Shareholder Value and Dividend Discount Method

These are the residual value methods and values used:

Method

Specific Value

Perpetuity Method

Long-term cost of capital

Growth in Perpetuity

Long-term cost of capital

Value Growth Duration

Long-term cost of capital

Price/Earnings Ratio

Normalized earnings adjustment

Market-to-Book Ratio

Market-to-book ratio

Liquidation Value

Liquidation value