,Figure 52: Our S&P Intrinsic Valuation K.loc4ii SlliP WO Capaalbed EPSValuaCon SAP 5O1Draderd Dom,: Made SOP 600 Loam FPS • OPS Gene% S&P KO Dom al Equity fs Fair Boas 5441asle Deutsshe Bart12O158 55P SCOOPS 5' to O81. 'poems, 2O1W SIP KO EPS 5' 72 list•41:•)itt CPS: 2•IISC SYS ecocuneer~ atlystment to EmbossFPS Mud 20151121900399199 to whin *110 Key amok. stisacsestiee Aka - nasal CPS/ ma cot Sit122EPirautakstaslitstra Ramat CPS / Peal Cc& • CE Wpavoill • ENO stir scorers° wite ai 3015 91s1 20)3 SY 9:O1afflovim at 2O15ed NOD Misled lae WIPE •10IIIV 2O16 Oe 2O1W il .9 EPS MS irricitd Ise oaths PE al 20154m410,4201W S119 EPS 177 Destscas Banes 2ot sE S&P coo DPS )541-omo• 2Otbe S&P 60O DPS - -4. owactec to ost Inn mixasismes same9h" ICICS)0 far)tt MC in...4 DOM.& of Se 1» EPS Teti otima in SeXtIOME8sacsistSsist 114s.CO 24% 5410) r% &C 0. 2" 16? 53 61% 2070 2103•• 2O6% 1 91% Dams% &a • 5 99 SE 939 9))..».>r4 liC'E 201s erd S&P !Olt** vSe Kr snare EIB's ta,rai 201%' SaP 5O) e)rd.r., RIF IS e.». 1,-0-Corre~m i .1 /-0• Fag ,.».), n:in 'h. 'el,' n on "EaP 5):irdo, , 5» isi °somata tar SAP tcormar • toroasem is os1 ht. Mee!! ,eie 1.5O% • Leviers, le C4tP 52O «tit/ ink 'gown' &CO% • Lareerrn rut StiP ID) con oi gal MO% • ...sawn iriasm saatint SW KO FPS retained Esdneted ROE tor ins retembrent neweetad SéP 530 B'S Or ROECciE 39% 7.50% CLCO% on EC":O62 ~FM a SIP bop medns met of oar 7.60% Sasses el bosses. enrol cea• in • savors, icemen loess« • Fse 10010•1 71.didir~n1 • Vase tektif team en Ina reeneurreni - Ecnotetmeannp spomh • Ceowes tom Pet sham sovei»Sel ."F1 21!% OOO% it in 133% • :4. 4' •(.. LP; ..sa... r‘k:,4.(t ox a:, re& CcE • 55% • fat c•NP "AC V24.1 VA.* an,i Rs), Vaka Moog Ss% 7014 at SSP !afloat val» es tore fat PEI - Par PE • min sway» ROE Far PE • tROE.O1 Vial ROVitea C0E-wilt trosed S5P12O tat sal., el tool at 2OPS sort Sln.51, "%mkt F8 • rdirLd an RcT :ro,f{-,;-/bona DPS, irorrinilO:8 .COS goatee SIM 52O tweet wave at DII5 suet S&P WO tense yaks at 2O15 ensl MOW tar %mad raid on Dia SE CPS of Ili 0 sited tar lobos Ned on .219 5E DPSot Sal O Lonaterrn Ste «0 EP9O99•O919 546% • Pee romuidodeed sie11 a Reel elotelsidar min at mount PE 2 rh% ?tome CGS / (real CcE -.0i4e .si E iaiaste: 20)3 DPSoiscotas rowel was tart DOS IS cavoull :SCC YPOC .,dh-JI-c,r11, cien,n 'Or vilur 0, l gr SOD E PS discount model $ steps to value COE Noemal 2O15E S&P 543O EPS 6118 $120 21221 $125 2130 2136 11Estimate normalized S&P 5CO EPS 2) Adent normalizedCPS lot coo forma accountingquality 3) E stimate a fair loot/aeon real return on S&P 500 overonhip(EoC) 4) Eaptatize ncemalized and accounting quality adj. (Mat real 5) Conskler lonsserm potential lor value tidied growth opocetunities 5.00% Real 6.28% cost OE 5.50% Maley 5.7511 6.00% 2227 227O 2313 2377 2484 2591 2206 2267 2370 2472 21091 2168 2265 2363 21241 2155 2031 1945 1867 2O7O 1983 1903 2020 2O77 217O 2264 1939 1993 2083 2173 &Ea* Danes es* 'OUI SORp1130S Mina 0113S1110Q C co O Ó Z o C < 3 E g w. C N.) = a CONFIDENTIAL - PURSUANT TO FED R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0119295 SDNY_GM_00265479 EFTA01459076