Calculations based on last 30 years average 10 year treasury rate 7.16% Debt (D) Equity E Value (V) D/V E/V Corporate 1-Tc Debt return rate Last 30 years Equity WACC= E*I*H + F*] Exhibit 9 Exhibits 9 tax (Rd) Return Rate (Re) CAPM and 11 Rf =0.0716 treasury and Rm-Rf = 0.075 8 =1 Exhibit 14 318.5 2941.3 3259.8 0.098 0.902 0.428 0.572 0.1 0.1466 13.8% 318.5 1974.4 2292.9 0.139 0.861 0.428 0.572 0.1 0.1466 13.4% 318.5 5242.9 5561.4 0.057 0.943 0.428 0.572 0.1 0.1466 14.1% 318.5 3661.5 3980 0.080 0.920 0.428 0.572 0.1 0.1466 13.9%