EMAT - Epsilon Research Service

> Epsilon Support Service, included in the EMAT subscription: 'OnDemand Reports'

Once you have saved your Project, Epsilon can help you complete your initial list of comparables:

• Epsilon writes the analysis reports on the deals you have identified, but that are not already on EMAT
• Free service for deals within the EMAT subscription coverage
• Additional fee for: European deals out of coverage: €120/report - Non european deals: €150/report
• Results: access the EMAT reports within a delay of 1 day per report

Request by email to: dealsearch@epsilon-research.com

NB: mail sent to all Epsilon analysts; they will assign the request to one of them depending on the activity sector / their availability.

> You can ask our analysts to search for M&A transactions in Europe on a specific sectors of activity.

> Complementary research (within your EMAT criteria) are included in the subscription price the 1st year – then the cost is € 200 + VAT per research

> We send you an Excel spreadsheet with the identified deals. You can then select the relevant ones, for Epsilon to produce full reports with multiples ('On Demand' Reports).

NB. on the initial deal list:

Deal Searches on niches sectors cover intentionally a wide sector :
a/ because the description of target activities in all M&A databases (in which we identify deals) are very succinct (to say the least), or just wrong – this is why we start our EMAT reports by a thorough analysis of the target activity
b/ to give customers a wider choice; we know a number of deals won’t fit, but we do not know which ones before we actually start the analysis!
c/ because customers may want to enlarge their initial search criteria if we don’t find other deals in the exact same sector.

In a nutshell, the deal search is only a first list of ideas / deals in a sector (extract of standard M&A databases); it is not an exhaustive search for comparables, which is the valuator’s role.