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Post Merger Information (In Millions): 2008 2009 2010 2011 2012 Free Cash Flows: 11.40 10.60 15.50 20.10 25.80 Interest Expense: 5.00 6.00 7.00 8.00 9.00

Post Merger Information (In Millions): 2008 2009 2010 2011 2012 Free Cash Flows: 11.40 10.60 15.50 20.10 25.80 Interest Expense: 5.00 6.00 7.00 8.00 9.00 Target Data: rRF 6% wd 35% RPM 7% rd 10% Beta 0.9 Tax Rate 35% rsL 12.30% Growth Rate 6% rsU 11.50% Calculate Unlevered Horizon Value:

A. $303.55 million

B. $409.52 million

C. $469.52 million

D. $573.97 million

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