J.P.Morgan Investment Banking Pitch Book

VALUATION ANALYSIS Transaction multiples in the past five years Precedent transaction multiples Date Target Global advertising 20-Jul-12 Eye Corp Australia 24-Oct-11 Mediakiosk 28-Feb-08 Vista 31-Aug-07 Primesight 23-Apr-07 Affichage Median Source: Company filings, press releases, broker notes, Factset, Mergermarket, Dealogic PROJECT FOXTROT Acquiror CHAMP Private Equity JCDecaux Lamar GMT Communications Partners (IBO) Compagnie Nationale a Portefeuille SA (CNP) 12 Stake acq. (%) 100.0% 95.0% 100.0% 100.0% 25.3% Deal value (US$mm) 114 83 66 125 413 FV/LTM Sales 0.8x 2.3x 1.8x NA 1.5x 1.7x EBITDA ΝΑ 5.7x 22.6x 8.0x 7.7x 7.9x J.P.Morgan

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