glance? Do the 2021 estimates seem reasonable at first Year 2016 2017 2018 2019 2020 2021E YoY Economic Growth Rate 5% 3% 0% 1% 2% -10% Example Are the following projections for the subject business reasonable? Projected Values YoY Revenue Operating Growth Gross Margin Income Margin Net Income Margin Subject Business (valuator's assumptions) 5% 80% 50% 35% Competitor 1 (from analyst reports) 2% 74% 45% 20% Competitor 2 (from analyst reports) 10% 80% 55% 24%