Date of valuation Jul-21

Company name Claim Buddy

Numbers from ir base year below ( in consistent u
This year
Country of incorporation india
industry (US) insurance (Life)
Gross Order Value ₹ 530,879,198.00
Revenues ₹ 17,428,696.00
Operating income or EBiT ₹ 3,349,856.00
Do we have R&D expenses to capitalize? No
Do we have operating lease commitments? No
Effective tax rate = 30.00%
Marginal tax rate = 30.00%
The value drivers below:
indian insurance industry in 2020 ₹ 516,380,000,000.00
Growth rate for next year 2.96%
Growth rate in years 2-5 3.50%
Market Share for Claim Buddy in year 5 0.25%
Revenues as percent of GOV in future 3.50%
Operating Margin for next year 20.00%
Target pre-tax operating margin (EBiT as % of sales in year 10) = 35.00% Profitability Lever
Year of convergence 8.00 Speed of convergence level
Sales to capital ratio (next year) 1.50 Efficency of Growth Lever
Sales to capital ratio (for years 2-5) = 2.50
Sales to capital ratio (for years 6-10) 3.00
Market numbers
Riskfree rate 4.25%
Initial cost of capital = 12.00%
Other inputs
Do we have employee options outstanding? No
Number of options outstanding = 0.00
Average strike price = $0.00
Average maturity = 0.00
Standard deviation on stock price = 0.00%

Default assumptions.
In stable growth, i will assume that ir firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do i want to override this assumption = No Mature companies generally see their risk
If yes, enter the cost of capital after year 10 = 7.50% Though some sectors, even in stable growt
i will assume that ir firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive adv
Do i want to override this assumption = No
If yes, enter the return on capital i expect after year 10 12%
i will assume that ir firm has no chance of failure over the foreseeable future.
Do i want to override this assumption = Yes
If yes, enter the probability of failure = 10%
What do i want to tie ir proceeds in failure to? V
Enter the distress proceeds as percentage of book or fair value 50%
i will assume that ir effective tax rate will adjust to ir marginal tax rate by ir terminal year. If i override this assumption, I will leave the tax
Do i want to override this assumption = No
i will assume that i have no losses carried forward from prior years ( NOL) coming into the valuation. If i have a money losing company, i m
Do i want to override this assumption = No
If yes, enter the NOL that i are carrying over into year 1 $0.00
i will asssume that today's risk free rate will prevail in perpetuity. If i override this assumption, I will change the riskfree rate after year 10.
Do i want to override this assumption = No If yes, i will be asked to enter a normal ris
If yes, enter the riskfree rate after year 10 0.00% Enter ir estimate of what the riskfree rate
i will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation consistency and prevents "im
Do i want to override this assumption = No This is an option to let i use a negative gro
If yes, enter the growth rate in perpetuity 0.00% This can be negative, if i feel the company
i have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming due and that cash is a neutral ass
Do i want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistrust) $0.00 Cash that is trapped in foreign markets (and su
& Average tax rate of the foreign markets where the cash is trapped 15% Additional tax rate due on trapped cash or disc
m ir base year below ( in consistent units)

Annualised Growth rate 6%

Monthly Growth Rate 0.004867550565343
Half Yearly Growth Rat 2.96%

Valuation Output Feedback (for i to use to fine tune ir inputs, if i want)

d of convergence level Revenues in year 10, based on ir revenue growth = ₹ 67,543,849
ency of Growth Lever Pre-tax Operating income in year 10, based on ir operating margin = ₹ 23,640,347
Return on invested capital in year 10, based on ir sales/capital ratio = 29.09%
Check the Diagnostics worksheet for more details.

companies (riskfree rate + 4.5%)

re companies generally see their risk levels approach the average
gh some sectors, even in stable growth, may have higher risk. If i change ir risk free rate after year 10 (see cell B57 & 58), i should incorporate the chang
suming that whatever competitive advantages i have today will fade over time.

de this assumption, I will leave the tax rate at ir effective tax rate.

If i have a money losing company, i may want to override tis.

 hange the riskfree rate after year 10.
, i will be asked to enter a normal risk free rate and ir growth in perpetuity will be adjusted accordingly.
r ir estimate of what the riskfree rate (in ir currency of choice) will be after year 10
valuation consistency and prevents "impossible" growth rates.
is an option to let i use a negative growth rate in perpetuity or to even liquidate the firm.
can be negative, if i feel the company will decline (and disappear) after growth is done. If i let it exceed the risk free rate, i are on ir own in uncharted ter
coming due and that cash is a neutral asset.

that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (because of management mistrust)
ional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
& 58), i should incorporate the change into ir stable cost of capital estimate.
rate, i are on ir own in uncharted territory.

gement mistrust)
 Jul- Dec 21 Jan-June 22 Jul- Dec 22
Jan-Jun 1 2 3
Indian Health Insurance Growth 2.96% 3.50% 3.50%
Total Health insurance ### ₹ 531,645,749,220.29 ₹ 550,253,350,443.00 ₹ 569,512,217,708.50
Market Share 0.10% 0.13% 0.16% 0.19%
Gross Order Value ₹ 530,879,198.00 ₹ 703,081,744.38 ₹ 889,675,548.10 ₹ 1,088,469,642.95
Revenue as % of GOV 3.28% 3.50% 3.50% 3.50%
Revenues ₹ 17,428,696.00 ₹ 24,607,861.05 ₹ 31,138,644.18 ₹ 38,096,437.50
EBIT (Operating) margin 19.22% 20.00% 23.75% 25.63%
EBIT (Operating income) ₹ 3,349,856.00 ₹ 4,921,572.21 ₹ 7,395,427.99 ₹ 9,762,212.11
Tax rate 30.00% 30.00% 30.00% 30.00%
EBIT(1-t) ₹ 2,344,899.20 ₹ 3,445,100.55 ₹ 5,176,799.60 ₹ 6,833,548.48
- Reinvestment ₹ 4,786,110.04 ₹ 2,612,313.25 ₹ 2,783,117.33
FCFF -₹ 1,341,009.49 ₹ 2,564,486.34 ₹ 4,050,431.15
NOL ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

Cost of capital 12.00% 12.00% 12.00%

Cumulated discount factor 0.8929 0.7972 0.7118
PV(FCFF) -1197329.90010135 2044392.81204501 2883016.88720499

Terminal cash flow 8707659.70282612

Terminal cost of capital 8.97%
Terminal value 184484315.737842
PV(Terminal value) 64473577.6495284
PV (CF over next 10 years) 40246997.8990565
Sum of PV or Valuation of the Fi 104720575.548585
Probability of failure = 10.00%
Proceeds if firm fails = Err:508
Value of operating assets = 99484546.7711557
Implied variables
Sales to capital ratio 1.50 2.50 2.50
Invested capital ₹ 35,000,000.00 ₹ 39,786,110.04 ₹ 42,398,423.29 ₹ 45,181,540.62
ROIC 6.70% 8.66% 12.21% 15.12%

Invested Capital PV (FCFF)

₹ 60,000,000 7000000

6000000
₹ 50,000,000
5000000
₹ 40,000,000 4000000

3000000
₹ 30,000,000
2000000
₹ 20,000,000
1000000

₹ 10,000,000 0
1 2 3 4 5 6
-1000000
₹0
1 2 3 4 5 6 7 8 9 10 11 -2000000

VALUATION DIAGNOSTICS
Invested capital at start of valuation ₹ 35,000,000.00
Invested capital at end of valuation ₹ 54,573,262.14
Change in invested capital over 10 y ₹ 19,573,262.14
Change in EBIT*(1–t) (after-tax oper ₹ 19,326,736.15
Marginal ROIC over 10 years 98.74%
ROIC at end of valuation 29.09%
Average WACC over the 10 years ( 11.09%
 Jan-June 23 Jul- Dec 23 Jan-June 24 Jul- Dec 24 Jan-June 25 Jul- Dec 25
4 5 6 7 8 9
3.50% 3.50% 3.65% 3.80% 3.95% 4.10%
₹ 589,445,145,328.30 ₹ 610,075,725,414.79 ### ₹ 656,372,541,989.34 ₹ 682,299,257,397.92 ₹ 710,273,526,951.24
0.22% 0.25% 0.25% 0.25% 0.25% 0.25%
₹ 1,300,089,471.89 ₹ 1,525,189,313.54 ₹ 1,580,858,723.48 ₹ 1,640,931,354.97 ₹ 1,705,748,143.49 ₹ 1,775,683,817.38
3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
₹ 45,503,131.52 ₹ 53,381,625.97 ₹ 55,330,055.32 ₹ 57,432,597.42 ₹ 59,701,185.02 ₹ 62,148,933.61
27.50% 29.38% 31.06% 33.03% 35.00% 35.00%
₹ 12,513,361.17 ₹ 15,680,852.63 ₹ 17,182,796.80 ₹ 18,968,576.09 ₹ 20,895,414.76 ₹ 21,752,126.76
30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
₹ 8,759,352.82 ₹ 10,976,596.84 ₹ 12,027,957.76 ₹ 13,278,003.26 ₹ 14,626,790.33 ₹ 15,226,488.73
₹ 2,962,677.61 ₹ 2,626,164.82 ₹ 649,476.45 ₹ 700,847.37 ₹ 756,195.87 ₹ 815,916.20
₹ 5,796,675.21 ₹ 8,350,432.02 ₹ 11,378,481.31 ₹ 12,577,155.89 ₹ 13,870,594.46 ₹ 14,410,572.54
₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

12.00% 12.00% 11.39% 10.79% 10.18% 9.58%

0.6355 0.5674 0.5094 0.4598 0.4173 0.3808
3683891.89168043 4738259.38591019 5796053.53302279 5782795.16486343 5788150.14568418 5487954.56258005
 2.50 3.00 3.00 3.00 3.00 3.00
₹ 48,144,218.22 ₹ 50,770,383.04 ₹ 51,419,859.49 ₹ 52,120,706.86 ₹ 52,876,902.72 ₹ 53,692,818.92
18.19% 21.62% 23.39% 25.48% 27.66% 28.36%

PV (FCFF) Estimated revenue over the period

7000000 ₹ 80,000,000
6000000 ₹ 70,000,000
5000000 ₹ 60,000,000
4000000
₹ 50,000,000
3000000
₹ 40,000,000
2000000
₹ 30,000,000
1000000
₹ 20,000,000
0
1 2 3 4 5 6 7 8 9 10
₹ 10,000,000
-1000000

-2000000 ₹-
1 2 3 4 5 6 7 8 9 10 11 12
 Jan-June 26 Jul- Dec 26
10 Terminal year
4.25% 4.25%
₹ 740,460,151,846.66 ₹ 771,929,708,300.15
0.25% 0.25%
₹ 1,851,150,379.62 ₹ 1,929,824,270.75
3.50% 3.50%
₹ 64,790,263.29 ₹ 67,543,849.48
35.00% 35.00%
₹ 22,676,592.15 ₹ 23,640,347.32 ₹ 20,290,491.32 This is is how much we operating income grew
over the ten-year period.
30.00% 30.00%
₹ 15,873,614.51 ₹ 16,548,243.12
₹ 880,443.23 ₹ 7,840,583.42 ₹ 27,413,845.56 This is how much capital we
invested over the ten year period.
₹ 14,993,171.28 ₹ 8,707,659.70
₹ 0.00 ₹ 0.00

8.97% 8.97%
0.3495
5239813.41616677
 After year 10
3.00
₹ 54,573,262.14
29.09% 8.97%
 Claim Buddy

The Story
Claim Buddy will benefit as the Indian Health Insurance market grows, driven by overall econom
will be a near term COVID bouncecback effect. Tthe company will continue to reinvest (acquisit
of failure is low.

The Assumptions

Base year Next year Years 2-5

Health insuranc ₹ 516,380,000,000 ### 3.50%

Market Share 0.10% 0.13%

Revenues as 3.28% 3.50%

Total Market * Market Share*

Revenue as % of GOV
Revenues (a) ₹ 17,428,696.00 ₹ 24,607,861

Operating margi 19.22% 20.0% 20.00%

Tax rate 30.00% 30.00%

Reinvestment (c ) 1.50 2.50

Return on capita 6.70% Marginal ROIC = 98.74%

Cost of capital (d) 12.00%

The Cash Flows

Total Market Market Share Revenues

1 ₹ 531,645,749,220 0.13% ₹ 24,607,861.05

2 ₹ 550,253,350,443 0.16% ₹ 31,138,644.18

3 ₹ 569,512,217,709 0.19% ₹ 38,096,437.50

4 ₹ 589,445,145,328 0.22% ₹ 45,503,131.52

5 ₹ 610,075,725,415 0.25% ₹ 53,381,625.97

6 ₹ 632,343,489,392 0.25% ₹ 55,330,055.32

7 ₹ 656,372,541,989 0.25% ₹ 57,432,597.42

8 ₹ 682,299,257,398 0.25% ₹ 59,701,185.02

9 ₹ 710,273,526,951 0.25% ₹ 62,148,933.61

10 ₹ 740,460,151,847 0.25% ₹ 64,790,263.29

Terminal year ₹ 771,929,708,300 0.25% ₹ 67,543,849.48

The Value

Terminal value ₹ 184,484,315.74

PV(Terminal value) ₹ 64,473,577.65

PV (CF over next 10 years) ₹ 40,246,997.90

Value of operating assets = ₹ 104,720,575.55

Adjustment for distress ₹ 5,236,028.78

 Jul-21

he Story
ows, driven by overall economic growth and more digital access.There
continue to reinvest (acquisitions and technology) as it grows. The risk

Assumptions

Years 6-10 After year 10 Link to story

Indian Health Insurance

sector is expected to grow at
4.82% ₹ 771,929,708,300 a rapid pace

Claim Buddy is yet to set a

wider footprint in the Health
0.25% 0.25% insurance sector of India

3.50%

arket * Market Share* COVID rebound in 2021 +

nue as % of GOV Growth in Health Insurance
₹ 67,543,849 industry in India long term

Margins improve as growth

35.00% 35.00% wanes

30.00% 30.00% Indian corporate tax rate over time

Acquisitions & technology

investments needed to
3.00 47.38% sustain growth
Newworking benefits allow for
high ROIC, near and long
98.74% 8.97% term.
 Cost of capital reflects Indian
8.97% 8.97% country risk

Cash Flows

EBIT (1-t) Reinvestment FCFF

### ₹ 4,786,110.04 -₹ 1,341,009.49

### ₹ 2,612,313.25 ₹ 2,564,486.34

### ₹ 2,783,117.33 ₹ 4,050,431.15

### ₹ 2,962,677.61 ₹ 5,796,675.21

### ₹ 2,626,164.82 ₹ 8,350,432.02

### ₹ 649,476.45 ₹ 11,378,481.31

### ₹ 700,847.37 ₹ 12,577,155.89

### ₹ 756,195.87 ₹ 13,870,594.46

### ₹ 815,916.20 ₹ 14,410,572.54

### ₹ 880,443.23 ₹ 14,993,171.28

### ₹ 7,840,583.42 ₹ 8,707,659.70

he Value

Probability of failure = 10.00%

5.253333333
Mature Market ERP + 4.72% Updated January 1, 2021

Country Moody's ratingAdj. Default SpreadEquity Risk Premium

Abu Dhabi Aa2 0.44% 5.20%
Albania B1 3.98% 9.08%
Algeria NR 7.96% 13.44%
Andorra (Principality of) Caa1 6.63% 11.98%
Angola Caa1 6.63% 11.98%
Argentina Ca 10.60% 16.34%
Armenia Ba3 3.18% 8.21%
Aruba Baa1 1.41% 6.27%
Australia Aaa 0.00% 4.72%
Austria Aa1 0.35% 5.10%
Azerbaijan Ba2 2.65% 7.63%
Bahamas Ba2 2.65% 7.63%
Bahrain B2 4.86% 10.05%
Bangladesh Ba3 3.18% 8.21%
Barbados Caa1 6.63% 11.98%
Belarus B3 5.75% 11.02%
Belgium Aa3 0.53% 5.31%
Belize Caa3 8.83% 14.40%
Benin B2 4.86% 10.05%
Bermuda A2 0.75% 5.54%
Bolivia B2 4.86% 10.05%
Bosnia and Herzegovina B3 5.75% 11.02%
Botswana A2 0.75% 5.54%
Brazil Ba2 2.65% 7.63%
British Virgin Islands NR 3.02% 8.03%
Brunei NR 0.75% 5.54%
Bulgaria Baa1 1.41% 6.27%
Burkina Faso B2 4.86% 10.05%
Cambodia B2 4.86% 10.05%
Cameroon B2 4.86% 10.05%
Canada Aaa 0.00% 4.72%
Cape Verde B2 4.86% 10.05%
Cayman Islands Aa3 0.53% 5.31%
Chile A1 0.62% 5.40%
China A1 0.62% 5.40%
Colombia Baa2 1.68% 6.56%
Congo (Democratic Republ Caa1 6.63% 11.98%
Congo (Republic of) Caa2 7.96% 13.44%
Cook Islands B1 3.98% 9.08%
Costa Rica B2 4.86% 10.05%
Croatia Ba1 2.21% 7.14%
Cuba Caa2 7.96% 13.44%
Curaçao A3 1.06% 5.88%
Cyprus Ba2 2.65% 7.63%
Czech Republic Aa3 0.53% 5.31%
Denmark Aaa 0.00% 4.72%
Dominican Republic Ba3 3.18% 8.21%
Ecuador Caa3 8.83% 14.40%
Egypt B2 4.86% 10.05%
El Salvador B3 5.75% 11.02%
Estonia A1 0.62% 5.40%
Ethiopia B2 4.86% 10.05%
Fiji Ba3 3.18% 8.21%
Finland Aa1 0.35% 5.10%
France Aa2 0.44% 5.20%
Gabon Caa1 6.63% 11.98%
Gambia NR 5.75% 11.02%
Georgia Ba2 2.65% 7.63%
Germany Aaa 0.00% 4.72%
Ghana B3 5.75% 11.02%
Greece Ba3 3.18% 8.21%
Guatemala Ba1 2.21% 7.14%
Guernsey Aaa 0.00% 4.72%
Guinea NR 10.60% 16.34%
Guinea-Bissau NR 6.63% 11.98%
Guyana NR 4.86% 10.05%
Haiti NR 10.60% 16.34%
Honduras B1 3.98% 9.08%
Hong Kong Aa3 0.53% 5.31%
Hungary Baa3 1.95% 6.85%
Iceland A2 0.75% 5.54%
India Baa3 1.95% 6.85%
Indonesia Baa2 1.68% 6.56%
Iran NR 7.96% 13.44%
Iraq Caa1 6.63% 11.98%
Ireland A2 0.75% 5.54%
Isle of Man Aa3 0.53% 5.31%
Israel A1 0.62% 5.40%
Italy Baa3 1.95% 6.85%
Ivory Coast Ba3 3.18% 8.21%
Jamaica B2 4.86% 10.05%
Japan A1 0.62% 5.40%
Jersey Aaa 0.00% 4.72%
Jordan B1 3.98% 9.08%
Kazakhstan Baa3 1.95% 6.85%
Kenya B2 4.86% 10.05%
Korea, D.P.R. NR 10.60% 16.34%
Kuwait A1 0.62% 5.40%
Kyrgyzstan B2 4.86% 10.05%
Laos Caa2 1.06% 5.88%
Latvia A3 1.06% 5.88%
Lebanon C 17.50% 23.90%
Liberia NR 10.60% 16.34%
Libya NR 7.96% 13.44%
Liechtenstein Aaa 0.00% 4.72%
Lithuania A3 1.06% 5.88%
Luxembourg Aaa 0.00% 4.72%
Macao Aa3 0.53% 5.31%
Macedonia Ba3 3.18% 8.21%
Madagascar NR 5.75% 11.02%
Malawi NR 7.96% 13.44%
Malaysia A3 1.06% 5.88%
Mali Caa1 6.63% 11.98%
Malta A2 0.75% 5.54%
Mauritius Baa1 1.41% 6.27%
Mexico Baa1 1.41% 6.27%
Moldova B3 5.75% 11.02%
Mongolia B3 5.75% 11.02%
Montenegro B1 3.98% 9.08%
Montserrat Baa3 1.95% 6.85%
Morocco Ba1 2.21% 7.14%
Mozambique Caa2 7.96% 13.44%
Myanmar NR 5.75% 11.02%
Namibia Ba3 3.18% 8.21%
Netherlands Aaa 0.00% 4.72%
New Zealand Aaa 0.00% 4.72%
Nicaragua B3 5.75% 11.02%
Niger B3 5.75% 11.02%
Nigeria B2 4.86% 10.05%
Norway Aaa 0.00% 4.72%
Oman Ba3 3.18% 8.21%
Pakistan B3 5.75% 11.02%
Panama Baa1 1.41% 6.27%
Papua New Guinea B2 4.86% 10.05%
Paraguay Ba1 2.21% 7.14%
Peru A3 1.06% 5.88%
Philippines Baa2 1.68% 6.56%
Poland A2 0.75% 5.54%
Portugal Baa3 1.95% 6.85%
Qatar Aa3 0.53% 5.31%
Ras Al Khaimah (Emirate Aaa 0.00% 4.72%
Romania Baa3 1.95% 6.85%
Russia Baa3 1.95% 6.85%
Rwanda B2 4.86% 10.05%
Saint Lucia NR 3.02% 8.03%
Saudi Arabia A1 0.62% 5.40%
Senegal Ba3 3.18% 8.21%
Serbia Ba3 3.18% 8.21%
Sharjah Baa2 1.68% 6.56%
Sierra Leone NR 7.96% 13.44%
Singapore Aaa 0.00% 4.72%
Slovakia A2 0.75% 5.54%
Slovenia A3 1.06% 5.88%
Solomon Islands B3 5.75% 11.02%
Somalia NR 10.60% 16.34%
South Africa Ba2 2.65% 7.63%
South Korea Aa2 0.44% 5.20%
Spain Baa1 1.41% 6.27%
Sri Lanka Caa1 6.63% 11.98%
St. Maarten Baa3 1.95% 6.85%
St. Vincent & the Grenadi B3 5.75% 11.02%
Sudan NR 17.50% 23.90%
Suriname Caa3 8.83% 14.40%
Swaziland B3 5.75% 11.02%
Sweden Aaa 0.00% 4.72%
Switzerland Aaa 0.00% 4.72%
Syria NR 17.50% 23.90%
Taiwan Aa3 0.53% 5.31%
Tajikistan B3 5.75% 11.02%
Tanzania B2 4.86% 10.05%
Thailand Baa1 1.41% 6.27%
Togo B3 5.75% 11.02%
Trinidad and Tobago Ba1 2.21% 7.14%
Tunisia B2 4.86% 10.05%
Turkey B2 4.86% 10.05%
Turks and Caicos Islands Baa1 1.41% 6.27%
Uganda B2 4.86% 10.05%
Ukraine B3 5.75% 11.02%
United Arab Emirates Aa2 0.44% 5.20%
United Kingdom Aa3 0.53% 5.31%
United States Aaa 0.00% 4.72%
Uruguay B1 3.98% 9.08%
Venezuela C 17.50% 23.90%
Vietnam Ba3 3.18% 8.21%
Yemen NR 17.50% 23.90%
Zambia Ca 10.60% 16.34%
Zimbabwe NR 10.60% 16.34%

ERP Default Spread Tax rate

Africa 9.66% 4.51% 28.31%
Asia 5.75% 0.94% 25.70%
Australia & New Zealand 4.72% 0.00% 29.74%
Caribbean 10.03% 4.85% 24.25%
Central and South America 8.71% 3.64% 31.04%
Eastern Europe & Russia 6.80% 1.90% 18.31%
Middle East 6.25% 1.40% 32.96%
North America 4.72% 0.00% 26.96%
Western Europe 5.56% 0.77% 24.41%
Global 5.76% 0.95% 26.13%
Country Risk PremiumCorporate Tax Rate 25.00%
0.48% 55.00%
4.36% 15.00%
20.00%
8.72% 26.00%
7.26% 10.00%
7.26% 30.00%
11.62% 30.00% 15.00%

3.49% 18.00%
1.55% 25.00%
0.00% 30.00% 10.00%
0.38% 25.00%
2.91% 20.00%
2.91% 0.00% 5.00%
5.33% 0.00%
3.49% 25.00%
7.26% 5.50% 0.00%
Abu Dhabi Bermuda Cook Islands Georgia Isle of Man Lithuan
6.30% 18.00%
0.59% 29.00% Equity Risk Premium Country R
9.68% 28.25%
5.33% 30.00%
0.82% 0.00%
5.33% 25.00%
6.30% 10.00%
0.82% 22.00%
2.91% 34.00%
3.31% 16.98%

0.82% 0.00%
1.55% 10.00%
5.33% 28.00%
5.33% 20.00%
5.33% 33.00%
0.00% 26.50%
5.33% 0.00%
0.59% 0.00%
0.68% 27.00%
0.68% 25.00%
1.84% 32.00%
7.26% 35.00%
8.72% 30.00%
4.36% 28.43%
5.33% 30.00%
2.42% 18.00%
8.72% 27.36%
1.16% 22.00%
2.91% 12.50%
0.59% 19.00%
0.00% 22.00%
3.49% 27.00%
9.68% 25.00%
5.33% 22.50%
6.30% 30.00%
0.68% 20.00%
5.33% 30.00%
3.49% 20.00%
0.38% 20.00%
0.48% 28.00%
7.26% 30.00%

6.30% 31.00%
2.91% 15.00%
0.00% 30.00%
6.30% 25.00%
3.49% 24.00%
2.42% 25.00%
0.00% 0.00%

11.62% 28.25%

7.26% 28.25%

5.33% 27.36%

11.62% 27.36%
4.36% 25.00%
0.59% 16.50%
2.13% 9.00%
0.82% 20.00%
2.13% 30.00%
1.84% 15.00%
 8.72% 21.13%
7.26% 15.00%
0.82% 12.50%
0.59% 0.00%
0.68% 23.00%
2.13% 24.00%
3.49% 25.00%
5.33% 25.00%
0.68% 30.62%
0.00% 0.00%
4.36% 20.00%
2.13% 20.00%
5.33% 30.00%

11.62% 21.13%
0.68% 15.00%
5.33% 10.00%
1.16% 21.13%
1.16% 20.00%
19.18% 17.00%

11.62% 28.25%

8.72% 20.00%
0.00% 12.50%
1.16% 15.00%
0.00% 24.94%
0.59% 12.00%
3.49% 10.00%

6.30% 20.00%

8.72% 30.00%
1.16% 24.00%
7.26% 28.25%
0.82% 35.00%
1.55% 15.00%
1.55% 30.00%
6.30% 12.00%
6.30% 25.00%
4.36% 9.00%
2.13% 21.13%
2.42% 31.00%
8.72% 32.00%

6.30% 25.00%
3.49% 32.00%
0.00% 25.00%
0.00% 28.00%
6.30% 30.00%
6.30% 28.25%
5.33% 30.00%
0.00% 22.00%
3.49% 15.00%
6.30% 35.00%
1.55% 25.00%
5.33% 30.00%
2.42% 10.00%
1.16% 29.50%
1.84% 30.00%
0.82% 19.00%
2.13% 21.00%
0.59% 10.00%
0.00% 0.00%
2.13% 16.00%
2.13% 20.00%
5.33% 30.00%
3.31% 16.98%
0.68% 20.00%
3.49% 30.00%
3.49% 15.00%
1.84% 0.00%

8.72% 30.00%
0.00% 17.00%
0.82% 21.00%
1.16% 19.00%
6.30% 30.00%

11.62% 28.25%
2.91% 28.00%
0.48% 25.00%
1.55% 25.00%
7.26% 28.00%
2.13% 27.36%
6.30% 27.36%

19.18% 35.00%
9.68% 36.00%
6.30% 27.50%
0.00% 21.40%
0.00% 14.84%

19.18% 28.00%
0.59% 20.00%
6.30% 19.12%
5.33% 30.00%
1.55% 20.00%
6.30% 28.25%
2.42% 30.00%
5.33% 25.00%
5.33% 22.00%
1.55% 0.00%
5.33% 30.00%
6.30% 18.00%
0.48% 55.00%
0.59% 19.00%
0.00% 27.00%
4.36% 25.00%
19.18% 34.00%
3.49% 20.00%

19.18% 28.25%
11.62% 35.00%

11.62% 24.00%

CRP
4.94%
1.03%
0.00%
5.31%
3.99%
2.08%
1.53%
0.00%
0.84%
1.04%
nds Georgia Isle of Man Lithuania Netherlands Rwanda Suriname Uruguay

Equity Risk Premium Country Risk Premium