Evercore Investment Banking Pitch Book
Summary 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
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