What is BuyerScope™? BuyerScope™ is an exclusive service of Winchester Capital that provides detailed strategic research and business intelligence to private equity investors and corporate development executives. BuyerScope™ assists private equity firms and corporations in surveying the global landscape of potential investee, buyer or seller candidates and relative valuations prior to undertaking an investment, merger, acquisition or commencing a sale process. BuyerScope™ also provides details of recent market transactions within an industry sector at comparable trading multiples. Our research covers both public and private transactions. BuyerScope™ offers research commensurate with that provided by top-tier investment banks for an economical fixed fee with no commitment required by the Client to buy, sell or invest.

BuyerScope™ Services Sell-Side: Targeting Suitable Buyer Candidates Using specific criteria provided by the Client, BuyerScope™ conducts an extensive search to identify likely buyer candidates and their previous acquisition histories. The search executed by BuyerScope™ is presented to the Client in an easy to follow format that details the relevant data, to provide the Client with the most accurate and useful information possible. BuyerScope™ seeks to understand thoroughly the Client's business, operations and sale objectives. BuyerScope™ can also identify potential non-conventional acquirers who may be seeking acquisitions as part of a geographical diversification or platform strategy. Potential buyers may include both corporate strategics and private equity firms committed to specific sectors. Efforts are focused on qualifying target candidates that have a high strategic fit in order to present management with alternative candidates. Our research may also be activated before or during an existing process as an additional management tool, to ensure that all of the potential buyers have been identified and are being pursued by their broker, investment banker or adviser.

BuyerScope™ provides target acquisition data including: Identification of specific strategic and financial buyers Ownership & Management Acquisition / divestiture history / track record Actual valuations and historic multiples paid Financial qualifications Potential financing requirements Other factors which could delay or postpone a timely sale, investment or acquisition BuyerScope™ saves its Clients time and costs by providing, reviewing and qualifying the highest and most probable buyer candidates.

Buy-Side: Finding the Right Acquisition Targets BuyerScope™ offers a global search that targets potential strategic acquisition opportunities for private equity firms and corporate development executives. These targets may be non-conforming subsidiaries, divisions, brands, assets or product lines. BuyerScope™ can be helpful in searching for follow-on acquisitions for portfolio companies and corporate subsidiaries. Once provided with specific criteria for its acquisition objectives, BuyerScope™ commences a dedicated search utilizing multiple databases containing information on thousands of companies and private investment firms globally. Some of the key criteria applied in our searches include: Industry sector Location Acquisition size Financial strength Market position Complementary Products / Services & Technologies Each search is tailored to the buy-side requirements of the specific Client. Targets are tier ranked and qualified in respect of potential fit with the Client's specific criteria and acquisition focus.

Private Equity and Venture Capital: Know Market Values Before Investment or Sale Whether undertaking a controlled acquisition, minority investment or additional round of equity financing, before agreement of terms it is important for the investor to know the relative values of similar companies that have sold in the marketplace and the timing of the most recent sales. As private equity houses and venture capitalists may participate in one or more rounds of equity financing, BuyerScope™ can also assist in determining market valuations when considering additional investment, refinancing or recapitalization in order to assess strategies and forward exit values.

Company Profiles Research

For Clients requiring further detailed information on specific buyers or acquisition targets either identified by BuyerScope™ or companies specified by the Client, BuyerScope™ offers more detailed research through its Company Profiles service. Company Profiles expands upon the buy-side or sell-side research and offers an in-depth report on each target candidate including capitalization, management, board composition, detailed M&A history, financials, acquisition or divestiture trends and historic valuations. Additional information may include recent news articles / press releases and any significant events which could affect a potential transaction with that candidate.

Market Comparable Transaction Reporting BuyerScope™ market comparable research details recently completed deals within an industry sector which include target and acquirer, transaction size, date and multiples. The multiples are provided for comparable stock-exchange listed and, where available, private companies. These multiples include revenue and / or EBITDA for each transaction. Further, there is a comments section which often includes related and relevant information such as bid premium (if target was formerly public) and prior ownership history of the acquired entity. Our market comparables research provides the Client with the necessary knowledge of recent valuation multiples within their industry, to make an informed decision on whether it is an appropriate time to make an investment, acquisition or commence a sale process and what values have been historically ascribed to similar companies. Similarly, prior to responding to an offer to acquire or invest, Clients can use these market comparables to gauge valuation range and terms.

Public Company Trading Multiples

BuyerScope™ provides public company trading-multiple research that focuses on the current trading value of quoted companies in the market. This information is not only helpful in assisting a Client to determine the value of their business if it were sold to a stock-exchange listed company*, but also the amount of accretion or dilution that could be realized by the acquiring entity which often dictates offer valuation ranges. Our research is also helpful for Clients seeking to diversify into a new sector, to observe what types of multiples companies within that industry are currently achieving, prior to effecting an acquisition.

BuyerScope™ Advantages Useful management tool for corporate and private equity/M&A activity No commitment required by Client to buy, sell or invest Increased potential target and competitor awareness Assists in determining how to maximize return on investment and planning of exit strategies Creates awareness of potential buyers for portfolio companies or corporate subsidiaries/divisions Compares recent market valuations for similar companies to facilitate investment decisions and to determine exit timing. Provides a useful information source for comparable transaction valuations when reporting to investors, shareholders, Investment Committees or Limited Partners. BuyerScope™ Process and Confidentiality Each BuyerScope™ service is independently quoted and governed by a specific letter of engagement which affords the Client a fixed fee and the protection of strict confidentiality. BuyerScope™ assignments can be completed within (30) days of engagement or can be accelerated for delivery in time-sensitive transactions. Our process has been designed as an efficient means of outsourcing essential business intelligence gathering, which would otherwise require internal resources. We also provide an optional service which periodically updates the Client on transactions within their sector which may impact upon valuation.

About Winchester Capital Founded in 1986 by Ceasar N. Anquillare and the family investment office of the Hon. Averell Harriman, then a partner of Brown Brothers Harriman, Winchester Capital provides private investment banking services. Located within steps of the Yale University campus in New Haven, Connecticut and in London, England, Winchester specializes in international mergers and acquisitions and global private equity. Winchester is an independent financial services group not affiliated with or controlled by any bank or brokerage house. Since inception, Winchester has advised on approximately $4 billion of successfully completed transactions. All client engagements are handled on a strictly confidential basis. For more information, please visit us at www.winchestercapital.com. Click here to download our printable brochure. Requests for service quotations may be directed to buyerscope@winchestercapital.com. North America, Winchester Capital Partners Winchester House 445 Orange Street, New Haven Connecticut 06511 USA Tel: + 1 203 787 5029 Fax: + 1 203 785 0018 Europe, Winchester Capital Ltd 33 St. James's Square London SW1Y 4JS UK Tel: +44 (0) 20 7661 9372 Fax: +44 (0) 20 7661 9798 buyerscope@winchestercapital.com