Date of valuation Sep-13Company name Tesla There should be a check against the iteration box. If there is not, you will get circular reasoning errors.

Numbers from your base year below ( in consistent units)This year Last year

Country of incorporation United States of AmericaIndustry (US) AutomotiveIndustry (Global) Auto & TruckRevenues $ 1,328.70 $ 413.26 Operating income or EBIT $ (216.72) $ (394.28)Interest expense $ 19.83 $ (0.25)Book value of equity $ 629.43 $ 124.70 Book value of debt $ 578.74 $ 452.34 Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, you have to input the numbers into the R&D worksheet. Do you have operating lease commitments? No If you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debtCash and cross holdings $ 201.89 $ 746.06 Non-operating assets $ - ###Minority interests $ - ###Number of shares outstanding = 121.45Current stock price = $ 168.76 Effective tax rate = 0.00%Marginal tax rate = 35.00%The value drivers below:Compounded annual revenue growth rate over next 5 ye 70.00% Target Porsche revenuesTarget pre-tax operating margin (EBIT as % of sales in y 12.50% 95th percentile: Auto induSales to capital ratio (for computing reinvestment) = 1.41 Average for USMarket numbers Year 10 ROC= 11.34% Riskfree rate 2.75%Initial cost of capital = 10.03% See cost of capital worksheetOther inputs Treated it as 60% auto, 40% technology company for the momentDo you have employee options outstanding? YesNumber of options outstanding = 25.01 From last 10KAverage strike price = $21.20 From last 10KAverage maturity = 3.50 From last 10KStandard deviation on stock price = 50.00% Used 80th percentile of US stock standard deviatons

Default assumptions. In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)Do you want to override this assumption = Yes Mature companies generally see their risk levels approach the averageIf yes, enter the cost of capital after year 10 = 8% Though some sectors, even in stable growth, may have higher risk.I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.Do you want to override this assumption = No Mature companies find it difficult to generate returns that exceed the cost of capitalIf yes, enter the return on capital you expect after year 12% But there are significant exceptions among companies with long-lasting competitive advantages.I will assume that your firm has no chance of failure over the foreseeable future.Do you want to override this assumption = Yes Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.If yes, enter the probability of failure = 10% Tough to estimate but a key input.What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Estimated fair value for the companyEnter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will be worth nothing if the firm fails.I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.Do you want to override this assumption = NoI will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.Do you want to override this assumption = Yes Check the financial statements.If yes, enter the NOL that you are carrying over into yea $1,070.00 From last 10K

Important:

Aswath Damodaran:Assuming that the cyclical nature of this business will result in a higher cost of capital.

There should be a check against the iteration box. If there is not, you will get circular reasoning errors.Numbers from your base year below ( in consistent units)

-0.16311

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below)

If you want to capitalize R&D, you have to input the numbers into the R&D worksheet. If you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to industry.If you are not working in US dollars, you should add the inflation differential to the industry averages.

Company Industry (US dataRevenue growth in the most recent year = 221.52% 42.35%

Target Porsche revenues Pre-tax operating margin in the most recent year -1.64% 5.80%95th percentile: Auto indu Sales to capital ratio in most recent year = 1.32 1.41Average for US Return on invested capital in most recent year= 128.22% 5.77%Year 10 ROC= 11.34% Standard deviation in stock prices = 59.23%

Cost of capital = 6.79%See cost of capital worksheetTreated it as 60% auto, 40% technology company for the moment

From last 10KFrom last 10KFrom last 10KUsed 80th percentile of US stock standard deviatons

In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)Mature companies generally see their risk levels approach the averageThough some sectors, even in stable growth, may have higher risk.

I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.Mature companies find it difficult to generate returns that exceed the cost of capitalBut there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.Tough to estimate but a key input.B: Book value of capital, V= Estimated fair value for the companyThis can be zero, if the assets will be worth nothing if the firm fails.

I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.Check the financial statements.From last 10K

Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below)

If you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to industry.If you are not working in US dollars, you should add the inflation differential to the industry averages.

Industry (Global data)78.00%

5.98%1.49

7.83%

I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.

Before you run this spreadsheet, go into preferences in Excel and check under Calculation options

Baseyear 1 2 3Revenuegrowthrate 70.00% 70.00% 70.00%Revenues $1,328.70 $2,258.78 $3,839.93 $6,527.88EBIT(Operating)margin 1.64% 0.23% 1.18% 2.60%EBIT(Operatingincome) $(21.86) $(5.21) $45.46 $169.63Taxrate 0.00% 0.00% 0.00% 0.00%EBIT(1t) $(21.86) $(5.21) $45.46 $169.63Reinvestment $659.64 $1,121.38 $1,906.35FCFF $(664.84) $(1,075.92) $(1,736.72)NOL $1,070.00 $1,075.21 $1,029.74 $860.11

Costofcapital 10.03% 10.03% 10.03%Cumulateddiscountfactor 0.9088 0.8260 0.7507PV(FCFF) $(604.23) $(888.67) $(1,303.68)

Terminalcashflow $3,584.25Terminalcostofcapital 8.00%Terminalvalue $68,271.37PV(Terminalvalue) $27,750.37PV(CFovernext10years $(14,936.06)SumofPV $12,814.31Probabilityoffailure= 10.00%Proceedsiffirmfails= $6,407.15Valueofoperatingassets= $12,173.59Debt $578.74Minorityinterests $+Cash $201.89+Nonoperatingassets $Valueofequity $11,796.74Valueofoptions $3,644.97Valueofequityincommon $8,151.77Numberofshares 121.45Estimatedvalue/share $67.12Price $168.76Priceas%ofvalue 251.43%

ImpliedvariablesSalestocapitalratio 1.41 1.41 1.41Investedcapital $1,698 $2,358 $3,479 $5,385ROIC 1.29% 0.22% 1.31% 3.15%

4 5 6 7 8 970.00% 70.00% 56.55% 43.10% 29.65% 16.20%

$11,097.40 $18,865.58 $29,534.07 $42,263.25 $54,794.31 $63,670.994.01% 5.43% 6.84% 8.26% 9.67% 11.09%

$445.34 $1,023.93 $2,020.72 $3,489.47 $5,299.16 $7,058.250.00% 0.00% 7.00% 14.00% 21.00% 28.00%

$445.34 $1,023.93 $1,879.27 $3,000.94 $4,186.33 $5,081.94$3,240.79 $5,509.35 $7,566.30 $9,027.79 $8,887.27 $6,295.52$(2,795.45) $(4,485.42) $(5,687.03) $(6,026.85) $(4,700.94) $(1,213.58)$414.78 $ $ $ $ $

10.03% 10.03% 9.63% 9.22% 8.81% 8.41%0.6822 0.6200 0.5656 0.5178 0.4759 0.4390

$(1,907.10) $(2,781.02) $(3,216.43) $(3,120.90) $(2,237.14) $(532.75)

1.41 1.41 1.41 1.41 1.41 1.41$8,626 $14,136 $21,702 $30,730 $39,617 $45,913

5.16% 7.24% 8.66% 9.77% 10.57% 11.07%

Compare this return on capital in year 10 againsta. the industry average(column E of worksheet)b. the return on capital after year 10If it is too high (low), you may want to lower (raise) your sales to capital ratio

10 Terminalyear2.75% 2.75%

$65,421.94 $67,221.0412.50% 12.50%

$8,177.74 $8,402.63 $ 8,424.49 35.00% 35.00%

$5,315.53 $5,461.71$1,241.81 $1,877.46 $ 47,333.66 $4,073.72 $3,584.25$ $

8.00% 8.00%0.4065

$1,655.85

Afteryear101.41

$47,15411.27% 8.00%

Check these revenues againsta. Overall market sizeb. Largest companies in this market

Compare this return on capital in year 10 againsta. the industry average(column E of worksheet)b. the return on capital after year 10If it is too high (low), you may want to lower (raise) your sales to capital ratio

This is how much capital you invested over the ten year period.

This is is how much your operating income grew over the ten-year period.

ValuingOptionsorWarrantsEnterthecurrentstockprice= $168.76Enterthestrikepriceontheoption= $21.20Entertheexpirationoftheoption= 3.50Enterthestandarddeviationinstockprices= 50.00% (volatility)Entertheannualizeddividendyieldonstock= 0.00%Enterthetreasurybondrate= 2.75%Enterthenumberofwarrants(options)outstan 25.01Enterthenumberofsharesoutstanding= 121.45

DonotinputanynumbersbelowthislineVALUINGWARRANTSWHENTHEREISDILUTIONStockPrice= 168.76 #Warrantsissued= 25.008StrikePrice= 21.2 #Sharesoutstanding= 121AdjustedS= 164.83135668 T.Bondrate= 2.75%AdjustedK= 21.2 Variance= 0.2500Expiration(inyears)= 3.495 Annualizeddividendyield= 0.00%

Div.Adj.interestrate= 2.75%

d1= 2.764290314N(d1)= 0.997147662

d2= 1.8295443592N(d2)= 0.9663409498

Valueperoption= $145.75Valueofalloptionsoutstanding= $3,644.97

VALUATION DIAGNOSTICSInvested capital at start of valuationInvested capital at end of valuationChange in invested capital over 10 yearsChange in EBIT*(1t) (after-tax operating income) over 10 yearsMarginal ROIC over 10 yearsROIC at end of valuationAverage WACC over the 10 years (compounded)Your calculated value as a percent of current price

InputsRevenuegrowthrate(inputcellB3)LastperiodEBITas%ofrevenue(InputcellB14)SalestoCapitalRatioorreinvestment(InputcellB15)Returnoncapitalinperpetuity(B30&B31)

$ 1,698.11 $ 47,154.31 $ 45,456.20 $ 8,199.60

18.04%11.27%9.42%

39.77%Value seems low. See below

IfcalculatedvalueisnegativeorlookstoolowIncreaserevenuegrowthrateIncreasethetargetpretaxoperatingmarginDecreasethesales/capitalratioIncreaserelativetoyourcostofcapital

Value seems low. See belowIfcalculatedvaluelookstoohigh

DecreaserevenuegrowthrateDecreasethetargetpretaxoperatingmargin Increasethesales/capitalratio Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital T

R&DConverterThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,netincome,thebookvalueofassetsandthebookvalueofequity.

InputsOverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 5 !Ifindoubt,usethelookuptablebelowEnterthecurrentyear'sR&Dexpense= $310.06 ThemaximumallowedistenyearsEnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiodDonotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.

Year R&DExpenses1 273.98 !Year1istheyearpriortothecurrentyear2 208.98 !Year2isthetwoyearspriortothecurrentyear3 93.004500000

OutputYear R&DExpense Unamortizedportion Amortizationthisyear

Current 310.06 1.00 310.061 273.98 0.80 219.18 $54.802 208.98 0.60 125.39 $41.803 93.00 0.40 37.20 $18.604 0.00 0.20 0.00 $5 0.00 0.00 0.00 $0 0.00 0.00 0.00 $0 0.00 0.00 0.00 $0 0.00 0.00 0.00 $0 0.00 0.00 0.00 $

0 0.00 0.00 0.00 $ValueofResearchAsset= $691.83 $115.19

Amortizationofassetforcurrentyear= $115.19

AdjustmenttoOperatingIncome= $194.87 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreportedEBIT)Tax Effect of R&D Expensing $68

R&DConverterThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net

!Ifindoubt,usethelookuptablebelowThemaximumallowedistenyears

EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod

!Apositivenumberindicatesanincreaseinoperatingincome(addtoreportedEBIT)

OperatingLeaseConverterTheyellowcellsareinputcells.Pleaseenterthem.

InputsOperatingleaseexpenseincurrentyear= $380.00OperatingLeaseCommitments(Fromfootnotetofinancials)

Year Commitment !Year1isnextyear,.1 $56.002 $47.003 $39.004 $35.005 $31.00

6andbeyond $93.00

OutputPretaxCostofDebt= 7.00% !Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

Numberofyearsembeddedinyr6estimate= 2 !Iusetheaverageleaseexpenseoverthefirstfiveyearstoestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebtYear Commitment PresentValue

1 $56.00 $52.342 $47.00 $41.053 $39.00 $31.844 $35.00 $26.705 $31.00 $22.10

6andbeyond $46.50 $59.94 !Commitmentbeyondyear6convertedintoanannuityfortenyearsDebtValueofleases= $233.97

RestatedFinancialsDepreciationonOperatingLeaseAsset= $33.42 !IusestraightlinedepreciationAdjustmenttoOperatingEarnings= $346.58 !AddthisamounttopretaxoperatingincomeAdjustmenttoTotalDebtoutstanding= $233.97 !Addthisamounttodebt

OperatingLeaseConverterTheyellowcellsareinputcells.Pleaseenterthem.

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

!Iusetheaverageleaseexpenseoverthefirstfiveyearstoestimatethenumberofyearsofexpensesinyr6

!Commitmentbeyondyear6convertedintoanannuityfortenyears

!Iusestraightlinedepreciation!Addthisamounttopretaxoperatingincome!Addthisamounttodebt

EstimationofCurrentCostofCapital YourinputsInputs ComputednumberEquityNumberofSharesoutstanding= 121.45CurrentMarketPricepershare= $168.76

Approachforestimatingbeta Multibusiness(US)Ifdirectinput,enterleveredbeta(orregressionbeta) 1.20Unleveredbeta= 1.26RiskfreeRate= 2.75%WhatapproachdoyouwanttousetoinputERP? CountryofincorporationDirectinputforERP(ifyouchoose"willinput" 5.75%EquityRiskPremiumusedincostofequity= 5.80%

DebtBookValueofStraightDebt= $578.74InterestExpenseonDebt= $19.83AverageMaturity= 2Approachforestimatingpretaxcostofdebt DirectinputIfdirectinput,inputthepretaxcostofdebt 7.000%Ifactualrating,inputtherating Baa2/BBBIfsynetheticrating,inputthetypeofcompany 1PretaxCostofDebt= 7.00%TaxRate= 35%

BookValueofConvertibleDebt= 0InterestExpenseonConvertible= 0MaturityofConvertibleBond= 0MarketValueofConvertible= 0

Debtvalueofoperatingleases= $

PreferredStockNumberofPreferredShares= 0CurrentMarketPriceperShare= 70AnnualDividendperShare= 5

OutputEstimatingMarketValueofStraightDebt= $541.34EstimatedValueofStraightDebtinConvertible= $ValueofDebtinOperatingleases= $EstimatedValueofEquityinConvertible= $LeveredBetaforequity= 1.28

Equity Debt PreferredStockMarketValue $20,495.90 $541.34 $WeightinCostofCapital 97.43% 2.57% 0.00%CostofComponent 10.18% 4.55% 7.14%

OperatingRegionsERPcalculatorCountry Revenues ERP WeightArgentina 19 14.80% 9.31%Bolivia 4 10.68% 1.96%Brazil 130 8.43% 63.73%Canada 23 5.80% 11.27%

Chile 7 6.85% 3.43%Ecuador 6 16.30% 2.94%Paraguay 3 11.80% 1.47%Peru 12 8.43% 5.88%

0.00% 0.00%0.00% 0.00%

Total 204 100.00%OperatingRegionsERPcalculatorRegion Revenues ERP WeightAfrica 0 10.09% 0.00%Australia&NewZealand 56 5.80% 4.21%Caribbean 12.57% 0.00%CentralandSouthAmerica 100 9.18% 7.52%EasternEurope&Russia 8.48% 0.00%MiddleEast 6.96% 0.00%NorthAmerica 631 5.80% 47.48%WesternEurope 374 6.85% 28.14%AsiawithoutJapan 168 7.58% 12.64%Japan 0 6.85% 0.00%Total 1329 100.00%

MultiBusiness(USIndustryAverages)Business Revenues EV/Sales EstimatedValuAutomotive $60.00 0.8100 $48.60Computers/Peripherals $40.00 1.3800 $55.20

0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $

Company $ 100.00 $103.80

Capital MultiBusiness(GlobalIndustryAverages)$21,037.24 Business Revenues EV/Sales EstimatedValu

100.00% Advertising $84.00 0.9383 $78.8210.03% Internetsoftwareandservi $16.00 4.3369 $69.39

0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $

Company $ 100.00 $148.21

WeightedERP1.38%0.21%5.37%0.65%

0.24%0.48%0.17%0.50%0.00%0.00%9.00%

WeightedERP0.0000%0.2444%0.0000%0.6907%0.0000%0.0000%2.7538%1.9277%0.9582%0.0000%6.5748%

UnleveredBeta1.11001.39000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000

1.2589

UnleveredBeta0.98131.21640.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000

1.0914

InputsforsyntheticratingestimationPleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.Enterthetypeoffirm= 1EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $(216.72) (Addbackonlylongterminterestexpenseforfinancialfirms)Entercurrentinterestexpenses= $19.83 (Useonlylongterminterestexpenseforfinancialfirms)Enterlongtermriskfreerate= 2.75%OutputInterestcoverageratio= 100000.00EstimatedBondRating= D2/D Note: If you get REF! All over the place, set the operating lease commitment question in cell F5EstimatedCompanyDefaultSpread= 12.00% to No, and then reset it to Yes. It should work.EstimatedCountyDefaultSpread(ifany)= 0.00%EstimatedCostofDebt= 14.75%

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.comForlargemanufacturingfirms RatingsandDefaultspreads(reorderedfromhighesttolowest)Ifinterestcoverageratiois Iflongterminterestcoverageratiois

> to Ratingis Spreadis greaterthan to100000 0.199999 D2/D 12.00% 3 100000

0.2 0.649999 Caa/CCC 10.50% 2.5 2.999990.65 0.799999 Ca2/CC 9.50% 2 2.499990.8 1.249999 C2/C 8.75% 1.5 1.999991.25 1.499999 B3/B- 7.25% 1.2 1.499991.5 1.749999 B2/B 6.50% 0.9 1.1999991.75 1.999999 B1/B+ 5.50% 0.75 0.8999992 2.2499999 Ba2/BB 4.00% 0.6 0.749999

2.25 2.49999 Ba1/BB+ 3.00% 0.5 0.5999992.5 2.999999 Baa2/BBB 2.00% 0.4 0.4999993 4.249999 A3/A- 1.30% 0.3 0.399999

4.25 5.499999 A2/A 1.00% 0.2 0.2999995.5 6.499999 A1/A+ 0.85% 0.1 0.1999996.5 8.499999 Aa2/AA 0.70% 0.05 0.0999998.50 100000 Aaa/AAA 0.40% 100000 0.049999

ForsmallerandriskierfirmsIfinterestcoverageratioisgreaterthan to Ratingis Spreadis100000 0.499999 D2/D 12.00% Ratingis

0.5 0.799999 Caa/CCC 10.50% A1/A+0.8 1.249999 Ca2/CC 9.50% A2/A1.25 1.499999 C2/C 8.75% A3/A-1.5 1.999999 B3/B- 7.25% Aa2/AA2 2.499999 B2/B 6.50% Aaa/AAA2.5 2.999999 B1/B+ 5.50% B1/B+3 3.499999 Ba2/BB 4.00% B2/B3.5 3.9999999 Ba1/BB+ 3.00% B3/B-

4 4.499999 Baa2/BBB 2.00% Ba1/BB+4.5 5.999999 A3/A- 1.30% Ba2/BB6 7.499999 A2/A 1.00% Baa2/BBB7.5 9.499999 A1/A+ 0.85% C2/C9.5 12.499999 Aa2/AA 0.70% Ca2/CC12.5 100000 Aaa/AAA 0.40% Caa/CCC

D2/D

Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.

(Addbackonlylongterminterestexpenseforfinancialfirms)(Useonlylongterminterestexpenseforfinancialfirms)

Note: If you get REF! All over the place, set the operating lease commitment question in cell F5to No, and then reset it to Yes. It should work.

RatingsandDefaultspreads(reorderedfromhighesttolowest)Iflongterminterestcoverageratiois

Ratingis SpreadisAaa/AAA 0.40%Aa2/AA 0.70%A1/A+ 0.85%A2/A 1.00%A3/A- 1.30%

Baa2/BBB 2.00%Ba1/BB+ 3.00%Ba2/BB 4.00%B1/B+ 5.50%B2/B 6.50%B3/B- 7.25%C2/C 8.75%

Ca2/CC 9.50%Caa/CCC 10.50%

D2/D 12.00%

Spreadis0.85%1.00%1.30%0.70%0.40%5.50%6.50%7.25%

3.00%4.00%2.00%8.75%9.50%10.50%12.00%

Industry Name Number of firmsAnnual Average Revenue growth - Last 5 yearsPre-tax Operating MarginAdvertising 32 8.67% 11.77%Aerospace/Defense 66 12.56% 10.24%Air Transport 36 13.21% 8.38%Apparel 54 7.69% 10.37%Auto Parts 54 20.10% 6.72%Automotive 12 42.35% 5.80%Bank 416 0.00% NABank (Midwest) 68 0.00% NABeverage 35 2.62% 20.74%Biotechnology 214 20.93% 18.54%Building Materials 43 1.28% 4.30%Cable TV 20 9.08% 19.19%Chemical (Basic) 18 18.73% 14.84%Chemical (Diversified) 33 15.70% 15.02%Chemical (Specialty) 70 25.40% 11.16%Coal 20 7.08% 14.19%Computer Software 191 14.81% 29.99%Computers/Peripherals 81 3.89% 16.94%Diversified Co. 113 17.36% 14.91%Drug 223 20.19% 25.24%E-Commerce 64 15.67% 8.24%Educational Services 33 10.29% 18.69%Electric Util. (Central) 20 4.05% 17.55%Electric Utility (East) 17 1.50% 20.51%Electric Utility (West) 15 2.83% 16.44%Electrical Equipment 64 9.11% 13.77%Electronics 123 3.54% 6.39%Engineering & Const 30 8.58% 4.83%Entertainment 76 10.73% 19.12%Entertainment Tech 42 6.07% 17.30%Environmental 84 20.11% 14.65%Financial Svcs. (Div.) 256 5.86% 61.83%Food Processing 119 14.61% 9.73%Foreign Electronics 10 -4.59% 3.41%Funeral Services 6 8.91% 14.37%Furn/Home Furnishings 32 2.78% 8.48%Healthcare Information 20 20.68% 16.53%Heavy Truck & Equip 23 27.10% 11.12%Homebuilding 22 11.34% 9.44%Hotel/Gaming 57 14.27% 15.55%Household Products 27 13.01% 16.56%Human Resources 25 16.17% 3.05%Industrial Services 136 8.41% 7.90%Information Services 28 8.56% 20.35%Insurance (Life) 32 0.00% NAInsurance (Prop/Cas.) 62 2.17% NAInternet 194 11.68% 13.12%Investment Companies 31 42.77% 26.90%IT Services 63 6.33% 11.19%

Machinery 94 17.69% 11.95%Maritime 51 0.35% 12.18%Med Supp Invasive 87 7.09% 21.19%Med Supp Non-Invasiv 143 8.96% 6.43%Medical Services 118 4.57% 10.05%Metal Fabricating 25 19.43% 14.66%Metals & Mining (Div.) 77 21.71% 34.97%Natural Gas (Div.) 31 11.77% 28.13%Natural Gas Utility 27 0.45% 7.26%Newspaper 14 -6.65% 12.30%Office Equip/Supplies 22 12.17% 6.59%Oil/Gas Distribution 12 8.28% 19.29%Oilfield Svcs/Equip. 81 26.77% 16.51%Packaging & Container 27 10.50% 9.63%Paper/Forest Products 32 6.15% 10.40%Petroleum (Integrated) 26 24.94% 11.99%Petroleum (Producing) 176 32.94% 21.76%Pharmacy Services 18 16.76% 5.48%Pipeline MLPs 53 20.21% 8.99%Power 101 8.17% 6.97%Precious Metals 83 28.17% 39.11%Precision Instrument 82 10.50% 7.02%Property Management 31 14.32% 13.68%Public/Private Equity 12 -8.37% 38.25%Publishing 29 6.27% 10.07%R.E.I.T. 127 0.01% 161.63%Railroad 12 44.26% 28.08%Recreation 51 5.39% 11.54%Reinsurance 11 0.00% NARestaurant 65 6.61% 16.78%Retail (Hardlines) 79 8.37% 8.22%Retail (Softlines) 42 9.79% 9.37%Retail Automotive 19 22.30% 6.78%Retail Building Supply 10 5.08% 8.35%Retail Store 38 16.35% 5.24%Retail/Wholesale Food 30 8.91% 3.34%Securities Brokerage 27 1.86% 32.82%Semiconductor 142 6.94% 20.38%Semiconductor Equip 10 -5.75% 11.80%Shoe 17 13.34% 8.37%Steel 33 26.86% 8.19%Telecom. Equipment 105 1.06% 14.90%Telecom. Services 76 19.34% 20.13%Telecom. Utility 23 0.46% 14.69%Thrift 170 0.00% NATobacco 11 13.51% 22.35%Toiletries/Cosmetics 14 9.53% 11.07%Trucking 34 15.05% 7.47%Water Utility 11 4.16% 26.21%Wireless Networking 58 6.59% 15.93%

Total Market 6177 12.24% 17.13%

After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity11.49% 16.02% 1.44 1.68 11.51%19.40% 20.08% 0.92 0.98 7.45%17.97% 21.35% 0.82 1.03 7.73%13.86% 18.57% 1.29 1.36 9.68%17.65% 18.77% 1.66 1.76 11.94%5.77% 16.24% 1.11 1.73 11.79%

NA 16.39% 0.45 0.77 6.24%NA 20.99% 0.76 0.89 6.95%

14.56% 18.82% 0.84 0.95 7.26%14.57% 2.98% 1.30 1.23 8.89%2.98% 9.48% 1.05 1.57 10.87%

10.52% 21.23% 0.96 1.40 9.90%17.75% 21.89% 1.24 1.37 9.73%18.12% 19.75% 1.47 1.55 10.75%12.48% 15.35% 1.05 1.18 8.59%10.10% 11.27% 0.99 1.47 10.28%43.31% 12.43% 1.11 0.98 7.42%34.66% 10.01% 1.39 1.37 9.68%9.21% 17.18% 0.86 1.22 8.82%

16.94% 5.14% 1.03 1.08 8.00%5.46% 10.52% 1.09 1.05 7.86%

42.33% 21.72% 1.09 0.91 7.01%6.47% 30.12% 0.36 0.57 5.08%6.69% 33.49% 0.30 0.43 4.24%6.17% 29.09% 0.38 0.58 5.14%

15.98% 16.15% 1.45 1.43 10.03%14.60% 11.31% 1.17 1.22 8.81%13.16% 25.00% 1.40 1.28 9.19%10.41% 12.56% 1.31 1.60 11.05%19.51% 11.01% 1.33 1.11 8.20%8.90% 7.60% 0.49 0.66 5.62%7.33% 16.23% 0.56 1.34 9.53%

13.56% 21.63% 0.77 0.87 6.83%5.44% 23.12% 1.12 1.10 8.13%8.28% 28.66% 0.85 1.12 8.26%

14.06% 16.69% 1.47 1.63 11.20%11.68% 20.31% 0.98 0.97 7.36%15.21% 22.74% 1.45 1.80 12.22%7.68% 7.12% 1.25 1.55 10.73%

10.21% 17.52% 1.29 1.65 11.33%14.81% 24.66% 0.88 0.98 7.42%12.19% 26.61% 1.46 1.38 9.76%9.95% 20.19% 0.83 0.97 7.38%

12.71% 18.33% 1.05 1.25 9.00%NA 21.09% 1.41 1.44 10.11%NA 10.73% 0.90 0.85 6.69%

21.54% 8.43% 1.31 1.17 8.56%5.87% 2.26% 1.21 1.27 9.11%

21.77% 16.27% 1.11 1.05 7.83%

13.43% 22.73% 1.18 1.26 9.07%3.54% 7.92% 0.60 1.51 10.53%

14.91% 12.60% 0.82 0.87 6.78%19.94% 10.61% 1.10 1.07 7.94%14.44% 17.72% 0.66 0.84 6.62%14.39% 23.30% 1.56 1.63 11.19%25.19% 11.24% 1.54 1.62 11.14%7.36% 22.02% 1.01 1.28 9.16%7.04% 28.80% 0.32 0.46 4.40%

10.99% 18.35% 1.50 1.86 12.56%10.89% 22.66% 1.05 1.43 10.03%7.62% 18.11% 0.72 1.02 7.65%9.50% 18.20% 1.45 1.66 11.39%

11.11% 23.09% 0.88 1.20 8.72%11.16% 11.43% 1.07 1.37 9.73%14.65% 30.34% 1.10 1.17 8.55%14.99% 11.71% 1.21 1.45 10.18%11.53% 23.18% 1.07 1.17 8.53%9.50% 4.30% 0.52 0.74 6.05%2.62% 6.19% 0.58 1.35 9.61%

11.91% 11.13% 1.00 1.03 7.75%5.78% 14.13% 1.21 1.27 9.12%4.72% 16.50% 0.73 1.30 9.30%8.83% 19.17% 1.94 2.02 13.48%

11.20% 22.69% 0.96 1.17 8.56%14.58% 0.04% 1.12 1.43 10.04%12.37% 28.60% 1.15 1.32 9.40%9.09% 20.31% 1.18 1.45 10.14%

NA 3.58% 0.91 0.82 6.49%21.41% 19.23% 1.08 1.16 8.48%14.89% 22.55% 1.65 1.79 12.14%30.03% 25.57% 1.51 1.43 10.05%9.57% 32.69% 1.10 1.39 9.82%

13.54% 25.56% 1.04 1.11 8.22%12.85% 24.83% 1.14 1.29 9.26%11.26% 31.18% 0.58 0.68 5.69%7.09% 30.41% 0.66 1.07 7.95%

22.88% 11.71% 1.60 1.49 10.41%11.35% 15.21% 2.01 1.79 12.16%17.66% 19.89% 1.37 1.26 9.09%7.59% 24.24% 1.27 1.65 11.32%

26.25% 14.01% 1.37 1.07 7.96%13.66% 16.22% 1.00 1.15 8.43%7.49% 26.94% 0.53 0.92 7.08%

NA 15.84% 0.78 0.68 5.68%31.97% 32.82% 0.79 0.86 6.75%21.44% 27.33% 1.09 1.17 8.52%11.97% 25.94% 0.87 1.09 8.08%5.89% 31.45% 0.33 0.49 4.61%

12.27% 10.06% 1.17 1.35 9.62%

12.88% 14.93% 0.96 1.17 8.53%

Std deviation in stock pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales97.40% 4.76% 29.00% 9.00% 1.40 1.2244.98% 2.76% 21.03% 6.23% 2.71 0.9464.94% 3.26% 37.14% 5.59% 2.74 0.7874.88% 3.76% 12.11% 8.78% 1.89 1.5257.43% 3.26% 19.59% 9.98% 3.40 0.6059.23% 3.26% 50.84% 6.79% 1.41 0.8150.34% 3.26% 56.18% 3.83% NA NA36.37% 2.76% 33.27% 5.19% NA NA47.17% 2.76% 18.22% 6.24% 0.93 3.2379.99% 3.76% 13.73% 7.98% 0.99 5.7079.76% 3.76% 39.48% 7.47% 0.88 1.5440.45% 2.76% 39.80% 6.62% 0.80 2.3739.24% 2.76% 19.83% 8.13% 1.56 1.4449.02% 2.76% 14.30% 9.45% 1.63 1.6762.90% 3.26% 17.03% 7.46% 1.58 1.7056.54% 3.26% 40.61% 6.90% 0.90 1.3268.39% 3.76% 6.15% 7.10% 1.87 3.3381.83% 4.26% 8.84% 9.05% 2.66 1.3860.46% 3.26% 44.04% 5.80% 0.84 1.9280.68% 4.26% 12.89% 7.30% 0.90 3.0580.60% 4.26% 6.31% 7.53% 1.17 5.0783.08% 4.26% 19.83% 6.13% 3.42 0.5417.29% 2.26% 45.95% 3.37% 0.54 2.2713.21% 2.26% 40.44% 3.07% 0.49 2.7814.19% 2.26% 44.87% 3.44% 0.54 2.2667.79% 3.76% 10.94% 9.18% 1.58 1.4974.24% 3.76% 18.34% 7.61% 3.03 0.5946.03% 2.76% 11.68% 8.31% 3.96 0.5070.99% 3.76% 25.30% 8.83% 0.79 2.3453.25% 3.26% 10.35% 7.56% 1.34 1.7979.24% 3.76% 30.11% 4.60% 0.90 1.8755.15% 3.26% 67.15% 4.44% 0.15 8.1552.26% 3.26% 19.03% 5.90% 1.84 1.2231.24% 2.76% 31.37% 6.10% 2.30 0.3926.75% 2.76% 33.10% 6.07% 0.85 1.8455.60% 3.26% 18.07% 9.53% 2.00 0.9544.41% 2.76% 10.41% 6.77% 1.07 3.6055.26% 3.26% 32.11% 8.92% 1.85 1.1266.75% 3.76% 33.14% 7.92% 0.88 2.1955.66% 3.26% 30.91% 8.43% 0.82 2.4350.86% 3.26% 15.33% 6.58% 1.23 2.2451.64% 3.26% 9.75% 9.00% 6.81 0.3457.24% 3.26% 26.77% 5.92% 1.85 0.9948.75% 2.76% 22.15% 7.37% 0.79 3.1642.20% 2.76% 35.84% 7.08% NA NA28.57% 2.76% 17.68% 5.80% NA NA97.81% 4.76% 2.24% 8.43% 2.40 4.1524.10% 2.26% 7.02% 8.57% 0.26 4.8956.11% 3.26% 5.41% 7.51% 2.98 1.79

45.07% 2.76% 14.81% 7.97% 1.53 1.5562.52% 3.26% 64.44% 5.00% 0.36 2.6455.49% 3.26% 14.15% 6.10% 0.92 2.7167.73% 3.76% 11.42% 7.29% 4.21 0.7874.16% 3.76% 33.44% 5.16% 2.19 0.7460.59% 3.26% 19.09% 9.42% 1.38 1.2893.05% 4.76% 13.36% 10.03% 0.99 2.1844.57% 2.76% 29.12% 6.97% 0.43 2.8928.44% 2.76% 39.82% 3.31% 1.40 1.0354.39% 3.26% 28.21% 9.57% 1.22 1.5751.92% 3.26% 41.91% 6.65% 2.34 0.4635.63% 2.76% 34.81% 5.56% 0.56 3.4259.58% 3.26% 21.70% 9.34% 0.79 2.0036.52% 2.76% 35.97% 6.18% 1.56 1.0852.28% 3.26% 30.07% 7.39% 1.32 1.1847.25% 2.76% 16.99% 7.38% 2.03 0.7071.26% 3.76% 21.95% 8.44% 1.07 1.2642.23% 2.76% 15.88% 7.44% 3.34 0.6624.88% 2.26% 30.73% 4.61% 1.10 1.7084.63% 4.26% 62.04% 5.23% 0.61 1.5177.77% 3.76% 12.01% 7.09% 0.43 3.6460.11% 3.26% 17.50% 7.86% 1.23 1.8950.63% 3.26% 52.96% 5.41% 0.40 3.1242.00% 2.76% 22.32% 10.84% 0.28 4.0065.72% 3.76% 26.55% 6.88% 1.66 1.3234.76% 2.76% 27.01% 7.78% 0.09 13.1135.73% 2.76% 19.00% 7.93% 0.67 3.3252.30% 3.26% 27.41% 7.90% 0.96 1.7020.74% 2.26% 15.90% 5.67% NA NA50.92% 3.26% 11.62% 7.72% 1.83 2.4663.49% 3.26% 20.64% 10.03% 2.61 0.8742.54% 2.76% 5.29% 9.60% 5.17 1.1464.20% 3.26% 30.71% 7.40% 2.17 0.9331.82% 2.76% 10.49% 7.53% 2.55 1.3163.15% 3.26% 20.37% 7.77% 3.61 0.6129.93% 2.76% 25.84% 4.65% 4.99 0.4340.56% 2.76% 72.57% 3.38% 0.30 3.2353.65% 3.26% 9.14% 9.64% 1.41 2.1640.44% 2.76% 14.52% 10.63% 1.21 1.4447.32% 2.76% 1.90% 8.94% 3.24 1.4245.66% 2.76% 35.98% 7.84% 1.26 0.7364.86% 3.26% 11.75% 7.25% 2.29 1.2764.04% 3.26% 24.14% 6.86% 0.90 1.9143.85% 2.76% 51.98% 4.26% 0.72 1.7741.73% 2.76% 16.32% 5.03% NA NA36.44% 2.76% 15.87% 5.94% 2.10 2.3040.10% 2.76% 17.10% 7.35% 2.83 1.3748.32% 2.76% 29.74% 6.17% 2.44 0.8237.24% 2.76% 42.26% 3.36% 0.32 4.3662.91% 3.26% 20.43% 8.05% 0.94 2.68

59.15% 3.26% 30.03% 6.56% 1.04 1.64

EV/EBITDA EV/EBIT Price/Book Trailing PE7.77 10.40 2.04 31.257.42 9.15 3.11 15.796.00 9.32 3.68 14.60

11.73 14.68 3.38 21.646.40 8.92 2.27 15.397.46 13.95 1.26 15.844.87 4.87 0.98 16.584.79 4.79 1.32 16.43

12.74 15.58 4.54 19.9222.46 30.77 4.56 31.2414.45 35.82 1.67 29.277.08 12.35 4.09 22.287.44 9.69 2.77 31.778.53 11.11 3.18 19.75

10.86 15.23 3.60 17.575.99 9.34 1.33 29.769.70 11.11 3.94 77.296.92 8.14 3.57 46.69

10.09 12.87 2.38 16.198.93 12.10 3.04 28.46

32.19 61.51 5.15 237.122.41 2.91 1.67 13.297.98 12.94 1.49 15.668.96 13.54 1.79 17.087.87 13.74 1.44 16.058.57 10.80 2.34 22.956.63 9.28 1.90 15.117.98 10.42 1.89 44.349.53 12.22 2.38 27.837.97 10.37 1.97 20.138.44 12.78 2.29 16.99

12.56 13.19 1.98 22.1510.10 12.53 2.93 24.854.44 11.52 0.90 31.529.73 12.80 2.09 17.808.34 11.22 2.18 21.64

14.37 21.77 3.89 54.597.96 10.05 3.23 16.08

21.15 23.16 2.54 49.5510.68 15.66 3.07 35.3611.12 13.50 3.75 18.498.69 11.06 2.21 30.558.87 12.52 2.29 34.78

10.89 15.55 3.90 31.491.37 1.37 0.72 20.40

291.86 295.89 1.11 16.6523.16 31.64 5.25 181.1315.67 18.19 1.31 64.4512.22 16.02 4.36 39.49

9.93 12.94 2.76 21.3010.36 21.66 0.85 22.5710.16 12.81 2.82 46.699.78 12.07 3.11 35.616.02 7.32 2.03 29.946.90 8.75 1.90 63.265.27 6.24 2.35 36.665.41 10.26 1.35 53.219.89 14.20 1.99 23.018.72 12.77 2.70 115.924.76 6.94 1.11 21.17

12.02 17.73 3.56 37.307.98 12.13 1.79 14.617.57 11.20 2.49 17.227.22 11.38 1.92 29.454.39 5.81 1.49 11.294.06 5.77 1.47 24.259.57 11.98 2.58 19.67

13.43 18.87 2.96 130.508.92 21.70 0.82 304.867.17 9.30 1.61 24.60

14.89 26.86 2.57 23.5615.96 22.79 1.66 44.2610.30 10.45 1.12 8.658.76 13.14 3.37 14.227.25 8.11 1.29 16.859.13 11.81 2.99 17.509.89 14.69 2.01 24.73

28.62 28.62 0.82 8.2511.50 14.65 6.65 19.527.65 10.61 2.76 22.749.02 12.12 4.94 18.19

11.03 13.74 3.46 15.9712.23 15.74 4.32 25.768.39 11.67 2.90 20.348.27 12.98 3.18 14.898.79 9.85 0.93 20.016.98 10.58 2.72 50.558.07 12.22 1.64 25.21

14.09 16.98 3.66 13.755.63 8.89 0.88 23.486.74 8.51 2.08 24.805.39 9.47 2.02 18.255.08 12.05 1.77 16.704.08 4.08 0.99 29.699.48 10.30 11.46 19.42

10.10 12.39 6.04 20.396.19 10.96 3.07 16.70

11.20 16.62 2.00 20.4610.48 16.83 3.51 29.68

7.37 9.59 2.11 33.45

Country Tax RateAfghanistan 20.00%Albania 10.00%Angola 35.00%Argentina 35.00%Armenia 20.00%Aruba 28.00%Australia 30.00%Austria 25.00%Bahamas 0.00%Bahrain 0.00%Bangladesh 27.50%Barbados 25.00%Belarus 18.00%Belgium 33.99%Bermuda 0.00%Bolivia 25.00%Bonaire 0.00%Bosnia and Herzegovin 10.00%Botswana 22.00%Brazil 34.00%Bulgaria 10.00%Cambodia 20.00%Canada 26.00%Cayman Islands 0.00%Chile 18.50%China 25.00%Colombia 33.00%Costa Rica 30.00%Croatia 20.00%Curacao 27.50%Cyprus 10.00%Czech Republic 19.00%Denmark 25.00%Dominican Republic 29.00%Ecuador 23.00%Egypt 25.00%Estonia 21.00%El Salvador 30.00%Fiji 28.00%Finland 24.50%France 33.33%Georgia 0.00%

Germany 29.48%Gibraltar 10.00%Greece 20.00%Guatemala 31.00%Guernsey 0.00%Honduras 35.00%Hong Kong 16.50%Hungary 19.00%Iceland 20.00%India 32.45%Indonesia 25.00%Ireland 12.50%Isle of Man 0.00%Israel 25.00%Italy 31.40%Jamaica 33.33%Japan 38.01%Jersey 0.00%Jordan 14.00%Kazakhstan 20.00%Kenya 30.00%Korea, Republic of 24.20%Kuwait 15.00%Latvia 15.00%Libya 20.00%Liechtenstein 12.50%Lithuania 15.00%Luxembourg 28.80%Macau 12.00%Macedonia 10.00%Malawi 30.00%Malaysia 25.00%Malta 35.00%Mauritius 15.00%Mexico 30.00%Montenegro 9.00%Mozambique 32.00%Namibia 34.00%Netherlands 25.00%New Zealand 28.00%Nigeria 30.00%Norway 28.00%Oman 12.00%

Pakistan 35.00%Panama 25.00%Papua New Guinea 30.00%Paraguay 10.00%Peru 30.00%Philippines 30.00%Poland 19.00%Portugal 25.00%Qatar 10.00%Romania 16.00%Russia 20.00%Saba 0.00%Samoa 27.00%Saudi Arabia 20.00%Serbia 10.00%Singapore 17.00%Slovak Republic 19.00%Slovenia 18.00%South Africa 34.55%Spain 30.00%Sri Lanka 28.00%St Eustatius 0.00%St Maarten 34.50%Sudan 35.00%Sweden 26.30%Switzerland 21.17%Syria 28.00%Taiwan 17.00%Tanzania 30.00%Thailand 23.00%Trinidad and Tobago 25.00%Tunisia 30.00%Turkey 20.00%Uganda 30.00%Ukraine 21.00%United Arab Emirates 55.00%United Kingdom 24.00%United States 40.00%Uruguay 25.00%Vanuatu 0.00%Venezuela 34.00%Vietnam 25.00%Yemen 20.00%

Zambia 35.00%Zimbabwe 25.75%Africa average 29.02%North America average 33.00%Asia average 22.89%Europe average 20.50%Latin America average 28.30%Oceania average 28.60%EU average 22.60%OECD average 25.25%Global average 24.43%

Country LongTermRatingAdj.DefaultSpreadAlbania B1 4.00%Angola Ba3 3.25%Argentina B3 6.00%Armenia Ba2 2.75%Australia Aaa 0.00%Austria Aaa 0.00%Azerbaijan Baa3 2.00%Bahamas Baa1 1.50%Bahrain Baa1 1.50%Bangladesh Ba3 3.25%Barbados Baa3 2.00%Belarus B3 6.00%Belgium Aa3 0.70%Belize Caa3 10.00%Bermuda Aa2 0.50%Bolivia Ba3 3.25%BosniaandHerzegovina B3 6.00%Botswana A2 1.00%Brazil Baa2 1.75%Bulgaria Baa2 1.75%Cambodia B2 5.00%Canada Aaa 0.00%CaymanIslands Aa3 0.70%Chile Aa3 0.70%China Aa3 0.70%Colombia Baa3 2.00%CostaRica Baa3 2.00%Croatia Baa3 2.00%Cuba Caa1 7.00%Cyprus B3 6.00%CzechRepublic A1 0.85%Denmark Aaa 0.00%DominicanRepublic B1 4.00%Ecuador Caa1 7.00%Egypt B2 5.00%ElSalvador Ba3 3.25%Estonia A1 0.85%FijiIslands B1 4.00%Finland Aaa 0.00%France Aa1 0.25%Georgia Ba3 3.25%Germany Aaa 0.00%

Greece Caa1 7.00%Guatemala Ba1 2.40%Honduras B2 5.00%HongKong Aa1 0.25%Hungary Ba1 2.40%Iceland Baa3 2.00%India Baa3 2.00%Indonesia Baa3 2.00%Ireland Ba1 2.40%IsleofMan Aaa 0.00%Israel A1 0.85%Italy Baa2 1.75%Jamaica B3 6.00%Japan Aa3 0.70%Jordan Ba2 2.75%Kazakhstan Baa2 1.75%Kenya B1 4.00%Korea Aa3 0.70%Kuwait Aa2 0.50%Latvia Baa3 2.00%Lebanon B1 4.00%Lithuania Baa1 1.50%Luxembourg Aaa 0.00%Macao Aa3 0.70%Malaysia A3 1.15%Malta A3 1.15%Mauritius Baa1 1.50%Mexico Baa1 1.50%Moldova B3 6.00%Mongolia B1 4.00%Montenegro Ba3 3.25%Morocco Ba1 2.40%Namibia Baa3 2.00%Netherlands Aaa 0.00%NewZealand Aaa 0.00%Nicaragua B3 6.00%Nigeria Ba3 3.25%Norway Aaa 0.00%Oman A1 0.85%Pakistan Caa1 7.00%Panama Baa2 1.75%PapuaNewGuinea B1 4.00%Paraguay B1 4.00%

Peru Baa2 1.75%Philippines Ba1 2.40%Poland A2 1.00%Portugal Ba3 3.25%Qatar Aa2 0.50%Romania Baa3 2.00%Russia Baa1 1.50%SaudiArabia Aa3 0.70%Senegal B1 4.00%Singapore Aaa 0.00%Slovakia A2 1.00%Slovenia Baa2 1.75%SouthAfrica Baa1 1.50%Spain Baa3 2.00%SriLanka B1 4.00%St.Maarten Baa1 1.50%St.Vincent&theGrena B2 5.00%Suriname Ba3 3.25%Sweden Aaa 0.00%Switzerland Aaa 0.00%Taiwan Aa3 0.70%Thailand Baa1 1.50%TrinidadandTobago Baa1 1.50%Tunisia Baa3 2.00%Turkey Ba1 2.40%Ukraine B3 6.00%UnitedArabEmirates Aa2 0.50%UnitedKingdom Aaa 0.00%UnitedStatesofAmeric Aaa 0.00%Uruguay Baa3 2.00%Venezuela B1 4.00%Vietnam B2 5.00%Zambia B1 4.00%Row Labels Default Spread Total ERP (Weighted Average)Africa 2.86% 10.09%Australia & New Zealan 0.00% 5.80%Caribbean 4.52% 12.57%Central and South Amer 2.26% 9.18%Eastern Europe & Russi 1.79% 8.48%Middle East 0.77% 6.96%North America 0.00% 5.80%Western Europe 0.70% 6.85%Asia without Japan 1.18% 7.58%Japan 0.70% 6.85%

TotalRiskPremium CountryRiskPremium Region11.80% 6.00% Eastern Europe & Russia10.68% 4.88% Africa14.80% 9.00% Central and South America9.93% 4.13% Eastern Europe & Russia5.80% 0.00% Australia & New Zealand5.80% 0.00% Western Europe8.80% 3.00% Eastern Europe & Russia8.05% 2.25% Caribbean8.05% 2.25% Middle East10.68% 4.88% Asia8.80% 3.00% Caribbean14.80% 9.00% Eastern Europe & Russia6.85% 1.05% Western Europe20.80% 15.00% Central and South America6.55% 0.75% Caribbean10.68% 4.88% Central and South America14.80% 9.00% Eastern Europe & Russia7.30% 1.50% Africa8.43% 2.63% Central and South America8.43% 2.63% Eastern Europe & Russia13.30% 7.50% Asia5.80% 0.00% North America6.85% 1.05% Caribbean6.85% 1.05% Central and South America6.85% 1.05% Asia8.80% 3.00% Central and South America8.80% 3.00% Central and South America8.80% 3.00% Eastern Europe & Russia16.30% 10.50% Caribbean14.80% 9.00% Western Europe7.08% 1.28% Eastern Europe & Russia5.80% 0.00% Western Europe11.80% 6.00% Caribbean16.30% 10.50% Central and South America13.30% 7.50% Africa10.68% 4.88% Central and South America7.08% 1.28% Eastern Europe & Russia11.80% 6.00% Asia5.80% 0.00% Western Europe6.18% 0.38% Western Europe10.68% 4.88% Eastern Europe & Russia5.80% 0.00% Western Europe

16.30% 10.50% Western Europe9.40% 3.60% Central and South America13.30% 7.50% Central and South America6.18% 0.38% Asia9.40% 3.60% Eastern Europe & Russia8.80% 3.00% Western Europe8.80% 3.00% Asia8.80% 3.00% Asia9.40% 3.60% Western Europe5.80% 0.00% Financial Center7.08% 1.28% Middle East8.43% 2.63% Western Europe14.80% 9.00% Caribbean6.85% 1.05% Asia9.93% 4.13% Middle East8.43% 2.63% Eastern Europe & Russia11.80% 6.00% Africa6.85% 1.05% Asia6.55% 0.75% Middle East8.80% 3.00% Eastern Europe & Russia11.80% 6.00% Middle East8.05% 2.25% Eastern Europe & Russia5.80% 0.00% Western Europe6.85% 1.05% Asia7.53% 1.73% Asia7.53% 1.73% Western Europe8.05% 2.25% Africa8.05% 2.25% Central and South America14.80% 9.00% Eastern Europe & Russia11.80% 6.00% Asia10.68% 4.88% Eastern Europe & Russia9.40% 3.60% Africa8.80% 3.00% Africa5.80% 0.00% Western Europe5.80% 0.00% Australia & New Zealand14.80% 9.00% Central and South America10.68% 4.88% Africa5.80% 0.00% Western Europe7.08% 1.28% Middle East16.30% 10.50% Asia8.43% 2.63% Central and South America11.80% 6.00% Asia11.80% 6.00% Central and South America

8.43% 2.63% Central and South America9.40% 3.60% Asia7.30% 1.50% Eastern Europe & Russia10.68% 4.88% Western Europe6.55% 0.75% Middle East8.80% 3.00% Eastern Europe & Russia8.05% 2.25% Eastern Europe & Russia6.85% 1.05% Middle East11.80% 6.00% Africa5.80% 0.00% Asia7.30% 1.50% Eastern Europe & Russia8.43% 2.63% Western Europe8.05% 2.25% Africa8.80% 3.00% Western Europe11.80% 6.00% Asia8.05% 2.25% Caribbean13.30% 7.50% Caribbean10.68% 4.88% Caribbean5.80% 0.00% Western Europe5.80% 0.00% Western Europe6.85% 1.05% Asia8.05% 2.25% Asia8.05% 2.25% Caribbean8.80% 3.00% Africa9.40% 3.60% Western Europe14.80% 9.00% Eastern Europe & Russia6.55% 0.75% Middle East5.80% 0.00% Western Europe5.80% 0.00% North America8.80% 3.00% Central and South America11.80% 6.00% Central and South America13.30% 7.50% Asia11.80% 6.00% Africa

Country Risk Premium (Weighted Average)4.29%0.00%6.77%3.38%2.68%1.16%0.00%1.05%1.78%1.05%

Last 10K First X months: Last yearRevenues $413.26 $41.30R&D expense $273.98 $107.17Operating income or EBIT -$394.28 -$194.94Interest expenses $0.25 $20.23Book value of equity $124.70Book value of debt $452.34Do you have operating lease commitments?Cash and cross holdings $201.89Non-operating assets $0.00Minority interests $0.00Number of shares outstanding = $121.45Current stock price =Effective tax rate = 0.00% 22.31%Marginal tax rate =Lease commitmentsYear 1 $142.00Year 2 $128.00Year 3 $117.00Year 4 $110.00Year 5 $102.00Beyond year 5 $252.00

First X months: Current yearTrailing 12 month$956.74 $1,328.70$143.25 $310.06-$17.38 -$216.72$0.15 -$19.83

$629.43$578.74

$746.06$0.00$0.00

$121.45

0.00%

NANANANANANA

Yes/No Book or Market ValueERP choices Cost of debt Synthetic rati BetaYes B Will input Direct input 1 Direct inputNo V Country of incorporatio Synthetic rati 2 Single Business(US)

Operating countries Actual rating Single Business(Global)Operating regions Multibusiness(US)

Multibusiness(Global)

Industry Name Number of firms Unlevered beta corrected for cashAdvertising 255 0.98Aerospace/Defense 210 0.89Air Transport 160 0.60Apparel 1166 1.00Auto & Truck 130 0.77Auto Parts 624 1.19Bank 568 0.31Banks (Regional) 944 0.44Beverage 99 0.74Beverage (Alcoholic) 209 0.68Biotechnology 666 1.05Broadcasting 144 1.03Brokerage & Investment Banking 525 0.28Building Materials 420 0.81Business & Consumer Services 709 0.83Cable TV 65 0.76Chemical (Basic) 760 0.86Chemical (Diversified) 86 1.11Chemical (Specialty) 693 0.99Coal & Related Energy 322 1.08Computer Services 938 0.97Computer Software 1068 1.12Computers/Peripherals 371 1.04Construction 466 0.75Diversified 365 0.67Educational Services 145 1.10Electrical Equipment 847 0.96Electronics 1188 1.01Electronics (Consumer & Office) 208 0.96Engineering 1141 0.81Entertainment 356 0.97Environmental & Waste Services 307 0.86Farming/Agriculture 331 0.74Financial Svcs. 520 0.18Financial Svcs. (Non-bank & Insurance) 149 0.17Food Processing 1223 0.69Food Wholesalers 115 0.56Furn/Home Furnishings 323 0.94Healthcare Equipment 448 0.92Healthcare Facilities 170 0.54Healthcare Products 155 0.78Healthcare Services 328 0.81Heathcare Information and Technology 266 0.96Heavy Construction 334 0.99Homebuilding 155 1.00Hotel/Gaming 618 0.84Household Products 456 0.82Information Services 171 0.98Insurance (General) 220 0.71

Insurance (Life) 117 0.94Insurance (Prop/Cas.) 220 0.65Internet software and services 715 1.22Investment Co. 448 0.58Machinery 1249 1.06Metals & Mining 1700 1.08Office Equipment & Services 162 0.81Oil/Gas (Integrated) 55 1.12Oil/Gas (Production and Exploration) 1219 1.05Oil/Gas Distribution 198 0.70Oilfield Svcs/Equip. 570 1.12Packaging & Container 399 0.65Paper/Forest Products 318 0.64Pharma & Drugs 823 0.88Power 719 0.47Precious Metals 1237 1.16Publshing & Newspapers 401 0.75R.E.I.T. 48 0.14Railroad 56 0.46Real Estate 415 0.69Real Estate (Development) 611 0.84Real Estate (Operations & Services) 439 0.56Recreation 292 0.86Reinsurance 35 0.86Restaurant 298 0.62Retail (Automotive) 138 0.74Retail (Building Supply) 51 0.68Retail (Distributors) 842 0.61Retail (General) 226 0.78Retail (Grocery and Food) 170 0.54Retail (Internet) 108 1.08Retail (Special Lines) 536 1.01Rubber& Tires 91 0.84Semiconductor 564 1.20Semiconductor Equip 264 1.49Shipbuilding & Marine 351 0.68Shoe 95 1.06Steel 725 0.86Telecom (Wireless) 117 0.79Telecom. Equipment 550 1.18Telecom. Services 325 0.63Thrift 295 0.02Tobacco 48 0.49Tranportation 223 0.75Trucking 185 0.55Utility (General) 61 0.41Utility (Water) 97 0.53Grand Total 40943 0.64

Market D/E RaMarket Debt t Effective tax Dividend PayoNet Margin Pre-tax OperaROE ROIC32.29% 24.41% 13.92% 34.69% 3.86% 8.10% 9.42% 42.52%26.27% 20.80% 13.31% 33.18% 5.35% 8.91% 16.43% 35.50%

100.92% 50.23% 16.15% 51.21% 1.66% 4.84% 6.35% 6.94%17.84% 15.14% 13.42% 37.80% 6.48% 11.70% 12.92% 15.05%93.91% 48.43% 12.66% 16.30% 5.81% 5.98% 18.61% 7.83%37.00% 27.00% 16.55% 12.54% 4.20% 6.60% 13.90% 14.33%

367.12% 78.59% 18.93% 32.02% 20.42% 0.25% 8.97% 0.02%142.34% 58.74% 18.85% 15.95% 18.68% 0.00% 7.17% 0.00%21.29% 17.55% 12.82% 30.71% 10.12% 14.77% 21.29% 18.97%24.36% 19.59% 18.60% 33.05% 11.69% 18.89% 17.27% 14.32%13.07% 11.56% 2.91% 34.78% 8.08% 17.16% 7.25% 11.45%40.12% 28.63% 17.52% 31.74% 8.49% 15.89% 13.12% 15.03%

415.35% 80.60% 11.36% 36.87% 5.02% 0.18% 4.13% 0.02%44.77% 30.93% 16.08% 36.75% 2.46% 6.14% 5.13% 7.58%25.13% 20.08% 18.11% 40.69% 4.20% 7.85% 12.28% 19.57%56.80% 36.22% 14.42% 15.91% 9.79% 18.41% 26.04% 15.33%40.13% 28.64% 13.56% 57.82% 3.79% 6.69% 8.03% 7.99%42.99% 30.07% 20.09% 43.49% 3.43% 7.96% 9.84% 10.52%20.55% 17.05% 16.99% 30.49% 8.00% 12.65% 14.69% 15.64%25.95% 20.60% 6.36% 55.14% 8.20% 15.68% 10.92% 15.36%15.82% 13.66% 17.31% 21.36% 5.44% 8.16% 20.43% 28.10%7.33% 6.83% 11.68% 27.50% 14.49% 22.50% 16.62% 40.08%

16.06% 13.83% 12.32% 16.88% 5.02% 9.96% 17.06% 32.20%48.57% 32.69% 14.87% 50.95% 5.17% 10.85% 7.25% 7.89%79.08% 44.16% 13.26% 25.92% 6.18% 9.25% 11.53% 7.62%20.26% 16.84% 14.29% NA -1.40% 11.08% -2.57% 21.01%29.89% 23.01% 13.88% 50.70% 3.30% 6.86% 7.24% 11.05%31.80% 24.12% 12.33% 30.54% 2.78% 4.48% 6.20% 6.47%57.73% 36.60% 12.17% NA -5.21% 2.32% -13.51% 3.57%83.04% 45.37% 17.02% 59.23% 1.79% 4.52% 6.83% 7.93%28.71% 22.31% 8.79% 28.43% 7.88% 16.46% 10.39% 21.13%40.91% 29.03% 11.25% 62.60% 2.97% 8.92% 6.76% 13.28%42.90% 30.02% 13.56% 28.83% 3.84% 4.84% 10.86% 7.78%

656.46% 86.78% 17.11% 16.51% 21.78% 6.43% 14.39% 0.38%679.35% 87.17% 13.67% 8.01% 13.70% 3.31% 6.42% 0.22%27.68% 21.68% 15.80% 43.33% 4.79% 8.05% 12.30% 13.63%70.98% 41.51% 18.45% 54.16% 1.06% 2.99% 10.56% 13.98%26.97% 21.24% 14.93% 30.24% 4.15% 6.11% 12.02% 13.60%17.33% 14.77% 8.87% 37.02% 9.98% 18.21% 13.27% 24.36%80.65% 44.65% 16.54% 15.05% 4.24% 10.37% 26.49% 14.16%19.42% 16.26% 13.49% 22.73% 7.95% 12.14% 12.03% 14.31%31.97% 24.23% 17.34% 16.77% 2.48% 4.77% 13.81% 30.87%20.13% 16.76% 8.16% 14.89% 6.27% 12.10% 7.84% 16.39%60.13% 37.55% 17.82% 31.37% 4.74% 8.32% 15.66% 11.92%58.09% 36.75% 19.22% 14.51% 4.16% 6.61% 7.73% 5.94%30.37% 23.29% 12.19% 36.52% 5.73% 11.80% 8.02% 10.35%14.25% 12.47% 13.98% 43.82% 8.68% 14.34% 16.86% 22.08%12.13% 10.81% 16.19% 31.17% 10.40% 22.04% 15.35% 42.97%57.51% 36.51% 13.65% 21.45% 5.89% 7.96% 11.52% 10.66%

61.35% 38.02% 17.28% 34.76% 3.67% 6.60% 7.68% 8.95%39.18% 28.15% 11.96% 31.87% 4.42% 7.64% 7.35% 7.58%4.72% 4.51% 7.77% 4.29% 18.74% 21.16% 19.32% 24.00%

95.78% 48.92% 5.97% 38.86% 14.53% 11.33% 8.11% 3.21%25.23% 20.15% 17.48% 32.02% 5.32% 8.92% 10.87% 12.83%27.00% 21.26% 4.26% 45.90% 7.44% 15.44% 10.76% 12.83%32.17% 24.34% 17.48% 41.76% 4.25% 7.35% 12.40% 15.21%22.11% 18.11% 25.53% 27.55% 7.68% 10.78% 16.80% 12.65%30.67% 23.47% 6.41% 44.13% 7.34% 17.88% 7.14% 8.66%61.85% 38.21% 8.92% 115.27% 5.03% 10.38% 11.00% 8.71%36.67% 26.83% 14.22% 26.59% 2.36% 4.24% 11.21% 11.01%63.06% 38.67% 17.17% 43.18% 2.80% 7.51% 7.73% 11.05%91.95% 47.90% 11.75% 80.79% 1.95% 5.18% 3.47% 3.98%14.74% 12.85% 12.53% 44.83% 12.55% 21.12% 13.76% 18.46%

105.84% 51.42% 15.12% 93.77% 3.62% 10.49% 5.23% 5.14%14.66% 12.78% 3.52% 61.89% 6.98% 18.63% 4.97% 8.79%39.77% 28.46% 15.27% 1731.52% 0.16% 7.95% 0.26% 10.44%

560.60% 84.86% 2.99% 55.74% 61.89% 2.67% 10.89% 0.07%65.38% 39.53% 21.56% 24.67% 9.07% 18.00% 11.68% 7.27%77.09% 43.53% 12.96% 22.44% 13.08% 15.39% 8.51% 4.32%64.59% 39.24% 17.32% 32.51% 19.74% 24.18% 12.96% 7.28%85.84% 46.19% 13.51% 22.36% 22.99% 29.36% 8.76% 4.58%31.84% 24.15% 15.30% 28.25% 5.97% 11.01% 9.65% 10.47%42.79% 29.97% 11.47% 24.17% 8.86% 12.30% 14.39% 15.67%23.26% 18.87% 20.90% 40.98% 6.14% 11.37% 19.63% 18.98%51.60% 34.04% 19.42% 16.71% 2.82% 5.12% 17.68% 12.96%18.80% 15.82% 23.15% 38.17% 3.91% 7.43% 13.28% 12.75%97.73% 49.42% 19.16% 30.47% 2.60% 3.52% 11.51% 5.90%32.07% 24.28% 22.21% 35.74% 2.82% 5.10% 13.35% 12.28%38.11% 27.59% 23.43% 39.98% 2.15% 4.14% 12.11% 12.94%5.00% 4.76% 11.10% 21.17% 2.83% 5.02% 14.07% 44.11%

13.85% 12.16% 20.10% 31.63% 3.53% 6.62% 13.63% 18.53%51.66% 34.06% 16.86% 16.29% 4.71% 8.10% 15.87% 11.74%13.88% 12.19% 8.19% 38.44% 7.21% 11.30% 10.20% 12.92%22.44% 18.33% 7.82% NA -1.37% 7.82% -1.66% 7.97%90.71% 47.56% 11.28% 497.14% 0.35% 5.05% 0.54% 2.97%7.42% 6.90% 16.82% 18.13% 7.16% 9.81% 16.29% 18.16%

81.02% 44.76% 12.68% 411.43% 0.33% 3.86% 0.72% 3.97%31.99% 24.24% 14.76% 111.38% 4.90% 16.86% 6.29% 12.46%15.23% 13.22% 9.09% 46.05% 5.90% 7.46% 9.43% 11.82%65.54% 39.59% 11.92% 103.40% 5.58% 14.71% 9.01% 12.33%

5432.46% 98.19% 18.11% 9.16% 39.07% 0.59% -12.11% 0.00%15.48% 13.40% 19.70% 63.68% 16.71% 28.10% 44.22% 47.52%48.75% 32.77% 19.61% 42.98% 5.01% 8.46% 13.01% 10.37%77.55% 43.68% 21.99% 21.81% 2.95% 6.16% 10.18% 7.81%

107.15% 51.73% 23.56% 91.00% 3.71% 10.48% 7.06% 8.12%63.18% 38.72% 14.78% 54.81% 16.28% 27.53% 12.47% 8.81%98.96% 49.74% 13.40% 37.49% 5.74% 8.63% 10.49% 5.11%

Sales/Capital EV/Sales Revenue GrowtExpected Earnings growth: Next 5 years4.53 0.94 6.82% 21.10%4.86 0.99 5.45% 12.24%1.67 0.79 9.50% 21.78%1.55 1.55 8.05% 14.17%1.49 0.78 7.89% 16.78%2.50 0.56 7.61% 15.87%0.09 11.36 9.33% 15.27%0.23 3.92 4.05% 7.68%1.60 2.23 9.19% 14.06%0.89 2.91 9.46% 17.42%0.80 6.52 18.82% 21.89%1.12 2.06 6.87% 5.90%0.17 6.08 5.54% 16.91%1.71 0.89 1.84% 19.07%3.23 1.09 7.64% 15.23%1.08 2.38 11.67% 5.51%1.32 1.06 6.76% 16.00%1.78 0.96 7.14% 15.67%1.48 1.52 10.95% 15.12%0.94 1.81 15.30% 14.80%4.56 0.90 9.20% 14.72%1.97 3.22 10.54% 19.64%3.28 0.90 0.21% 48.32%0.85 1.70 10.75% 18.76%0.88 1.46 7.65% 13.98%2.64 0.97 15.14% 20.40%2.10 1.01 8.43% 20.52%1.85 0.74 2.24% 18.27%2.45 0.49 -1.34% 16.82%2.28 0.56 8.60% 15.76%1.69 1.94 3.98% 20.99%2.04 1.31 12.01% 14.79%1.82 0.71 17.26% 22.13%0.09 11.59 10.60% 16.59%0.09 11.24 13.81% 21.86%2.13 1.20 10.36% 20.44%5.51 0.30 3.43% 11.57%2.63 0.72 3.67% 25.07%1.50 2.55 8.27% 15.75%1.64 1.28 17.71% 15.74%1.32 2.49 14.20% 18.06%7.19 0.46 13.17% 16.52%1.54 2.33 12.10% 21.93%1.57 0.99 9.79% 10.97%1.24 0.99 1.36% 10.35%0.95 2.24 10.03% 14.85%2.14 2.09 11.76% 16.06%2.36 3.05 6.26% 14.57%1.56 0.67 5.98% 15.55%

1.50 0.77 5.07% 12.51%1.23 0.91 8.42% 19.51%1.25 4.34 9.16% 23.77%0.29 3.62 8.47% 10.66%1.83 1.13 3.89% 15.82%1.00 1.58 20.44% 10.67%2.60 0.72 2.53% 14.58%1.69 0.74 14.00% 8.80%0.68 2.21 21.47% 18.55%0.73 2.23 16.37% 17.40%3.28 0.52 15.38% 26.79%1.74 0.89 9.61% 16.01%1.02 1.06 6.17% 13.86%1.13 2.78 13.72% 18.46%0.64 1.80 13.97% 11.64%0.58 3.02 40.88% 18.47%1.79 1.18 1.45% -4.05%0.02 47.03 2.02% 4.94%0.60 2.27 3.83% 17.27%0.31 3.24 5.65% 18.54%0.36 3.10 12.44% 19.95%0.18 6.03 10.18% 15.90%1.31 1.31 1.93% 16.35%1.25 0.73 6.02% 15.30%2.20 1.55 6.48% 15.53%3.11 0.63 6.02% 15.76%2.72 0.95 5.10% 13.61%2.06 0.57 6.29% 16.59%3.28 0.65 7.69% 15.61%3.96 0.48 5.93% 13.19%7.82 2.11 12.55% 31.94%3.94 0.79 5.00% 12.17%1.77 0.78 10.45% 35.67%1.30 1.66 5.70% 17.73%1.21 1.52 0.87% 12.94%0.82 1.24 8.50% 1.87%2.12 1.27 8.98% 14.72%1.36 0.75 8.35% 17.15%0.96 1.87 8.43% 11.64%1.93 1.37 3.55% 18.69%0.98 1.56 7.88% 8.79%0.01 112.28 7.27% 8.29%2.44 3.33 6.18% 9.46%1.60 1.14 11.17% 14.34%1.72 0.79 3.04% 13.65%1.00 1.24 8.49% 5.63%0.36 4.03 17.20% 12.97%0.77 1.76 8.94% 16.07%

Base 1 2 3 4 5 6 7 8 9 10 $-

$10,000

$20,000

$30,000

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$60,000

$70,000

$(1,000)

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

RevenuesPre-tax operating income

Reve

nues

(in

bill

ions

)

Pre-

tax

Ope

ratin

g In

com

e

Year Revenues Pre-tax operating incomeBase $ 1,329 $ (22)

1 $ 2,259 $ (5)2 $ 3,840 $ 45 3 $ 6,528 $ 170 4 $ 11,097 $ 445 5 $ 18,866 $ 1,024 6 $ 29,534 $ 2,021 7 $ 42,263 $ 3,489 8 $ 54,794 $ 5,299 9 $ 63,671 $ 7,058

10 $ 65,422 $ 8,178

Input sheetValuation outputOption valueDiagnosticsR& D converterOperating lease converterCost of capital worksheetSynthetic ratingIndustry Averages(US)Country tax ratesCountry equity risk premiumsTraiing 12 monthAnswer keysGlobal industry averagestestSummary sheet