overall Alpha score. JB Hi-Fi 1.0 JB Hi-Fi Super Retail Group 0.5 Super Retail Group 0.1 The Reject Shop 0.1 The Reject Shop -3.0-2.0-1.0 0.0 1.0 2.0 3.0-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Valuations Growth Profitability Earnings Momentum Price Momentum Quality Macquarie Earnings Sentiment Indicator The Macquarie Sentiment Indicator is an enhanced earnings revisions signal that favours analysts who have more timely and higher conviction revisions. Current score shown below. Drivers of Stock Return Breakdown of 1 year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple. JB Hi-Fi Super Retail Group -0.7 0.2 0.2 JB Hi-Fi Super Retail Group The Reject Shop -0.6 The Reject Shop -3.0-2.0-1.0 0.0 1.0 2.0 3.0-40% -30% -20% -10% 0% 10% 20% 30% 40% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return What drove this Company in the last 5 years Which factor score has had the greatest correlation with the company s returns over the last 5 years. Price to Sales NTM Price to Book NTM Dividend Yield NTM Price to Book FY0 Turnover(USD) 125 Day Return on Equity FY1 ROIC 12m Fwd ROIC FY1-27% -29% Negatives Positives -24% -24% -40% -20% 0% 20% 40% 31% 30% 30% 30% How it looks on the Alpha model A more granular view of the underlying style scores that drive the alpha (higher is better) and the percentile rank relative to the sector and market. Alpha Model Score Valuation Growth Profitability Earnings Momentum Price Momentum Quality Capital & Funding Liquidity Risk Technicals & Trading Normalized Score 0.14-0.17 0.08-0.31-0.38-0.50 0.38 0.11-0.83 0.05-0.43 Percentile relative to sector(/531) Percentile relative to market(/422) 0 50 100 0 50 100 0 0 1 1 Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group (cpg@macquarie.com) 29 March 2017 6

Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down 60 100% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 40 60% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 30 40% in a year. Low medium stock should be expected to move up or down at least 25 30% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 31 December 2016 AU/NZ Asia RSA USA CA EUR Outperform 57.53% 50.72% 45.57% 42.28% 60.58% 52.79% (for global coverage by Macquarie, 8.71% of stocks followed are investment banking clients) Neutral 33.90% 33.97% 43.04% 50.11% 37.23% 35.62% (for global coverage by Macquarie, 8.05% of stocks followed are investment banking clients) Underperform 8.56% 15.30% 11.39% 7.61% 2.19% 11.59% (for global coverage by Macquarie, 4.63% of stocks followed are investment banking clients) PMV AU vs Small Ordinaries, & rec history MYR AU vs Small Ordinaries, & rec history BRG AU vs Small Ordinaries, & rec history (all figures in AUD currency unless noted) (all figures in AUD currency unless noted) (all figures in AUD currency unless noted) Note: Recommendation timeline if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, March 2017 12-month target price methodology PMV AU: A$17.92 based on a Sum of Parts methodology MYR AU: A$1.21 based on a EV/EBIT methodology BRG AU: A$9.50 based on a EV/EBIT methodology Company-specific disclosures: MYR AU: Macquarie and its affiliates collectively and beneficially own or control 1% or more of any class of Myer Holdings Limited's equity securities. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures. Date Stock Code (BBG code) Recommendation Target Price 21-Mar-2017 PMV AU Outperform A$17.19 08-Feb-2017 PMV AU Outperform A$16.84 22-Sep-2016 PMV AU Neutral A$16.43 28-Apr-2016 PMV AU Neutral A$16.35 19-Mar-2016 PMV AU Outperform A$16.18 14-Oct-2015 PMV AU Outperform A$13.14 23-Mar-2015 PMV AU Neutral A$12.25 17-Sep-2014 PMV AU Neutral A$10.80 Target price risk disclosures: PMV AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. MYR AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. 29 March 2017 7

This publication was disseminated on 29 March 2017 at 11:11 UTC. Macquarie Wealth Management BRG AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. Analyst certification: We hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Limited (MGL) total revenues, a portion of which are generated by Macquarie Group s Investment Banking activities. General disclosure: This research has been issued by Macquarie Securities (Australia) Limited ABN 58 002 832 126, AFSL 238947, a Participant of the ASX and Chi-X Australia Pty Limited. This research is distributed in Australia by Macquarie Wealth Management, a division of Macquarie Equities Limited ABN 41 002 574 923 AFSL 237504 ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN 46 008 583 542, AFSL No. 237502) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 1989. Apart from Macquarie Bank Limited ABN 46 008 583 542 (MBL), any MGL subsidiary noted in this research,, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research contains general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose this research in any way. If you received it in error, please tell us immediately by return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This research is based on information obtained from sources believed to be reliable, but the Macquarie Group does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. The Macquarie Group accepts no liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. The Macquarie Group produces a variety of research products, recommendations contained in one type of research product may differ from recommendations contained in other types of research. The Macquarie Group has established and implemented a conflicts policy at group level, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. The Macquarie Group, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. The Macquarie Group may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. The Macquarie Group s employees or officers may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures Macquarie Group 29 March 2017 8