ty discount 13.70% Adjusted Value: $ 1,726,000,000 CLAT AGM starting value - per share $ 17.00 Term (years): 15 Required Annuity (as a % of Adjusted Value): 7.667% Annuity Amount (in USD): 132,332,420 Income (Cash Flow): 4.0% Growth (Appreciation): 5.0% Combined (as a % of undiscounted value) 9