Determine whether company paid too much for the latest acquisition.

Target Company: Brigham Minerals Inc

Acquirer Company: Sitio Royalties Corp

Create waterfall chart using use year 2021 multiples:

Create funding waterfall for Brigham including the following levels:

O acquisition of Brigham

Ofunding of Brigham

O Brigham public listing

O Sitio's acquisition of Brigham

include on waterfall chart:

Round Price Shares Amount Total Shares Pre-Money Post-Money

Example for waterfall chart:

P/E: 9.02

P/sales: 3.32

P/E: 16.72

P/sales: 5.83

Sitio Royalties Corp (STR US) - Multiples Brigham Minerals Inc (MNRL US) - Multiples Sitio Royalties Corp (STR US) - Multiples Brigham Minerals Inc (MNRL US) - Multiples