QUESTION #1- calculate share price estimates using EPS, Sales, BV, EBITDA, premiums and synergies. EPS- weight 10%book value -weight 10%sales-weight 10%EBITDA-weight 50%Premium- weight 10%synergy -weight 10%QUESTION #2- Apply The weights used in this document to the six factors above to come up with a weighted price per share. QUESTION #3- use the dividend payments a projected growth rates provided to calculate the DDM-based prices per share for three firms. ********Include all formulas and show your work*******

Equity Valuations using Multiples and Transactions EPS BV Sales EBITDA Premium Synergy Average 170 210 10.0 35.09% 25.09% Shares outstanding (M) 68.50 EPS Last 40 Est. 2021 Est. 2022 JTM EPS 4.15 4.33 Question #2 Average Book Value 2020 Dividends JTM Book Value 22.50 Dividends rowth/vr. Average Northern 3.80 3.1% Sales Eastern 3.40 3.0% JTM Sales (Last 40) 3,722 Central 2.85 2.9% Firm Value Debt Value 1 800 Dividend Stream Equity Value 2021 2022 TV Average Northern EBITDA Eastern JTM EBITDA (Last 40) 744 Central Firm Value Debt Value 1.800 DDM Value of each Firm 22 Equity Value S/share 23 Average Northern 24 Premium Eastern 25 Pre-Announcement Stock Price 45.00 Central 26 Average 27 Synergy WACC 6.0% 28 Pre-Announcement Stock Price 45.00 29 Average 30