Illustrative Present Value of the Transaction .
Centerview analyzed the illustrative present value of the Transaction based on a number of valuation methodologies and assumptions, and based on Centerview’s experience and professional judgment. Based on this analysis, Centerview calculated an implied range of equity values for Kraft (after giving effect to the special dividend) of approximately $32.8 to $43.3 billion (which Centerview noted implied a range of approximately $71.25 to $88.50 per share of Kraft common stock, including the special dividend).