$$ Valuation Analysis of the of Heinz and Kraft Merger with respect to

Findings of Discounted Cash Flow $($DCF$)$ Analysis

of the Free Cash Flow Projections

The Discount Rate and WACC Calculation

Terminal Value Estimation

Comparable Companies Analysis

Selection of Comparable Companies

Valuation Multiples

Application of Multiples

Precedent Transactions

Selection of Relevant Transactions

Transaction Multiples

Analysis and Application

and synthesis of Valuation Results of the Heinz and Kraft Merger