E Exhibit 2 Bega Cheese Balance Sheet, 2012-2016 (A\$ millions) Source: Adapted from data in the S\&P Capital IQ Database, accessed April 7, 2017. Exhibit 3 Bega Cheese Segment Financial Data, 2011-2106 (A\$ millions) Exhibit 8A Mondelz ANZ Grocery Business -Financial Projections, FY2018FY2022 (A\$ millions) Exhibit 8B Mondelz ANZ Grocery Business - Valuation by Multiples (A\$ millions) Using the valuation model, calculate how each of the following changes affects the base case NPV of the business (make the changes one at a time). Which changes have the largest impact on the NPV and why? Which of the changes are most feasible to implement? e. decrease the capital expenditures per year from $8 million to $7 million f. decrease the net working capital (NWC) as a percent of sales from 15% to 14% g. decrease the tax rate from 30% to 28% h. decrease the discount rate (WACC) from 8% to 7% On a scale from 0 to 10 , with 0 representing the prototypical financial buyer transaction, and 10 representing the prototypical strategic buyer transaction, where would you place this deal? Why? E Exhibit 2 Bega Cheese Balance Sheet, 2012-2016 (A\$ millions) Source: Adapted from data in the S\&P Capital IQ Database, accessed April 7, 2017. Exhibit 3 Bega Cheese Segment Financial Data, 2011-2106 (A\$ millions) Exhibit 8A Mondelz ANZ Grocery Business -Financial Projections, FY2018FY2022 (A\$ millions) Exhibit 8B Mondelz ANZ Grocery Business - Valuation by Multiples (A\$ millions) Using the valuation model, calculate how each of the following changes affects the base case NPV of the business (make the changes one at a time). Which changes have the largest impact on the NPV and why? Which of the changes are most feasible to implement? e. decrease the capital expenditures per year from $8 million to $7 million f. decrease the net working capital (NWC) as a percent of sales from 15% to 14% g. decrease the tax rate from 30% to 28% h. decrease the discount rate (WACC) from 8% to 7% On a scale from 0 to 10 , with 0 representing the prototypical financial buyer transaction, and 10 representing the prototypical strategic buyer transaction, where would you place this deal? Why