EFTA01367800

ø C 03 ø g IFigure 23: Our Intrinsic Valuetion Mode] %%P KO Capialbad EPSVolulloa Duge* erre 2016E SIP 600 øl t&PSCO D uovr.lAxl,ri S11P 603 Lonete. EPS I OPS Orcrea $1200 30% 6420) 39% S&P SCO Co,: of E Out( & '0' Book 1,•19* DIt'e 'no,n•I 2016E• S&P 500 EPS SI lilDmach4 &eki 7016E SOP 602 DPS -V' ;aval* b:,c 1121 D6% 'noens 2016E• SVIK* OPS 103% . 2r.-<"‘ril FP; .02 CG Norrrid 2015E S&P 500 EPS I.n to op teia ; C-x.E • PS CAlltd, 11.5.^ Vilatgr 'atalite ' sp...I ELI S&P 503 mnesc nu. ot 20i5Ind 3100 NO ur:. e, GC/Out.rwn EPS 4ecaa1 tp rø siv. Nraitøte4o tørratInre ~Jekt. Igiolit re,” Inn rulund SAP !ai EPS Tyst ro,o4n kanel COSI Inxneol groyM 19Ca %PM oweic øk* at 2015 surt 201E6PCOD ntweac Mort 412015 eid Iss 1~ br 1"4.4 vad on 201Æ OPS ot 347 0 Inoikl br tøtnayne :0166 D:504620 $2050 24% VO.X 63% 1981 206E 2 12% 201% Z014 e44 SEPtW 1001,11VO *tt 06‘'n:nr4,1201Se 2P SODowecøa R2L %IP 500 EPS nalød tenne rønstmem Estlintøl 110E on møreotied SEP 500 EPS Ems:~ ,s* EM Of NOE-CoE 37% 7,01E 0.(011 • lig '24- (GL na p ratrun• • istra nø »P tO owt•I•Way • tuwerm 441aec• rcnael .18/ KO ~Ml COM MIN* • SSPSCOUPtnuoly 30040~. w Cof •55A -e 5% 760% 204% 01)01 4G% I74% 5385 212% MO% 7.606 • Ville4~ '<tir, o VW refeflmenl • Lfettr SSP 500 rk'S.,:f'S grøde • Tea abasfollhi Mute ot ~MP& ;ni S&P 502 Back« 'Mi» ml Book 16%.• %Vidt 2010.0 SSP 5001~1.14e e•51.0 lar Pe. Far PE • ~nei tyar•p1•1106 t Pf. - 1,40E St hel PCE•Mi CoE.ratl i•cteri SE? 503 hir v.Ne0 eack at .7016tun ~ry«InZe Pli • el3lint 2.3 NOE /KOICet :Gnir/n.4ø hy,MdribløPE • I /red CoE $1% 264 132 1932 2W 182 elan 11 OPS deX0ø1.11:10,1, m09 0%4 O1S 56 PS«, 19@2 ~øm 'øsa Ptmumin tlf Ylluk Ml 0% tun& :0,SC “c no oral »t tit» 1E? 71- 'op 503 EPS dbcount mødd 5 %eps to valur Igsbmate normahm1S&P SCO EPS 2)Atlitnt normaTued (Pilar pro forma accountals qualuly 3)Eztimate a bø long.term real retten on UP SODovainlhp 3C0E) 4) Capital« normale:Sand accountrig quality a4. EPS at real Co( 5) Consder 13octerm mental for vake adied vowth offortuntes Sik~, Mimt, SY, 144~1 2915 rømd ø ~al EPS øl Mel Co6 Namal 2016E SOP 500 EPS 6115 6111 6121 6122 6125 6135 5.00% 2162 2226 2291 2312 2376 2590 R•a1 525% 2062 2123 2153 7296 2266 2471 coat of 5.50% 1971 2030 20911 2109 2167 2362 «PAY 5.75% 11388 1944 2001 2019 2076 2263 8.00% 1812 1866 1920 1938 1992 2172 San O•adwOor* [Figura 24: S&P Total Return Breakdown 1900-2014 - Another record consectaive number of years of earnings growth, if 2015 EPS i5 UP WY • lala.frab *ram. • dan Daet~ ams. AP, 053 0494404~•~ 4•'~~ 4 gr onen ne 7900 :945-IPSOn 1992-1.1,7 D.A/10V., .••• • MI i 1•••••••! Si••• •• ~na! la aka. •taa • aaa•• Mala/ Vaka IL.Raataaaallaa augna Leamal aalallaS a ausa.. a.aaa »ta...raa aabayba••• CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0059413 SDNY_GM_00205597 EFTA01367800