Evercore Investment Banking Pitch Book

Valuation 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

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