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  SENSITIVITY ANALYSIS  
  Two-way sensitivity tables showing NPV sensitivity to key variable combinations (Base Case)  
     
                                   
  TABLE 1: NPV ($mm) — Revenue Growth vs. EBITDA Margin   TABLE 2: NPV ($mm) — WACC vs. Exit Multiple  
  NPV ($mm) 15.0% 18.0% 20.0% 22.0% 25.0% 28.0% 32.0%   NPV ($mm) 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 13.0x
  1.0% ($1,424) ($1,208) ($1,065) ($921) ($706) ($491) ($204)   7.0% ($586) ($431) ($276) ($121) $34 $188 $498
  3.0% ($1,318) ($1,081) ($924) ($766) ($530) ($293) $22   8.0% ($712) ($571) ($430) ($289) ($148) ($7) $275
  4.0% ($1,258) ($1,009) ($843) ($678) ($429) ($181) $151   9.0% ($828) ($699) ($571) ($442) ($313) ($185) $73
  5.0% ($1,192) ($930) ($756) ($581) ($320) ($58) $291   10.0% ($934) ($816) ($699) ($581) ($464) ($346) ($112)
  6.0% ($1,120) ($844) ($660) ($476) ($200) $76 $444   11.0% ($1,030) ($923) ($816) ($709) ($601) ($494) ($279)
  8.0% ($957) ($649) ($443) ($237) $71 $380 $791   12.0% ($1,119) ($1,021) ($923) ($825) ($727) ($629) ($433)
  10.0% ($765) ($418) ($187) $45 $392 $739 $1,201   14.0% ($1,275) ($1,193) ($1,111) ($1,029) ($947) ($865) ($700)
  ↑ Rev. Growth     EBITDA Margin →       ↑ WACC     Exit Multiple →    
                               
                                   
  TABLE 3: IRR (%) — Revenue Growth vs. Exit Multiple   TABLE 4: MOIC (x) — Total Synergies vs. WACC  
  IRR (%) 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 13.0x   MOIC (x) 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 14.0%
  1.0% -6.8% -5.3% -4.1% -2.9% -1.9% -1.0% 0.7%   $30 1.04x 0.96x 0.90x 0.84x 0.79x 0.74x 0.65x
  3.0% -4.9% -3.5% -2.2% -1.0% 0.1% 1.0% 2.7%   $50 1.09x 1.02x 0.95x 0.89x 0.83x 0.78x 0.69x
  4.0% -4.0% -2.5% -1.2% 0.0% 1.0% 2.0% 3.7%   $70 1.15x 1.07x 1.00x 0.94x 0.88x 0.83x 0.73x
  5.0% -3.1% -1.6% -0.3% 0.9% 2.0% 3.0% 4.7%   $95 1.22x 1.14x 1.07x 1.00x 0.94x 0.88x 0.79x
  6.0% -2.2% -0.6% 0.7% 1.9% 3.0% 4.0% 5.7%   $120 1.29x 1.21x 1.13x 1.06x 1.00x 0.94x 0.84x
  8.0% -0.3% 1.2% 2.6% 3.8% 4.9% 5.9% 7.7%   $145 1.36x 1.27x 1.20x 1.12x 1.06x 1.00x 0.89x
  10.0% 1.5% 3.1% 4.5% 5.7% 6.9% 7.9% 9.7%   $170 1.43x 1.34x 1.26x 1.19x 1.12x 1.05x 0.94x
  ↑ Rev. Growth     Exit Multiple →       ↑ Synergies     WACC →    
                               
                                   
  Note: Sensitivity tables use simplified DCF approximations based on Base Case Assumptions. Tables update dynamically when Assumptions change. Color coding: values in body are formula-driven.