{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["Stock Price","Call Tree","Stock Tree","Inputs"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":1,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Stock Price","index":0,"n_rows":4,"n_cols":7,"rows_kept":4,"cut":false,"hidden":false,"merged":[]}
[]
["Date","Open","High","Low","Close","Volume","Adj Close*"]
["2013-03-27",13.23,13.25,13.1,13.22,26240600,13.22]
["* Close price adjusted for dividends and splits."]

{"sheet":"Call Tree","index":1,"n_rows":17,"n_cols":11,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
["Ford Motor Company",null,null,null,null,null,null,null,null,null,"Exhibit C"]
["Valuation of Ford Motor Company Employee Stock Options"]
["Valuation Date: 03/27/2013"]
["Call Tree"]
[]
[5.5531748331422275,8.0205563788307384,11.321223475020886,15.358029790753218,20.238250875317565,26.138102384518781,33.270616921763605,41.893336246931227,52.317610627637912,64.91984111507702,80.155070681988434]
[null,3.6366441633594038,5.4610276912150653,7.9820704021655509,11.321223475020886,15.358029790753218,20.238250875317565,26.138102384518781,33.270616921763605,41.893336246931227,52.317610627637919]
[null,null,2.2161871707391021,3.5012858404202736,5.3716523308464375,7.9820704021655509,11.321223475020886,15.358029790753218,20.238250875317565,26.138102384518781,33.270616921763605]
[null,null,null,1.2131324297043347,2.0433953494068566,3.3404007198597077,5.2712706631096236,7.9820704021655509,11.321223475020886,15.358029790753218,20.238250875317565]
[null,null,null,null,0.56351802895422909,1.0296578586227469,1.8333797075960996,3.1597030796007166,5.2200000000000006,7.9820704021655509,11.321223475020886]
[null,null,null,null,null,0.19795592913545379,0.39976994597276788,0.79488620760549322,1.5487583359454189,2.9352790722483064,5.2200000000000006]
[null,null,null,null,null,null,3.9356091371988922E-2,8.9347148574806357E-2,0.20283805327604851,0.46048784447071273,1.0454106193609505]
[null,null,null,null,null,null,null,0,0,0,0]
[null,null,null,null,null,null,null,null,0,0,0]
[null,null,null,null,null,null,null,null,null,0,0]
[null,null,null,null,null,null,null,null,null,null,0]

{"sheet":"Stock Tree","index":2,"n_rows":17,"n_cols":11,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
["Ford Motor Company",null,null,null,null,null,null,null,null,null,"Exhibit B"]
["Valuation of Ford Motor Company Employee Stock Options"]
["Valuation Date: 03/27/2013"]
["Stock Tree"]
[]
[13.22,15.982070402165551,19.321223475020886,23.358029790753218,28.238250875317565,34.138102384518781,41.270616921763605,49.893336246931227,60.317610627637912,72.91984111507702,88.155070681988434]
[null,10.935279072248306,13.22,15.982070402165551,19.321223475020886,23.358029790753218,28.238250875317565,34.138102384518781,41.270616921763605,49.893336246931227,60.317610627637919]
[null,null,9.0454106193609505,10.935279072248306,13.22,15.982070402165551,19.321223475020886,23.358029790753218,28.238250875317565,34.138102384518781,41.270616921763605]
[null,null,null,7.4821550261566099,9.0454106193609505,10.935279072248306,13.22,15.982070402165551,19.321223475020886,23.358029790753218,28.238250875317565]
[null,null,null,null,6.1890660569476434,7.4821550261566099,9.0454106193609505,10.935279072248306,13.22,15.982070402165551,19.321223475020886]
[null,null,null,null,null,5.1194526875417479,6.1890660569476434,7.4821550261566099,9.0454106193609505,10.935279072248306,13.22]
[null,null,null,null,null,null,4.2346931796853715,5.1194526875417479,6.1890660569476434,7.4821550261566099,9.0454106193609505]
[null,null,null,null,null,null,null,3.502840522330263,4.2346931796853715,5.1194526875417479,6.1890660569476434]
[null,null,null,null,null,null,null,null,2.8974688848155408,3.502840522330263,4.2346931796853715]
[null,null,null,null,null,null,null,null,null,2.3967194295472027,2.8974688848155408]
[null,null,null,null,null,null,null,null,null,null,1.9825110302555538]

{"sheet":"Inputs","index":3,"n_rows":22,"n_cols":3,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[]
["Ford Motor Company",null,"Exhibit A"]
["Valuation of Ford Motor Company Employee Stock Options"]
["Valuation Date: 03/27/2013"]
["Inputs"]
[]
["F Stock Price as of the Valuation Date",null,13.22]
["Exercise Price",null,8]
["Valuation Date",null,"2013-03-27"]
["Expected Life of the Option",null,4]
["Number of Periods",null,10]
["Dividend Yield",null,0.02]
["Volatility",null,0.3]
["Risk-free Rate",null,0.01]
[]
["Calculated Inputs"]
["u",null,1.2089311953226589]
["d",null,0.82717693436068873]
["p",null,0.44225061053115911]
["1-p",null,0.55774938946884089]
[]
["Fair Market Value per Option",null,5.55]