1. Calculate the value of a voting and non-voting share using the given valuation multiples 2. Carefully interpret and compare the results with the actual market price of the share. The company to be valued has a dual share structure with voting and non-voting shares and a voting premium.

PricelSales Ratio Formula Market Capitalization Total Sales Average of Brewing Companies with comparable Sales Volume Average of Brewing Companies with operations in RussialUkraine Average of Brewing Companies with operations in RussialUkraine and comparable Sales Volume 1353 1:994 Company to evaluate 1:836 PricelEarnings Ratio Marker Capitalization FormUIa Total Net Income Average of Brewing Companies with comparable Sales Volume 2440 Average of Brewing Companies with operations in RussialUkraine 1638 Average of Brewing Companies with operations in RussialUkraine and comparable Sales Volume 1042 Company to evaluate 46:56 Data Company to evaluate Market Capitaiization of Company to evaluate Number of Shares Market Price per Share Market Cap $mio Class B (Voting) Shares 88 777 585 00 $ 8 40 745 95 Class A (Nonivming) Shares 27.796 220 00 $ 13 44 373 69 1 119 64 Average Voting Premium 12 M 31 89% Sales 610 $mio Net Income 24 55min