1. Valuation Multiple

Did Buffett overpay/underpay for PCP based on the enterprise and market values implied by the median multiples given in Exhibit 11 Line 8 (Implied Value Median)

1. Overpay
2. Underpay

Company Name MV Equity Enterprise Value Book Value CY '14 EBITDA EBIT Enterprise Value as Multiple of: Revenue EBITDA EBIT MV of Equity as Multiple of: Net Income Book Value Rev Net Income Alcoa $10,599 0.97x 6.51x 6.68x 1.29x LISI $709 1.16x $13,637 $1,332 $9,460 $1,804 $1,627 $23,164 $1,517 $12,924 $3,193 $2,220 ThyssenKrupp Allegheny Technologies Carpenter Technology $23,906 $1,307 $41,304 $4,223 $2,173 $2,043 $81 $210 $3,556 $193 $2,290 $283 $382 $3,182 $2,598 $1,326 $2,185 $131 $1,314 $106 $212 16.36x 45.05x 7.86x 5.64x 11.28x 0.31x 0.76x 10.60x 11.56x 9.84x 30.09x 10.47x 1.88x 2.97x 0.69x ($3) NM $133 1.02x 5.81x 12.25x 1.23x Median 0.97x 6.51x 14.31x 1.29x $1,804 $5,572 $3,193 $8,603 $2,598 $3,683 $4,223 $14,583 $382 $1,341 $212 $790 $133 $493 10.60x 14.51x Mean 0.84x 7.42x 20.08x 1.61x $10,929 $10,005 $2,927 $2,602 $1,530 Precision Castparts Implied Value - Median? Implied Value - Mean? $9,705 $8,404 $19,055 $21,718 $27,581 $37,755 $21,894 $30,722 $14,098 $17,596 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). Company Name MV Equity Enterprise Value Book Value CY '14 EBITDA EBIT Enterprise Value as Multiple of: Revenue EBITDA EBIT MV of Equity as Multiple of: Net Income Book Value Rev Net Income Alcoa $10,599 0.97x 6.51x 6.68x 1.29x LISI $709 1.16x $13,637 $1,332 $9,460 $1,804 $1,627 $23,164 $1,517 $12,924 $3,193 $2,220 ThyssenKrupp Allegheny Technologies Carpenter Technology $23,906 $1,307 $41,304 $4,223 $2,173 $2,043 $81 $210 $3,556 $193 $2,290 $283 $382 $3,182 $2,598 $1,326 $2,185 $131 $1,314 $106 $212 16.36x 45.05x 7.86x 5.64x 11.28x 0.31x 0.76x 10.60x 11.56x 9.84x 30.09x 10.47x 1.88x 2.97x 0.69x ($3) NM $133 1.02x 5.81x 12.25x 1.23x Median 0.97x 6.51x 14.31x 1.29x $1,804 $5,572 $3,193 $8,603 $2,598 $3,683 $4,223 $14,583 $382 $1,341 $212 $790 $133 $493 10.60x 14.51x Mean 0.84x 7.42x 20.08x 1.61x $10,929 $10,005 $2,927 $2,602 $1,530 Precision Castparts Implied Value - Median? Implied Value - Mean? $9,705 $8,404 $19,055 $21,718 $27,581 $37,755 $21,894 $30,722 $14,098 $17,596 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)