The evaluation ofGlobalCo'sinterpretation has been completed, as shown in Annex 1.

The evaluation assumes thatGlobalCo. willimmediately adjustits capital structure to maintain a target debt-to-value ratio of 18%.Under the assumption of other evaluation input values, the evaluation results of the enterprise's DCF, EVA, APV, CCF and CFE models are the same, and the value of each equity interest is $58.5.

Trial:

Assume thatGlobalCo.'s capital structure policy is toadjustthe capital structureat the beginning of each yearto return to the target debt-to-value ratio of 18%.Other assumptions remain unchanged, please re-evaluateGlobalCo.

If the ending balance of interest-bearing liabilities on the historical balance sheet Year -1 is not equal to the amount of interest-bearing liabilities under the target leverage,assuming thatGlobalCo. will immediately adjust to the most appropriate amount of interest-bearing liabilities at the beginning of Year 1.Therefore, the interest tax shield cash flow, cash flow of interest-bearing liabilities (CFD) and cash flow of equity (CFE) for the first year, please use the adjusted amount of interest-bearing liabilities and equity as the basis for forecasting.