n Valuation Date as of 01.01.2015 Implied NAV multiple wkh NAV db 1913m Calculation based on Net Income of Implied P/E multiple with NI da C118m Cakulation based on NAV of 98 108 118 128 138 863 888 913 938 963 a a rzi- 9.0x 9.5x 0.96x 1.02x 1.06x 1.12x 1.16x 1.23x 1.26x 1.33x 1.36x