Page 1

December 10, 2014

Title

All of the inflow values are in millions of £.

The cost of the merger

is -25,363€ ; the NPV

of the synergy gains is

€ 9,753.

Year 2003

807

Year 2004

1,060

Year 2005

1,263

Year 2006(includes

terminal valueOf 28,433)

29,908

Year 2001

119

Year 2002

307

Discounting by the WACC (7.54%), the

NPV (of the value inflows) is

22,032

This equals 35,116 Euros

(£/Euro rate of 12/17)

(Used an HP17)

NPV CALCULATION Mota, Flavio

Exhibit Two