DCF - SYNERGIES Discounted-Cash-Flow Valuation of Projected Synergies Cost Synergies Year 1 Pre-Tax Cost Savings, Constant Dollars 2 Expected Inflation Rate 3 Growth Rate of FCF (nominal), in perpetuity 4 Discount Rate 5 Pre-Tax Cost Savings, Current Reais 6 Tax Expense 7 After-Tax Cost Savings 8 Subtotal 9 Terminal Value 10 Free Cash Flow 11 Net Present Value of Cost Savings Revenue Enhancements Year 11 Revenue Enhancements, Constant Reais 12 Expected Inflation Rate 13 Growth Rate of FCF (nominal), in perpetuity 14 Discount Rate 15 Operating Cost/Revenues 16 Revenue Enhancements, Current Reais 17 Operating Costs to Support Revenue Enhance 18 Tax Expense 19 After-Tax Cost Savings 20 Subtotal 21 Terminal Value 22 Free Cash Flow 23 Net Present Value of Revenue Enhanceme 24 Total Value of Synergies 25 Total Value of Synergies per Antarctica SI Brazilian Beer - QUESTIONS 0 1 2 3 4 5