Citigroup Capital XIII TR PFD SECS (C-PN)

Industry: Asset Management Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
FAKTX	1	American Funds 201	177,494	-	-	1.00	1.04	2.02	2.47
FAOTX	2	American Funds 202	177,494	-	-	1.00	1.04	2.02	2.47
FOGRX	3	Tributary Growth O	177,494	10.30	10.30	4.74	4.74	9.56	11.48
MZCSX	4	Muzinich Dynamic I	177,494	-	-	1.00	1.00	2.02	2.42
C-PN	5	Citigroup Capital	168,347	12.58	12.02	24.23	23.03	26.03	26.17
JSEAX	6	JPMorgan Internati	163,748	1.11	0.93	-	-	1.45	1.23
JMUEX	7	JPMorgan U.S. Equi	149,985	0.59	0.59	-	-	1.44	1.58
JTSSX	8	JPMorgan SmartReti	149,985	0.05	0.05	-	-	1.06	1.07
JUESX	9	JPMorgan U.S. Equi	149,985	-	-	-	-	1.03	1.03
JUEZX	10	JPMorgan U.S. Equi	149,985	-	-	-	-	1.03	1.12
SMTAX	11	JPMorgan SmartReti	149,985	0.08	0.07	-	-	1.08	1.09
PPIPX	12	T. Rowe Price Spec	122,317	-	-	3.59	3.82	5.77	5.99
RRTBX	13	T. Rowe Price Reti	122,317	-	-	3.50	3.73	6.10	5.92
TRFOX	14	T. Rowe Price Targ	122,317	-	-	3.50	3.50	6.10	5.69
TRHRX	15	T. Rowe Price Targ	122,317	-	-	3.50	3.73	6.10	5.92
WTIF.SG	16	WisdomTree Japan E	106,361	30.70	32.89	7.82	8.11	11.90	15.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	0.34	0.33	3.50	3.50	2.02	2.42
Full Range Median Multiple	0.85	0.76	3.50	3.73	2.02	2.47
Industry Multiple	7.14	7.47	3.29	3.41	3.91	4.36
Market Implied Multiple	3.82	3.65	18.63	17.71	20.01	20.13
Company (C-PN) Multiple	12.58	12.02	24.23	23.03	26.03	26.17
(*) Net Income / EBITDA / Revenue	14,691	15,371	22,985	24,186	21,400	21,278
Winsorized Enterprise Value	N/A	N/A	80,363	84,562	43,128	51,521
Full Range Median Enterprise Value	N/A	N/A	80,363	90,196	43,128	52,540
(-) Net Debt	372,182	372,182	372,182	372,182	372,182	372,182
Winsorized Equity Value	4,926	5,105	-291,819	-287,620	-329,054	-320,661
Full Range Median Equity Value	12,504	11,706	-291,819	-281,986	-329,054	-319,642
(/) Shares Outstanding	1,820	1,820	1,820	1,820	1,820	1,820
Winsorized Fair Value	$2.71	$2.80	$-160.31	$-158.01	$-180.77	$-176.16
Full Range Median Fair Value	$6.87	$6.43	$-160.31	$-154.91	$-180.77	$-175.60
Current Price	$30.79	$30.79	$30.79	$30.79	$30.79	$30.79
Upside / Downside	-91.21%	-90.89%	-620.67%	-613.18%	-687.10%	-672.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.89	$1.96	$-112.22	$-110.60	$-126.54	$-123.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy