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Discount rate (2/2)

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Discount rate component Terminal period Forecast period Value Notes
Nominal risk free rate 3.27% 3.27% 3.27% Reflects the return that a US investor would expect to receive on a risk-free 20 year US Treasury Bond
Equity risk premium (ERP) 5.00% 5.00% 5.00% Reflects the expected premium of US corporate large-cap equity investments over US treasuries
Unlevered beta 0.87 0.87 0.87 Reflects the relative risk of the subject company's industry (Agriculture, Forestry & Fishing) as compared to the S&P 500 index, without taking into consideration the industry's average (optimal) capital structure
Relevered beta 1.17 4.84 1.17 Calculated based on the formula: Unlevered beta x (1 + ((1 - income tax) x (industry average Debt to total invested capital ratio)))
Implied industry risk premium 0.87% 19% 0.87% Calculated as ERP x (relevered beta - 1)
Size premium 3.81% 3.81% 3.81% Reflects a premium/(discount) for size compared to guideline/industry companies (Source: Morningstar, Micro-cap)
Country risk 3.30% 3.30% 3.30% Reflects risk for having the subject company's primary operations in Azerbaijan (Source: Damodaran)
Currency risk 1.83% 1.83% 1.83% Reflects a premium for risk of cash flow denominated in AZN
Specific company risk 0.00% 1.00% 0.00% Reflects a specific risk of investing in the Targets
Cost of equity for nominal cash flow 18.08% 37.39% 18.08% Reflects required rate of return on equity
Share of equity in invested capital, % 70.00% 15.00% 70.00% Calculated based on guideline company share of debt in invested capital
Cost of debt (pre-tax) 12.33% 12.33% 12.33% Required return on borrowed funds for the Company's lenders
Share of debt in invested capital, % 30.00% 85.00% 30.00% Calculated based on the formula: (1-Share of equity in invested capital)
Weighted average cost of capital (WACC) 15.61% 13.99% 15.61% Required rate of return on equity and debt

Source: KPMG analysis


Appendix 6


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