Comparative metrics of each of the highlighted outputs in the attached (highlighted in orange) - include any interesting observations

Comparable Trading Companies Analysis Peer Price No.Shares (m) Mkt Cap (M) Net Debt (FY) Rev (FY) a EV (M) Rev (FY+1) e Rev (FY+2)e Rev x (FY)a Rev x (FY+1)e EBITDA (FY+1)e Rev x (FY+2)e EBITDA (FY)a EBITDA x (FY)a EBITDA x (FY+1)e EBIT (FY)a EBIT (FY+1)e EBIT x (FY)a EBIT x (FY+1)e EPS (FY)a EPS (FY+1)e EPS (FY+2)e PER x (FY)a PER x (FY+1)e PER x (FY+2)e Ticker Currency Y/end Apple AAPL USD Sept 106.72 5544.603 591720 - 141,204 450,516 233,715 227,280 240,900 1.9x 2.0x 1.9x 82,487 77,187 5.5x 5.8x 71,230 65,511 6.3x 6.9x 9.2 9.1 10.0 11.6x 11.8x 10.7x Google GOOG USD Dec 740.75 688.316 509870 - 61,276 448,594 74,989 87,341 100,590 6.0x 5.1x 4.5x 29,626 35,328 15.1x 12.7x 24,563 29,178 18.3x 15.4x 22.8 27.7 32.9 32.5x 26.7x 22.5x Microsoft MSFT USD June 54.07 7909.377 427660 - 61,234 366,426 93,580 92,590 97,615 3.9x 4.0x 3.8x 32,396 34,149 11.3x 10.7x 26,439 28,258 13.9x 13.0x 1.5 2.5 3.0 36.5x 21.5x 17.8x Facebook FB USD Dec 112.25 2933.363 329270 - 18,103 311,167 17,928 25,520 33,810 17.4x 12.2x 9.2x 11,216 15,527 27.7x 20.0x 10,001 13,632 31.1x 22.8x 1.3 2.2 3.2 87.0x 52.0x 35.5x IBM IBM USD Dec 148.10 960.884 142307 31,695 174,002 81,741 77,862 77,523 2.1x 2.2x 2.2x 19,931 19,822 8.7x 8.8x 16,753 15,918 10.4x 10.9x 13.4 12.3 12.9 11.1x 12.0x 11.5x Accenture ACN USD Aug 107.83 627.933 67710 - 4,336 63,374 31,048 32,205 34,252 2.0x 2.0x 1.9x 5,146 5,399 12.3x 11.7x 4,500 4,743 14.1x 13.4x 4.8 5.2 5.7 22.7x 20.7x 18.8x Yahoo YHOO USD Dec 35.41 946.908 33530 - 4,624 28,906 4,968 4,523 4,622 5.8x 6.4x 6.3x 952 760 30.4x 38.0x 342 164 84.5x 176.3x (4.6) 0.2 0.3 nm 221.3x 131.1x HP HPQ USD Oct 12.26 1736.542 21290 7,232 28,522 103,355 47,613 45,997 0.3x 0.6x 0.6x 5,835 4,342 4.9x 6.6x 5,471 3,978 5.2x 7.2x 1.4 1.5 1.6 8.8x 8.3x 7.8x LinkedIn LNKD USD Dec 113.41 132.087 14980 - 1,993 12,987 2,991 3,674 4,412 4.3x 3.5x 2.9x 780 986 16.7x 13.2x 494 606 26.3x 21.4x (1.3) (1.7) (0.5) nm nm nm Twitter TWTR USD Dec 16.86 692.171 11670 - 1,892 9,778 2,218 2,961 3,725 4.4x 3.3x 2.6x 558 780 17.5x 12.5x 300 382 32.6x 25.6x (0.8) (0.6) (0.3) nm nm nm Mean 4.8x 4.1x 3.6x 15.0x 14.0x 24.3x 31.3x 30.0x 46.8x 32.0x Median 4.1x 3.4x 2.8x 13.7x 12.1x 16.2x 14.4x 22.7x 21.1x 18.3x Technology: Peer Rev x (FY)a Rev x (FY+1)e Rev x (FY+2)e EBITDA x (FY)a EBITDA x (FY+1)e EBIT x (FY)a EBIT x (FY+1)e PER x (FY)a PER x (FY+1)e PER x (FY+2)e EBIT / REV (%) FY Employees REV/EE (LOCAL) Price to Net Equity Book Ratio (BV) (%) Depn/REV (FY) Depn Technology: Apple Google Microsoft Facebook IBM Accenture Yahoo HP LinkedIn 1.9x 6.0x 3.9x 17.4x 2.1x 2.0x 5.8x 0.3x 4.3x 2.0x 5.1x 4.0x 12.2x 2.2x 2.0x 6.4x 0.6x 3.5x 1.9x 4.5x 3.8x 9.2x 2.2x 1.9x 6.3x 0.6x 2.9x 5.5x 15.1x 11.3x 27.7x 8.7x 12.3x 30.4x 4.9x 16.7x 5.8x 12.7x 10.7x 20.0x 8.8x 11.7x 38.0x 6.6x 13.2x 6.3x 18.3x 13.9x 31.1x 10.4x 14.1x 84.5x 5.2x 26.3x 6.9x 15.4x 13.0x 22.8x 10.9x 13.4x 176.3x 7.2x 21.4x 11.6x 32.5x 36.5x 87.0x 11.1x 22.7x nm 8.8x nm nm Twitter Mean 4.4x 4.8x 3.3x 4.1x 2.6x 3.6x 17.5x 15.0x 12.5x 14.0x 32.6x 24.3x 25.6x 31.3x nm nm 30.0x Median 4.1x 3.4x 2.8x 13.7x 12.1x 16.2x 14.4x 22.7x Revenues: 2015 15,067 Alaska EBITDA: 2016 Average 17,145 16,106 11.8x 26.7x 21.5x 52.0x 12.0x 20.7x 221.3x 8.3x 10.7x 22.5x 17.8x 35.5x 11.5x 18.8x 131.1x 7.8x nm 30.5% 32.8% 28.3% 55.8% 20.5% 14.5% 6.9% 5.3% 16.5% 46.8x nm 32.0x 13.5% 22.4% 21.1x 18.3x 18.5% EBIT: 2015 4,954 2016 Average 5,824 5,389 115000 61814 118000 12690 377757 358000 12500 287000 9372 3900 2016 Average 5,043 4,608 2015 27.7% 11,257 5,063 5,957 1,215 3,178 646 610 364 286 4.8% 6.8% 6.4% 6.8% 3.9% 2.1% 12.3% 0.4% 9.6% 759,231 816007x 258 11.6% 6.5% 575625x 80083 44218 14262 6134 29044 27768 4469 3626 496% 424% 534% 745% 998% 1104% 115% 77% 335% 322% 514.9% 459.7% DEPN/REV (%) 50 301,340 2016 29.4% 119355 120331 6.6% REV / EE EBIT/REV (%) 2015 4,173 1,976,348 1,412,965 784,661 2,011,032 206,117 89,958 361,840 165,899 392,019 5.2% EV (Alaska) Peer NI Net Equity RoE / % (Book) EPS SP RoE / % (Market est.) Divi / (a) Beta Risk free rate Market risk premium RoE / % (CAPM) Divi Yield / % Divi Payout / RoD / % % E D E / (E+D) D / (E+D) Leverage / WACC / % % Tc Div Growth Rate / % Vo = D1 / (r(e) - g) Technology: Apple Google Microsoft Facebook IBM Accenture Yahoo HP LinkedIn Twitter Mean Median - 53,394 15,826 12,193 3,669 13,190 3,054 4,359 4,554 166 521 10,083 13,190 119,355 120,331 80,083 44,218 14,262 6,134 29,044 27,768 4,469 3,626 75,650 80,083 44.7% 13.2% 15.2% 8.3% 92.5% 49.8% -15.0% 16.4% -3.7% -14.4% 0.3x 0.2x 9.05 27.70 2.51 2.16 12.30 5.21 0.16 1.47 1.65 0.55 10.7x 9.1x 107 741 54 112 148 108 35 12 113 17 2.08 1.44 5.20 2.20 0.50 - 8.5% 3.7% 4.6% 1.9% 8.3% 4.8% 0.5% 12.0% -1.5% -3.3% 5.4% 4.6% 1.09 1.03 0.86 0.73 0.63 0.93 2.16 1.54 1.52 1.50 1.20 0.86 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 5.60% 6.05% 5.75% 4.89% 4.24% 3.73% 5.25% 11.46% 8.33% 8.23% 8.13% 4.93% 4.89% 1.9% 0.0% 2.7% 0.0% 3.5% 2.0% 0.0% 4.1% 0.0% 0.0% 1.62% 1.95% 23.0% 0.0% 57.4% 0.0% 42.3% 42.2% 0.0% 34.0% 0.0% 0.0% 24.53% 22.98% 1.0% 1.0% 1.0% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1% 1.0% 119355 120331 80083 44218 14262 6134 29044 27768 4469 3626 64,480 8,500 38,870 39,660 39,889 39,660 39,660 39,660 39,660 39,660 75,650 80,083 38,280 39,660 64.9% 93.4% 67.3% 52.7% 26.3% 13.4% 42.3% 41.2% 10.1% 8.4% 60.9% 64.9% 35.1% 6.6% 32.7% 47.3% 73.7% 86.6% 57.7% 58.8% 89.9% 91.6% 39.1% 35.1% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 54% 7% 49% 90% 280% 647% 137% 143% 887% 1094% 95.8% 54.0% 4.1% 5.4% 3.5% 2.6% 1.5% 1.3% 5.3% 3.9% 1.5% 1.4% 3.4% 3.5% 8.5% - 85.35 12.0% 11.2% 9.9% 11.2% 11.2% 11.2% 11.2% 11.2% 10.4% 10.5% 20.32 150.43 36.98 17.43 - R(e) D(2013) D(2018) 1.63 2.45 0 0 0.92 1.62 3.3 5.61 3.7 5.93 13.4% 3.3 5.61 3.3 5.61 3.3 5.61 3.3 5.61 3.3 5.61