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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Hkvistlikt Ljkjeilikt

gar Mhem Kit Uartm

Hkdhvhdujcs jkd Hksthtuthaks

Ecabjc Vtaf` Wjcujthak

Uhki Fauktry Fakgirikfi, Ljy 2>:4

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Dhsfcjhlir

Tmhs prisiktjthak hs gar hkgarljthakjc purpasis jkd hs kat jk aggir ta sicc. Jky hkvistlikt hkvacvis shekhghfjkt rhs`s, jkd

pjst ljr`it fakdhthaks ljy kat risilbci guturi ljr`it fakdhthaks.

MX^ATMITHFJC ^IRGARLJKFI RIVYCTV MJWI LJKX HKMIRIKT CHLHTJTHAKV, VALI AG UMHFM JRI

DIVFRHBID BICAU. TMIX JRI EIKIRJCCX ^RI^JRID UHTM TMI BIKIGHT AG MHKDVHEMT, DA KAT

HKWACWI GHKJKFHJC RHV@ AR RIGCIFT JFTYJC TRJDHKE BX JKX JFFAYKT YKDIR JFTYJC LJR@IT

FAKDHTHAKV JKD TMIRIGARI DA KAT RIGCIFT TMI HL^JFT TMJT IFAKALHF JKD LJR@IT GJFTARV

LJX MJWI MJD AK TMI JDWHVARV HKWIVTLIKT DIFHVHAKV GAR TMJT JFFAYKT. KA

RI^RIVIKTJTHAK HV LJDI TMJT FHLH'V ^IRGARLJKFI UAYCD MJWI BIIK TMI VJLI JV VYFM

VHLYCJTID MJD FHLH BIIK HK I]HVTIKFI DYRHKE VYFM THLI. JKATMIR CHLHTJTHAK HV TMJT

HKWIVTLIKT DIFHVHAKV RIGCIFTID HK TMI VHLYCJTID RIVYCTV FJKKAT FAL^CITICX JFFAYKT

GAR TMI HL^JFT AG GHKJKFHJC RHV@ AK TMI LJKKIR HK UMHFM JK JFFAYKT UAYCD MJWI BIIK

LJKJEID. GAR I]JL^CI, TMI JBHCHTX TA UHTMVTJKD CAVVIV AR TA JDMIRI TA J ^JRTHFYCJR

TRJDHKE ^RAERJL HK V^HTI AG TRJDHKE CAVVIV JRI LJTIRHJC ^AHKTV UMHFM FJK JCVA JGGIFT

JFTYJC TRJDHKE RIVYCTV. HK GJFT, TMIRI JRI GRIZYIKTCX VMJR^ DHGGIRIKFIV BITUIIK

MX^ATMITHFJC RIVYCTV JKD TMI JFTYJC RIFARD VYBVIZYIKTCX JFMHIWID. TMI VHLYCJTID

RIVYCTV DA KAT TJ@I HKTA JFFAYKT IKMJKFILIKTV TMJT LJX BI LJDI TA TMI ^RA^RHITJRXFAL^YTIR LADICV AWIR THLI. TMIRI JRI KYLIRAYV ATMIR GJFTARV RICJTID TA TMI LJR@IT

HK EIKIRJC, AR TA TMI HL^CILIKTJTHAK AG JKX V^IFHGHF TRJDHKE ^RAERJL UMHFM FJKKAT BI

GYCCX BI JFFAYKTID GAR HK TMI ^RI^JRJTHAK AG MX^ATMITHFJC VHLYCJTID ^IRGARLJKFI

RIVYCTV JKD JCC AG UMHFM FJK JDWIRVICX JGGIFT JFTYJC TRJDHKE RIVYCTV. JCC RIVYCTV JRI

ERAVV AG JCC TRJDHKE JKD LJKJEILIKT GIIV

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Grii Baa`s!

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Lavhi Gaccaw Yp

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Tjc`hke jbaut Hkvisthke

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

:886-2>:2

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Fjk wi da jkytmhke ta

rilavi ilathakjcdifhshak lj`hke1

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Fyfchfjccy Jdoustid ^rhfi Ijrkhkes Rjtha

Vaurfi? Vmhccir

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi? Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

RIJC RITYRK FJ^I

:> BIVT :7.:% ::

:> UARVT -6.6% 26

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi? Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Fallak Frhthfhsls

Lijsurilikt pirhad hs taa cake

Hekaris diprisshaks (ar bubbcis)

Ripartid vs. Apirjthke Ijrkhkes

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Ihtmir yau ukdirstjkd yaur rhs` ar yau dakt pcjy tmi ejli.

- Jrtmur Jsmi

Vaurfi? Ecabjc Ghkjkfhjc Djtj

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Va, tmi YV hs ixpikshvi

jkd bakds yhicd virychttci, wmiri ta caa`1

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

aurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Bcaadjkd Bubbci.

: Xijr 6 Xijr 9 Xijr

Bcaad 35 6:% :=% 2:%

Bubbci ;49 -8% -4% -:%

Vaurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Umiri jri wi kaw1

Eriifi 4

Jreikthkj 7

Russhj 7Mukejry =

Hricjkd 8

Htjcy 8

Ljcjyshj 2>

Facalbhj 22

^mhchpphkis 24YVJ 29

Hkdakishj 2=

Dikljr` 28

Vaurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Umy Tmhs Ljttirs (ta Xau!)

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

FAKTJFT

UIBVHTI

www.fjlbrhjgukds.fal

^MAKI

(6:>) 7>7-9999

BCAE

www.libjkigjbir.fal

ILJHC

lgNfjlbrhjhkvistlikts.fal

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Atmir Wjcui Gjftars Uar`, :859-2>::

Vaurfi? Grikfm Gjlj

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Gral Ljfra ta Lhfra

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Erjy, Vmhcccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Vmhccir

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Umik tmi gjfts

fmjkei, H fmjkei lylhkd. Umjt da yau

da shr1 - Oamk

Ljykjrd @iykis

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

:. Fjsm Dhvhdikd

2. Buybjf` Vtaf`

6. ^jy Dawk Dibt

4. Jfquhshthak

9. Rihkvist hk Bushkiss

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Gjlj

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Djladjrjk

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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

Vaurfi Vfmwjrtz

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014

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Fchf` ta idht Ljstir thtcistyci

Fchf` ta idht Ljstir subthtci styci

:. Fjsm Dhvhdikd + Kit Buybjf`s