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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Evolva has secured equity financing of up to CHF30m. This is a fully flexible arrangement with relatively good terms, which if drawn down in full would give the company about one year&#8217;s worth of cash. As an interim arrangement this allows headroom to increase considerably and should help management&#8217;s negotiating position with its partner, Cargill, as details of the stevia JV are yet to be agreed. Our valuation of CHF0.87/share remains unchanged.</p>

Evolva has secured equity financing of up to CHF30m. This is a fully flexible arrangement with relatively good terms, which if drawn down in full would give the company about one year&#8217;s worth of cash. As an interim arrangement this allows headroom to increase considerably and should help management&#8217;s negotiating position with its partner, Cargill, as details of the stevia JV are yet to be agreed. Our valuation of CHF0.87/share remains unchanged.

Evolva Holding Sa

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