Evercore Investment Banking Pitch Book

Valuation 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

View entire presentation