Confidential Memo

To:          Assessment Team

From:    Mr. Imauven, SVP international development

Re:         Dracula Acquisition

We are very excited to have your team assess the potential merger with Brazilian glassmaker Dracula Glass.  To assist you in your analysis, we have asked for the financial models to be provided in Excel. To use the full functionality of the spreadsheet, you will need to enable macros. If a button does not work, it is because macros are disabled.

The exhibits can be found here:

Case A Exhibits, including competitor analysis, financial statement forecasts, and market sizing.

Case B Exhibits, including stock prices, unlevered betas, yields, and other market information.

Case C Exhibits, including internal St. Germain data on labor and raw materials productivity.

In addition to the Exhibits, my team would like to forward our valuation model. We prefer that you build your own model in Case A to validate ours, but please use our model in Case C. The model is password protected, and we can forward the password at a later date.

Good luck with the analysis. The Board of Management is excited to see your results at the next meeting!