resent value of Cash Flows Terminal growth rate = Discount Rate NPV Cash Flows ($M) NPV TV ($M) NPV Total ($M) Net Cash/(Debt) Net cash/share $/ Share of terminal value TV as % of total value NPV Cash Flows + TV Shares outstanding 2.0% 10.0% $1,612 $751 $2,364 $85 $2 $16 31% $52 47 $1