garr_ex3

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Exhibit 3: DCF Enterprise Value Matrix
  Growth rate
Discount rate 3.0% 4.0% 5.0%
16.0% $9,234,926 $9,685,096 $10,217,117
17.0% $8,768,854 $9,158,042 $9,612,093
18.0% $8,353,778 $8,693,957 $9,086,471