Quantify the value that Carter brings to Hope. The purpose of your valuation is to educate the team on figures that will be helpful in developing a bidding strategy. There is a con- sensus that Hope would get a healthy bump in both revenue growth and operating mar- gin. The view is that an acquired Hope would achieve: . . Annual revenue growth expansion of five percentage points starting in 2017 (e.g., revenue growth in 2017 expanding from 7% in the base case to 12% in the merger scenario. Future years would get similar bumps in revenue growth.) A 30% to 50% reduction in Hope's general and administrative expenses starting in 2017. There is some discussion about whether these gains should be included beyond 2021. We would appreciate your perspective on the value implications of this decision. Also, how important is the realization of each of these two gains in the value of the merger?