EFTA01367800.pdf

IFigure 23: Our Intrinsic Valuetion Mode] %%P KO Capialbad EPSVolulloa t&PSCO D uovr.lAxl,ri S11P 603 Lonete. EPS I OPS Orcrea S&P SCO Co,: of EOut( & '0' Book 1,•19* Duge* erre 2016E SIP 600 øl SIlilDmach4 &eki 7016E SOP 602 DPS $1200 -V' ;aval* b:,c 30% Z014 e44 SEPtW 1001,11VO *tt DIt'e 'no,n•I 2016E• S&P 500 EPS 1121 D6% 'noens 2016E• SVIK* OPS 6420) 06‘'n:nr4,1201Se 2P SODowecøa R2L 103% NO ur:. e, GC/Out.rwn 39% • lig '24- (GL na p ratrun• %IP 500 EPS nalød tenne rønstmem 37% • istra nø»P tO owt•I•Way . 2r.-<"‘ril FP; .02 CG EPS 4ecaa1 tp rø siv. Nraitøte4o $2050 Estlintøl 110E on møreotied SEP 500 EPS 7,01E • tuwerm 441aec• rcnael tørratInre~Jekt. Igiolit re,” 24% Ems:~,s* EM Of NOE-CoE 0.(011 .18/ KO~Ml COMMIN* 7.606 Norrrid 2015E S&P 500 EPS I.n to op teia 3100 Innrulund SAP!ai EPS VO.X • SSPSCOUPtnuoly 30040~. w Cof •55A -e 5% ; C-x.E Tyst ro,o4n 63% 760% 204% ;ni S&P 502 Back« 'Mi»mlBook 16%.• %Vidt • PS CAlltd, 11.5.^ Vilatgr • Ville4~ '<tir, o VW refeflmenl 01)01 2010.0 SSP 5001~1.14e e•51.0 $1% 'atalite ' sp...I ELI kanel COSI Inxneol groyM 4G% lar Pe. Far PE • ~nei tyar•p1•1106 264 19Ca %PM oweic øk* at 2015 surt 1981 I74% t Pf. - 1,40E St helPCE•Mi CoE.ratl 132 S&P 503 mnesc nu. ot 20i5Ind 201E6PCOD ntweac Mort 412015 eid 206E • Lfettr SSP 500 rk'S.,:f'S grøde 5385 i•cteri SE? 503 hir v.Ne0 eack at .7016tun 1932 Iss 1~ br 1"4.4 vad on 201Æ OPS ot 347 0 2 12% 212% ~ry«InZe Pli • el3lint 2.3 NOE /KOICet 2W Inoikl br tøtnayne :0166 D:504620 201% • Tea abasfollhi Mute ot ~MP& MO% :Gnir/n.4ø hy,MdribløPE • I /red CoE 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 “cno oral »t tit» 1E? 71- Sik~, Mimt,SY, 144~1 2915 rømd ø ~al EPS øl Mel Co6 'op 503 EPS dbcount mødd 5 %eps to valur Namal 2016E SOP 500 EPS 6115 6111 6121 6122 6125 6135 Igsbmate normahm1S&P SCO EPS 5.00% 2162 2226 2291 2312 2376 2590 2)Atlitnt normaTued (Pilar pro forma accountals qualuly R•a1 525% 2062 2123 2153 7296 2266 2471 3)Eztimate a bø long.term real retten on UP SODovainlhp 3C0E) coat of 5.50% 1971 2030 20911 2109 2167 2362 4) Capital« normale:Sand accountrig quality a4. EPS at real Co( 1944 2019 2076 «PAY 5.75% 11388 2001 2263 5) Consder 13octermmental for vakeadied vowth offortuntes 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 D.A/10V., .••• IL.Raataaaallaa • lala.frab *ram. MIi 1•••••••! la aka. Si••• •taa •• ~na! aaa•• Mala/ Vaka augna Leamal • • • ø C aalallaS a ausa.. a.aaa 03 »ta...raa aabayba••• ø dan Daet~ ams. AP, 053 g 0494404~•~ 4•'~~ 4 gronen ne 7900 :945-IPSOn 1992-1.1,7 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0059413 CONFIDENTIAL SDNY_GM_00205597 EFTA01367800