Computation of Valuations Models Section Use the following summary financial statement information and forecasts provided by TTU Value- Metrics to answer the valuation questions in this section about Hi-Flyer Corp. Actual Estimated Estimated Estimated All Per Share 31 Dec 2004 31 Dec 2005 31 Dec 2006 31 Dec 2007 EPS 4.50 5.25 3.60 4.80 DPS 1.10 1.50 1.80 2.00 BVE (year end) 25.00 CFFO 5.00 6.00 4.00 6.00 CFFI -3.00 -2.50 -4.00 -5.00 CFFF -2.00 -4.00 2.00 2.00 BV Liabilities 25.00 Ke 0.10 Kd 0.05 WACC 0.08 CFFO = Cash Flow from operating activities CFFI Cash Flow from investing activities CFFF = Cash Flow from financing activities