Deal Detail

Conwood Company to RAI

Tobacco/Apr 2006

EV / LTM EBITDA

13.6x

EV / LTM Sales

Enterprise Value

$3.5B

Primary Source

JPMorgan

Comparable Transactions

Tobacco transactions announced in the five years to April 2006. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2005	PT HM Sampoerna Tbk	Philip Morris International	$5.1B	-	13.9x	Strategic
Jul 2003	Ente Tabacchi Italiani SpA	BAT	$2.7B	3.3x	11.8x	Strategic
Mar 2002	Reemtsma Cigarettenfabriken GmbH	Imperial Tobacco Group p.l.c.	$5.1B	-	13.4x	Strategic
Jun 2001	Austria Tabak AG	Gallaher Group plc	$1.9B	-	7.4x	Strategic
	Mean			-	11.6x
	Median			-	12.6x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	RAI FO	JPMorgan	2017	$3.5B	-	13.6x	-	-	Open
-	fairness opinion	RAI FO	Goldman Sachs	2017	$3.5B	-	13.6x	-	-	Open
-	fairness opinion	RAI FO	Lazard	2017	$3.5B	-	13.5x	-	-	Open
-	fairness opinion	LO FO	Barclays	2014	$3.5B	7.7x	13.5x	-	-	Open