10 Total expected equity financing for Amazon's purchase of Walmart, at the assumed 50-50% equity and debt financing deal mix provided, is as follows: $268,024 $443,485 $241,356 $ 201,130 20% 5% Acquisition of Walmart by Amazon Acquisition Structure Assumptions Acquisition Premium Equity Issuance Discount (to Current Price) % Debt Financing % Equity Financing Acquirer and Target Assumptions 50% 50% 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Share Price ($/sh) Fully Diluted Shares Outstanding (MM) Cash and Cash Equivalente Total Debt Amazon Acquirer $3.099.40 518 $37,466 $91,401 Walmart Target $140.50 2863 $16,906 $70,242 Transaction Costs Information Equity Financing Fees Debt Financing Fees Other Transaction Costs Target Debt Early Redemption Premium 55% 1.5% $3,000 3.0%