Please discuss exhibits 14.1 and 14.2. Specifically, discuss how you believe fundamental value drivers impact firm value.

Exhibit 14.1 Fundamentals of Valuation Fundamental Value Drivers over the Remaining Life of the Firm: Expected Future Earnings, Cash Flows, Dividends Growth, Risk Financial Statement Forecasts Compute: Book Value of Common Equity + Present Value of Expected Future Residual Income = Present Value of Expected Future Free Cash Flows to Common Equity Shareholders = Present Value of Expected Future Dividends Firm Value Exhibit 14.2 Market Multiples Fundamental Value Drivers over the Remaining Life of the Firm: Expected Future Earnings, Cash Flows, Dividends Growth, Risk Summary Accounting Numbers: Book Value of Common Equity per Share, Earnings per Share, Long-Run Earnings Growth Market Multiples: Market-to-Book Ratios, Price-Earnings Ratios, Price-Earnings-Growth Ratios Firm Value