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Penn Virginia Energy Inc
IPAA OGIS Florida
| H. Baird Whitehead | Page 7 of 11 |
December 20, 2014
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30% 40% 50% 60% 70% 80% 90% 100%PVAPeer 1Peer 4Peer 2Peer 5Peer 3% of Target Price Price to Mean Target Price 0.0x 2.0x 4.0x 6.0x 8.0xPVAPeer 1Peer 2Peer 3Peer 4Peer 52012E CFPS and EBITDAX Multiples Price to 2012E CFPS TEV to 2012E EBITDAX? Trades at 1.1x analysts? mean 2012E CFPS1?Selected peers trade at a mean of 3.3x1? Trades at 3.0x analysts? mean 2012E EBITDAX?Selected peers trade at a mean of 5.0x1? Trades at 63% of analysts? mean target price1?Selected peers trade at mean of 73%1 1 ?Sources: First Call; peers: CRK, FST, GDP, PETD and PQ; as of 1/27/12Valuation Multiples Well Below Gas Levered PeersPVA Appears Undervalued and Oversold 7