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Basis for the analysis: The stub period is from July 1 st 2 0 1 3 until Dec 3 1 st 2 0 1 3

Basis for the analysis: The stub period is from July 1st 2013 until Dec 31st 2013 therefore 50%, Assume valuation as of 12/31/14 and we are using a two year look back and three years forward. Growth rate will be targeted at 2.5% per year from 12/31/13. The EBIT Margin is based financial analysis and historic results adjusted for macro economic effect; the EBIT Margin is therefore forecasted at 54.5%. The Capital Expenditures are targeted at 5% of the current years sales. The effective tax rate after the application of tax credits and the timming effects of deffered taxes is 36%. The Terminal EBITDA Multiple, will be 11x and the Terminal Multiple Increment will be 1.5x. The Gordon Terminal Growth Rate will be 3.5% and the WACC (Discount Rate) is set at 6.6%. The Discount Rate (WACC) Increment is forecasted to be .025%(quarter of one percent) and the Terminal FCF Growth Increment is forcasted based on economic changes and inflation to be 1.33%. Please use this information to create a valuation model and complete the sensitivity charts at the bottom of the model IN EXCEL!!

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