Deal Detail

Roche Consumer Health to Bayer AG

EV / LTM EBITDA

12.0x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Consumer Health transactions announced in the five years to July 2004. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Apr 2004	Shaklee’s Worldwide Business	Ripplewood Holdings LLC and Activated Holdings LLC	-	-	8.0x	Financial
Aug 2002	Nellson Nutraceutical	Fremont Partners	-	-	9.5x	Financial
Apr 2002	Herbalife International Inc.	Herbalife Ltd. Backed by Whitney & Co. and Golden Gate Capital	-	-	5.0x	Financial
	Mean			-	7.5x
	Median			-	8.0x

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	WNI FO	Houlihan	2012	-	-	12.0x	-	-	Open