Evercore Investment Banking Pitch Book
Executive Summary
Changes Since Conflicts Committee Meeting on October 11, 2022
Evercore made the following updates and adjustments from the draft presentation dated October 11, 2022, as requested by the
Conflicts Committee:
Updated market prices to October 20, 2022
Confidential - Preliminary and Subject to Change
Adjusted the weighted average cost of capital ("WACC") utilized for discounted cash flow ("DCF") analyses from a range of
8.25% to 9.25% to a range of 8.50% to 9.50% based on market changes
Adjusted the equity cost of capital utilized for discounted distributions analyses from a range of 9.0% to 11.0% to a range of
10.0% to 12.0% based on market changes
Added an analysis of SIRE's historical enterprise value to run-rate EBITDA (latest quarter annualized) trading multiple over
the past five years compared to its peer group
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