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THE (FINANCIAL) MARKET EFFICIENCY

|Includes:Salesforce.com, Inc. (CRM), EXC, NS, SPLK

SPLUNK Inc June 2012 December 2012 June 2013

EBITDA -10.95 mln $ -17.24 mln $ -34.78 mln $

Price per share 28.1 $ ...................... 59.4 $

SALESFORCE Inc

EBITDA 116.24 mln $ 83.58 mln $ 72.43 mln $

Price per share 34.56 $ .................. 49.63 $

EXELON Corp

EBITDA 6.8 bln $ 7.25 bln $ 7.45 bln $

Price per share 37.6 $ 30.5 $

NUSTAR ENERGY LP

EBITDA 402.6 mln $ 383.6 mln $ 419.3 mln $

Price per share 53.9 $ 39.9 $

Disclosure: I am long NS.

Stocks: CRM, SPLK, EXC, NS