tRice =EMS 51.79 51.79 51.79 51.79 51.79 Appreciation Potential 8% 15% 22% EV/EBITDA Multiple Approach 2015E EBITDA 1,018 1,018 1,018 Target Multiple 8.3x 8.7x 9.1x = Enmtp.lse Value 8,475 8,873 9,272 Less Net Debt(EOP 2015) 2,499 2,499 2,499 = Equty Value 5,976 6,375 6,773 Average