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  "notes": "Includes mid-period discounting convention and dilution assumptions.",
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      "text": "Note: Assumes mid-period discounting convention. (1) Based on Arbor Management projections. (2) Balance sheet items as of Sept 30, 2012. (3) Based on Arbor price of $22.63 as of June 5, 2012.",
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      "text": "Summary of Valuation Assumptions: Unlevered free cash flow projections, weighted cost of capital 9.0-14.0%, terminal value based on 6.0x-8.0x EBITDA, 10% dilution.",
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      "text": "Sensitivity table showing Implied Price Per Share across Discount Rates (9.0%, 11.5%, 14.0%) and Terminal NTM Adjusted EBITDA Multiples (6.0x, 7.0x, 8.0x).",
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