V S - FRONTIER CENTRE I

Case 1 Case 2 Case 3 Case 1 Case 2 Case 3 No 1/4 1/2 No 1/4 1/4 Reduction Reduction Reduction Reduction Reduction Reduction in Debt in Debt in Debt in Debt in Debt in Debt Gross Value (Average of Mean & Median) $ 2.065 $ 2.727 $ 2.945 $ 2.137 $ 2.305 $ 2.595 Less Proceeds Used to Retire Debt Level $ 0.000 $ 0.444 $ 0.887 $ 0.000 $ 0.444 $ 0.887 Net Value $ 2.065 $ 2.283 $ 2.058 $ 2.137 $ 1.861 $ 1. [...] This Scenario One for the intrinsic value yields (net plausible range of a median (midpoint of the array of the amount of proceeds used to extinguish one of projected values) of $1.941B to a mean (simple quarter of the firm’s long-term debt) a minimum average) of $2.625B. [...] This Alternative Scenario yields (net of the amount of a median (midpoint of the array of projected of proceeds used to extinguish one half of the values) of $1.69B to a mean (simple average) of firm’s long-term debt) a minimum of $58M to a $2.43B. [...] Lowering method yields (net of the amount of proceeds used debt and interest costs to raise the valuation is to extinguish one half of the firm’s long-term debt) insufficient to offset the cost of paying down the a minimum of $1.19B to a maximum of $3.45B, debt. [...] Case 1 Case 2 Case 3 Case 1 Case 2 Case 3 No 1/4 1/2 No 1/4 1/4 Reduction Reduction Reduction Reduction Reduction Reduction in Debt in Debt in Debt in Debt in Debt in Debt Gross Value (Average of Mean & Median) $ 2.065 $ 2.727 $ 2.945 $ 2.137 $ 2.305 $ 2.595 Less Proceeds Used to Retire Debt Level $ 0.000 $ 0.444 $ 0.887 $ 0.000 $ 0.444 $ 0.887 Net Value $ 2.065 $ 2.283 $ 2.058 $ 2.137 $ 1.861 $ 1.