Determine the current valuation of Precision Castparts. The bottom 2 parts of exhibit 11 under "Enterprise Values as multiple of" and under "MV equity as multiple of" provide different valuation estimates. Average these 10 numbers. The average represents the estimate of the valuation of Precision Chapters.

EXHIBIT 1.11 Valuation of PCP Based on Multiples for comparable Firms CY"14 Enterprise Value as Multiple of: MV of Equity as Multiple of: Company Name MV Equity Enterprise Value Book Book Value Rev EBITDA EBIT Net income Revenue EBITDA EBIT Income Value 1 29 $13.637 $23,164 $ 1.332 $ 1,517 $ 9.460 $12.924 $10.599 $23.906 $3.556 $2,185 $2.043 $ 709 $ 1,307 $ 193 $ 131 $ 81 $ 3.182 $41,304 $2.290 $1,314 $ 210 0.97X 1.16% 0.31% 6.51x 786% 5,64% 10.60% 11.56 9.84 6.68% 16.36% 45.05% 1.88% 2.97% ThyssenKrupp Allegheny Technologies Carpenter Technology $ 1,804 $ 3.193 $ 2.598 $ 4,223 $ 283 $ 106 52 0.76% 11.28% 30.09x NM 0.69x $ 1.627 $ 2.220 $ 1,804 $ 3.193 $ 5.572 $ 8,603 $1,326 $ 2.173 $382 $ 212 $130 $ 2.598 $ 4.223 $ 382 $ 212 $ 133 $3,683 $14,583 $1,341 $ 790 $ 493 $10.929 $10,005 $2.927 $2,602 $1,530 102 0.97X 0.84x 5 81 6.51% 7.42% 1047x 12.25 10.60x1431x 14.51x 20.08% 1.23 1.29% 1.61X Mean Precision Castparts Implied Value Median Implied Value Mean! $9,705 $19,055 527,581 $21,894 $14,098 $8,404 $21,718 $37.755 $30.722 $17.596 Data Source: Factset. The calculation of the implied values for PCP based on the median of the peer firms' multiples takes the product of the median value of the multiples of comparable firms (line 8) and multiplies it times the relevant base (revenue, EBITDA, EBIT, net income, or book value) for PCP. The same method is used for the calculation of the implied value based on the average or mean of the peer firms' multiples (line 9). For instance, the implied value based on the median multiple of EBIT ($37,755 million) is derived by multiplying 14.51 (the mean EBIT multiple for the comparable firms) times $2,602 million (the EBIT of PCP)