2022 01-28 lmt-mc-equity-wkbk-trial

Equity Valuation 2021-01-29_LMT-MC-REPORT-CONTENTS Draft Valuation
Beharry, Lyndon Martin W. Page: Contents
LMT: Lockheed Martin Corporation |
52-1893632
Draft Materials of Financial Analysis
Note: The analyst must use Oracle Crystal Ball to run the Monte Carlo simulation.
Income Statement Review with Statistical Metrics 1.
Income Statement Worksheet (for complex D&A and Byzantine
calculations)
2.
Balance Sheet Review (includes a restatement of equity adjusting per share
values to par $1 adjusting Capital Paid-In to simplify per share allocation
calculations)
3.
Capital Expenditures Worksheet 4.
CashFlows Statement Calculator 5.
Complex Debt Valuation and KB Costing (Tax Shield) and multi-Currency
Converter
6.
Weighted Average Cost of Capital Calculator Workbook 7.
Variables Tabulation Worksheet for Monte Carlo with Summary 8.
Discounted Cash Flow worksheet (Monte Carlo Model) 9.
Discounted Cash Flow worksheet (Monte Carlo Iterations 1-4) ********** *9.
Discounted Cash Flow worksheet (Static Model) 10.
Monte Carlo Model Summary of Results: Distribution Records; Sensitivity to
Variables; Tornado Chart
11.
DCF Valuation Sensitivity Analysis Graphics (WACC and Growth Rate) 12.
Financial Summary 13.
Beneish Test for Fraud: 5 Years 14.
Benford Test for Fraud: Balance Sheet Data 15.
Monte Carlo Model Summary of Results Tornado Chart Metrics 16.

Equity Valuation 2022‐01‐28_LMT‐MC‐Equity Financial Statement Review
LMT: Lockheed Martin Corporation | 52‐1893632 1,000,000 $USD
Aggregate Notes: D&A includes Amortization of acquired Intellectual Properties (i.e. Patents etc.) and D&A on PPE.
1,000,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Timet-12 Timet-11 Timet-10 Timet-9 Timet-8 Timet-7 Timet-6 Timet-5 Timet-4 Timet-3 Timet-2 Timet-1 Timet
OPERATING REVENUE
100.000% Revenue From Income‐Expense Worksheet 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
100.000% TOTAL REVENUE 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
Average PerCent Change ‐4.844% 1.813% 1.469% ‐3.866% 0.534% ‐11.105% 16.558% 8.043% 5.317% 11.253% 9.339% 2.517% ‐100.000%
Revenue 12‐Yr CAGRBase‐to‐Terminal 3.551% 7.250% 5‐Yr CAGR
PRODUCTION COSTS:
0.000% CoGSIncome Statement
86.273% CoGS from Income‐Expense Worksheet (If Applicable) 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
D&A from Income‐Expense Worksheet (If Applicable) 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
0.000% D&ACashFlows
Yes Deduct D&ACashFlows from CoGSIncome Statement
Amortization Patents Intangibles
2.190% D&A PPE 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
84.083% CoGS [Adj for D&A, and Depletion] 39,931 40,886 41,144 38,971 38,138 33,981 39,496 42,732 43,967 48,778 54,164 55,057 0
86.273% COST OF SALES (Incl D&A) 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
CoGs (Adj for D&A) PerCent of Revenue 87.432% 87.929% 87.203% 85.919% 83.636% 83.829% 83.593% 83.709% 81.781% 81.552% 82.822% 82.121%
13.727% GROSS MARGIN 4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
13.496% PerCent of Revenue 10.265% 9.903% 10.703% 11.899% 14.184% 13.640% 13.836% 13.950% 16.060% 16.460% 15.205% 15.845%
See Income Expense Worksheet Row 46
4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
ADMINISTRATIVE COSTS:
0.000% SGAIncome Statement
SGAWorksheet (If Applicable) 0 0 0 0 0 0 0 0 0 0 0 0 0
D&A from Income‐Expense Worksheet (If Applicable) 0 0 0 195 119 0 0 0 0 0 0 0 0
0.051% D&ACashFlows
No Deduct D&ACashFlows from SGAIncome Statement
0.000% SGA [Adj for D&A] 0 0 0 0 0 0 0 0 0 0 0 0 0
1.901% R&D 639 585 616 697 751 817 988 1,200 1,300 1,300 1,300 1,500
0.000% Amortization Patents Intangibles
0.051% D&A SGA 0 0 0 195 119 0 0 0 0 0 0 0 0
0.000%
0.000%
0.000% Restructuring / Other
1.952% TOTAL OPERATING / OVERHEAD EXPENSE 639 585 616 892 870 817 988 1,200 1,300 1,300 1,300 1,500 0
Average PerCent of Revenue 1.399% 1.258% 1.306% 1.967% 1.908% 2.015% 2.091% 2.351% 2.418% 2.173% 1.988% 2.237%
PerCent Change 9.018% ‐8.451% 5.299% 44.805% ‐2.466% ‐6.092% 20.930% 21.457% 8.333% 0.000% 0.000% 15.385% ‐100.000%
11.775% EARNINGS BEFORE EXTRAORDINARY ITEMS: 4,049 4,020 4,434 4,505 5,598 4,712 5,549 5,921 7,334 8,545 8,644 9,123 0
Other Items from Income-Expense Worksheet ‐74 35 ‐21 0 0 ‐30 0 1 828 651 ‐182 1,004 0
Agg μ 0.360% Other Expense | (Income) | Royalty or Extraordinary Items
μ 0.304% ‐0.162% 0.075% ‐0.045% 0.000% 0.000% ‐0.074% 0.000% 0.002% 1.540% 1.088% ‐0.278% 1.498%
11.415% EBIT 4,123 3,985 4,455 4,505 5,598 4,742 5,549 5,920 6,506 7,894 8,826 8,119 0
Average %Rev 11.470% 8.570% 9.442% 9.932% 12.276% 11.698% 11.744% 11.597% 12.101% 13.198% 13.496% 12.110%
PerCent Change -1.894% ‐3.347% 11.794% 1.122% 24.262% ‐15.291% 17.018% 6.686% 9.899% 21.334% 11.806% ‐8.010% ‐100.000%
INTEREST PAYMENTS
Interest Accounting from Income‐Expense Worksheet 345 354 383 350 340 443 663 651 668 653 591 569 0
Agg μ 0.977% Interest Expense
μ 0 Estimated Cost of Debt 4.646% 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 345 354 383 350 340 443 663 651 668 653 591 569 0
PerCent Change 5.875% 2.609% 8.192% ‐8.616% ‐2.857% 30.294% 49.661% ‐1.810% 2.611% ‐2.246% ‐9.495% ‐3.723% ‐100.000%
64,212 EARNINGS BEFORE TAXES 3,778 3,631 4,072 4,155 5,258 4,299 4,886 5,269 5,838 7,241 8,235 7,550 0
PROVISION FOR TAXES
16,335 1,164 964 1,327 1,205 1,644 1,173 1,133 3,340 792 1,011 1,347 1,235
PerCent Change 16.975% ‐17.182% 37.656% ‐9.194% 36.432% ‐28.650% ‐3.410% 194.793% ‐76.287% 27.652% 33.234% ‐8.315% ‐100.000%
25.439% PerCent of EBT 30.810% 26.549% 32.588% 29.001% 31.267% 27.285% 23.189% 63.390% 13.566% 13.962% 16.357% 16.358%
Dividends on Preferred Stock
-2,329 Extraneous Provisions ‐264 12 0 ‐31 0 ‐479 ‐1,549 ‐73 55
-0.379% ‐0.578% 0.026% 0.000% ‐0.068% 0.000% ‐1.182% ‐3.278% ‐0.143% 0.000% 0.000% 0.084% 0.000%
8.161% NET EARNINGS 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
PerCent Change ‐7.748% 3.390% 8.597% 21.234% ‐0.249% 47.074% ‐62.241% 152.048% 23.464% 9.679% ‐7.581% ‐100.000%
Net Earnings CAGR or IRR 7.41%
Use row 96 and 97 to force adjustments in Worksheet
See Income‐Expense Worksheet Row 86 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
2.241% 2.241% D&A Add Back 1,052 1,008 988 1,185 1,113 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
D&A %Rev 2.303% 2.168% 2.094% 2.613% 2.441% 2.531% 2.572% 2.341% 2.160% 1.988% 1.973% 2.034%
0.000% 10.403% Net CashFlow to Firm 3,930 3,663 3,733 4,166 4,727 4,631 6,517 3,197 6,207 7,419 8,123 7,679 0
Net FCFFirm %Revenue 8.605% 7.878% 7.912% 9.185% 10.366% 11.424% 13.793% 6.263% 11.545% 12.404% 12.421% 11.454%
Estimated Capital Expenditure 1,171 1,193 1,210 1,163 1,170 1,040 1,212 1,309 1,379 1,534 1,677 1,719 0
0.000% 7.838% Estimated Net Earnings | FCFInvestors 2,759 2,470 2,523 3,003 3,557 3,591 5,305 1,888 4,828 5,885 6,446 5,960 0
Net FCFInvestors %Revenue 6.040% 5.313% 5.347% 6.620% 7.802% 8.860% 11.228% 3.698% 8.981% 9.839% 9.856% 8.889%
CAGR or IRR Estimated Net Earnings | FCFInvestors 7.25%
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|IncStmntReview 1/29/2022 11:32 Page 1 of 16

Income‐Expense Worksheet
LMT: Lockheed Martin Corporation | 52‐1893632 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1,000,000 $USD
Revenue Worksheet
Products 36,380 36,925 37,817 35,691 36,093 34,868 40,365 43,875 45,005 50,053 54,928 56,435
Services 9,291 9,574 9,365 9,667 9,507 5,668 6,883 7,173 8,757 9,759 10,470 10,609
REVENUE CALCULATION 45,671 46,499 47,182 45,358 45,600 40,536 47,248 51,048 53,762 59,812 65,398 67,044 0
CoGS Worksheet
Line Worker Wage (If Applicable)
Products (reduced by R&D allocation) 31,900 32,383 32,879 30,649 30,944 30,274 35,628 38,550 38,993 43,289 47,696 48,773
Services 8,382 8,514 8,383 8,588 8,393 4,824 6,040 6,405 7,738 8,731 9,371 9,463
Severance charges 220 136 48 201 0 82 80 0 96 0 27 36
Other unallocated, net 742 1,137 1,060 841 132 47 ‐550 ‐655 ‐1,639 ‐1,875 ‐1,650 ‐1,789
Other Income, net ‐261 ‐276 ‐238 ‐318 ‐337 ‐220 ‐487 ‐373 ‐60 ‐178 10 ‐62
CoGS CALCULATION 40,983 41,894 42,132 39,961 39,132 35,007 40,711 43,927 45,128 49,967 55,454 56,421 0
4,688 4,605 5,050 5,397 6,468 5,529 6,537 7,121 8,634 9,845 9,944 10,623 0
COMPLEX D&A CoGS (Production Capital)
1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364
TOTAL COMPLEX D&A (Posts to CoGS) 1,052 1,008 988 990 994 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
COMPLEX SGA (Administrative Expense)
TOTAL COMPLEX SGA (Posts to Administrative Expense) 0 0 0 0 0 0 0 0 0 0 0 0 0
2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
COMPLEX D&A SGA (Administrative Capital)
Goodwill Impairment Charges 195 119
TOTAL OTHER COMPLEX D&A SGA 0 0 0 195 119 0 0 0 0 0 0 0 0
OTHER INCOME / (LOSS)
Gain / (Loss) on Sale of Property and/or Facility (If Applicable )
Interest Receivable (If Applicable )
Other Income, net
Other non‐operating (expense) income, net 74 ‐35 21 0 ??? 30 0 ‐1 ‐828 ‐74 ‐37 288
Non‐service FAS pension (expense) income ‐577 219 ‐1,292
TOTAL OTHER INCOME (LOSS) 74 ‐35 21 0 0 30 0 ‐1 ‐828 ‐651 182 ‐1,004 0
INTEREST EXPENSE
345 354 383 350 340 443 663 651 668 653 591 569
TOTAL INTEREST EXPENSE 345 354 383 350 340 443 663 651 668 653 591 569 0
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|Income‐Expense Worksheet 1/29/2022 11:32 Page 2 of 16

LMT: Lockheed Martin Corporation | 52‐1893632 BalShtReview
1,000,000 $USD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CURRENT ASSETS
Cash 2,261 3,582 1,898 2,617 1,446 1,090 1,837 2,861 772 1,514 3,160 3,604
Trade Accounts Receivable 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 1,963
Short Term Factor Financing Receivable
Accounts Receivable 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 1,963 0
Inventories 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 2,981
Investments in Securities / Short‐term Securities 516 3
Deferred Tax 1,147 1,339 1,269 1,088 1,451 1,463
Other current Assets 518 625 1,188 813 744 622 399 1,510 418 531 1,150 688
Assets of Discontinued Operations held for sale 396
Contract Assets 9,472 9,094 9,545 10,579
TOTAL CURRENT ASSETS 12,893 14,094 13,855 13,329 12,322 16,198 15,108 17,461 16,103 17,095 19,378 19,815 0
NON-CURRENT ASSETS (i.e. LONG-TERM ASSETS)
Property Plant and Equipment (Acquisition Basis) 11,958 12,470 12,985 13,366 13,489 14,547 14,877 15,361 16,089 16,978 18,149 19,100
Accumulated Depreciation 7,404 7,859 8,310 8,660 8,738 9,057 9,328 9,586 9,965 10,387 10,936 11,503
Property Plant and Equipment (Net of Depreciation)
PPE (Net) 4,554 4,611 4,675 4,706 4,751 5,490 5,549 5,775 6,124 6,591 7,213 7,597 0
Goodwill 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 10,813
Intangible (Other Intangible) 324 4,147 4,093 3,797 3,494 3,213 3,012 2,706
TOTAL GOODWILL AND INTANGIBLE OTHER 9,605 10,148 10,370 10,348 11,186 17,723 14,857 14,604 14,263 13,817 13,818 13,519 0
Long‐term Marketable Securities
Deferred Income Taxes 3,485 4,388 4,809 2,850 4,013 4,470 6,625 3,111 3,208 3,319 3,475 2,290
Other noncurrent Assets 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,652
TOTAL NON-CURRENT ASSETS 22,220 23,814 24,802 22,859 24,724 32,930 32,698 29,060 28,773 30,433 31,332 31,058 0
TOTAL ASSETS 35,113 37,908 38,657 36,188 37,046 49,128 47,806 46,521 44,876 47,528 50,710 50,873 0
CURRENT LIABILITIES
Accounts Payable 1,627 2,269 2,038 1,397 1,562 1,974 1,653 1,467 2,402 1,281 880 780
Current Portion of Debt 150 0 956 0 750 1,500 1,250 500 6
Accrued Expenses 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785
Accrued Taxes Payable
Customer Advances and amounts in excess of costs incurred 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752
1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883
Liabilities of Discontinued Operations held for sale 204
Salaries, benefits and payroll taxes 2,122 2,466 3,163 3,108
Contract liabilities 6,491 7,054 7,545 8,107
Other current liabilities 1,883 1,921 1,845 1,996
Dividend Payable
TOTAL CURRENT LIABILITIES 11,401 12,130 12,155 11,120 11,112 14,057 12,542 12,637 14,398 13,972 13,933 13,997 0
LONG-TERM LIABILITIES
Notes payable / Long‐term Debt 5,019 6,460 6,158 6,152 6,142 14,305 14,282 13,513 12,604 11,404 11,669 11,670
Long‐term Tax Liabilities 11,413 11,807
Accrued Pension Liabilities 10,607 13,502 15,278 9,361 13,855 15,703 11,410 13,234 12,874 8,319
Other post‐retirement benefit liabilities 1,213 1,274 1,220 902 1,102 1,070 862 719 704 337
Other noncurrent liabilities 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,410 6,196 5,928
TOTAL LONG-TERM LIABILITIES 20,215 24,777 26,463 20,150 22,534 31,974 33,658 34,493 29,029 30,385 30,739 25,917 0
TOTAL LIABILITIES 31,616 36,907 38,618 31,270 33,646 46,031 46,200 47,130 43,427 44,357 44,672 39,914 0
SHAREHOLDERS EQUITY Goal‐Seek Adjust Capital Paid‐In and Share count total to Par  $USD 1.00
Preferred Stock:A @ par  $USD 1.00
Preferred Stock:B @ par  $USD 1.00
Preferred Stock:C @ par  $USD 1.00
Preferred Stock:D @ par  $USD 1.00
Common Stock @ par  $USD 1.00 346 321 321 319 314 303 289 284 281 280 281 277
Treasury Stock @ par  $USD 1.00
Additional Capital Paid‐In 219 88
Deferred Compensation
Accumulated Comprehensive Income / (Loss) ‐9,010 ‐11,257 ‐13,493 ‐9,601 ‐11,870 ‐11,444 ‐12,102 ‐12,540 ‐14,321 ‐15,554 ‐16,121 ‐11,006
Retained Earnings / Accumulated Other Comprehensive Income 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 21,600
Other Equity
NonControlling Interests 95 74 55 44 23 0
TOTAL SHAREHOLDERS EQUITY 3,497 1,001 39 4,918 3,400 3,097 1,606 ‐609 1,449 3,171 6,038 10,959 0
TOTAL LIABILITIES AND SE 35,113 37,908 38,657 36,188 37,046 49,128 47,806 46,521 44,876 47,528 50,710 50,873 0
Beharry, Lyndon Martin W.  2022‐01‐28_LMT‐MC‐Equity|BalShtReview 1/29/2022 11:32 Page 3 of 16

LMT: Lockheed Martin Corporation | 52‐1893632 CAPEXCalc
IRR; CAGR Aggregated 1,000,000 $USD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
5.559%
Working Capital [Current
Assets - Current Liabilities]
1,492 1,964 1,700 2,209 1,210 2,141 2,566 4,824 1,705 3,123 5,445 5,818 0
PerCent of Revenue 3.267% 4.224% 3.603% 4.870% 2.654% 5.282% 5.431% 9.450% 3.171% 5.221% 8.326% 8.678%
 Working Capital ‐472 264 ‐509 999 ‐931 ‐425 ‐2,258 3,119 ‐1,418 ‐2,322 ‐373 5,818
-0.698%  Working Capital %Rev ‐1.015% 0.560% ‐1.122% 2.191% ‐2.297% ‐0.900% ‐4.423% 5.801% ‐2.371% ‐3.551% ‐0.556%
20.395% 1.310%
CAPEX =  Total Assets - 
Total Liabilities
‐2,496 ‐962 4,879 ‐1,518 ‐303 ‐1,491 ‐2,215 2,058 1,722 2,867 4,921 ‐10,959
0.928% CAPEX %Rev ‐5.368% ‐2.039% 10.757% ‐3.329% ‐0.747% ‐3.156% ‐4.339% 3.828% 2.879% 4.384% 7.340%
2.565%
CAPEX = PPECurrent - PPELast +
Depreciation
1,065 1,052 1,216 1,158 1,765 1,274 1,421 1,510 1,656 1,912 1,748 ‐7,597
2.789% CAPEX %Rev 2.290% 2.230% 2.681% 2.539% 4.354% 2.696% 2.784% 2.809% 2.769% 2.924% 2.607%
26.268% 27.818% CAPEX %FCFFirm 29.075% 28.181% 29.189% 24.498% 38.113% 19.549% 44.448% 24.327% 22.321% 23.538% 22.763%
[Agg CapEx]/[Agg Rev] 2.770%
Net Operating Working Capital
[Alt Calc]
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
+ Total Current Assets 12,893 14,094 13,855 13,329 12,322 16,198 15,108 17,461 16,103 17,095 19,378 19,815
‐ Investments In Securities ‐516 ‐3
‐ Factor Trade Financing
Receivable
‐ Current Liabilities ‐11,401 ‐12,130 ‐12,155 ‐11,120 ‐11,112 ‐14,057 ‐12,542 ‐12,637 ‐14,398 ‐13,972 ‐13,933 ‐13,997
+ Current Portion of Debt 150 956 750 1,500 1,250 500 6
6.306% Net Operating Working Capital 976 1,961 1,850 2,209 1,210 3,097 2,566 5,574 3,205 4,373 5,945 5,824
PerCent of Revenue 2.137% 4.217% 3.921% 4.870% 2.654% 7.640% 5.431% 10.919% 5.961% 7.311% 9.090% 8.687%
 Working Capital ‐985 111 ‐359 999 ‐1,887 531 ‐3,008 2,369 ‐1,168 ‐1,572 121
-0.788% -0.880%  Working Capital %Rev ‐2.118% 0.235% ‐0.791% 2.191% ‐4.655% 1.124% ‐5.892% 4.406% ‐1.953% ‐2.404% 0.180%
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|CAPEXCalc 1/29/2022 11:32 Page 4 of 16

Statement of Cash Flows
CashFlows
1,000,000 $USD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CashFlow from Operating Activities: CFO 3,557 4,380 3,976 6,066 3,664 5,206 1,517 9,994 6,654 6,447 7,875 5,818
Indirect Method
Net Income 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833 6,315 0
Adjustments
D&A 1,052 1,008 988 1,185 1,113 1,026 1,215 1,195 1,161 1,189 1,290 1,364 0
Deferred Taxes 1,147 1,339 1,269 1,088 1,451 1,463 0 0 0 0 0 0 0
Decrease / (Increase) in Accounts Receivables ‐372 ‐499 729 ‐43 ‐2,184 ‐141 ‐401 6,159 107 359 15 1,963
Increase / (Decrease) in Inventories ‐118 ‐456 ‐40 173 ‐2,158 292 183 1,490 ‐622 74 564 2,981
Increase / (Decrease) in Accounts Payable ‐642 231 641 ‐165 ‐412 321 186 ‐935 1,121 401 100 780
Increase / (Decrease) in Accrued Interest Receivable
Gain / (Loss) on Sale of Property
CashFlow from Investing Activities: CFI
Indirect Method
Cash from Sale of Marketable Securities
Cash from Sale of Land
Cash from Sale of Other Assets
Purchase of Plant & Equipment
CashFlow from Financing Activities: CFF
Indirect Method
Cash from Sale of Equity 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Sale of Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Interest Paid for Debt ‐345 ‐354 ‐383 ‐350 ‐340 ‐443 ‐663 ‐651 ‐668 ‐653 ‐591 ‐569 0
Cash Paid to Redeem Debt 0 0 ‐150 150 0 ‐956 956 ‐750 ‐750 250 750 494 6
Cash paid for Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|CashFlows 1/29/2022 11:32 Page 5 of 16

Complex Debt
ForEx Carrying Conversion 1,000,000 $USD
Currency Value Rate Long-Term Debt Australian Dollar AUD 0.71000
MatDate Coupon Value Annual Canadian Dollar CND 0.76000
USD 1.00000 2021‐12‐31 3.350% 0.000 0 Chinese Yuan CNY 0.14000
USD 1.00000 2023‐12‐31 3.100% 500.000 16 European Union EUR 1.14000
USD 1.00000 2025‐12‐31 2.900% 750.000 22 Korean Won KRW 0.00088
USD 1.00000 2026‐12‐31 3.550% 2,000.000 71 South Africa Rand ZAR 0.06800
USD 1.00000 2030‐12‐31 1.850% 400.000 7 Swiss CHF 1.00000
USD 1.00000 2035‐12‐31 3.600% 500.000 18 US Dollar USD 1.00000
USD 1.00000 2036‐12‐31 5.325% 1,054.000 56
USD 1.00000 2042‐12‐31 4.070% 1,336.000 54
USD 1.00000 2045‐12‐31 3.800% 1,000.000 38
USD 1.00000 2046‐12‐31 4.700% 1,326.000 62
USD 1.00000 2050‐12‐31 2.800% 750.000 21
USD 1.00000 2052‐12‐31 4.090% 1,578.000 65
USD 1.00000 2031‐12‐31 6.990% 1,605.000 112
USD 1.00000 0.000% ‐1,123.000 0
USD 1.00000 0.000% ‐6.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
EUR 1.14000 0.000% 0.000 0
EUR 1.14000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
CND 0.76000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000% 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
USD 1.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
…
11,670 542
4.646%
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|Complex Debt 1/29/2022 11:32 Page 6 of 16

LMT: Lockheed Martin Corporation | 52‐1893632 WACCCalc ACCOUNT FOR CURRENT AND LONG‐TERM LIABILITIES Yes
DCF analysis will deduct the total value of
liabilities from the firm's cash position.
Functional Currency: 1,000,000 $USD DCF ACCOUNTS FOR CASH AND ALL OTHER ASSETS (YES); ONLY CASH AND SHORT‐TERM (NO) No
To assess liquidity at T₀, DCF analysis will
deduct Balance Sheet Liabilities from Cash +
Short‐term securities.
Debt B Calculations [for Weighted Average Cost of Debt]: FIRE SALE VALUE FOR ASSETS OTHER THAN CASH: 85.000%
1,000,000
Long-Term Debt COST OF DEBT 4.646%
MatDate Coupon Value Annual TAX ADJUSTED 3.903%
2018‐09‐01 8.000% 0 OUTSTANDING DEBT OBLIGATIONS 39,914
2.700% 0 0 $USD CURRENCY COST OF DEBT ISSUE. 41,472
1.550% 0 0
6.800% 0 0
2.250% 0 0 COST OF PREFERRED STOCK 0.000%
2.960% 0 0 WEIGHTED MARKET PRICE OF PREFERRED STOCK 0.000
2.400% 0 0 WEIGHTED AVERAGE OF OUTSTANDING PREFERRED STOCK 0
2.150% 0 0 $USD CURRENCY COST OF PREFERRED CAPITAL. 0
2.400% 0 0
2.850% 0 0
2.550% 0 0 MARKET PRICE OF COMMON STOCK 390.000
3.500% 0 0 RECENT SHARES OUT 272
4.625% 0 0 OUTSTANDING COMMON STOCK: ESTIMATETTM = AVG(RECENT,10K FIGURE) 275 Adjusted for Treasury Stock
4.540% 0 RETAINED EARNINGS 21,600
4.580% 0 $USD CURRENCY COST OF COMMON CAPITAL: CAPITALIZATION. 106,703 10,959 BALANCE SHEET SE
1.920% 0
2.610% 0 DIVIDEND IN $USD 11.200
2.840% 0 DIVIDEND YIELD RATE 2.872%
4.150% 0 ONE YR EXPECTED $USD RETURN PER SHARE = [MARKET PRICE X (1+ER)] + DIVIDEND 451.774
1.890% 0 ACTUAL RETURN ON EQUITY: ER for TTM 57.624% 74.310% TTM VALUE
EXPECTED RETURN ON EQUITYUPPER: Including Risk Premium 20.000% MEAN OF FINANCIALS AND TTM
0 0 GORDON DIVIDEND RoE IMPUTED ke 4.754%
Cost of Long Term Debt 0.000% HISTORICAL 0.930
CAPM FOR COMMON STOCK E(ri) = rf + [E(rm)-rf] LOWER 12.968%
Long Term Debt 11,670 ESTIMATE THE COST OF EQUITY ON EXPECTED RoE OR CAPM?
WAAC
CAPMKe
Cost 4.65% WACC MEAN 10.430%
Short Term Debt 0
Cost 0.00% ESTIMATED SHORT-TERM RISK FREE RATE: T-BILL OR OTHER 0.580%
Revolving Debt 0 OVERALL HISTORIC MARKET RETURN 13.900%
Cost 0.00%
PERPETUITY GROWTH RATE = INFLATION 2.500%
Average Debt Cost 4.646%
PERPETUITY DISCOUNT FACTORWACC-PERPETUITY GROWTH RATE 4.973%
WACC Monte 7.473%
TIME HORIZON (YEARS) FOR SCENARIO 10
CAPM Target Price in 1 Years: 440.574
DCF PROJECTED PRICE PER SHARE AT THESE VARIABLES: 213.370
AVERAGE INTERNAL REVENUE GROWTH RATE TIMET-10,T 3.551%
Beharry, Lyndon Martin W. 2022‐01‐28_LMT‐MC‐Equity|WACCCalc 1/29/2022 11:32 Page 7 of 16

Variables Monetary Values In 1,000,000 $USD (Except Per Share Values).
LMT: Lockheed Martin Corporation | 52‐1893632 Currency $USD Note: This sheet carries decimals to 3 places: 0.000 .
Lockheed Martin Corporation, a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We
also provide a broad range of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. We serve both U.S. and international customers with products and services that have defense, civil and
commercial applications, with our principal customers being agencies of the U.S. Government. In 2021, 71% of our $67.0 billion in net sales were from the U.S. Government, either as a prime contractor or as a subcontractor (including 62%
from the Department of Defense (DoD)), 28% were from international customers (including foreign military sales (FMS) contracted through the U.S. Government) and 1% were from U.S. commercial and other customers. Our main areas
of focus are in defense, space, intelligence, homeland security and information technology, including cybersecurity.    (December 2021)
User may vary input into shaded cells. Complete the IncStmntReview and BalShtReview worksheets. Complete this page; then run your simulation here.
The most recent FY end (type year): 2022 Adjust Base Year for TTM Estimate Yes
Calculate Statistics through FY: 2021
Mean Historical Alternate 10.000% Coefficient of Variation Target Cut-off
Variables Estimate STDEV Rate
Revenue Growth Rate 3.806% 7.563% 3.551% High deviation. Coefficient of Variation=198.68% Use an alternate rate.
Alternative Revenue Growth RateDCF 1.00000% 0.100% 0.00% + / -  Growth Per Annum Monte Carlo DCF:  $USD LMT: Lockheed Martin Corporation | 52-1893632
Projected Growth Rate Y1     1.000% 0.100% Use Alternate Rates: Yes 1.000% 0.100%
AGGR
CoGS : f(Revenue) 84.294% 2.136% 84.083% 84.083%
Depreciation/Amortization [COGs] : f(Revenue) 2.268% 0.231% 2.190% 2.190% High deviation. Coefficient of Variation=10.20% Use an alternate rate.
SGA (Only) : f(Revenue) 0.000% 0.000% 0.000% 0.000%
R&D : f(Revenue) 1.868% 0.418% 1.901% 1.901% 1.901% High deviation. Coefficient of Variation=22.35% Use an alternate rate.
Depreciation/Amortization [SGA] : f(Revenue) 0.058% 0.139% 0.051% 0.051% High deviation. Coefficient of Variation=241.78% Use an alternate rate.
Total Administrative Overhead : f(Revenue) 1.926% 0.397% 1.926% 1.952% Operating expense has a high deviation=20.59% Check rates of member elements.
Other Expense (Income); Overhead : f(Revenue) 0.304% 0.661% 0.360% 0.360% High deviation. Coefficient of Variation=217.72% Use an alternate rate.
Interest Expense (Income) : f(Revenue) 0.975% 0.235% 1.250% 0.977% 1.250% High deviation. Coefficient of Variation=24.11% Use an alternate rate.
Tax Rate : f(EBT) 27.027% 13.430% 16.000% 25.439% High deviation. Coefficient of Variation=49.69% Use an alternate rate.
Capital Expenditures : f(Revenue) 2.789% 0.561% 2.565% 2.565% High deviation. Coefficient of Variation=20.11% Use an alternate rate.
Δ Working Capital : f(Revenue) -0.788% 2.969% 0.000% ‐0.880% High deviation. Coefficient of Variation=376.74% Use an alternate rate.
Working Capital : f(Revenue) 5.348% 2.290% 5.559% 5.559% High deviation. Coefficient of Variation=42.82% Use an alternate rate.
Equity Minority Interest : f(Revenue) ‐0.428% 0.968% 0.000% ‐0.379% High deviation. Coefficient of Variation=226.04% Use an alternate rate.
Financial Ratios | FY 2021
Current 1.4156605
Acid Test 0.25748375 No Include Accounts Receivable?
Debt:Equity 3.64212063
Debt:Debt+Equity 0.78458121
RoA (Adjusted for D&A) 0.12413264
RoE 0.57623871
Gordon Dividend Payout Model:
Book Value of the Firm $USD1,000,000 10,959
Book Value Per Share BV0 40.242
Dividend Growth Rate (Gordon Model) gn 3.000% 8.213% Δ KE : [CAPM - Gordon]
ke = [(RoE - gn ) X (BV0 / P0)] + gn 4.754% No Actual RoE (Yes); Expected RoE (No)
P0/BV0 = PBV = [(RoE-gn)/(ke-gn) 9.69145907
Price Multiple : BV0 9.691
Forecast Share Price From Multiple X BV0 390.000
Static Model: DCF Valuation Per Share 213.370 Growth Rate: 1.00% less 0.00% each subsequent year after T₁.
$USD 213.370
VARIABLES FOR WACC CALCULATIONS
Market and CAPM Modelling 0.580% Risk‐Free Rate (T‐Bill/Bond/Note, LIBOR or other imputed rate)
13.900% Overall historic Market Return
Equity Share Variables 390.000 Current Market Price of Common Stock
11.200 Dividend, if applicable
0.930  eta
74.310% Return on Equity TTM
20.000% Expected Return on Equity
272 Current Shares Outstanding (diluted) Including Treasury Holdings in 1,000,000's
Preferred Share Variables Current Market Price of Preferred Stock: A, if applicable
0 Current shares outstanding 1,000,000
Preferred: A stock coupon
Current Market Price of Preferred Stock: B, if applicable
Preferred: B stock coupon
Current Market Price of Preferred Stock: C, if applicable
Preferred: C stock coupon
Current Market Price of Preferred Stock: D, if applicable
Preferred: D stock coupon
0 Weighted Number of Preferred Shares Outstanding
0.000% Weighted Cost (Coupon) of Preferred Shares Outstanding
0.000 Weighted Market Price of Preferred
Perpetuity Growth Rate Inflation Long‐term Growth Rate (for perpetuity model)
2.500% Long‐Term Inflation Rate
3.580% Average Long‐Term Inflation Rate: U.S.A.
12.968% CAPM KE
Basis of WACC Calculation
WACC Avg
(CAPM,
Gordon)
CALCULATE DISCOUNT RATE VARYING EQUITY WEIGHTING:
WACC, CAPM, GORDON RoE, AVERAGE OF CAPM AND GORDON RoE?
Yes VARY WACC AROUND ITS MEAN?
2.000% AT THIS COEFFICIENT OF VARIATION (  PERCENT OF THE MEAN).
7.473% WACC FOR SIMULATION
ALTERNATE PLUG FOR WACC DISCOUNT FACTOR
Forecast Results Summary Per Share 347.832 P/E Valuation 15.000 PE Forward
451.774 CAPM Valuation 15.0000 Imputed or Projected PEG
390.000 BV0 Multiple Valuation
213.370 Static DCF Valuation
214.460 Monte Carlo DCF  Valuation
323.487   of All Models Valuation
Monte Carlo Analysis: 214.460 Monte Carlo DCF  2.500 
1,204.754 Monte Carlo Upper 1,204.754
(680.560) Monte Carlo Lower (680.560)
1,885.314 Monte Carlo Range
879.098% Range:Mean
Lognormal Distribution
The header (top) is higher | lower than the complement (left).
Ratio Comparison of the Models P/E CAPM Gordon BV0 Static DCF MC DCF  Models
P/E 0.000% 29.883% 12.123% ‐38.657% ‐38.344% ‐6.999%
CAPM ‐23.008% 0.000% ‐13.674% ‐52.771% ‐52.529% ‐28.396%
Gordon BV0 ‐10.812% 15.839% 0.000% ‐45.290% ‐45.010% ‐17.055%
Static DCF 63.018% 111.733% 82.781% 0.000% 0.511% 51.609%
MC DCF 62.190% 110.656% 81.852% ‐0.508% 0.000% 50.838%
 Models 7.526% 39.657% 20.561% ‐34.041% ‐33.704% 0.000%
Beharry, Lyndon Martin W.  2022‐01‐28_LMT‐MC‐Equity|Variables 1/29/2022 11:32 Page 8 of 16

Type alternative annual growth rates here:
LMT: Lockheed Martin Corporation | 52‐1893632: Monte Carlo: Valuation Per Share |  $USD Mask Monetary Values In 1,000,000 $USD (Except Per Share Values).
1,000,000 $USD Revenue Growth Rate2022 Revenue Growth Rate2023 Revenue Growth Rate2024 Revenue Growth Rate2025 Revenue Growth Rate2026 Revenue Growth Rate2027 Revenue Growth Rate2028 Revenue Growth Rate2029 Revenue Growth Rate2030 Revenue Growth Rate2031 Revenue Growth Rate2032
Projection Base [FY] Year T0 2022 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 2022 00.0% Revenue Growth Rate 2023 00.0% Revenue Growth Rate 2024 00.0% Revenue Growth Rate 2025 00.0% Revenue Growth Rate 2026 00.0% Revenue Growth Rate 2027 00.0% Revenue Growth Rate 2028 00.0% Revenue Growth Rate 2029 00.0% Revenue Growth Rate 2030 00.0% Revenue Growth Rate 2031 00.0% Revenue Growth Rate 2032 00.0%
1.000% 0.100% Random Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Sequential Reduction 0.000% Alternate Coefficient of Variability 10.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Timet0 Timet+1 Timet+2 Timet+3 Timet+4 Timet+5 Timet+6 Timet+7 Timet+8 Timet+9 Timet+10 Timet+11
Projection TimeT1
67,714 MONTE CARLO REVENUE 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044
CoGS : f(Revenue)2022 CoGS : f(Revenue)2023 CoGS : f(Revenue)2024 CoGS : f(Revenue)2025 CoGS : f(Revenue)2026 CoGS : f(Revenue)2027 CoGS : f(Revenue)2028 CoGS : f(Revenue)2029 CoGS : f(Revenue)2030 CoGS : f(Revenue)2031 CoGS : f(Revenue)2032
84.083% 8.408% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [COGs] : f(Revenue)2022 Depreciation/Amortization [COGs] : f(Revenue)2023 Depreciation/Amortization [COGs] : f(Revenue)2024 Depreciation/Amortization [COGs] : f(Revenue)2025 Depreciation/Amortization [COGs] : f(Revenue)2026 Depreciation/Amortization [COGs] : f(Revenue)2027 Depreciation/Amortization [COGs] : f(Revenue)2028 Depreciation/Amortization [COGs] : f(Revenue)2029 Depreciation/Amortization [COGs] : f(Revenue)2030 Depreciation/Amortization [COGs] : f(Revenue)2031 Depreciation/Amortization [COGs] : f(Revenue)2032
2.190% 0.219% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044
SGA (Only) : f(Revenue)2022 SGA (Only) : f(Revenue)2023 SGA (Only) : f(Revenue)2024 SGA (Only) : f(Revenue)2025 SGA (Only) : f(Revenue)2026 SGA (Only) : f(Revenue)2027 SGA (Only) : f(Revenue)2028 SGA (Only) : f(Revenue)2029 SGA (Only) : f(Revenue)2030 SGA (Only) : f(Revenue)2031 SGA (Only) : f(Revenue)2032
0.000% 0.000% Administrative Costs: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
R&D : f(Revenue)2022 R&D : f(Revenue)2023 R&D : f(Revenue)2024 R&D : f(Revenue)2025 R&D : f(Revenue)2026 R&D : f(Revenue)2027 R&D : f(Revenue)2028 R&D : f(Revenue)2029 R&D : f(Revenue)2030 R&D : f(Revenue)2031 R&D : f(Revenue)2032
1.901% 0.190% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [SGA] : f(Revenue)2022 Depreciation/Amortization [SGA] : f(Revenue)2023 Depreciation/Amortization [SGA] : f(Revenue)2024 Depreciation/Amortization [SGA] : f(Revenue)2025 Depreciation/Amortization [SGA] : f(Revenue)2026 Depreciation/Amortization [SGA] : f(Revenue)2027 Depreciation/Amortization [SGA] : f(Revenue)2028 Depreciation/Amortization [SGA] : f(Revenue)2029 Depreciation/Amortization [SGA] : f(Revenue)2030 Depreciation/Amortization [SGA] : f(Revenue)2031 Depreciation/Amortization [SGA] : f(Revenue)2032
0.051% 0.005% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Other Expense (Income); Overhead : f(Revenue)2022 Other Expense (Income); Overhead : f(Revenue)2023 Other Expense (Income); Overhead : f(Revenue)2024 Other Expense (Income); Overhead : f(Revenue)2025 Other Expense (Income); Overhead : f(Revenue)2026 Other Expense (Income); Overhead : f(Revenue)2027 Other Expense (Income); Overhead : f(Revenue)2028 Other Expense (Income); Overhead : f(Revenue)2029 Other Expense (Income); Overhead : f(Revenue)2030 Other Expense (Income); Overhead : f(Revenue)2031 Other Expense (Income); Overhead : f(Revenue)2032
0.360% 0.036% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044
Interest Expense (Income) : f(Revenue)2022 Interest Expense (Income) : f(Revenue)2023 Interest Expense (Income) : f(Revenue)2024 Interest Expense (Income) : f(Revenue)2025 Interest Expense (Income) : f(Revenue)2026 Interest Expense (Income) : f(Revenue)2027 Interest Expense (Income) : f(Revenue)2028 Interest Expense (Income) : f(Revenue)2029 Interest Expense (Income) : f(Revenue)2030 Interest Expense (Income) : f(Revenue)2031 Interest Expense (Income) : f(Revenue)2032
1.250% 0.125% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044
Tax Rate : f(EBT)2022 Tax Rate : f(EBT)2023 Tax Rate : f(EBT)2024 Tax Rate : f(EBT)2025 Tax Rate : f(EBT)2026 Tax Rate : f(EBT)2027 Tax Rate : f(EBT)2028 Tax Rate : f(EBT)2029 Tax Rate : f(EBT)2030 Tax Rate : f(EBT)2031 Tax Rate : f(EBT)2032
16.000% 1.600% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 100.00% 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures : f(Revenue)2022 Capital Expenditures : f(Revenue)2023 Capital Expenditures : f(Revenue)2024 Capital Expenditures : f(Revenue)2025 Capital Expenditures : f(Revenue)2026 Capital Expenditures : f(Revenue)2027 Capital Expenditures : f(Revenue)2028 Capital Expenditures : f(Revenue)2029 Capital Expenditures : f(Revenue)2030 Capital Expenditures : f(Revenue)2031 Capital Expenditures : f(Revenue)2032
2.565% 0.256% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Δ  Working Capital : f(Revenue)2022 Δ  Working Capital : f(Revenue)2023 Δ  Working Capital : f(Revenue)2024 Δ  Working Capital : f(Revenue)2025 Δ  Working Capital : f(Revenue)2026 Δ  Working Capital : f(Revenue)2027 Δ  Working Capital : f(Revenue)2028 Δ  Working Capital : f(Revenue)2029 Δ  Working Capital : f(Revenue)2030 Δ  Working Capital : f(Revenue)2031 Δ  Working Capital : f(Revenue)2032
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Equity Minority Interest : f(Revenue)2022 Equity Minority Interest : f(Revenue)2023 Equity Minority Interest : f(Revenue)2024 Equity Minority Interest : f(Revenue)2025 Equity Minority Interest : f(Revenue)2026 Equity Minority Interest : f(Revenue)2027 Equity Minority Interest : f(Revenue)2028 Equity Minority Interest : f(Revenue)2029 Equity Minority Interest : f(Revenue)2030 Equity Minority Interest : f(Revenue)2031 Equity Minority Interest : f(Revenue)2032
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
‐41,472 LESS CURRENT DEBT AND OTHER LONG-TERM LIABILITIES T₀ (Adjusted for Carrying Costs )
0 LESS PREFERRED AT PAR T₀
3,604 EXCESS CASH & SHORT-TERM SECURITIES T₀ GROWTH 2.500%
DCF analysis will deduct the total value of liabilities from the firm's cash position. PERPETUITY VALUE
FCF to Equity 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 67,044 1,381,819
WACC FOR SIMULATION
7.473% 0.149% To assess liquidity at T₀, DCF analysis will deduct Balance Sheet Liabilities from Cash + Short‐term securities.
15.919% DCF to the Investors 535,093 DCF analysis will deduct the total value of liabilities from the firm's cash position.
LMT: Lockheed Martin Corporation | 52-1893632: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W.  2022‐01‐28_LMT‐MC‐Equity|DCF All Variable_MC 1/29/2022 11:32 Page 9 of 16

ƋƵŝƚǇsĂůƵĂƚŝŽŶ ϮϬϮϮͲϬϭͲϮϴͺDdͲDͲƋƵŝƚǇ ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚZĞǀŝĞǁ
ŚĞĞĚDĂƌƚŝŶŽƌƉŽƌĂƚŝŽŶͮϱϮͲϭϴϵϯϲϯϮ͗DŽŶƚĞĂƌůŽ͗sĂůƵĂƚŝŽŶWĞƌ^ŚĂƌĞͮΨh^ DĂƐŬ DŽŶĞƚĂƌǇsĂůƵĞƐ/Ŷϭ͕ϬϬϬ͕ϬϬϬΨh^;ǆĐĞƉƚWĞƌ^ŚĂƌĞsĂůƵĞƐͿ͘
ϭ͕ϬϬϬ͕ϬϬϬΨh^ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭ ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϮ
WƌŽũĞĐƚŝŽŶĂƐĞ΀z΁zĞĂƌdϬ ϮϬϮϮ ϮϬϮϮ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ ϮϬϯϮ
DĞĂŶ ^ds Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ϴ ϵ ϭϬ
ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϮϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϯϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϰϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϱϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϲϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϳϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϴϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϮϵϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϬϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϭϬϬ͘Ϭй ZĞǀĞŶƵĞ'ƌŽǁƚŚZĂƚĞϮϬϯϮϬϬ͘Ϭй
ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ ϭ͘ϬϮй Ϭ͘ϴϳй Ϭ͘ϳϱй Ϭ͘ϴϴй Ϭ͘ϵϵй ϭ͘Ϭϰй ϭ͘ϬϬй Ϭ͘ϵϱй ϭ͘Ϭϳй Ϭ͘ϴϵй Ϭ͘ϴϰй
^ĞƋƵĞŶƚŝĂůZĞĚƵĐƚŝŽŶ ůƚĞƌŶĂƚĞŽĞĨĨŝĐŝĞŶƚŽĨsĂƌŝĂďŝůŝƚǇ ϭϬ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй ϭ͘ϬϬй
7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW 7LPHW
WƌŽũĞĐƚŝŽŶdŝŵĞdϭ
ϲϳ͕ϳϭϰ DKEdZKZsEh ϲϳ͕ϳϮϲ ϲϴ͕ϯϭϯ ϲϴ͕ϴϮϱ ϲϵ͕ϰϯϭ ϳϬ͕ϭϭϵ ϳϬ͕ϴϰϲ ϳϭ͕ϱϱϲ ϳϮ͕Ϯϯϱ ϳϯ͕ϬϬϱ ϳϯ͕ϲϱϰ ϳϰ͕ϮϳϬ
Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ Ž'^͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
ϭϬϯ͘ϭϮϰй ϳϵ͘ϯϭϵй ϴϮ͘ϳϯϳй ϴϰ͘ϭϯϱй ϳϴ͘Ϭϰϯй ϴϰ͘ϵϯϭй ϵϯ͘ϱϳϯй ϴϰ͘Ϭϲϴй ϴϱ͘ϴϳϮй ϴϴ͘ϴϯϵй ϴϰ͘ϳϲϴй
Ž'^͗ϴϲ͘Ϯϵй Ͳϲϵ͕ϴϰϭ Ͳϱϰ͕ϭϴϲ Ͳϱϲ͕ϵϰϰ Ͳϱϴ͕ϰϭϲ Ͳϱϰ͕ϳϮϯ ͲϲϬ͕ϭϳϭ Ͳϲϲ͕ϵϱϳ ͲϲϬ͕ϳϮϲ ͲϲϮ͕ϲϵϭ Ͳϲϱ͕ϰϯϯ ͲϲϮ͕ϵϱϳ
ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀K'Ɛ΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
ϭ͘ϵϱϲй Ϯ͘Ϭϱϴй Ϯ͘ϲϬϳй Ϯ͘Ϯϰϵй Ϯ͘ϯϱϵй Ϯ͘Ϯϱϰй Ϯ͘Ϭϭϯй Ϯ͘Ϯϱϵй Ϯ͘ϭϰϰй Ϯ͘Ϯϯϲй Ϯ͘ϮϲϮй
Θ;WƌŽĚƵĐƚŝŽŶͿ͗Ϯ͘ϮϮй Ͳϭ͕ϯϮϱ Ͳϭ͕ϰϬϲ Ͳϭ͕ϳϵϰ Ͳϭ͕ϱϲϮ Ͳϭ͕ϲϱϰ Ͳϭ͕ϱϵϳ Ͳϭ͕ϰϰϭ Ͳϭ͕ϲϯϭ Ͳϭ͕ϱϲϱ Ͳϭ͕ϲϰϳ Ͳϭ͕ϲϴϬ
'ZK^^DZ'/E͗ϭϭ͘ϰϵй Ͳϯ͕ϰϰϬ ϭϮ͕ϳϮϮ ϭϬ͕Ϭϴϳ ϵ͕ϰϱϯ ϭϯ͕ϳϰϮ ϵ͕Ϭϳϵ ϯ͕ϭϱϴ ϵ͕ϴϳϳ ϴ͕ϳϰϵ ϲ͕ϱϳϰ ϵ͕ϲϯϰ
^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ^';KŶůǇͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
ĚŵŝŶŝƐƚƌĂƚŝǀĞŽƐƚƐ͗ Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй
^'͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ
ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ZΘ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
Ϯ͘ϮϭϬй Ϯ͘ϭϭϮй Ϯ͘Ϯϲϱй Ϯ͘ϭϮϳй ϭ͘ϴϵϮй ϭ͘ϳϳϲй ϭ͘ϱϴϱй ϭ͘ϴϵϬй ϭ͘ϲϴϮй ϭ͘ϴϳϰй Ϯ͘ϬϵϬй
ZΘ͗ϭ͘ϵϱй Ͳϭ͕ϰϵϲ Ͳϭ͕ϰϰϯ Ͳϭ͕ϱϱϵ Ͳϭ͕ϰϳϳ Ͳϭ͕ϯϮϳ Ͳϭ͕Ϯϱϴ Ͳϭ͕ϭϯϰ Ͳϭ͕ϯϲϱ Ͳϭ͕ϮϮϴ Ͳϭ͕ϯϴϭ Ͳϭ͕ϱϱϮ
ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĞƉƌĞĐŝĂƚŝŽŶͬŵŽƌƚŝǌĂƚŝŽŶ΀^'΁͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
Ϭ͘Ϭϰϲй Ϭ͘Ϭϰϰй Ϭ͘Ϭϰϰй Ϭ͘Ϭϰϳй Ϭ͘Ϭϱϯй Ϭ͘Ϭϰϲй Ϭ͘Ϭϱϯй Ϭ͘Ϭϰϲй Ϭ͘ϬϰϬй Ϭ͘Ϭϰϭй Ϭ͘Ϭϱϰй
Θ΀^'΁͗Ϭ͘Ϭϱй Ͳϯϭ ͲϯϬ ͲϯϬ ͲϯϮ Ͳϯϳ Ͳϯϯ Ͳϯϴ Ͳϯϯ ͲϮϵ ͲϯϬ ͲϰϬ
ĚŵŝŶǆƉĞŶƐĞƐ͗Ϯ͘ϬϬй Ͳϭ͕ϱϮϴ Ͳϭ͕ϰϳϯ Ͳϭ͕ϱϵϬ Ͳϭ͕ϱϬϵ Ͳϭ͕ϯϲϰ Ͳϭ͕Ϯϵϭ Ͳϭ͕ϭϳϮ Ͳϭ͕ϯϵϴ Ͳϭ͕Ϯϱϳ Ͳϭ͕ϰϭϭ Ͳϭ͕ϱϵϮ
KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ KƚŚĞƌǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͖KǀĞƌŚĞĂĚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
Ϭ͘ϯϯϳй Ϭ͘ϯϰϴй Ϭ͘ϰϬϳй Ϭ͘ϯϴϬй Ϭ͘ϰϯϬй Ϭ͘Ϯϴϲй Ϭ͘ϯϯϭй Ϭ͘ϰϭϭй Ϭ͘ϯϵϲй Ϭ͘ϯϳϳй Ϭ͘ϯϴϵй
KƚŚĞƌ͗Ϭ͘ϯϳй ͲϮϮϵ ͲϮϯϴ ͲϮϴϬ ͲϮϲϰ ͲϯϬϮ ͲϮϬϯ ͲϮϯϳ ͲϮϵϳ ͲϮϴϵ ͲϮϳϴ ͲϮϴϵ
/d͗ϵ͘ϭϮй Ͳϱ͕ϭϵϲ ϭϭ͕ϬϭϮ ϴ͕Ϯϭϳ ϳ͕ϲϴϬ ϭϮ͕Ϭϳϲ ϳ͕ϱϴϱ ϭ͕ϳϰϵ ϴ͕ϭϴϮ ϳ͕ϮϬϰ ϰ͕ϴϴϲ ϳ͕ϳϱϮ
/ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ /ŶƚĞƌĞƐƚǆƉĞŶƐĞ;/ŶĐŽŵĞͿ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
ϭ͘Ϯϴϵй ϭ͘ϱϲϳй ϭ͘ϮϮϭй ϭ͘ϯϰϮй ϭ͘ϭϳϭй ϭ͘ϰϬϰй ϭ͘ϭϲϮй ϭ͘ϮϳϮй ϭ͘Ϭϱϭй ϭ͘ϯϬϰй ϭ͘Ϯϴϰй
/ŶƚĞƌĞƐƚǆƉĞŶƐĞ͗ϭ͘Ϯϴй Ͳϴϳϯ Ͳϭ͕Ϭϳϭ ͲϴϰϬ ͲϵϯϮ ͲϴϮϭ Ͳϵϵϱ Ͳϴϯϭ Ͳϵϭϵ Ͳϳϲϳ ͲϵϲϬ Ͳϵϱϰ
d͗ϳ͘ϴϰй Ͳϲ͕Ϭϲϵ ϵ͕ϵϰϭ ϳ͕ϯϳϳ ϲ͕ϳϰϴ ϭϭ͕Ϯϱϱ ϲ͕ϱϵϬ ϵϭϴ ϳ͕Ϯϲϯ ϲ͕ϰϯϲ ϯ͕ϵϮϱ ϲ͕ϳϵϴ
dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϮ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϯ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϰ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϱ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϲ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϳ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϴ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϮϵ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϯϬ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϯϭ dĂǆZĂƚĞ͗Ĩ;dͿϮϬϯϮ
ϭϯ͘ϱϱϬй ϭϲ͘ϯϰϲй ϭϲ͘ϯϳϬй ϭϰ͘ϭϯϲй ϭϱ͘Ϯϯϴй ϭϱ͘ϴϬϮй ϭϲ͘ϯϳϰй ϭϱ͘ϵϬϭй ϭϱ͘ϵϯϲй ϭϱ͘ϯϬϵй
dĂǆĞƐ͗ϭϱ͘ϰϱй Ϭ ͲϱϮϱ Ͳϭ͕ϮϬϲ Ͳϭ͕ϭϬϱ Ͳϭ͕ϱϵϭ Ͳϭ͕ϬϬϰ Ͳϭϰϱ Ͳϭ͕ϭϴϵ Ͳϭ͕ϬϮϯ ͲϲϮϲ Ͳϭ͕Ϭϰϭ
)RUZDUGUHGLW 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH
EdZE/E'^͗ϲ͘ϲϯй Ͳϲ͕Ϭϲϵ ϵ͕ϰϭϲ ϲ͕ϭϳϭ ϱ͕ϲϰϰ ϵ͕ϲϲϰ ϱ͕ϱϴϲ ϳϳϯ ϲ͕Ϭϳϰ ϱ͕ϰϭϯ ϯ͕ϯϬϬ ϱ͕ϳϱϴ
ΘĚĚͲĂĐŬ͗Ϯ͘Ϯϲй ϭ͕ϯϱϲ ϭ͕ϰϯϲ ϭ͕ϴϮϱ ϭ͕ϱϵϰ ϭ͕ϲϵϭ ϭ͕ϲϯϬ ϭ͕ϰϳϵ ϭ͕ϲϲϱ ϭ͕ϱϵϰ ϭ͕ϲϳϳ ϭ͕ϳϮϬ
ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ĂƉŝƚĂůǆƉĞŶĚŝƚƵƌĞƐ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
Ϯ͘ϰϳϰй Ϯ͘ϭϳϳй Ϯ͘ϱϯϱй Ϯ͘Ϭϭϳй Ϯ͘ϳϳϮй ϯ͘ϰϮϵй ϭ͘ϵϯϳй Ϯ͘ϱϴϯй Ϯ͘ϳϳϭй Ϯ͘ϵϰϰй Ϯ͘ϯϱϴй
Wy͗Ϯ͘ϱϱй Ͳϭ͕ϲϳϲ Ͳϭ͕ϰϴϳ Ͳϭ͕ϳϰϱ Ͳϭ͕ϰϬϭ Ͳϭ͕ϵϰϰ ͲϮ͕ϰϮϵ Ͳϭ͕ϯϴϲ Ͳϭ͕ϴϲϲ ͲϮ͕ϬϮϯ ͲϮ͕ϭϲϴ Ͳϭ͕ϳϱϭ
ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ȴtŽƌŬŝŶŐĂƉŝƚĂů͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй Ϭ͘ϬϬϬй
ȴtZW͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ
ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϮ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϯ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϰ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϱ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϲ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϳ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϴ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϮϵ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϬ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϭ ƋƵŝƚǇDŝŶŽƌŝƚǇ/ŶƚĞƌĞƐƚ͗Ĩ;ZĞǀĞŶƵĞͿϮϬϯϮ
ZE͗Ϭ͘ϬϬй Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ Ϭ
Ͳϰϭ͕ϰϳϮ /(66855(17'(%7$1'27+(5/21*7(50/,$%,/,7,(67΋Adjusted for Carrying Costs

Ϭ /(6635()(55('$73$57΋
ϯ͕ϲϬϰ (;(66$6+ 6+2577(506(85,7,(67΋ 'ZKtd,
ĂŶĂůǇƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘ 3(53(78,79$/8(
ƚŽƋƵŝƚǇ Ͳϲ͕ϯϴϵ ϵ͕ϯϲϱ ϲ͕Ϯϱϭ ϱ͕ϴϯϳ ϵ͕ϰϭϭ ϰ͕ϳϴϲ ϴϲϲ ϱ͕ϴϳϯ ϰ͕ϵϴϰ Ϯ͕ϴϬϴ ϱ͕ϳϮϲ ϭϭϴ͕Ϭϭϰ
tKZ^/Dhd/KE
ϳ͘ϰϳϯй Ϭ͘ϭϰϵй dŽĂƐƐĞƐƐůŝƋƵŝĚŝƚǇĂƚdЅ͕ĂŶĂůǇƐŝƐǁŝůůĚĞĚƵĐƚĂůĂŶĐĞ^ŚĞĞƚŝĂďŝůŝƚŝĞƐĨƌŽŵĂƐŚн^ŚŽƌƚͲƚĞƌŵƐĞĐƵƌŝƚŝĞƐ͘
ϳ͘ϲϭϳй ')WRWKH,QYHVWRUV ĂŶĂůǇƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘
/07/RFNKHHG0DUWLQRUSRUDWLRQ_0RQWHDUOR9DOXDWLRQ3HU6KDUH_86' 3(56+$5(
Dd͗ŽĐŬŚĞĞ
ĞŚĂƌƌǇ͕ǇŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϮͲϬϭͲϮϴͺDdͲDͲƋƵŝƚǇͮůůsĂƌŝĂďůĞͺD ϭͬϮϵͬϮϬϮϮϬϵ͗ϯϵ WĂŐĞϭŽĨϯ

ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ ϭ͘ϭϮй ϭ͘Ϯϱй ϭ͘Ϭϵй ϭ͘ϬϮй ϭ͘Ϭϭй ϭ͘Ϭϭй Ϭ͘ϵϭй Ϭ͘ϵϲй Ϭ͘ϴϳй Ϭ͘ϵϱй Ϭ͘ϵϬй
ϲϳ͕ϳϭϰ DKEdZKZsEh ϲϳ͕ϳϵϰ ϲϴ͕ϲϰϯ ϲϵ͕ϯϵϬ ϳϬ͕Ϭϵϳ ϳϬ͕ϴϬϯ ϳϭ͕ϱϮϬ ϳϮ͕ϭϳϭ ϳϮ͕ϴϲϳ ϳϯ͕ϱϬϮ ϳϰ͕ϮϬϮ ϳϰ͕ϴϳϭ
ϵϮ͘ϴϵϮй ϴϰ͘ϲϮϭй ϳϴ͘ϴϮϭй ϴϵ͘Ϯϱϴй ϴϴ͘ϳϳϳй ϴϲ͘ϳϰϭй ϳϮ͘ϯϱϭй ϵϮ͘Ϭϲϳй ϳϴ͘ϱϲϯй ϵϬ͘Ϯϴϱй ϳϲ͘ϮϭϮй
Ž'^͗ϴϰ͘ϱϯй ͲϲϮ͕ϵϳϱ Ͳϱϴ͕Ϭϴϲ Ͳϱϰ͕ϲϵϰ ͲϲϮ͕ϱϲϳ ͲϲϮ͕ϴϱϳ ͲϲϮ͕Ϭϯϳ ͲϱϮ͕Ϯϭϳ Ͳϲϳ͕Ϭϴϳ Ͳϱϳ͕ϳϰϱ Ͳϲϲ͕ϵϵϰ Ͳϱϳ͕ϬϲϬ
Ϯ͘ϯϲϱй Ϯ͘ϬϮϵй ϭ͘ϳϯϲй Ϯ͘ϮϴϮй Ϯ͘ϯϰϱй Ϯ͘ϳϬϰй ϭ͘ϵϰϵй ϭ͘ϵϳϭй ϭ͘ϵϯϰй Ϯ͘ϬϵϮй ϭ͘ϳϵϮй
Θ;WƌŽĚƵĐƚŝŽŶͿ͗Ϯ͘ϭϭй Ͳϭ͕ϲϬϯ Ͳϭ͕ϯϵϮ Ͳϭ͕ϮϬϱ Ͳϭ͕ϱϵϵ Ͳϭ͕ϲϲϬ Ͳϭ͕ϵϯϰ Ͳϭ͕ϰϬϳ Ͳϭ͕ϰϯϲ Ͳϭ͕ϰϮϮ Ͳϭ͕ϱϱϮ Ͳϭ͕ϯϰϮ
'ZK^^DZ'/E͗ϭϯ͘ϯϲй ϯ͕Ϯϭϲ ϵ͕ϭϲϰ ϭϯ͕ϰϵϮ ϱ͕ϵϯϭ ϲ͕Ϯϴϲ ϳ͕ϱϰϵ ϭϴ͕ϱϰϴ ϰ͕ϯϰϰ ϭϰ͕ϯϯϱ ϱ͕ϲϱϳ ϭϲ͕ϰϲϵ
ϭ͘ϴϭϱй ϭ͘ϳϳϵй ϭ͘ϴϬϵй Ϯ͘ϬϮϮй Ϯ͘Ϭϱϭй ϭ͘ϲϯϴй ϭ͘ϳϵϳй ϭ͘ϳϲϱй Ϯ͘ϭϮϵй ϭ͘ϳϲϯй ϭ͘Ϯϲϵй
ZΘ͗ϭ͘ϴϬй Ͳϭ͕ϮϯϬ Ͳϭ͕ϮϮϭ Ͳϭ͕Ϯϱϱ Ͳϭ͕ϰϭϴ Ͳϭ͕ϰϱϮ Ͳϭ͕ϭϳϭ Ͳϭ͕Ϯϵϳ Ͳϭ͕Ϯϴϲ Ͳϭ͕ϱϲϱ Ͳϭ͕ϯϬϴ ͲϵϱϬ
Ϭ͘Ϭϰϲй Ϭ͘ϬϰϬй Ϭ͘Ϭϰϳй Ϭ͘Ϭϱϭй Ϭ͘Ϭϰϵй Ϭ͘Ϭϱϭй Ϭ͘Ϭϰϳй Ϭ͘Ϭϰϲй Ϭ͘Ϭϰϱй Ϭ͘Ϭϰϲй Ϭ͘ϬϰϬй
Θ΀^'΁͗Ϭ͘Ϭϱй Ͳϯϭ ͲϮϴ Ͳϯϯ Ͳϯϲ Ͳϯϱ Ͳϯϲ Ͳϯϰ Ͳϯϰ Ͳϯϯ Ͳϯϰ ͲϯϬ
ĚŵŝŶǆƉĞŶƐĞƐ͗ϭ͘ϴϱй Ͳϭ͕Ϯϲϭ Ͳϭ͕Ϯϰϵ Ͳϭ͕Ϯϴϴ Ͳϭ͕ϰϱϯ Ͳϭ͕ϰϴϳ Ͳϭ͕ϮϬϴ Ͳϭ͕ϯϯϭ Ͳϭ͕ϯϮϬ Ͳϭ͕ϱϵϴ Ͳϭ͕ϯϰϮ ͲϵϴϬ
Ϭ͘ϯϮϰй Ϭ͘ϯϳϮй Ϭ͘ϰϮϬй Ϭ͘ϯϮϭй Ϭ͘ϯϬϭй Ϭ͘ϯϵϴй Ϭ͘ϯϯϳй Ϭ͘ϯϴϳй Ϭ͘ϯϱϯй Ϭ͘ϯϲϮй Ϭ͘ϰϭϰй
KƚŚĞƌ͗Ϭ͘ϯϲй ͲϮϭϵ ͲϮϱϲ ͲϮϵϭ ͲϮϮϱ ͲϮϭϯ ͲϮϴϱ ͲϮϰϯ ͲϮϴϮ ͲϮϱϵ ͲϮϲϵ ͲϯϭϬ
/d͗ϭϭ͘ϭϱй ϭ͕ϳϯϱ ϳ͕ϲϲϬ ϭϭ͕ϵϭϮ ϰ͕ϮϱϮ ϰ͕ϱϴϲ ϲ͕Ϭϱϳ ϭϲ͕ϵϳϰ Ϯ͕ϳϰϮ ϭϮ͕ϰϳϴ ϰ͕Ϭϰϲ ϭϱ͕ϭϴϬ
ϭ͘ϯϴϵй ϭ͘ϯϬϳй ϭ͘ϱϬϲй ϭ͘ϬϳϮй ϭ͘ϰϮϭй ϭ͘ϭϬϭй ϭ͘ϮϰϬй ϭ͘Ϯϯϳй Ϭ͘ϵϮϵй ϭ͘ϮϬϮй ϭ͘Ϭϯϰй
/ŶƚĞƌĞƐƚǆƉĞŶƐĞ͗ϭ͘ϮϮй Ͳϵϰϭ Ͳϴϵϳ Ͳϭ͕Ϭϰϱ Ͳϳϱϭ Ͳϭ͕ϬϬϲ Ͳϳϴϳ Ͳϴϵϱ ͲϵϬϮ Ͳϲϴϯ ͲϴϵϮ Ͳϳϳϱ
d͗ϵ͘ϵϯй ϳϵϰ ϲ͕ϳϲϯ ϭϬ͕ϴϲϳ ϯ͕ϱϬϭ ϯ͕ϱϴϬ ϱ͕ϮϳϬ ϭϲ͕Ϭϳϵ ϭ͕ϴϰϬ ϭϭ͕ϳϵϱ ϯ͕ϭϱϰ ϭϰ͕ϰϬϱ
ϭϲ͘ϰϮϭй ϭϲ͘ϱϬϵй ϭϱ͘ϳϭϬй ϭϲ͘ϬϮϯй ϭϰ͘Ϭϲϴй ϭϯ͘Ϭϵϭй ϭϱ͘ϯϭϭй ϭϳ͘ϯϯϯй ϭϰ͘Ϯϭϲй ϭϯ͘ϰϯϲй
dĂǆĞƐ͗ϭϰ͘ϵϵй Ͳϭϭϯ Ͳϭ͕ϭϭϭ Ͳϭ͕ϳϵϰ ͲϱϱϬ Ͳϱϳϰ Ͳϳϰϭ ͲϮ͕ϭϬϱ ͲϮϴϮ ͲϮ͕Ϭϰϰ Ͳϰϰϴ Ͳϭ͕ϵϯϱ
7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH
EdZE/E'^͗ϴ͘ϰϰй ϲϴϭ ϱ͕ϲϱϮ ϵ͕Ϭϳϯ Ϯ͕ϵϱϭ ϯ͕ϬϬϲ ϰ͕ϱϮϵ ϭϯ͕ϵϳϰ ϭ͕ϱϱϵ ϵ͕ϳϱϬ Ϯ͕ϳϬϱ ϭϮ͕ϰϳϬ
ΘĚĚͲĂĐŬ͗Ϯ͘ϭϱй ϭ͕ϲϯϰ ϭ͕ϰϮϬ ϭ͕Ϯϯϳ ϭ͕ϲϯϱ ϭ͕ϲϵϱ ϭ͕ϵϳϬ ϭ͕ϰϰϬ ϭ͕ϰϳϬ ϭ͕ϰϱϱ ϭ͕ϱϴϲ ϭ͕ϯϳϭ
Ϯ͘Ϯϭϴй Ϯ͘ϱϯϲй Ϯ͘ϱϲϵй Ϯ͘ϮϰϮй Ϯ͘ϰϲϴй Ϯ͘Ϭϵϭй Ϯ͘ϰϲϮй ϭ͘ϳϵϱй Ϯ͘ϳϯϴй Ϯ͘ϳϮϱй Ϯ͘ϵϴϱй
Wy͗Ϯ͘ϰϰй Ͳϭ͕ϱϬϰ Ͳϭ͕ϳϰϭ Ͳϭ͕ϳϴϯ Ͳϭ͕ϱϳϮ Ͳϭ͕ϳϰϴ Ͳϭ͕ϰϵϱ Ͳϭ͕ϳϳϳ Ͳϭ͕ϯϬϴ ͲϮ͕Ϭϭϯ ͲϮ͕ϬϮϮ ͲϮ͕Ϯϯϱ

Ϭ /(6635()(55('$73$57΋
ϯ͕ϲϬϰ (;(66$6+ 6+2577(506(85,7,(67΋ 'ZKtd,
ƚŽƋƵŝƚǇ ϴϭϭ ϱ͕ϯϯϮ ϴ͕ϱϮϴ ϯ͕Ϭϭϰ Ϯ͕ϵϱϰ ϱ͕ϬϬϯ ϭϯ͕ϲϯϴ ϭ͕ϳϮϬ ϵ͕ϭϵϯ Ϯ͕ϮϳϬ ϭϭ͕ϲϬϲ Ϯϯϵ͕ϮϬϲ
tKZ^/Dhd/KE
ϳ͘ϲϰϵй ')WRWKH,QYHVWRUV ĂŶĂůǇƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘
Dd͗ŽĐŬŚĞĞ
ĞŚĂƌƌǇ͕ǇŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϮͲϬϭͲϮϴͺDdͲDͲƋƵŝƚǇͮůůsĂƌŝĂďůĞͺD ϭͬϮϵͬϮϬϮϮϬϵ͗ϰϬ WĂŐĞϭŽĨϯ

ZĂŶĚŽŵ'ƌŽǁƚŚZĂƚĞ ϭ͘Ϯϭй Ϭ͘ϵϴй ϭ͘ϭϰй ϭ͘Ϭϭй ϭ͘Ϭϱй ϭ͘ϭϮй ϭ͘Ϭϯй Ϭ͘ϵϲй ϭ͘ϭϬй ϭ͘ϭϭй ϭ͘ϭϯй
ϲϳ͕ϳϭϰ DKEdZKZsEh ϲϳ͕ϴϱϮ ϲϴ͕ϱϭϳ ϲϵ͕Ϯϵϵ ϳϬ͕ϬϬϭ ϳϬ͕ϳϯϮ ϳϭ͕ϱϮϳ ϳϮ͕Ϯϲϯ ϳϮ͕ϵϱϴ ϳϯ͕ϳϲϰ ϳϰ͕ϱϴϰ ϳϱ͕ϰϮϵ
ϴϵ͘ϱϲϭй ϴϳ͘ϱϯϵй ϲϲ͘ϲϲϭй ϵϯ͘ϯϱϲй ϳϱ͘ϳϳϭй ϵϯ͘ϲϳϰй ϴϭ͘ϵϳϱй ϳϵ͘ϵϴϳй ϭϬϱ͘ϴϮϮй ϴϴ͘ϯϴϮй ϵϬ͘ϳϭϵй
Ž'^͗ϴϲ͘ϳϴй ͲϲϬ͕ϳϲϵ Ͳϱϵ͕ϵϳϵ Ͳϰϲ͕ϭϵϲ Ͳϲϱ͕ϯϱϬ Ͳϱϯ͕ϱϵϱ Ͳϲϳ͕ϬϬϮ Ͳϱϵ͕Ϯϯϳ Ͳϱϴ͕ϯϱϲ Ͳϳϴ͕Ϭϱϴ Ͳϲϱ͕ϵϭϵ Ͳϲϴ͕ϰϮϴ
Ϯ͘Ϭϵϯй Ϯ͘Ϭϰϵй ϭ͘ϴϰϬй Ϯ͘ϯϬϴй Ϯ͘ϰϵϵй Ϯ͘ϰϵϰй Ϯ͘Ϭϲϰй ϭ͘ϵϯϭй Ϯ͘ϯϯϯй ϭ͘ϵϵϱй Ϯ͘ϮϬϭй
Θ;WƌŽĚƵĐƚŝŽŶͿ͗Ϯ͘ϭϲй Ͳϭ͕ϰϮϬ Ͳϭ͕ϰϬϰ Ͳϭ͕Ϯϳϱ Ͳϭ͕ϲϭϲ Ͳϭ͕ϳϲϳ Ͳϭ͕ϳϴϰ Ͳϭ͕ϰϵϮ Ͳϭ͕ϰϬϵ Ͳϭ͕ϳϮϭ Ͳϭ͕ϰϴϴ Ͳϭ͕ϲϲϬ
'ZK^^DZ'/E͗ϭϭ͘Ϭϲй ϱ͕ϲϲϯ ϳ͕ϭϯϰ Ϯϭ͕ϴϮϵ ϯ͕Ϭϯϱ ϭϱ͕ϯϳϬ Ϯ͕ϳϰϭ ϭϭ͕ϱϯϰ ϭϯ͕ϭϵϯ Ͳϲ͕Ϭϭϲ ϳ͕ϭϳϳ ϱ͕ϯϰϬ
Ϯ͘ϭϯϮй ϭ͘ϴϵϮй ϭ͘ϴϵϵй Ϯ͘ϯϰϱй Ϯ͘Ϭϵϲй ϭ͘ϳϳϲй ϭ͘ϴϰϳй ϭ͘ϴϭϳй ϭ͘ϴϮϬй Ϯ͘ϭϱϮй Ϯ͘ϭϲϯй
ZΘ͗ϭ͘ϵϵй Ͳϭ͕ϰϰϲ Ͳϭ͕Ϯϵϲ Ͳϭ͕ϯϭϲ Ͳϭ͕ϲϰϮ Ͳϭ͕ϰϴϮ Ͳϭ͕ϮϳϬ Ͳϭ͕ϯϯϱ Ͳϭ͕ϯϮϲ Ͳϭ͕ϯϰϯ Ͳϭ͕ϲϬϱ Ͳϭ͕ϲϯϭ
Ϭ͘Ϭϰϵй Ϭ͘Ϭϱϲй Ϭ͘Ϭϱϭй Ϭ͘Ϭϰϳй Ϭ͘Ϭϰϰй Ϭ͘Ϭϱϯй Ϭ͘Ϭϰϱй Ϭ͘Ϭϱϱй Ϭ͘Ϭϲϭй Ϭ͘Ϭϱϳй Ϭ͘Ϭϰϴй
Θ΀^'΁͗Ϭ͘Ϭϱй Ͳϯϯ Ͳϯϴ Ͳϯϱ Ͳϯϯ Ͳϯϭ Ͳϯϴ ͲϯϮ ͲϰϬ Ͳϰϱ Ͳϰϯ Ͳϯϲ
ĚŵŝŶǆƉĞŶƐĞƐ͗Ϯ͘Ϭϱй Ͳϭ͕ϰϴϬ Ͳϭ͕ϯϯϰ Ͳϭ͕ϯϱϭ Ͳϭ͕ϲϳϰ Ͳϭ͕ϱϭϰ Ͳϭ͕ϯϬϴ Ͳϭ͕ϯϲϳ Ͳϭ͕ϯϲϲ Ͳϭ͕ϯϴϳ Ͳϭ͕ϲϰϴ Ͳϭ͕ϲϲϴ
Ϭ͘ϯϰϱй Ϭ͘ϯϬϳй Ϭ͘ϯϮϲй Ϭ͘ϯϵϳй Ϭ͘ϯϱϰй Ϭ͘Ϯϴϲй Ϭ͘ϯϵϲй Ϭ͘ϯϰϰй Ϭ͘ϯϱϴй Ϭ͘ϯϲϳй Ϭ͘ϯϲϱй
KƚŚĞƌ͗Ϭ͘ϯϱй ͲϮϯϰ ͲϮϭϬ ͲϮϮϲ ͲϮϳϴ ͲϮϱϬ ͲϮϬϰ ͲϮϴϲ ͲϮϱϭ ͲϮϲϰ ͲϮϳϰ ͲϮϳϲ
/d͗ϴ͘ϲϲй ϯ͕ϵϰϵ ϱ͕ϱϴϵ ϮϬ͕ϮϱϮ ϭ͕ϬϴϮ ϭϯ͕ϲϬϳ ϭ͕ϮϮϴ ϵ͕ϴϴϭ ϭϭ͕ϱϳϲ Ͳϳ͕ϲϲϳ ϱ͕Ϯϱϲ ϯ͕ϯϵϳ
ϭ͘ϯϳϰй ϭ͘Ϯϲϲй ϭ͘Ϯϭϲй ϭ͘Ϯϰϯй ϭ͘ϭϳϰй ϭ͘ϮϰϬй ϭ͘ϭϱϳй ϭ͘Ϯϵϰй ϭ͘Ϯϭϭй ϭ͘ϰϭϭй ϭ͘Ϯϰϰй
/ŶƚĞƌĞƐƚǆƉĞŶƐĞ͗ϭ͘Ϯϲй ͲϵϯϮ Ͳϴϲϴ ͲϴϰϮ ͲϴϳϬ ͲϴϯϬ Ͳϴϴϳ Ͳϴϯϲ Ͳϵϰϰ Ͳϴϵϰ Ͳϭ͕Ϭϱϯ Ͳϵϯϵ
d͗ϳ͘ϰϬй ϯ͕Ϭϭϳ ϰ͕ϳϮϮ ϭϵ͕ϰϬϵ Ϯϭϯ ϭϮ͕ϳϳϲ ϯϰϭ ϵ͕Ϭϰϱ ϭϬ͕ϲϯϭ Ͳϴ͕ϱϲϭ ϰ͕ϮϬϯ Ϯ͕ϰϱϴ
ϭϱ͘ϳϴϮй ϭϯ͘ϰϬϱй ϭϲ͘ϭϵϲй ϭϱ͘Ϭϵϯй ϭϱ͘ϲϲϭй ϭϳ͘Ϯϭϭй ϭϱ͘ϵϱϮй ϭϱ͘ϱϯϯй ϭϳ͘ϱϯϳй ϭϲ͘Ϭϵϱй
dĂǆĞƐ͗ϭϱ͘ϭϵй Ͳϰϱϰ Ͳϳϰϱ ͲϮ͕ϲϬϮ Ͳϯϰ Ͳϭ͕ϵϮϴ Ͳϱϯ Ͳϭ͕ϱϱϳ Ͳϭ͕ϲϵϲ ϭ͕ϯϯϬ Ͳϳϭϱ Ͳϯϵϲ
7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH 7D[3DDEOH
EdZE/E'^͗ϲ͘Ϯϴй Ϯ͕ϱϲϮ ϯ͕ϵϳϳ ϭϲ͕ϴϬϳ ϭϳϴ ϭϬ͕ϴϰϴ Ϯϴϴ ϳ͕ϰϴϴ ϴ͕ϵϯϱ Ͳϳ͕Ϯϯϭ ϯ͕ϰϴϴ Ϯ͕Ϭϲϯ
ΘĚĚͲĂĐŬ͗Ϯ͘ϮϮй ϭ͕ϰϱϯ ϭ͕ϰϰϮ ϭ͕ϯϭϬ ϭ͕ϲϰϴ ϭ͕ϳϵϵ ϭ͕ϴϮϮ ϭ͕ϱϮϰ ϭ͕ϰϰϵ ϭ͕ϳϲϲ ϭ͕ϱϯϭ ϭ͕ϲϵϳ
Ϯ͘ϯϵϭй Ϯ͘ϯϮϴй Ϯ͘ϮϴϬй ϯ͘Ϭϴϳй Ϯ͘ϰϯϵй Ϯ͘ϵϲϱй Ϯ͘ϯϴϯй Ϯ͘ϰϲϱй Ϯ͘ϳϰϱй Ϯ͘ϰϳϵй Ϯ͘ϱϲϴй
Wy͗Ϯ͘ϱϲй Ͳϭ͕ϲϮϮ Ͳϭ͕ϱϵϱ Ͳϭ͕ϱϴϬ ͲϮ͕ϭϲϭ Ͳϭ͕ϳϮϱ ͲϮ͕ϭϮϭ Ͳϭ͕ϳϮϮ Ͳϭ͕ϳϵϴ ͲϮ͕ϬϮϱ Ͳϭ͕ϴϰϵ Ͳϭ͕ϵϯϳ

Ϭ /(6635()(55('$73$57΋
ϯ͕ϲϬϰ (;(66$6+ 6+2577(506(85,7,(67΋ 'ZKtd,
ƚŽƋƵŝƚǇ Ϯ͕ϯϵϯ ϯ͕ϴϮϰ ϭϲ͕ϱϯϴ Ͳϯϯϱ ϭϬ͕ϵϮϮ Ͳϭϭ ϳ͕ϮϵϬ ϴ͕ϱϴϲ Ͳϳ͕ϰϵϬ ϯ͕ϭϳϬ ϭ͕ϴϮϮ ϯϳ͕ϱϱϯ
tKZ^/Dhd/KE
ϳ͘ϳϳϬй ')WRWKH,QYHVWRUV ĂŶĂůǇƐŝƐǁŝůůĚĞĚƵĐƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨůŝĂďŝůŝƚŝĞƐĨƌŽŵƚŚĞĨŝƌŵΖƐĐĂƐŚƉŽƐŝƚŝŽŶ͘
Dd͗ŽĐŬŚĞĞ
ĞŚĂƌƌǇ͕ǇŶĚŽŶDĂƌƚŝŶt͘ϮϬϮϮͲϬϭͲϮϴͺDdͲDͲƋƵŝƚǇͮůůsĂƌŝĂďůĞͺD ϭͬϮϵͬϮϬϮϮϬϵ͗ϰϬ WĂŐĞϭŽĨϯ

2022 01-28 lmt-mc-equity-wkbk-trial

2022 01-28 lmt-mc-equity-wkbk-trial

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2022 01-28 lmt-mc-equity-wkbk-trial