The document presents a detailed analysis on the acquisition of FashionCo by ParentCo for up to 182 million USD, outlining the strategic benefits and financial implications of the deal. It underscores the potential for significant cost and sales synergies, diversification of revenue streams, and improved competitive positioning for ParentCo. Key financial metrics, such as expected revenue growth and modest increase in gross margins, support the rationale for the acquisition.

1. Investment Opportunities 2015
Version 1.0 | Tampa, March 24, 2015 | Cunningham, Doherty, Fielitz, Ford
Presentation to the Board of Directors of ParentCo

2. Executive Summary
Acquiring FashionCo for up to 182mUSD is the strongest alternative for ParentCo to increase shareholder
value.
Rationale
Valuation of
FashionCo
Bid Strategy
Concerns and
Risks
Strategic
Alternatives and
Considerations
 FashionCo is a buying opportunity with upward potential
 Additional growth without loosing the diversification benefits of MediaCo
 Potential to create significant cost synergies; sales synergies likely in the future
 FashionCo has a bid valuation range of 144 – 182 mUSD, reflecting a 28.7% control
premium
 100% cash offer
 Earnout provision: 30/70 goal for SG&A reduction and sales growth realization
above target range; compensation in stocks
 Initial price indication of FashionCo at 250 mUSD (+37% of upper end)
 Market reaction to the decision
 Synergies realization and integration of businesses and cultures
 A share buyback plan returns value to shareholders and demonstrates confidence
 Re-create synergies between MediaCo and ApparelCo
 Further market screening for complementary Media acquisitions
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3. Table of Contents
 Deal Rationale
 Valuation of FashionCo
 Bid Strategy
 Strategic Alternatives and Considerations
 Next Steps
 Appendix
MBA Investment Bankers - The best trusted choice for your business.
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4. FashionCo is
an attractive
target and
strategic fit for
ParentCo.
Why Acquire FashionCo?
Acquiring FashionCo allows ParentCo to improve its competitive market position, further diversify the
revenue streams, and extract significant value through realization of synergies.
 Broad target market
 Access to retail stores
 Fast growth and wide
acceptance
Market share
 Cost synergies:
reduction of total SG&A
 Revenue synergies:
selling more product
Synergies
 Shareholders expect
value-adding actions
 Inexpensive debt
Timing
 Increase product range
 Less exposure to
cyclical business
 Diverse customer base
Diversification
 Intrinsic value: 112.4 mUSD
 Expected revenue CAGR of 7.3%
through 2017
 Gross margins expected to increase
by 1.1%
 Positive organic growth projections
Summary Financials
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5. Valuation Summary, FashionCo
FashionCo has a bid valuation range of 144 – 182 mUSD.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
FashionCo
DCF Valuation
Comparables
Bid Valuation
Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of industry-specific control premiums paid since 2012; Synergies shown
are based on the upside potential to the 75th percentile of a merger
Market Valuation
Multiples
Control premium:
~28.7%
134
83
91
94
120 182
188
Minimum Bid: 144
213
168
Synergies
206
EV
Base
153
112
154
154
144
10.9x09.9x08.7x
13.8x10.0x05.4x
11.8x09.3x07.8x
13.4x10.2x05.9x
09.1x07.3x06.1x
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6. Funding Considerations
FashionCo can be acquired with an optimal combination of cash and debt, providing appealing returns to
stakeholders.
5/6 Debt1/6 Cash
120 mUSD
loan
30 mUSD
subordinated
debt
30 mUSD
cash
 Valuation of FashionCo at 144 mUSD
 Maximum bid at 28.7% premium
 Using approximately 84% debt
 Internal Rate of Return 37%
 Return Multiple 3.9x
 The success of the deal largely depends on this optimized deal structure
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7. Bidding Strategy
We propose a 1/6 cash and 5/6 debt deal with a contingency plan if the bid is denied. This comprehensive
strategy will ensure success for ParentCo in both scenarios.
Proposal
FashionCo
Decision
Recommendation Alternative
Earnout arrangement
 Provision requiring growth
(70%) and SG&A (30%)
targets over the next 5 years
 Compensation in stocks
Move forward with acquisition
 Due diligence process
 Acquisition of FashionCo
through cash payment
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Share buyback
initiative

8. Valuation Summary and Strategic Alternatives
Fundamental valuations of the individual entities and combined conglomerates indicate the whole is greater
than the sum of its parts.
ParentCo
330240
480
10890
134
11294
141
249205
322
576461
773
854757
983
7.0% 8.0% 10.9%
7.7%
9.3%
7.3%
Legend
Median
DCF
value25th
percentile
75th
percentile
WACC
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9. Strategic Alternatives
A share buyback program returns value to shareholders and demonstrates confidence in the current and
future success of the company and its operations.
Stock buyback and financial restructuring
 Up to $180 mUSD value with low cost of debt
 Tax exemptions/ benefits (deferred tax  gain interest on the amount)
 Value for shareholders  stock price + premium and optimization of return on equity
 Average FCF of MediaCo = $31 mUSD
 Average FCF ApparelCo = $6.5 mUSD
 ROE = $37.5m/550m = 6.81%
Before After
 Take on $168m in debt  $381m equity
 Average FCF = $29.9mUSD
 ROE = 7.8%
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In any case
 Re-create synergies between MediaCo and ApparelCo through sales of MediaCo branded
apparel products and a joint marketing strategy
 Further market screening for complementary Media acquisitions

10. M&A Support Services
At MBA Investment Bankers we are client-centric and commit to providing a full spectrum of M&A execution
activities to fit your needs.
Valuation modeling:
• Public comparables
valuation
• Multiples valuation
• Precedent
transactions
valuation
• DCF modeling
Capital structure
analysis
Prospectus drafting
support
Send letter of intent
on behalf of
ParentCo
Due diligence
Analysis of new
regulations + impact
IPOs + new issues
analysis
Deal structure,
negotiation, and
contracts
Anti-trust procedures
Closing preparation
Integration
preparation and
support
Legal implementation
Synergy realization
advisory
Post transaction
investor relation
strategy
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11. The best choice for your business.
Our group of trusted advisors at MBA Investment Bankers are looking forward to leveraging your full
potential built on mutual trust, excellence, and a joint vision for your future.
 Appointed Chief Investment Officer in August 2013
 Over 5 years experience in Investment Banking
 Area of specialty: Information Technology
Mr. Christian Fielitz
Chief Investment Officer
cfielitz@MBAI.com
Ms. Heather
Cunningham
Managing Director
hcunningham@MBAI.com
 Appointed February 2014
 Over 3 years experience in senior management positions
 Area of specialty: Consumer Discretionary
Ms. Seonag Doherty
Managing Director
sdoherty@MBAI.com
 Joined MBA Investment Bankers in January 2013
 Formerly chief economist in the Investment Management division
 Area of specialty: Income valuation methods
Mr. Robert Ford
Managing Director
rford@MBAI.com
 Joined MBA Investment Bankers in July 2013
 Formerly Vice President in the Portfolio Management division
 Area of specialty: Market valuation methods
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12. Appendix
Company Overview
Valuation Summary
Trading Statistics

13. Company Overview
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14. ParentCo has strong revenue and organic growth performance. The projected decline in gross margin could
be offset by a strategic move to lower costs and create synergies between operating units.
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848824806793790763727
+2%
+3%
2014 2015E 2017E2016E20132011 2012
Net sales (in mUSD)
2,9
2,2
1,6
3,6
2016E2015E2014
0,3
2012
4,9
2017E2013
Organic growth (YoY, in %)
28,2
727
71,8
763
100%
2011
MediaCo
2016E
848
61,6
824806
2014
ApparelCo38,4
793
+5,8%
32,5
67,5
2015E2013
790
2012 2017E
Sales structure (in %; total in mUSD)Margin comparison (in %)
2017E
34,5
2016E2015E2013
10,9
33,8
35,1
EBITDA Margin
10,5
Gross Margin
32,6
9,7
10,7
11,311,1
10,0
-3,6%32,9
33,8
2012 20142011
32,3
Key Financial Metrics: ParentCo, 2011-2017E

15. MediaCo’s projected decline in net sales and negative organic growth further support the recommendation
for ParentCo to diversify by acquiring FashionCo.
523522528535552541522
2015E2012 2013 20142011
-0.8%+0.8%
2017E2016E
-1,4
-3,0
20142012
3,5
2015E
-1,0
2016E
2,1
2013 2017E
0,1
EBITDA Margin
11,9
+1,2%
2017E
Gross Margin
41,5
2016E
40,4
10,7
40,6
11,1
2015E
12,0
2014
41,0
12,4
2012
42,1
2013
40,5
2011
12,0
11,6
41,1
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Key Financial Metrics: MediaCo, 2011-2017E
Net sales (in mUSD) Organic growth (YoY, in %)
Margin comparison (in %)

16. ApparelCo has exceptional projections in terms of net sales and organic growth. Synergies created with
FashionCo could result in higher gross margin realization.
325
302
278
258
239
222205
20122011 2013 2014
+8.0%
+8.1%
2017E2016E2015E 2015E
8,1
2017E
7,8
2012
8,5
7,8
2016E20142013
7,3
8,7
18,3
8,7
2014
18,9
2011 2017E
9,0
18,4
7,9
2013 2015E
-3,2%18,3
8,7
2012
Gross Margin
18,3
18,1
7,9
EBITDA Margin
8,4
2016E
8,1
17,0
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Key Financial Metrics: ApparelCo, 2011-2017E
Net sales (in mUSD) Organic growth (YoY, in %)
Margin comparison (in %)

17. Key Financial Metrics: FashionCo, 2011-2017E
FashionCo has strong net sales and organic growth projections. Synergies with ApparelCo could result in
lower SG&A and therefore higher gross margins.
| 17
240
224
209
195
182
169160
2017E
+7.3%
20142013 2016E2012
+6.8%
2015E2011
7,57,2
2012 2017E
7,2
2016E2015E2014
6,9
2013
7,5
6,1
EBITDA Margin
8.7
18.7
18.9
Gross Margin
18.6
8.7
8.9
19.1
9.3
2014
-11.2%
2013 2015E 2017E
8.1
2011
7.9
19.0
2016E
18.4
2012
18.6
9.8
Net sales (in mUSD) Organic growth (YoY, in %)
Margin comparison (in %)

18. Valuation Summary
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19. Valuation Summary, ApparelCo
ApparelCo’s sell valuation ranges between 116 and 175 mUSD, reflecting a 28.7% premium on the DCF
valuation. It is significantly undervalued compared to precedents.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
ApparelCo
DCF Valuation
Comparables
Sell Valuation
Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of industry-specific control premiums paid since 2012
Market Valuation
Multiples
Control premium:
~28.7%
178
111
92
90
116
223
Minimum sell value: 116
175
134
244
285
EV
Base
203
108
164
205
144
10.9x09.9x08.7x
13.9x010.0x05.4x
09.0x07.3x05.7x
11.9x8.0x04.5x
06.5x05.2x04.4x
| 19

20. Valuation Summary, MediaCo
The DCF valuation of MediaCo is within the valuation of precedents. It is currently valued at 330 mUSD. The
sell valuation, including a 14.6% premium ranges between 275 and 378 mUSD.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
MediaCo
DCF Valuation
Comparables
Sell Valuation
Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of industry-specific control premiums paid since 2012
Market Valuation
Multiples
Control premium:
~14.6%
417
417
423
240
275 555
603
455
480
609
Minimum sell value: 330
EV
Base
558
330
443
430
378
09.5x06.5x
07.1x06.7x06.5x
08.6x05.9x04.3x
06.9x06.6x
07.5x05.2x03.7x
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08.7x
09.4x

21. Valuation Summary, ParentCo
ParentCo is currently undervalued by at least 26 mUSD (0.87 USD/Share), with a significant upward
potential.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
ParentCo
DCF Valuation
Comparables
Sell Valuation
Market Valuation
Multiples
Control premium:
~22.7%
381
516
461
565
618
773
Minimum sell value: 565
953
770
846
1,024
EV
Base
593
576
685
601
706
12.1x7.0x
10.0x7.1x06.1x
11.2x08.3x06.7x
09.1x8.1x
09.1x06.8x05.4x
| 21
04.5x
07.3x
Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of control premiums paid since 2012

22. Valuation Summary, ParentCo and FashionCo
The combined businesses of PartenCo and FashionCo are valued between 651 and 818 mUSD.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
ParentCo and
FashionCo
DCF Valuation
Comparables
Sell Valuation
Market Valuation
Multiples
Control premium:
~22.7%
530
599
701
757
929
983
1,272
983
Minimum sell value: 929
1,058
1,200
EV
Base
727
854
840
754
883
12.0x7.3x5.3x
10.6x7.5x6.0x
10.5x09.1x08.1x
09.8x08.4x7.0x
08.5x07.4x06.6x
| 22Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of control premiums paid since 2012

23. Valuation Summary, ApparelCo and FashionCo
ApparelCo and FashionCo are valued between 205 and 322 mUSD. The comparison with precedents
suggests upward potential.
Valuation Measure Enterprise Value (mUSD)
2019 EV/EBITDA
Downside | Base | Upside
Precedents
ApparelCo and
FashionCo
DCF Valuation
Comparables
Sell Valuation
Market Valuation
Multiples
Control premium:
~28.7%
312
194
183
205
264
Minimum sell value: 264
322
452
499
420
391
EV
Base
355
249
320
363
351
10.9x9.9x8.7x
13.9x10.1x5.4x
11.5x08.8x07.3x
12.6x9.0x5.1x
09.0x06.9x05.7x
| 23Downside case: 25th percentile; Base: Median; Upside case: 75th percentile; Control premium: Weighted average of industry-specific control premiums paid since 2012

24. Trading Statistics
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25. Trading Statistics of Comparable Companies
Trading statistics of comparable companies provide a relevant benchmark for comparison.
Enterprise
Value
(inmUSD)
Revenue
(FY14,mUSD)
2-Year
RevenueCAGR
EBITDA,Margin
(FY14,mUSD)
30,764
12,868
4211,1111,8261223,5131,8131,644998
9,846
0
20,000
40,000
GIIIEVKNYT PERY PVHGCI VFCMNI TIME OXMLEE
11,993
8,251
8999521,932
122
3,352
1,5881,215657
5,675
0
5,000
10,000
15,000
GIIIEVKNYT PERY PVHGCI VFCMNI TIME OXMLEE
6
18
-3
9
23
39
-3-6-2
4
-20
0
20
40
GIIIEVKNYT PERY PVHGCI VFCMNI TIME OXMLEE
1715
4
13
86
1515
21
24
22
0
10
20
30
GIIIEVKNYT PERY PVHGCI VFCMNI TIME OXMLEE
| 25