V S - FRONTIER CENTRE I

of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt Gross Value (Average of Mean & Median) $ 0.38 $ 1.78 $ 2.32 $ 1.47 $ 2.58 $ 4.48 Minus Sale of Proceeds Used to Retire Debt $ 0.00 $ 0.72 $ 1.45 $ 0.00 $ 0.72 $ 1.45 Net Value $ 0.38 $ 1.06 $ 0.88 $ 1.47 $ 1.86 $ 3.03 Calculations used models incorporating financial results from YYC Annual Reports, key financia. [...] of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt Gross Value (Average of Mean & Median) $ 5.18 $ 5.50 $ 6.04 $ 5.08 $ 5.26 $ 6.40 Minus Sale of Proceeds Used to Retire Debt $ 0.00 $ 0.72 $ 1.45 $ 0.00 $ 0.72 $ 1.45 Net Value $ 5.18 $ 4.77 $ 4.59 $ 5.08 $ 4.54 $ 4.95 Calculations used models incorporating financial results from YYC Annual Reports, key financia. [...] 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 $3.35B to a mean (simple quarter of the firm’s long-term debt) a minimum average) of $3.79B. [...] of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt Gross Value (Average of Mean & Median) $ 0.38 $ 4.29 $ 6.18 $ 1.47 $ 2.58 $ 4.48 Minus Sale of Proceeds Used to Retire Debt $ 0.00 $ 0.72 $ 1.45 $ 0.00 $ 0.72 $ 1.45 Net Value $ 0.38 $ 3.57 $ 4.73 $ 1.47 $ 1.86 $ 3.03 Calculations used models incorporating financial results from Company Annual Reports, key fina. [...] of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt of L-T Debt 1/4 of L-T Debt 1/2 of L-T Debt Gross Value (Average of Mean & Median) $ 5.176 $ 5.496 $ 6.036 $ 5.079 $ 5.256 $ 6.349 Minus Sale of Proceeds Used to Retire Debt $ 0.00 $ 0.723 $ 1.445 $ 0.00 $ 0.723 $ 1.445 Net Value $ 5.176 $ 4.774 $ 4.591 $ 5.079 $ 4.533 $ 4.903 Calculations used models incorporating financial results from Company Annual R.