1. Valuation Multiple

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

1. Overpay
2. Underpay

Company Name MV Equity Enterprise Value Book Value CY'14 EBITDA EBIT Enterprise Value as Multiple at: Revenue EBITDA EBIT MV of Equity as Multiple at Net Income Book Value Rev Net Income 0.974 1.16 Alco LISI ThyssenKrupp Allegheny Technologies Carpenter Technology $13637 $1,332 $9.460 $1,804 $1,627 $23,164 $1,517 $12,924 $3,193 $2,220 $10,599 $709 $3,182 $2,598 $1,326 $23,906 $1,307 $41,304 54,223 $2,173 53.556 $193 $2,290 $283 $2,185 $131 $1,314 $106 $212 $2,043 $81 $210 1531 $133 6.51 7.86 5.64x 11.28% S.BE 10.60 11.56 9.84 30.09 10.47 6.68% 16.36 45.05 NM 1.29 1.88 2.97 0.66 1.23 0.76 1.02 $382 $3,193 14. 31x Median Mean $1,804 $5,572 $2,598 $3,683 $4,223 $14,583 $382 $1,341 $8.603 $212 $790 $133 $493 0.97% 0.84 6.51 7.42 10.60 14.51 20.064 1.29 161 $10,929 $10,005 $2,927 $2,602 $1.530 Precision Castparts Implied Value - Median Implied Value - Mean! $14,098 $9,705 $8,404 $19,955 $21,718 $27.581 $37.755 $21,894 $30,722 $17,596 Company Name MV Equity Enterprise Value Book Value CY'14 EBITDA EBIT Enterprise Value as Multiple at: Revenue EBITDA EBIT MV of Equity as Multiple at Net Income Book Value Rev Net Income 0.974 1.16 Alco LISI ThyssenKrupp Allegheny Technologies Carpenter Technology $13637 $1,332 $9.460 $1,804 $1,627 $23,164 $1,517 $12,924 $3,193 $2,220 $10,599 $709 $3,182 $2,598 $1,326 $23,906 $1,307 $41,304 54,223 $2,173 53.556 $193 $2,290 $283 $2,185 $131 $1,314 $106 $212 $2,043 $81 $210 1531 $133 6.51 7.86 5.64x 11.28% S.BE 10.60 11.56 9.84 30.09 10.47 6.68% 16.36 45.05 NM 1.29 1.88 2.97 0.66 1.23 0.76 1.02 $382 $3,193 14. 31x Median Mean $1,804 $5,572 $2,598 $3,683 $4,223 $14,583 $382 $1,341 $8.603 $212 $790 $133 $493 0.97% 0.84 6.51 7.42 10.60 14.51 20.064 1.29 161 $10,929 $10,005 $2,927 $2,602 $1.530 Precision Castparts Implied Value - Median Implied Value - Mean! $14,098 $9,705 $8,404 $19,955 $21,718 $27.581 $37.755 $21,894 $30,722 $17,596