OJSC Kalina. Valuation summary Company Comparables 2010 EV / Revenue: 2011 E EV / Revenue: 2010 EV / EBITDA: 2011 E EV / EBITDA: 2010 P / E: 2011 E P / E: Precedent Transactions DCF Analysis Median to 75 th to Max Trailing EV / Revenue: Forward EV / Revenue: Trailing EV / EBITDA: Forward EV / EBITDA: DCF Analysis 8, 5 x Terminal Multiple : 4% Terminal Growth : 20€ 40€ 60€ 80€ 100€ 120€ 140€ 160€ 180€ 200€ WACC Sensitivity Analysis Diluted EPS 6. 0 % Debt 20. 3% 25. 3% 30. 3% 35. 3% 40. 3% 4. 0 6. 0% 10. 6% 10. 8% 11. 0% 11. 2% 11. 5% Cost of Debt 5. 0 3. 0 2. 0 1. 0 0. 0 2011 Е Gordon model Valuating assumptions 8, 5 x exit multiple 4% Terminal growth rate 432, 5 mln euro 432 mln euro 54, 62 euro 54, 57 euro DCF analysis assumptions: 0€ 2009 Exit multiple model Price per share 25 th to Median Kalina valuation results Equity value Min to 25 th 2013 Е 2015 Е 2017 Е 8. 5% 11. 0% 11. 3% 11. 6% 11. 9% 12. 2% 11. 0% 11. 3% 11. 7% 12. 1% 12. 6% 13. 0% 13. 5% 11. 7% 12. 2% 12. 7% 13. 2% 13. 7% 16. 0% 12. 1% 12. 7% 13. 3% 13. 9% 14. 5% Sales (%growth) 2011 E 2012 E 2013 E 2014 E 2015 E 8% 5% 5% 4% 3% COGS (% sales) 46, 8% 46, 8% SG&A (% sales) 36, 9% 36, 9% Depreciation & Amortization 3, 4% 3, 4% (% sales) Capital Expenditures 2, 5% (% sales) Tax Rate 26% 2, 5% 26% 26%
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