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  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 44 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2016-07-01 00:00:00",
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  "pageNumber": 35,
  "pageCount": 44,
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  "notes": "This slide serves as a disclosure/update log for financial modeling and research inputs.",
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      "text": "Additional Illustrative Analyses: Moelis has included the standalone financial model provided by Napa on July 20, 2016 to demonstrate an illustrative standalone forecast for Napa. Projections were prepared by Napa Management for its Board of Directors, covering the period from 2016 - 2021. These projections were not relied upon by Orlando management in preparing its Orlando Management Incremental Model for Napa. Napa's projections as presented do not include any adjustments by Orlando management to the financials provided by Napa management (see page 38 for further detail); Orlando's management has not prepared projections based on Napa's standalone prospects. Moelis has presented an illustrative analysis of the potential benefit associated with Napa's net operating losses (see page 36 for further detail)",
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      "text": "Selected Precedent Transactions: Updated to include the acquisition of Demandware Inc., by Salesforce.com, Inc., as announced after the May 27, 2016 presentation on June 1, 2016",
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      "text": "Wall Street Research: Updated to include the most recent financial projections and recommendations available to Moelis, including recently initiated coverage by Cowen and Company and BMO Capital Markets, and ratings from Goldman Sachs, D.A. Davidson, Nomura, and Stifel. Ratings and price targets from Benchmark Company and Needham & Company have subsequently been removed because of the length of time since their most recent release (February 1 and January 29, 2016 respectively)",
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      "text": "Total Enterprise Value Calculation: Updated calculation of Napa make-whole shares to reflect additional clarification received from Napa as part of its July 20, 2016 accounting diligence session as well as Napa's memo on the topic received on the same date",
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      "text": "Changes and Modifications Since May 27, 2016 Special Committee Presentation (cont'd)",
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