Please use the information and assumptions in the

Brazos Exercise

Excel file posted on

Blackboard to calculate the following:

Brazos' IRR if Brazos accepts one of the two offers it has received from private equity

buyers to sell Tri-Northern in March 2012 at an enterprise valuation (EV) of $220

million.

Brazos' multiple of invested capital (MoIC) if Brazos accepts one of the two offers it has

received from private equity buyers to sell Tri-Northern in March 2012 at an enterprise

valuation (EV) of $220 million.

Tri-Northern's EV/EBITDA multiple implied by this $220 million valuation.