SPECIALTY FOODS CORPORATION FOR CLASSWORK OCTOBER 16, 2019 TO INTEGRATE DFCF

Income Statement
($millions) Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected
For the year ended December 31 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Revenue $ 2,300.0 $ 2,350.0 $ 2,410.0 $ 2,475.0 $ 2,550.0 $ 2,613.8 $ 2,679.1 $ 2,746.1 $ 2,814.7 $ 2,885.1
Growth rate n/a 2.2% 2.6% 2.7% 3.0% 2.5% 2.5% 2.5% 2.5% 2.5%
Cost of goods sold 1,775.0 1,805.0 1,845.0 1,890.0 1,945.0 1,999.5 2,049.5 2,100.7 2,153.3 2,207.1
Gross profit 525.0 545.0 565.0 585.0 605.0 614.2 629.6 645.3 661.5 678.0
Distribution expenses 75.0 80.0 80.0 85.0 88.0 91.5 93.8 96.1 98.5 101.0
SG&A expenses 165.0 170.0 180.0 185.0 187.0 190.8 195.6 200.5 205.5 210.6
EBITDA 285.0 295.0 305.0 315.0 330.0 331.9 340.2 348.8 357.5 366.4
Depreciation/Amortization 90.0 95.0 100.0 105.0 110.0 109.8 112.5 115.3 118.2 121.2
EBIT 195.0 200.0 205.0 210.0 220.0 222.2 227.7 233.4 239.3 245.2
Interest Expense 14.0 14.0 13.0 13.0 12.0 12.6 12.6 12.6 12.6 12.6
EBT 181.0 186.0 192.0 197.0 208.0 209.6 215.1 220.8 226.7 232.6
Taxes 45.0 47.0 48.0 49.0 51.0 52.4 53.8 55.2 56.7 58.2
Net Income $ 136.0 $ 139.0 $ 144.0 $ 148.0 $ 157.0 $ 157.2 $ 161.3 $ 165.6 $ 170.0 $ 174.5

Common Size
Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Revenue Growth Rate n/a 2.2% 2.6% 2.7% 3.0% 2.5% 2.5% 2.5% 2.5% 2.5%
Cost of goods sold % of Revenue 77.2% 76.8% 76.6% 76.4% 76.3% 76.5% 76.5% 76.5% 76.5% 76.5%
Gross profit % of Revenue 22.8% 23.2% 23.4% 23.6% 23.7% 23.5% 23.5% 23.5% 23.5% 23.5%
Distribution expense 3.3% 3.4% 3.3% 3.4% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
SG&A expense % of Revenue 7.2% 7.2% 7.5% 7.5% 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%
Depreciation expense % Revenue 3.9% 4.0% 4.1% 4.2% 4.3% 4.2% 4.2% 4.2% 4.2% 4.2%
EBITDA MARGIN 12.4% 12.6% 12.7% 12.7% 12.9% 12.7% 12.7% 12.7% 12.7% 12.7%
EBIT MARGIN 8.5% 8.5% 8.5% 8.5% 8.6% 8.5% 8.5% 8.5% 8.5% 8.5%
Income Tax Rate 24.9% 25.3% 25.0% 24.9% 24.5% 25.0% 25.0% 25.0% 25.0% 25.0%
Net Income Margin 5.9% 5.9% 6.0% 6.0% 6.2% 6.0% 6.0% 6.0% 6.0% 6.0%
Dividend Payout % 55.1% 56.1% 55.6% 56.1% 54.1% 55.0% 55.0% 55.0% 55.0% 55.0%
Dividends $ 75.0 $ 78.0 $ 80.0 $ 83.0 $ 85.0 $ 86.4 $ 88.7 $ 91.1 $ 93.5 $ 96.0

Page 1 Projected Income Statement

 SPECIALTY FOODS CORPORATION FOR CLASSWORK OCTOBER 16, 2019 TO INTEGRATE DFCF
Balance Sheet Accounts
($millions) Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected
As of December 31 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cash $ 25.0 $ 39.0 $ 47.0 $ 70.0 $ 102.0 $ 146.9 $ 190.0 $ 234.3 $ 279.8 $ 326.6
Accounts receivable 225.0 240.0 255.0 260.0 275.0 286.4 293.6 300.9 308.5 316.2
Inventory 425.0 435.0 465.0 490.0 505.0 499.9 512.4 525.2 538.3 551.8
Prepaid expenses 55.0 57.0 58.0 60.0 65.0 65.3 67.0 68.7 70.4 72.1
Total Current Assets 730.0 771.0 825.0 880.0 947.0 998.6 1,063.0 1,129.1 1,197.0 1,266.7

Fixed Assets - net 600.0 615.0 630.0 645.0 660.0 676.5 693.3 710.6 728.4 746.6
Total Assets 1,330.0 1,386.0 1,455.0 1,525.0 1,607.0 1,675.0 1,756.3 1,839.7 1,925.4 2,013.2

Revolver borrowings - - - - - - - - - -
Accounts payable 150.0 155.0 160.0 165.0 170.0 164.3 168.5 172.7 177.0 181.4
Accrued expenses 165.0 160.0 165.0 170.0 180.0 183.0 187.5 192.2 197.0 202.0
Total Current Liabilities 315.0 315.0 325.0 335.0 350.0 347.3 356.0 364.9 374.0 383.4

Debt Outstanding 200.0 195.0 190.0 185.0 180.0 180.0 180.0 180.0 180.0 180.0
Total Liabilities 515.0 510.0 515.0 520.0 530.0 527.3 536.0 544.9 554.0 563.4

Common Stock 125.0 125.0 125.0 125.0 125.0 $ 125.0 $ 125.0 $ 125.0 $ 125.0 $ 125.0
Retained Earnings 690.0 751.0 815.0 880.0 952.0 1,022.7 1,095.3 1,169.9 1,246.4 1,324.9

Total Liabilities and Equity $ 1,330.0 $ 1,386.0 $ 1,455.0 $ 1,525.0 $ 1,607.0 $ 1,675.0 $ 1,756.3 $ 1,839.7 $ 1,925.4 $ 2,013.2

In balance - - - - - - - - - -

Assumptions (BLUE)
Revenue $ 2,300.0 $ 2,350.0 $ 2,410.0 $ 2,475.0 $ 2,550.0 $ 2,613.8 $ 2,679.1 $ 2,746.1 $ 2,814.7 $ 2,885.1
Cost of goods sold 1,775.0 1,805.0 1,845.0 1,890.0 1,945.0 1,999.5 2,049.5 2,100.7 2,153.3 2,207.1
Minimum required cash level n/a n/a n/a n/a n/a $ 20.0 $ 20.0 $ 20.0 $ 20.0 $ 20.0
Accounts receivable DSO 36 37 39 38 39 40 40 40 40 40
Inventory turnover (Cogs) 4.2 4.1 4.0 3.9 3.9 4.0 4.0 4.0 4.0 4.0
Prepaid Expenses as a % of Revenue 2.4% 2.4% 2.4% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
Accounts Payable Days of COGS 31 31 32 32 32 30 30 30 30 30
Accrued Expenses % of Revenue 7.2% 6.8% 6.8% 6.9% 7.1% 7.0% 7.0% 7.0% 7.0% 7.0%

CAPX Statistics Assumptions (BLUE)

Capital Expenditures $ 100.0 $ 110.0 $ 115.0 $ 120.0 $ 125.0 $ 126.2 $ 129.4 $ 132.6 $ 136.0 $ 139.3
Depreciation/Amortization 90.0 95.0 100.0 105.0 110.0 109.8 112.5 115.3 118.2 121.2

Page 2 Projected Balance Sheet

 Capx / Depreciation & Amortization 111% 116% 115% 114% 114% 115% 115% 115% 115% 115%

Page 3 Projected Balance Sheet

 SPECIALTY FOODS CORPORATION FOR CLASSWORK OCTOBER 16, 2019 TO INTEGRATE DFCF
Statement of Cash Flow
($millions) Actual Actual Actual Actual Projected Projected Projected Projected Projected
For the year ended December 31 2015 2016 2017 2018 2019 2020 2021 2022 2023

Operating activity
Net Income $ 139.0 $ 144.0 $ 148.0 $ 157.0 $ 157.2 $ 161.3 $ 165.6 $ 170.0 $ 174.5
Plus/(Less):
Depreciation/amortization 95.0 100.0 105.0 110.0 109.8 112.5 115.3 118.2 121.2
Change in accounts receivable (15.0) (15.0) (5.0) (15.0) (11.4) (7.2) (7.3) (7.5) (7.7)
Change in inventory (10.0) (30.0) (25.0) (15.0) 5.1 (12.5) (12.8) (13.1) (13.5)
Change in prepaids (2.0) (1.0) (2.0) (5.0) (0.3) (1.6) (1.7) (1.7) (1.8)
Change in accounts payable 5.0 5.0 5.0 5.0 (5.7) 4.1 4.2 4.3 4.4
Change in accrued expenses (5.0) 5.0 5.0 10.0 3.0 4.6 4.7 4.8 4.9
Cash from operating activity 207.0 208.0 231.0 247.0 257.6 261.3 268.0 275.0 282.1

Investment activity
Capital expenditures (110.0) (115.0) (120.0) (125.0) (126.2) (129.4) (132.6) (136.0) (139.3)
Net cash from investment activity (110.0) (115.0) (120.0) (125.0) (126.2) (129.4) (132.6) (136.0) (139.3)

Financing activity
Repayment of debt (5.0) (5.0) (5.0) (5.0) - - - - -
New borrowings - - - - - - - - -
Dividends (78.0) (80.0) (83.0) (85.0) (86.4) (88.7) (91.1) (93.5) (96.0)
Net cash from financing activity (83.0) (85.0) (88.0) (90.0) (86.4) (88.7) (91.1) (93.5) (96.0)

Net increase/(decrease) in cash 14.0 8.0 23.0 32.0### 44.9 43.1 44.3 45.5 46.8
Cash beginning of year 25.0 39.0 47.0 70.0 102.0 146.9 190.0 234.3 279.8
Total 39.0 47.0 70.0 102.0 146.9 190.0 234.3 279.8 326.6
Minimum required operating cash n/a n/a n/a n/a 20.0 20.0 20.0 20.0 20.0
Cash Surplus/(Deficit) n/a n/a n/a n/a 126.9 170.0 214.3 259.8 306.6
Revolver borrowings n/a n/a n/a n/a - - - - -
Revolver repayment n/a n/a n/a n/a - - - - -

Cash end of year $ 39.0 $ 47.0 $ 70.0 $ 102.0 146.9 190.0 234.3 279.8 326.6

Projected Cash Flow Statement

Page 4
 SPECIALTY FOODS CORPORATION FOR CLASSWORK OCTOBER 16, 2019 TO INTEGRATE DFCF
Debt Schedule
($millions) Actual Projected Projected Projected Projected Projected
For the year ended December 31 2018 2019 2020 2021 2022 2023

Debt outstanding
Beginning $ 180.0 $ 180.0 $ 180.0 $ 180.0 $ 180.0
Less: Repayments - - - - -
Add: New borrowings - - - - -
Ending 180.0 180.0 180.0 180.0 180.0 180.0

Interest Rate 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%

Interest Expense n/a $ 12.6 $ 12.6 $ 12.6 $ 12.6 $ 12.6

Revolver debt outstanding

Beginning $ - $ - $ - $ - $ -
Add: new borrowings - - - - -
Less: repayments - - - - -
Ending - - - - - -

Average outstanding balance $ - $ - $ - $ - $ -

Interest Rate 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Interest Expense n/a $ - $ - $ - $ - $ -

Total Interest Expense n/a $ 12.6 $ 12.6 $ 12.6 $ 12.6 $ 12.6

Page 5 Projected Debt Schedule

 SPECIALTY FOODS CORPORATION FOR CLASSWORK OCTOBER 16, 2019 TO INTEGRATE DFCF
RE and Fixed Assets Schedule
($millions) Actual Projected Projected Projected Projected Projected
For the year ended December 31 2018 2019 2020 2021 2022 2023

Retained Earnings
Beginning $ 952.0 $ 1,022.7 $ 1,095.3 $ 1,169.9 $ 1,246.4
Add/(less): Net income/loss 157.2 161.3 165.6 170.0 174.5###
Less: dividends 86.4 88.7 91.1 93.5 96.0
Ending $ 952.0 $ 1,022.7 $ 1,095.3 $ 1,169.9 $ 1,246.4 $ 1,324.9

Fixed Assets
Beginning $ 660.0 $ 676.5 $ 693.3 $ 710.6 $ 728.4
Add: Capx 126.2 129.4 132.6 136.0 139.3
Less: Depreciation 109.8 112.5 115.3 118.2 121.2
Ending $ 660.0 $ 676.5 $ 693.3 $ 710.6 $ 728.4 $ 746.6

Page 6 Projected RE and Fixed Assets Schedule

 SPECIALTY FOODS CORPORATION
Weighted Cost of Capital
($millions)

COST OF EQUITY
Risk-Free Rate (20 year U.S. Treasury) 2.05% https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield
Market Risk Premium 5.2% http://pages.stern.nyu.edu/~adamodar/
Beta 0.45 Source from comparable public company analysis
Cost of Equity (CAPM) 4.4%
Company Size Risk 0.0%
Company Specific Risk 0.0%
Cost of Equity 4.4%

Debt
COST OF DEBT Outstanding % of Total Interest Rate Weighted
Asset Based Revolving Credit $ - 0.0% 5.00% 0.0%
Debt 180.0 100.0% 7.00% 7.0%
Total Material Debt $ 180.0 100.0% 7.0%
Tax rate 25.0%
After-Tax Cost of Debt 5.3%

CAPITAL STRUCTURE (Based on comparables) % of Total Cost Weighted

Equity 75.0% 4.4% 3.3%
Debt 25.0% 5.3% 1.3%
Total Capitalization 100.0%
WACC 4.6%

Page 7 DFCF Valuation Model

 SPECIALTY FOODS CORPORATION
Discounted Free Cash Flow Valuation
($millions) Actual Projected Projected Projected Projected Projected
For the year ended December 31 2018 2019 2020 2021 2022 2023

Current Assets (excluding cash) $ 845.0 $ 851.7 $ 873.0 $ 894.8 $ 917.1 $ 940.1
Current Liabilities 350.0 347.3 356.0 364.9 374.0 383.4
Net Working Capital 495.0 504.4 517.0 529.9 543.1 556.7

Change WC n/a $ (9.4) $ (12.6) $ (12.9) $ (13.2) $ (13.6)

Page 8 DFCF Valuation Model

 SPECIALTY FOODS CORPORATION
Discounted Free Cash Flow Valuation
($millions) Projected Projected Projected Projected Projected
For the year ended December 31 2019 2020 2021 2022 2023 Terminal

Long-Term Growth Rate Assumption 2.5%

EBITDA $ 331.9 $ 340.2 $ 348.8 $ 357.5 $ 366.4 $ 375.6

Depreciation/Amortization 109.8 112.5 115.3 118.2 121.2 124.2
EBIT 222.2 227.7 233.4 239.3 245.2 251.4
Taxes 25.0% 55.5 56.9 58.4 59.8 61.3 62.8
NOPAT 166.6 170.8 175.1 179.4 183.9 188.5

Add: Depreciation/Amortization 109.8 112.5 115.3 118.2 121.2 124.2

Working Capital - (Increase)/Decrease (9.4) (12.6) (12.9) (13.2) (13.6) (13.9)
Capital Expenditures (CAPX) (126.2) (129.4) (132.6) (136.0) (139.3) (142.8)

Terminal FCF 156.0

WACC 4.6%
Long-Term Growth Rate 2.5%
Capitalization Rate 2.1%

Free Cash Flow $ 140.8 $ 141.3 $ 144.8 $ 148.5 $ 152.2 $ 7,409.7

VALUATION
Invested Capital Value $ 6,291.5 =NPV
Less: Total Outstanding Debt (180.0) (From Balance Sheet = Current & Long-Term)
Add: Cash 102.0 (From Balance Sheet)
EQUITY VALUE $ 6,213.5
EBITDA 2019 $ 331.9
Multiple of EBITDA 18.7

Page 9 DFCF Valuation Model

Conagra Brands, Inc. (NYSE:CAG) > Quick Comparable Analysis > Trading Multiples

Details
Template: Capital IQ Default Comps
Currency: US Dollar
As-Of Date: Oct-16-2019

Company Comp Set

Company Name TEV/Total Revenues LTM - TEV/EBITDA LTM - Latest TEV/EBIT LTM - Latest P/Diluted EPS Before Extra
Latest LTM - Latest
Campbell Soup Company (NYSE:CPB) 2.8x 15.3x 20.3x 30.0x
Kellogg Company (NYSE:K) 2.2x 13.1x 16.8x 24.6x
The Hershey Company (NYSE:HSY) 4.6x 17.8x 20.7x 26.2x
Mondelez International, Inc. (NasdaqGS:MDLZ) 3.8x 18.4x 22.3x 21.2x
The J. M. Smucker Company (NYSE:SJM) 2.4x 11.3x 15.5x 22.8x
The Kraft Heinz Company (NasdaqGS:KHC) 2.5x 10.0x 11.9x NM
General Mills, Inc. (NYSE:GIS) 2.8x 12.6x 15.1x 17.0x
Hormel Foods Corporation (NYSE:HRL) 2.2x 15.5x 17.6x 22.4x
Post Holdings, Inc. (NYSE:POST) 2.3x 11.7x 17.3x 43.3x
McCormick & Company, Incorporated (NYSE:MKC) 4.8x 22.1x 25.2x 30.6x

Conagra Brands, Inc. (NYSE:CAG) 2.4x 11.4x 13.3x 18.6x

Summary Statistics TEV/Total Revenues LTM - TEV/EBITDA LTM - Latest TEV/EBIT LTM - Latest P/Diluted EPS Before Extra
Latest LTM - Latest
High 4.8x 22.1x 25.2x 43.3x
Low 2.2x 10.0x 11.9x 17.0x
Mean 3.0x 14.8x 18.3x 26.5x
Median 2.6x 14.2x 17.4x 24.6x

Displaying 11 Companies.

Values converted at today's spot rate.

Companies by default are sorted by S&P Capital IQ’s proprietary relevancy score.
Historical Equity Pricing Data supplied by Interactive Data Pricing and Reference Data LLC
P/TangBV LTM - Latest NTM TEV/Forward Total NTM TEV/Forward EBITDA NTM Forward P/E (Capital IQ)
Revenue (Capital IQ) (Capital IQ)
NM 2.77x 13.46x 18.68x
NM 2.34x 13.56x 15.83x
NM 4.45x 17.52x 25.64x
NM 3.73x 18.27x 21.33x
NM 2.36x 10.55x 12.76x
NM 2.54x 10.73x 10.96x
NM 2.71x 12.97x 15.57x
9.2x 2.22x 16.07x 22.96x
NM 2.29x 10.66x 20.11x
NM 4.69x 21.91x 29.50x

NM 2.22x 11.06x 12.58x

P/TangBV LTM - Latest NTM TEV/Forward Total NTM TEV/Forward EBITDA NTM Forward P/E (Capital IQ)
Revenue (Capital IQ) (Capital IQ)
9.2x 4.69x 21.91x 29.50x
9.2x 2.22x 10.55x 10.96x
9.2x 3.01x 14.57x 19.33x
9.2x 2.63x 13.51x 19.40x
Conagra Brands, Inc. (NYSE:CAG) > Quick Comparable Analysis > Operating Statistics

Details
Template: Capital IQ Default Comps
Currency: US Dollar
As-Of Date: Oct-16-2019

Company Comp Set

Company Name LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin %

Campbell Soup Company (NYSE:CPB) 33.4% 18.3% 13.8% 2.60%

Kellogg Company (NYSE:K) 33.9% 17.2% 13.4% 6.27%
The Hershey Company (NYSE:HSY) 45.6% 25.6% 22.0% 15.51%
Mondelez International, Inc. (NasdaqGS:MDLZ) 39.1% 18.9% 15.3% 14.57%
The J. M. Smucker Company (NYSE:SJM) 38.1% 21.0% 15.3% 6.95%
The Kraft Heinz Company (NasdaqGS:KHC) 33.0% 24.9% 20.9% (43.27%)
General Mills, Inc. (NYSE:GIS) 34.7% 21.8% 18.1% 11.21%
Hormel Foods Corporation (NYSE:HRL) 20.4% 14.1% 12.4% 10.34%
Post Holdings, Inc. (NYSE:POST) 31.3% 20.1% 13.7% 2.90%
McCormick & Company, Incorporated (NYSE:MKC) 44.1% 20.8% 18.1% 12.94%
Conagra Brands, Inc. (NYSE:CAG) 28.4% 20.1% 17.1% 6.68%

Summary Statistics LTM Gross Margin % LTM EBITDA Margin % LTM EBIT Margin % LTM Net Income Margin %

High 45.6% 25.6% 22.0% 15.51%

Low 20.4% 14.1% 12.4% (43.27%)
Mean 35.4% 20.3% 16.3% 4.00%
Median 34.3% 20.4% 15.3% 8.65%

Displaying 11 Companies.

Values converted at today's spot rate.

Companies by default are sorted by S&P Capital IQ’s proprietary relevancy score.
Historical Equity Pricing Data supplied by Interactive Data Pricing and Reference Data LLC
LTM Total Revenues, 1 Yr LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Net Income, 1 Yr Growth LTM Total Debt/Capital % LTM Total Debt/EBITDA
Growth % %
22.55% (11.43%) (19.76%) (19.16%) 88.40% 5.7x
4.37% (0.38%) (3.10%) (50.49%) 75.27% 4.1x
2.01% 4.22% 4.12% 18.05% 72.10% 2.2x
(2.70%) 1.89% (0.08%) 22.96% 43.77% 4.2x
2.71% (2.92%) (5.89%) (60.14%) 43.02% 3.7x
(1.80%) (17.93%) (21.07%) - 38.07% 5.0x
4.41% 7.52% 9.59% (11.22%) 64.12% 4.0x
0.07% 4.45% 4.44% 1.63% 4.07% 0.2x
(3.42%) 9.68% 17.22% (65.33%) 67.41% 5.6x
2.08% 4.37% 3.89% (21.43%) 57.24% 4.1x
26.68% 36.12% 39.69% (19.21%) 58.95% 5.3x

LTM Total Revenues, 1 Yr LTM EBITDA, 1 Yr Growth % LTM EBIT, 1 Yr Growth % LTM Net Income, 1 Yr Growth LTM Total Debt/Capital % LTM Total Debt/EBITDA
Growth % %
22.55% 9.68% 17.22% 22.96% 88.40% 5.7x
(3.42%) (17.93%) (21.07%) (65.33%) 4.07% 0.2x
3.03% (0.05%) (1.06%) (20.57%) 55.35% 3.9x
2.05% 3.05% 1.91% (19.16%) 60.68% 4.1x
NTM LT EPS Growth Rate 5 Year Beta
(Capital IQ)
3.93% 0.42
3.10% 0.54
7.82% 0.07
8.23% 0.81
3.14% 0.43
3.05% 1.01
7.00% 0.71
5.00% 0.05
7.00% 0.32 0.65
9.20% 0.13
3.20% 0.77 1.32

NTM LT EPS Growth Rate 5 Year Beta

(Capital IQ)
9.20% 1.01 1.32
3.05% 0.05 0.02
5.75% 0.45 0.76
6.00% 0.43 0.78
 PUBLICLY TRADED COMPARABLE COMPANIES
Invested
Shares Market Debt Invested Equity/Invested Capital less EBITDA
Ticker Stock Price Outstanding Capitalization Outstanding Capital Capital beta Cash Cash EBITDA Multiple

Comparable 1 AAA $ 25.00 25.500 $ 637.5 $ - $ 637.5 100% 0.85 $ 12.0 $ 625.5 $ 72.5 8.6
Comparable 2 BBB 34.00 33.100 1,125.4 463.9 1,589.3 71% 1.10 34.0 1,555.3 211.0 7.4
Comparable 3 CCC 29.00 34.500 1,000.5 328.0 1,328.5 75% 1.10 76.0 1,252.5 175.0 7.2
Comparable 4 DDD 22.00 29.700 653.4 387.0 1,040.4 63% 1.25 89.0 951.4 119.0 8.0
Comparable 5 EEE 30.00 35.500 1,065.0 425.0 1,490.0 71% 1.05 55.0 1,435.0 166.0 8.6
Comparable 6 FFF 41.00 32.000 1,312.0 310.0 1,622.0 81% 1.00 42.0 1,580.0 188.0 8.4

AVERAGES 77% 1.06 8.0

Page 17 Publicly Traded Comparables