Suppose the annual dividend growth rate is 5 percent, which will continue into the foreseeable future. What is the intrinsic value of CCAs share at 31st December 2018, if you require an annual return of 10 percent?

1 FIVE-YEAR FINANCIAL HISTORY Coca-Cola Amatil Limited and its subsidiaries 2013 2014 2015 2017 2016 Summarised income statement ($M) Trading revenue EBIT before non-trading items Net finance costs Income tax expense (before non-trading items) Non-trading items after tax Non-controlling interests Profit for the year - attributable to shareholders 4,942.8 651.5 (121.9) 5,093.6 660.6 (86.2) 5,036.4 5,077.7 683.4 (73.0) 4,933.8 678.7 833.3 (124.8) (205.0) (153.4) (171.0) (181.3) (177.9) (422.9) (103.4) 29.0 (171.8) (0.7) (10.0) 393.4 of Coca-Cola Amatil Limited (before non-trading items) Profit for the year - attributable to shareholders 502.8 375.5 416.2 417.9 445.2 272.1 393.4 of Coca-Cola Amatil Limited 79.9 246.1 Other performance measures Ordinary dividend per share (cents) Ordinary dividend franking per share (%) Special (unfranked) dividends per share (cents) Basic and diluted earnings per share (before non-trading items) (cents) Basic and diluted earnings per share (after non-trading items) (cents) EBIT (before non-trading items) interest cover (times) Return on capital employed (%) Operating cash flow ($M) Free cash flow ($M) Capital expenditure/trading revenue (%) 42.0 46.0 47.0 56.0 43.5 70.0 75.0 75.0 75.0 75.0 49.2 65.9 55.9 10.5 35.6 32.2 59.8 23.2 733.1 341.6 18.5 590.2 311.6 20.4 774.8 490.5 20.9 589.2 429.3 18.6 626.8 390.3 Summarised Balance sheet ($M) Net assets Net debt Assets and liabilities -operating and investing (capital employed) 1,739.8 1,686.7 2,409.8 2,274.2 1,759.3 3,499.1 1,880.3 1,337.2 3,558.0 3,556.1 3,267.0 3,217.5 1,871.3 1,146.3 992.8 2016 and 2017 include the impact of a change in accounting policy in relation to deferred tax, refer page 84 of the financial report for further details. 1 FIVE-YEAR FINANCIAL HISTORY Coca-Cola Amatil Limited and its subsidiaries 2013 2014 2015 2017 2016 Summarised income statement ($M) Trading revenue EBIT before non-trading items Net finance costs Income tax expense (before non-trading items) Non-trading items after tax Non-controlling interests Profit for the year - attributable to shareholders 4,942.8 651.5 (121.9) 5,093.6 660.6 (86.2) 5,036.4 5,077.7 683.4 (73.0) 4,933.8 678.7 833.3 (124.8) (205.0) (153.4) (171.0) (181.3) (177.9) (422.9) (103.4) 29.0 (171.8) (0.7) (10.0) 393.4 of Coca-Cola Amatil Limited (before non-trading items) Profit for the year - attributable to shareholders 502.8 375.5 416.2 417.9 445.2 272.1 393.4 of Coca-Cola Amatil Limited 79.9 246.1 Other performance measures Ordinary dividend per share (cents) Ordinary dividend franking per share (%) Special (unfranked) dividends per share (cents) Basic and diluted earnings per share (before non-trading items) (cents) Basic and diluted earnings per share (after non-trading items) (cents) EBIT (before non-trading items) interest cover (times) Return on capital employed (%) Operating cash flow ($M) Free cash flow ($M) Capital expenditure/trading revenue (%) 42.0 46.0 47.0 56.0 43.5 70.0 75.0 75.0 75.0 75.0 49.2 65.9 55.9 10.5 35.6 32.2 59.8 23.2 733.1 341.6 18.5 590.2 311.6 20.4 774.8 490.5 20.9 589.2 429.3 18.6 626.8 390.3 Summarised Balance sheet ($M) Net assets Net debt Assets and liabilities -operating and investing (capital employed) 1,739.8 1,686.7 2,409.8 2,274.2 1,759.3 3,499.1 1,880.3 1,337.2 3,558.0 3,556.1 3,267.0 3,217.5 1,871.3 1,146.3 992.8 2016 and 2017 include the impact of a change in accounting policy in relation to deferred tax, refer page 84 of the financial report for further details