Exhibit

Target Rates of Return implied by the DCF vs. the option approach (option Parameters: E = 100, R_F = 7%, s = 50%, t= 2 years)

Stock Price	Put Price		r_target		r_target –
130	12.90	0.95	0.60	0.53	0.07
130	12.90	0.95	0.40	0.34	0.06
130	12.90	0.95	0.20	0.14	0.06
120	14.83	0.94	0.60	0.51	0.09
120	14.83	0.94	0.40	0.32	0.08
120	14.83	0.94	0.20	0.13	0.07
110	17.10	0.93	0.60	0.49	0.11
110	17.10	0.93	0.40	0.30	0.10
110	17.10	0.93	0.20	0.12	0.08
100	19.78	0.91	0.60	0.46	0.14
100	19.78	0.91	0.40	0.28	0.12
100	19.78	0.91	0.20	0.10	0.10
90	22.94	0.89	0.60	0.43	0.17
90	22.94	0.89	0.40	0.25	0.15
90	22.94	0.89	0.20	0.07	0.13
80	26.69	0.87	0.60	0.39	0.21
80	26.69	0.87	0.40	0.21	0.19
80	26.69	0.87	0.20	0.04	0.16
70	31.12	0.83	0.60	0.33	0.27
70	31.12	0.83	0.40	0.16	0.24
70	31.12	0.83	0.20	0.00	0.20
60	36.35	0.79	0.60	0.26	0.34
60	36.35	0.79	0.40	0.10	0.30
60	36.35	0.79	0.20	-0.05	0.25
50	42.51	0.74	0.60	0.18	0.42
50	42.51	0.74	0.40	0.03	0.37
50	42.51	0.74	0.20	-0.12	0.32
40	49.69	0.67	0.60	0.07	0.53
40	49.69	0.67	0.40	-0.07	0.47
40	49.69	0.67	0.20	-0.20	0.40
30	57.94	0.58	0.60	-0.07	0.67
30	57.94	0.58	0.40	-0.18	0.58
30	57.94	0.58	0.20	-0.30	0.50
20	67.13	0.48	0.60	-0.23	0.83
20	67.13	0.48	0.40	-0.33	0.73
20	67.13	0.48	0.20	-0.43	0.63
10	76.94	0.34	0.60	-0.46	1.06
10	76.94	0.34	0.40	-0.53	0.93
10	76.94	0.34	0.20	-0.59	0.79

Notes: Option Parameters: E = exercise price; R_F = continuously compounded, annualized risk-free rate; s = instantaneous standard deviation of rates of return on the stock price; t = time to maturity in years.
Column 1: Current stock price; Column 2: Current put price; Column 3: Ratio of 1 + target required rates of return; Column 4: Target required rate of return exogenously given and applied using the DCF approach; Column 5: Target required rate of return using the Options approach; Column 6: Downward adjustment of r_target required.