Evercore Investment Banking Pitch Book
Illustrative Exchange Ratio
0.80x
0.70x
0.60x
0.50x
0.40x
LBRD Counter Proposal (6/22/20)
GLIB Counter Proposal (6/19/20)
LBRD Proposal (6/10/20)
Current (6/22/20)
Last Week (6/15/20)
Last Month (5/22/20)
Last 3 Months (3/22/20)
Last 6 Months (12/22/19)
Last 1 Year (6/22/19)
Last 2 Years (6/22/18)
Since inception (3/12/18)
Mar-18
Jun-18
Based on Market Value Less Market Value of LTREE on Taxed Basis¹
LBRDK Average
Share Price
NA
NA
NA
129.36
129.83
131.63
12342
125.05
117.26
101.23
98.33
Sep-18
GLIBA Average
Share Price
$225.09
75.68
72.11
68.63
68.65
69.12
62.52
66.27
65.60
58.12
56.79
LTREE Average Adj. GLIBA Average Exchange Ratio
Share Price
Share Price
Average
Dec-18
NA
NA
NA
27646
275.88
272.77
231.92
263.66
302.30
292.56
293.22
$67.38
68.67
LBRD Counter Proposal (6/22/20)
Mar-19
65.10
61.62
61.65
82.20
56.56
59.55
57.96
50.77
49.42
Jun-19
0.521x
0.531x
0.503x
0.476x
0475x
0.473x
0458x
0.475x
0495x
0.503x
0,504x
LBRD Proposal
Premium/ (Discount)
NA
NA
NA
5.7%
6.0%
6.5%
10.0%
Sep-19
6.0%
1.7%
0.0%
(0.2%)
GLIB Counter Proposal
Premium/(Discount)
Dec-19
NA
NA
NA
11.5%
11.8%
12.3%
16.0%
11.8%
7.3%
5.5%
5.2%
Confidential
LBRD Counter Proposal
Premium/ (Discount)
NA
AGLIB Counter Proposal (6/19/20) 0.531x
A
LBRD Proposal (6/10/20)
Мини
Mar-20
NA Favorable
ΝΑ
to GLIB
9.3%
9.7%
10.2%
13.8%
9.7%
5.3%
3.5%
3.3%
Jun-20
0.521x
0.503x
0.476x
Favorable
to LBRD
Source: FactSet
Note: Exchange ratio is calculated as GLIB Series A adjusted share price after impact from LendingTree divided by LBRD Series C share price; GLIB and LendingTree's historical basic shares outstanding per Factset: assumes
diluted shares constant per 6/22/20
1. Assumes 27 % effective tax rate for Lending Tree and cost basis of $190mm per GLIB management guidance
2 Represents GLIBA average share price after LendingTree impact (GLIB average share price adjusted for proportional share of Lending Tree share price post-tax)
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