Transaction Assumption Source of Funds

Acquirer: Time Warner Inc. Target: CBS Corp. Cash From Balance Sheet $0.0
Purchase Price Per Share $0.00 Equity Purchase Price $0.0
Premium (%) -100.00% Cashe Used $0.0 New Debt Percentage $0.00
% Cash 0.0% Debt Issued $0.0 Revolvor 0.0% 0.0
% Equity 100.0% New Share Issued 0.0 Term Loan A 0.0% 0.0
Foregone Cash Interest Rate 0.0% Debt Average Interesr Rate 0.0% +LIBOR Term Loan B 0.0% 0.0
Senior Notes 0.0% 0.0
1E Revenue Synergies: 0 Senior Subordinated Notes 0.0% 0.0
1E COGS Synergies: 0 Other 0.0% 0.0
1E OpEx Synergies: 0
Issuence of Common Stock $0.00
Acquirer Earning Analysis
1 2 3 4 5 Total Source of Fund $0.00
Stand Alone Revenue $0.0 $0.0 $0.0 $0.0 $0.0
Stand Alone EBITDA $0.0 $0.0 $0.0 $0.0 $0.0
Stand Alone Net Income $0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! Use of Cash
Purchase of Equity 0.0
Pro-forma Net Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Retiring of Target's Debt 0.0
w/ Synergies Financing Fee 0.0
Transaction Fee 0.0
Standalone EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Excess Cash 0.0
Pro-forma EPS w/ Synergies #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Use of Funds $0.00
EPS Accretive / Dilutive #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Enteririse Value & Multiples Acquirer Combined
Good Will Calculation Fully Diluted Shares Outstanding 0.0 0.0
Equity Purchase Price $0.0 Share Price 95.1 95.1
Less: Target's Net Identifiable Assets 918.0 Equity Value 0.0 0.0
Total Allocable Purchase Premium 918.0
Allocation % Plue: Debt 23,594.0 31,820.0
Less: Tangible Asset Write-Up 0.0% 0.0 Plus: Preferred equity 0.0 0.0
Less: Intangbile Asset Write-Up 0.0% 0.0 Plus: Minority Interest 29.0 29.0
Plus: Deferred Tax Liability 0.0 Less: Cash 2,155.0 2,478.0
Total Goodwill Created $918.0 EV $21,468.0 $29,371.0
M&A Summary
(Dollars in Millions, except per share)

Transaction Summary
Transaction Date
Case:
Acquirer
Companies Time Warner Inc.
Fully Diluted Shares Outstanding 0
Current Share Price 95.09

Offer Price for Target

Premium for Target Current Share Price

Target Equity Value Offered

Target Implied Transaction Value

Consideration for Target Equity Percentage Per Share

Cash Component $0.00
Equity Component 100.0% $0.00
Total 100.0% $0.00

Source of Fund
Cash From Balance Sheet
Interest Rate Earned on Cash

New Debt Percentage Financing Fee Interest Rate

Revolvor 0.0%
Term Loan A 0.0%
Term Loan B 0.0%
Senior Notes 0.0%
Senior Subordinated Notes 0.0%
Other 0.0%
Weighted Average Cost of Debt 0.0% +LIBOR

Issuence of Common Stock

Total Source of Fund

Use of Cash
Purchase of Equity
Retiring of Target's Debt No
Financing Fee
Transaction Fee
Excess Cash
Total Use of Funds
Source of Equity Component
Exchange Ratio
Acquirer Shares Issued
Pro-forma Shares Outstanding (Combined)

Pro-forma ownership
Time Warner Inc.
CBS Corp.

Enterprise Value Time Warner Inc. CBS Corp. Offered

Fully Diluted Shares Outstanding 0.0 0.0 0.0
Share Price $95.1 $65.5 $0.0
Equity Value 0.0 0.0 0.0

Plue: Debt 23594 8226 8226

Plus: Preferred equity 0 0 0
Plus: Minority Interest 29 0 0
Less: Cash 2155 323 323
EV $21,468.0 $7,903.0 $7,903.0

Transaction Multiples
Enterprise Value / LTM EBITDA Time Warner Inc.
CBS Corp.:
Offered EV / Target's LTM EBITDA
Combined EV / 1E EBITDA
Combined EV / 2E EBITDA

Combined Equity Value / 1E Net Income

Combined Equity Value / 2E Net Income

Sensitivity Analysis

Annual EPS Accretion / (Dilution) Sensitivity Analysis - Offer Price & Cash Consideration
Offer Price % Cash Consideration
#DIV/0! (10.0%) (5.0%) 5.0%
($8.0) #DIV/0! #DIV/0! #DIV/0!
($4.0) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Breakeven Synergies Analysis

Breakeven Required Synergies
 Offer Price 1 2 3 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
($8.0) #DIV/0! #DIV/0! #DIV/0!
($4.0) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Annual EPS Accretion / (Dilution) Sensitivity Analysis - Offer Price

Offer Price 1 2 3 4
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
($8.0) #DIV/0! #DIV/0! #DIV/0!
($4.0) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
$4.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Pro-forma Balance Sheet

Stand alone
Time Warner Inc. CBS Corp.
01/06/17 01/06/17
Cash and Cash Equivalents 2,155.0 323.0
Short-term Investments
Accounts Receivable 7,411.0 3,628.0
Inventories 1,753.0 1,271.0
Prepaids and Other Current Assets 1,194.0 525.0
Total Current Assets $12,513.0 $5,747.0

Long-term Investments 2,617.0 1,957.0

Property, Plant and Equipment, net 2,596.0 1,405.0
Goodwill 27,689.0 6,481.0
Intangible Assets 7,978.0 5,514.0
Other Assets 10,455.0 2,661.0
Deferred Financing Fees
Total Assets $63,848.0 $23,765.0

Accounts Payable 7,188.0 192.0

Accrued Liabilities 904.0
Other Current Liabilities 814.0 2,464.0
Total Current Liabilities $8,002.0 $3,560.0

Old Revolvor
Old Lont Term Debt 23,594.0 8,226.0
New Term Loan A
New Term Loan B
New Senior Notes
New Senior Subordinated Notes
Other New Debt
Deferred Tax Liabilities 2,454.0 1,509.0
Other Long-Term Liabilities 6,150.0 4,907.0
Total Liabilities $40,200.0 $18,202.0

Noncontrolling Interest 29.0

Preferred Equity
Shareholders' Equity 23,619.0 5,563.0
Total Shareholders' Equity $23,648.0 $5,563.0

Total Liabilities and Equity $63,848.0 $23,765.0

Balance Check 0.0 0.0

Merger Consequence

Premium to Share Price 10.0% 20.0%

Purchase Price Per Share $0.0 $0.0 $0.0

Implied Equity Value $0.0 $0.0 $0.0

Net Debt 7,903.0 7,903.0 7,903.0
Implied Enterprise Value $7,903.0 $7,903.0 $7,903.0

Implied EV / 1E EBITDA #DIV/0! #DIV/0! #DIV/0!

Implied EV / 2E EBITDA #DIV/0! #DIV/0! #DIV/0!

Implied 1P/E #DIV/0! #DIV/0! #DIV/0!

Implied 2P/E #DIV/0! #DIV/0! #DIV/0!

1E Stand Alone Diluted EPS #DIV/0! #DIV/0! #DIV/0!

1E Pro Forma diluted EPS #DIV/0! #DIV/0!
1 Accretion / (Dilution)
Acc / Dil - $ amount #VALUE! #DIV/0! #DIV/0!
Acc / Dil - % #VALUE! #DIV/0! #DIV/0!

Pre-Tax Breakeven Synergies #VALUE! #DIV/0! #DIV/0!

Pro-Forma Debt / EBITDA #VALUE! #VALUE! #VALUE!

Debt to Capitalization (At closing) 57.4% #VALUE! #VALUE!

% Shares Issued as Currency #DIV/0! #DIV/0! #DIV/0!

Pro-Forma Acquirer Ownership % #DIV/0! #DIV/0! #DIV/0!

Income Statement

Historical Period

1/6/2014 1/6/2015 1/6/2016

Acquirer Revenue 26,461.0 27,359.0 28118
Target Revenue 14,005.0 13,806.0 13886
Revenue Synergy
Pro-forma Revenue $40,466.0 $41,165.0 $42,004.0

AcquirerCOGS 14,935.0 15,875.0 16154

Target COGS 10,980.0 10,910.0 11469
COGS Synergy
Pro-forma COGS $25,915.0 $26,785.0 $27,623.0
% of Revenue 64.0% 65.1% 65.8%

Acquirer Gross Profit 11,526.0 11,484.0 11,964.0

Target Gross Profit 3,025.0 2,896.0 2,417.0
Pro-forma Gross Profit $14,551.0 $14,380.0 $14,381.0
Gross Margin 36.0% 34.9% 34.2%
14,935.0 15,875.0
Operation Expenses
Acquirer Operation Expenses
Target Operation Expenses 8,089.0 8324
Operation Synergy
Pro-forma Operation Exp $0.0 $8,089.0 $8,324.0
% Margin 0.0% 19.7% 19.8%

Acquirer EBITDA 11,526.0 11,484.0 11,964.0

Target EBITDA 3,025.0 (5,193.0) (5,907.0)
Pro-forma EBITDA $14,551.0 $6,291.0 $6,057.0
% Margin 36.0% 15.3% 14.4%
Acquirer Depreciation
Acquirer Amortization
Target Depreciation
Target Amortization
Depreciation on Tangible Asset Write-up
Amortization on Intangible Asset Write-up

Acquirer EBIT 11,526.0 11,484.0 11,964.0

Target EBIT 3,025.0 (5,193.0) (5,907.0)
Pro-forma EBIT $14,551.0 $6,291.0 $6,057.0
% Margin 36.0% 15.3% 14.4%

Interest Expense
Acquirer Interest Exp
Target Interest Exp
Pro-forma Interest Expense $0.0 $0.0 $0.0

Acquirer Interest Income

Target Interest Income
Pro-forma Interest Income $0.0 $0.0 $0.0

Acquirer EBT 11,526.0 11,484.0 11,964.0

Target EBT 3,025.0 (5,193.0) (5,907.0)
Pro-forma EBT $14,551.0 $6,291.0 $6,057.0

Acquirer Income Tax Expense

Target Income tax Expense
Pro-forma Income Tax Exp $0.0 $0.0 $0.0

Acquirer Net Income $11,526.0 11,484.0 $11,964.0

Target Net Income $3,025.0 (5,193.0) ($5,907.0)
Pro-forma Net Income $14,551.0 $6,291.0 $6,057.0

Acquirer Gain / (Loss) Dis Op

Target Gain / (Loss) Dis Op
Pro-forma Gain / (Loss) Dis Op $0.00 $0.00 $0.00

Acquirer Diluted Share

Target Diluted Share
Pro-forma Share Outstanding

Acquirer Diluted EPS #DIV/0! #DIV/0! #DIV/0!

Target Diluted EPS #DIV/0! #DIV/0! #DIV/0!
Pro-forma Diluted EPS
 FYE December 31
06-Jan-17
Revenue
Target Time Warner Inc. 0.0
CBS Corp. CBS Corp. 0.0
0 Combined $0.0
65.48
EBITDA
Time Warner Inc. 0.0
-100.00% CBS Corp. 0.0
Combined $0.0
0.00
$7,903.0 Net Income
Time Warner Inc. 0.0
Total CBS Corp. #DIV/0!
$0.00 Combined #DIV/0!
$0.00
$0.00 Stand Alone EPS
Time Warner Inc. #DIV/0!
CBS Corp. #DIV/0!

Pro-forma EPS
Combined Net Income #DIV/0!
$0.00 Plus: Expected Post-Tax Synergies 0.0
Less:Amortization of Intangibles #DIV/0!
Less: Depreciation of PP&E #DIV/0!
Less: Additional Net Interest Exps 0.0

Pro-forma Net Income w/ Synergies #DIV/0!

Pro-forma Net income w/o Synergies #DIV/0!
Proforma Shares Outstanding 0.0
Earnings Per Share (w/ Synergies) #DIV/0!
$0.00 Earnings Per Share (w/o Synergies) #DIV/0!

$0.00 Accretion / Dilution Analysis with Synergies

% EPS Accretion (Dilution) #DIV/0!
$ EPS Accretion (Dilution) #DIV/0!
0.0 Accretive/Dilutive #DIV/0!
0.0
0.0 Breakeven Pretax Synergies
% of Revenue
0.0 % of EBITDA
$0.00
 Synergies Analysis

0.0x Revenue Combined

0.0 Synergy
0.0 % Increase

COGS Synergy
#DIV/0! (% of Combined Revenue
#DIV/0! excluding other synergy)

Combined SG&A Synergy Synergy

0.0 (% of Combined Revenue
$95.1 excluding other synergy)
0.0
Exptected Pre-tax Synergies
$31,820.00
0 Synergies
29
2478 Expected Pre-Tax Annual Synergies
$29,371.0 Effective Tax Rate
Expected Post-tax Synergy

0.8x 1E Breakeven Synergies

11.1x
11.1x
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

Acquirer Proforma OwnerShip

Offer Price % Cash Consideration
10.0% #DIV/0! (10.0%) (5.0%)
#DIV/0! ($8.0) #DIV/0!
#DIV/0! ($4.0) #DIV/0! #DIV/0!
#DIV/0! $0.0 #DIV/0! #DIV/0!
#DIV/0! $4.0 #DIV/0! #DIV/0!
#DIV/0! $4.0 #DIV/0! #DIV/0!

1E EPS Accretion / (Dilution) Sensitivity Analysis - Offer Price & Revenue Synergies
 5 Offer Price Estimated Revenue Synergies
#DIV/0! #DIV/0! 0.0 0.0
#DIV/0! ($2.0) #DIV/0!
#DIV/0! ($1.0) #DIV/0! #DIV/0!
#DIV/0! $0.0 #DIV/0! #DIV/0!
#DIV/0! $1.0 #DIV/0! #DIV/0!
#DIV/0! $1.0 #DIV/0! #DIV/0!

1E EPS Accretion / (Dilution) Sensitivity Analysis - Offer Price & Operation Synergies
5
#DIV/0! Offer Price Estimated Operation Expense Syner
#DIV/0! #DIV/0! 0.0 0.0
#DIV/0! ($2.0) #DIV/0!
#DIV/0! ($1.0) #DIV/0! #DIV/0!
#DIV/0! $0.0 #DIV/0! #DIV/0!
#DIV/0! $1.0 #DIV/0! #DIV/0!
$1.0 #DIV/0! #DIV/0!

1E EPS Accretion / (Dilution) Sensitivity Analysis - Offer Price & COSG Synergies

Offer Price Estimated COGS Synergies

#DIV/0! 0.0 0.0
($2.0) #DIV/0!
($1.0) #DIV/0! #DIV/0!
$0.0 #DIV/0! #DIV/0!
$1.0 #DIV/0! #DIV/0!
$1.0 #DIV/0! #DIV/0!

Good Will Calculation

Equity Purchase Price
Adjustments Pro-forma Less: Target's Net Identifiable Assets
+ - 0 Total Allocable Purchase Premium
0.0 0.0 2,478.0
0.0 Less: Tangible Asset Write-Up
11,039.0 Less: Intangbile Asset Write-Up
3,024.0 Plus: Deferred Tax Liability
1,719.0 Total Goodwill Created
$18,260.0
Write-Up & Financing Fee Depreciation &
4,574.0
0.0 4,001.0
918.0 (6,481.0) 28,607.0 Tangible Asset Write-Up Depreciation Pe
0.0 13,492.0 Intangible Asset Write-Up Amortization P
13,116.0 Financing & Transaction Fee
 0.0 0.0 Total
$82,050.0

7,380.0
904.0
3,278.0
$11,562.0

0.0 0.0 0.0

0.0 31,820.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 3,963.0
11,057.0
$0.0 $58,402.0

0.0 29.0
0.0 0.0
0.0 (5,563.0) 23,619.0
($5,563.0) $23,648.0

$82,050.0

0.0

Pro-Forma Diluted EPS Table

#DIV/0! $0.0
30.0% 45.0% 0.0%
$0.0 $0.0
Pro-Forma Debt / EBITDA
$0.0 $0.0 $31,820.00 $0.0
7,903.0 7,903.0 0.0%
$7,903.0 $7,903.0
Equity Value
#DIV/0! #DIV/0! $23,648.0 $0.0
#DIV/0! #DIV/0! 0.0%

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
 #DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!

#VALUE! #VALUE!
#VALUE! #VALUE!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

rical Period Projection Period

YTD LTM Pro-forma
1/6/2017 1/6/2017 0 1 2
28118 27,359.0
(80.0)
0.0 0.0
$28,118.0 $27,279.0 $0.0 $0.0 $0.0

(279.0)
(559.0)
0.0 0.0
$0.0 ($838.0) $0.0 $0.0 $0.0
0.0% -3.1% #DIV/0! #DIV/0! #DIV/0!

28,118.0 27,638.0 0.0 0.0 0.0

0.0 479.0 0.0 0.0 0.0
$28,118.0 $28,117.0 $0.0 $0.0 $0.0
100.0% 103.1% #DIV/0! #DIV/0! #DIV/0!

0.0
(235.0)
0.0 0.0
$0.0 ($235.0) $0.0 $0.0 $0.0
0.0% -0.9% #DIV/0! #DIV/0! #DIV/0!

28,118.0 27,638.0 0.0 0.0 0.0

0.0 714.0 0.0 0.0 0.0
$28,118.0 $28,352.0 $0.0 $0.0 $0.0
100.0% 103.9% #DIV/0! #DIV/0! #DIV/0!
 0.0
0.0
0.0
0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

28,118.0 27,638.0 0.0 0.0 0.0

0.0 714.0 0.0 0.0 0.0
$28,118.0 $28,352.0 #DIV/0! #DIV/0! #DIV/0!
100.0% 103.9% #DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
$0.0 $0.0 $0.0 $0.0 $0.0

28,118.0 27,638.0 0.0 0.0 0.0

0.0 714.0 0.0 0.0 0.0
$28,118.0 $28,352.0 #DIV/0! #DIV/0! #DIV/0!

0.0 0.0 #DIV/0! #DIV/0!

0.0 #DIV/0! #DIV/0! #DIV/0!
$0.0 $0.0 #DIV/0! #DIV/0! #DIV/0!

$28,118.0 27,638.0 0.0 #DIV/0! #DIV/0!

$0.0 714.0 #DIV/0! #DIV/0! #DIV/0!
$28,118.0 $28,352.0 #DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
$0.00 $0.00 $0.00 $0.00 $0.00

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
 CAGR
0001E 0002E 0003E 0004E 0005E

0.0 0.0 0.0 0.0 0.0 #DIV/0!

0.0 0.0 0.0 0.0 0.0 #DIV/0!
$0.0 $0.0 $0.0 $0.0 $0.0 #DIV/0!

0.0 0.0 0.0 0.0 0.0 #DIV/0!

0.0 0.0 0.0 0.0 0.0 #DIV/0!
$0.0 $0.0 $0.0 $0.0 $0.0 #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.0 0.0 0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 1 2 3 4 5
0.0 0.0 0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

$0.0 $0.0 $0.0 $0.0 $0.0

1 2 3 4 5
0.0 0.0 0.0 0.0 0.0

$0.0 $0.0 $0.0 $0.0 $0.0

Actual % Revenue % EBITDA
#DIV/0! #DIV/0! #DIV/0!

% Cash Consideration
0.0% 5.0% 10.0%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

ffer Price & Revenue Synergies

 Estimated Revenue Synergies
0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

ffer Price & Operation Synergies

Estimated Operation Expense Synergies

0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

ffer Price & COSG Synergies

Estimated COGS Synergies

0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

Will Calculation
y Purchase Price 0.0
s: Target's Net Identifiable Assets $918.0
Allocable Purchase Premium $918.0
Allocation %
s: Tangible Asset Write-Up 0.0
s: Intangbile Asset Write-Up 0.0
s: Deferred Tax Liability 0.0
Goodwill Created $918.0

-Up & Financing Fee Depreciation & Amortization Assumptions

Annual
Years Amount
ble Asset Write-Up Depreciation Period #DIV/0!
gible Asset Write-Up Amortization Peroid #DIV/0!
cing & Transaction Fee #DIV/0!
 #DIV/0!

$0.0 $0.0 $0.0 $0.0

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

$0.0 $0.0 $0.0 $0.0

$0.0 $0.0 $0.0 $0.0

Projection Period

3 4 5

0.0 0.0 0.0

$0.0 $0.0 $0.0

0.0 0.0 0.0

$0.0 $0.0 $0.0
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

0.0 0.0 0.0
$0.0 $0.0 $0.0
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

$0.0 $0.0 $0.0
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

0.0 0.0 0.0
$0.0 $0.0 $0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

0.0 0.0 0.0
$0.0 $0.0 $0.0

0.0 0.0 0.0

0.0 0.0 0.0
$0.0 $0.0 $0.0

0.0 0.0 0.0

0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

0.0 0.0 0.0

0.0 0.0 0.0
$0.00 $0.00 $0.00

0.0 0.0 0.0

0.0 0.0 0.0
0.0 0.0 0.0

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
Yes
No

Note on Data