Notes:

1. Growth figure at the top of each table represents the growth assumption of the EPS.

2. Timeframe figure at the top of each table represents the length of the investment period.

3. The first column from the left of each table represents the ENTRY MULTIPLE of the investment. The entry multiple can represent the PE at the start of the investment.

4. The first row below the title of the table represents the EXIT MULTIPLE of the investment. The exit multiple can represent the PE at the end of the investment.

5. The % figures in each cell of the table represents the CAGR for the respective ENTRY/EXIT MULTIPLE, GROWTH RATE and TIMEFRAME of the investment.

5. Please do not construe this as investment advice. No fee is being solicited for this study.