Present a table showing the NPV and IRR numbers for the PCB project using terminal values measured as growing perpetuities over a range of growth rates.

3%, 5%, 10%, 13%

NPV	-$603,101
IRR	12.70%
Payback Period (in years)	6.00

FCF 3 4 5 0 2003 2006 1 2 2004 2005 10,237,918 10,237,918 10,237,918 3,799,665 2007 14,363,798 2008 16,518,368 6 2009 20,152,409 11,773,605 278,000 -$278,000 Projected PCB Purchases PCB Purchases Costs Architectural & Engineering Fee (pg. 2) Manufacturing Costs Incremental Savings Depreciation Incremental Savings before Tax Taxes (36%) Net Savings Depreciation Capital Expenditure Changes in NWC 1,712,087 7,847,541 -1,712,087 -1,409,288 -552,808 -552,808 -2,264,895 -1,962,096 -278,000 9,553,963 2,219,642 -552,808 1,666,834 600,060 1,066,774 552,808 10,498,507 3,865,291 -482,808 3,382,483 1,217,694 2,164,789 482,808 11,706,178 4,812,190 -482,808 4,329,382 1,558,577 2,770,804 482,808 13,650,762 6,501,647 -482,808 6,018,839 2,166,782 3,852,057 482,808 -278,000 -2,264,895 552,808 -2,643,258 -1,962,096 552,808 -3,366,000 9,953 165,683 184,928 212,667 259,454 Incremental Free Cash Flow to Stryker -3,644,000 -4,355,345 -1,399,335 1,785,265 2,832,526 3,466,280 7,584,731 Cumulative Cash Flow -3,644,000 -7,999,345 -9,398,680 -7,613,415 -4,780,889 -1,314,610 6,270,121 FCF 3 4 5 0 2003 2006 1 2 2004 2005 10,237,918 10,237,918 10,237,918 3,799,665 2007 14,363,798 2008 16,518,368 6 2009 20,152,409 11,773,605 278,000 -$278,000 Projected PCB Purchases PCB Purchases Costs Architectural & Engineering Fee (pg. 2) Manufacturing Costs Incremental Savings Depreciation Incremental Savings before Tax Taxes (36%) Net Savings Depreciation Capital Expenditure Changes in NWC 1,712,087 7,847,541 -1,712,087 -1,409,288 -552,808 -552,808 -2,264,895 -1,962,096 -278,000 9,553,963 2,219,642 -552,808 1,666,834 600,060 1,066,774 552,808 10,498,507 3,865,291 -482,808 3,382,483 1,217,694 2,164,789 482,808 11,706,178 4,812,190 -482,808 4,329,382 1,558,577 2,770,804 482,808 13,650,762 6,501,647 -482,808 6,018,839 2,166,782 3,852,057 482,808 -278,000 -2,264,895 552,808 -2,643,258 -1,962,096 552,808 -3,366,000 9,953 165,683 184,928 212,667 259,454 Incremental Free Cash Flow to Stryker -3,644,000 -4,355,345 -1,399,335 1,785,265 2,832,526 3,466,280 7,584,731 Cumulative Cash Flow -3,644,000 -7,999,345 -9,398,680 -7,613,415 -4,780,889 -1,314,610 6,270,121