#VALUE!

1 CARTERPILLAR PROFIT AND LOSS, 2007-2011

2 Sales and revenues 2007 2008 2009
3 Sales of Machinery and Power Systems 41,962.00 48,044.00 29,540.00
4 Revenues of Financial Products 2,996.00 3,280.00 2,856.00
5 Total sales and revenues 44,958.00 51,324.00 32,396.00
6
7 Operating costs:
8 Cost of goods sold 32,626.00 38,415.00 23,886.00
9 Selling, general and adminstrative expenses 3,821.00 4,399.00 3,645.00
10 Research and development expenses 1,404.00 1,728.00 1,421.00
11 Interest expense of Financial Products 1,132.00 1,153.00 1,045.00
12 Deferred income taxes 1,054.00 1,181.00 1,822.00
13 Total operating costs 40,037.00 46,876.00 31,819.00
14
15 Operating profit 4,921.00 4,448.00 577.00
16
17 Interest expense excluding financial products 288.00 274.00 389.00
18 Other income 357.00 327.00 381.00
19
20 Consolidated profit before tax 4,990.00 4,501.00 569.00
21
22 Provision for income taxes 1,485.00 953.00 (270.00)
23 Profit of consolidated companies 3,505.00 3,548.00 839.00
24
25 Equity in profit of unconsolidated affiliated companies 73.00 37.00 (12.00)
26
27 Profit of consolidated and affiliated companies 3,578.00 3,585.00 827.00
28 Less:Profit attributable to noncontrolling interest 37.00 28.00 (68.00)
29
30 Profit 3,541.00 3,557.00 895.00
 2010 2011
39,867.00 57,392.00
2,721.00 2,746.00
42,588.00 60,138.00

30,367.00 43,578.00
4,248.00 5,203.00
1,905.00 2,297.00
914.00 826.00
1,191.00 1,081.00
38,625.00 52,985.00

3,963.00 7,153.00

343.00 396.00
130.00 (32.00)

3,750.00 6,725.00

968.00 1,720.00
2,782.00 5,005.00

(24.00) (24.00)

2,758.00 4,981.00
58.00 53.00

2,700.00 4,928.00
 1 CATERPILLAR BALANCE SHEETS, 2007-2011
2 Assets 2007
3 Current assets
4 Cash and short-term investment 1,122.00
5 Receivables--trade and other 8,249.00
6 Receivables--finance 7,503.00
7 Deferred and refundable income taxes 816.00
8 Prepaid expenses and other current assets 583.00
9 Inventories 7,204.00
10 Total current assets 25,477.00
11
12 Property, plant and equipment--net 9,997.00
13 Long-term receivables-trade and other 685.00
14 Long-term receivables-finance 13,462.00
15 Investments in unconsolidated affiliated companies 598.00
16 Noncurrent deffered and refundable income taxes 1,553.00
17 Intangible assets 475.00
18 Goodwill 1,963.00
19 Other assets 1,922.00
20 Total assets 56,132.00
21
22 Liabilities 2007
23 Current liabilities
24 Short-tern borrowings
25 Machine and power systems 187.00
26 Financial products 5,281.00
27 Account payable 4,723.00
28 Accured expenses 3,178.00
29 Accured wages, salaries and employee benefits 1,126.00
30 Customer advances 1,442.00
31 Dividends payable 225.00
32 Other current liabilities 951.00
33 Long-term debt due within one year
34 Machinery and power systems 180.00
35 Financial products 4,952.00
36 Total current liabilities 22,245.00
37
38 Long-term debt due after one year
39 Machinery and power system 3,639.00
40 Financial products 14,190.00
41 Liability for postemployment benefits 5,059.00
42 Other liabilities 2,003.00
43 Total liabilities 47,136.00
44
45 Redeemable noncontrolling interest -
46 Stockholder's equity
47 Common stock of $1.00 par
48 Common stock(814,894,624 shares) 2,744.00
49 Treasury stock at cost (9,451.00)
50 Profit employed in the business 17,398.00
51 Accumulated and other comprehensive income (1,808.00)
52 Noncontrolling interests 113.00
53 Total shareholders equity 8,996.00
54 Total liabilities and equity 56,132.00
55
56
57 Treasury stock, shares 190,908,480.00
58 Net shares outstanding 623,986,134.00
2008 2009 2010 2011

2,736.00 4,867.00 3,592.00 3,057.00

9,397.00 5,611.00 8,494.00 10,285.00
8,731.00 8,301.00 8,298.00 7,668.00
1,223.00 1,216.00 931.00 1,580.00
765.00 862.00 908.00 994.00
8,781.00 6,360.00 9,587.00 14,544.00
31,633.00 27,217.00 31,810.00 38,128.00

12,524.00 12,386.00 12,539.00 14,395.00

1,479.00 971.00 793.00 1,130.00
14,264.00 12,279.00 11,264.00 11,948.00
94.00 105.00 164.00 133.00
3,311.00 2,714.00 2,493.00 2,157.00
511.00 465.00 805.00 4,368.00
2,261.00 2,269.00 2,614.00 7,080.00
1,705.00 1,632.00 1,538.00 2,107.00
67,782.00 60,038.00 64,020.00 81,446.00

2008 2009 2010 2011

1,632.00 433.00 204.00 93.00

5,577.00 3,650.00 3,852.00 3,895.00
4,827.00 2,993.00 5,856.00 8,161.00
4,121.00 2,641.00 2,880.00 3,386.00
1,242.00 797.00 1,670.00 2,410.00
1,898.00 1,217.00 1,831.00 2,691.00
253.00 262.00 281.00 298.00
1,027.00 1,281.00 1,521.00 1,967.00

456.00 302.00 495.00 558.00

5,036.00 5,399.00 3,430.00 5,102.00
26,069.00 18,975.00 22,020.00 28,561.00

5,736.00 5,652.00 4,505.00 8,415.00

17,098.00 16,195.00 15,932.00 16,529.00
9,975.00 7,420.00 7,584.00 10,956.00
2,190.00 2,496.00 2,654.00 3,583.00
61,068.00 50,738.00 52,695.00 68,044.00

524.00 477.00 461.00 473.00

 3,057.00 3,439.00 3,888.00 4,273.00
(11,217.00) (10,646.00) (10,397.00) (10,281.00)
19,826.00 19,711.00 21,384.00 25,219.00
(5,579.00) (3,764.00) (4,051.00) (6,328.00)
103.00 83.00 40.00 46.00
6,190.00 8,823.00 10,864.00 12,929.00
67,258.00 59,561.00 63,559.00 80,973.00

213,267,983.00 190,171,905.00 176,071,910.00 167,361,280.00

601,626,641.00 624,722,719.00 638,822,714.00 647,533,344.00
 1 CATERPILLAR, CONSOLIDATED STATEMENT OF CASH FLOWS, 2007-2011
2 Cash flow from operating activities 2007
3 Profit of consolidated and affiliated companies 3,578.00
4 Adjustments for non-cash items
5 Depreciation and amortization 1,797.00
6 Other 162.00
7 Changes in assets and liabilities, net of acquisitions and divesitures
8 Receivables-trade and other 899.00
9 Inventories (745.00)
10 Accounts payable 387.00
11 Accured expenses 231.00
12 Accured wages, salaries and employee benefits 576.00
13 Deferred income taxes 66.00
14 Other assets,net 1,004.00
15 Other liabilities,net
16 Net cash provided by operating activities 7,955.00
17
18 Cash flow from investing activities
19 Capital expenditures-excluding equipment leased to others (1,700.00)
20 Expenditures for equipment leased to others (1,340.00)
21 Proceeds from disposal of leased assets and property, plant and equipment 408.00
22 Additions to finance receivables (13,946.00)
23 Collections of finance receivables 10,985.00
24 Proceeds from sale of finance receivables 866.00
25 Investments and acquisitions (229.00)
26 Proceeds from sale of businesses and investments 290.00
27 Proceeds from sale of available-for-sale securities 282.00
28 Investments in available-for-sale securities (485.00)
29 Other,net 461.00
30 Net cash provided by investing activities (4,408.00)
31
32 Cash flow from financing activities (845.00)
33 Dividends paid (20.00)
34 Distribution to noncontroliing interests 328.00
35 Common stock issued, including treasury shares reissued (56.00)
36 Payment for stock repurchase derviative contracts (2,405.00)
37 Treasury shares purchased 155.00
38 Excess tax benefit from stock-based compensation -
39 Acquisitions of noncontrolling interests
40 Proceeds from debt issued 224.00
41 Machinery and Power Systems 10,815.00
42 Financial Products
43 Payment on debt (598.00)
44 Machinery and Power Systems (10,290.00)
45 Financial Products (297.00)
46 Short-term borrowings, net (2,989.00)
47 Net cash provided by financing activities
48
49 Interest expense excluding financial products 288.00
50 Tax rate 29.76%
2008 2009 2010 2011
3,585.00 827.00 2,758.00 4,981.00

1,980.00 2,336.00 2,296.00 2,527.00

355.00 137.00 469.00 457.00

(545.00) 4,014.00 (2,320.00) (1,345.00)

(833.00) 2,501.00 (2,667.00) (2,927.00)
(4.00) (2,034.00) 2,570.00 1,555.00
660.00 (505.00) 117.00 308.00
286.00 (534.00) 847.00 619.00
(470.00) (646.00) 604.00 173.00
(217.00) 235.00 358.00 (91.00)
12.00 (23.00) 753.00
4,797.00 6,343.00 5,009.00 7,010.00

(2,445.00) (1,348.00) (1,575.00) (2,515.00)

(1,566.00) (968.00) (1,011.00) (1,409.00)
982.00 1,242.00 1,469.00 1,354.00
(14,031.00) (7,107.00) (8,498.00) (10,001.00)
9,717.00 9,288.00 8,987.00 8,874.00
949.00 100.00 16.00 207.00
(117.00) (19.00) (1,126.00) (8,184.00)
- - - 376.00
357.00 291.00 228.00 247.00
(339.00) (349.00) (217.00) (336.00)
197.00 (128.00) 132.00 (40.00)
(6,296.00) 1,002.00 (1,595.00) (11,427.00)

(953.00) (1,029.00) (1,084.00) (1,159.00)

(10.00) (10.00) - (3.00)
135.00 89.00 296.00 123.00
(38.00)
(1,800.00)
56.00 21.00 153.00 189.00
- (6.00) (132.00) (8.00)

1,673.00 458.00 216.00 4,587.00

16,257.00 11,833.00 8,108.00 10,873.00

(286.00) (918.00) (1,298.00) (2,269.00)

(14,143.00) (11,769.00) (11,163.00) (8,324.00)
2,074.00 (3,884.00) 291.00 (43.00)
 2,965.00 (5,215.00) (4,613.00) 3,966.00

274.00 389.00 343.00 396.00

21.17% -47.75% 25.81% 25.58%
 1 CATERPILLAR BALANCE SHEETS, 2007-2011
2 Assets 2007 2008
3 Current assets
4 Cash and short-term investments 1,122.00 2,736.00
5 Operating current assets 24,355.00 28,897.00
6
7 Property, plant and equipment-net 9,997.00 12,524.00
8 Long-term receivables 14,147.00 15,743.00
9 Investments in unconsolidated affiliated companies 598.00 94.00
10 Noncurrent deferred and refundable income taxes 1,553.00 3,311.00
11 Intangible assets 475.00 511.00
12 Goodwill 1,963.00 2,261.00
13 Other assets 1,922.00 1,705.00
14 Total assets 56,132.00 67,782.00
15
16 Liabilities 2007 2008
17 Operating current liabilities 11,645.00 13,368.00
18
19 Financial debt 28,429.00 35,535.00
20
21 Liability for postemployment benefits 5,059.00 9,975.00
22 Other liabilities 2,003.00 2,190.00
23 Total liabilities 47,136.00 61,068.00
24
25 Redeemable noncontrolling interest - 524.00
26 Stockholders' equity
27 Common stock 2,744.00 3,057.00
28 Treasury stock at cost (9,451.00) (11,217.00)
29 Profit employed in the business 17,398.00 19,826.00
30 Accumulated and other comprehensive income (1,808.00) (5,579.00)
31 Noncontrolling interests 113.00 103.00
32 Total shareholders equity 8,996.00 6,190.00
33 Total liabilities and equiity 56,132.00 67,782.00
1
2009 2010 2011

4,867.00 3,592.00 3,057.00

22,350.00 28,218.00 35,071.00

12,386.00 12,539.00 14,395.00

13,250.00 12,057.00 13,078.00
105.00 164.00 133.00
2,714.00 2,493.00 2,157.00
465.00 805.00 4,368.00
2,269.00 2,614.00 7,080.00
1,632.00 1,538.00 2,107.00
60,038.00 64,020.00 81,446.00

2009 2010 2011

9,191.00 14,039.00 18,913.00

31,631.00 28,418.00 34,592.00

7,420.00 7,584.00 10,956.00

2,496.00 2,654.00 3,583.00
50,738.00 52,695.00 68,044.00

477.00 461.00 473.00

3,439.00 3,888.00 4,273.00

(10,646.00) (10,397.00) (10,281.00)
19,711.00 21,384.00 25,219.00
(3,764.00) (4,051.00) (6,328.00)
83.00 40.00 46.00
8,823.00 10,864.00 12,929.00
60,038.00 64,020.00 81,446.00
 1 ANAYLYSIS OF CATERPILLAR SALES
Revenues of
Sales of Total sales and Year-on-year
Year financial
machinery revenues growth
2 products Cate
3 2000 18,913.00 1,262.00 20,175.00 70,000.00
4 2001 19,027.00 1,423.00 20,450.00 1.36%
60,000.00
5 2002 18,648.00 1,504.00 20,152.00 -1.46%
6 2003 21,048.00 1,759.00 22,807.00 13.17% 50,000.00
7 2004 28,336.00 1,970.00 30,306.00 32.88% 40,000.00
8 2005 34,006.00 2,333.00 36,339.00 19.91%
30,000.00
9 2006 28,869.00 2,648.00 31,517.00 -13.27%
10 2007 41,962.00 2,996.00 44,958.00 42.65% 20,000.00

11 2008 48,044.00 3,280.00 51,324.00 14.16% 10,000.00

12 2009 29,540.00 2,856.00 32,396.00 -36.88%
-
13 2010 39,867.00 2,721.00 42,588.00 31.46% 1998 2000
14 2011 57,392.00 2,746.00 60,138.00 41.21% Sa

Growth measures
CAGR 10.44%
Slope 3,168.75
Slope/2011 sales 5.27%

Intercept (6,320,495.45)
R-squared 0.76

CAGR is very affected by end points

2001-2011 11.39%
2002-2011 12.92%
2003-2011 12.88%
2006-2011 13.79%

2001-2010 8.49%
2002-2010 9.80%
2003-2010 9.33%
2005-2010 3.22%
 Caterpillar Sales Regressed on Year
70,000.00

60,000.00

50,000.00

40,000.00

30,000.00

20,000.00

10,000.00

-
1998 2000 2002 2004 2006 2008 2010 2012

Sales of machinery Total sales and revenues

1 CATERPILLAR ANALYSIS OF RATIOS
2 2007 2008 2009 2010 2011
3 CA/Sales 54.17% 56.30% 68.99% 66.26% 58.32%
4 CL/Sales 25.90% 26.05% 28.37% 32.96% 31.45%
Model values
CA/Sales 58.32%
CL/Sales 31.45%

NWC Analysis
80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
2007 2008 2009 2010 2011
1 CATERPILLAR OPERATING COSTS
2 2007 2008 2009 2010
3 Operating costs from P&L 40,037.00 46,876.00 31,819.00 38,625.00
4 Depreciation 1,797.00 1,980.00 2,336.00 2,296.00
5 Operating costs net of depreciation 38,240.00 44,896.00 29,483.00 36,329.00
6 Sales 44,958.00 51,324.00 32,396.00 42,588.00
7 Net operating costs/Sales 85.06% 87.48% 91.01% 85.30%

Net operating costs/Sales

92.00%

90.00%

88.00%

86.00%

84.00%
42,588.00
82.00%

80.00%
1 2 3 4 5
 2011
52,985.00
2,527.00
50,458.00
60,138.00
83.90%
 Regressing net operating costs on sales
Intercept 3,833.34
Slope 77.89%
R-squared 99.14%
 1 Millions of dollars Useful Lives 2011 2010
2 Land - 753 682
3 Buildings and land improvements 20-45 5857 5174
4 Machinery equipment and other 3-10. 14435 13414
5 Equipment leased to others 1-10. 4285 4444
6 Construction in process 1996 1192
7
8 Total property, plant and equipment, at cost 27,326.00 24,906.00
9 Less: Accumulated depreciation (12,931.00) (12,367.00)
10 Property, plant and equipment-net 14,395.00 12,539.00
 2009
639
4914
12917
4717
1034

24,221.00
(11,835.00)
12,386.00
 1 CATERPILLAR-ANALYSIS OF FIXED ASSETS
2 2007 2008 2009
3 Land 189.00 575.00 639.00
4 Buildings and land improvements 3,625.00 4,647.00 4,914.00
5 Machinery, equipment and other 9,756.00 12,173.00 12,917.00
6 Equipment leased to others 4,556.00 4,561.00 4,717.00
7 Construction-in-process 1,082.00 1,531.00 1,034.00
8
9 Total property, plant and equipment,at cost 19,208.00 23,487.00 24,221.00
10 Less: Accumulated depreciation (9,211.00) (10,963.00) (11,835.00)
11 Property, plant and equipment-net 9,997.00 12,524.00 12,386.00
12
13 Sales 44,958.00 51,324.00 32,396.00
14
15 Net PPE/Sales 22.24% 24.40% 38.23%
16 Gross PPE/Sales 42.72% 45.76% 74.77%
17 Model value Net PPE/Sales 27.65%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
1 2 3 4 5
 2010 2011
682.00 753.00
5,174.00 5,857.00
13,414.00 14,435.00
4,444.00 4,285.00
1,192.00 1,996.00

24,906.00 27,326.00
(12,367.00) (12,931.00)
12,539.00 14,395.00

42,588.00 60,138.00

29.44% 23.94%
58.48% 45.44%

5
 1 Depreciation analysis 2007 2008 2009 2010 2011
2 Buildings and land improvements 20.21% 21.73% 21.79% 22.46% 23.83%
3 Machinery, equipment and other 54.39% 56.93% 57.29% 58.24% 58.73%
4 Equipment leased to others 25.40% 21.33% 20.92% 19.29% 17.44%
5
6 Depreciation rated
7 Buildings and land improvements 3.08%
8 Machinery, equipment and other 15.38%
9 Equipment leased to others 18.18%
10 Average depreciation rate 13.61% 13.31% 13.29% 13.16% 12.94%
11 Model depreciation rate 13.26%
1 CARTERPILLAR DIVIDENS
2 Other liabilities 2007 2008 2009 2010 2011
3 Dividends 845.00 953.00 1,029.00 1,084.00 1,159.00
4 Year-on-year growth 12.78% 7.97% 5.34% 6.92%
5 Dvidend CAGR 8.22%
6
7 Dividnds per share 1.38 1.62 1.68 1.74 1.82
8 Dividend CAGR 7.16%
 1 Other liabilities and pensions
2 2007 2008 2009 2010 2011
3 Other liabilities 2,003.00 2,190.00 2,496.00 2,654.00 3,583.00
4 Year-on-year growth 9.34% 13.97% 6.33% 35.00%
5 Whole period 15.65%
6 Excluding 2011 9.83%
7
8 Pension liabilities 5,059.00 9,975.00 7,420.00 7,584.00 ###
9 Year-on-year growth 97.17% -25.61% 2.21% 44.46%
10 Whole period 21.31%
11 Excluding 2011 14.45%
12 Model value 17.88%
1 CATERPILLAR ANAYLYSIS OF TAX RATE
2 2007 2008 2009 2010 2011
3 Profits before taxes 4,990.00 4,501.00 569.00 3,750.00 6,725.00
4 Taxes 1,485.00 953.00 (270.00) 968.00 1,720.00
5 Tax rate 29.76% 21.17% -47.45% 25.81% 25.58%
6 Model value 25.58%
 1 CARTERPILLAR: VARIOUS PLUGS vs SALES AND OTHER
2 2007 2008 2009 2010 2011
3 Sales 44,958.00 51,324.00 32,396.00 42,588.00 60,138.00
4
5 Cash 1,122.00 2,736.00 4,867.00 3,592.00 3,057.00
6 Cash/Sales 2.50% 5.33% 15.02% 8.43% 5.08%
7 Debt 28,429.00 35,535.00 31,631.00 28,418.00 34,592.00
8 Debt/Sales 63.23% 69.24% 97.64% 66.73% 57.52%
9 Debt/Total ass 50.65% 52.43% 52.68% 44.39% 42.47%
10
11 Model values
12 Cash/Sales 5.08%
13 Debt/Assets 42.47%
 1 WACC 10.84%
2 Long-term FCF growth 9.00%
3
4 Year 2011 2012 2013 2014 2015
5 FCF 3,132.40 2,797.08 2,543.26 2,220.15
6 Terminal value
7 Total 3,132.40 2,797.08 2,543.26 2,220.15
8 Enterprise value
9 PV of FCF's and terminal value 77,697.22
10 Add back initial cash 3,057.00
11 Asset value 80,754.22
12 Subtract year 0 debt (50,552.50)
13 Imputed equity value 30,201.72
14 Divide by shares outstanding 647,533,344.00
15 Share value 46.64
16 Current market value per share 90.60
 2016
1,815.13
107,526.68
109,341.81
CATERPILLAR PRO FORMULA MODEL
Sales growth 5.27%
Current assets/Sales 58.32%
Current lia/Sales 31.45%
Net fixed assets/Sales 27.65%
COGS/Sales 83.90%
Long-term receivables, growth 5.27%
Depreciation rate 13.26%
Pension lia, growth 17.88%
Other lia, growth 9.83%
Cash/Sales 5.08%
Debt/Assets 42.47%
Interest rate on debt 1.41%
Interest paid on cash & mkt.sec 0%
Tax rate 25.58%
Dividend growth 8.22%

Year 2011 2012 2013

Income statement
Sales 60,138.00 63,306.75 66,642.46
COGS (50,458.00) (53,116.70) (55,915.48)
Interest payments on debt (522.53) (545.06)
Interest earned on cash& marketable sec 0% 0%
Depreciation (2,527.00) (3,859.16) (4,524.40)
Profit before tax 7,153.00 5,808.37 5,657.52
Taxes (1,829.78) (1,485.81) (1,447.22)
Profit after tax 5,323.22 4,322.56 4,210.30
Dividends 1,159.00 1,254.27 1,357.37
Retained earnings 5,576.82 5,567.66

Balance sheet
Cash and marketable securities 3,057.00 3,218.08 3,387.64
Current assets 35,071.00 36,918.94 38,864.24
Fixed assets
Land 753.00 753.00 753.00
Construction in progress 1,996.00 1,996.00 1,996.00
Depreciable assets at cost 26,810.21 31,397.00 36,844.00
Accumulated depreciation (12,931.00) (16,790.16) (21,314.56)
Net PPE 16,628.21 17,504.37 18,426.70

Long-term receivables 13,078.00 13,767.10 14,492.50

Investments in unconsolidated affiliated comp 133.00 133.00 133.00
Noncurrent deferred and refundable income taxes 2,157.00 2,157.00 2,157.00
Intangibles and other 13,555.00 13,555.00 13,555.00
Total assets 83,679.21 87,253.48 91,016.09
Current liabilities 18,913.00 19,909.55 20,958.61
Pension liabilities 10,956.00 12,914.87 15,223.98
Other liabilities 3,583.00 3,935.38 4,322.42
Debt 35,540.50 37,058.57 38,656.64
Redeemable noncontrolling interest 473.00 473.00 473.00
Stock 2,744.00 2,744.00 2,744.00
Treasury stock (9,451.00) (10,012.72) (17,161.04)
Accumulated retained earnings 17,398.00 22,974.82 28,542.49
Total liabilities and equity 80,156.50 89,997.48 93,760.09

Year 2011 2012 2013

Free Cash Flow
PAT 4,322.56 4,210.30
Add back depreciation 3,859.16 4,524.40
Minus NWC
Minus increase in CA (1,847.94) (1,945.31)
Add back increase in CL 996.55 1,049.06
Subtract CAPEX (4,586.79) (5,447.00)
Add back net interest after taxes 388.86 405.63
Free Cash Flow 3,132.40 2,797.08

WACC 10.84%
Long-term FCF growth 9.00%

Year 2011 2012 2013

FCF 3,132.40 2,797.08
Terminal value
Total 3,132.40 2,797.08
Enterprise value
PV of FCF's and terminal value 77,697.22
Add back initial cash 3,057.00 46.64
Asset value 80,754.22 6.00%
Subtract year 0 debt (50,552.50) 6.50%
Imputed equity value 30,201.72 7.00%
Divide by shares outstanding 647,533,344.00 7.50%
Share value 46.64 8.00%
Current market value per share 90.60 8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50%
 2014 2015 2016

70,153.94 73,850.44 77,741.71

(58,861.74) (61,963.24) (65,228.17)
(568.78) (593.75) (620.03)
0% 0% 0%
(5,301.44) (6,195.90) (7,224.75)
5,421.98 5,097.55 4,668.77
(1,386.97) (1,303.98) (1,194.30)
4,035.01 3,793.57 3,474.47
1,468.94 1,589.68 1,720.35
5,503.95 5,383.25 5,194.82

3,566.14 3,754.05 3,951.85

40,912.05 43,067.76 45,337.05

753.00 753.00 753.00

1,996.00 1,996.00 1,996.00
43,117.00 50,335.00 58,635.00
(26,616.00) (32,811.90) (40,036.64)
19,397.63 20,419.71 21,495.65

15,256.13 16,060.00 16,906.22

133.00 133.00 133.00
2,157.00 2,157.00 2,157.00
13,555.00 13,555.00 13,555.00
94,976.95 99,146.51 103,535.77
 22,062.95 23,225.47 24,449.25
17,945.94 21,154.57 24,936.88
4,747.52 5,214.43 5,727.26
40,338.91 42,109.82 43,974.04
473.00 473.00 473.00
2,744.00 2,744.00 2,744.00
(24,637.79) (32,460.45) (43,393.16)
34,046.43 39,429.68 44,624.51
97,720.95 101,890.51 103,535.77

2014 2015 2016

4,035.01 3,793.57 3,474.47

5,301.44 6,195.90 7,224.75

(2,047.81) (2,155.71) (2,269.30)

1,104.34 1,162.52 1,223.78
(6,273.00) (7,218.00) (8,300.00)
423.28 441.86 461.43
2,543.26 2,220.15 1,815.13

2014 2015 2016

2,543.26 2,220.15 1,815.13
107,526.68
2,543.26 2,220.15 109,341.81

6% 7% 8% 9% 10%