Goldman Sachs Investment Banking Pitch Book

Goldman Sachs 3 Historical M&A Premia - Select Take-Privates U.S. Based Targets | $3-$8bn Transaction Value | Cash-Only Deals | All Industries CONFIDENTIAL Historical M&A Premia 25th Percentile 75th Percentile Median Mean Deal Count 15% 25% 1 Day 18% i 5 40%! 27% 31% 2018 (1)% 30 Day 52W High 17% 42% (10)% 9% 28 % 5% 32% 1% 17% 11% 2019 5 (11)% Historical Acquisition Premia Medians¹ 17% 32% Ferdinand Share Price CD&R Offer 1 Day $36.78 $ 50.00 CD&R Offer Premium 36 % Implied Ferdinand Share Price Based on Historical M&A Premia 25th Percentile 75th Percentile $41.13 $46.42 $42.97 $45.46 Median Mean 2020 (1)% 18% 28% 2021 13 8% ☐ 1 Day 17% 33% 2022 13 INVESTMENT BANKING DIVISION Source: Cap/Q, FactSet. Data includes transactions in 2018-2022. Market data as of 16-Dec-2022. *Premium is relative to target share price 1 day, 30 days, and 52-week high prior to announcement for deals with U.S. targets valued between $3-$8 billion. 5% 30 Day $38.91 $ 50.00 29% $45.47 $ 55.42 $ 49.69 $51.21 30 Day 52 Week High 36% 29% 52W High $61.24 $50.00 (18)% CD&R Offer $54.94 $67.02 $64.07 $ 62.06 (18)% 26

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