Estimation of Current Cost of Capital

Inputs Equity Number of Shares outstanding = Current Market Price per share = Number of Warrants Outstanding = Current Market Price per Warrant = Current Beta = Riskfree Rate = Equity Risk Premium = Debt Book Value of Straight Debt = Interest Expense on Debt = Average Maturity = Pre-tax Cost of Debt = Tax Rate = Book Value of Convertible Debt = Interest Expense on Convertible = Maturity of Convertible Bond = Market Value of Convertible = Debt value of operating leases = Preferred Stock Number of Preferred Shares = Current Market Price per Share= Annual Dividend per Share = 1000 10 0 3 1.2 4% 4.84%

5000 600 5 7% 35% 0 0 10 0

0 70 5

Output Estimating Market Value of Straight Debt = Estimated Value of Straight Debt in Convertible = Value of Debt in Operating leases = Estimated Value of Equity in Convertible =

$ 6,025.05 $ $ $ -

Market Value Weight in Cost of Capital Cost of Component

Equity Debt Preferred Stock Capital $ 10,000.00 $ 6,025.05 $ $ 16,025.05 62.40% 37.60% 0.00% 100.00% 10.09% 4.55% 7.14% 8.01%