team 1 presentation acg cup v1

ACG Nebraska 2015

Team 1Daniela Morales, Sergio Gutierrez, Edgar

Lopez, Zhangde Lin

Index• Objective• Recommendation• Qualitative Analysis

– SWOT Analysis– Porter’s Five Forces Analysis

• Quantitative Analysis– MediaCo– ApparelCo– FashionCo– MediaCo + ApparelCo– MediaCo + ApparelCo + FashionCo

• Alternative options• Conclusion• Appendix

Objective

• Use qualitative and quantitative analysis to advise ParentCo on whether to:– Sell ApparelCo– Acquire FashionCo– Keep the status quo– Pursue other options

Recommendation

ParentCo should sell a majority stake of ApparelCo.

Qualitative Analysis

SWOT Analysis

Strengths Weaknesses

Opportunities Threats

Internal

External

Positive Negative

StrengthsMediaCo• Quality consumer product reviews• Long, established company• Strong positioning

ApparelCo• High quality and fashionable apparel• Good reputation • Young target audience• Revenue growth in line with comparable companies• William Masterson• Less likely to be impacted by economic downturns

FashionCo• Ample distribution channels• Affordable products

Strengths

StrengthsMediaCo• Non-diversified revenue stream• Low profits in Production portion

ApparelCo• Few synergies with MediaCo• Lower profit margins• Limited distribution channels• Vulnerable to changes in weather during seasons

FashionCo• Lack of owners interest in industry• Untrendy products

Weaknesses

StrengthsMediaCo• Capturing new market segment• Strengthening brands • Divesting ApparelCo

ApparelCo• Faster future growth than MediaCo • Economies of scale• Advertising through MediaCo channels

FashionCo• Increase sales percentage in brick and mortar stores• Potential sale of company

Opportunities

StrengthsMediaCo• Low industry future expected growth

ApparelCo• Possible divesture from ParentCo • Possible request for a seat in the board of directors

from activist hedge funds • Agency problem

FashionCo• Lack of customer interest • Economic downturn can impact demand

Threats

Qualitative Analysis

Porter’s Five Forces

• Competitors are big• Low long-term growth

rates• Low product

differentiation

• Abundance of substitute products

• Low switching costs• High buyer propensity to

substitute

• Men, women, and children

• High price sensitivity• High customer

acquisition price

• Low switching costs• Economies of scale• Low product

differentiation

• Economies of scale• High branding costs• High capital

requirements

Buyer Power

Threats of Substitution

Supplier Power

Threat of New Entrants

Fashion Industry

Rivalry

HIGH

HIGH

LOW

LOW

HIGH

• Wide and diverse competitors

• Long, established competitors

• Medium exit barriers

• Abundance of substitute media

• High quality substitute media

• High customer loyalty• Low price sensitivity• Medium switching costs

(print)• Recurring purchases

• Scattered suppliers • Low cost of inputs• Low switching costs

• Economies of scale• Medium capital

requirements• Expected to have low

growth• Internet as point of entry

Buyer Power

Threats of Substitution

Supplier Power

Threat of New Entrants

MediaIndustry

Rivalry

MEDIUM-LOW

HIGH

LOW

MEDIUM-LOW

MEDIUM

Quantitative Analysis

Valuations

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

Perp. Method

Multiple Method

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

$265.7

$195.0

$262.1

$178.6

$393.0

$309.6

$387.6

$283.5

$224.2

$167.2

$819.4

$573.4

$808.2

$525.2

$650.4

$533.3

$641.5

$488.5

$333.1

$418.2

Implied Total Enterprise Value ($ in millions)

Relevant Mulitple(a)Precedent Trans-

actions

3.0x-8.9x

0.5x-1.5x

0.5x-1.5x

3.0x-8.9x

Multiple Method:3.0x-8.9x exit multiple8.8-10.8% discount

rate

Perp. Method:-0.89-1.1% growth rate8.8-10.8% discount rateDCF Analysis

4.8x-8.3x

4.8x-8.3x

0.7x-1.2x

0.7x-1.2x

Trading Compa-rables

A graphical summary of the

various valuation

methodologies that our team

has reviewed is presented here

and can help triangulate towards a

potential value

Source: ACG Cup 2015

MediaCo Illustrative Preliminary Valuation Analysis - Summary

MediaCoFinancial Data ($mm)

2014A 2015E

Sales $535.12 $527.80

EBITDA $64.14 $58.74

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

Perp. Method

Multiple Method

$0 $100 $200 $300 $400 $500 $600

$113.6

$106.4

$122.4

$114.2

$237.3

$160.9

$255.8

$172.8

$101.0

$89.4

$336.6

$270.0

$362.8

$290.0

$294.7

$239.4

$317.7

$257.0

$294.7

$224.9


Relevant Mulitple(a)Precedent

Transactions

5.2x-13.2x

0.4x-1.3x

0.4x-1.3x

5.2x-13.2x


rate

Perp. Method:7.03%-9% growth

rate11.0-13.0% discount

rate

DCF Analy-sis

7.8x-11.7x

7.8x-11.7x

0.9x-1.1x

0.9x-1.1x

Trading Com-parables


various valuation




potential value


ApparelCo Illustrative Preliminary Valuation Analysis - Summary

ApparelFinancial Data ($mm)

2014A 2015E

Sales $258.10 $278.20

EBITDA $20.53 $22.05

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

2014A Sales

2014A EBITDA

2015E Sales

2015E EBITDA

Perp. Method

Multiple Method

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500

$85.6

$79.7

$91.7

$93.5

$178.8

$120.5

$191.7

$141.5

$99.1

$76.7

$253.6

$202.2

$271.8

$237.4

$222.1

$179.3

$238.0

$210.4

$231.3

$181.2



actions

5.2x-13.2x

0.4x-1.3x

0.4x-1.3x

5.2x-13.2x

Multiple Method:5.2x-13.2x exit multi-

ple11.0-13.0% discount

rate

Perp. Method:6.28-8.3% growth rate11.0-13.0% discount

rate

DCF Analy-sis

7.8x-11.7x

7.8x-11.7x

0.9x-1.1x

0.9x-1.1x



various valuation




potential value


FashionCo Illustrative Preliminary Valuation Analysis - Summary

FashionCoFinancial Data ($mm)

2014A 2015E

Sales $194.46 $208.46

EBITDA $15.38 $18.05

ParentCo Consolidation Financial StatementsSummary

($ in millions) Fiscal Year Ended December,

2011 2012 2013 2014 2015 2016 2017

Actual Actual Actual Actual Projected Projected Projected

Revenue 364.1$ 391.6$ 420.6$ 452.6$ 486.7$ 525.8$ 565.5$

% Growth 7.5% 7.4% 7.6% 7.5% 8.0% 7.5%

Cost of Goods Sold 298.9$ 319.5$ 342.3$ 368.0$ 396.7$ 428.3$ 461.4$

Gross Profit 65.3$ 72.1$ 78.3$ 84.6$ 90.0$ 97.5$ 104.1$

Gross Margin 17.9% 18.4% 18.6% 18.7% 18.5% 18.5% 18.4%

Selling, General & Administrative 29.3$ 35.9$ 42.8$ 48.7$ 48.1$ 51.0$ 53.9$

Depreciation & Amortization 5.3$ 5.2$ 5.7$ 4.2$ 6.3$ 6.6$ 6.6$

Other Operating Expenses 2.3$ 1.6$ -$ -$ -$ -$ -$

Operating Income (EBIT) 28.4$ 29.3$ 29.8$ 31.7$ 35.6$ 39.9$ 43.6$

Operating Margin 7.8% 7.5% 7.1% 7.0% 7.3% 7.6% 7.7%

Interest Expense, net 4.5$ 8.3$ 6.6$ 2.8$ 2.2$ 2.4$ 2.5$

EBT 23.9$ 21.1$ 23.2$ 28.9$ 33.4$ 37.5$ 41.1$

Taxes (1) 9.6$ 8.4$ 9.3$ 11.6$ 13.3 15.0 16.4

Net Income Available to Common 14.4$ 12.6$ 13.9$ 17.3$ 20.0$ 22.5$ 24.6$

3.94% 3.23% 3.31% 3.83% 4.11% 4.28% 4.36%

Add: Taxes 9.6$ 8.4$ 9.3$ 11.6$ 13.3$ 15.0$ 16.4$

Add: Interest expense 4.5$ 8.3$ 6.6$ 2.8$ 2.2$ 2.4$ 2.5$

Plus: Depreciation & Amortization 5.3$ 5.2$ 5.7$ 4.2$ 6.3$ 6.6$ 6.6$

Adjusted EBITDA 33.7$ 34.6$ 35.5$ 35.9$ 41.8$ 46.5$ 50.1$

EBITDA Margin 9.3% 8.8% 8.4% 7.9% 8.6% 8.8% 8.9%

Capital Expenditures 5.1$ 6.2$ 4.9$ 6.1$ 6.9$ 9.2$ 10.2$

Our team has reviewed the historical and

projected financials as provided for

each entity and has

combined them to

create ParentCo


2015E Sales

2015E EBITDA (No Synergies)

2015E EBITDA (With Synergies)

2015E Sales

2015E EBITDA (No Synergies)

2015E EBITDA (With Synergies)

Perp. Method

Multiple Method

$0 $100 $200 $300 $400 $500 $600 $700 $800

$199.1

$186.0

$216.8

$416.1

$281.5

$328.0

$216.0

$174.4

$590.2

$472.2

$550.3

$516.8

$418.6

$487.8

$557.0

$424.2



actions

5.2x-13.2x

5.2x-13.2x

0.4x-1.3x


rate

Perp. Method:6.7-8.7% growth rate11.0-13.0% discount

rate

DCF Analysis

7.8x-11.7x

0.9x-1.1x



actions

DCF Analysis

7.8x-11.7x



various valuation




potential value


ApparelCo&FashionCo Illustrative Preliminary Valuation Analysis - Summary

Apparel+FashionFinancial Data ($mm)

2014A 2016E

Sales $452.56 $486.66

EBITDA $35.91 $41.85

NewCo Consolidation Financial StatementsSummary NewCo=MediaCo+ApparelCo+FashionCo

Our team has reviewed the historical and

projected financials as provided for

each entity and has

combined them to

create NewCo


NewCo - Income Statement

($ in millions) Fiscal Year Ended December,

2011 2012 2013 2014 2015 2016 2017

Actual Actual Actual Actual Projected Projected Projected

Revenue 886.4$ 932.1$ 972.4$ 987.7$ 1,014.5$ 1,048.1$ 1,088.4$

% Growth 5.2% 4.3% 1.6% 2.7% 3.3% 3.8%

Cost of Goods Sold 605.0$ 632.6$ 670.8$ 684.0$ 709.9$ 739.5$ 767.5$

Gross Profit 281.5$ 299.5$ 301.6$ 303.7$ 304.5$ 308.6$ 320.9$

Gross Margin 31.8% 32.1% 31.0% 30.8% 30.0% 29.4% 29.5%

Selling, General & Administrative 183.7$ 197.1$ 196.1$ 202.0$ 203.9$ 206.1$ 208.7$

Depreciation & Amortization 20.1 20.6 20.6 20.8 22.2 22.6 20.8

Other Operating Expenses 2.3 1.6 - - - - -

Operating Income (EBIT) 75.4$ 80.2$ 84.9$ 81.0$ 78.4$ 79.9$ 91.4$

Operating Margin 8.5% 8.6% 8.7% 8.2% 7.7% 7.6% 8.4%

Interest Expense, net 7.6 10.4 8.1 4.4 4.0 4.2 4.2

Other (Income) / Expenses 0.5$ (1.6)$ 1.5$ 3.2$ 2.4$ (2.8)$ 1.7$

EBT 68.3$ 68.2$ 78.3$ 79.8$ 76.8$ 73.0$ 88.8$

Taxes (1) 27.3 27.3 31.3 31.9 30.7 29.2 35.5

Net Income Available to Common 41.0$ 40.9$ 47.0$ 47.9$ 46.1$ 43.8$ 53.3$

4.62% 4.39% 4.83% 4.85% 4.54% 4.18% 4.90%

Add: Taxes 27.3$ 27.3$ 31.3$ 31.9$ 30.7$ 29.2$ 35.5$

Add: Interest expense 7.6 10.4 8.1 4.4 4.0 4.2 4.2

Add: Other (Income) / Expenses 0.5 (1.6) 1.5 3.2 2.4 (2.8) 1.7

Plus: Depreciation & Amortization 20.1 20.6 20.6 20.8 22.2 22.6 20.8

Adjusted EBITDA 96.5$ 97.5$ 108.5$ 108.2$ 105.5$ 96.9$ 115.5$

EBITDA Margin 10.9% 10.5% 11.2% 11.0% 10.4% 9.2% 10.6%

Capital Expenditures 20.1 21.6 19.8 22.9 23.2 25.5 25.9

• Status Quo• Sell ApparelCo• Sell Majority Stake of ApparelCo• Buy FashionCo• Buy Minority Stake of FashionCo• Status Quo + Liquidity for ShareHolder• Status Quo + Debt for Investment

Alternatives Options

Conclusion

• ParentCo should not make an offer for FashionCo• ParentCo should sell a majority stake of ApparelCo

– Based on our aforementioned analysis there is a valuation range applicable to ApparelCo

– We feel comfortable based on our analysis ,to ballpark an estimate around $150mm for ApparelCo

• Additional strategies ParentCo could pursue to enhance the value for ParentCo Shareholder include:

– Issuing additional senior debt– Issuing subordinated debt– Issuing equity

Rationale for Conclusion:Gross Margin Analysis

2014 2015 2016 20170.15

0.2

0.25

0.3

0.35

0.4

0.45

Gross Profit Margin

MediaCo

MediaCo+ApparelCo

MediaCo+ApparelCo+FashionCo

FashionCo

ApparelCo

2014 2015 2016 2017

MediaCo 40.95% 40.65% 40.42% 41.46%

MediaCo+ApparelCo 33.78% 32.95% 32.25% 32.56%MediaCo+ApparelCo+Fashi

onCo 30.75% 30.02% 29.44% 29.48%

FashionCo 18.40% 18.70% 19.10% 18.60%

ApparelCo 18.91% 18.33% 18.12% 18.25%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%EBITDA

MediaCo

MediaCo+ApparelCo


FashionCo

ApparelCo

Rationale for Conclusion:EBITDA Margin Analysis

2014 2015 2016 2017

MediaCo 11.99% 11.13% 10.72% 11.86%

MediaCo+ApparelCo 10.67% 10.02% 9.67% 10.52%

MediaCo+ApparelCo+FashionCo 10.96% 10.40% 9.25% 10.62%

FashionCo 7.91% 8.66% 9.34% 8.74%

ApparelCo 7.96% 7.93% 7.86% 8.36%

Rationale for Conclusion:EBIT Margin Analysis

2014 2015 2016 2017

MediaCo 8.89% 8.10% 7.66% 9.14%



8.20% 7.72% 7.62% 8.39%

FashionCo 7.02% 7.26% 8.31% 7.38%

ApparelCo 6.99% 6.73% 6.45% 7.34%

2014 2015 2016 20176.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%EBIT

MediaCo

MediaCo+ApparelCo


FashionCo

ApparelCo

Rationale for Conclusion:Net Income Margin Analysis

2014 2015 2016 20170.03

0.035

0.04

0.045

0.05

0.055

Net Income Margin

MediaCo

MediaCo+ApparelCo


FashionCo

ApparelCo

2014 2015 2016 2017

MediaCo 4.79% 4.39% 4.71% 5.09%


MediaCo+ApparelCo+FashionCo 4.85% 4.54% 4.18% 4.90%

FashionCo 3.70% 4.09% 4.71% 4.15%

ApparelCo 3.93% 3.76% 3.59% 4.15%

Thank you!!

Q&A

Appendix

1. MediaCo Discount Cash Flow2. ApparelCo Discount Cash Flow3. FashionCo Discount Cash Flow4. ApparelCo+FashionCo Discount Cash Flow5. Comparable Companies Multiples Analysis6. MediaCo Comparable Transaction Analysis7. ApparelCo & FashionCo Comparable Transaction Analysis

1. MediaCo Preliminary Discounted Cash Flow Analysis

2015E 2016E 2017ENet Sales $208.5 $224.0 $240.1

% growth 7.5% 7.2%PF EBITDA 58.7 56.0 62.0

% margin 28.2% 25.0% 25.8%Depreciation & Amortization 16.0 16.0 14.2PF EBIT 42.8 40.0 47.8

% margin 20.5% 17.9% 19.9%Taxes @ 40% 17.1 16.0 19.1Unlevered Net Income $25.7 $24.0 $28.7

+ Depreciation & Amortization 16.0 16.0 14.2 - Capital expenditures 16.3 16.3 15.8 - Changes in working capital 12.4 0.5 (0.0) Unlevered free cash flow $13.0 $23.2 $27.2

Perpetuity MethodGrowth Rate

$267 -0.89% 0.1% 1.1%7.8% $302.8 $338.1 $384.1

Discount 8.8% $271.0 $298.5 $333.1Rate 9.8% $245.3 $267.2 $294.2

10.8% $224.2 $242.1 $263.611.8% $206.6 $221.4 $238.9

Multiples MethodExit Multiple

$287 3.0x 6.0x 8.9x7.8% $183.8 $309.6 $435.4

Discount 8.8% $178.0 $298.1 $418.2Rate 9.8% $172.4 $287.2 $401.9

10.8% $167.2 $276.8 $386.511.8% $162.2 $267.1 $371.9

2. ApparelCo Preliminary Discounted Cash Flow Analysis

2015E 2016E 2017ENet Sales $278.2 $301.8 $325.4

% growth 8.5% 7.8%PF EBITDA 22.1 23.7 27.2



+ Depreciation & Amortization 3.3 4.3 3.3 - Capital expenditures 4.9 6.3 5.9 - Changes in working capital 5.9 4.6 4.6 Unlevered free cash flow $3.8 $4.9 $7.1


$150 7.0% 8.0% 9.0%10.0% $203.0 $299.7 $586.2

Discount 11.0% $152.0 $199.7 $294.7Rate 12.0% $121.4 $149.5 $196.4

13.0% $101.0 $119.5 $147.214.0% $86.5 $99.5 $117.7


$154 5.2x 9.2x 13.2x10.0% $100.4 $167.6 $234.7

Discount 11.0% $96.5 $160.7 $224.9Rate 12.0% $92.9 $154.3 $215.6

13.0% $89.4 $148.1 $206.814.0% $86.1 $142.3 $198.5

3. FashionCo Preliminary Discounted Cash Flow Analysis

2015E 2016E 2017ENet Sales $208.5 $224.0 $240.1

% growth 7.5% 7.2%PF EBITDA 18.1 20.9 21.0





$137 6.28% 7.3% 8.3%10.0% $176.0 $235.1 $361.1

Discount 11.0% $139.5 $173.2 $231.3Rate 12.0% $115.7 $137.4 $170.5

13.0% $99.1 $114.0 $135.314.0% $86.8 $97.7 $112.4


$127 5.2x 9.2x 13.2x10.0% $85.2 $137.0 $188.8

Discount 11.0% $82.2 $131.7 $181.2Rate 12.0% $79.4 $126.7 $174.1

13.0% $76.7 $122.0 $167.314.0% $74.1 $117.5 $160.8

4. ApparelCo+FashionCo Preliminary Discounted Cash Flow Analysis

2015E 2016E 2017ENet Sales $208.5 $224.0 $240.1

% growth 7.5% 7.2%PF EBITDA 41.8 46.5 50.1





$309 6.66% 7.7% 8.7%10.0% $406.0 $566.5 $957.0

Discount 11.0% $313.6 $399.5 $557.0Rate 12.0% $255.7 $308.7 $393.1

13.0% $216.0 $251.9 $304.014.0% $187.3 $213.0 $248.2


$294 5.2x 9.2x 13.2x10.0% $194.6 $318.4 $442.2

Discount 11.0% $187.5 $305.8 $424.2Rate 12.0% $180.8 $293.9 $407.0

13.0% $174.4 $282.6 $390.814.0% $168.3 $271.9 $375.4

5. Comparable Companies Multiples Analysis

Comparable Company Multiples

(figures in millions except per share amount)

Shares LTM LTM LTM LTM Sales EBITDACompany Ticker Stock Price Outstanding Debt Cash Sales EBITDA EBIT Earnings Market Cap Multiple Multiple

Gannett Co., Inc. GCI $31.50 225.6 $4,112.6 $1,374.5 $5,675.2 $1,254.7 $1,023.9 $476.9 $7,107.88 1.3x 5.7x

Lee Enterprises, Incorporated LEE 3.73 53.7 815.0 17.8 657.1 160.2 112.9 (85.1) 200.36 0.3x 1.3x

The McClatchy Company MNI 3.56 86.7 1,560.3 225.1 1,215.2 248.9 144.6 83.9 308.82 0.3x 1.2x

The New York Times Company NYT 12.84 150.3 669.4 414.6 1,587.7 232.1 152.8 64.1 1,929.87 1.2x 8.3x

Time Inc. TIME 22.59 109.0 1,376.0 325.0 3,352.0 510.0 352.0 8.0 2,461.63 0.7x 4.8x

Shares LTM LTM LTM LTM Sales EBITDACompany Ticker Stock Price Outstanding Debt Cash Sales EBITDA EBIT Earnings Market Cap Multiple Multiple

Ever-Glory International Group, Inc. EVK $6.19 14.8 $55.4 $25.0 $422.3 $27.0 $20.8 $12.8 $91.55 0.2x 3.4x

G-III Apparel Group, Ltd. GIII 79.35 22.4 71.2 21.5 1,931.7 152.4 135.9 80.2 1,776.25 0.9x 11.7x

Oxford Industries Inc. OXM 61.25 16.5 108.5 6.4 951.8 121.9 85.3 45.9 1,008.73 1.1x 8.3x

Perry Ellis International Inc. PERY 20.45 15.7 172.5 49.2 899.0 34.7 21.3 (25.1) 321.62 0.4x 9.3x

PVH Corp. PVH 114.35 82.4 3,907.4 461.1 8,250.7 1,202.2 948.9 321.0 9,421.64 1.1x 7.8x

V.F. Corporation VFC 67.68 431.1 2,083.5 496.5 11,993.4 2,047.8 1,775.2 1,293.1 29,176.92 2.4x 14.2x

6. MediaCo Comparable Transaction Analysis

Comparable Company Analysis - Comparable Transactions

($ in millions)

Announced Target EV / EV / EBITDATransaction Date Enterprise Value Revenue EBITDA Revenue EBITDA Margin

Transaction 1 2014 $972 NA 11.7x NA $83 NA

Transaction 2 2014 690 NA NA NA NA NA

Transaction 3 2014 511 1.5x 8.9x $334 58 17.2%


Transaction 5 2014 25 0.2x 6.9x 139 4 2.6%

Transaction 6 2014 6 0.5x 3.5x 13 2 14.2%

Transaction 7 2013 105 0.8x 8.9x 140 12 8.4%

Transaction 8 2013 76 1.9x NA 41 NA NA

Transaction 9 2013 82 0.5x 3.0x 162 27 16.7%



Transaction 12 2013 829 2.1x 8.0x 386 103 26.7%


Transaction 14 2013 355 2.1x 11.3x 171 31 18.4%

Transaction 15 2013 108 NA 17.0x NA 6 NA


Transaction 17 2012 13 0.3x 8.7x 42 1 3.5%

Transaction 18 2012 86 1.0x 5.2x 85 16 19.5%

Transaction 19 2012 15 0.4x 8.6x 41 2 4.3%

Min $3 0.2x 3.0xMax 972 2.7x 17.0xMedian 108 0.9x 8.6xMean 258 1.1x 8.5x

7. ApparelCo & FashionCo Comparable Transaction Analysis

Comparable Company Analysis - Comparable Transactions

($ in millions)

Announced Target EV / EV / EBITDATransaction Date Enterprise Value Revenue EBITDA Revenue EBITDA Margin

Transaction 1 2014 $359 0.6x NA $633 NA NA

Transaction 2 2014 189 NA 13.0x NA $15 NA

Transaction 3 2013 2,201 0.6x 9.8x 3,848 226 5.9%

Transaction 4 2013 1,486 1.4x 11.1x 1,031 134 13.0%

Transaction 5 2013 615 2.2x 9.6x 285 64 22.5%

Transaction 6 2013 253 1.3x 13.2x 194 19 9.9%

Transaction 7 2013 2,274 0.9x 8.0x 2,503 285 11.4%

Transaction 8 2013 567 1.0x 13.1x 562 43 7.7%

Transaction 9 2013 143 1.9x 13.5x 74 11 14.3%

Transaction 10 2013 1,000 1.1x 9.8x 921 102 11.0%

Transaction 11 2013 628 1.3x 7.2x 481 87 18.1%

Transaction 12 2013 18 0.4x 9.8x 46 2 4.0%

Transaction 13 2013 548 0.7x 8.7x 742 63 8.5%

Transaction 14 2012 2,847 1.2x 9.9x 2,406 288 12.0%

Transaction 15 2012 88 0.4x 5.2x 200 17 8.5%

Transaction 16 2012 852 0.4x 10.2x 1,969 84 4.3%

Transaction 17 2012 1,809 0.5x 8.4x 3,505 216 6.2%

Transaction 18 2012 246 0.5x 10.6x 478 23 4.9%

Transaction 19 2012 553 4.4x 10.9x 125 51 40.5%

Transaction 20 2012 58 0.4x 5.5x 139 11 7.6%

Transaction 21 2011 60 0.6x 10.6x 103 6 5.5%

Transaction 22 2011 60 0.6x 10.6x 103 6 5.5%

Transaction 23 2011 357 0.3x NA 1,144 NA NA

Min $18 0.3x 5.2xMax 2,847 4.4x 13.5xMedian 548 0.7x 9.9xMean 748 1.0x 9.9x

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