Deal Detail

Pepsi-Cola Elmira Bottling Co., Inc. to The Pepsi Bottling Group, Inc.

EV / LTM EBITDA

6.5x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Beverages transactions announced in the five years to 2001. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
2001	Nor-Cal Beverage Company, Inc.	The Pepsi Bottling Group, Inc.	-	-	8.3x	Strategic
Aug 2000	PepsiAmericas, Inc.	Whitman Corporation	-	-	12.1x	Strategic
Oct 1999	Coca-Cola Beverages plc	Coca-Cola Hellenic Bottling Company S.A.	$2.1B	-	14.5x	Strategic
Sep 1999	Dr Pepper Bottling Company of Texas	Cadbury Schweppes plc and The Carlyle Group	-	-	8.1x	Strategic
1998	CCBG Corporation and Texas Bottling Group, Inc.	Coca-Cola Enterprises Inc.	-	-	13.1x	Strategic
	Mean			-	11.2x
	Median			-	12.1x

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	PBG FO	Perella Weinberg	2010	-	-	6.5x	-	-	Open