Joint Statement by Baillieu Limited Chairperson David Trude and Managing Director Gavin Powell

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Reliance Worldwide (RWC) | Trading update – Key points from Conference Call

In a nutshell: In the US and Australia, there has been no dramatic change to operating conditions. However, it expects both markets are likely to weaken in the near term. In the UK and Europe, conditions remain subdued, with variable conditions across each country – the UK remains particularly weak. RWC’s financial position remains strong. Net debt to EBITDA of 1.57x at the end of December 2019 has improved slightly, with the company having c.$350m of liquidity in its existing facilities. Specifically with regard to a potential capital raise, while the company gave a “never say never” response, it appears highly unlikely.

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