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Free Cash Flow Calculation Pro Forma 2013 2014 2015 2016 2017 tax rate 40% EBIT EBIT(1-4) Depreciation Capital expenditures ANWC A Other assets Free cash

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Free Cash Flow Calculation Pro Forma 2013 2014 2015 2016 2017 tax rate 40% EBIT EBIT(1-4) Depreciation Capital expenditures ANWC A Other assets Free cash flow Terminal value WACC Calculation Asset beta Risk-free rate Market Risk Premium Cost of debt Target D 0.87 4.86 5.00% 4.86% 35% Perp. 3% growing perpetuity Re levered equity beta Cost of equity WACC Discount factor PVIFCFTV) PV Enterprise Less EOY 2008 Debt Estimated Equity Value number of shares (000,000) 301 10 o |value per share

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