Evercore Investment Banking Pitch Book
Appendix
2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA
6.5x
6.0x
5.5x
5.0x
4.5x
4.0x
3.5x
8/17/09
Montana (Unaffected-6/10/11)
Montana (Current-8/16/11)
RR Donnelley
Deluxe
Quad/Graphics
Etürü
11/6/09
1/26/10
M & F Worldwide
Current
8/16/11 6/10/11
5.5x
5,2x
5.5
5.2
51
5,7
4.9
5.0
3.9
5.3
4/17/10
7/7/10
RRD
1 Month 2 Months
5.4x
5.3x
3.5
5.3
5.4
55
5.1
52
4.5
4.8
Source: FactSet, Company Slings
Note: LFQ theough 6/30/11. Figures adjusted for acquisitions where relevant and possible using public information
EVERCORE PARTNERS
9/26/10
Average Multiple
3 Months 6 Months
5.2x
5.5
5.6
5.2
4.9
Offer Price:
5.6x
12/16/10
DLN
5.1x
5.4
56
5.4
5.1
Preliminary Draft - Confidential
1 Year
5.1x
5.2
52
5.5
53
2 Years
5.5x
3.3
52
5.6
5.3
6/13/11-Offer
by MacAndrews &
Forbes Holdings
3/7/11
<-QUAD
5/27/11
8/16/11View entire presentation