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Arial Sort & Find & , aer. Select Formatting Table Styles , clew Clew 2001 2002 003 20042005 200 200 2008 2009 2010 2011 % 65% 65% 65% 60% 6 0% 60% 60% 60% 60% 600% 600% 595% 59.5% 590% 590% 585% 585% 580% 580% 280% 2750% 2700% 2650% 2600% 2550% 2500% 2500% 2500% 2500% 380% 0% 380% 380% 0% 38 0% 380% 380% 380% 380% 380% 380% 380% 380% 380% 30.0% 389% 380% 380% 380% 115% 115% 115% 115% 115% 115% 115% 115% 115% 115% Cost of captal (%) Terminal growth rate (%) 12.0%] 3 0% Source Frst approxmaton by Kimi Ford Source: First approxmation by Kim Fond frequently used to simplfy the cakulation of IFree Cash 16 Revenues 948,8 10.1530 108130 115158 12264 3 13,000 2:13.780 2 14607 0 15.483 4 164124 17,3972 Operating income 1.2184 1,351.61554 617170 1,95 2.4102 2,5548 2,790.1 2.957 4630 5136 590 8 1 Taxes 22 NOPAT 8117 9159 970 8 1.0602 1,123.9 064 5 12090 1,324 3 1494 3 1,584 0 17299 1,8337 (CAPEX)minus change in Net Working Capital (NWC) 8 (174 9 163) (1984) (1950) (2067) (219 1) (2323 (246.2) (261.0) 7641 663.1 777.6 866 2 10140 1,117.6 1,2752 1.3517 1,4837 1,572.7 Change in NWC 2 Note that the Terminal Value VALUE model s4.1 .653.1-m6 8662.1.014 0-1.117.6 1.2752-1.351.. 1.483.7 19.571.5 based on DCF A Arial Sort & Find & , aer. Select Formatting Table Styles , clew Clew 2001 2002 003 20042005 200 200 2008 2009 2010 2011 % 65% 65% 65% 60% 6 0% 60% 60% 60% 60% 600% 600% 595% 59.5% 590% 590% 585% 585% 580% 580% 280% 2750% 2700% 2650% 2600% 2550% 2500% 2500% 2500% 2500% 380% 0% 380% 380% 0% 38 0% 380% 380% 380% 380% 380% 380% 380% 380% 380% 30.0% 389% 380% 380% 380% 115% 115% 115% 115% 115% 115% 115% 115% 115% 115% Cost of captal (%) Terminal growth rate (%) 12.0%] 3 0% Source Frst approxmaton by Kimi Ford Source: First approxmation by Kim Fond frequently used to simplfy the cakulation of IFree Cash 16 Revenues 948,8 10.1530 108130 115158 12264 3 13,000 2:13.780 2 14607 0 15.483 4 164124 17,3972 Operating income 1.2184 1,351.61554 617170 1,95 2.4102 2,5548 2,790.1 2.957 4630 5136 590 8 1 Taxes 22 NOPAT 8117 9159 970 8 1.0602 1,123.9 064 5 12090 1,324 3 1494 3 1,584 0 17299 1,8337 (CAPEX)minus change in Net Working Capital (NWC) 8 (174 9 163) (1984) (1950) (2067) (219 1) (2323 (246.2) (261.0) 7641 663.1 777.6 866 2 10140 1,117.6 1,2752 1.3517 1,4837 1,572.7 Change in NWC 2 Note that the Terminal Value VALUE model s4.1 .653.1-m6 8662.1.014 0-1.117.6 1.2752-1.351.. 1.483.7 19.571.5 based on DCF A