CASH 2018 Special Proxy Statement

Containers /Operating Leasing Companies: High Low Mean Median Total Assets ($ in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,902 1,436 5,626 4,197 Market Capitalization ($ in millions) . . . . . . . . . . . . . . . . . . . . . . 5,002 169 1,690 1,251 Price / Tangible Book Value (%) . . . . . . . . . . . . . . . . . . . . . . . . . 174 86 121 118 Price / LTM EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7 7.8 13.0 13.5 Price / Est. 2017 EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 9.4 11.3 11.0 Price / Est. 2018 EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3 7.9 11.3 9.3 Price / Est. 2019 EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7 6.8 9.1 8.8 Dividend Yield (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 0.0 1.3 0.3 3 Month Price Δ (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4 (3.8) 5.5 4.2 1 Year Price Δ (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182.1 (1.9) 78.9 34.5 LTM ROAE (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 0.2 8.5 8.7 Specialty Finance Companies Peer Group (including both subsets): High Low Mean Median Total Assets ($ in millions) . . . . . . . . . . . . . . . . . . . 49,336 506 9,902 4,197 Market Capitalization ($ in millions) . . . . . . . . . . . . 6,717 169 2,159 1,491 Price / Tangible Book Value (%) . . . . . . . . . . . . . . . 341 86 145 118 Price / LTM EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . 19.2 7.1 12.5 12.9 Price / Est. 2017 EPS (x) . . . . . . . . . . . . . . . . . . . . . 25.6 9.4 13.9 11.7 Price / Est. 2018 EPS (x) . . . . . . . . . . . . . . . . . . . . . 18.9 7.9 12.6 11.6 Price / Est. 2019 EPS (x) . . . . . . . . . . . . . . . . . . . . . 13.7 6.8 10.2 9.6 Dividend Yield (%) . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 0.0 2.1 1.0 3 Month Price Δ (%) . . . . . . . . . . . . . . . . . . . . . . . . . 25.4 (26.7) 2.3 3.6 1 Year Price Δ (%) . . . . . . . . . . . . . . . . . . . . . . . . . . 182.1 (23.5) 36.0 9.0 LTM ROAE (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 (6.2) 7.9 8.7 Crestmark Net Present Value Analyses. Sandler O’Neill performed an analysis that estimated the net present value per share of Crestmark common stock assuming Crestmark performed in accordance with internal financial projections for the years ending December 31, 2017 through December 31, 2021, as provided by the senior management of Crestmark. To approximate the terminal value of a share of Crestmark common stock at December 31, 2021, Sandler O’Neill applied the implied transaction price to 2021 earnings per share multiples ranging from 7.0x to 14.0x and the implied transaction price to December 31, 2021 tangible book value per share multiples ranging from 125% to 200%. The terminal values were then discounted to present values using different discount rates ranging from 11.0% to 17.0% which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Crestmark common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Crestmark common stock of $183.58 to $453.21 when applying multiples of earnings per share, and $158.93 to $313.89 when applying multiples of tangible book value per share. 60