Analysts expect Blitz Breweries to generate $2.01 billion of free cash flow at the end of the current year. (Assume that cash flows occur on December 31 and today is January 1.) Analysts expect Blitzs free cash flow to grow at 2% in perpetuity. Blitz has debt-to-equity ratio of 25% and is committed to maintaining that ratio in perpetuity. Blitzs cost of debt is 5%. The current market value of Blitzs bonds is $6 billion. Blitz has 1.2 billion shares outstanding that trade for $20. Sudds Inc., a competing brewing company, has no debt and its shareholders require a return of 9%. The tax rate is 30%. Blitzs shareholders require a return of 10% and the companys WACC is 8.7%. What is the present value of the Blitzs tax shields?