Deal Detail

Church’s Chicken to Arcapita Inc.

EV / LTM EBITDA

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Restaurants transactions announced in the five years to November 2004. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2003	PizzaExpress PLC	Investor Group	-	-	6.2x	Financial
May 2002	Fresh Enterprises Inc. (Baja Fresh)	Wendy’s International Inc.	-	-	16.3x	Strategic
Jun 2000	Buffets Holdings, Inc.	Caxton-Iseman Capital, Inc.	$575M	-	5.0x	Financial
	Mean			-	9.2x
	Median			-	6.2x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	Fairness Opinion	BKC FO	Morgan Stanley	2010	-	-	-	-	-	Open