How did we get the yellow highlighted numbers BUILD NEW STADIUM Current Forecast 0 1 2 4 5 6 7 8 9 10 13 2011 2013 2014 40 85 Revenue Attendance Sponsorship Broadcast Merchandise Other Total Revenue 2007 17 40 15 70 28 70 5 20 7 10 74 10 2008 18 97 17 11 31 28 5 67 7 74 80 77 2009 20 67 18 65 34 10 6 18 8 44 88 04 3 2010 31 55 24 40 37 17 6 73 9 19 34 39 26 59 40 51 7 34 10 02 118 86 2012 37 48 28 99 44 16 8 00 10 92 129 55 31 60 48 13 8 72 11 91 141 21 44 53 34 44 52 46 9 51 12 98 153 92 2015 48 54 37 54 57 19 10 36 14 15 2016 52 91 40 92 62 33 11 29 15 42 2017 57 67 44 60 67 94 12 31 16 81 199 33 11 2018 62 86 48 62 74 06 13 42 18 32 217 27 12 2019 68 52 52 99 80 72 14 63 19 97 236 83 2020 71 26 55 11 83 95 15 21 20 77 246 30 109 04 167 77 182 87 Operating costs Payroll Stadium Operatii Other Total Operating 50 92 16 38 1 80 69 10 56 01 17 04 1 87 74 92 61 61 17 72 1 95 81 28 67 77 21 00 2 02 90 80 74 55 21 85 2 11 98 50 82 01 22 72 2 19 106 92 90 21 23 63 2 28 116 11 99 23 24 57 2 37 126 17 109 15 25 56 2 46 137 17 120 07 26 58 2 56 149 21 132 07 27 64 2 66 162 38 145 28 28 75 2 77 176 80 159 81 29 90 2 88 192 59 166 20 31 09 3 00 200 29 EBITDA Depreciation EBIT 5 00 2 20 2 80 2 26 5 85 2 29 3 56 6 76 2 38 4 38 2 69 0 59 1 10 18 24 2 47 15 77 2 93 4 49 8 34 20 35 2 57 17 78 3 19 5 11 9 49 22 64 2 68 19 96 3 48 5 77 10 71 25 10 2 78 22 32 3 79 27 75 2 90 24 85 4 13 7 25 13 47 30 60 3 01 27 59 4 50 8 08 15 01 33 67 3 13 30 54 4 91 8 97 16 66 36 95 3 26 33 69 5 35 9 92 18 42 40 47 3 39 37 08 5 83 10 94 20 31 44 24 3 52 40 72 6 36 12 03 22 33 46 01 3 66 42 35 6 61 12 51 23 23 2 46 Interest Taxes Net Income 0 19 0 35 0 38 0 71 6 49 12 04 DISCOUNTED CASH FLOW MODEL OF NEW STADIUM 20 35 22 64 33 67 EBITDA Tax at 35 NOPAT 5 85 2 05 6 76 2 37 4 39 18 24 6 38 11 85 27 75 9 71 25 10 8 78 16 31 30 60 10 71 36 95 12 93 40 47 14 17 7 12 13 23 7 92 14 71 11 78 21 88 44 24 15 48 28 76 46 01 16 10 29 91 3 80 18 04 19 89 24 02 26 31 6 25 8 81 5 54 5 49 Change in WC Less CAPEX Add Depreciation Free Cash Flow (FCF) 4 01 3 90 128 43 0 80 119 93 4 25 128 57 0 83 119 09 5 73 3 86 9 65 12 26 3 71 9 62 30 02 6 81 4 18 9 72 28 67 7 43 4 34 9 76 30 89 8 09 4 52 9 80 33 27 4 70 9 85 9 61 4 88 9 89 38 63 10 48 5 08 9 94 41 65 11 42 5 28 9 98 44 87 9 69 1 28 24 75 26 64 35 85 30 03 499 65 Terminal Value Discount Rate Discount factor PV Cash Flows 10 25 1 0000 0 9070 0 6768 0 6139 0 5568 0 3418 0 8227 97 98 0 7462 22 40 0 5051 15 60 0 4581 15 24 0 4155 14 90 0 3769 14 56 0 3101 168 84 108 78 16 75 16 35 15 96 14 24 Scenario 108 08 Scenario 159 24 Variance 51 15 Intrinsic Value Enterprise Value Plus Cash Less Debt Equity Value Number of shar Price per share 48 08 64 40 142 45 50 68 91 76 9 29 9 88 15 33 5 46 30 03 Finding Terminal Value Perpetuity Growth Model FCF t 2020 Terminal UFCF Growth Rate WACC Terminal Value 4 10 25 499 65 BUILD NEW STADIUM Current Forecast 0 1 2 4 5 6 7 8 9 10 13 2011 2013 2014 40 85 Revenue Attendance Sponsorship Broadcast Merchandise Other Total Revenue 2007 17 40 15 70 28 70 5 20 7 10 74 10 2008 18 97 17 11 31 28 5 67 7 74 80 77 2009 20 67 18 65 34 10 6 18 8 44 88 04 3 2010 31 55 24 40 37 17 6 73 9 19 34 39 26 59 40 51 7 34 10 02 118 86 2012 37 48 28 99 44 16 8 00 10 92 129 55 31 60 48 13 8 72 11 91 141 21 44 53 34 44 52 46 9 51 12 98 153 92 2015 48 54 37 54 57 19 10 36 14 15 2016 52 91 40 92 62 33 11 29 15 42 2017 57 67 44 60 67 94 12 31 16 81 199 33 11 2018 62 86 48 62 74 06 13 42 18 32 217 27 12 2019 68 52 52 99 80 72 14 63 19 97 236 83 2020 71 26 55 11 83 95 15 21 20 77 246 30 109 04 167 77 182 87 Operating costs Payroll Stadium Operatii Other Total Operating 50 92 16 38 1 80 69 10 56 01 17 04 1 87 74 92 61 61 17 72 1 95 81 28 67 77 21 00 2 02 90 80 74 55 21 85 2 11 98 50 82 01 22 72 2 19 106 92 90 21 23 63 2 28 116 11 99 23 24 57 2 37 126 17 109 15 25 56 2 46 137 17 120 07 26 58 2 56 149 21 132 07 27 64 2 66 162 38 145 28 28 75 2 77 176 80 159 81 29 90 2 88 192 59 166 20 31 09 3 00 200 29 EBITDA Depreciation EBIT 5 00 2 20 2 80 2 26 5 85 2 29 3 56 6 76 2 38 4 38 2 69 0 59 1 10 18 24 2 47 15 77 2 93 4 49 8 34 20 35 2 57 17 78 3 19 5 11 9 49 22 64 2 68 19 96 3 48 5 77 10 71 25 10 2 78 22 32 3 79 27 75 2 90 24 85 4 13 7 25 13 47 30 60 3 01 27 59 4 50 8 08 15 01 33 67 3 13 30 54 4 91 8 97 16 66 36 95 3 26 33 69 5 35 9 92 18 42 40 47 3 39 37 08 5 83 10 94 20 31 44 24 3 52 40 72 6 36 12 03 22 33 46 01 3 66 42 35 6 61 12 51 23 23 2 46 Interest Taxes Net Income 0 19 0 35 0 38 0 71 6 49 12 04 DISCOUNTED CASH FLOW MODEL OF NEW STADIUM 20 35 22 64 33 67 EBITDA Tax at 35 NOPAT 5 85 2 05 6 76 2 37 4 39 18 24 6 38 11 85 27 75 9 71 25 10 8 78 16 31 30 60 10 71 36 95 12 93 40 47 14 17 7 12 13 23 7 92 14 71 11 78 21 88 44 24 15 48 28 76 46 01 16 10 29 91 3 80 18 04 19 89 24 02 26 31 6 25 8 81 5 54 5 49 Change in WC Less CAPEX Add Depreciation Free Cash Flow (FCF) 4 01 3 90 128 43 0 80 119 93 4 25 128 57 0 83 119 09 5 73 3 86 9 65 12 26 3 71 9 62 30 02 6 81 4 18 9 72 28 67 7 43 4 34 9 76 30 89 8 09 4 52 9 80 33 27 4 70 9 85 9 61 4 88 9 89 38 63 10 48 5 08 9 94 41 65 11 42 5 28 9 98 44 87 9 69 1 28 24 75 26 64 35 85 30 03 499 65 Terminal Value Discount Rate Discount factor PV Cash Flows 10 25 1 0000 0 9070 0 6768 0 6139 0 5568 0 3418 0 8227 97 98 0 7462 22 40 0 5051 15 60 0 4581 15 24 0 4155 14 90 0 3769 14 56 0 3101 168 84 108 78 16 75 16 35 15 96 14 24 Scenario 108 08 Scenario 159 24 Variance 51 15 Intrinsic Value Enterprise Value Plus Cash Less Debt Equity Value Number of shar Price per share 48 08 64 40 142 45 50 68 91 76 9 29 9 88 15 33 5 46 30 03 Finding Terminal Value Perpetuity Growth Model FCF t 2020 Terminal UFCF Growth Rate WACC Terminal Value 4 10 25 499 65

Question

How did we get the yellow highlighted numbers  BUILD NEW STADIUM Current Forecast 0 1 2 4 5 6 7 8 9 10 13 2011 2013 2014 40 85 Revenue Attendance Sponsorship Broadcast Merchandise Other Total Revenue 2007 17 40 15 70 28 70 5 20 7 10 74 10 2008 18 97 17 11 31 28 5 67 7 74 80 77 2009 20 67 18 65 34 10 6 18 8 44 88 04 3 2010 31 55 24 40 37 17 6 73 9 19 34 39 26 59 40 51 7 34 10 02 118 86 2012 37 48 28 99 44 16 8 00 10 92 129 55 31 60 48 13 8 72 11 91 141 21 44 53 34 44 52 46 9 51 12 98 153 92 2015 48 54 37 54 57 19 10 36 14 15 2016 52 91 40 92 62 33 11 29 15 42 2017 57 67 44 60 67 94 12 31 16 81 199 33 11 2018 62 86 48 62 74 06 13 42 18 32 217 27 12 2019 68 52 52 99 80 72 14 63 19 97 236 83 2020 71 26 55 11 83 95 15 21 20 77 246 30 109 04 167 77 182 87 Operating costs Payroll Stadium Operatii Other Total Operating 50 92 16 38 1 80 69 10 56 01 17 04 1 87 74 92 61 61 17 72 1 95 81 28 67 77 21 00 2 02 90 80 74 55 21 85 2 11 98 50 82 01 22 72 2 19 106 92 90 21 23 63 2 28 116 11 99 23 24 57 2 37 126 17 109 15 25 56 2 46 137 17 120 07 26 58 2 56 149 21 132 07 27 64 2 66 162 38 145 28 28 75 2 77 176 80 159 81 29 90 2 88 192 59 166 20 31 09 3 00 200 29 EBITDA Depreciation EBIT 5 00 2 20 2 80 2 26 5 85 2 29 3 56 6 76 2 38 4 38 2 69 0 59 1 10 18 24 2 47 15 77 2 93 4 49 8 34 20 35 2 57 17 78 3 19 5 11 9 49 22 64 2 68 19 96 3 48 5 77 10 71 25 10 2 78 22 32 3 79 27 75 2 90 24 85 4 13 7 25 13 47 30 60 3 01 27 59 4 50 8 08 15 01 33 67 3 13 30 54 4 91 8 97 16 66 36 95 3 26 33 69 5 35 9 92 18 42 40 47 3 39 37 08 5 83 10 94 20 31 44 24 3 52 40 72 6 36 12 03 22 33 46 01 3 66 42 35 6 61 12 51 23 23 2 46 Interest Taxes Net Income 0 19 0 35 0 38 0 71 6 49 12 04 DISCOUNTED CASH FLOW MODEL OF NEW STADIUM 20 35 22 64 33 67 EBITDA Tax at 35  NOPAT 5 85 2 05 6 76 2 37 4 39 18 24 6 38   11 85 27 75 9 71 25 10 8 78 16 31 30 60 10 71 36 95 12 93 40 47 14 17 7 12 13 23 7 92 14 71 11 78 21 88 44 24 15 48 28 76 46 01 16 10 29 91 3 80 18 04 19 89 24 02 26 31 6 25 8 81 5 54 5 49 Change in WC Less CAPEX Add Depreciation Free Cash Flow (FCF) 4 01 3 90 128 43 0 80 119 93 4 25 128 57 0 83 119 09 5 73 3 86 9 65 12 26 3 71 9 62 30 02 6 81 4 18 9 72 28 67 7 43 4 34 9 76 30 89 8 09 4 52 9 80 33 27 4 70 9 85 9 61 4 88 9 89 38 63 10 48 5 08 9 94 41 65 11 42 5 28 9 98 44 87 9 69 1 28 24 75 26 64 35 85 30 03 499 65 Terminal Value Discount Rate Discount factor PV Cash Flows 10 25  1 0000 0 9070 0 6768 0 6139 0 5568 0 3418 0 8227 97 98 0 7462 22 40 0 5051 15 60 0 4581 15 24 0 4155 14 90 0 3769 14 56 0 3101 168 84 108 78 16 75 16 35 15 96 14 24 Scenario 108 08 Scenario 159 24 Variance 51 15 Intrinsic Value Enterprise Value Plus  Cash Less  Debt Equity Value Number of shar Price per share 48 08 64 40 142 45 50 68 91 76 9 29 9 88 15 33 5 46 30 03 Finding Terminal Value Perpetuity Growth Model FCF   t 2020 Terminal UFCF Growth Rate WACC Terminal Value 4  10 25  499 65 BUILD NEW STADIUM Current Forecast 0 1 2 4 5 6 7 8 9 10 13 2011 2013 2014 40 85 Revenue Attendance Sponsorship Broadcast Merchandise Other Total Revenue 2007 17 40 15 70 28 70 5 20 7 10 74 10 2008 18 97 17 11 31 28 5 67 7 74 80 77 2009 20 67 18 65 34 10 6 18 8 44 88 04 3 2010 31 55 24 40 37 17 6 73 9 19 34 39 26 59 40 51 7 34 10 02 118 86 2012 37 48 28 99 44 16 8 00 10 92 129 55 31 60 48 13 8 72 11 91 141 21 44 53 34 44 52 46 9 51 12 98 153 92 2015 48 54 37 54 57 19 10 36 14 15 2016 52 91 40 92 62 33 11 29 15 42 2017 57 67 44 60 67 94 12 31 16 81 199 33 11 2018 62 86 48 62 74 06 13 42 18 32 217 27 12 2019 68 52 52 99 80 72 14 63 19 97 236 83 2020 71 26 55 11 83 95 15 21 20 77 246 30 109 04 167 77 182 87 Operating costs Payroll Stadium Operatii Other Total Operating 50 92 16 38 1 80 69 10 56 01 17 04 1 87 74 92 61 61 17 72 1 95 81 28 67 77 21 00 2 02 90 80 74 55 21 85 2 11 98 50 82 01 22 72 2 19 106 92 90 21 23 63 2 28 116 11 99 23 24 57 2 37 126 17 109 15 25 56 2 46 137 17 120 07 26 58 2 56 149 21 132 07 27 64 2 66 162 38 145 28 28 75 2 77 176 80 159 81 29 90 2 88 192 59 166 20 31 09 3 00 200 29 EBITDA Depreciation EBIT 5 00 2 20 2 80 2 26 5 85 2 29 3 56 6 76 2 38 4 38 2 69 0 59 1 10 18 24 2 47 15 77 2 93 4 49 8 34 20 35 2 57 17 78 3 19 5 11 9 49 22 64 2 68 19 96 3 48 5 77 10 71 25 10 2 78 22 32 3 79 27 75 2 90 24 85 4 13 7 25 13 47 30 60 3 01 27 59 4 50 8 08 15 01 33 67 3 13 30 54 4 91 8 97 16 66 36 95 3 26 33 69 5 35 9 92 18 42 40 47 3 39 37 08 5 83 10 94 20 31 44 24 3 52 40 72 6 36 12 03 22 33 46 01 3 66 42 35 6 61 12 51 23 23 2 46 Interest Taxes Net Income 0 19 0 35 0 38 0 71 6 49 12 04 DISCOUNTED CASH FLOW MODEL OF NEW STADIUM 20 35 22 64 33 67 EBITDA Tax at 35  NOPAT 5 85 2 05 6 76 2 37 4 39 18 24 6 38   11 85 27 75 9 71 25 10 8 78 16 31 30 60 10 71 36 95 12 93 40 47 14 17 7 12 13 23 7 92 14 71 11 78 21 88 44 24 15 48 28 76 46 01 16 10 29 91 3 80 18 04 19 89 24 02 26 31 6 25 8 81 5 54 5 49 Change in WC Less CAPEX Add Depreciation Free Cash Flow (FCF) 4 01 3 90 128 43 0 80 119 93 4 25 128 57 0 83 119 09 5 73 3 86 9 65 12 26 3 71 9 62 30 02 6 81 4 18 9 72 28 67 7 43 4 34 9 76 30 89 8 09 4 52 9 80 33 27 4 70 9 85 9 61 4 88 9 89 38 63 10 48 5 08 9 94 41 65 11 42 5 28 9 98 44 87 9 69 1 28 24 75 26 64 35 85 30 03 499 65 Terminal Value Discount Rate Discount factor PV Cash Flows 10 25  1 0000 0 9070 0 6768 0 6139 0 5568 0 3418 0 8227 97 98 0 7462 22 40 0 5051 15 60 0 4581 15 24 0 4155 14 90 0 3769 14 56 0 3101 168 84 108 78 16 75 16 35 15 96 14 24 Scenario 108 08 Scenario 159 24 Variance 51 15 Intrinsic Value Enterprise Value Plus  Cash Less  Debt Equity Value Number of shar Price per share 48 08 64 40 142 45 50 68 91 76 9 29 9 88 15 33 5 46 30 03 Finding Terminal Value Perpetuity Growth Model FCF   t 2020 Terminal UFCF Growth Rate WACC Terminal Value 4  10 25  499 65

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How did we get the yellow highlighted numbers. BUILD NEW STADIUM Current Forecast 0 1 2 4 5 6 7 8 9 10 13 2011

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