What is the Terminal Value based on the average of:

1) The terminal value based on a perpetual growth rate, and;

2) The terminal value based on the EBITDA exit multiple assumption outlined on the "Control Panel" tab

$599,446

$454,756

$400,206

$450,323

Comparable Trading Metrics Company Name Market Data Market Cap [$] EV [$] EV/Sales [x] Valuation (2020E) EV/EBITDA EV/EBIT [x] P/E [x] Price [$/sh.] $38 $81 $52 Company A Company B Company C Company D Company E Average Median $168,041 $123,883 $10,326 $11,618 $964 $185,122 $143,824 $12,764 $11,004 $968 Sales [$] $46,854 $56,415 $3,997 $2,246 $345 Financial Data (202E) EBITDA EBIT [$] $14,104 $11,127 $12,344 $9,878 $1,319 $1,103 $706 $584 $88 $66 Earnings [$] $7,381 $5,618 $620 $357 $41 $70 $21 Comparable Companies Beta Unlevered Beta Company Company A Company B Company C Company D Company E Median Levered Beta 1,27 1,31 1,15 1,11 1,38 Debt $550 $500 $450 $600 $450 Equity Debt / Equity $1,100 $900 $1,200 $1,000 $1,400 Tax Rate 35% 30% 29% 33% 30% Income Taxes Net Income 2020E ($5,753) $13,423 2021E ($5,580) $13,021 2022E ($5,287) $12,336 2023E ($5,867) $13,689 2024E ($7,679) $17,918 2025E ($9,596) $22,390 2026E ($8,537) $19,920 2027E ($9,363) $21,847 2028E ($10,411) $24,291 2029E ($11,930) $27,836 Balance Sheet Items PP&E Schedule PP&E, Opening Balance Capital Expenditures Depreciation Expense PP&E, Ending Balance $30,000 $5,000 ($4,875) $30,125 $30,125 $5,075 ($4,899) $30,301 $30,301 $5,151 ($4,931) $30,520 $30,520 $5,228 ($4,970) $30,779 $30,779 $5,307 ($5,015) $31,071 $31,071 $5,386 ($5,065) $31,392 $31,392 $5,467 ($5,119) $31,741 $31,741 $5,549 ($5,177) $32,113 $32,113 $5,632 ($5,239) $32,506 $32,506 $5,717 ($5,305) $32,918 Debt Schedule Total Debt, Opening Balance Issuance (Repayment) Total Debt, Ending Balance Interest Expense $20,000 $0 $20,000 $1,200 $20,000 ($2,000) $18,000 $1,140 $18,000 $0 $18,000 $1,080 $18,000 $0 $18,000 $1,080 $18,000 ($3,000) $15,000 $990 $15,000 ($3,000) $12,000 $810 $12,000 $0 $12,000 $720 $12,000 $0 $12,000 $720 $12,000 $0 $12,000 $720 $12,000 ($2,000 $10,000 $660 Equity Schedule Total Equity, Opening Balance Net Income Dividends Share Issuance (Buy-Back)) Total Equity, Ending Balance $60,000 $13,423 $0 $0 $73,423 $73,423 $13,021 $0 $0 $86,444 $86,444 $12,336 $0 $0 $98,780 $98,780 $13,689 $0 $0 $112,469 $112,469 $17,918 $0 $0 $130,387 $130,387 $22,390 $0 $0 $152,777 $152,777 $19,920 $0 $0 $172,697 $172,697 $21,847 $0 $0 $194,544 $194,544 $24,291 $0 $0 $218,835 $218,835 $27,836 $0 $0 $246,671 Model Inputs and Assumptions General Assumptions Transaction Date Fiscal Year-End Days Per Year 1/01/2020 31/12/2020 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $10,000 $30,000 $20,000 $60,000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 30% 2% 10,0x Risk-Free Rate Equity Risk Premium Interest Rate 5% 4% 6%