Forecasts: COGS/Revenue OtherExp/Revenue GrossFixedAsset/Revenue Depr./GrossFixedAssets CurrA/Revenue CurrL/Revenue 75.0% 13.0% 48.0% 6.0% 35.0% 21.0% Current 76.7% 11.4% 48.0% 5.6% 34.9% 20.0% Gowth rate of Terminal FCF 2.50% Market Data 10-Year Treasury Rate Market Risk Premium Bond Yield-to-Maturity 3.50% 7.50% 9.0% Comparable Firm Levered Equity Beta Debt/Equity 1.25 1.50 Other Target D/E Tax Rate Shares Outstanding (000) Share Price (current) Debt Most-Recent Year $ 1 35% 1,000 27.00 7,400 2021 $ $ Calculations Unlevered Asset Beta Relevered Equity Beta Return on Equity (CAPM) Target D/V Target E/V WACC Pro forma rounding = Revenue Growth Rate = 0 5.0% 1 2022 36,578.0 $ Pro Forma 2 3 2023 2024 38,407.0$ 40,327.0 $ 4 5 2025 2026 42,343.0 $ 44,460.0 $ Revenues Cost of Goods Sold Depreciation Other Expenses Operating Profit Operating Taxes NOPAT Actual 2021 34,836 $ 26,719 935 3,959 3,223 1,128 2,095 $ 935 Depreciation Operating Cash Flow $ 3,030 Current Assets Current Liabilities NWC Change in NWC 12,154 6,978 5,176 16,710 Gross Fixed Assets Change in Gross FA Free Cash Flow PV Factors Present Value Terminal Value PV of Cash Flow PV of Terminal Value Firm Value (VL) Debt Outstanding Equity Value (E) Value per Share Current Price per Share Premium ($) Premium (%) Forecasts: COGS/Revenue OtherExp/Revenue GrossFixedAsset/Revenue Depr./GrossFixedAssets CurrA/Revenue CurrL/Revenue 75.0% 13.0% 48.0% 6.0% 35.0% 21.0% Current 76.7% 11.4% 48.0% 5.6% 34.9% 20.0% Gowth rate of Terminal FCF 2.50% Market Data 10-Year Treasury Rate Market Risk Premium Bond Yield-to-Maturity 3.50% 7.50% 9.0% Comparable Firm Levered Equity Beta Debt/Equity 1.25 1.50 Other Target D/E Tax Rate Shares Outstanding (000) Share Price (current) Debt Most-Recent Year $ 1 35% 1,000 27.00 7,400 2021 $ $ Calculations Unlevered Asset Beta Relevered Equity Beta Return on Equity (CAPM) Target D/V Target E/V WACC Pro forma rounding = Revenue Growth Rate = 0 5.0% 1 2022 36,578.0 $ Pro Forma 2 3 2023 2024 38,407.0$ 40,327.0 $ 4 5 2025 2026 42,343.0 $ 44,460.0 $ Revenues Cost of Goods Sold Depreciation Other Expenses Operating Profit Operating Taxes NOPAT Actual 2021 34,836 $ 26,719 935 3,959 3,223 1,128 2,095 $ 935 Depreciation Operating Cash Flow $ 3,030 Current Assets Current Liabilities NWC Change in NWC 12,154 6,978 5,176 16,710 Gross Fixed Assets Change in Gross FA Free Cash Flow PV Factors Present Value Terminal Value PV of Cash Flow PV of Terminal Value Firm Value (VL) Debt Outstanding Equity Value (E) Value per Share Current Price per Share Premium ($) Premium (%)