1. What is your estimate of Eskimo Pie as a standalone company? Assume cash is worth $1 per $1 and adjust Eskimo Pie NI accordingly (assuming no excess cash) on the way to calculating FCF for Eskimo Pie. For comparables analysis, assume that comparable firm "CF" reported in Exhibit 8 is NI before extraordinary items plus depreciation and amortization and that comparable firm excess cash is negligible. This last statement means that NI for comparable firms includes negligible after-tax interest income on that negligible excess cash. 2. Why would Nestle want to acquire Eskimo Pie? Are there potential synergies? Is Eskimo Pie worth more the Nestle than it is worth as a standalone company? 3. As an advisor to Mr. Reynolds, would you recommend the sale to Nestle or the proposed IPO?