Exhibit 1: Base case parameters FCFE $1.38 FCFE growth rate 8% Equity Risk Premium 7.50% Beta 1.4 Risk-free rate 1.20% Exhibit 2: Sensitivity Analysis to Model Parameters in Valuation of Common Shares Parameter Per-share Valuation with Low Estimates Per-share Valuation with High Estimates $25.67 $89.29 FCFE growth rate Equity risk premium $93.15 $25.70 $70.14 $28.25 Beta Note: The risk-free rate is 1.2% in all cases Based on on this analysis, the value of the firm is most sensitive to: Risk-free rate estimate FCFE estimate Equity risk premium estimate Beta estimate