Date Adj Close Returns Cumulative Returns

2/1/2013 62.11537
3/1/2013 65.6696 0.05722 0.0572198655
4/1/2013 68.64586 0.045322 0.1025415661
5/1/2013 66.10209 -0.037056 0.065485143
6/1/2013 66.18758 0.001293 0.0667785212
7/1/2013 69.25307 0.046315 0.1130935974
8/1/2013 64.8459 -0.063639 0.0494550296
9/1/2013 66.11572 0.019582 0.0690370538
10/1/2013 68.6098 0.037723 0.1067601125
11/1/2013 72.41798 0.055505 0.1622650387
12/1/2013 70.34404 -0.028639 0.1336265171
1/1/2014 67.14797 -0.045435 0.0881917084
2/1/2014 67.16595 0.000268 0.0884594008
3/1/2014 68.72147 0.023159 0.1116188599
4/1/2014 72.13303 0.049643 0.161262149
5/1/2014 69.47252 -0.036883 0.1243787011
6/1/2014 68.35471 -0.01609 0.1082887994
7/1/2014 66.99796 -0.019849 0.0884401315
8/1/2014 68.74623 0.026094 0.114534477
9/1/2014 70.08817 0.01952 0.1340547035
10/1/2014 69.90487 -0.002615 0.1314393693
11/1/2014 80.23433 0.147765 0.2792038977
12/1/2014 78.71286 -0.018963 0.2602410794
1/1/2015 78.32311 -0.004952 0.2552895632
2/1/2015 77.35537 -0.012356 0.2429337978
3/1/2015 75.80697 -0.020017 0.222917075
4/1/2015 72.36805 -0.045364 0.1775529212
5/1/2015 68.86323 -0.048431 0.1291224052
6/1/2015 66.18144 -0.038944 0.0901787472
7/1/2015 67.16114 0.014803 0.1049819605
8/1/2015 60.39652 -0.100722 0.0042596529
9/1/2015 60.91224 0.008539 0.0127986887
10/1/2015 53.77263 -0.117211 -0.1044127888
11/1/2015 55.27571 0.027953 -0.0764602407
12/1/2015 57.58669 0.041808 -0.0346520404
1/1/2016 62.86234 0.091612 0.056960346
2/1/2016 62.8434 -0.000301 0.0566589254
3/1/2016 64.88007 0.032409 0.0890677251
4/1/2016 63.81441 -0.016425 0.0726426051
5/1/2016 67.54574 0.058472 0.1311141469
6/1/2016 70.19359 0.039201 0.1703149919
7/1/2016 70.14553 -0.000685 0.1696303567
8/1/2016 68.67476 -0.020967 0.1486629197
9/1/2016 69.80302 0.016429 0.1650920272
10/1/2016 67.77049 -0.029118 0.1359738188
11/1/2016 68.16732 0.005856 0.1418293915
12/1/2016 66.8994 -0.0186 0.1232292617
1/1/2017 65.05818 -0.027522 0.0957070862
2/1/2017 69.14259 0.062781 0.1584879828
3/1/2017 70.26362 0.016213 0.1747012163
4/1/2017 73.82436 0.050677 0.2253781683
5/1/2017 77.18269 0.045491 0.2708688684
6/1/2017 74.81267 -0.030707 0.2401622666
7/1/2017 79.07327 0.05695 0.2971124746
8/1/2017 77.17527 -0.024003 0.2731094819
9/1/2017 77.73035 0.007192 0.2803019025
10/1/2017 86.85226 0.117353 0.3976552574
11/1/2017 96.72027 0.113618 0.5112735276
12/1/2017 98.23229 0.015633 0.5269064868
1/1/2018 100.87 0.026852 0.5537582577
1/12/2018 100.87 0 0.5537582577

Cumulative Returns 55.37%

1.623914

Holding Period return 0.623914

62.39%

Risk is measured by Volatility of returns

stdev 0.0475578753

4.75%
 Average Yearly Return

Year Monthly Return Yearly Return

2013 0.0133626517 16%
2014 0.0105512135 13%
2015 -0.0245744266 -29%
2016 0.0131567752 16%
2017 0.0331176151 40%

Holding Period return in 2017

51%
Value in millions of dollars

Year 2013 2014 2015 2016 2017

Book Value of equity 76,343 76255 81394 80546 77798
Market Value of equity 238,396 258,414 186,754 215,215 305,699
BV as % of MV 32 30 44 37 25
Excess Value 162,053 182,159 105,360 134,669 227,901

No of shares in million 3,389 3,283 3,243 3,217 3,112

Price per share 70.34404 78.71286 57.586689 66.899399 98.232292
Market Value 238395.95 258414.32 186753.63 215215.37 305698.89
34