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EFTA01437401 | EFTA01437474
12155403511479378
(=TABLE(127,146))=0.12041312688271938
(=TABLE(T27,T46))=0.1192722186506449
7
(=TABLE(T27,T46))=0.11813131041857058
(=TABLE(127,146))=0.11699040218649617
(=TABLE(T27,
T46))=0.11584949395442178
0.20
(292-$AC$96)*10000=-228.2762632126202
(AA92-$AC$96)*10000=
-233.9808043729921
(AB92-$AC$96)*10000=-239.68534553336417 (AC92-$AC$96)*10000=-245.38988669373
623
(AD92-$AC$96)*10000=-251.09442785410815 (AE92-$AC$96)*10000=-256.79896901448024 (AF92-$AC$96
)*10000=-268.2080513352242
(AG92-$AC$96)*10000=-279.6171336559683 (AH92-$AC$96)*10000=-291.026
21597671214
(A192-$AC$96)*10000=-302.43529829745626 (AJ92-$AC$96)*10000=-313.8443806182002 0.20
Z92-$Q$64=0.004406305694979781 AA92-$Q$64=0.0038358515789425895
AB92-$Q$64=0.003265397462905
384
AC92-$Q$64=0.0026949433468681783
AD92-$Q$64=0.0021244892308309865
AE92-$Q$64=0
.0015540351147937809
AF92-$Q$64=4.1312688271938347E-4
AG92-$Q$64=-7.277813493550278E-4
AH92-$Q$64=-0.0018686895814294113
A192-$Q$64=-0.0030095978135038226
AJ92-$Q$64=-0.004150
50604557822
Stage 1 Change from base
M92/M91-1=0
N92/N91-1=0
092/091-1=0
P92/P91-1=0
Q92/
Q91-1=0 R92/R91-1=0
S92/S91-1=0
0.15
(=TABLE(127,146))=0.129815275507805
(=TABLE(T27,
T46))=0.12922001903889663
(=TABLE(T27,146))=0.12862476256998823
(=TABLE(T27,146))=0.12802950
610107985
(=TABLE(T27,T46))=0.12743424963217145
(=TABLE(T27,146))=0.12683899316326308
(=TA
BLE(T27,T46))=0.1256484802254463
(=TABLE(T27,T46))=0.12445796728762955
(=TABLE(T27,T46))=0.
12326745434981279
(=TABLE(T27,146))=0.12207694141199602
(=TABLE(T27,T46))=0.1208864284741792
6
0.15
(293-$AC$96)*10000=-174.18656508436797 (AA93-$AC$96)*10000=-180.1391297734517 (AB9
3-$AC$96)*10000=-186.0916944625357
(AC93-$AC$96)*10000=-192.04425915161943 (AD93-$AC$96)*10000=
- 197.99682384070343
(AE93-$AC$96)*10000=-203.94938852978717 (AF93-$AC$96)*10000=-215.85451790795
491
(AG93-$AC$96)*10000=-227.7596472861225 (AH93-$AC$96)*10000=-239.6647766642901

(A193-$AC$96
)*10000=-251.56990604245783
(AJ93-$AC$96)*10000=-263.47503542062543 0.15
Z93-$Q$64=0.00981527
5507805005
AA93-$Q$64=0.009220019038896632 AB93-$Q$64=0.008624762569988231 AC93-$Q$64=0.0080295
06101079859
AD93-$Q$64=0.007434249632171458 AE93-$Q$64=0.006838993163263085 AF93-$Q$64=0.0056484
80225446312
AG93-$Q$64=0.004457967287629552 AH93-$Q$64=0.003267454349812793 A193-$Q$64=0.0020769
414119960194
AJ93-$Q$64=8.8642847417926E-4
Discount to MSCI EM Banks
0.10
(=TABLE(T27,T46))=0.13571596984906883
(=TABLE(T27,146))=0.
13509365626793735
(=TABLE(127,146))=0.13447134268680583
(=TABLE(T27,T46))=0.1338490291056743
7
(=TABLE(T27,146))=0.13322671552454288
(=TABLE(127,146))=0.13260440194341136
(=TABLE(T27,
T46))=0.13135977478114838
(=TABLE(T27,T46))=0.1301151476188854
(=TABLE(127,146))=0.12887052
045662242
(=TABLE(T27,T46))=0.12762589329435944
(=TABLE(T27,146))=0.12638126613209646
0.10
(Z94-$AC$96)*10000=-115.17962167172962 (AA94-$AC$96)*10000=-121.40275748304452 (AB94-$AC$96)*10000=
- 127.6258932943597
(AC94-$AC$96)*10000=-133.8490291056743 (AD94-$AC$96)*10000=-140.07216491698
92
(AE94-$AC$96)*10000=-146.29530072830437 (AF94-$AC$96)*10000=-158.74157235093418 (AG94-$AC$96
)*10000=-171.18784397356396
(AH94-$AC$96)*10000=-183.63411559619374 (A194-$AC$96)*10000=-196.080
38721882355
(AJ94-$AC$96)*10000=-208.52665884145333 0.10
Z94-$Q$64=0.01571596984906884
AA94
-$Q$64=0.01509365626793735
AB94-$Q$64=0.014471342686805833 AC94-$Q$64=0.01384902910567437 AD94
-$Q$64=0.013226715524542881
AE94-$Q$64=0.012604401943411364 AF94-$Q$64=0.011359774781148385 AG94
-$Q$64=0.010115147618885406
AH94-$Q$64=0.008870520456622427 A194-$Q$64=0.007625893294359448 AJ94
-$Q$64=0.006381266132096469
M87/$M$110-1=-0.45555098771235025
N87/$M$110-1=-0.4544157472076571
P/E (2018E), base

(x)
0871$M$110-1=-0.7225718593505239
P87/$M$110-1=-0.5295480046709375
Q87/$M$110-1=-0.6492
577338497858
R87/$M$110-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
0.05
(=TABLE(T27,T46))=0.14217863507997688
(=TABLE(T27,T46))=0.14152668751879152
(=TABLE(T27,146))=0.
14087473995760613
(=TABLE(127,146))=0.14022279239642077
(=TABLE(T27,T46))=0.1395708448352353
8
(=TABLE(T27,T46))=0.13891889727405002
(=TABLE(127,146))=0.13761500215167927
(=TABLE(T27,
T46))=0.13631110702930851
(=TABLE(T27,T46))=0.1350072119069378
(=TABLE(T27,146))=0.13370331
678456704
(=TABLE(T27,T46))=0.13239942166219631
0.05
(Z95-$AC$96)*10000=-50.5529693626491
4
(AA95-$AC$96)*10000=-57.07244497450276 (AB95-$AC$96)*10000=-63.59192058635665 (AC95-$AC$96
)*10000=-70.11139619821027
(AD95-$AC$96)*10000=-76.63087181006418 (AE95-$AC$96)*10000=-83.1503
4742191779
(AF95-$AC$96)*10000=-96.18929864562531 (AG95-$AC$96)*10000=-109.22824986933283 (AH9
5-$AC$96)*10000=-122.26720109304007
(A195-$AC$96)*10000=-135.30615231674759 (AJ95-$AC$96)*10000=
- 148.34510354045483
0.05
Z95-$Q$64=0.02217863507997689
AA95-$Q$64=0.021526687518791526 AB95
-$Q$64=0.020874739957606137
AC95-$Q$64=0.020222792396420775 AD95-$Q$64=0.019570844835235385 AE95
-$Q$64=0.018918897274050023
AF95-$Q$64=0.01761500215167927 AG95-$Q$64=0.01631110702930852 AH95
-$Q$64=0.015007211906937795
A195-$Q$64=0.013703316784567043 AJ95-$Q$64=0.01239942166219632
P/E (2018E), implied

(x)
M88/$M$110-1=-0.45555098771235025
N88/$M$110-1=-0.454415747207
6571
088/$M$110-1=-0.7225718593505239
P88/$M$110-1=-0.5295480046709375
Q88/$M$110-1
=-0.6492577338497858
R88/$M$110-1=-0.36301209310842075
AVERAGE(M96:R96)=-0.5290594043166126
0
(=TABLE(T27,T46))=0.14928756683397573
(=TABLE(127,146))=0.1486030218947311
(=TABLE(T27,
T46))=0.14791847695548643
(=TABLE(T27,T46))=0.1472339320162418
(=TABLE(127,146))=0.14654938
707699716
(=TABLE(T27,T46))=0.14586484213775253
(=TABLE(T27,T46))=0.14449575225926325
(=TA
BLE(T27,T46))=0.14312666238077396
(=TABLE(T27,T46))=0.14175757250228468
(=TABLE(T27,146))=0.
14038848262379539
(=TABLE(127,146))=0.13901939274530611
0
(Z96-$AC$96)*10000=20.536348
17733935
(AA96-$AC$96)*10000=13.69089878489299
(AB96-$AC$96)*10000=6.845449392446357
(AC9
6-$AC$96)*10000=0
(AD96-$AC$96)*10000=-6.845449392446357 (AE96-$AC$96)*10000=-13.690898784892
713
(AF96-$AC$96)*10000=-27.381797569785427 (AG96-$AC$96)*10000=-41.07269635467842 (AH96-$AC$96
)*10000=-54.76359513957113
(A196-$AC$96)*10000=-68.45449392446412 (AJ96-$AC$96)*10000=-82.1453
9270935684
0
Z96-$Q$64=0.029287566833975737 AA96-$Q$64=0.0286030218947311
AB96-$Q$64=0
.027918476955486438
AC96-$Q$64=0.027233932016241802 AD96-$Q$64=0.026549387076997166 AE96-$Q$64=0
.02586484213775253
AF96-$Q$64=0.02449575225926326 AG96-$Q$64=0.02312666238077396 AH96-$Q$64=0
.02175757250228469
A196-$Q$64=0.02038848262379539 AJ96-$Q$64=0.01901939274530612
3Y average discount
M122/$M$114-1=-0.11901840490797555
N122/$M$114-1=-0.14723926380368102
0122/$M$114-1=-0.46871165644171786
P122/$M$114-1=-0.2601226993865031
Q122/$M$114-1=-0.354
6012269938651
R122/$M$114-1=-0.2834355828220859
AVERAGE(M97:R97)=-0.2721881390593048
-0.0
5
(=TABLE(T27,146))=0.15714480719365867
(=TABLE(127,146))=0.15642423357340116
(=TABLE(T27,
T46))=0.1557036599531436
(=TABLE(T27,T46))=0.1549830863328861
(=TABLE(T27,146))=0.15426251
27126286
(=TABLE(T27,T46))=0.15354193909237107
(=TABLE(T27,146))=0.15210079185185604
(=TA

EFTA01437474

February 20, 2026 at 10:22 PM