Share Price and P/E Multiple rn 180 160 140 120 100 80 60 40 20 -MEZ Share Price tMEZ P/E multiple • 0/1 • 6FQ0 Ice Shan prier at f27 Stpiratinv; 2010 Somme: Moine% Cal>dallQ 14 12 10 6 4 2 0 12 EFTA00780295 The attraction of MEZ (cont.) • Lean cost structure Operating Expenses /