#1PRELIMINARY DRAFT – SUBJECT TO CHANGE PROJECT MONTANA Presentation to the Special Committee of the Board of Directors August 10, 2011 EVERCORE PARTNERS#2These materials have been prepared by Evercore Group LLC. ("Evercore") for the Special Committee of the Board of Directors of M&F Worldwide (the "Company") to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Company and/ or other potential transaction participants, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has reled on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/ or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Special Committee of the Board of Directors of the Company. These materials were compiled on a confidential basis for use by the Special Committee of the Board of Directors of the Company in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and taxe advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. EVERCORE PARTNERS#3Table of Contents Executive Summary Summary Trading Analysis Valuation Perspectives Process Considerations Appendix EVERCORE PARTNERS Section I II III Preliminary Draft - Confidential IV#4I. Executive Summary EVERCORE PARTNERS#5Executive Summary Offer Price Summary Analysis Share Price % Premium/ (Discount) to Unaffected Share Price % Premium/ (Discount) to 4-Weeks Prior to Bid % Premium/ (Discount) to Current Price (1) ( Fully Diluted Shares Outstanding Market Value of Equity Plus: Net Debt (6/30/11) Total Enterprise Value % Premium to Unaffected TEV TEV / Revenue CY2010 LFQ CY2011E CY2012E TEV / Adj. EBITDA CY2010 LFQ CY2011E CY2012E Statistic $1,783 1,746 1,764 1,790 $476 445 441 459 Unaffected (6/10/11) $16.96 19.5 $330 2,009 $2,339 1 1.3x 1.3 1.3 1.3 4.9x 5.3 5.3 5.1 Preliminary Draft-Confidential ($ in millions, except for per share amounts) Current (8/9/11) $21.23 25% (6%) 19.5 $413 2,009 $2,422 4% 1.4x 1.4 1.4 1.4 5.1x 5.4 5.5 5.3 Offer Price $24.00 42% 6% 13% 19.5 $467 2,009 $2,476 6% 1.4x 1.4 1.4 1.4 5.2x 5.6 5.6 5.4 Source: FactSet, Company filings, M & F Worldhinde Projections, Updated Case The unaffected share price reflects the MFW eloning price on 6/10/11, which was the last doing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Latest four quarters (LFQ) of Q2 2011 which dooed on 6/30/2011 EBITDA adjusted to exclude art impaiment charges, gains on the extinguishment of debt, extracedinary gains, and the settlement of contingent claims EVERCORE PARTNERS#6Executive Summary Overview of Process to Date Mac Andrews & Forbes Holdings submits an unsolicited offer to acquire the remaining 57.3% of M & F Worldwide that it does not already own for $24 per share June 13 Evercore is engaged by the Special Committee June 21 June 23 Evercore met with Special Committee EVERCORE PARTNERS Evercore holds meetings with M & F Worldwide Corporate Management as well as Harland Clarke and Mafco divisional Management Teams June 28 July 6, 8 Evercore, on behalf of the Special Committee, requests an updated financial forecast from management Evercore receives the Financing Plan and commences its due diligence investigation July 13 July 15 Evercore conducts an update call with the Special Committee July 22-26 Preliminary Draft - Confidential Evercore conducts an update call with the Special Committee July 27 Evercore receives Updated Case for HCHC financial projections; discusses key changes to plan with HCHC management; receives preliminary Q2 2011 results for M & F Worldwide and its business lines Aug. 10 Evercore's initial, preliminary presentation to the Special Committee#7II. Summary Trading Analysis EVERCORE PARTNERS#8Share Price Close Summary Trading Analysis Historical M & F Worldwide Share Price Performance $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 11/06/09-M & P Worldwide posts 3009 adjusted EPS of $1:37 I 8/10/2009 Source FactSet, Company filings Note: All prices as of close EVERCORE PARTNERS 10/30/2009 2/26/10-M & F Worldwide posts 4009 adjusted EPS of $1.54 Offer Price: $24.00 1/19/2010 7/22/10-Scantron announces acquisition of Spectrum K12 5/05/10-M & F Worldwide posts 1Q10 adjusted EPS of $1.73 4/10/2010 6/30/2010 2/7/11-M & F Worldwide announces settlement of asbestos liability against Pneumo Abex 12/16/10-Scantron announces acquisition of GlobalScholar 9/19/2010 12/9/2010 Preliminary Draft - Confidential 6/13/11-Proposal letter submitted by MacAndrews & Forbes Hollings for $24.00 per share 5/20/11-Deadline for lender consents 5/12/11-Harland Clarke announces meetings with lenders on a proposed amend and extend of its term loan 5/04/11 - M & F Worldwide posts IQ11 adjusted EPS of $1.32 5/27/11-Cancellation of amend and extend process 2/28/2011 5/20/2011 1,400 1,200 1,000 800 600 400 200 8/9/2011 Volume (000s)#9Summary Trading Analysis Implied Offer Price Premium Analysis The offer price represents a ~42% premium to the unaffected closing stock price (1) and a ~4% discount to the trailing twelve month average as of the day prior to the proposal Offer Price 1 Day Prior (6/10/11) - Unaffected Price 1 Week Prior 2 Weeks Prior 1 Month Prior 2 Months Prior 3 Months Prior 6 Months Prior 1 Year Prior 2 Years Prior 52-Week High 52-Week Low Implied Offer Price Premium Average for the Period (2) $24.00 16.96 18.21 19.28 20.96 22.63 23.48 23.80 25.03 26.53 Prem./(Disc.) 41.5% 31.8% 24.5% 6.1% 2.2% 0.8% (4.1%) (9.5%) Closing Price (2) $24.00 16.96 Preliminary Draft-Confidential 18.97 21.52 22.66 25.24 24.96 24.45 28.27 25.74 30.77 16.77 Prem./(Disc.) 41.5% 26.5% 11.5% 5.9% (4.9%) (3.8%) (1.8%) (15.1%) (6.8%) (22.0%) 43.1% Source: FactSet (1) The unaffected share price reflects the closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 (2) Based on closing prices and historical periods relative to unaffected closing share price on 6/10/11, except for 52 week high and low, which are intraday prices EVERCORE PARTNERS#10Summary Trading Analysis Historical Trading Range Analysis M & F Worldwide's share price closed above $24.00 per share on approximately 74% of the days traded during the year prior and 67% of the days traded during the two years prior to Mac Andrews & Forbes Holdings' proposal Number of Days in Price Range at Close 160 120 Number of Days in Price Range at Close 80 40 0 % Days Traded Camalatise 160 120 40 % Days Traded Cumulative 2 <$18.00 196 1% 2 <$18.00 0% 0% $18.01- $21.00 3% 85 $18.01- $21.00 Source FactSet Note: Based on closing share price EVERCORE PARTNERS 17% 17% Offer Prices $24.00 55 $21.01 - $24.00 22% 26% $21.01- $24.00 One Year Through 6/10/2011 I 16% 33% 141 $24.01- $27.00 Offer Price: $24.00 81% 146 $24.01- $27.00 48 Two Years Through 6/10/2011 29% 62% $27.01- $30.00 19% 100% 68 $27.01 - $30,00 0 1.5% 70% $30.01- $33.00 0% 100% $30.01. $33.00 10% 80% 0 $33.01- $36.00 0% 100% 40 $33.01- $36.00 Preliminary Draft-Confidential 8% 94% 0 $36.01 - $39.00 0% 100% 15 $36.01. $39.00 3% 97% 0 $39.01- $42.00 0% 100% 15 $39.01- $42.00 3% 100% 0 $42.01- $45.00 0% 100% 2 $42.01- $45.00 100%#11Indexed Price Summary Trading Analysis Historical Relative Stock Performance Analysis - 2 Year Performance 220 200- 180- 160- 140- 120- 100 8/10/09 3/5/10 M&F Worldwide (Unaffected-6/10/11) M&F Worldwide (Current-8/9/11) Printing Education Financial Solutions Flavorings and Fragrances Russell 2000 году 11/20/09 -M & F Worldwide Printing Source: FactSet Printing index comprises Da Nappen, Toppan, QUAD, VPRT, DLX, TCLA, RRD, COX, CVO and SR Financial Solutions index comprises FIS, FISV, WKL, GPN, NCR, JKHY, DST, TEMN, EEFT, HPY, MSY and CSVI Education index comprises LRN, SMT, QNET, PRE, PSON, MHP, WPO, SCHL, RLRN, SCHS and ABCD Flavor and Fragrances index comprises GIVN, IFF, SYI, Hubao, SXT, T. Hasegaa and Takarago EVERCORE PARTNERS Gars Last 1 Month (28%) (20%) (18%) (10%) (12%) (8%) 6/18/10 9/30/10 Financial Solutions Education Last Last Last 2 Months 3 Months 6 Months (35%) 19% (13%) (9%) (10%) (12%) (12%) Preliminary Draft - Confidential 1/12/11 (32%) (9%) (20%) (9%) (11%) (15%) (179) (27%) (16%) (24%) (6%) (9%) Flavor & Fragrances (8%) (15%) 6/13/11-Offer by MacAndrews & Forbes Holdings Last 1 Year 4/26/11 Russell 2000 (39%) (24%) (15%) 8% 9% 0% 6% Last 2 Years (7%) 5% (21%) 20% 15% 35% 22% 8/9/11#12Summary Trading Analysis 2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA 6.5x 6.0x 5.5x 5.0x 4.5x 4.0x 3.5x Montana (Unaffected-6/10/11) Montana (Current - 8/9/11) RR Donnelley Deluxe Quad/Graphics розчи 8/10/09 Univ men 10/30/09 1/19/10 -M & F Worldwide Current 8/9/11 5.4x 5.4 5.1 4.8 42 4/10/10 6/10/11 5.2x 5.2 5.7 5.0 5.5 им 6/30/10 RRD 1 Month 2 Months 5.4x 5.3x 5.5 5.5 5.5 5.6 5.2 5.2 5.3 5.5 Source FactSet, Company filings Note: LFQ through 6/30/11. Figures adjusted for acquations where relevant and possible using public information EVERCORE PARTNERS 9/19/10 Average Multiple 3 Months 6 Months 5.2x 5.5 5.7 5.3 5.7 Offer Price: 5.6x 12/9/10 5.1x 5.3 5.6 5.5 5.8 -DLX Preliminary Draft - Confidential 1 Year 5.1x 5.2 5.2 5.5 5.7 2 Years 5.5x 5.5 52 5.6 5.7 6/13/11 - Offer by MacAndrews & Forbes Holdings 2/28/11 -QUAD 5/20/11 8/9/11#13III. Valuation Perspectives EVERCORE PARTNERS#14Valuation Perpectives Summary Illustrative Valuation Analysis Method 52-Week Intraday Trading Range through 6/10/11 Public Company Trading Analysis 5.0x - 5.5x FY12E Adj. EBITDA Discounted Cash Flow Analysis 5.0x - 5.5x Terminal Adj. EBITDA, 9.5% -11.5% Discount Rate PV of Future Stock Price 5.0x-5.5x FY14E EBITDA, 22.5% - 27.5% Cost of Equity Precedent Transactions 5.5x 6.5x LFQ EBITDA Premiums Paid Analysis 15% 45% Premium to Unaffected Price 20% -50% Premium to 4-Weeks Prior to Bid Current Price (8/9/11): $21.23 Offer Price: $24.00 $16.77 $14.64 $10.00 $21111 $21.50 $21.87 $19.50 E I 1 I I 1 1 $22.40 1 1 $20.00 Implied Share Price Preliminary Draft - Confidential ($ in millions, except for per share amounts) $26.42 $27.21 $30.61 $24.59 $30.77 $30.00 $33.55 $31.24 $38.33 $37.91 $33.99 $40.00 -1 $48.93 $45.24 $50.00 Updated Case Financing Case $60.00 Diadaimer: This nummary of certain analyses is provided for illustrative purposes only, does not represent all of the analyses performed by Evercoce and should be considered together with the information set forth elsewhere in this presentation Source Factset, Company Slings, M & F Worldwide Projections, Updated Case and Financing Case (1)The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 EVERCORE PARTNERS 8#15Valuation Perpectives Illustrative Analysis at Various Prices Share Price % Premium/(Discount) to Unaffected Share Price) % Premium/(Discount) to 4 Weeks Prior to Bid % Premium/(Discount) to Current Price Fully Diluted Shares Outstanding Market Value of Equity Plus: Net Debt (6/30/11) Total Enterprise Value % Premium to Unaffected TEV TEV/ Revenue CY2010 LFQ CY2011E CY2012E TEV / Adj. EBITDA" CY2010 LFQ CY2011E CY2012E Memo Total Equity Check $1,783 1,746 1,764 1,790 (1) (1) $476 445 441 459 Unaffected (6/10/11) $16.96 19.5 $330 2,009 $2,339 1.3x 1.3 1.3 4.9x 5.3 5.3 5.1 Current (8/9/11) $21.23 25% 19.5 $413 2,009 $2,422 1.4x 1.4 1.4 1.4 5.1x 5.4 5.5 5.3 Offer Price 9 $24.00 42% 6% 13% 19.5 $467 2,009 $2,476 1.4x 1.4 1.4 5.2x 5.6 5.6 5.4 $201 Preliminary Draft-Confidential ($ in millions, except for per share amounts) $26.00 5.3% 15% 22% 19.5 $506 2,009 $2,515 8% 1.4x 1.4 1.4 1.4 5.3x 5.7 5.7 5.5 $218 Illustrative Share Price $30.00 $28.00 65% 25% 32% 19.5 $545 2,009 $2,554 9% 1.4x 1.5 1.4 1.4 5.4x 5.7 5.8 5.6 $235 77% 32% 19.5 $584 2,009 $2,593 11% 1.5x 1.5 1.5 5.4x 5.8 5.9 5.7 $252 $32.00 89% 51% 19.5 $623 2,009 $2,632 13% 1.5x 1.5 1.5 1.5 5.5x 5.9 6.0 5.7 $269 Source: FactSet, Company fings, M & F Worldinde Projections, Updated Case The unaffected share price reflects the MFW eloning price on 6/10/11, which was the last dosing price prior to the submission of the transaction proposal letter by MacAndreas & Forbes Holdings on 6/13/11 Latest four quarters (LFQ) a of Q2 2011 which doved on 6/30/2011 EBITDA adjusted to exclude asset impairment charges, gains on the extinguishment of debt, extracedinary gains, and the settlement of contingent claims EVERCORE PARTNERS $34.00 100% 50% 60% 19.5 $662 2,009 $2,671 1.5x 1.5 1.5 1.5 5.6x 6.0 6.1 5.8 $285#16Valuation Perpectives Illustrative Discounted Cash Flow Analysis - Updated Case Discount Rate Discount Rate Total Enterprise Value 4.75x 8.5% $2,596 9.5% 2,511 10.5% 2,430 11.5% 2,353 12.5% 2,279 Trailing Terminal Multiple 5.25x $2,766 2,674 2,586 2,503 2,423 4.75x 8.5% (2.7%) 9.5% (1.8%) 10.5% (0.9%) 11.5% (0.0%) 12.5% 0.9% 5.00x $2,681 2,592 2,508 2,428 2,351 Implied Perpetuity Growth Rate 5.50x $2,851 2,755 5.00x (2.2%) (1.3%) (0.4%) 0.5% 1.4% 2,665 2,578 2,495 Trailing Terminal Multiple 5.25x (1.7%) (0.8%) 0.1% 1.0% 1.9% 5.50x (1.3%) (0.4%) 0.5% 1.4% 2.3% Source Factaet, Company filings, M & F Worldwide Projections, Updated Case Note: Valuations as of 6/30/11 (1) Assumes net debt of $2,000mm as of 6/30/11 and 19.5mm shares outstanding EVERCORE PARTNERS 5.75% $2,935 2,837 2,743 2,653 2,568 5.75x (0.9%) (0.0%) 0.9% 1.8% 2.7% 10 Discount Rate Discount Rate 8.5% 9.5% 10.5% 11.5% 12.5% 4.75x $587 502 421 344 270 Preliminary Draft - Confidential ($ in millions, except per share amounts) 4.75x 8.5% $30.13 9.5% 25.77 10.5% 21.61 11.5% 17.64 12.5% 13.85 Total Equity Value Trailing Terminal Multiple 5.25x $756 665 577 494 414 5.00x $672 583 499 419 342 Implied Equity Value per Share (¹) Trailing Terminal Multiple 5.25x 5.00% 29.96 25.63 21.50 17.56 5.50x $841 746 656 569 486 $38.86 34.14 29.65 25.36 21.27 5.50% $43.22 38.33 33.67 29.22 24.98 5.75x $926 828 734 644 558 5.75x $47.58 42.52 37.69 33.08 28.68#17Valuation Perpectives Illustrative Present Value of Future Stock Price Analysis - Updated Case Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Leplind Future Stock Price Implied PV of 2013E Stock Price 4.75x $24.17 22.96 21.82 20.77 19.78 $38.18 2013E Trailing TEV/EBITDA Multiple 5.00x 5.25x 5.50x $28.15 $32.13 $36.10 26.73 30.51 34.28 25.41 24.18 23.03 $44.46 Source: M & F Worldwide Projections, Updated Case Note: Valuation as of 6/30/11 EVERCORE PARTNERS 29.00 27.60 26.29 $50.74 32.59 31.01 29.54 22.5% 25.0% 27.5% 30.0% $57.02 Equity Cost of Capital 20.0% Implied Future Stock Price 5.75x $40.08 38.06 36.18 34.43 32.79 $63.30 $56.90 4.75x $25.02 22.80 20.82 19.01 17.44 Implied PV of 2015E Stock Price 5.00x $27.79 25.32 23.12 21.15 19.37 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% $63.21 Implied Facture Stock Price 11 2015E Trailing TEV/EBITDA Multiple 5.25x 5.50x $30.56 $33.33 27.85 30.38 25.43 27.73 23.26 25.36 21.31 23.24 Implied PV of 2014E Stock Price $69.51 4.75x $23.79 22.13 20.61 19.23 17.96 $45.08 $75.81 2014E Trailing TEV/EBITDA Multiple 5.50x $33.58 31.24 29.10 5.75x $36.11 32.90 30.04 27.47 25.17 $82.12 Preliminary Draft - Confidential 5.00x $27.05 25.16 23.44 21.87 20.43 $51.27 5.25x $30.32 28.20 26.27 24.51 22.90 $57.46 27.15 25.36 $63.65 5.75x $36.85 34.28 31.93 29.79 27.83 $69.84#18Valuation Perpectives Premiums Paid Analysis ■ The tables below summarize the results of two data sets of premiums paid for U.S. targets - All cash change-of-control transactions for U.S.-based companies with enterprise values between $100 million - $4.0 billion since January 2000 Minority-led change-of-control cash transactions for U.S. targets with a minimum transaction value of $100 million since January 2000 Number of Transactions Mean Median 25% Quartile 75% Quartile All Cash Transactions High Low 1 Day Prior 29% 25% 13% 39% 149% (57%) Source SDC, Factaet, Company filings EVERCORE PARTNERS 735 Premium Paid 1 Week Prior 32% 27% 16% 42% 219% (59%) 4 Weeks Prior 38% 32% 20% 50% 301% 12 Number of Transactions Mean Median 25% Quartile 75% Quartile High Low Minority-led Transactions 1 Day Prior 37% 30% 19% 50% Preliminary Draft - Confidential 120% (3%) 57 Premium Paid 1 Week Prior 37% 30% 17% 55% 115% 0% 4 Weeks Prior 38% 30% 18% 52% 144% (9%)#19IV. Process Considerations EVERCORE PARTNERS#20Process Considerations Potential Strategic Alternatives Alternative Sell to MacAndrews & Forbes Holdings Potential Divestitures Sale of Company to 3rd Party Buyer Status Quo Benefits Immediate cash proceeds for shareholders at a premium to pre-bid trading values Remove significant leverage and operational risk of declining top-line business from public shareholders ■ Potentially unlock greater value relative to current trading value ■ If proceeds used to pay down debt, could improve capital structure and liquidity profile Focus business and management resources Potential to obtain best and highest price for Company as a whole or in parts if auctioned on a broad basis ■ Potential to realize more value over time relative to current offer price Strategic optionality may change over time depending on MacAndrews & Forbes Holdings's objectives, business performance and market conditions EVERCORE PARTNERS 13 Preliminary Draft - Confidential Considerations ■ Low premium relative to trading price several months prior to bid (subject to potential negotiation) Loss of possibly significant upside potential, albeit with corresponding elimination of risk Potential tax leakage and change-of-control issues ■ Capital structure limitations on use of proceeds ■ Limited universe of potential buyers for many of the segments Mac Andrews & Forbes Holdings has stated that it is a buyer, not a seller ■ Existing favorable capital structure at HCHC would trigger change-of-control by a 3rd party buyer ■ No strategic bidder for entire Company ■ Possible acceleration of secular challenges facing a number of Montana's businesses ■ Continued "overhang" from Mac Andrews & Forbes Holdings's ownership, limited float and research coverage High leverage level results in significantly higher financial risk profile than is typical for a public company and also limits strategic flexibility#21Process Considerations MacAndrews & Forbes Holdings' Illustrative Ability to Pay Implied Purchase Price per Share (Updated Case) Required IRR Purchase Price 20.0% 22.5% 25.0% 27.5% 30.0% 2015E Trailing EBITDA Exit Multiple 5.0x 5.5x $24.00 $26.00 $28.00 $30.00 $32.00 4.5x $22.25 20.27 18.51 16.93 15.51 Implied IRR (Updated Case) $27.79 25.32 23.12 21.15 19.37 4.5x 18.0% 15.9% 14.0% 12.3% 10.7% $33.33 30.38 27.73 25.36 23.24 2015E Trailing EBITDA Exit Multiple 5.0x 5.5x 24.0% 21.8% 19.8% 18.0% 16.3% Source: M & F Worldnde Projections, Updated Case and Financing Case EVERCORE PARTNERS 6.0x 29.1% 26.8% 24.7% 22.8% 21.1% $38.88 35.43 32.34 29.58 27.10 6.0x 33.6% 31.2% 29.1% 27.1% 25.3% Implied Purchase Price per Share (Financing Case) Required IRR Purchase Price $37.34 20.0% 22.5% 25.0% 27.5% 30.0% $0.32 $24.00 $26.00 $28.00 $30.00 $32.00 Preliminary Draft - Confidential 2015E Trailing EBITDA Exit Multiple 5.5x 5.0x $34.22 31.18 28.47 26.04 23.86 4.5x $28.17 25.67 23.44 21.44 19.64 Implied IRR (Financing Case) 24.3% 22.2% 20.2% 18.3% 16.7% $40.27 36.69 33.50 30.64 28.07 29.8% 27.5% 25.5% 23.6% 21.8% 2015E Trailing EBITDA Exit Multiple 4.5x 5.0x 5.5x 6.0x 34.6% 32.2% 30.1% 28.1% 26.3% $46.31 42.20 38.53 35.24 32.29 6.0x 38.8% 36.4% 34.2% 32.1% 30.3%#22Process Considerations Financial Sponsor Illustrative Ability to Pay Implied Purchase Price per Share (Updated Case) Required IRR Purchase Price 20.0% 22.5% 25.0% 27.5% 30.0% 2015E Trailing EBITDA Exit Multiple 4.5x 5.0x 5.5x $24.00 $26.00 $28.00 $30.00 $32.00 $14.27 11.65 9.32 7.22 5.35 $19.81 16.70 13.93 11.44 9.21 Implied IRR (Updated Case) 12.6% 11.4% 10.2% 9.1% 8.1% $25.35 21.75 18.54 15.66 13.07 17.0% 15.7% 14.5% 13.4% 12.3% 2015E Trailing EBITDA Exit Multiple 4.5x 5.0x 5.5x Source: M & F Worldhande Projections, Updated Case and Financing Case Note: Aumes sponsor acquisition using leverage at 40x LFQ EBITDA EVERCORE PARTNERS 6.0x 20.9% 19.6% 18.3% 17.1% 16.0% $30.90 26.81 23.15 19.88 16.94 6.0x 24.4% 23.0% 21.7% 20.5% 19.4% 15. Implied Purchase Price per Share (Financing Case) Required IRR Purchase Price 20.0% 22.5% 25.0% 27.5% 30.0% $0.17 $24.00 $26.00 $28.00 $30.00 $32.00 2015E Trailing EBITDA Exit Multiple 5.5x 5.0x $26.01 22.36 19.09 16.16 13.53 4.5x $19.97 16.85 14.06 11.56 9.32 Preliminary Draft - Confidential Implied IRR (Financing Case) 4.5x 17.1% 15.9% 14.6% 13.5% 12.4% $32.06 27.87 24.12 20.76 17.75 2015E Trailing EBITDA Exit Multiple 5.0x 5.5x 21.3% 20.0% 18.8% 17.6% 16.4% 6.0x 25.1% 23.7% 22,4% 21.2% 20.0% $38.10 33.37 29.15 25.36 21.96 6.0x 28.5% 27.1% 25.7% 24.5% 23.3%#23Process Considerations Potential Divestitures Sale of All of M & F Worldwide Sale of All of HCHC Sale of Harland Financial Solutions Sale of Scantron Executable w/o SH Approval? EVERCORE PARTNERS No No Yes Yes Potential Buyer Universe Strategic ■ Financial Strategic Financial ■ Strategic ■ Financial ■ Strategic Financial Preliminary Draft - Confidential Comment Size and diversified nature of business limit the likely strategic interest in the whole ■ Would need to refinance debt, which provides MacAndrews & Forbes Holdings with an advantage ■ Size and diversified nature of business limit the likely strategic interest in the whole ■ Would need to refinance debt, which provides MacAndrews & Forbes Holdings with an advantage ■ Likely limited strategic interest at aggressive valuations ■ Unlikely to be more aggressive on value than strategic buyers with significant synergy opportunities ■ Diversified nature of portfolio within Scantron limits the likely strategic buyer interest for the entire division 16. ■ Unlikely to aggressively value education technology assets given limited leverage capacity of these properties#24Process Considerations Potential Divestitures (cont'd) Sale of Scantron Commercial Sale of Scantron Legacy Education Sale of Global Scholar and/or Spectrum K-12 Sale of Mafco Executable w/o SH Approval? EVERCORE PARTNERS Yes Yes Yes Yes Potential Buyer Universe Strategic Financial ■ Strategic ■ Financial ■ Strategic ☐ Financial ■ Strategic ■ Financial Preliminary Draft - Confidential Comment Commercial is still a diversified business portfolio with no obvious strategic buyer ■ Separation issues and tax leakage may make this a sub- optimal altemative ■ No obvious strategic buyer ■ Separation issues and tax leakage may make this a sub- optimal altemative ■ Underperformance to plan creates risk of achieving price below amount paid 17 ■ Lack of leverage capacity of business will limit sponsor interest ■ No obvious strategic buyer ■ Possible buyer universe but secular challenges and EU regulatory risk will likely impact leverage capacity and valuation aggressiveness#25Process Considerations Illustrative HFS Divestiture Assumes sale of Harland Financial Solutions on 12/31/11 with the net after-tax proceeds used to pay down debt Assumed tax basis of $275 million Assumes that the pro rata portion of HFS corporate and divisional expenses are able to be reduced Illustrative future MFW share price discounted to 6/30/11 at a 25% cost of equity Pro Forma '12E Adj. EBITDA Multiple Implied Share Price Pro Forma for Divestiture Illustrative HFS Multiple (12E Adj. EBITDA) / Parbase Price 7.00x 8.00x 8.50x $596 $681 $724 4.50x $11.41 $13.80 $14.99 4.75x 15.70 18.09 19.28 5.00x 20.00 22.38 23.58 5.25x 5.50x 24.29 28.58 7.50x $6.38 $12.61 16.90 21.19 25.48 29.77 26.67 30.97 Source: M & F Worldwide Projections, Updated Case EVERCORE PARTNERS Breakeven '12E PF Adj. Multiple 27.87 32.16 9.00x $766 $16.18 20.48 24.77 5.23x 29.06 33.35 7.50x $638 5.16 Implied Breakeven PF Multiple at $24 per Share Illustrative HFS Multiple (12E Adj. EBITDA)/ Parchase Price 7.00x 8.00x 8.50x $596 $681 $724 5.09 Multiple Pro Forma '12E Adj. EBITDA 18. % Premium/(Discount) to $24 Offer per Share 4.50x 4.75x 5.00x 5.25x 5.50x 5.00x Illustrative HFS Multiple (12E Adj. EBITDA) / Parebase Price 7.00x 8.00x 8.50x $596 $681 (47.5%) (42.5%) (29.6%) (24.6%) (11.7%) (6.7%) 6.2% 11.1% 24.1% (52.4%) (34.6%) (16.7%) 1.2% 19.1% Preliminary Draft - Confidential 9.00x 3766 4.96x 7.50x $638 29.0% (37.5%) (19.7%) (1.8%) 16.1% 34.0% 9.00x $766 (32.6%) (14.7%) 3.2% 21.1% 39.0%#26Appendix EVERCORE PARTNERS#27Financial Summary Information Financial Summary - Updated Case Revenue Adj. EBITDA % growth % margen Adj. EBIT % growth % margin Adj EPSⒸ Unlevered FCF % of EBITDA Capex % of mean Total Debt Debr/ EBITDA Total Cash M & F Worldwide Historical and Projected Financial Summary 12/31/08 12/31/09 12/31/10 $1,906 na $465 na $298 16% $3.42 $6 1% $49 3% $2,483 5.4x Historical $102 $1,814 $1,783 (2%) $473 2% 26% $309 $5.51 $219 $44 $2,316 47x $134 $476 27% $317 2% 18% $6.35 $271 57% $40 2% $2,251 4.8x $313 LFQ $1,746 $445 RO 25% $284 (10%) 16% $5.50 $22 5% $46 $2,237 5.30 $228 Projected 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 $1,764 (1%) 19 $441 (7%) 25% $271 (14%) 15% $5.04 $87 21% $55 3% $2,201 5.2x $297 $1,790 1% $459 4% 26% $291 7% 16% $5.59 $237 52% $48 Preliminary Draft - Confidential ($ in millions, except for per share amounts) $2,027 $292 $1,804 1% $489 27% $325 12% 18% $5.45 $251 51% $43 $1,866 3.8x $286 Source Company filings, M & F Worldinde Projections, Updated Case Adjusted financials exclude anoet impairment charges, gains on the extingashment of debt, extracednary gans, and the settlement of contingret claims (2) Unlevered FCF defined as after-tax BBIT+ DSA-Capex Change in NWC-Other cash outlays LFQ through 6/30/11 EVERCORE PARTNERS $1,786 (1%) $482 27% $322 (1%) 18% $5.03 $270 56% $38 2% $1,697 $285 $1,778 (7%) $491 2% 28% $338 5% 19% $5.61 $289 59% $37 $1,527 $303 CAGR '08A-10A 10A-'15E 1% 36% kd ka (9%) 1% (2%) KO (Q%) no#28Financial Summary Information Financial Summary - Financing Case Revenue Adj. EBITDA % growth % margen Adj. EBIT % growth % margin Adj EPS Unlevered FCF % of EBITDA Capex % of revent Total Debt Debt / EBITDA Total Cash (1) (3) M & F Worldwide Historical and Projected Financial Summary 12/31/08 12/31/09 12/31/10 LFQ $1,814 $1,783 (2%) $476 $1,906 K4 $465 $298 Ra 16% $3.42 $6 $49 $2,483 Historical $102 $473 2% 26% $309 $5.51 $219 44% $44 7% $2,316 4.7x $134 27% $317 $6.35 $271 $40 7% $2,251 4.8x $313 $1,746 $1,773 1.4 (1%) $441 $445 RA 25% $284 (10%) 16% $5.50 $22 5% $46 $2,237 5.3x $228 Projected 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 25% $271 (14%) 15% $5.01 $83 20% $55 $2,201 5.7x $297 $1,823 $484 10% 27% $316 17% 17% $6.38 $231 45% $48 3% Preliminary Draft - Confidential ($ in millions, except for per share amounts) $2,036 4.2x $292 $1,845 1% $518 7% 78% $354 12% 19% $6.33 $269 52% $43 7% $1,858 3.6x $286 Source Company filings, M & F Worldende Projections, Financing Case Adjusted financials exclude asoet impairment charges, gains on the extingashment of debt, extracednary gans, and the settlement of contingent claims Unlevered FCF defined as after-tax BBIT+ D&A Capex Change in NWC-Other cash outlays LFQ through 6/30/11 EVERCORE PARTNERS $1,841 $1,847 (0%) 0% $524 28% $364 3% $6.36 $296 56% $38 $1,663 3.2x $285 $535 2% 29% $382 5% 21% $7.09 $316 59% $37 $1,465 2.7x $303 CAGR 08A-10A 10A-15E (3%) 3% 36% R.A. 2% 7% R.A. R...A..#29Valuation Perspectives Illustrative Discounted Cash Flow Analysis - Financing Case Discount Rate Discount Rate 4.75x 8.5% $2,787 9.5% 2,695 10.5% 2,607 11.5% 2,523 12.5% 2,443 Total Enterprise Value 4.75x 8.5% (2.8%) 9.5% (1.9%) 10.5% (1.0%) 11.5% (0.1%) 12.5% 0.8% Trailing Terminal Multiple 5.25x 5.00x $2,880 2,784 2,692 2,605 2,522 $2,972 2,873 2,778 2,687 2,600 Implied Perpetuity Growth Rate 5.00x (2.3%) (1.4%) (0.5%) 0.4% 1.3% EVERCORE PARTNERS 5.50x $3,065 2,962 2,863 2,769 2,679 Trailing Terminal Multiple 5.25x (1.8%) (0.9%) (0,0%) 0.9% 1,89% 5.50x (1.4%) (0.5%) 0.4% 1.3% 2.2% Source: Factaet, Company filings, M & F Worldwide Projetions, Financing Case Note Valuations as of 6/30/11 Assumes net debt of $2,009mm as of 6/30/11 and 19.5mm shares outstanding 5.75x $3,158 3,051 2,948 2,851 2,758 5.75x (1.0%) (0.1%) 0.8% 1.7% 2.6% 21 Discount Rate Discount Rate 8.5% 9.5% 10.5% 11.5% 12.5% 4.75x $778 686 598 514 434 Preliminary Draft - Confidential ($ in millions, except per share amounts) 4.75x 8.5% $39.96 9.5% 35.23 10.5% 30.71 11.5% 26.40 12.5% 22.28 Total Equity Value Trailing Terminal Multiple 5.25x 5.00x $871 775 683 596 512 $963 864 769 678 591 Implied Equity Value per Share (¹) 5.00x $44.72 39.80 35.09 30.61 26.32 5.50x $1,056 953 854 760 670 Trailing Terminal Multiple 5.25x $49.48 44.36 39.48 34.81 30.36 5.50x $54.24 48.93 43.86 39.02 34.41 5.75x $1,149 1,041 939 842 749 5.75x $59.00 53.50 48.24 43.23 38.45#30Valuation Perspectives Illustrative Present Value of Future Stock Price Analysis- Financing Case Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Future Stock Price Implied PV of 2013E Stock Price 4.75x $28.86 27.40 26.05 24.79 23.61 $15.57 2013E Trailing TEV/EBITDA Multiple 5.00x 5.25x 5.50x $33.07 $37.27 $41.48 31.40 35.40 39.39 29.85 33.65 37.45 28.40 32.02 35.64 27.05 30.50 33.94 $52.22 Source: M & F Worldwide Projections, Financing Case Note Valuations as of 6/30/11 EVERCORE PARTNERS $58.87 $65.52 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Fature Stock Price 4.75x $31.20 28.43 25.96 23.74 21.75 5.75x $45.69 43.39 41.25 39.25 37.39 $70.95 $72.17 5.00x $34.22 31.18 28.47 26.04 23.86 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied PV of 2015E Stock Price $77.83 Implied Future Stock Pria 21 2015E Trailing TEV/EBITDA Multiple 5.25x $37.24 33.94 30.98 28.34 25.96 Implied PV of 2014E Stock Price 4.75x $30.10 28.00 26.09 24.34 22.74 $84.70 $57.05 5.50x $40.27 36.69 33.50 30.64 28.07 $91.58 2014E Trailing TEV/EBITDA Multiple 5.50x 5.00x 5.25x $33.65 $37.20 $40.75 31.31 34.61 37.91 32.24 35.32 30.08 32.95 28.10 30.78 29.16 27.21 25.42 $63.78 Preliminary Draft - Confidential 5.75x $43.29 39.45 36.01 32.94 30.18 $98.45 $70.51 $77.24 5.75x $44.30 41.21 38.40 35.82 33.46 $83.97#31Analysis of Publicly Traded Companies Printing - Illustrative Valuation Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Printing Dai Nippon Printing Co. Ltd. Toppan Printing Co. Ltd. R.R. Donnelley & Sons Co. Quad/Graphies Inc. Vistaprint N.V. Transcontinental Inc. Deluxe Corp. Consolidated Graphics Inc. Cenveo Inc. Standard Register Co. Price as of 8/9/2011 Source: FactSet, Company filings EVERCORE PARTNERS $24.00 24.00 $21.23 21.23 $10.47 7.34 14.68 26.02 28.74 14.28 20.41 37.07 4.30 2.67 % of 52Wk Market High Value Net Debt 85% $467 85% 467 2,009 76% $413 $2,009 76% 413 2,009 TEV 3,734 1,531 $2,009 $2,476 1.40x 70% $6,742 ($1,082) $5,661 73% 4,721 2,481 69% 2,839 53% 1,252 52% 1,288 83% 1,157 73% 1,046 63% 410 62% 277 70% 78 TEV/ Revenue (237) 643 1,800 735 1,782 169 579 1,306 42 2011E 1,584 120 7,201 0.37 6,573 0.61 2,783 0.58 1,051 1.15 0.82 1.25 0.54 NA 0.18 Mean Median Max Min 1.38x 2,476 1.40 1.36 5.6 $2,422 1.37x 1.35x 5.5x 2,422 1.37 1.33 5.5 0.64x 0.58x 2012E 1.25x 0.18x TEV/ EBITDA 0.28x 0.28x 2.8x 0.36 0.61 0.59 0.96 0.77 1.24 0.52 NA NA 33 2011E 2012E 5.6x 5.4x 6.3x 5.1 6.3 5.3x 6.2x 5.0 6.2 4.9 3.9 6.7 4.6 5.0 4.3 6.3 2.2 Preliminary Draft - Confidential ($ in millions, except for per share amounts) TEV / (EBITDA-Capex) 0.67x 4.5x 0.60x 4.5x 124x 6.7x 6.5x 0.28x 2.2x 1.8x 2011E 2.7x 7.0x 4.3 9.5 4.7 6.0 3.3 5.3 6.5 10.1 4.3 5.5 4.8 5.5 4.0 7.1 6.1 NA 1.8 ΝΑ 7.0x 6.5x 10.1x 5.3x 2012 E 5.9x 5.6 5.8x 5.5 6.7x 9.5 5.8 4.1 11.4 5.2 5.4 6.9 NA NA IBES LT DIV 2011E 2012E Growth Yield P/E 4.8x 4.8 4.2x 4.2 4.3x NA 3.8 NA 6.9x 6.2x 10.4x 11.4x 25 4.1x 6.6x 3.8x 3.3 19.0 15.6 21.5 15.8 7.8 7.0 8.3 4.9 14.6 15.4 7.1 6.4 6.6 6.4 11.2 9.4 9.6 7.8 12.7 8.8 11.8x 9.8x 8.3x 15.8x 4.9x NA NA 16% 50% 11% NA 18% 3% 6% NA 13% 8% 15% 12% 50% 3% 0% 0% 0% 0% 4% 3% 7% 3% 0% 4% 5% 0% 0% 7% 3% 3% 7% 0%#32Analysis of Publicly Traded Companies Printing - Operating Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Printing Das Nippon Printing Co. Ltd. Toppan Printing Co. Ltd. R.R. Donnelley & Sons Co. Quad/Graphics Inc. Vistaprint N.V. Transcontinental Inc. (CIA) Deluxe Corp. Consolidated Graphics Inc. Cenveo Inc. Standard Register Co. Source: FactSet, Company filings EVERCORE PARTNERS Mean Median Max Min Revenue Growth '10A- '11E- '10A-'12E EBITDA Margin '11E 12E CAGR 2011E 2012E 1% (1%) (1%) 3% (1%) 1% 3% (2%) 2% (2%) 2% 7% 1% 41% (1%) 23% 21% 3% 6% 1% 1% 3% 4% ΝΑ ΝΑ 0% NA 8% 5% 3% 2% 41% 21% (2%) (1%) 0% 2% 0% (1%) 0% 8% 40% 48% 10% 3% 7% NA ΝΑ 14% 7% 48% (1%) 25% 25% 25% 25% 10% 8% 13% 15% 17% 18% 25% 13% NA 8% 14% 13% 25% 8% ल Preliminary Draft - Confidential ($ in millions, except for per share amounts) 26% 27% Net Debt EBITDA Growth IBES Capex as '10A- '11E- '10A-'12E LT % of Revenue / 2011E '11E '12E CAGR Growth 2011E 2012E EBITDA 26% (7%) 27% (7%) 10% (7%) 4% (7%) 10% 10% (4%) (2%) 8% 13% 6% 4% 18% 15% 43% 21% 1% 3% 8% 3% 18% 2% 26% (2%) 13% 1% 8% NA NA 3% 77% 20% NA 4% 15% 13% 8% 14% 1% 4% 26% 77% 21% 8% 3% (2%) NA 1% NA (2%) NA 1% NA NA 46% 3% 2% 3% 2% 6% 6% 4% 5% (0%) 16% 1% 50% 5% 11% 31% NA 2% 2% 4% 4% 2% 18% 6% 6% 5% 3% 3% 3% 0% 6% 2% 2% 4% NA 5% 6% 13% NA NA 8% NA NA 10% 15% 4% 12% 46% 50% (0%) 3% 3% 3% 2% 4% 4% 4% 4% 6% 6% 2% 2% 4.6x 4.6 4.6x 4.6 NM 1.5 2.8 2.2 NM 1.6 2.1 1.3 5.2 0.8 2.2x 1.9x 5.2x 0.8x#33Analysis of Publicly Traded Companies Financial Solutions - Illustrative Valuation Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Financial Solutions Fidelity National Info. Sys. Fiserv Inc. Wolters Kluwer N.V. Global Payments Inc. NCR Corp. Jack Henry & Associates Inc. DST Systems Inc. Misys PLC Temenos Group AG Euronet Worldwide Inc. Heartland Payment Systems Ir Computer Services Inc. Price as of 8/9/2011 Source: FactSet, Company filings EVERCORE PARTNERS $24.00 24.00 % of 52Wk Market Net High Value Debt 85% 85% $21.23 76% 21.23 76% TEV $27.93 83% $8,736 $4,625 $13,361 54.26 83% 7,782 2,978 10,760 17.93 71% 5,428 3,119 43.49 81% 3,554 672 16.67 80% 2,693 (409) 26.48 78% 2,311 45.79 82% 2,188 4.20 62% 1,436 21.48 40% 1,546 15.98 81% 841 20.74 92% 832 30.00 95% 448 $467 $2,009 $2,476 1.40x 467 2,009 2,476 1.40 $413 $2,009 $2,422 1.37x 413 2,009 2,422 1.37 (0) TEV/ Revenue 1,009 448 2011E 2012E 8,547 1.75 4,226 2.10 2,284 0.44 189 2,500 2,425 237 144 1,580 152 1,698 70 911 176 Mean Median Max Min 2.32x 2.50 2.50 1.43 2.35 2.44 0.81 2.09 NA 1.88x 2.10x 2.50x 0.44x X 1.38x 1.36 1.35x 1.33 2.18x 2.39 TEV/ EBITDA 2011E 2012E 5.6x 5.6 5.5x 5.5 7.3 9.2 5.4x 5.1 5.3x 5.0 1.72 1.90 0.42 231 1.39 2.10 2.20 0.76 6.1 1.92 11.8 10.1 ΝΑ NA NA 8.0 5.8 ΝΑ 8.5 Preliminary Draft - Confidential ($ in millions, except for per share amounts) 7.7x 7.1x 7.7 7.2 6.9 8.3 3.7 6.2 7.2 9.5 5.9 7.4 7.9 7.0 5.5 7.8 1.75x 7.6x 7.0x 1.92x 7.7x 7.1x 2.39x 11.8x 10.1x 0.42x 4.1x 3.7x TEV / (EBITDA-Capex) 2011E 2012 E 6.3x 6.3 6.2x 6.2 9.5xx 8.9 8.9 11.2 NA 11.0 18.9 ΝΑ 9.9x 9.2x 18.9x 6.2x 5.9x 5.6 5.8x 5.5 8.2x 8.2 8.3 9.6 4,9 NA 7.6 10.4 8.7 7,0 13.8 ΝΑ IBES LT DIV 2011E 2012E Growth Yield P/E 4.8x 4.8 4.3x 3.8 4.2x 3.8x 42 3.3 12.1x 10.7x 12.0 10.7 8.0 8.7 14.8 13.2 9.3 8.8 16.1 14.5 10.8 11.1 15.4 10.4 11.2 9.9 20.2 17.0 NA NA 11.4 9.1 8.7x 12.8x 11.3x 8.3x 12.0x 10.7x 13.8x 20.2x 17.0x 4.9x 8.7x 8.0x ΝΑ NA ΝΑ NA 13% 12% 5% 12% NA 13% 10% ΝΑ 14% 15% NA ΝΑ 12% 13% 15% 5% 0% 0% 0% 0% 1% 0% 5% 0% 0% 2% 2% 17% 0% 0% 1% 2% 2% 1% 17% 0%#34Analysis of Publicly Traded Companies Financial Solutions - Operating Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Financial Solutions Fidelity National Info. Sys. Fiserv Inc. Wolters Kluwer N.V. Global Payments Inc. NCR Corp. Jack Henry & Associates Inc. DST Systems Inc. Misys PLC Temenos Group AG Euronet Worldwide Inc. Heartland Payment Systems Inc. Computer Services Inc. Source FactSet, Company filings EVERCORE PARTNERS Revenue Growth '10A- '11E- '10A-'12E EBITDA Margin '10A- 'HE '12E CAGR 2011E 2012E '11E (1%) (1%) 1% 3% 1% (1%) (1%) 3% 11% 6% 4% 5% (3%) 2% 14% 11% 7% 6% 11% 8% (1%) 3% (23%) 12% 15% 11% 8% 7% 8% ΝΑ 9% ΝΑ 5% 7% Mean Median 8% 7% 15% 12% Max Min (23%) 2% 0% 2% 0% 2% 18% 9% (2%) 26% 14% 20% 2% (14%) 28% 16% 18% NA 12% 16% 28% (14%) 26 25% 25% 25% 25% 24% 24% 26% 27% 33% 11% 26% 27% Preliminary Draft - Confidential ($ in millions, except for per share amounts) EBITDA Growth IBES Capex as Net Debt '11E- '10A-'12E LT % of Revenue / 2011E '12E CAGR Growth 2011E 2012E EBITDA (7%) 4% (7%) 10% 30% 31% 6% 9% 33% 33% 24% 4% 7% 25% 8% 7% 23% 11% 11% 23% 11% 11% 18% 11% 32% 13% 10% 31% 25% 24% 18% (2%) NA 27% ΝΑ ΝΑ 29% 31% (4%) 21% 13% 14% 4% 11% 39% 18% NA ΝΑ 18% 19% NA NA (7%) 4% (7%) 10% 25% 12% 10% 25% 10% 10% 33% 39% 21% 11% (4%) (2%) (2%) 1% (2%) 1% ΝΑ 3% 2% NA 3% 2% NA ΝΑ 8% 13% 5% 12% 7% 5% 11% 12% 15% 19% 12% 13% 8% 10% NA 15% 14% 8% 7% 15% 28% 18% ΝΑ NA 11% 8% 28% 5% 13% 13% 19% 5% 3% 2% 3% 2% 4.6x 4.6 4.6x 4.6 6% 4% 2.7x 4% 4% 2.1 4% 4% 2.7x 4% 3% 1.5 4% 3% NM 5% NA 6% 5% NA 7% 6% 3% 3% 7% 5% ΝΑ 0.6 0.6 NA 0.8x 0.5 2.1 NA NA 5% 4% 1.5x 5% 4% 1.5x 7% 7% 2.7x 3% 3% 0.5x#35Analysis of Publicly Traded Companies Education - Illustrative Valuation Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Education Pearson PLC McGraw Hill Cos. Washington Post Co. K12 Inc. Scholastic Corp. SMART Technologies Inc. QuinStreet Inc. Renaissance Leaming Inc. School Specialty Inc. Promethean World PLC Cambium Leaming Group Inc Price as of 8/9/2011 Source FactSet, Company filings EVERCORE PARTNERS $17.68 37.56 357.50 26.91 25.20 4.86 11.15 $24.00 85% $467 $2,009 $2,476 1.40x 1.38x 24.00 85% 467 2,009 2,476 1.40 1.36 $21.23 76% $413 $2,009 $2,422 1.37x 1.35x 21.23 76% 413 2,009 2,422 1.37 1.33 13.15 9.65 0.90 3.21 % of 52Wk Market Net High Value Debt TEV 2011E 2012E 2011E 20121 90% $14,378 84% 11,505 79% 2,853 68% 992 80% 800 33% 602 544 391 183 179 165 53% 37% 81% TEV/ Revenue 1.72x $2,027 $16,405 (46) 11,458 1.76 (322) 2,530 0.57 (126) 866 1.52 154 953 0.50 220 822 1.06 (39) 505 1.18 (9) 381 2.73 449 266 (17) 167 NA 163 0.47 332 NA Mean Median Max Min TEV/ EBITDA F 5.6x 5.4x 5.6 5.1 5.5x 5.3x 5.5 5.0 6.0x 1.28x 1.20x 6.6x 1.18x 1.02x 5.6x 5.0x 2.73x 2.59x 9.8x 9.2x 0.47x 0.44x 3.8x 3.3x Preliminary Draft- Confidential ($ in millions, except for per share amounts) TEV / (EBITDA-Capex) 2011E 2012E 6.3x 6.3 6.2x 6.2 1.65x 9.7x 9.2x 115 1.68 6.6 6.2 7.2 0.63 4.0 4,7 7.5 1.27 9.8 7.3 0.49 5.4 4.9 1.01 4.8 4.5 5.8 1.02 5.6 5.0 6.0 2.59 9.4 8.6 NM ΝΑ NA NA NA 0.44 3.3 5.1 3.8 NA NA NA NA 12.4 7.6 7.9x 7.3x 12.4x 5.1x 5.9x 5.6 5.8x 5.5 10.9x 6.8 9.2 NA 6.8 5.4 5.4 NM NA 4.2 NA IBES LT 2011E 2012E Growth P/E 4.8x 4.3x ΝΑ 4.8 3.8 NA 4.2x 3.8x NA 4.2 3.3 NA 13.6x 12.7x 13.0 11.9 16.0 21.1 39.6 24.5 14.8 7.5 11.6 15,7 NA NA 8.6 7.2 NA NA 11.8 6.3 10.7 7% 11% 29% 27% 9% 20% 15% NA NA NA NA 15.6x 13.4x 17% 6.9x 6.8x 13.6x 11.9x 15% 10.9x 39.6x 21.5x 29% 4.2x 7.5x 6.3x 7% DIV Yield 0% 0% 0% 0% 4% 3% 3% 0% 2% 0% 0% 0% 0% 2% 2% 4% 0%#36Analysis of Publicly Traded Companies Education - Operating Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Education Pearson PLC McGraw-Hill Cos. Washington Post Co. (CIB) K12 Inc. Scholastic Corp. SMART Technologies Inc. Cl A QuinStreet Inc. Renaissance Learning Inc. School Specialty Inc. Promethean World PLC Cambium Learning Group Inc. Source: FactSet, Company filings EVERCORE PARTNERS Mean Median Max Min Revenue Growth '10A- 11E- '10A-12E EBITDA Margin '11E '12E CAGR 2011E 2012E (1%) (1%) (1%) (1%) 4% 5% 1% 3% 1% 3% 4% 5% (6%) (9%) 27% 19% 1% 2% NA 6% 17% 15% 7% 5% NA NA (10%) 6% NA NA 6% 6% 5% 5% 27% 19% (10%) (9%) 0% 2% 0% 2% 8% 11% (15%) 51% 3% NA 34% 13% NA (4%) NA 13% 9% 51% (15%) 38 25% 26% 25% 27% 25% 26% 25% 27% Preliminary Draft-Confidential ($ in millions, except for per share amounts) EBITDA Growth IBES Capex as Net Debt 10A- '11E- '10A-'12E LT % of Revenue / 2011E '11E '12E CAGR Growth 2011E 2012E EBITDA (7%) 4% (7%) 10% (7%) 4% (7%) 10% 18% 18% 4% 6% 27% 27% 9% 6% 13% NA (16%) 17% 32% 35% 14% 15% 9% 22% 21% 29% ΝΑ 12% ΝΑ 10% (11%) 10% 23% NA 8% 20% 14% 11% 30% 8% 11% ΝΑ NA NA 14% (21 %) 18% NA NA NA 19% 19% 6% 9% 18% 18% 9% 8% 29% 30% 32% 35% 9% 10% (21%) (16%) (2%) 1% (2%) NA 3% 2% 1% ΝΑ 3% 2% NA 3% 2% 4.6x NA 3% 2% 4.6 5% 7% 7% 11% ΝΑ 29% 34% 27% (1%) 9% ΝΑ 20% 12% 15% 10% 5% NA NA NA ΝΑ (4%) NA 3% 3% ΝΑ ΝΑ NA ΝΑ 9% 7% 34% (4%) 15% 13% 29% 5% 3% 3% 1.2x 2% 2% NM 7% 6% NM 3% ΝΑ NM 3% 3% 0.9 4% 4% 1.3 NM NM ΝΑ NM NA 1% 1% 1% 2% 4.6x 4.6 3% 3% 3% 3% 7% 6% 1% 1% 1.1x 1.2x 1.3x 0.9x#37Analysis of Publicly Traded Companies Flavoring and Fragrances - Illustrative Valuation Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Flavorings and Fragrances Givaudan S.A. Int'l Flavors & Fragrances Huabao Int'l Holdings Ltd. Symnise AG Sensient Technologies Corp. T. Hasegawa Co. Ltd. Takasago International Corp. Price as of 8/9/2011 $24.00 24.00 Source: FactSet, Company filings EVERCORE PARTNERS $21.23 21.23 $1,059.99 % of 52Wk Market Net High Value Debt TEV 75% $9,847 $2,128 $11,975 86% 4,602 44% 2,513 80% 3,042 1,652 697 448 55.95 0.80 25.74 32.70 83% 16.60 83% 4.48 63% 85% $467 $2,009 $2,476 85% 467 2,009 2,476 76% $413 $2,009 $2,422 1.37x 76% 413 2,009 2,422 1.37 (108) 355 TEV/ Revenue 589 802 2.23 864 5,466 1.94 (87) 2,426 5.68 742 3,784 1.64 330 1,982 1.36 1.02 0.54 Mean Median Max Min 2011E 2012E 2011E 2012E 1.40x 1.40 1.38x 1.36 8 1.35x 1.33 2.16 1.85 1.57 1.29 1.02 0.53 2.06x 1.64x 5.68x 0.54x 0.53x TEV/ EBITDA 5.6x 5.6 5.5x 5.5 Preliminary Draft - Confidential (S in millions, except for per share amounts) 10.7 9.6 8.8 8.0 8.3 6.0 5.6 5.4x 5.1 5.3x 5.0 1.87% 8.2x 7.5x 1.57x 8.3x 7.5x 10.7x 9.8x 5.6x 5.3x TEV / (EBITDA-Capex) 2011E 6.3x 6.3 6.2x 6.2 9.8 13.9x 9.0 12.5 7.4 10.8 7.5 9.9 7.7 5.8 5.3 11.8 8.5 11.6 11.3x 11.6x 13.9x 8.5x IBES LT DIV 2012E 2011E 2012E Growth Yield 5.9x 5.6 5.8x 5.5 12.3x 11.5 8.9 9.1 11.6 8.9 11.9 P/E 4.8x 4.8 4.2x 4.2 4.3x 3.8 3.8x 3.3 13.6x 15.4x 14.3 12.9 11.5 9.9 13.0 11.7 13.7 12.6 15.6 16.1 10.5 10.5 10.6x 13.4x 12a 115x 13.7x 12.6x 12.3x 15.6x 16.1x 8.9x 10.5x 9.9x NA ΝΑ NA NA 0% 0% 9% 7% 13% 0% 0% 3% 2% NA 6% NA 13% 3% 7% 3% NA 2% ΝΑ 2% 2% 3% 2%#38Analysis of Publicly Traded Companies Flavoring and Fragrances Operating Metrics Company Montana: At Offer: Updated Case At Offer: Financing Case At Market: Updated Case At Market: Financing Case Flavorings and Fragrances Givaudan S.A. International Flavors & Fragrances Huabao International Holdings Ltd. Symrise AG Sensient Technologies Corp. T. Hasegawa Co. Ltd. Takasago International Corp. Source: FactSet, Company filings EVERCORE PARTNERS Mean Median Max Min Revenue Growth '10A- '11E- '10A-'12E EBITDA Margin '11E '12E CAGR 2011E 2012E (1%) 1% (1%) 3% (1%) (1%) 1% 3% (6%) 7% 22% 23% 3% 4% 10% 5% (1%) (0%) 1% 2% 3% 5% 5% 6% 3% 4% 22% 23% (6%) (0%) 0% 2% 2% (3%) 13% 50% 8% 16% (1%) 2% 25% 26% 25% 27% 25% 26% 27% 25% 30 17% 10% 12% 24% 8% 50% 20% 64% (3%) 10% Preliminary Draft - Confidential ($ in millions, except for per share amounts) EBITDA Growth IBES '10A- '11E- '10A-'12E LT '11E '12E CAGR Growth (7%) 4% (7%) 10% 21% 20% 22% (14%) 10% 21% 12% 8% 64% 62% 16% 19% 20% 21% (2%) 7% 17% 10% 7% 18% (2%) 2% 0% 6% 16% 10% (7%) 4% (7%) 10% 24% 3% 8% 21% 0% 7% 62% 16% 19% 10% (14%) 2% (2%) NA 1% ΝΑ (2%) NA 1% NA (3%) 11% 10% 6% 17% 16% 3% 13% 9% 7% (0%) NA 3% NA 6% 11% 11% 3% 17% (3%) 6% 16% Capex as Net Debt % of Revenue / 2011E 2011E 2012E EBITDA 3% 2% 4.6x 3% 2% 3% 2% 3% 2% 4.6x 4.6 5% 5% NM 5% 5% 12% 10% 4% 5% 4% 1.6 6% 1.4 5% 6% NM 5% 5% 2.5 6% 6% 5% 5% 12% 10% 4% 4% 1.9x 1.5 1.8x 1.6x 2.5x 1.4x