1 Discount Rale: 17.0% Long-tenn growth rate 3.0% Sim of Present Values 33,805,916 2007 Multiples Pass-Ihru Premium 15% 5070,887 % of AUM MVICriter MVICrOp Inc Marketable Aggregate Value 38,876,803 400,000,000 3,600000 1,980,000 9.72% 10.6 19.6 DiscouM for Lack of Marketability 20% (7