Important disclosures appear on the last page of this report.

The Henry FundHenry B. Tippie School of ManagementAlec Davis [alec-davis@uiowa.edu]

Caterpillar, Inc. November 17, 2015Industrials – Heavy Machinery Stock Rating Buy

Investment Thesis Target Price $84-86

Global macroeconomic factors have created severe headwinds across amajority of Caterpillar’s markets, however business cyclicality is nothing new tothis 90 year old company. Caterpillar has proactively moved to cut costs aheadof forecasted downturns and has managed to protect margins. The current priceoffers an attractive entry point for an industry leading blue chip manufacturerthat is well positioned to weather the storm, and the board’s recent affirmationof the dividend payout, currently at 4.3% yield, provides downside protectionin the event market weakness persists longer than anticipated.

Drivers of Thesis CAT is a market leader and continues to grow share while cutting costs

during downturn in business cycle. The company’s focus on Leanoperations and reducing management headcount will make it betterpositioned for growth when the cycle turns.

2Q2015 cash flow from manufacturing operations of $1.6B remains strongdespite double digit sales decline, indicating cash is not a concern.

CAT is a leader in many of its markets, and with R&D spending over $2Bhas the ability to earn a premium through innovative and next generationproducts.

Risks to Thesis 2016 is poised to be the first 4 year sales drop in the company’s history,

and has seen multiple recent downward revisions of revenue estimates.

Global economic weakness threatens growth prospects across allindustries, and weak commodity and energy prices will remain a drag onsales for several years at least.

A strong dollar has increased competition domestically as global industrialmanufacturers look to gain market share in the US.

Henry Fund DCF $84.42Henry Fund DDM $72.09Relative Multiple EPS $74.17Price DataCurrent Price $69.3952 Week Range $62.99-$107.12Consensus 1 YR Target $70.48Key StatisticsMarket Cap ($B) 40.91Shares Outstanding (M)Institutional OwnershipFive Year Beta

602.6M67%1.24

Price/Earnings (ttm) 11.85Price/Earnings (FY1) 15.20Price/Book (mrq) 3.31EV/EBITDA 5.47ProfitabilityEBITDA Margin 15.39%Profit Margin 6.70%ROIC (ttm) 10.83%Return on Equity (ttm) 19.60%

Source: Factset

Earnings EstimatesYear 2013 2014 2015E 2016E 2017E 2018EEPS $5.87 $5.99 $3.61 $3.57 $3.80 $4.46

growth -32.61% 2.04% -39.73% -1.11% 6.44% 17.37%12 Month Performance Company Description

Caterpillar Inc. is a global manufacturer ofconstruction and mining equipment, diesel andnatural gas engines, industrial gas turbines, anddiesel-electric locomotives. Its business segmentsinclude Energy & Transportation, ConstructionIndustries, Resource Industries, as well as offeringfinancing solutions through its financial productsdivision. The company has operations in 36countries and is headquartered in Peoria, Illinois.

11.9

19.6

5.5

16.2

22.1

10.3

15.1 15.3

8.4

0

5

10

15

20

25

P/E ROE EV/EBITDA

CAT Industry Sector

-50%

-30%

-10%

10%

30%

50%

O N D J F M A M J J A S

CAT S&P 500

Source: Factset

Source: Yahoo Finance

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EXECUTIVE SUMMARY

Caterpillar is a global heavy-equipment manufacturer andblue-chip American company. The company hasexperienced severe headwinds across all business unitsdue to macroeconomic factors, but remains committed tocutting costs and protecting market share and marginsduring downturns in the business cycle.

We believe management has the foresight to accuratelypair operational capacity with future demand and thefocus on lean manufacturing and cutting managementheadcount will prove beneficial for the future.Additionally, CAT continues to invest in R&D and nextgeneration products to meet tighter emissions standardsand incorporate the newest product technologies. Giventhis, we anticipate CAT will maintain its market leaderposition across a majority of its business segments.

Although top line growth will be limited over the 5-yearforecast horizon, only returning to meager growth of lessthan 1% in 2017, the current price offers an attractiveentry point for this industry leader and we believemanagement is capable of extracting maximum economicoutput from an otherwise soft demand environment.

The recent affirmation of the company’s dividend payoutby the board of directors is a reflection of the company’sstrong cash flow during this downturn, and at a 4.3% yield,the dividend offers protection against further downsiderisk.

Company Description

Caterpillar Inc. is a global leader in heavy machinerymanufacturing for the construction, transportation andmining industries. Founded in 1925 in Peoria, Illinois, thecompany has grown to over $50 billion in sales over its 90year history.

The company has 2 principal reporting segments. TheMachinery, Energy and Transportation segmentrepresents the majority of revenues and encompasses theentirety of Caterpillar’s manufactured products. This unitis further subdivided into Energy & Transportation,Construction Industries, Resource Industries, and All otherSegments.

Caterpillar’s other reportable segment is its FinancialProducts segment, which primarily provides financingresources for purchases of Caterpillar equipment. The

financial product segment includes Caterpillar FinancialServices, Caterpillar Financial Insurance Services, and theirrespective subsidiaries. This segment plays an importantstrategic role in providing financing for customers thatmight otherwise not be able to obtain it.

Source: CAT 2014 10K

Energy & Transportation and Construction have been thetraditional largest business segments for Caterpillar. Thecompany’s 2011 acquisition of Bucyrus International for$8.8 billion significantly strengthened its position in themining equipment space, now reported under ResourceIndustries.

Caterpillar competes globally across its various markets.Emerging markets have driven a majority of the growth inthe past decade, however this trend has reversed recentlydue to global economic slowdown and North America hasagain grown slightly as a percentage of sales.

Source: Bloomberg

Energy &Transporta

tion39%

ConstructionIndustries

35%

ResourceIndustries

16%

All Other Segments4%

Financial Products6%

REVEUNE BY SEGMENT (2014)

NorthAmerica

44%

EMEA24%

Asia/Pacific20%

Latin America12%

REVENUE BY GEOGRAPHY (2014)

Page 3

Company Analysis

Globally Caterpillar is a major competitor and marketleader in a majority of business segments. The companyhas increased its revenues and market share over the pastdecade through a combination of organic growth andstrategic acquisitions, most notably the 2011 purchases ofBucyrus International and ERA Mining Machinery Limited(China). The company competes in heavy and advancedmachinery industries that require significant capitalinvestment in both manufacturing and R&D. Current R&Dexpenditures are around $2.1B per year, and we forecastthis dollar amount to remain relative stable to moderategrowth given the commitment to innovation and need todevelop products in compliance with tighter emissionstandards.

Caterpillar products are sold through a worldwide networkof independently owned and operated dealers. The sizeand scope of this dealer network is strategic advantagerelative to other global heavy equipment manufacturingcompanies. By Caterpillar’s estimates, there are 177 globaldealers that collectively employ 160,000 people and areworth over $23 billion.

Caterpillar Dealer Network

Source: August 2015 Investor Meeting Presentation

Caterpillar maintains strong relationships with its dealers,incentivizing them to develop and promote the sale of itsequipment in their respective territories. This relationshipallows Caterpillar to focus on manufacturing operationsand product development as its core strengths. RecentlyCaterpillar has focused on improving the capabilities andperformance of its dealers as a strategic means for addinggrowth in weak markets.

Energy & Transportation

The Energy and Transportation unit makes up the largestshare of Caterpillar revenues. It sells reciprocating engines,turbines, diesel-electric locomotives, integrated solutionsand related parts to the oil and gas, power generation,industrial, marine and rail industries.

Demand for Energy & Transportation products hasremained strong for Caterpillar over the past few yearsdespite slowdowns in other areas of its operations. Therecent drop in energy prices and subsequent reduction inrelated capital expenditure spending will put downwardpressure on this segment in the short term.

Our outlook for the E&T segment is negative for the nexttwo years, with the segment returning to single-digitgrowth in 2018 as energy prices begin to rebound.

Construction Industries

The construction industries segment sells constructionrelated products such as tractors, loaders, shovels andother equipment to the heavy construction, generalconstruction, rental, mining and quarry and aggregatesmarkets.

Recently, global economic weakness and slowingdevelopment in China have hurt sales of constructionindustries products, however strength in US residentialconstruction and private investment in North America hasmitigated some of these effects. We forecast single-digitdecline in sales in 2015/2016 and with slow growthbeyond that as emerging markets recover from the currenteconomic downtown and US and European sales remainstable.

Resource Industries

The resource industries segment sells trucks, tractors,loaders, drills and other equipment to the mining andquarry industries. With its acquisition of BucyrusInternational, Caterpillar is able to offer the broadestproduct range in the industry.

The mining segment has suffered severely from the fall ofcommodity prices related to mining activity over the pastfew years and continues to see double digit decline in salesannually. The trend has been significant to Caterpillar’ssales, and we forecast sales to continue to decline by 29%

Page 4

and 9% over the next two years, bringing Resources salesdown to almost a quarter of peak levels from 2012.Caterpillar states that current sales level are below evenreplacement levels for mining equipment, and due to theextreme nature of the product uses, we expect areinvestment cycle to begin in 2017 or 2018, leading tomoderate sales growth of 3% and 5% in 2018 and 2019.

All Other Industries

Forestry, paving, industrial and waste customers weremoved to the All Other Industries reporting segment in2014 due to an internal reorganization. Although thissegment accounts for less than 5% of revenue, theproducts are still core to Caterpillar’s operations andmarket positioning. We forecast a decline for this segmentover the next two years consistent with managementguidance, and moderate 3-4% growth following as globaleconomic activity and reinvestment cycles spur sales.

Across its primary manufacturing product segments, theEnergy & Transportation group produced the highestoperating margins in 2014, primarily due to stronger globaldemand relative to Construction and Resources.

Source: CAT 2014 10K

While recent weakness in Energy & Transportation willhurt pricing margins in 2015, we forecast this to be morethan offset by previously enacted cost cutting measuresand lean manufacturing initiatives. Overall we expectequipment margins to improve slightly over the forecastwindow as the company makes necessary cuts toproduction and invests in lean manufacturing initiatives toimprove quality and efficiency.

Financial Products

Caterpillar financial and insurance products account for 6%of revenue and have historically played a key strategic rolein financing the purchases of Caterpillar products forcustomers who otherwise would not be able to obtainfunding.

The group maintains a “match funding” policy to matchfinancial assets and liabilities in duration and interestrates, as well as interest swap agreements to minimizeinterest rate risk.

The financial arm of Caterpillar has been a stable andsecure means of boosting overall company revenues andprofits over the years. Revenues from the financialproducts group have continued to grow even as machinerysales shrank over the past few years as a tighter creditmarket have helped pushed customers towards OEMfinancing. We forecast the financial products group tohave a low single-digit decline over the next two yearsbefore beginning to grow again in line with overallequipment sales.

Recently, global industrial conglomerate General Electricannounced the sale of its finance unit, GE Capital, to WellsFargo. Caterpillar has not state any intentions of spinning-off its finance unit, and we support this continuedoperations given the strategic link between the financeand machinery operations.

Recent Developments

Revenue Revision & Layoffs Announced

On September 24th Caterpillar announced a revision in2015 revenue from $49B to $48B as well as restructuringand cost reduction initiatives that will result in the layoffof up to 5,000 salaried employees by the end of 2016.

The announcement comes as Caterpillar is experiencingweakness across a majority of its industries due to acombination of global market effects, and included aforecast of 2016 revenues of 5% below 2015, indicating astrong possibility for revenue to fall four consecutive yearsfor the first time in company history.

The economic news has been almost entirely bad forCaterpillar over the past 18 months, but businesscyclicality is nothing new to the company. We supportmanagement’s decision to tighten the belt ahead of

0.0%

5.0%

10.0%

15.0%

20.0%

Energy &Transportation

ConstructionIndustries

ResourceIndustries

Operating Margin by Segment 2014

Page 5

continued business weakness and maintain profitabilityand flexibility in leaner times. Our model incorporates theprojected savings of $1.5B for 2015 and 2016, with almosthalf being attributed to SGA costs. Also included is $800Min restructuring charges for 2015, along with an additional$300M in 2016 and decreasing to $100M for the final twoyears. We anticipate further restructuring andreorganizations will be needed, though much smaller inscale, as the company looks to match operations with thedemand outlook.

The employee count has been dropping since hitting a highof 132k in the second quarter of 2012 following the post-recession boom, and historically management hasdemonstrated a strong ability to weather economicdownturns.

Source: Bloomberg

The most significant risk to the company’s outlook is therecent decline in the order backlog. While Caterpillar wasable to maintain a stable backlog in 2013 through the firsthalf of 2014, the decline in energy markets has hurt its oil& gas business and forced the company to start to burnthrough its order backlog.

Source: CAT 10Q filings

We expect reorganizations and capacity adjustments tohelp slow the tide of backlog reductions, but any furthereconomic weakness could jeopardize revenue stability.

Commodity Prices Drop

The drop in commodity prices has severely impactedCaterpillar sales, most notably in the mining and quarrysegments. The large commodity super cycle fueled byChinese growth over the past decade has now sent theBloomberg Commodity Index, a measure of 22 rawmaterials, to its lowest level in 22 years. Sales in theResource Industries segment are down over 50% sincetheir 2012 peak.

Bloomberg Commodity Index Total Return

Source: Google Finance

Investment in mining related activities has fallen sharply,and global equipment supplies to this space have sufferedas a result. We expect sales to remain relatively flat overthe next two years, with a possibility for pick-up 2017 or2018 driven both by an anticipated rise in commodityprices and a reinvestment cycle due to machinerydepreciation in rugged operational conditions.

The commodity price drop has a silver lining for Caterpillar,as raw material inputs make up a large portion ofoperational expenses, and thus the company enjoys alimited natural hedge related to business tied tocommodity prices. Lower raw material prices for itemssuch as steel have helped reduce variable costs duringtimes of reduced production, helping to ease pressure onmargins due to related sales drop.

8000090000

100000110000120000130000140000

CAT Employee Count

10121416182022

Order Backlog (US $B)

Page 6

Source: Ibisworld.com

Caterpillar Maintains Dividend

Caterpillar has paid a dividend every year since 1933 andhas increased its dividend for the past 22 years. OnOctober 14th the board of directors voted to maintain thecurrent quarterly dividend ($.77) despite the decline inrevenues and weak economic outlook. This comes on theheels of a 10% increase in the dividend in June 2015. Since2007 cash dividends for Caterpillar has more than doubled.We forecast the firm’s payout ratio to grow above 80% for2015 through 2017, and remain above 70% for theremainder of our forecast window, however dividendgrowth will be a modest 3-5% each year. This will beachievable through both free cash flow generation fromoperations, and reducing capex to minimal maintenancelevels over the next several years.

We view Caterpillar’s latest dividend announcement as apositive reaffirmation of the company’s ability to tightenthe belt during downturns in the business cycle andcontinue to generate strong cash flows. Any indication thatCaterpillar will cut its dividend, which currently offers a4.3% yield, would be viewed as a negative warning sign forfuture profitability and cash flows.

INDUSTRY TRENDS

Increased Globalization

Mergers and acquisitions have driven increasedglobalization and consolidation in the heavymanufacturing industries as several major powerhousescompete for market share. Major acquisitions includeCaterpillar’s purchase of Bucyrus International and ERA

Mining Machinery LTD, as well as the 2013 mergerbetween Fiat Industrial SpA and its majority ownedsubsidiary CHN Global NV to form CNH Industrial NV. In2013 Japanese equipment manufacturer Komatsu LTDpurchased distributor Midlantic Machinery to increase itspresence in the US. Komatsu is the number 2 globalmanufacturer of mining and construction equipmentbehind Caterpillar.

The consolidation trends have led to larger internationalplayers who must compete aggressively against oneanother to win business and offer diverse product ranges,we believe Caterpillar’s commitment to productdevelopment and its dealer network give it an advantageover these international competitors. The company hasthe largest distributor network in the world amongst itscompetitors, and has managed to improve its productstanding since 2010 despite the overall negative salesenvironment.

The strength of the dollar compared to global currencies,most notably the Yen, has hurt Caterpillar to a degree, butthe company’s commitment to international operationsand matching operating expenses geographically withrevenues has allowed it to minimize these impacts. Slightlyless than half of Caterpillar’s workforce is located outsideof the United States.

Source: stlouisfed.com

The strength of the dollar does pose a larger threatdomestically however, as international competitors suchas Komatsu now find their products relatively cheaper tosell in the United States. This currency effect will provide adrag on earnings going forward, however we believe thestrength of Caterpillar’s US position will allow it to mitigatemost of this effect.

60.070.080.090.0

100.0110.0120.0130.0

Trade Weighted Dollar Index

Page 7

Non-Road Diesel Emission Standards

The US Tier 4 emissions standards for non-road dieselengines have been under rolling implementation since2008. These regulations, and similar ones in Europe, havedriven a large degree of product development throughoutthe industry. The final stages of the new standards will bein effect as of August 2015. Product development for thesestandards drove a majority of R&D spending in theConstruction Industries segment at Caterpillar in 2014, andwe forecast the company will continue to invest in R&D atsimilar levels moving forward.

Global regulations are in varying degree of harmonizationwith US laws, and similar to most environmental issues,are most advanced in the EU and other industrializednations.

While we view increased regulation of non-road dieselengines as a positive development for Caterpillar given thelack of alternative power sources and the company’scapability of developing market leading next generationproducts to meet new standards, there has been onenotable area where the company has lost ground tocompetition. The company, which entered the locomotivespace with its 2010 acquisition of Electro-Motive Diesel,has stated that its tier 4 compliant long-haul locomotiveengine will not be ready for sale until 2017, while rival GEis currently in advanced testing stages for its locomotive.

Caterpillar has seen weak locomotive sales thus far in 2015according to management, and the early indication may bethat there has been higher early demand for nextgeneration engines. It’s too early to make a fulldetermination on this product battle, but we recognize thepotential for this to be a missed opportunity forCaterpillar’s product development team. This would be astrategic and symbolic loss for a company that is known fortop of the line products and constant innovation.

Expanded Role of Dealers

The market for heavy machinery continues to evolve, andthis expanded scope has put more emphasis on thecompanies involved in the distribution and maintenance ofthe equipment. While traditionally manufacturersemployed a distribution network to sell their equipment tolocal customers in each geography, this role now includesand expanded scope of responsibilities.

Dealers are increasingly becoming involved in equipmentrental as well as service and fleet maintenance, and thelatest generation models are capable of providing a wealthof data on performance and service needs, increasing thescope and opportunity for both service and preventativemaintenance. Caterpillar and other large equipmentmanufacturers would prefer that customers purchase newequipment, but as industry trends change, the companymust adapt to the trend towards equipment rental. TheAmerican Rental Association estimates that the % ofconstruction equipment rented in the US has increasedfrom 40% to 54% over the past decade. We expect thistrend to continue, though at a more moderate pace.

Caterpillar has responded to these developments with its2014 initiative “Across the Table”, in which it will focus onimproving dealer performance in these areas and creatingnew incentive metrics for dealers. Given the strength ofCaterpillar’s global dealer network, this has theopportunity to yield positive results in an otherwise weakeconomic environment, however the challenge in gettingperformance alignment across such a varied networkremains strong.

Specific areas of improvement that we believe will add themost value to Caterpillar from this initiative will bestandardizing service standards across the network inorder to better serve large multi-national customers, andincreasing incentives for dealers to sell top-tier service andfleet management contracts, which allows Caterpillarbetter access and control to selling parts and repairsolutions. The company has identified an additional $18Bof potential revenue through its dealer distributionnetwork, although the specific breakdown of dealer versuscompany impact has not been disclosed.

Source: 2015 Investor Presentation

Page 8

We believe continuing to build on the strength of itsnetwork and working to develop additional revenuestreams through these channels will be important toadding growth in otherwise weak demand environments.While this will undoubtedly put more pressure onCaterpillar dealers, we believe the strength of the brandwill allow it to maintain these relationships will increasingmutually beneficial results.

Markets and Competition

Caterpillar primarily competes in mature, competitivemarkets with moderate to high barriers to entry. Withinthese markets, product differentiation, customerrelationships, and pricing are all key factors in securingbusiness. Caterpillar is a leader in many of these key areasand thus has been able to secure growth both domesticallyand internationally.

Competition can vary from a variety of small regionalplayers to large international corporations such as JohnDeere, Komatsu LTD, CNH Industrial NV, Cummins Inc.,Baker Hughes Inc., and National Oilwell Varco Inc.

On average, the heavy machinery manufacturing sectorsare moderately concentrated, with large internationalssuch as Caterpillar competing with peers as well as smallerregional and niche producers. There is an increasing trendof market consolidation, primarily through acquisition inthese markets, and this trend is increasing due to tougheconomic conditions, especially in the Mining, Oil and Gassectors.

Caterpillar is the market leader for ConstructionMachinery in the US, with only John Deere owning morethan 10% of the market. Other companies include

Komatsu, Terex, and CNH NV, all of which have less than5% market share. The strength of the dollar however hasled to an increase in imports within this space, and weexpect their share to grow moderately moving forward.

Source: Ibisworld.com

Within the Mining, Oil & Gas Machinery segment,Caterpillar enjoys a strong position, and overall offers thebroadest selection of products to meet these marketneeds. We expect Caterpillar to maintain its position in thisspace, however low commodity and oil prices will continueto drag on industry growth for at least 2 more years.

Although Caterpillar does not compete head to headacross all product lines with any one competitor, the manyoverlap across multiple markets. There is a high barrier toentry for many of these markets due to significantamounts of capital and technical expertise required,especially with respect to the larger, more complexproduct lines in mining and larger construction and engineproducts.

Customer profile can vary across markets andgeographies. Customer size can be as small as municipalgovernments and contractors focused on small-scale localprojects, to large multinational construction or Energycompanies. Caterpillar dealers tend to be larger, andbetter financed than their competitors, allowing them toserve a variety of customers’ profiles.

Product sales to industrialized customers tend to focus onperformance, cost of ownership and reliability, while thosein emerging markets are more concreted along lowermargin product lines. Recent pull backs in commoditiesand emerging markets have hit sales to these regionsespecially hard, with sales to Asia and Latin American salesfalling 36% and 26% respectively since 2012.

JohnDeere,15.6%

CaterpillarInc., 30.9%

Other,53.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Construction Machinery Manufacturingin the US Market Share (2014)

HalliburtonCompany,

6.5%Baker Hughes

Inc., 11.4%

CaterpillarInc., 20.7%

NationalOilwell Varco

Inc., 24.4%Other, 37.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Mining, Oil and Gas MachineryManufacturing in the US Market Share

(2014)

Page 9

Peer Comparisons

Due to the large number of industries to which Caterpillarsells equipment, direct peer comparisons are difficult tomake. We use a cross-section of global heavy machinerymanufacturers such as CNH International NV, Komatsu,Cummins Inc., Terex, Joy Global, and John Deere.

2014 Data CAT TEX DE CNHI CMI JOYRevenue($B)

55.2 7.3 31.1 32.6 19.2 3.8

MarketCap ($B)

41.9 2.2 25.3 8.6 19.9 16.9

P/E ttm 11.5 8.3 11.8 11.7 12.1 6.5P/E FY1 15.0 10.3 14.2 19.0 - 9.6EBITDA % 15.4 7.9 18.8 12.1 14.7 17.2NI (%) 6.7 4.4 8.8 2.2 8.6 8.8P/B 3.3 1.5 3.3 2.0 3.4 1.8P/FCF 10.6 9.3 35.8 - 17.3 11.0EV/Sales 1.1 0.6 0.9 1.3 1.3 1.6EV/EBITDA

5.5 7.4 5.0 4.5 9.1 5.5

DividendYield %

4.3 0.7 3.1 0 2.0 4.6

Employees(000s) 114.0 20.4 59.6 69.2 54.0 15.4Sales/Emp(000s) 484 358 522 470 356 245

Caterpillar currently trades in line with most of its peers ona number of valuation metrics. Most global heavyequipment manufacturers are currently trading at lowmultiples due to macro conditions, and Caterpillar’s entryinto the mining sector has seen its shares trade lower assales to that industry have slowed.

Although 2 year forecasts for Caterpillar remain week, welike the company relative to its peers because of its strongmargin positions, and more importantly its strong price tofree cash flow, as the company still remains a positive cashgenerator even during a severe slowdown in its markets.The company is also more diversified across industriesthan many of its peers, while at the same time remaininga market leader in most of its segments.

ECONOMIC OUTLOOK

A combination of several global macroeconomic forceshave has led to multiple downward revisions of 2015revenue projections for Caterpillar, and 2016 is expectedto witness a decline as well. Low commodity prices, lowenergy prices, and weak global GDP growth are allcontributing factors. The slowdown in China has had aparticular effect, not only due to the lowered demand forconstruction and transportation products there, but thesecond order effects on commodity and energy prices.

Source: IMF

We anticipate a return to growth globally in 2017 in linewith IMF forecasts, as contractions in emerging marketsbegin to stabilize and the commodity and energy marketsmove upwards. Caterpillar sales will trend upwards,trailing the 5% growth as the market reacts cautiously topositive movements in the global economy.

A resilient US economy and increased private investmentin housing construction has been one of the few brighteconomic indicators for the company currently. Webelieve that the strength of Caterpillar’s home economyrelative to other international competitors will provide asmall benefit in the near term.

-6%-4%-2%0%2%4%6%8%10%12%

0

20,000

40,000

60,000

80,000

100,000

120,000

Nominal Global GDP (US $B 2010 dollars)

NominalGDP% Growth

Page 10

While we expect growth to remain slow for the next 2years, we do see a rebound in energy and commodityprices as they hit the bottom of their economic cycles inthe coming 6-12 months. Our 2 year consensus outlook foroil at $70/bbl remains well below peak levels, butinvestment will remain a necessity in this capital intensiveand economically critical industry.

CATALYSTS FOR GROWTH

The short term outlook for Caterpillar remains weak dueto many of the factors described above. However, thecyclical nature of its industries will mean a return togrowth towards the end of our five year forecast. In themeantime, the company is making proactive moves to cutcosts, restructure and become a leaner more efficientorganization. The current moves will help Caterpillarmaintain margins and boost efficiencies, making it a leanermore profitable operation as global growth picks up in2017.

Caterpillar’s heavy investment in R&D could also providean economic boost as the company works on developingnext generation technologies. The company’s investmentsin analytics will help drive improved maintenance andservice plans in order to maximize machine efficiency, andby working with dealers to identify additional points ofservice and revenue streams, they will ensure their dealernetwork remains a top strength. These differentiatorsallow the company to maintain healthy margins andprovide differentiated products to its customers.

Globally, a quick rebound in commodity prices or energyprices will prove to be the biggest catalyst for growth,however our outlook for this is weak. Rather, we expectlow to moderate growth as the global economy recoversand adapts to a new Chinese economy, but we feel

Caterpillar will be well positioned to capture growth duringthis period.

INVESTMENT POSITIVES

CAT is expanding market share and generating strongfree cash flow during period of economic weakness in amajority of its markets.

R&D investment (over 4% of sales) and a strong dealernetwork make Caterpillar an industry leader that will bewell positioned to capture growth when the cyclerebounds.

The share buyback and dividend reaffirmation meansthe company is committed to returning value toshareholders during this down cycle, and a 4.3%dividend yield provides helpful protection againstdownside risk.

INVESTMENT NEGATIVES

Revenue is forecasted to fall for 4 consecutive years forthe first time in company history, and 2016 will like comein $20B below 2012 figures. .

Commodity and energy prices could remain suppressedfor years, and any further downward revenue revisionswill likely send the stock lower.

Market consolidation means global competitors areapproaching size and scale to be able to compete withCaterpillar – and a strong dollar is making imports moreattractive at home.

Valuation

A 5 year forecast window was used for DCF and DDMvaluation methods. Top line revenues for 2015 and 2016are in line with management’s guidance of $48 and $45Bbillion, with Resource Industries and Energy &Transportation making up the biggest declines as thosesectors continue to suffer from weak economic conditions.We forecast slight growth of 0.3% in 2017 before moremodest growth of 3.0% and 4.1% in 2018 and 2019,reflecting an upswing on energy and mining activity asthose industries enter growth cycles again.

Despite lowered sales total, we forecast a slight increasein margins for 2015 as the company benefits from

850,000900,000950,000

1,000,0001,050,0001,100,000

US Value of Construction Put in Place(Total in $M)

Page 11

previously enacted restructurings and lean manufacturinginitiatives, as well as a shift towards more salescontribution from higher margin industrialized nations.We forecast cost of goods sold to improve by 25 bps to67.66% in 2015, and improvement over the past 4 years.

R&D will remain mostly steady as management has notguided for any reductions in activity, and developmentremains a key differentiator for Caterpillar. CapitalExpenditures have fallen to less than half of their 2012levels, and we expect spending to remain suppressed asmanagement has stated they are in minimal maintenancemode and working on active facility consolidations. S&Gexpense is expected to fall by $458M in 2015 and $156Min 2016 due to restructuring and management reductions,though these will be offset by one-time expenses ofapproximately $800M, $300M, and $250M in 2015, 2016,and 2017 respectively as the company restructures tomeet the current economic environment. We forecastongoing restructuring costs of $100M in each of the finaltwo years, reflecting continued reorganization of thebusiness.

Caterpillar currently has approximately $7B of a $10Bshare repurchase reauthorization remaining, and weforecast this activity to continue at levels of $1.7B, $1B,and $750M in 2015, 2016 and 2017 respectively, untilaccelerating economic growth drives the company todeploy cash towards operations and expansion. We expectthe company to maintain a heavy total payout ratioaround 150% over the next 3 years as the company returnsa majority of free cash flow to shareholders.

A beta of 1.24 was used in the analysis, representing theaverage of the 1 year through 5 year betas, and reflectiveof the current risk environment of the company relative tothe stability and growth it had enjoyed over the past 3years. With our fund market premium of 4.85%, this yieldsa cost of equity of 9.03%. The cost of debt was modeled at4.4%, the current yield to market of its most recentlyissued long term notes. As Caterpillar is almost 50% debtfunded, this yields a final WACC of 6.17%. The companymaintains an investment grade rating for credit, and dueto continue strong operating cash flows, we do notforecast any change to the capital structure going forward.

A final discounted cash flow stock price of $84.42 pershare, a 22% upside over the current price, was calculatedafter adjusting for excess cash, debt, operating leases andESOP. This price a terminal growth rate of 2.5% which we

believe reflects Caterpillar’s participation in matureindustries but with the ability to maintain or slightlygrowth market share.

A continuing EPS growth rate of 5% was used in dividenddiscount valuation as we believe Caterpillar’s ability toemploy lean manufacturing principles and reducemanagement overhead expenses will allow it to continueto growth EPS faster than revenue and market growth. TheCV of ROE was 17.8%.

For relative P/E, comparable firms John Deere, CNHInternational NV, Cummings Inc., and General Electricwere used. A relative P/E valuation of $74.17 wascalculated after adjusting 2015 earnings to subtractrestructuring expenses. While the current lower P/Emultiples of industrial manufacturers reflects the weakeconomic condition of the industry, we believe Caterpillaris deserving of trading above its peers due to its diversifiedindustry base, strength in markets, and higher dividendpayment.

KEYS TO MONITOR

Global GDP growth, commodity prices and energy pricesare all key drivers to our investment thesis. We expectprices to remain relatively flat over the next 1-2 years, butproject moderate increases beyond that. GDP growth willbe important across all geographies, but we expect US andEuropean economies to maintain low to moderate growth,and that China will continue to slow beyond its current 7%growth prospects. A turnaround in the Brazilian economy,which has been plagued by a number of problems recently,could provide an additional boost to the stock price, as2015 witnessed a large order delay in Brazil due toeconomic uncertainty.

Specific keys to monitor for Caterpillar going forward willbe the continued guidance for its dividend payment andthe order backlog. While the company maintains a $15Bbacklog, this is down over 15% from the previous year, andcontinued depletion of the backlog will challenge thecompany’s ability to maintain volume and margins. Thecompany’s recent affirmation of its dividend in light of therevenue downgrade and restructuring activities is viewedas a positive indicator of the board’s trust in the company’sability to meet current cash flow obligations. We do notanticipate any near-term raises in the dividend, but shouldthe amount be reduced we would view this as a negativeindicator for our outlook.

Page 12

REFERENCES

1. Bloomberg Terminal2. Factset.com3. Caterpillar 2014 10K4. Caterpillar 2015 2Q 10Q5. 33312 Construction Machinery Manufacturing in

the US Industry Report – Ibisworld.com6. 33313 Mining, Oil Gas Machinery Manufacturing

in the US – Ibisworld.com7. Jefferies Investor Conference Presentation,

August 12th 2015, retrieved fromwww.caterpillar.com

8. “Caterpillar SWOT Analysis” –www.globalcompanyintelligence.com, retrievedfrom Thompson One.

9. US Construction spending Index. US CensusBureau.https://www.census.gov/construction/c30/c30index.html

10. “From dumb iron to Big Data: Caterpillar's dealersales push.”http://www.reuters.com/article/2014/03/20/us-caterpillar-dealers-insight-idUSBREA2J0Q320140320

11. “Caterpillar Focuses on Dealer Performance toDrive Results in a Tough Macro” -http://www.forbes.com/sites/greatspeculations/2014/03/11/caterpillar-intensifies-focus-on-dealer-performance-to-drive-results-in-a-tough-macro/

12. “Caterpillar Falls Behind GE in Locomotives Race”http://www.wsj.com/articles/caterpillar-falls-behind-ge-in-locomotives-race-1405291739

13. “Commodity Rout Has Room to Run as Fund SeesOil, Iron at $40” -http://www.bloomberg.com/news/articles/2015-11-02/oversupply-to-drive-iron-ore-oil-below-40-merchant-fund-says

14. “Start-up Matches Heavy Equipment Owners andRenters” http://www.wsj.com/articles/startup-matches-heavy-equipment-owners-and-renters-1432805583

15.

IMPORTANT DISCLAIMER

Henry Fund reports are created by student enrolled in theApplied Securities Management (Henry Fund) program at

the University of Iowa’s Tippie School of Management.These reports are intended to provide potential employersand other interested parties an example of the analyticalskills, investment knowledge, and communication abilitiesof Henry Fund students. Henry Fund analysts are notregistered investment advisors, brokers or officiallylicensed financial professionals. The investment opinioncontained in this report does not represent an offer orsolicitation to buy or sell any of the aforementionedsecurities. Unless otherwise noted, facts and figuresincluded in this report are from publicly available sources.This report is not a complete compilation of data, and itsaccuracy is not guaranteed. From time to time, theUniversity of Iowa, its faculty, staff, students, or the HenryFund may hold a financial interest in the companiesmentioned in this report.

Caterpillar, Inc.Key Assumptions of Valuation Model

Ticker Symbol CATCurrent Share Price $69.39Current Model Date 11/17/2015Fiscal Year End Dec. 31

Pre-Tax Cost of Debt 4.40%Cost of Debt 4.40%Cost of Equity 9.03%WACC 6.17%Beta 1.24Risk-Free Rate 3.04%Equity Risk Premium 4.85%CV Growth of NOPLAT 2.50%CV Growth of EPS 5.00%Current Dividend Yield 4.3%Marginal Tax Rate 28.5%Effective Tax Rate 28.5%DCF Price $84.42CapEx as % of Sales 7.0%Asset Replacement % 4.00%Asset Depreciation Ratio 17.00%

2010 2011 2012 2013 201417.78% 18.29% 16.82% 16.46% 16.37%

Long-Term Debt/Equity Ratio 38%

Capex Spending Schedule 2015 2016 2017 2018 2019% of Sales 6.0% 5.5% 6.0% 6.5% 7.0%

Revenue DecompositionCaterpillar, Inc.(thousands)Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019ETotal Revenues 65,875,000 55,656,000 55,184,000 47,954,950 45,483,682 45,632,114 46,998,439 48,908,647

9.5% -15.5% -0.8% -13.1% -5.2% 0.3% 3.0% 4.1%

Energy & Transportation 21,122,000 20,155,000 21,727,000 18,685,220 17,377,255 17,377,255 18,072,345 18,975,962Construction Industries 19,334,000 18,445,000 19,362,000 18,006,660 17,466,460 17,641,125 17,993,947 18,533,766Resource Industries 21,158,000 13,270,000 8,921,000 6,333,910 5,763,858 5,648,581 5,818,038 6,108,940All Other Segments 1,501,000 886,000 2,251,000 2,115,940 2,115,940 2,179,418 2,244,801 2,334,593Corporate Eliminations (47,000) (62,000) (119,000) (107,100) (101,745) (104,797) (107,941) (111,180)Machinery and Power Systems 63,068,000 52,694,000 52,142,000 45,034,630 42,621,768 42,741,581 44,021,190 45,842,081

Financial Products 2,807,000 2,962,000 3,042,000 2,920,320 2,861,914 2,890,533 2,977,249 3,066,566

Segment GrowthEnergy & Transportation 5.0% -4.6% 7.8% -14.0% -7.0% 0.0% 4.0% 5.0%Construction Industries -1.7% -4.6% 5.0% -7.0% -3.0% 1.0% 2.0% 3.0%Resource Industries 35.4% -37.3% -32.8% -29.0% -9.0% -2.0% 3.0% 5.0%All Other Segments -25.7% -41.0% 154.1% -6.0% 0.0% 3.0% 3.0% 4.0%Corporate Eliminations 20.5% 31.9% 91.9% -10.0% -5.0% 3.0% 3.0% 3.0%Financial Products 2.22% 5.52% 2.70% -4.0% -2.0% 1.0% 3.0% 3.0%

Caterpillar, Inc.Income Statement(thousands)Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019ESales of machinery & power systems 63,068,000 52,694,000 52,142,000 45,034,630 42,621,768 42,741,581 44,021,190 45,842,081Revenues of financial products 2,807,000 2,962,000 3,042,000 2,920,320 2,861,914 2,890,533 2,977,249 3,066,566Total Revenues 65,875,000 55,656,000 55,184,000 47,954,950 45,483,682 45,632,114 46,998,439 48,908,647

Operating Expenses:Cost of Goods Sold 44,930,000 38,408,000 37,476,000 32,446,319 30,774,259 30,892,941 31,822,643 33,164,954depreciation 2,421,000 2,710,000 2,795,000 2,818,090 2,746,632 2,627,655 2,568,826 2,571,561Amortization of Intangibles 392,000 377,000 368,000 349,600 332,120 325,478 318,968 312,589Gross Income 18,132,000 14,161,000 14,545,000 12,340,941 11,630,671 11,786,041 12,288,002 12,859,544

Selling, general & administrative expenses 5,742,000 5,443,000 5,672,000 5,213,400 5,056,998 5,107,568 5,209,719 5,366,011Research & development expenses 2,466,000 2,046,000 2,135,000 2,156,350 2,177,914 2,243,251 2,310,548 2,379,865

Operating Income (EBIT) 9,924,000 6,672,000 6,738,000 4,971,191 4,395,759 4,435,222 4,767,734 5,113,668

Nonoperating Income - Net 217,000 (57,000) 73,000 68,620 70,679 66,438 68,431 64,325Interest Expense 1,268,000 1,186,000 1,097,000 1,222,496 1,244,193 1,166,747 1,129,928 1,127,886Unusual Expense - Net 637,000 301,000 631,000 800,000 300,000 250,000 100,000 100,000Consolidated profit/loss before taxes 8,236,000 5,128,000 5,083,000 3,017,315 2,922,245 3,084,913 3,606,237 3,950,107

Income tax provision/(benefit) 2,528,000 1,319,000 1,380,000 859,935 832,840 879,200 1,027,778 1,125,781Profit/(loss) of consolidated companies 5,708,000 3,809,000 3,703,000 2,157,380 2,089,405 2,205,713 2,578,460 2,824,327Equity in profit(loss) of unconsolidated affiliates 14,000 (6,000) 8,000 0 0 0 0 0Total profit/(loss) of consolidated and afilliates 5,722,000 3,803,000 3,711,000 2,157,380 2,089,405 2,205,713 2,578,460 2,824,327

Less: Profit/Loss attributable to noncontrolling interests 41,000 14,000 16,000 14,400 13,680 14,022 14,583 15,750Profit/(loss) attributable to CAT shareholders 5,681,000 3,789,000 3,695,000 2,142,980 2,075,725 2,191,691 2,563,877 2,808,577

Year End Shares Outstanding (000) 652,600 645,200 617,200 593,631 581,343 576,212 574,918 574,828Net Earnings (Loss) per share - basic $8.71 $5.87 $5.99 $3.61 $3.57 $3.80 $4.46 $4.89Dividends per Share $2.02 $2.32 $2.70 $2.94 $3.03 $3.18 $3.34 $3.51Increase 0.00% 14.85% 16.38% 8.89% 3.00% 5.00% 5.00% 5.00%

Payout Ratio 23.20% 39.51% 45.10% 81.44% 84.81% 83.59% 74.86% 71.75%

Caterpillar, Inc.Balance Sheet(thousands)Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019EAssetsCurrent assets:Cash & Short-Term Investments 5,490,000 6,134,000 7,341,000 9,123,905 8,367,000 8,015,899 8,104,712 8,332,208Short-Term Receivables 19,520,000 17,852,000 17,511,000 14,820,289 14,056,553 14,102,426 14,524,683 15,115,026Inventories 15,547,000 12,625,000 12,205,000 10,933,995 10,279,564 10,221,847 10,433,914 10,857,991Other Current Assets 1,967,000 1,724,000 1,810,000 1,667,356 1,581,432 1,586,593 1,634,099 1,700,515Total current assets 42,524,000 38,335,000 38,867,000 36,545,545 34,284,549 33,926,764 34,697,408 36,005,740

Gross Property and Equipment 29,932,000 31,316,000 31,572,000 33,969,748 36,016,513 38,298,119 40,883,033 43,817,552less: accumulated depreciation 13,471,000 14,241,000 14,995,000 17,813,090 20,559,722 23,187,376 25,756,203 28,327,764Property and equipment, net 16,461,000 17,075,000 16,577,000 16,156,658 15,456,791 15,110,743 15,126,830 15,489,788LT Investment - Affiliate Companies 272,000 272,000 257,000 189,286 179,531 180,117 185,510 193,050Long-Term Note Receivable 15,345,000 16,323,000 16,145,000 15,499,200 15,189,216 15,341,108 15,801,341 16,275,382Goodwill, net 6,942,000 6,956,000 6,694,000 6,694,000 6,694,000 6,694,000 6,694,000 6,694,000Intangible Assets Gross 4,840,000 4,766,000 4,452,000 4,452,000 4,452,000 4,452,000 4,452,000 4,452,000Accumulated Amortization of Intangibles 824,000 1,170,000 1,376,000 1,725,600 2,057,720 2,383,198 2,702,166 3,014,754Intangible Assets, net 4,016,000 3,596,000 3,076,000 2,726,400 2,394,280 2,068,802 1,749,834 1,437,246Deferred Tax Assets 2,011,000 594,000 0.00 0 0 0 0 0Other Assets 1,785,000 1,745,000 3,065,000 3,126,300 3,188,826 3,252,603 3,317,655 3,384,008Total Assets 89,356,000 84,896,000 84,681,000 80,937,388 77,387,194 76,574,137 77,572,579 79,479,213

Liabilities and EquityCurrent Liabilities:ST Debt & Curr. Portion LT Debt 12,391,000 11,031,000 11,501,000 10,925,950 10,816,691 11,033,024 11,253,685 11,478,758Accounts Payable 6,753,000 6,560,000 6,515,000 5,866,299 5,563,990 5,582,148 5,749,290 5,982,964Income Tax Payable 66,000 86,000 62,000 37,837 36,645 38,685 45,222 49,534Other Current Liabilities 10,545,000 9,620,000 9,799,000 8,441,158 8,006,159 8,032,287 8,272,791 8,609,031Total current liabilities 29,755,000 27,297,000 27,877,000 25,271,245 24,423,485 24,686,144 25,320,987 26,120,288

Long-Term Debt 27,752,000 26,719,000 27,784,000 28,277,120 26,516,968 25,680,171 25,633,768 26,051,491Liability for Post Employment Benefits 11,085,000 6,973,000 8,963,000 9,052,630 8,871,577 8,694,146 8,520,263 8,349,858Deferred Tax Liabilities 484,000 447,000 414,000 372,600 353,970 361,049 368,270 375,636Other Liabilities 2,698,000 2,582,000 2,817,000 2,375,568 2,253,148 2,260,501 2,328,185 2,422,812Total Liabilities 71,774,000 64,018,000 67,855,000 65,349,163 62,419,148 61,682,010 62,171,474 63,320,084

Equity:Common Stock Par/Carry Value 4,481,000 4,709,000 5,016,000 5,080,519 5,145,038 5,209,557 5,274,076 5,338,596Retained Earnings 29,558,000 31,854,000 33,887,000 34,284,706 34,600,008 34,959,569 35,604,029 36,397,533Cumulative Adjustment/Unrealized For. Exch. Gain 456,000 171,000 (1,107,000) (1,107,000) (1,107,000) (1,107,000) (1,107,000) (1,107,000)Unrealized Gain/Loss Marketable Securities 25,000 83,000 83,000 83,000 83,000 83,000 83,000 83,000Other Appropriated Reserves (6,914,000) (4,152,000) (5,407,000) (5,407,000) (5,407,000) (5,407,000) (5,407,000) (5,407,000)Treasury Stock (10,074,000) (11,854,000) (15,726,000) (17,426,000) (18,426,000) (18,926,000) (19,126,000) (19,226,000)Total stockholders' equity 17,532,000 20,811,000 16,746,000 15,508,225 14,888,046 14,812,126 15,321,105 16,079,129Accumulated Minority Interest 50,000 67,000 80,000 80,000 80,000 80,000 80,000 80,000Total Equity 17,582,000 20,878,000 16,826,000 15,588,225 14,968,046 14,892,126 15,401,105 16,159,129Total Liabilities & Stockholders Equity 89,356,000 84,896,000 84,681,000 80,937,388 77,387,194 76,574,137 77,572,579 79,479,213

Caterpillar, Inc.Cash Flow Statement

Fiscal Years Ending Dec. 31 2010 2011 2012 2013 2014

Operating ActivitiesNet Income / Starting Line 2,758 4,981 5,722 3,803 3,711Depreciation, Depletion & Amortization 2,296 2,527 2,813 3,087 3,163Depreciation and Depletion 2,202 2,294 2,421 2,710 2,795Amortization of Intangible Assets 94 233 392 377 368Other Funds 469 457 389 482 553Funds from Operations 5,523 7,965 8,924 7,372 7,427Changes in Working Capital (514) (955) (3,683) 2,819 630Receivables (2,320) (1,345) (173) 835 163Inventories (2,667) (2,927) (1,149) 2,658 101Accounts Payable 2,570 1,555 (1,868) 134 222Other Accruals 964 927 (307) (387) 891Other Assets/Liabilities 939 835 (186) (421) (747)Net Operating Cash Flow 5,009 7,010 5,241 10,191 8,057

Investing ActivitiesCapital Expenditures (2,586) (3,924) (5,076) (4,446) (3,379)Net Assets from Acquisitions (1,126) (8,184) 0 0 0Sale of Fixed Assets & Businesses 1,469 1,730 1,117 844 904Purchase/Sale of Investments 11 (89) 485 217 (15)Purchase of Investments 217 336 1,020 597 825Sale/Maturity of Investments 228 247 1,505 814 810Other Funds 637 (960) (2,716) (1,661) (1,137)Other Uses (8,498) (10,041) (12,010) (11,448) (11,354)Other Sources 9,135 9,081 9,294 9,787 10,217Net Investing Cash Flow (1,595) (11,427) (6,190) (5,046) (3,627)

Financing ActivitiesCash Dividends Paid (1,084) (1,159) (1,617) (1,111) (1,620)Change in Capital Stock 296 123 52 (1,872) (3,995)Repurchase of Common & Preferred Stk. 0 0 0 (2,000) (4,238)Sale of Common & Preferred Stock 296 123 52 128 243Issuance/Reduction of Debt, Net (3,846) 4,824 5,377 (1,611) 2,444Change in Current Debt 291 (43) 461 (69) 1,043Change in Long-Term Debt (4,137) 4,867 4,916 (1,542) 1,401Issuance of Long-Term Debt 8,324 15,460 16,015 9,328 10,649Reduction in Long-Term Debt (12,461) (10,593) (11,099) (10,870) (9,248)Other Funds 21 178 (263) 83 175Other Uses (132) (11) (455) (13) (7)Other Sources 153 189 192 96 182Net Financing Cash Flow (4,613) 3,966 3,549 (4,511) (2,996)

Net Change in Cash (1,199) (451) 2,600 634 1,434

Caterpillar, Inc.Cash Flow Statement

Fiscal Years Ending Dec. 31 2015E 2016E 2017E 2018E 2019ECash Flows from Operating Activities:Net income (loss) 2,142,980 2,075,725 2,191,691 2,563,877 2,808,577Adjustments to reconcile net income to net cash from operating activities:Depreciation 2,818,090 2,746,632 2,627,655 2,568,826 2,571,561Amortization of Identifiable Intangibles 349,600 332,120 325,478 318,968 312,589Adjustment for Deferred Taxes (41,400) (18,630) 7,079 7,221 7,365

Net Cash Flows from Operating Activities 5,269,270 5,135,847 5,151,902 5,458,892 5,700,092Working CapitalShort-Term Receivables 2,690,711 763,736 (45,872) (422,257) (590,343)Inventories 1,271,005 654,430 57,718 (212,067) (424,077)Other Current Assets 142,644 85,924 (5,161) (47,506) (66,416)Accounts Payable (648,701) (302,309) 18,158 167,142 233,675Income Tax Payable (24,163) (1,192) 2,040 6,537 4,312Other Current Liabilities (1,357,842) (434,999) 26,127 240,504 336,240Net Cash Flows from Working Capital 2,073,655 765,590 53,009 (267,648) (506,609)

Capital Expenditures (2,397,748) (2,046,766) (2,281,606) (2,584,914) (2,934,519)LT Investment - Affiliate Companies 67,714 9,754 (586) (5,393) (7,540)Intangible Assets 0 0 0 0 0Other Assets (61,300) (62,526) (63,777) (65,052) (66,353)Provision for Risks & Charges 89,630 (181,053) (177,432) (173,883) (170,405)Other Liabilities (441,432) (122,420) 7,353 67,684 94,627Net Cash Flows from Investing Activities (2,743,135) (2,403,010) (2,516,047) (2,761,558) (3,084,190)

Cash flows from financing activities:Long-Term Note Receivable 645,800 309,984 (151,892) (460,233) (474,040)ST Debt & Curr. Portion LT Debt (575,050) (109,260) 216,334 220,660 225,074Long-Term Debt 493,120 (1,760,152) (836,797) (46,403) 417,723Common Stock Par/Carry Value 64,519 64,519 64,519 64,519 64,519Cumulative Translation Adjustment/Unrealized For. Exch. Gain 0 0 0 0 0Unrealized Gain/Loss Marketable Securities 0 0 0 0 0Other Appropriated Reserves 0 0 0 0 0Stock Repurchases (1,700,000) (1,000,000) (500,000) (200,000) (100,000)Change in non-controlling interests 0 0 0 0 0dividend payment (1,745,274) (1,760,424) (1,832,130) (1,919,417) (2,015,073)Net cash flows from financing activities (2,816,885) (4,255,332) (3,039,966) (2,340,873) (1,881,797)

Net increase (decrease) in cash & cash equivalents1,782,905 (756,905) (351,101) 88,813 227,496Cash & cash equivalents at beginning of year 7,341,000 9,123,905 8,367,000 8,015,899 8,104,712Cash & cash equivalents at end of year 9,123,905 8,367,000 8,015,899 8,104,712 8,332,208

Caterpillar, Inc.Common Size Income Statement

Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019ESales of machinery & power systems 95.74% 94.68% 94.49% 93.91% 93.71% 93.67% 93.67% 93.73%Revenues of financial products 4.26% 5.32% 5.51% 6.09% 6.29% 6.33% 6.33% 6.27%Total Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Operating Expenses:Cost of Goods Sold 68.20% 69.01% 67.91% 67.66% 67.66% 67.70% 67.71% 67.81%depreciation 3.68% 4.87% 5.06% 5.88% 6.04% 5.76% 5.47% 5.26%Amortization of Intangibles 0.60% 0.68% 0.67% 0.73% 0.73% 0.71% 0.68% 0.64%Gross Income 27.52% 25.44% 26.36% 25.73% 25.57% 25.83% 26.15% 26.29%

Selling, general & administrative expenses 8.72% 9.78% 10.28% 10.87% 11.12% 11.19% 11.08% 10.97%Research & development expenses 3.74% 3.68% 3.87% 4.50% 4.79% 4.92% 4.92% 4.87%

Operating Income (EBIT) 15.06% 11.99% 12.21% 10.37% 9.66% 9.72% 10.14% 10.46%

Nonoperating Income - Net 0.33% -0.10% 0.13% 0.14% 0.16% 0.15% 0.15% 0.13%Interest Expense 1.92% 2.13% 1.99% 2.55% 2.74% 2.56% 2.40% 2.31%Unusual Expense - Net 0.97% 0.54% 1.14% 1.67% 0.66% 0.55% 0.21% 0.20%Consolidated profit/loss before taxes 12.50% 9.21% 9.21% 6.29% 6.42% 6.76% 7.67% 8.08%

Income tax provision/(benefit) 3.84% 2.37% 2.50% 1.79% 1.83% 1.93% 2.19% 2.30%Profit/(loss) of consolidated companies 8.66% 6.84% 6.71% 4.50% 4.59% 4.83% 5.49% 5.77%Equity in profit(loss) of unconsolidated affiliates 0.02% -0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%Total profit/(loss) of consolidated and afilliates 8.69% 6.83% 6.72% 4.50% 4.59% 4.83% 5.49% 5.77%

Less: Profit/Loss attributable to noncontrolling interests 0.06% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03%Profit/(loss) attributable to CAT shareholders 8.62% 6.81% 6.70% 4.47% 4.56% 4.80% 5.46% 5.74%

Caterpillar, Inc.Common Size Balance Sheet

Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019EAssetsCurrent assets:Cash & Short-Term Investments 8.33% 11.02% 13.30% 19.03% 18.40% 17.57% 17.24% 17.04%Short-Term Receivables 29.63% 32.08% 31.73% 30.90% 30.90% 30.90% 30.90% 30.90%Inventories 23.60% 22.68% 22.12% 22.80% 22.60% 22.40% 22.20% 22.20%Other Current Assets 2.99% 3.10% 3.28% 3.48% 3.48% 3.48% 3.48% 3.48%Total current assets 64.55% 68.88% 70.43% 76.21% 75.38% 74.35% 73.83% 73.62%

Gross Property and Equipment 45.44% 56.27% 57.21% 70.84% 79.19% 83.93% 86.99% 89.59%less: accumulated depreciation 20.45% 25.59% 27.17% 37.15% 45.20% 50.81% 54.80% 57.92%Property and equipment, net 24.99% 30.68% 30.04% 33.69% 33.98% 33.11% 32.19% 31.67%LT Investment - Affiliate Companies 0.41% 0.49% 0.47% 0.39% 0.39% 0.39% 0.39% 0.39%Long-Term Note Receivable 23.29% 29.33% 29.26% 26.39% 26.39% 26.39% 26.39% 26.39%Goodwill, net 10.54% 12.50% 12.13% 13.96% 14.72% 14.67% 14.24% 13.69%Intangible Assets Gross 8.70% 8.64% 9.28% 9.28% 9.79% 9.76% 9.47% 9.10%Accumulated Amortization of Intangibles 1.48% 2.12% 2.87% 3.60% 4.52% 5.22% 5.75% 6.16%Intangible Assets, net 7.22% 6.52% 6.41% 5.69% 5.26% 4.53% 3.72% 2.94%Deferred Tax Assets 3.05% 1.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Other Assets 2.71% 3.14% 5.55% 3.70% 3.70% 3.70% 3.70% 3.70%Total Assets 135.64% 152.54% 153.45% 136.68% 136.14% 134.24% 132.79% 132.07%

Liabilities and EquityCurrent Liabilities:ST Debt & Curr. Portion LT Debt 18.81% 19.82% 20.84% 22.78% 23.78% 24.18% 23.94% 23.47%Accounts Payable 10.25% 11.79% 11.81% 12.23% 12.23% 12.23% 12.23% 12.23%Income Tax Payable 0.10% 0.15% 0.11% 0.08% 0.08% 0.08% 0.10% 0.10%Other Current Liabilities 16.01% 17.28% 17.76% 17.60% 17.60% 17.60% 17.60% 17.60%Total current liabilities 45.17% 49.05% 50.52% 35.10% 36.09% 36.50% 36.27% 35.80%

Long-Term Debt 42.13% 48.01% 50.35% 58.97% 58.30% 56.28% 54.54% 53.27%Liability for Post Employment Benefits 16.83% 12.53% 16.24% 18.88% 19.50% 19.05% 18.13% 17.07%Deferred Tax Liabilities 0.73% 0.80% 0.75% 0.78% 0.78% 0.79% 0.78% 0.77%Other Liabilities 4.10% 4.64% 5.10% 4.95% 4.95% 4.95% 4.95% 4.95%Total Liabilities 108.95% 115.02% 122.96% 113.72% 114.68% 112.62% 109.73% 106.91%

Equity:Common Stock Par/Carry Value 6.80% 8.46% 9.09% 10.6% 11.3% 11.4% 11.2% 10.9%Retained Earnings 44.87% 57.23% 61.41% 71.5% 76.1% 76.6% 75.8% 74.4%Cumulative Translation Adjustment/Unrealized For. Exch. Gain 0.69% 0.31% -2.01% -2.3% -2.4% -2.4% -2.4% -2.3%Unrealized Gain/Loss Marketable Securities 0.04% 0.15% 0.15% 0.2% 0.2% 0.2% 0.2% 0.2%Other Appropriated Reserves -10.50% -7.46% -9.80% -11.3% -11.9% -11.8% -11.5% -11.1%Treasury Stock -15.29% -21.30% -28.50% -36.3% -40.5% -41.5% -40.7% -39.3%Total stockholders' equity 26.61% 37.39% 30.35% 32.3% 32.7% 32.5% 32.6% 32.9%Accumulated Minority Interest 0.08% 0.12% 0.14% 0.2% 0.2% 0.2% 0.2% 0.2%Total Equity 26.69% 37.51% 30.49% 32.5% 32.9% 32.6% 32.8% 33.0%Total Liabilities & Stockholders Equity 135.64% 152.54% 153.45% 168.8% 170.1% 167.8% 165.1% 162.5%

Caterpillar, Inc.Value Driver Estimation(thousands)Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019ENOPLATNet Sales 65,875,000 55,656,000 55,184,000 47,954,950 45,483,682 45,632,114 46,998,439 48,908,647Operating Expenses (53,138,000) (45,897,000) (45,283,000) (39,816,069) (38,009,170) (38,243,760) (39,342,911) (40,910,830)Depreciation & Amortization (2,813,000) (3,087,000) (3,163,000) (3,167,690) (3,078,752) (2,953,132) (2,887,794) (2,884,150)Implied Interest on Op Leases 38,095 36,429 33,390 32,055 30,452 31,061 32,303 34,565EBITA 9,962,095 6,708,429 6,771,390 5,003,246 4,426,211 4,466,283 4,800,037 5,148,233

Tax Provision 2,528,000 1,319,000 1,380,000 859,935 832,840 879,200 1,027,778 1,125,781Marginal Tax Rate 29.7% 28.5% 28.0% 28.5% 28.5% 28.5% 28.5% 28.5%Tax Shield on Interest Expense (376,596) (338,010) (307,160) (348,411) (354,595) (332,523) (322,029) (321,447)Tax on Equity in profit(loss) of unconsolidated affiliates (4,158) 1,710 (2,240) 0 0 0 0 0Tax Shield on Implied Lease Interest 11,314 10,382 9,349 9,136 8,679 8,852 9,206 9,851Total Adjusted Taxes 2,158,560 993,082 1,079,949 520,659 486,923 555,530 714,955 814,184

Δ In Deferred Tax Liability 71,000 1,380,000 561,000 (41,400) (18,630) 7,079 7,221 7,365

NOPLAT 7,874,535 7,095,346 6,252,441 4,441,187 3,920,658 3,917,832 4,092,303 4,341,414Invested CapitalCurrent Operating Assets

Normal Cash 4,611,250 3,895,920 3,862,880 3,356,847 3,183,858 3,194,248 3,289,891 3,423,605Short-Term Receivables 19,520,000 17,852,000 17,511,000 14,820,289 14,056,553 14,102,426 14,524,683 15,115,026Inventories 15,547,000 12,625,000 12,205,000 10,933,995 10,279,564 10,221,847 10,433,914 10,857,991Other Current Assets 1,967,000 1,724,000 1,810,000 1,667,356 1,581,432 1,586,593 1,634,099 1,700,515

Less Current Operating LiabilitiesAccounts Payable 6,753,000 6,560,000 6,515,000 5,866,299 5,563,990 5,582,148 5,749,290 5,982,964Income Tax Payable 66,000 86,000 62,000 37,837 36,645 38,685 45,222 49,534Other Current Liabilities 10,545,000 9,620,000 9,799,000 8,441,158 8,006,159 8,032,287 8,272,791 8,609,031Net Operating Working Capital 32,859,250 27,726,920 27,001,880 23,206,994 21,919,340 21,897,688 22,453,976 23,364,123

Net PPE 16,461,000 17,075,000 16,577,000 16,156,658 15,456,791 15,110,743 15,126,830 15,489,788

PV of Operating Leases 865,797 827,924 758,872 728,517 692,091 705,933 734,170 785,562Long-Term Note Receivable 15,345,000 16,323,000 16,145,000 15,499,200 15,189,216 15,341,108 15,801,341 16,275,382Intangible Assets, net 4,016,000 3,596,000 3,076,000 2,726,400 2,394,280 2,068,802 1,749,834 1,437,246Other Assets 1,785,000 1,745,000 3,065,000 3,126,300 3,188,826 3,252,603 3,317,655 3,384,008Net Other Operating Assets 22,011,797 22,491,924 23,044,872 22,080,417 21,464,413 21,368,446 21,603,001 21,882,197

Provision for Risks & Charges 11,085,000 6,973,000 8,963,000 9,052,630 8,871,577 8,694,146 8,520,263 8,349,858Other Liabilities 2,698,000 2,582,000 2,817,000 2,375,568 2,253,148 2,260,501 2,328,185 2,422,812Net Other Operating Liabilities 13,783,000 9,555,000 11,780,000 11,428,198 11,124,725 10,954,646 10,848,448 10,772,669

Invested Capital 57,549,047 57,738,844 54,843,752 50,015,871 47,715,820 47,422,230 48,335,359 49,963,439

DriversNOPLAT 7,874,535 7,095,346 6,252,441 4,441,187 3,920,658 3,917,832 4,092,303 4,341,414Beginning Invested Capital 49,834,544 57,549,047 57,738,844 54,843,752 50,015,871 47,715,820 47,422,230 48,335,359Return on Invested Capital (ROIC) 15.80% 12.33% 10.83% 8.10% 7.84% 8.21% 8.63% 8.98%Change in Invested Capital 7,714,503 189,796 (2,895,092) (4,827,881) (2,300,051) (293,590) 913,129 1,628,080Free Cash Flow (FCF) 160,032 6,905,550 9,147,533 9,269,068 6,220,709 4,211,422 3,179,174 2,713,334Economic Profit (EP) 4,798,913 3,543,612 2,688,993 1,056,414 833,845 972,971 1,165,562 1,358,317

Net Income 5,681,000 3,789,000 3,695,000 2,142,980 2,075,725 2,191,691 2,563,877 2,808,577Average Equity 15,492,000 19,230,000 18,852,000 16,207,113 15,278,135 14,930,086 15,146,616 15,780,117ROE (Net Income/Average Equity) 36.67% 19.70% 19.60% 13.22% 13.59% 14.68% 16.93% 17.80%

Caterpillar, Inc.Weighted Average Cost of Capital (WACC) EstimationCost of Equity 9.03%Weight of Equity 51.38% Equity WeightCost of Debt 3.15% Market Cap (000s) 42,320,000Weight of Debt 48.62%WACC 6.17% PV of Debt (000s) 39,285,000

PV of Op Lease (000s) 758,872

Pre-tax Cost of Debt 4.40% Bloomberg WeeklyTerm Beta1 yr 1.2472 yr 1.146

Risk Free Rate 3.04% 3 yr 1.109Beta 1.24 4 yr 1.329Market Premium 4.85% 5 yr 1.349Cost of Equity 9.03% Ave 1.24

Cost of Debt

Cost Of Equity

Caterpillar, Inc.Discounted Cash Flow (DCF) and Economic Profit (EP) Valuation Models

Key Inputs: CV Growth 2.50% CV ROIC 8.98% WACC 6.17% Cost of Equity 9.03%

Fiscal Years Ending Dec. 31 2015E 2016E 2017E 2018E 2019E

DCF Model 1 2 3 4 5NOPLAT 4,441,187 3,920,658 3,917,832 4,092,303 4,341,414Begin IC 54,843,752 50,015,871 47,715,820 47,422,230 48,335,359Ending IC 50,015,871 47,715,820 47,422,230 48,335,359 49,963,439Δ Invested Capital (4,827,881) (2,300,051) (293,590) 913,129 1,628,080Free Cash Flow 9,269,068 6,220,709 4,211,422 3,179,174 2,713,334ROIC 8.10% 7.84% 8.21% 8.63% 8.98%

FCF 9,269,068 6,220,709 4,211,422 3,179,174 2,713,334Continuing Value 85,329,934PV of FCF 8,730,265 5,518,520 3,518,867 2,501,957 67,153,227

Value of Operating Assets 87,422,835+ Excess Cash 3,478,120- Total Debt 39,285,000-PV of Operating Leases 758,872-PV of ESOP 930,987-Minority Interest 80,000Value of Equity 49,846,097Shares Outstanding 617,200Intrinsic Value (12/31/14) $80.76Price Today $84.42

EP ModelNOPLAT 4,441,187 3,920,658 3,917,832 4,092,303 4,341,414Beginning IC 54,843,752 50,015,871 47,715,820 47,422,230 48,335,359ROIC 8.10% 7.84% 8.21% 8.63% 8.98%Economic Profit 1,056,414 833,845 972,971 1,165,562 1,358,317Continuing Value 36,994,575

995,005 739,722 812,969 917,278 29,114,110

PV of EP 32,579,084Beginning IC 54,843,752Value of Operating Assets 87,422,835+ Excess Cash 3,478,120- Total Debt 39,285,000-PV of Operating Leases 758,872-PV of ESOP 930,987-Minority Interest 80,000Value of Equity 49,846,097Shares Outstanding 617,200Intrinsic Value (12/31/14) $80.76Price Today $84.42

Present Value of EP discounted byWACC

Caterpillar, Inc.Dividend Discount Model (DDM) or Fundamental P/E Valuation Model

Fiscal Years Ending Dec. 31 2015E 2016E 2017E 2018E 2019E

EPS 3.61$ 3.57$ 3.80$ 4.46$ 4.89$

Key Assumptions CV growth 5.00% CV ROE 17.80% Cost of Equity 9.03%

Future Cash Flows P/E Multiple (CV Year) 17.82265 EPS (CV Year) 4.89$ Future Stock Price $87.08 Dividends Per Share Future Cash Flows $2.94 $3.03 $3.18 $3.34 $3.51

Discounted Cash Flows $2.70 $2.55 $2.45 $2.36 $61.61

Intrinsic Value (12/31/14) 68.97$Price Today 72.09$

Caterpillar, Inc.Relative Valuation Models

EPS EPS Est. 5yrTicker Company Price 2015E 2016E P/E 15 P/E 16 EPS gr. PEG 15 PEG 16DE Deere & Company $78.40 $5.45 $4.40 14.4 17.8 -17.9CNHI CNH Industrial NV $7.30 $0.41 $0.48 17.8 15.2 3.7 4.88 4.17CMI Cummins Inc $111.99 $10.03 $10.53 11.2 10.6 6.3 1.76 1.68GE General Electric 28.03 $1.30 $1.53 21.6 18.3 7.6 2.85 2.42

Average 16.2 15.5 3.2 2.8

CAT Caterpillar, Inc. $69.39 $ 4.57 $3.94 15.2 17.6 6.2 2.4 2.8

Implied Value: Relative P/E (EPS15) $ 74.17 Relative P/E (EPS16) 61.05$

Caterpillar, Inc.Key Management Ratios

Fiscal Years Ending Dec. 31 2012 2013 2014 2015E 2016E 2017E 2018E 2019E

Liquidity RatiosCash Ratio (Cash + ST)/Current L 18.45% 22.47% 26.33% 36.10% 34.26% 32.47% 32.01% 31.90%Current Ratio 142.91% 140.44% 139.42% 144.61% 140.38% 137.43% 137.03% 137.85%Operating Cash Flows/Current L 0.00% 0.00% 0.00% 20.85% 21.03% 20.87% 21.56% 21.82%

Activity or Asset-Management RatiosAsset Turnover Ratio (sales/ave assets) 1.56 1.30 1.35 1.19 1.20 1.25 1.28 1.30Receivables Turnover (sales/ave rec) 3.35 2.82 2.95 2.79 2.95 3.04 3.08 3.09Fixed Asset Turnover (Sales/ave PPE) 4.09 3.14 3.10 2.75 2.70 2.80 2.91 2.99

Financial Leverage RatiosDebt Ratio (total debt/total assets) 42.47% 44.92% 44.47% 46.39% 48.44% 48.24% 47.94% 47.55%Debt/Equity Ratio (total debt/total equity) 2.6 2.3 1.8 2.3 2.5 2.5 2.5 2.4

7.8 5.6 6.1 4.1 3.5 3.8 4.2 4.5

Profitability RatiosEBIT Margin 15.06% 11.99% 12.21% 10.37% 9.66% 9.72% 10.14% 10.46%ROA (NI/Ave Assets) 6.65% 4.35% 4.36% 2.59% 2.62% 2.85% 3.33% 3.58%ROE (NI/Ave Equity) 36.67% 19.70% 19.60% 13.22% 13.59% 14.68% 16.93% 17.80%

Payout Policy RatiosDividend Payout Ratio 23.20% 39.51% 45.10% 81.44% 84.81% 83.59% 74.86% 71.75%Total Payout Ratio 19.56% 86.48% 149.89% 160.77% 132.99% 106.41% 82.66% 75.31%

Interest Coverage Ratio (operatingincome/interest expense)

Sensitivity AnalysisCaterpillar, Inc.

84.40$ 5.75% 6.00% 6.25% 6.50% 6.75% 84.42$ 5.50% 6.00% 6.50% 7.00% 7.50%1.1 97.25$ 97.25$ 97.25$ 97.25$ 97.25$ 44.5$ 85.41$ 84.19$ 82.98$ 81.76$ 80.55$1.2 87.57$ 87.57$ 87.57$ 87.57$ 87.57$ 45.0$ 85.52$ 84.29$ 83.06$ 81.83$ 80.61$1.3 79.12$ 79.12$ 79.12$ 79.12$ 79.12$ 45.5$ 85.63$ 84.39$ 83.15$ 81.90$ 80.66$1.4 71.66$ 71.66$ 71.66$ 71.66$ 71.66$ 46.0$ 85.74$ 84.49$ 83.23$ 81.98$ 80.72$1.5 65.04$ 65.04$ 65.04$ 65.04$ 65.04$ 46.5$ 85.85$ 84.59$ 83.32$ 82.05$ 80.78$

84.40$ 1.10 1.20 1.30 1.40 1.50 84.42$ 8.00% 8.50% 9.00% 9.50% 10.00%2.00% 89.26$ 81.17$ 73.99$ 67.56$ 61.77$ 4.2% 107.72$ 96.19$ 86.28$ 77.67$ 70.09$2.25% 92.98$ 84.16$ 76.40$ 69.50$ 63.32$ 4.4% 105.78$ 94.64$ 85.03$ 76.65$ 69.27$3.00% 108.07$ 96.05$ 85.78$ 76.91$ 69.16$ 4.6% 103.93$ 93.15$ 83.83$ 75.67$ 68.47$3.25% 115.06$ 101.41$ 89.93$ 80.13$ 71.65$ 4.8% 102.16$ 91.73$ 82.67$ 74.72$ 67.70$3.50% 123.53$ 107.81$ 94.80$ 83.86$ 74.52$ 5.0% 100.47$ 90.35$ 81.55$ 73.81$ 66.95$

84.42$ 67.5% 67.6% 67.7% 67.8% 67.9% 84.42$ 8.50% 8.75% 9.00% 9.25% 9.50%47.0$ 87.37$ 85.91$ 84.44$ 82.98$ 81.51$ 2.0% 76.76$ 77.69$ 78.57$ 79.40$ 80.19$47.5$ 87.44$ 85.97$ 84.51$ 83.04$ 81.58$ 2.5% 81.93$ 83.25$ 84.50$ 85.69$ 86.81$48.0$ 87.50$ 86.03$ 84.57$ 83.10$ 81.64$ 3.0% 88.73$ 90.57$ 92.31$ 93.95$ 95.51$48.5$ 87.56$ 86.10$ 84.63$ 83.16$ 81.70$ 3.5% 98.09$ 100.63$ 103.04$ 105.32$ 107.47$49.0$ 87.62$ 86.16$ 84.69$ 83.23$ 81.76$ 4.0% 111.74$ 115.33$ 118.71$ 121.91$ 124.94$

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