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Stock Repurchases Have Significantly Reduced Our Shares Outstanding, Magnifying the Per Share Value Gains Period-end shares outstanding (million) 11.0 10.0 9.0 8.0 7.0 10.0 9.2 8.9 8.3 8.3 8.0 7.7 2013 2014 2015 2016 2017 2018 Q3 2019 Repurchase Activity $2.2M 119K shares $18.44/share $25.5M 972K shares $26.27/share $12.8M 477K shares $26.86/share $19.1M 784K shares $24.33/share $19.5M 555K shares $35.23/share $27.9M 542K shares $51.51/share $18.1M 421K shares $42.94/share 44 57 CRAC Charles River Associates

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