#1Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by asterisks (*******), and the omitted text has been filed separately with the Securities and Exchange Commission. PROJECT MONTANA Fairness Opinion Discussion Materials September 10, 2011 EVERCORE PARTNERS Confidential#2These materials have been prepared by Evercore Group LLC. (Evenore") 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 Overview of Proposed Transaction and Process Summary Valuation Analyses Appendix EVERCORE PARTNERS Section I II Confidential#4I. Overview of Proposed Transaction and Process Summary EVERCORE PARTNERS#5Overview of Proposed Transaction and Process Summary Transaction Profile ($ in millions, except per share data) Evercore has been asked to provide an opinion as to whether the merger consideration is fair, from a financial point of view, to the holders of shares of Company common stock (other than MacAndrews & Forbes Holdings and its affiliates) entitled to receive such consideration. Offer Price % Premium/ (Discount) to Unaffected Share Price % Premium/ (Discount) to 4 Weeks Prior to Initial Proposal % Premium/ (Discount) to Closing Price on 9/9/11 Consideration Total Equity Value at Offer Price Plus: Debt (6/30/11) Less: Cash (6/30/11) Transaction Enterprise Value % Premium to Unaffected TEV Implied Transaction Multiples LFQ CY2011E CY2012E Key Terms Statistic $445 441 459 Includes cash and cash equivalents and $3 million of notes receivables (3) Latest four quarters (LPQ) as of Q2 2011 which closed on 6/30/2011 (4)EBITDA adjusted to exclude aer impaiment charges, gains on the extinguishment of debt, extracedinary gains, and the settlement of contingern claims EVERCORE PARTNERS 1 $25.00 47% 10% 23% 100% Cash $487 2,237 (228) $2,496 7% TEV / Adj. EBITDA* Confidential 5.6x 5.7 5.4 Source Company Slings, MFW Projections As used throughout this persentation, the "MFW Projections" refer to financial forecasts for Harland Clarke Holding Corp. (HCHC) provided to Evercore by HCHC management in July 2011, financial forecasts for Mafto Worldwide Corporation ("Mafeo") provided to Evercore by Mafco's management in June 2011 and reaffirmed in July 2011, and amumptions regarding the Company's expected refinancing plans for HCHC as provided to Evercore by the Company's management in September 2011 (1)The unaffected share price and unaffected "TEV reflect the MFW dosing price on 6/10/11, which was the last closing price price to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11#6Share Price Close Overview of Proposed Transaction and Process Summary Historical MFW Share Price Performance $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 11/06/09-MFW posts 3009 adjusted EPS of $1.87 11/29/09 2/26/10-MFW posts 4009 adjusted EPS of $1.54 9/9/09 Source FactSet, Company filings Note: All prices as of close EVERCORE PARTNERS Offer Price: $25.00 2/18/10 7/22/10-Scantron announces acquisition of Spectrum K12 5/05/10-MFW posts 1Q10 adjusted EPS of $1.73 5/10/10 5/12/11 - Harland Clarke announces meetings with lenders on a proposed amend and extend of its term loan 7/30/10 2/7/11-MFW Announces settlement of asbestos liability 12/16/10-Scantron announces acquisition of GlobalScholar 10/19/10 5/20/11- Deadline for lender cocients 1/8/11 5/27/11- Cancellation of amend and extend process 5/04/11 MFW posts 1Q11 adjusted EPS of $1.32 3/30/11 Confidential 6/13/11- Proposal letter submitted by Mac Andrews & Forbes Holdings for $24.00 per share 6/19/11 2,500 2,000 1,500 1,000 500 9/9/11 Volume (000s)#7Overview of Proposed Transaction and Process Summary Implied Offer Price Premium Analysis The offer price represents a ~47% premium to the unaffected closing stock price (¹) and a slight discount to the trailing twelve month average as of the day prior to the proposal Offer Price Current Price (9/9/11) 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) $25.00 20.37 16.96 18.21 19.28 20.96 22.63 23.48 23.80 25.03 26.52 Prem./(Disc.) 22.7% 47.4% 37.3% 29.6% 19.3% 10.5% 6.5% 5.1% (0.1%) (5.7%) Closing Price (2) $25.00 20.37 16.96 18.97 21.52 22.66 25.24 24.96 24.45 28.27 25.74 30.77 16.77 Confidential Prem./(Disc.) 22.7% 47.4% 31.8% 16.2% 10.3% (1.0%) 0.2% 2.2% (11.6%) (2.9%) (18.8%) 49.1% 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 initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11 (2) Based on closing prices and historical periode relative to unaffected closing share price on 6/10/11, except for 52 week high and low, which are intraday prices EVERCORE PARTNERS#8II. Valuation Analyses EVERCORE PARTNERS#9Valuation Analyses Summary Illustrative Valuation Analysis Method 52-Week Intraday Trading Range through 6/10/11 Selected 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 Illustrative PV of Future Stock Price 5.0x- 5.5x FY14E EBITDA, 22.5% - 27.5% Cost of Equity Precedent Transactions 5.5x6.5x LFQ EBITDA Premium Paid Analysis ( 15% -45% Premium to Unaffected Price 20% -50% Premium to 4-Weeks Prior to Initial Proposal Current Price (9/9/11): $20.37; $16.77 $14.64 $10.00 $21.39 $19.45 $22.40 $19.50 $20.00 Confidential ($ in millions, except for per share amounts) Implied Share Price Offer Price: $25.00 $27.19 $26.42 $24.59 $30.77 $28.45 $30.00 $33.99 $38.22 $40.00 $45.24 $50.00 Dua Thurmmary of certain analyour se provided for auctrative purpose only do not put all of the analy performed by Bar and should be add together with the information at forth bench prtation Source: Factaet, Company filings, MFW Projections (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 initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11 EVERCORE PARTNERS $60.00#10Valuation Analyses Selected Public Company Trading Analysis - TEV/2012E EBITDA 6.0x 5.0x 2.0 1.Ox 0.0x 10.0x 8.0x 4.0x 2,0x 0.0x 5,4x MFW-Offer 9.2x Pearson Harland Clarke 5.4x 4.8x Deluxe MFW-Offer Scantron 5.0% Source: FactSet, Company filings, MFW Projections EVERCORE PARTNERS RR Donnelly Scholastic 4.6x Deluxe 3.3x Quad/Graphics 4.6x RR Donnelley 9.0x 8.0x 7,0x 6.0x 5.0x 4.0% 2.0x 1.0% 00x 12.0x 10,0x 8,0x 6.0x 4.0% 2.0x 0.0x 7.7x Temenos 10.2x GIVN Harland Financial Solutions 7,4x Jack Henry IFF 7.9x SYI 6.9 Fiserv Mafco 7.8x 6.78 6.6x Confidential Wolters Fid. National MFW-Offer Kluwer 5.4x 5.9x III SXT Huabao Hasegawa Takasago MFW. Offer 5,7x 5,4x#11Valuation Analyses Illustrative DCF Analysis Sensitivity Discount Rate Discount Rate Total Enterprise Value 4.75x 8.5% $2,594 9.5% 2,509 10.5% 2,428 11.5% 2,350 12.5% 2,277 4.75x 8.5% (2.7%) 9.5% (1.8%) 10.5% (0.9%) 11.5% (0.0%) 12.5% 0.9% Trailing Terminal Multiple 5.25x $2,763 2,672 2,584 2,501 2,421 5.00x $2,679 2,590 2,506 2,426 2,349 Implied Perpetuity Growth Rate 5.00x (22%) (1.3%) (0.4%) 0.5% Trailing Terminal Multiple 5.25x Source: Factaet, Company filings, MFW Projections Note: Valuation as of 6/30/11 EVERCORE PARTNERS 5.50x $2,848 2,753 2,662 2,576 2,493 (1.7%) (0.8%) 0.1% 1.0% 1.9% 5.50x (1.3%) (0.4%) 0.5% 2.3% Assumes net debt of $2009mm as of 6/30/11 and 19.5mm shares outstanding 5.75x $2,933 2,835 2,741 2,651 2,565 5.75x (0.9%) (0.0%) 0.9% 1.8% 2.7% Discount Rate Discount Rate 8.5% 9.5% 10.5% 11.5% 12.5% 4.75x $584 500 419 341 267 4.75x 8.5% $30.02 9.5% 25.66 10.5% 21.50 11.5% 17.53 12.5% 13.74 ($ in millions, except per share amounts) Total Equity Value Trailing Terminal Multiple 5.25x $754 663 575 492 412 5.00x $669 581 497 416 340 Implied Equity Value per Share (¹) 5.50x $839 744 5.00% $34.38 29.85 25.52 21.39 17.44 653 567 484 Trailing Terminal Multiple 5.25x $38.75 34.03 29.54 25.25 21.15 Confidential 5.50x $43.11 38.22 33.56 29.11 24.86 5.75x $924 826 732 642 556 5.75x $47.48 4241 37.58 32.97 28.57#12Valuation Analyses Illustrative PV of Future Stock Price Sensitivity Analysis Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Facture Stock Price Implied PV of 2013E Stock Price 4.75x $21.00 19.95 18.96 18.04 17.19 $33.17 2013E Trailing TEV/EBITDA Multiple 5.00x 5.25x 5.50x $24.98 $28.96 $32.93 23.72 27.50 31.27 26.14 29.73 24.87 28.29 23.69 26.94 22.55 21.46 20,44 $39.45 Source: MFW Projections Note: Valuation as of 6/30/11 EVERCORE PARTNERS $15.73 $52.01 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Future Stock Price 5.75x $36.91 35.05 33.32 31.70 30.20 $58.29 4.75x $22.31 20.33 18.56 16.97 15.55 $50.73 5.00x $25.08 22.85 Equity Cost of Capital 20.0% Implied PV of 2015E Stock Price 20.86 19.08 17.48 22.5% 25.0% 27.5% 30.0% $57.04 Implied Future Stock Price Implied PV of 2014E Stock Price 2015E Trailing TEV/EBITDA Multiple 5.25x 5.50x $27.85 $30.62 25.38 27.90 23.17 25.48 21.19 23.30 19.42 21.35 $63.34 4.75x $20.79 19.34 18.02 $69.64 16.81 15.70 $39.41 2014 Trailing TEV/EBITDA Multiple 5.25x 5.50x $27.32 $30.59 25.42 28.45 23.68 26.51 22.09 24.73 20.64 23.10 5.75x $33.39 30.43 27.78 25.41 23.28 $75.95 5.00x $24.06 22.38 20.85 19.45 18.17 $45.60 $51.79 Confidential $57.97 5.75x $33.85 31.49 29.34 27.37 25.57 $64.16#13Valuation Analyses Precedent Transaction Analysis - TEV/LFQ EBITDA 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 30.0% 25.0x 20.0x 15.0x 10,0% 5,0x 0.0x 12.2x High 27,5 High 8.0x Mean 15.6x Mean Printing Source FactSet, Company filings Note: LFQ for MFW of 6/30/11 EVERCORE PARTNERS 7.9% Median Education Median 5.6x MFW-Offer 7.8% Low 4.3x 5,6x MFW-Offer 15.0x 10.0x 50x 0.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 19.6x High 12.0x High Financial Solutions 118x Mean 10.8x 11.2x Median Median Flavorings and Fragrances 10.2x 7.7% Mean Low 7.1x Low Confidential 5.6x MFW-Offer 5.6x MFW-Offer#14Valuation Analyses 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 from January 2000 to July 2011 Mean Median Number of Transactions Minority-led change-of-control cash transactions for U.S. targets with a minimum transaction value of $100 million from January 2000 to July 2011 25% Quartile 75% Quartile High Low All Cash Transactions 1 Day Prior 29% 25% 13% 39% 149% (57%) Source SDC, Factset, Company filings EVERCORE PARTNERS 735 Premium Paid 1 Week Prior 32% 27% 16% 42% 219% (59%) 4 Weeks Prior 38% 32% 20% 50% 301% (64%) Number of Transactions Mean Median 25% Quartile 75% Quartile Minority-led Transactions High Low 1 Day Prior 37% 30% 19% 50% 120% (3%) 57 Premium Paid 1 Week Prior 37% 30% Confidential 17% 55% 115% 0% 4 Weeks Prior 38% 30% 18% 52% 144% (9%)#15Appendix EVERCORE PARTNERS#16Appendix Financial Summary Revenue % grauch Adj. EBITDA % growch % margue Adj. EBITⓇ % growth % marge Adj EPS Unlevered FCF % of EBITDA Capex % of resense Total Debt Debt/EBITDA Total Cash MFW Historical and Projected Financial Summary Projected LFQ 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/08 12/31/09 12/31/10 $1,906 Ka $465 24% $298 na 76% $3.42 $6 1% $49 3% $2,483 5.4x Historical $102 $1,814 $1,783 (5%) (2%) $473 2% 26% $309 17% $5.51 $219 $44 $2,316 $134 $476 1% 27% $317 2% $6.35 $271 57% $40 $2,251 4.8x $313 $1,746 na $445 R.A. 25% $284 (10%) 16% $5.50 $22 5% $46 3% $2,237 5.3x $228 $1,764 (1%) 10 $441 (7%) 25% $271 (14%) 75% $5.03 $87 21% $55 3% $2,201 5.2x $297 $1,790 1% $459 26% $291 16% $3.70 $226 49% $48 $2,044 4.5x $230 ($ in millions, except for per share amounts) $1,804 $489 7% 27% $325 12% 18% $3.50 $260 53% $43 2% $1,902 $225 Source Company Slings, MPW Projections Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Unlevered FCF defined as after-tax BBIT+D&A Capex-Change in NWC-Other cash outlays LPQ through 6/30/11 EVERCORE PARTNERS $1,786 (1%) $482 27% $322 (1%) 18% $3.82 $270 56% $38 $1,746 3.6x $223 $1,778 (0%) $491 2% 28% $338 5% 19% $4.57 $289 59% $37 2% $1,586 3.2x $242 Confidential CAGR '08A-'10A '10-'15E (9%) 1% 36% nd Ra (0%) 1% (6%) Ra na#17Appendix MFW Capitalization HCHC Debt $100mm 1st Lien Revolver 1st Lien Term Loan B Senior Floating Rate Notes Senior Fixed Rate Notes Capital Leases and Other Total HCHC Debt Mafco Debi $45mm Senior Secured Revolver Total Mafco Debt Total Debt Cash / Notes Receivable Net Debt 8 Shareholders' Equity Total Enterprise Value Source Company Filing, MFW Projections, Bloomberg and Markt (1) Laber floor of 1.25% 6/30/2011 Book Value $3 L+250 $1,725 1+250 207 L+475 271 9.500% 4 NA $2,210 $2,237 $228 $2,009 Capital Structure 397 $2,405 (2) L+15-20%, based on MFW consolidated leverage ratio at end of each fiscal queter (3) Includes cash and cash equivalents and $3 million of notes receivable (4) Shareholder's Bqaty as of the share price dloue on 9/9/11 EVERCORE PARTNERS Coupon Maturity $27 L+150 $27 65 11 Ratings 6/28/13 B+/B1 6/30/14 B+/B1 5/15/15 B-/Caal 5/15/15 ΝΑ B-/Caal NA 12/15/15 NA Cumulative Debt/LTM EBITDA Segment Consolidated 0.0x 4.0 0.5 0.6 0.0 5.2x 0.8x 0.8x Confidential ($ in millions) 0.0x 3.9 0.5 0.6 0.0 5.0x 0.1x 0.1x 5.0x 4.5x 5.4x#18Appendix 2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA 6.5x 6.0x 5.5x 5.0x 4.5x 4.0x 3.5x 9/9/09 MFW (Unaffected-6/10/11) MFW (Current-9/9/11) RR Donnelley Deluxe Quad/Graphics 11/29/09 ملح 2/18/10 MFW Current 9/9/11 5.4x 5.0 4.7 3.7 WAWA 5/10/10 6/10/11 5.2x 5.7 5.0 5.3 7/30/10 RRD 1 Month 2 Months 5.4x 5.3x 5.4 5.5 5.0 5.3 4.8 5.0 3.8 4.2 Source FactSet, Company filings Note: LFQ through 6/30/11. Figures adjusted for acquations where relevant and possible using public information EVERCORE PARTNERS 12 10/19/10 Average Multiple 3 Months 6 Months DLX 5.2x 5.5 5.4 5.1 4.5 Offer Price: 5.6x 1/8/11 5.1x 5.4 S.S 53 4.8 1 Year 5.1x 5.2 5.2 5.4 5.1 2 Years 5.5x 5.5 52 5.5 5.1 6/13/11-Offer by MacAndrews & Forbes Holdings 3/30/11 QUAD 6/19/11 Confidential home 9/9/11#19Appendix Summary of Financing Assumptions Term Loan Refinancing Assumptions as of Sept 2011 LIBOR Floor Date Amount Rate 3/31/12 Senior Notes 3/31/12 Refinancing Assumptions as of June 2011 LIBOR Date Term Loan 12/31/12 Senior Notes 12/31/13 Amount Source: MFW Projections EVERCORE PARTNERS Rate Fees Floor Fees CONFIDENTIAL TREATMENT REQUESTED BY M&FWORLDWIDE CORP. OID ***** OID 13 Illustrative Present Value of Future Stock Price Confidential (S in millions, except for per share amounts) 5.0x - 5.5x Trailing FY14E EBITDA, 22.5% -27.5% Cost of Equity $15.00 $19.45 $22.51 $25.00 $28.45 $31.97 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of June 2011 $35.00#20Appendix Analysis of Publicly Traded Companies Illustrative Valuation Metrics MFW: At Offer At Market Company Printing R.R. Donnelley & Sons Co. Deluxe Corp. Quad/Graphics Inc. Education Pearson PLC Scholastic Corp. Price % of as of 52Wk Market Net 9/9/11 High Value Debt $25.00 $20.37 13.85 20.00 18.45 $17.09 25.52 Source FactSet, Company filings, MFW Projections EVERCORE PARTNERS 89% $487 $2,009 73% $397 $2,009 65% 2,678 3,734 71% 1,020 735 887 1,512 38% TEV $2,496 1.41x $2,406 1.36x Mean Median Max Min TEV/ Revenue 6,412 0.60 1,755 1.24 2,398 0.51 89% $13,898 $1,987 $15,885 81% 810 154 963 Mean Median Max Min 2011E 2012E 2011E 2012E 0.78x 0.60 1.24 0.51 1.70x 0.50 14 1.39x 5.7x 1.34x 5.5x 0.59 1.22 0.52 0.78x 0.59 1.22 0.52 TEV/ EBITDA 1.63x 0.49 1.10x 1.06x 1.10 1.06 1.70 1.63 0.50 0.49 4.8 4.9 3.6 4.4x 4.8 4.9 3.6 9.6x 5.4 7.5x 7.5 9.6 5.4 5.4x 5.2x 4.6 4.8 3.3 Confidential ($ in millions, except for per share amounts) 4.2x 4.6 4.8 3.3 9.2x 5.0 7.1x 7.1 9.2 5.0 TEV / (EBITDA-Capex) 2011E 2012E 6.3x 6.1x 5.9 5.5 4.9 5.4x 5.5 5.9 4.9 11.1x 7.8 9.4x 9.4 11.1 7.8 6.0x 5.8x 5.6 5.3 4.3 5.1x 5.3 5.6 4.3 195. 7.0 IBES LT Div. 2011E 2012E Growth Yield P/E 5.0x 4.5x NA 4.0x 3.6x ΝΑ 7.4 6.5 6.6 6.8x 6.6 7.4 6.5 6.6 6.3 4.7 8.8x 14.2x 8.8 14.2 10.5 14.9 7.0 13.5 5.9x 6.3 6.6 4.7 135 126x 14.9 11.9 12.2x 12.2 12.6 11.9 11% 6% ΝΑ 9% 9% 11% 6% 7% NA 7% 7% 7% 7% 0% 0% 8% 5% 4% 6% 5% 8% 4% 3% 3% 4% 2%#21Appendix Analysis of Publicly Traded Companies Operating Metrics MFW: At Offer At Market Company Printing R.R. Donnelley & Sons Co. Deluxe Corp. Quad/Graphics Inc. Education Pearson PLC Scholastic Corp. Source: FactSet, Company filings, MFW Projections EVERCORE PARTNERS Max Min Revenue Growth EBITDA Growth IBES Capex as Net Debt '10A- 11E- '10A-12E EBITDA Margin '10A- 11E- '10A-12E LT % of Revenue / 2011E '11E 12E CAGR 2011E 2012E '11E 12E CAGR Growth 2011E 2012E EBITDA (1%) 1% (1%) 1% Max Min 7% 1% 1% 1% 40% (3%) Mean Median 7% 16% (0%) 1% 40% 1% 1% (3%) 4% 4% 1% 2% 2% 3% Mean Median 2% 3% 4% 4% 1% 2% 0% 0% 8% 3% 35% 15% 8% 35% 3% 8% 3% 5% 5% 8% 3% 25% 25% 13% 25% 14% 17% 14% 25% 13% 18% 9% 13% 13% 18% 9% 15 Confidential ($ in millions, except for per share amounts) 26% (7%) 4% 26% (7%) 4% 13% 26% 16% 37% 4% 3% 9% (2%) NA 3% 2% (2%) NA 3% 2% 18% 4% 5% 10% (11%) 10% 5% 0% 22% 18% 13% 5% 9% 16% 6% 4% 5% 26% 37% 9% 22% 13% (2%) 3% 0% 5% (1%) 2% 14% (3%) 7% 14% (3%) 7% 2% 18% 10% 5% 10% (11%) 5% (1%) 11% 6% NA 9% 9% 11% 6% 7% NA 7% 7% 7% 7% 2% 2% 2% 2% 4% 3% 3% 2% 2% 4% 4% 2% 2% 2% 3% 2% 3% 3% 3% 3% 3% 3% 3% 2% 2% 4.6x 4.6 2.8 2.1 2.2 2.4x 2.2 2.8 2.1 1.2x 0.9 1.0x 1.0 1.2 0.9#22Appendix Analysis of Publicly Traded Companies Illustrative Valuation Metrics MFW: At Offer At Market Company Financial Solutions Fidelity National Info. Sys. Fiserv Inc. Wolters Kluwer N.V. Jack Henry & Associates Inc. Temenos Group AG Flavorings and Fragrances Givaudan S.A. Int'l Flavors & Fragrances Symrise AG Husbao Int'l Holdings Ltd. Sensient Technologies Corp. T. Hasegawa Co. Ltd. Takasago International Corp. Price as of 9/9/11 $25.00 $20.37 % of 52Wk Market Net High Source FactSet, Company filings, MFW Projections EVERCORE PARTNERS Value Debt TEV 89% $187 $2,009 $2,496 $397 $2,009 $2,406 73% $25.37 76% $7,898 $4,625 51.47 79% 7,374 2,978 17.01 70% 5,151 3,007 27.99 82% 2,450 90 19.02 43% 1,366 152 $889.69 56.06 25.02 0.71 33.20 84% 16.87 85% 5.04 72% 75% $8,265 $1,783 86% 4,639 864 80% 2,957 794 40% 2,242 1,678 709 504 (87) 317 (107) 353 Mean Median Max Min $10,048 5,503 3,750 2,155 1,996 $12,523 217x 10,352 2.40 8,158 1.74 2,540 2.54 1,518 261 TEV/ Revenue Mean Median Max Min 2011E 2012E 2011E 2012E 1.41x 1.39x 5.7x 1.36x 1.34x 5.5x 2.26x 1.94 1.71 5.03 1.37 602 1.05 857 0.58 2.30x 2.16x 2.40 2.29 2.61 2.39 1.74 1.71 1.99x 1.71 5.03 0.58 2.05x 2.29 1.71 2.39 2.37 16 TEV/ EBITDA 2.20x 1.85 1.65 4.19 1.31 1.05 0.57 1.83x 1.65 4.19 0.57 7.3x 7.4 7.2 8.0 9.6 7.9x 7.4 9.6 7.2 11.2x 9.8 8.5 7.8 8.3 5,6 6.0 8.2x 8.3 11.2 5.6 ($ in millions, except for per share amounts) 5.4x 5.2x 6.7x 6.9 6.8 7,4 7,7 7.1x 6.9 7.7 6.7 10.2x 9.0 7.9 6.6 7.8 5.9 5.7 7.6x 7.8 10.2 5.7 TEV / (EBITDA-Capex) IBES LT Div. 2011E 2012B 2011E 2012E Growth Yield 6.3x 6.1x 8.8x 8.6 8.8 9.2 12.7 9.6x 8.8 12.7 8.6 115, 12.6 10.5 9.6 11.9 7.6 11.0 11.1x 11.0 14.5 7.6 6.0x 5.8x 7.7x 7.9 8.2 8.6 9.6 8.4x 8.2 9.6 7.7 P/E 5.0x 4.0x 11.0x 9.7x 11.4 10.2 8.6 16.9 7.9 15,4 11.3 10.3 4.5x NA 3.6x NA 11.8x 10.7x 11.3 10.2 16.9 15.4 8.6 7.9 12.8x 16.6x 1.5 11.6 14.5 13.0 9.7 13.7 122 7.9 10.3 8.8 11.7 13.9 128 8.9 15.9 16.5 11.2 11.9 11.9 10.6x 13.8x 11.2 13.9 12.8 7.9 Confidential 12.8x 12.8 16.6 16.5 8.8 10.3 13% 12% 4% 12% 13% 11% 12% 1.3% 4% ΝΑ 6% 11% ΝΑ 7% NA ΝΑ 8% 7% 11% 6% 0% 0% 1% 0% 5% 0% 2% 1% 5% 0% 3% 3% 3% 3% 2% 2% 2% 3% 3% 2%#23Appendix Analysis of Publicly Traded Companies Operating Metrics MFW: At Offer At Market Company Financial Solutions Fidelity National Info. Sys. Fiserv Inc. Wolters Khrwer N.V. Jack Henry & Associates Inc. Temenos Group AG Flavorings and Fragrances Givandan S.A. International Flavors & Fragrances Symrise AG Huabao International Holdings Lad Sensient Technologies Corp. T. Hasegawa Co. Lad Takasago International Corp. Source FactSet, Company filings, MFW Projections EVERCORE PARTNERS Revenue Growth EBITDA Growth IBES Capex as Net Debt 10A- 11E-10A-12E EBITDA Margin 10A- 11E-10A-12E LT % of Revenue / 2011E 'HE 12E CAGR 2011E 2012E '11E 12E CAGR Growth 2011E 2012E EBITDA (1%) 1% 1% (1%) 11% 6% 4% 5% (4%) 2% 11% 14% 10% Mean 7% 6% Median 11% 6% Max Min 14% 10% (4%) 2% (7%) 8% 22% 10% 2% 5% 4% 20% (1%) (0%) 1% 2% Mean Median 2% Max Min 5% 5% 22% 20% (7%) (0%) 0% 0% 17% 9% 18% 26% 14% 17% 29% 30% 33% 26% (2%) 24% (5%) 13% 47% 15% (1%) 11% 6% 47% (5%) 25% 25% 17 30% 33% 24% 32% 27% 20% 20% 20% 64% 16% 19% 10% Confidential ($ in millions, except for per share amounts) 24% 20% 64% 10% 26% (7%) 4% (2%) NA 3% 2% 26% (7%) 4% 3% 2% (2%) NA 7% 31% 6% 9% 33% 4% 7% 2.5% 8% 6% 5% 7% 32% 13% 8% 11% 31% (99%) 25% 7% 30% 11% 6% 8% 31% 33% 13% 25% 25% (9%) 6% 7% 21% (5%) 8% 63% 16% 19 % 17% 10% 18% 10% 0% 11% 5% 22% (17%) 10% (5%) 20% 12% 8% 10% 1% 17% 8% 4% (5%) (1%) 6% 24% 7% 5% 20% 4% 8% 3% 63% 16% 19% 17% 10% (17%) (5%) (5%) 13% 12% 4% 12% 13% 10% 6% 11% 16% 7% ΝΑ ΝΑ 5% 4% 4% 4% 7% 10% 10% 16% 6% 1% 4% 4% 9% 6% 11% 5% 5% 1.7x 12% 4% 2.1 13% 7% 6% 2.7 4% 4% 4% 0.3 5% 4% 5% 5% 4.6x 4.6 20x 1.5 1.8 12% 10% NM 5% 6% 13 5% 5% 27x 21 27 0.3 1.0x 6% 5% 5% 12% 10% 4% 4% NM 2.5 1.8x 1.8 2.5 1.3#24Appendix Selected Precedent Transactions - Printing Services Date Announced 2/23/10 1/25/10 02/27/08 2/12/08 10/16/07 07/17/07 06/14/07 01/03/07 12/27/06 12/20/06 12/20/06 10/31/06 10/31/05 5/17/04 11/8/03 01/20/03 6/20/00 5/15/00 1/15/00 9/30/99 7/19/99 7/14/99 6/29/99 4/1/99 Bowne WorldColor Pro Line Printing Phoenix Color Corp. Cardinal Brands Commercial Envelope ColorGraphics Von Hoffman Cadmus Communications John H. Harland Company Perry Judd's Banta Clarke American New England Business Service Moore Wallace Wallace Computer Reynolds & Reynolds Information Solutions Cunningham Graphics International American Business Products At A Glance Inc. World Color Press Mernill Corp Target Big Flower Holdings Mack Printing Company Source: SDC, Company Slings, Capitall EVERCORE PARTNERS RR Donnelley Quad/Graphics RR Donnelley Visant Corporation RR Donnelley Cenveo Cenveo RR Donnelley Cenveo M&F Worldwide RR Donnelley RR Donnelley M&F Worldwide Deluxe Corp RR Donnelley Moore Inc. The Carlyle Group Acquiror Automatic Data Processing Mail-Well Inc. Mead Corp. Quebecor Printing DLJ Merchant Banking, TH Lee Company Cadmus Communications 18. TEV $481 1,428 122 219 123 230 105 413 433 1,658 176 1,212 800 782 3,681 1,286 360 190 306 550 Mean Median Max Min 2,574 486 1,716 201 TEV / LFQ Revenue 0.7x 0.5 NA NA 0.6 1.4 0.6 NA 1.0 1.6 0.7 0.8 13 1.1 1.2 0.8 0.5 1.4 0.7 1.7 1.1 0.9 1.0 1.2 1.0x 1.0 1.7 0.5 Confidential ($ in millions) EBITDA 10.3x NA NA ΝΑ 8.2 7.0 ΝΑ 12.2 8.7 8.0 8.6 6.0 8.8 8.4 7.5 ΝΑ 8.8 6.7 7.9 7.1 7.5 7.4 ΝΑ 8.0x 7.9 12.2 4.3#25Appendix Selected Precedent Transactions - Financial Solutions Date Announced 06/29/11 CashEdge 06/27/11 Fundtech Lid 03/24/11 Mortgagebot LLC 03/31/09 Metavante Technologies, Inc. 06/27/07 eFunds Corp 10/14/06 Open Solutions 08/28/06 P&H Solutions 01/09/06 Verus Financial Management 09/28/05 Mortgagebot LLC 09/15/05 Bisys 09/14/05 Certegy 07/12/05 The MacGregor Group, Inc. 03/28/05 SunGard Data Systems Inc. 02/03/05 APPRO Systems 12/16/04 BHC Investments. Target 09/09/04 InterCept, Inc. 05/17/04 NYCE Corporation 04/26/04 London Bridge Group 04/21/04 The Kirchman Corporation 02/10/04 Autum Technology 02/01/04 Concord EFS Inc 01/28/04 Sanchez Computer Associates 12/09/03 SCT Comp. 11/14/02 Electronic Data Systemns 05/15/00 Symitar Systems 03/06/00 Q-UP Systems Source SDC Company Slings, CapitallQ EVERCORE PARTNERS Fiserv, Inc. SI Corp. Davis + Henderson Corp Fidelity National Information Services Fidelity National Information Services Carlyle Group Transaction System Architects Sage Group Spectrum Equity Investors Open Solutions Inc. Fidelity National Financial, Inc. Investment Technology Group, Inc. Consortium of Pavate Equity Farms Acquiror Equifax Fidelity National Financial, Inc. Fidelity National Financial Metavante Corp Fair Isaac & Co Inc Metavante Corp Fidelity National Financial First Data Corp Fidelity National Financial SunGard Data Systems Inc. Fiserv, Inc. Jack Henry $1 Corp 19 TEV $465 261 232 4,493 1,801 1,304 157 325 84 470 2,300 230 10,828 92 364 422 610 295 NA 305 5,374 153 498 320 447 Mean Median Max Min Confidential ($ in millions) TEV/LFQ Revenue NA 1.8x 6.1 26 3.3 27 3.9 5.1 NA NA 21 NA 3.0 46 NA 15 43 2.8 NA 16 24 16 1.8 NA 13 NA 2.9x 2.7 1.3 EBITDA NA 124x 11.5 9.2 13.3 124 NA 13.0 8.0 NA 10.4 NA 10.3 NA NA 19.6 NA NA NA NA 9.2 17.6 10.8 NA 7.7 NA 11.8x 11.2 19.6 7.7#26Appendix Selected Precedent Transactions -Education Technology Date Announced 8/16/11 Renaissance Learning 7/1/11 Blackboard 5/19/11 Kaplan Virtual Education (K-12 Assets) 4/26/11 Schoolnet 1/18/11 Tutorvista Presidium Inc. 1/12/11 1/5/11 12/16/10 11/22/10 Wireless Generation 11/16/10 Administrative Assistants 11/2/10 9/1/10 8/3/10 7/2/10 7/1/10 6/10/10 5/14/10 3/25/10 5/1/09 4/3/09 5/14/07 10/12/05 GeoLeaming GlobalScholar American Ed Corp Learn.com America's Choice Wimba Target KC Distance Leaming EducationCity Elluminate PLATO Leaming ANGEL Leaming Sum Total Systems eCollege WebCT, Inc. Source: SDC, Company Slings, CapitallQ EVERCORE PARTNERS Permita Providence Equity K12 Pearson Pearson Blackboard Sum Total Harland Clarke Holdings Corp. News Corp Pearson K12 Taleo Pearson Blackboard K12 Acquiror Archipelago Learning Blackboard Thoma Bravo Blackboard Vista Equity Pearson Blackboard 8 TEV $433 $1,755 Mean Median Max Min NA 230 215 59 NA 140 400 NA ΝΑ 135 80 60 63 87 60 115 95 117 513 148 Confidential TEV/LFQ ΝΑ NA 1.7 NA NA 1.8 ΝΑ 1.0 9.4 NA ($ in millions) Revenue EBITDA 3.2x 3.6 NA NA NA NA NA NA ΝΑ NA NA 4.8 3.6x 3.2 9.4 1.0 10.9x 20.1 ΝΑ NA NA NA NA NA ΝΑ NA NA ΝΑ ΝΑ NA NA 12.1 ΝΑ 7.8 NA 15.1 27.5 NA 15.6x 13.6 27.5 7.8#27Appendix Selected Precedent Transactions - Flavor and Fragrances Date Announced 1/9/11 Danisco A/S 7/7/08 Wealthy King Investments 10/14/07 Gewuerzmueller GmbH 6/5/07 Diana Ingredients 5/3/07 Danisco A/S Flavors Unit Target 12/5/05 Continental Custom Ingredients 5/10/04 Manheimer, Flavurence, Laboratorios Krauss and Fructamine 3/11/04 Rhodia SA 1/18/02 Nestle SA Food Ingerdients Specialties Source: SDC, Company Slings, CapitallQ EVERCORE PARTNERS 21 Acquiror DuPont Denmark Huabao Int'l Holdings Frutarom Industries Ltd AXA Private Equity SA Finmenich Co Tate & Lyle PLC Kerry Group PLC Danisco A/S Givaudan SA TEV $6,356 112 67 960 612 69 202 395 451 Mean Median Max Min TEV / LFQ Revenue 2.4x NA 1.0 2.8 2.2 1.2 1.5 1.5 1.9 Confidential ($ in millions) 1.8x 1.7 2.8 1.0 EBITDA 12.0x ΝΑ 7.1 ΝΑ ΝΑ ΝΑ 11.3 10.2 ΝΑ 10.2x 10.8 12.0 7.1#28Appendix Summary of Minority-Led Buyouts The following summarizes all change-of-control transactions since January 1, 2000 involving publicly traded U.S. targets that were valued at greater than $100mm and where the acquirer had a minority stake (more than 0%, but less than 50%) prior to the acquisition All Deals Count Mean Median Target TEV >$100mm 1 Day Prior Source: SDC, Company Slings, Capitall EVERCORE PARTNERS Premium Paid 1-wk Prior 37% 30% Minority Holder Purchased Entire Remaining Stake Count Mean Median 40% 32% 57 27% 18% 37% 30% 47 40% 35% 4-wks Prior Minority Holder and other Third Parties Purchased Remaining Stake Count 10 Mean Median 25% 18% 38% 30% 40% 39% 29% 27% Target TEV >$200mm 1 Day Prior Premium Paid 1-wk Prior 39% 32% 43% 38% 25% 18% 13 44 38% 32% 35 9 42% 36% 24% 17% 4-wks Prior 40% 41% 42% 45% 29% 27% Target TEV>$500mm Premium Paid 1 Day 1-wk Prior Prior 35% 29% 37% 32% 27% 18% 31 36% 26% 25 6 Confidential 38% 36% 28% 18% 4-wks Prior 36% 30% 37% 39% 31% 27%#29Appendix Summary of Minority-Led Buyouts (cont'd) Strategic Buyers Only Count Mean Median Financial Buyers Only Count Mean Median Dual Class Stock Companies Count Mean Median Non-Dual Class Stock Companies Count Mean Median Competing Bid for Target Count Mean Median No Competing Bid for Target Count Mean Median Source SDC, Company Slings, CapitallQ EVERCORE PARTNERS Target TEV>$100mm Premium Paid 1 Day 1-wk Prior Prior 48% 40% 28% 21% 38% 44% 37% 29% 44% 47% 37% 29% 26 47% 39% 31 29% 20% 4 47% 40% 53 36% 27% 6 42% 43% 51 37% 29% 4-wks Prior 49% 49% 29% 22% 33% 31% 38% 30% 34% 30% 38% 30% Target TEV >$200mm Premium Paid 1-wk Prior 1 Day Prior 51% 50% 26% 21% 38% 44% 40% 30% 51% 59% 38% 30% 23 23 49% 51% 21 26% 19% 4 47% 40% 40 37% 27% 4 50% 56% 40 37% 29% 4-wks Prior 51% 49% 27% 27% 33% 31% 40% 41% 39% 40% 40% 41% Target TEV>$500mm Premium Paid 1-wk Prior 1 Day Prior 46% 45% 27% 21% 45% 47% 34% 24% 44% 50% 34% 27% 14 46% 45% 17 28% 19% 3 52% 45% 28 34% 25% 3 47% 51% 28 Confidential 35% 26% 4-wks Prior 47% 48% 27% 27% 38% 44% 36% 29% 42% 49% 35% 29%#30Appendix Minority-Led Buyouts Precedent Transactions Date Ann. 08/16/10 ResCare Inc 07/19/10 Cypress Bioscience Inc 06/09/10 Rewards Network Inc 02/18/10 Zenith National Insurance Corp 09/23/09 SkyTerra Communications Inc 07/14/09 Noven Pharmaceuticals Inc 04/06/09 Sum Total Systems Inc 09/08/08 Gehl Co 06/04/08 Tercica Inc 04/07/08 Industrial Distn Group Inc 01/18/08 Dominion Homes Inc 07/25/07 PRA International 06/22/07 US Xpress Enterprises Inc 04/25/07 Pediatric Services of America 04/04/07 Biosite Inc Target 01/03/07 Blair Corp 12/04/06 Station Casinos Inc 11/06/06 Swift Transportation Co Inc 11/01/06 Clark Inc 09/14/06 Applica Inc 08/28/06 Seitel Inc 08/31/06 MacDermid Inc 08/14/06 Tripath Imaging Inc 06/15/06 Baimco Corp Source SDC, Company Slings, CapitallQ EVERCORE PARTNERS Acquiror Onex Corp Ramius Value & Opportunity LLC Equity Group Investments LLC Fairfax Financial Holdings Ltd SkyTerra Commun Inc SPV Hisamitsu Pharmaceutical Vista Equity Partners Fund III Manitou BF SA Ipsen SA LKCM Private Discipline Master Investor Group Genstar Capital LLC Mountain Lake Acquisition Co Portfolio Logic LLC Inveness Med Innovations Inc Golden Gate Capital Fertitta Colony Partners LLC Investor Group Aegon NV APN Holding Co Value Act Capital Partners LP Investor Group Becton Dickinson & Co BZ Acquisition Corp TEV $598 155 109 1,468 1,496 352 110 448 469 129 210 756 629 62 1,616 129 8,686 2,608 594 323 667 1,308 345 122 1-day 24% 60% 31% 47% 22% 62% 120% 104% 14% 59% 13% 11% 19% 67% 15% 19% 21% 32% 73% (3%) 13% 81% 21% Bid Premium % Ownership Pre- Post- 1-week prior 4-week prior Transaction Transaction 24% 39% 87% 29% 38% 75% 13% 76% 99% 115% 17% 27% 11% 45% 16% 75% 16% 19% 15% 39% 60% 0% 21% 55% 18% 11% 27% 52% 44% 144% 96% 100% 20% 48% 20% 44% 15% 67% 23% Confidential ($ in millions) 13% 48% 32% (9%) 18% 55% 10% 25% 10% 26% 40% 49% 5% 13% 14% 43% 15% 47% 13% 42% 15% 8% 19% 27% 13% 40% 39% 7% 16% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 92% 100% 100% 100% 100% 90%#31Appendix Minority-Led Buyouts Precedent Transactions (cont'd) Date Ann. 03/21/06 TransMontaigne Inc 12/12/05 Fox & Hound Restaurant Group 03/08/05 Retek Inc 01/27/06 Genencor International Inc 06/15/01 Quality Dining Inc 03/22/04 US Oncology Inc Target 02/04/04 Newadigm Inc 06/27/03 Horizon Organic Holding Corp 02/18/03 Multex.com Inc 12/09/02 AmerPath Inc 11/11/02 CoorsTek Inc 09/24/02 ARV Assisted Living Inc 09/23/02 Dole Food Co Inc 08/07/02 Exco Resources Inc 12/06/01 VidaMed Inc 09/21/01 Prodigy Communications Corp 04/27/01 Black Hawk Gaming & Dvip Co 04/02/01 USA Detergents Inc 02/22/01 Efficient Networks Inc 02/20/01 Springs Industries Inc Source: SDC, Company Slings, CapitallQ EVERCORE PARTNERS Acquiror Morgan Stanley F&H Acquisition Corp Oracle Corp Danisco A/S Investor Group Welsh Carson Anderson & Stowe Hewlett-Packard Co Dean Foods Co Reuters Group PLC Welsh Carson Anderson & Stowe Investor Group Prometheus Assisted Living LLC David H Murdock Douglas H Miller Medtronic Inc SBC Communications Inc Gameco Inc Church & Dwight Co Inc Siemens Info & Commun Grp Investor Group 25 TEV 846 182 577 1,029 115 1,446 100 303 210 751 356 161 2,375 419 309 592 106 136 1,105 1,221 1-day 15% 43% 50% 24% 20% 19% 28% 27% 60%% 29% 36% 41% 20% 40%% 54% 7% 30% 90% Bid Premium Pre- Post- 1-week prior 4-week prior Transaction Transaction 14% 10% 29% 49% 35% 51% 20% 20% 17% 39% 21% 61% 25% 30% 44% 17% 16% 34% 4% 12% 33% 69% 17% 18% 22% 14% 55% 59% 58% 45% 51% 4% 15% 49% Confidential ($ in millions) % Ownership 23% 30% 47% 28% 10% 8% 10% 42% 45% 15% 39% 13% 5% 25% 48% 24% 8% 17% 42% 33% 15% 41% 100% 100% 84% 86% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%#32Appendix Minority-Led Buyouts Precedent Transactions (cont'd) Date Ann. Target 01/25/01 Sodexho Marriott Services Inc 01/15/01 Xircom Inc 12/22/00 Deko Remy International Inc 12/16/00 Crown Central Petroleum Corp 11/13/00 CB Richard Ellis Services Inc 10/12/00 National Discount Brokers 08/15/00 Avis Group Holdings Inc 07/27/00 Brookdale Living Communities 07/20/00 Detroit Diesel 05/15/00 Coinmach Laundry Corp 05/05/00 Verio Inc 03/30/00 Castle & Cooke Inc 01/25/00 CompUSA Inc Source: SDC, Company Slings, CapihallQ EVERCORE PARTNERS Acquiror Sodexho Alliance SA Intel Corp Court Square Capital Ltd Rosemore Inc Investor Group Deutsche Bank AG Cendant Corp Investor Group DaimlerChrysler AG CLC Acquisition Corp NTT Commuanications Corp Flexi Van Leasing, Inc Grupo Sanbons SA de CV TEV 26 2,996 511 751 231 625 928 8,006 253 Mean Median High Low 646 858 6,847 599 975 1-day 9% 47% 17% 18% 94% 2% 8% 78% 67% 41% 50%% 37% 30% 120% Bid Premium 12% 66% 25% 2% 36% 84% 60% 37% 84% Pre- Post- 1-week prior 4-week prior Transaction Transaction 100% 10% 30% 60% 79% 35% 16% 35% 17% 27% 67% 27% 9% 37% 30% 115% 0% 65% 58% 23% 86% 38% 30% 144% Confidential ($ in millions) (9%) % Ownership 48% 6% 37% 49% 38% 16% 18% 40% 21% 23% 10% 26% 15% 23% 18% 49% 4% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99% 100% 100% 84%