The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate

(g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$2.35

10.0% 12.0%

5.0% 2 $4.83 $51.16 $55.99 (1-10 years)

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$2.35

10.0% 12.0%

5.0% 4 (1-10 years)

$9.84 $53.04 $62.87

The Two Stage Growth Model Last Dividend (D0) Required Return (k)

$2.35

10.0%

Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

12.0%

5.0% 6 (1-10 years)

$15.02 $54.98 $70.01

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$2.35

10.0% 12.0%

5.0% 8 (1-10 years)

$20.41 $57.00 $77.41

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth

$2.35

10.0% 14.0% 5.0%

rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) 2 (1-10 years)

$4.96 $53.00 $57.96

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$2.35 10.0% 14.0%

5.0% 4 (1-10 years)

$10.29 $56.93 $67.22

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal

$2.35 10.0% 14.0%

5.0% 6 (1-10 years)

$16.01

period PV of dividends in normal period PRICE (P0) $61.14 $77.15

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$2.35 10.0% 14.0% 5.0% 8 (1-10 years)

$22.15 $65.67 $87.82

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) $2.35 10.0% 16.0% 5.0% 2 $5.09 $54.88 $59.97 (1-10 years)

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth $2.35 10.0% 16.0% 5.0% 4 (1-10 years)

PV of dividends in super normal period PV of dividends in normal period PRICE (P0)

$10.75 $61.03 $71.78

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) $2.35 10.0% 16.0% 5.0% 6 (1-10 years)

$17.05 $67.87 $84.92

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) $2.35 10.0% 16.0% 5.0% 8 $24.05 $75.48 $99.53 (1-10 years)

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period $2.35 10.0% 18.0% 5.0% 2 $5.23 (1-10 years)

PV of dividends in normal period PRICE (P0)

$56.79 $62.01

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) $2.35 10.0% 18.0% 5.0% 4 $11.24 $65.35 $76.59 (1-10 years)

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period PRICE (P0) $2.35 10.0% 18.0% 5.0% 6 $18.16 $75.20 $93.36 (1-10 years)

The Two Stage Growth Model Last Dividend (D0) Required Return (k) Super normal growth rate (g1) Normal growth rate (g2) Periods of super normal growth PV of dividends in super normal period PV of dividends in normal period $2.35 10.0% 18.0% 5.0% 8 (1-10 years)

$26.12 $86.54

PRICE (P0)

$112.66