at the y erowth end assumption of 2.5s after 2017. As weigh heed average growth billion in conjunction rate that the ss using the 2012 free cash flow S513Ho 0.0530 that we know the of a version value usin only growth rate to apply to the 2012 cash now. 6. of Yahoo's valuation six of which we present at the calculated using all 11 years of the firm of forecasts Exhibit billion without excess cash) is equal to 6.3) Calculation of Yahoo! Ino's 2011 value and Present value weighted Average Growth Rate for 2012 IT 6.7 Growth rate for free cash flow for continuing value 12.0% F2011 Unlevered free cash flow for continuing value 5678 free cash flow and continuing value unevered 10.526 0797 0.712 0696 sa.074 $3.720 060 S3 466 144 s 3,917 of the firm as of 2011 $51,380 Present value weighted average growth rate 12.0% Present value weighted average growth rate...... in millions) F2009 F2010 F2011 cvrvm Unevered free cash flow for continuing value. 3,443 Discount factor for continuing value 14922 Unlevered free cash flow and continuing value 985 604 654 777 $2,006 $51.380 0.893 0.797 0.712 0.636 0.567 0.567 482 465 494 $1,138 $29,155 Value of the firm (without excess cash) $32,612 Exhibit may contain small rounding errors