J.P.Morgan Investment Banking

APPENDIX Premiums paid analysis Median - All deals (mean premiums in parentheses) 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 21.5% JPMorgan (24.2%) 25.9% (26.2%) 1-day Note: All-cash deals greater than $1bn announced 2004-present 1-week 24.3% (28.4%) 1-month Median - LBO deals (mean premiums in parentheses) 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 19.5% (20.7%) 1-day 21.6% (23.6%) 1-week 19.9% (24.0%) 1-month Note: All-cash leveraged buyouts greater than $1bn announced 2004-present PROJECT PLATO 35

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