Comparable Company & Precedent Transactions 3 Please sort the following into factors most applicable for comparable company analysis and factors most applicable for precedent transaction analysis: (A) Comparable Company Analysis; (B) Precedent Transaction Analysis Review Later Difficult to adjust for intangibles (i.e. strength of management, growth potential) Valuation multiples reflect real M&A transactions Valuation Multiples reflect trading multiples on the public markets Potentially reveals information about market demand for certain types of assets and industry trends May include special purchaser considerations, such as synergies A. Comparable Company Analysis B. Precedent Transaction Analysis