As of: 5/28/2015COL Date of COL Buy Outstanding Market Cap

Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2012 2013 2014E 2015E 2012 2013 2014E 2015E

Banks and Financials 1,476,934 267,145 321,490 325,934 350,756 12% 20% 1% 8%BDO BANCO DE ORO 106.00 HOLD 1/22/15 118.00 94.00 3,581 379,573 60,625 75,010 76,198 84,494 11% 24% 2% 11%

BPI BANK OF PHILIPPINE ISLANDS 99.00 HOLD 1/22/15 107.00 85.00 3,932 388,980 47,384 52,498 54,369 61,213 13% 11% 4% 13%

CHIB CHINA BANKING CORP 46.20 BUY 5/11/15 56.50 45.00 1,716 79,298 13,960 15,097 18,848 20,634 10% 8% 25% 9%

EW EASTWEST BANKING CORP 20.95 BUY 5/11/15 37.00 29.00 1,162 31,425 9,784 13,165 14,886 17,004 34% 35% 13% 14%

MBT METROPOLITAN BANK & TRUST 90.00 BUY 3/27/15 109.00 87.00 2,830 286,216 55,868 78,924 74,894 72,154 14% 41% -5% -4%

PNB PHILIPPINE NATIONAL BANK 71.60 BUY 1/22/15 100.00 80.00 1,249 89,438 17,593 24,565 26,683 30,214 1% 40% 9% 13%

RCB RIZAL COMMERCIAL BANKING CORP c

44.10 N/A N/A N/A N/A 1,276 61,736 29,742 28,391 21,744 24,455 10% -5% -23% 12%

SECB SECURITY BANK CORP 153.50 HOLD 1/22/15 175.00 140.00 603 92,535 14,048 12,312 17,305 17,672 20% -12% 41% 2%

UBP UNION BANK OF PHILIPPINES 64.00 BUY 1/22/15 91.00 72.00 1,058 67,734 18,142 21,528 21,006 22,916 10% 19% -2% 9%

Commercial and Industrial 569,184 590,669 647,702 665,839 603,514 41% 10% 3% -9%ABS ABS-CBN BROADCASTING CORP 60.90 BUY 3/3/15 75.00 60.00 872 51,814 28,984 33,378 32,939 40,640 13% 15% -1% 23%

CEB CEBU AIR INC 87.75 BUY 1/22/15 156.00 124.00 606 53,172 37,904 41,004 51,017 57,047 12% 8% 24% 12%

EEI EEI CORPORATION 10.02 BUY 8/18/14 13.70 10.90 1,036 10,384 13,691 10,524 11,552 12,994 56% -23% 10% 12%

GMA7 GMA NETWORK INC 6.20 HOLD 1/22/15 7.20 5.70 3,361 20,838 12,086 12,951 11,895 13,104 8% 7% -8% 10%

ICT INTL CONTAINER TERM SVCS 108.20 HOLD 3/19/15 110.60 88.00 2,036 220,533 30,780 36,188 47,752 50,921 7% 18% 32% 7%

LRI LAFARGE REPUBLIC INC c

9.98 N/A N/A N/A N/A 5,824 58,122 19,935 23,212 25,473 28,592 15% 16% 10% 12%

MWC MANILA WATER COMPANY 25.20 SELL 4/29/15 19.10 N/A 2,047 50,811 14,289 15,926 16,357 17,126 19% 11% 3% 5%

MWIDE MEGAWIDE CONSTRUCTION CORP c

6.49 N/A N/A N/A N/A 2,107 15,572 8,205 10,880 11,228 14,797 6% 33% 3% 32%

PCOR PETRON CORP c

9.38 N/A N/A N/A N/A 9,375 87,938 424,795 463,638 457,627 368,294 55% 9% -1% -20%

Conglomerates 3,169,669 1,659,296 1,903,617 2,102,320 1,473,181 28% 15% 10% -30%AC AYALA CORPORATION 780.00 BUY 3/11/15 877.00 701.00 619 483,267 109,889 136,941 154,309 171,498 27% 25% 13% 11%

AEV ABOITIZ EQUITY VENTURES INC c

56.95 N/A N/A N/A N/A 5,539 315,712 77,635 89,570 99,929 111,238 13% 15% 12% 11%

AGI ALLIANCE GLOBAL 23.30 BUY 1/22/15 33.20 26.00 10,147 239,287 94,606 113,206 118,612 131,454 70% 20% 5% 11%

COSCO COSCO CAPITAL INC 7.77 BUY 1/22/15 12.40 9.90 7,405 57,462 60,680 77,180 90,154 101,024 46% 27% 17% 12%

DMC DMCI HOLDINGS INC 13.20 HOLD 5/4/15 14.50 11.60 13,277 175,263 51,740 55,971 56,561 75,577 8% 8% 1% 34%

FPH FIRST PHILIPPINE HLDGS 87.05 BUY 3/13/15 151.00 120.00 554 48,208 99,669 92,953 95,840 101,864 43% -7% 3% 6%

GTCAP GT CAPITAL HLDGS 1,385.00 HOLD 5/28/15 1,470.00 1,176.00 174 241,406 16,125 101,960 139,703 162,474 125% 532% 37% 16%

JGS JG SUMMIT HLDGS 66.90 HOLD 1/22/15 69.40 55.00 7,017 479,194 135,253 147,633 203,977 230,649 10% 9% 38% 13%

LTG LT GROUP INC c

13.64 N/A N/A N/A N/A 10,821 147,604 62,657 55,792 55,676 59,980 92% -11% 0% 8%

MPI METRO PACIFIC INVESTMENTS 4.60 BUY 5/13/15 6.49 5.10 26,046 128,187 27,807 30,877 33,832 37,081 26% 11% 10% 10%

SM SM INVESTMENTS CORP 872.50 HOLD 1/22/15 837.00 669.00 796 700,666 223,877 253,293 271,278 290,342 12% 13% 7% 7%

SMC SAN MIGUEL CORP c

64.50 N/A N/A N/A N/A 2,378 153,414 699,359 748,241 782,449 - 31% 7% 5% -

Consumer 1,154,408 323,739 401,654 437,998 516,447 20% 24% 9% 18%CIC CONCEPCION INDUSTRIAL CORPORATION 57.25 BUY 1/22/15 53.20 42.00 340 19,443 6,940 7,588 9,433 10,819 24% 9% 24% 15%

CNPF CENTURY PACIFIC FOOD INC 19.00 BUY 1/22/15 21.00 16.80 2,231 42,389 - 19,023 21,843 24,319 - - 15% 11%

DNL D&L INDUSTRIES INC 19.04 HOLD 1/22/15 17.80 14.20 3,571 68,000 6,375 10,766 15,921 23,337 82% 69% 48% 47%

EMP EMPERADOR INC 9.98 HOLD 1/22/15 12.10 9.60 16,120 160,878 22,812 29,865 29,888 33,681 34% 31% 0% 13%

JFC JOLLIBEE FOODS CORPORATION 201.00 HOLD 1/22/15 215.00 172.00 1,067 214,432 71,059 80,283 91,320 104,118 14% 13% 14% 14%

PGOLD PUREGOLD PRICE CLUB INC 38.40 BUY 5/15/15 50.00 40.00 2,766 106,214 57,467 73,177 84,820 95,701 47% 27% 16% 13%

PIP PEPSI-COLA PRODUCTS PHILS. INC c

4.33 N/A N/A N/A N/A 3,694 15,994 19,494 22,462 - - 14% 15% - -

RFM RFM CORPORATION c

4.75 N/A N/A N/A N/A 3,500 16,627 10,998 10,240 11,996 13,200 6% -7% 17% 10%

RRHI ROBINSONS RETAIL HOLDINGS INC 74.00 HOLD 5/20/15 81.50 65.00 1,385 102,490 57,393 67,254 80,400 95,057 19% 17% 20% 18%

URC UNIVERSAL ROBINA CORPORATION 187.00 HOLD 5/22/15 230.00 184.00 2,182 407,941 71,202 80,995 92,376 116,215 6% 14% 14% 26%

Gaming 282,450 34,256 49,412 74,880 92,928 11% 44% 52% 24%BEL BELLE CORP 3.69 BUY 1/22/15 6.56 5.20 10,559 38,964 437 2,624 5,821 6,482 -37% 500% 122% 11%

BLOOM BLOOMBERY RESORTS CORP 9.29 BUY 1/22/15 16.30 13.00 11,033 102,497 0 10,826 23,849 28,745 - - 120% 21%

LR LIESURE & RESORTS WORLD CORP c

9.39 N/A N/A N/A N/A 1,180 11,267 4,429 5,061 3,273 3,486 15% 14% -35% 7%

MCP MELCO CROWN PHILS RESORTS CORP 8.13 HOLD 1/22/15 15.40 12.30 4,911 40,230 0 53 12,877 24,773 - - 24218% 92%

RWM TRAVELLERS INTERNATIONAL HOTEL GROUP INC 5.68 BUY 4/15/15 8.30 6.60 15,756 89,493 29,390 30,848 29,060 29,442 12% 5% -6% 1%

Mining 278,571 44,455 48,243 65,000 65,803 -17% 9% 35% 1%NIKL NICKEL ASIA CORP 22.60 SELL 4/29/15 15.00 12.00 3,779 85,787 11,607 11,110 24,053 19,594 -9% -4% 117% -19%

PX PHILEX MINING CORP 6.14 HOLD 3/10/15 11.50 9.20 4,940 30,334 8,698 9,802 11,089 10,091 -43% 13% 13% -9%

SCC SEMIRARA MINING 152.00 HOLD 1/22/15 156.00 124.00 1,069 162,450 24,150 27,331 29,858 36,118 -6% 13% 9% 21%

Power 856,626 205,916 235,646 244,883 263,603 11% 14% 4% 8%AP ABOITIZ POWER CORP 42.45 HOLD 2/12/15 47.60 38.00 7,359 312,373 62,153 72,055 70,751 78,296 14% 16% -2% 11%

EDC PNOC ENERGY DEV CORP 7.66 HOLD 3/13/15 9.28 7.40 18,750 143,625 28,369 25,656 28,970 32,662 16% -10% 13% 13%

FGEN FIRST GEN CORPORATION 26.00 BUY 3/13/15 36.00 28.00 3,643 95,185 64,471 81,284 89,359 94,884 11% 26% 10% 6%

MER MANILA ELECTRIC COMPANY 271.00 HOLD 1/22/15 311.00 248.00 1,127 305,444 50,923 56,651 55,803 57,760 5% 11% -1% 4%

Property 1,490,413 184,891 219,583 250,719 289,664 46% 19% 14% 16%ALI AYALA LAND INC 38.70 BUY 2/17/15 43.17 34.00 14,190 568,030 54,705 76,337 89,829 109,214 33% 40% 18% 22%

CPG CENTURIES PROPERTIES GROUP 0.85 BUY 1/22/15 1.77 1.40 9,685 9,860 8,804 9,304 10,985 12,890 123% 6% 18% 17%

FLI FILINVEST LAND INC 1.85 BUY 1/22/15 2.42 1.90 24,250 44,862 10,685 10,478 12,759 14,432 26% -2% 22% 13%

MEG MEGAWORLD CORP 4.58 BUY 1/22/15 5.86 4.60 32,363 147,620 23,630 27,740 32,558 36,951 18% 17% 17% 13%

RLC ROBINSONS LAND 28.70 HOLD 5/18/15 29.30 23.40 4,094 117,493 13,515 15,904 17,051 19,126 6% 18% 7% 12%

SMPH SM PRIME HOLDINGS 18.78 BUY 2/4/15 23.60 18.80 28,879 542,350 57,215 59,794 63,873 69,343 113% 5% 7% 9%

VLL VISTA LAND & LIFESCAPES INC 7.05 BUY 1/22/15 7.06 5.60 8,539 60,198 16,336 20,025 23,664 27,707 21% 23% 18% 17%

Telecoms 949,739 249,479 254,552 262,934 265,234 8% 2% 3% 1%GLO GLOBE TELECOM INC 2,630.00 HOLD 2/17/15 1,800.00 1,440.00 133 349,104 86,446 90,500 97,864 105,768 6% 5% 8% 8%

TEL PHILIPPINE LONG DISTANCE TEL 2,780.00 HOLD 4/16/15 3,020.00 2,416.00 216 600,635 163,033 164,052 165,070 159,466 10% 1% 1% -3%

MARKET 9,949,424 3,515,391 4,033,656 4,365,506 3,855,326 26% 15% 8% -12%

PSEi 8,526,751 2,897,968 3,318,954 3,586,787 2,966,128 25% 15% 8% -17%

PSEi ex-TEL, GLO 7,577,012 2,648,489 3,064,402 3,323,853 2,700,894 27% 16% 8% -19%

* Source: Bloombergc

Consensus Forecast

Revenue GrowthRevenue

PEG P/BV ROE Div Yield

2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2014E 2014E 2014E 2014E

78,850 95,570 93,828 103,752 23% 21% -2% 11% 18% 14% -7% 6% 16.1 14.1 15.2 14.3 0.0 2.0 14.2 1.8%

14,483 22,608 23,058 26,044 38% 56% 2% 13% 4.52 6.22 6.34 7.18 16% 38% 2% 13% 23.5 17.0 16.7 14.8 2.2 2.2 13.5 2.0%

16,352 18,811 18,132 21,194 28% 15% -4% 17% 4.60 5.19 4.67 5.40 27% 13% -10% 16% 21.5 19.1 21.2 18.3 10.7 2.8 15.9 2.3%

5,018 5,103 5,116 5,942 0% 2% 0% 16% 3.54 3.57 3.08 3.46 1% 1% -14% 12% 13.1 12.9 15.0 13.3 0.0 1.4 9.0 2.2%

1,817 2,056 2,073 2,566 5% 13% 1% 24% 1.76 1.82 1.84 2.27 -30% 3% 1% 24% 11.9 11.5 11.4 9.2 1.0 1.1 10.2 0.0%

15,399 22,488 20,113 19,622 40% 46% -11% -2% 5.44 8.02 7.15 6.25 41% 47% -11% -13% 16.5 11.2 12.6 14.4 0.0 1.7 14.8 0.9%

4,709 5,146 6,056 7,467 1% 9% 18% 23% 7.11 4.82 4.92 5.98 1% -32% 2% 21% 10.1 14.9 14.5 12.0 1.3 1.1 8.2 0.0%

5,949 5,321 4,443 5,511 18% -11% -17% 24% 4.85 3.95 3.44 4.15 9% -19% -13% 21% 9.1 11.2 12.8 10.6 5.1 1.2 9.9 2.2%

7,516 5,012 7,703 7,608 12% -33% 54% -1% 12.47 8.31 12.78 12.62 12% -33% 54% -1% 12.3 18.5 12.0 12.2 0.5 2.0 17.8 1.3%

7,607 9,025 7,134 7,798 15% 19% -21% 9% 11.86 14.07 6.74 7.37 15% 19% -52% 9% 5.4 4.5 9.5 8.7 0.0 1.8 12.1 4.2%

24,800 28,600 28,398 37,901 -17% 15% -1% 33% -13% 11% 6% 24% 24.9 22.5 21.2 17.1 1.4 2.4 12.0 1.4%

1,581 2,146 2,399 2,706 -32% 36% 12% 13% 2.13 2.69 2.89 3.27 -32% 26% 7% 13% 28.6 22.6 21.1 18.6 2.1 2.0 9.3 1.3%

3,572 512 2,976 3,317 -1% -86% 481% 11% 5.89 0.84 4.91 5.47 -1% -86% 485% 11% 14.9 104.5 17.9 16.0 0.1 2.2 12.4 0.0%

979 916 1,010 1,153 32% -6% 10% 14% 0.94 0.88 0.97 1.11 32% -6% 10% 14% 10.6 11.3 10.3 9.0 0.8 1.6 17.5 2.0%

1,617 1,667 1,206 1,943 -5% 3% -28% 61% 0.33 0.34 0.25 0.40 -5% 3% -28% 61% 18.6 18.1 25.0 15.5 3.1 3.5 14.2 5.0%

6,042 7,318 8,189 8,865 7% 21% 12% 8% 2.49 3.06 3.56 4.37 -9% 23% 16% 23% 43.5 35.4 30.4 24.7 1.6 3.3 12.4 0.8%

2,807 3,647 4,009 4,794 14% 30% 10% 20% 0.49 0.64 0.56 0.67 15% 31% -12% 19% 20.5 15.6 17.8 15.0 8.4 - 18.3 5.0%

5,490 5,752 5,813 6,004 29% 5% 1% 3% 2.24 2.34 2.36 2.44 29% 4% 1% 3% 11.3 10.8 10.7 10.3 5.1 1.5 15.7 3.3%

1,012 1,396 1,259 1,294 35% 38% -10% 3% 0.91 1.13 0.70 0.54 34% 24% -38% -23% 7.1 5.7 9.3 12.0 0.0 1.1 11.4 0.9%

1,701 5,247 1,538 7,825 -80% 208% -71% 409% 0.08 0.46 0.25 0.79 -90% 473% -45% 209% 117.3 20.5 36.9 11.9 1.2 1.7 3.5 0.8%

159,102 176,344 151,383 162,349 26% 11% -14% 7% 14% 3% -1% 11% 21.1 20.5 20.7 18.7 4.5 2.2 11.9 1.4%

10,504 12,778 17,054 19,595 12% 22% 33% 15% 17.03 20.53 28.46 32.70 17% 21% 39% 15% 45.8 38.0 27.4 23.9 1.0 3.1 10.9 0.6%

23,965 21,027 20,086 19,652 13% -12% -4% -2% 4.34 3.81 3.60 3.62 13% -12% -5% 0% 13.1 15.0 15.8 15.7 0.0 2.9 17.2 3.1%

13,910 17,218 15,182 17,143 64% 24% -12% 13% 1.38 1.70 1.49 1.69 17% 24% -13% 13% 16.9 13.7 15.6 13.8 0.0 1.9 12.8 1.7%

1,525 3,332 3,332 3,720 95% 118% 0% 12% 0.21 0.45 0.45 0.50 91% 114% 0% 12% 37.0 17.3 17.3 15.5 3.1 1.3 8.1 0.0%

9,736 18,864 10,775 14,710 1% 94% -43% 37% 0.74 1.43 0.81 1.11 2% 93% -43% 37% 17.9 9.3 16.3 11.9 0.0 3.1 16.2 3.6%

9,175 2,350 5,232 5,635 333% -74% 123% 8% 16.06 4.09 9.33 10.04 418% -75% 128% 8% 5.4 21.3 9.3 8.7 0.2 0.7 8.0 2.3%

6,590 8,963 9,153 12,485 98% 36% 2% 36% 44.50 49.70 52.51 71.63 67% 12% 6% 36% 31.1 27.9 26.4 19.3 1.3 2.1 12.0 0.6%

13,553 10,434 19,212 20,947 -37% -23% 84% 9% 1.99 1.53 2.74 2.99 -38% -23% 79% 9% 33.6 43.7 24.4 22.4 0.6 2.6 10.4 0.2%

12,757 8,669 4,239 6,742 119% -32% -51% 59% 1.44 0.85 0.39 0.63 112% -41% -54% 60% 9.5 16.0 34.7 21.7 0.0 1.3 3.6 1.2%

5,907 7,209 7,940 9,572 17% 22% 10% 21% 0.24 0.28 0.29 0.34 7% 16% 3% 21% 19.2 16.5 16.1 13.4 1.4 1.2 7.7 1.9%

24,674 27,446 29,705 32,148 16% 11% 8% 8% 31.76 34.85 37.32 40.39 -8% 10% 7% 8% 27.5 25.0 23.4 21.6 3.1 2.9 13.0 1.5%

26,806 38,053 9,472 - 53% 42% -75% - 8.72 13.43 3.98 - 75% 54% -70% - 7.4 4.8 16.2 - - 0.6 - 1.6%

23,371 31,596 37,481 43,040 66% 35% 19% 15% 52% 22% 7% 15% 41.3 33.8 31.6 27.5 2.9 5.4 18.8 1.3%

426 511 683 790 9% 20% 34% 16% 3.28 2.21 2.01 2.33 9% -32% -9% 16% 17.5 25.9 28.5 24.6 11.3 6.9 24.2 0.8%

- 744 1,582 1,898 - - 113% 20% - 0.50 0.77 0.85 - - 54% 11% - 38.0 24.7 22.3 0.8 4.9 19.7 0.0%

1,012 1,399 1,832 2,417 51% 38% 31% 32% 0.41 0.39 0.51 0.68 2% -5% 32% 32% 46.4 48.8 37.1 28.1 1.2 6.6 19.1 0.5%

5,000 5,831 6,544 7,522 117% 17% 12% 15% 0.33 0.39 0.44 0.50 120% 18% 13% 14% 30.2 25.6 22.7 20.0 1.7 4.1 27.0 2.2%

3,727 4,672 5,387 6,138 15% 25% 15% 14% 3.58 4.45 5.05 5.75 14% 24% 13% 14% 56.2 45.2 39.8 34.9 2.9 8.7 21.6 1.4%

2,719 3,959 4,520 4,894 76% 46% 14% 8% 1.11 1.43 1.63 1.83 14% 29% 14% 12% 34.6 26.9 23.5 21.0 1.8 3.1 13.9 0.7%

849 903 828 926 194% 6% -8% 12% 0.23 0.24 0.23 0.25 188% 4% -6% 10% 18.8 18.0 19.2 17.5 13.3 2.0 10.9 1.7%

676 788 992 1,169 33% 17% 26% 18% 0.21 0.25 0.28 0.33 33% 16% 12% 18% 22.2 19.1 17.0 14.4 1.1 - 11.3 1.3%

1,200 2,745 3,555 4,216 148% 129% 30% 19% 2.89 3.79 2.60 3.08 149% 31% -31% 18% 25.6 19.5 28.5 24.0 0.0 2.5 9.2 0.6%

7,763 10,045 11,559 13,070 67% 29% 15% 13% 3.70 4.60 5.30 5.99 64% 24% 15% 13% 50.5 40.7 35.3 31.2 2.5 7.3 20.7 1.6%

6,848 6,561 10,763 17,067 34% -4% 64% 59% -25% 14% 242% 90% 99.3 86.9 25.4 13.4 0.2 2.6 15.9 0.3%

556 3,640 1,855 3,645 177% 555% -49% 96% 0.05 0.36 0.19 0.38 66% 557% -46% 100% 68.3 10.4 19.4 9.7 5.6 1.6 14.7 0.5%

(688) 2,321 4,990 5,809 - - - 16% (0.07) (0.02) 0.56 0.69 - - - 23% - - 16.6 13.5 - 4.6 25.2 0.0%

279 324 844 1,337 -868% 16% 161% 58% 0.28 0.22 0.70 1.11 -828% -24% 225% 59% 33.0 43.6 13.4 8.5 0.1 2.0 15.6 2.0%

(33) (2,463) (2,371) 757 - - - - (0.08) (0.74) (0.54) 0.17 - - - - - - - 47.8 - 2.7 - 0.0%

6,734 2,740 5,445 5,519 39% -59% 99% 1% 0.43 0.17 0.35 0.35 42% -59% 99% 1% 13.3 32.7 16.4 16.2 0.4 2.3 8.2 0.0%

8,775 9,915 16,041 17,505 -43% 13% 62% 9% -28% 16% -41% 11% 12.3 10.7 18.0 16.2 -1.0 3.7 20.0 2.3%

2,207 2,054 8,552 6,187 -38% -7% 316% -28% 0.88 0.82 2.25 1.63 -50% -7% 174% -28% 25.7 27.6 10.0 13.9 0.2 3.2 35.9 3.5%

209 342 1,285 1,036 -96% 64% 276% -19% 0.04 0.07 0.26 0.21 -96% 64% 277% -19% 146.2 89.0 23.6 29.3 0.3 1.3 5.6 0.3%

6,359 7,520 6,204 10,282 5% 18% -17% 66% 17.85 21.11 5.80 9.62 5% 18% -73% 66% 8.5 7.2 26.2 15.8 0.0 7.4 29.4 2.6%

58,557 45,540 49,941 54,465 62% -22% 10% 9% 118% -31% 26% 5% 14.8 21.5 17.1 16.3 1.1 2.6 18.0 2.8%

24,426 18,577 15,805 17,880 13% -24% -15% 13% 3.32 2.52 2.15 2.43 13% -24% -15% 13% 12.8 16.8 19.8 17.5 0.0 3.2 16.2 3.1%

9,002 4,740 9,698 9,147 - -47% 105% -6% 0.48 0.25 0.52 0.49 - -48% 105% -6% 16.0 30.4 14.8 15.7 0.4 3.2 21.8 2.6%

8,012 5,013 6,869 7,149 428% -37% 37% 4% 1.90 0.98 1.38 1.46 493% -49% 41% 6% 13.7 26.6 18.9 17.9 0.9 1.2 8.2 1.4%

17,117 17,211 17,570 20,290 29% 1% 2% 15% 15.19 15.55 15.87 18.33 29% 2% 2% 15% 17.8 17.4 17.1 14.8 2.0 3.6 21.3 3.5%

46,444 52,291 59,824 68,208 31% 13% 14% 14% 4% 10% 12% 13% 31.2 28.3 25.1 22.2 2.0 2.7 11.5 1.0%

9,038 11,742 14,018 16,701 27% 30% 19% 19% 0.68 0.84 0.99 1.14 24% 24% 18% 15% 56.9 46.1 39.1 33.9 2.4 5.3 14.0 1.0%

1,849 1,845 2,052 2,248 114% 0% 11% 10% 0.21 0.19 0.21 0.23 108% -9% 10% 9% 4.0 4.4 4.0 3.7 0.4 0.6 0.2 2.2%

3,431 3,918 4,203 4,782 17% 14% 7% 14% 0.14 0.16 0.17 0.20 17% 14% 9% 13% 13.2 11.6 10.6 9.5 1.0 0.9 8.4 1.5%

7,299 8,971 9,391 10,410 -9% 23% 5% 11% 0.28 0.31 0.29 0.32 -12% 10% -6% 11% 16.3 14.9 15.8 14.2 7.0 1.4 9.6 0.8%

4,239 4,478 4,737 5,516 7% 6% 6% 16% 1.04 1.09 1.16 1.35 -10% 5% 6% 16% 27.6 26.3 24.7 21.3 2.2 2.2 9.3 1.3%

16,203 16,275 19,320 21,818 79% 0% 19% 13% 0.58 0.59 0.69 0.78 -10% 0% 18% 13% 32.2 32.0 27.1 24.0 1.7 2.8 11.0 0.7%

4,386 5,063 6,103 6,733 24% 15% 21% 10% 0.52 0.59 0.71 0.78 25% 14% 19% 11% 13.5 11.9 10.0 9.0 0.7 1.1 0.1 2.5%

46,940 50,334 49,229 47,757 17% 7% -2% -3% -15% 6% -3% -6% 18.2 17.1 17.6 18.7 -4.1 4.8 27.1 5.8%

10,275 11,617 11,829 13,519 898% 13% 2% 14% 77.10 87.17 88.88 101.58 3% 13% 2% 14% 34.1 30.2 29.6 25.9 3.7 6.6 25.0 3.0%

36,665 38,717 37,400 34,238 -6% 6% -3% -8% 169.70 179.00 173.10 158.28 -17% 5% -3% -9% 16.4 15.5 16.1 17.6 0.0 4.5 27.5 6.4%

444,912 486,836 480,848 534,539 27% 9% -1% 11% 11% 6% 1% 10% 21.5 20.3 20.2 18.4 3.9 2.6 15.3 1.9%

362,023 409,373 389,910 429,546 22% 13% -5% 10% 322 339 349 380 14% 5% 3% 9% 23.3 22.2 21.5 19.7 5.7 2.8 15.7 2.0%

315,083 359,039 340,681 381,789 23% 14% -5% 12% 13% 11% -1% 11% 24.5 22.0 22.2 19.9 4.3 2.7 14.1 1.5%

Net Income P/E (x)EPSNet Income Growth EPS Growth