CASH 2018 Special Proxy Statement

12.0x to 18.0x and price to September 30, 2022 tangible book value per share multiples ranging from 150% to 275%. The terminal values were then discounted to present values using different discount rates ranging from 9.0% to 14.0% chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Meta common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Meta common stock of $91.23 to $167.99 when applying multiples of earnings per share and $66.43 to $148.59 when applying multiples of tangible book value per share. Earnings Per Share Multiples Discount Rate 12.0x 13.2x 14.4x 15.6x 16.8x 18.0x 9.0% $112.68 $123.74 $134.81 $145.87 $156.93 $167.99 10.0% 107.94 118.53 129.12 139.72 150.31 160.90 11.0% 103.43 113.58 123.73 133.88 144.02 154.17 12.0% 99.16 108.88 118.61 128.33 138.05 147.78 13.0% 95.09 104.42 113.74 123.06 132.38 141.71 14.0% 91.23 100.17 109.11 118.05 126.99 135.93 Tangible Book Value Per Share Multiples Discount Rate 150% 175% 200% 225% 250% 275% 9.0% $81.99 $95.31 $108.63 $121.95 $135.27 $148.59 10.0% 78.55 91.30 104.06 116.81 129.57 142.32 11.0% 75.28 87.50 99.72 111.94 124.15 136.37 12.0% 72.18 83.89 95.60 107.30 119.01 130.72 13.0% 69.23 80.46 91.68 102.91 114.13 125.35 14.0% 66.43 77.20 87.96 98.72 109.49 120.25 Sandler O’Neill also considered and discussed with the Crestmark board of directors how this analysis would be affected by changes in the underlying assumptions, including variations with respect to net income. To illustrate this impact, Sandler O’Neill performed a similar analysis assuming Meta’s net income varied from 15% above estimates to 15% below estimates. This analysis resulted in the following range of per share values for Meta common stock, applying the price to 2021 earnings per share multiples range of 12.0x to 18.0x referred to above and a discount rate of 11.17%: Earnings Per Share Multiples Variance to Net Income Forecast 12.0x 13.2x 14.4x 15.6x 16.8x 18.0x -15% $ 87.58 $ 96.14 $104.71 $113.27 $121.83 $130.39 -10% 92.62 101.68 110.75 119.82 128.88 137.95 -5% 97.65 107.22 116.79 126.36 135.94 145.51 0% 102.69 112.77 122.84 132.91 142.99 153.06 5% 107.73 118.31 128.88 139.46 150.04 160.62 10% 112.77 123.85 134.93 146.01 157.09 168.17 15% 117.80 129.39 140.97 152.56 164.14 175.73 64