2007 2008 2009 2010 2011 2012 2013

Revenue
Attendance 17.40 18.97 20.67 22.53 24.56 26.77 29.18
Sponsorship 15.70 17.11 18.65 20.33 22.16 24.16 26.33
Broadcast 28.70 31.28 34.10 37.17 40.51 44.16 48.13
Merchandise 5.20 5.67 6.18 6.73 7.34 8.00 8.72
Other 7.10 7.74 8.44 9.19 10.02 10.92 11.91
Total 74.10 80.77 88.04 95.96 104.60 114.01 124.27
Opearting costs
Payroll 50.92 56.01 61.61 67.77 74.55 82.01 90.21
Stadium Operating Expense 16.38 17.04 17.72 18.43 19.16 19.93 20.73
Other 1.80 1.87 1.95 2.02 2.11 2.19 2.28
Total 69.10 74.92 81.28 88.22 95.82 104.13 113.21

EBITDA 5.00 5.85 6.76 7.74 8.78 9.89 11.06

Depreciation 2.20 2.29 2.38 2.47 2.57 2.68 2.78
EBIT 2.80 3.56 4.38 5.26 6.20 7.21 8.28
Interest
Taxes
Net Income

Capex
NWC
change (NWC)

FCF
Terminal Value
Discount rate
Enterprise Value
Net Debt
Market Value of Equity
Price/share

Assumptions
Revenue growth until 2019 9%
Long-term growth after 201 4%
Salary growth until 2019 10%
Long-term growth after 201 4%
Long-term growth rate of ev 4%
 2014 2015 2016 2017 2018 2019 2020

31.81 34.67 37.79 41.19 44.90 48.94 50.90

28.70 31.28 34.10 37.17 40.51 44.16 45.93
52.46 57.19 62.33 67.94 74.06 80.72 83.95
9.51 10.36 11.29 12.31 13.42 14.63 15.21
12.98 14.15 15.42 16.81 18.32 19.97 20.77
135.46 147.65 160.94 175.42 191.21 208.42 216.76

99.23 109.15 120.07 132.07 145.28 159.81 166.20

21.55 22.42 23.31 24.25 25.22 26.22 27.27
2.37 2.46 2.56 2.66 2.77 2.88 3.00
123.15 134.03 145.94 158.98 173.27 188.92 196.47

12.31 13.62 14.99 16.44 17.94 19.50 20.28

2.90 3.01 3.13 3.26 3.39 3.52 3.66
9.41 10.61 11.86 13.18 14.55 15.98 16.62
 2007 2008 2009 2010 2011
Discount factor (how much is $1 worth
today?) 1 0.91 0.82 0.75 0.68

(1) Adding a stadium: -$70.57

Revenues 0 0 13.08 14.26
Costs
Stadium capex 125 125
Depreciation 25 25
Stadium operationg costs 2.58 2.68
Total opearting costs 0.00 0.00 27.58 27.68
Taxes 0.00 0.00 -5.08 -4.70
Change in Working Capital 0.00 0.00 -7.85 -8.55
Total cash outlay 125.00 125.00 -5.27 -5.87
Cash Flow
Free Cash Flow -125.00 -125.00 18.35 20.13
Discounted back to 2007 -113.38 -102.84 13.69 13.62

(2) Adding a player $15.28

Revenue 3.92 4.27 4.66 5.08
Costs
Salary 2.60 2.86 3.15 3.46
Transfer fee 20.00
Total opearting costs 22.60 2.86 3.15 3.46
Change in Working Capital -2.35 -2.56 -2.79 -3.05
Taxes -6.54 0.49 0.53 0.57
Cash Flow
Free Cash Flow -9.79 3.48 3.78 4.10
Discounted back to 2007 -8.88 2.86 2.82 2.77

(3) Adding a stadium and a player $70.29

Revenues
from stadium 0.00 0.00 13.08 14.26
synergy 1 1 4 4
from player 3.92 4.27 18.63 20.31
Total revenues 3.92 4.27 31.71 34.56
Costs
Stadium capex 125 125
Depreciation 25 25
stadium operationg costs 2.58 2.68
Salary 2.60 2.86 3.15 3.46
Transfer fee 20.00
Total opearting costs 22.60 2.86 30.73 31.14
Taxes -6.54 0.49 0.34 1.20
Change in Working Capital -2.35 -2.56 -19.03 -20.74
Total cash outlay 145.25 125.30 -13.30 -14.59
Cash Flow
Free Cash Flow -141.33 -121.02 45.01 49.16
Discounted back to 2007 -128.19 -99.57 33.59 33.27
Assumptions
Revenue growth 9.0%
long-term growth 4.0%
Salary growth 10.0%
Long-term growth of everything else 4.0%
Net Working Capital / Revenue ratio -60.0%
Tax rate 35.0%
Discount rate 10.25%
 2012 2013 2014 2015 2016 2017 2018 2019 2020

0.61 0.56 0.51 0.46 0.42 0.38 0.34 0.31 0.28

15.54 16.94 18.46 20.13 21.94 23.91 26.06 28.41 29.54

25 25 25 25 25 25 25 25
2.79 2.90 3.02 3.14 3.26 3.40 3.53 3.67 3.82
27.79 27.90 28.02 28.14 28.26 28.40 28.53 28.67 3.82
-4.29 -3.84 -3.34 -2.80 -2.21 -1.57 -0.86 -0.09 9.00
-9.32 -10.16 -11.08 -12.08 -13.16 -14.35 -15.64 -17.05 -17.73
-6.53 -7.26 -8.06 -8.94 -9.90 -10.95 -12.11 -13.37 -13.91

22.07 24.20 26.52 29.06 31.83 34.86 38.17 41.78 43.45

13.55 13.48 13.40 13.31 13.23 13.14 13.05 12.96 12.22

5.53 6.03 6.57 7.17 7.81 8.51

3.81 4.19 4.61 5.07 5.57 6.13

3.81 4.19 4.61 5.07 5.57 6.13 0.00 0.00 0.00

-3.32 -3.62 -3.94 -4.30 -4.69 -5.11 0.00 0.00 0.00
0.60 0.65 0.69 0.73 0.78 0.83 0.00 0.00 0.00

4.44 4.82 5.22 5.66 6.14 6.66 0.00 0.00 0.00

2.73 2.68 2.64 2.59 2.55 2.51 0.00 0.00 0.00

15.54 16.94 18.46 20.13 21.94 23.91 26.06 28.41 29.54

4 4 4 4 4 4
22.13 24.13 26.30 28.66 31.24 34.06
37.67 41.06 44.76 48.79 53.18 57.97 26.06 28.41 29.54

25 25 25 25 25 25 25 25
2.79 2.90 3.02 3.14 3.26 3.40 3.53 3.67 3.82
3.81 4.19 4.61 5.07 5.57 6.13

31.60 32.09 32.62 33.21 33.84 34.53 28.53 28.67 3.82

2.13 3.14 4.25 5.45 6.77 8.20 -0.86 -0.09 9.00
-22.60 -24.64 -26.86 -29.27 -31.91 -34.78 -15.64 -17.05 -17.73
-16.01 -17.55 -19.23 -21.07 -23.07 -25.25 -12.11 -13.37 -13.91

53.68 58.61 63.99 69.86 76.25 83.22 38.17 41.78 43.45

32.96 32.64 32.32 32.00 31.68 31.36 13.05 12.96 12.22