| | | Acquisition | Low| Mid| High | FY17| FY17| FY17 EBITDA|...

	Column 1	Column 2	Column 3	Column 4
0				Acquisition
1		Low	Mid	High
2		FY17	FY17	FY17
3	EBITDA	952,441	1,047,685	1,397,685
4
5	Multiple	4	5	6
6
7	EV	3,809,764	5,238,425	8,386,110
8
9
10	Equity value	3,809,764	5,238,425	8,386,110
11	Net cash	1,941,259	1,941,259	1,591,259
12	Total	5,751,023	7,179,684	9,977,369
13
14	# shares	188,000,000	188,000,000	203,909,091
15
16	Value per share	0.0306	0.0382	0.0489
17	EPS ($200k D&A & 30% Tax)	0.0028	0.0032	0.0039
18	DPS @ 80% payout	0.0022	0.0025	0.0032
19	Yield	7.3%	6.6%	6.4%
20
21	Spot price	0.0220	0.0220	0.0220
22	Yield	10.2%	11.5%	14.3%
23	TSR	49%	85%	137%
24	Current PE x	7.9 x	7.0 x	5.6 x
25	Theoretical PE x	10.9 x	12.1 x	12.4 x