Royal Mail_MJZ.xlsx - Exhibit 2 Royal Mail plc Cost of...

Exhibit 2
Royal Mail plc: Cost of Capital
Cumulative Weekly Total Stock Returns--Royal Mail and FTSE100 Index
*** Monthly Return *** *** Cumulative Return ***
FTSE100 IndexRoyal Mail FTSE100 IndexRoyal Mail
Oct-13 0% 0%
Oct-13 2% 10% 2% 10%
Oct-13 1% 10% 4% 21%
Oct-13 0% 3% 4% 24%
Nov-13 0% -1% 3% 23%
Nov-13 0% -2% 3% 22%
Nov-13 0% -4% 3% 18%
Nov-13 0% 3% 3% 21%
Dec-13 -1% 7% 1% 28%
Dec-13 -2% -1% -1% 27%
Dec-13 3% 0% 2% 28%
Dec-13 2% -2% 4% 26%
Dec-13 0% 0% 4% 26%
Jan-14 0% 1% 4% 26%
Jan-14 1% 4% 5% 30%
Oct-13 May-14 Dec-14 Jul-15
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Royal Mail
FTSE100
Index
Cumulative returns

Jan-14 -2% -5% 3% 25%
Jan-14 -2% 4% 1% 29%
Feb-14 1% -2% 1% 28%
Feb-14 1% 1% 3% 29%
Feb-14 3% 1% 5% 29%
Feb-14 0% 0% 5% 29%
Mar-14 -1% -2% 4% 27%
Mar-14 -3% -4% 1% 24%
Mar-14 0% 3% 1% 26%
Mar-14 1% -3% 2% 23%
Mar-14 1% -3% 3% 21%
Apr-14 -2% -10% 1% 11%
Apr-14 1% 3% 2% 14%
Apr-14 1% 2% 3% 16%
Apr-14 2% 4% 5% 20%
May-14 0% 3% 5% 23%
May-14 1% 3% 6% 25%
May-14 -1% -8% 5% 17%
May-14 0% -3% 6% 15%
Jun-14 0% -3% 6% 12%
Jun-14 -1% 0% 5% 12%
Jun-14 1% -3% 5% 9%
Jun-14 -1% 3% 4% 13%
Jun-14 2% -2% 6% 11%
Jul-14 -3% 0% 3% 11%
Jul-14 1% -1% 4% 10%
Jul-14 1% -6% 5% 3%
Jul-14 -2% -3% 3% 0%
Aug-14 -2% 0% 2% 0%
Aug-14 2% 2% 4% 2%
Aug-14 1% 3% 5% 5%
Aug-14 1% -1% 5% 4%
Sep-14 1% -5% 6% 0%
Sep-14 -1% -1% 5% -1%
Sep-14 0% 3% 6% 2%
Sep-14 -3% -8% 3% -6%
Sep-14 -2% -1% 1% -7%
Oct-14 -3% 1% -2% -6%
Oct-14 0% 8% -2% 2%
Oct-14 1% 6% -1% 8%
Oct-14 2% -4% 2% 4%

Nov-14 0% 5% 2% 9%
Nov-14 1% 1% 3% 10%
Nov-14 1% -8% 5% 2%
Nov-14 0% -1% 4% 1%
Dec-14 0% -3% 4% -2%
Dec-14 -7% -3% -2% -5%
Dec-14 4% 5% 2% 0%
Dec-14 1% 2% 3% 2%
Dec-14 -1% 0% 2% 3%
Jan-15 -1% -1% 1% 2%
Jan-15 1% 2% 2% 4%
Jan-15 4% 2% 6% 7%
Jan-15 -1% -1% 5% 5%
Feb-15 2% 5% 7% 10%
Feb-15 0% -2% 7% 8%
Feb-15 1% -5% 7% 3%
Feb-15 0% -1% 8% 2%
Mar-15 -1% 1% 7% 3%
Mar-15 -2% 1% 5% 4%
Mar-15 4% 4% 9% 8%
Mar-15 -2% -1% 7% 7%
Mar-15 0% 0% 6% 7%
Apr-15 4% 2% 10% 9%
Apr-15 -1% -1% 9% 8%
Apr-15 1% -1% 10% 7%
Apr-15 -1% 6% 9% 13%
May-15 1% 2% 10% 16%
May-15 -1% 1% 8% 17%
May-15 1% 4% 9% 21%
May-15 -1% 4% 9% 25%
Jun-15 -3% -6% 6% 19%
Jun-15 0% 3% 6% 22%
Jun-15 -1% -1% 5% 21%
Jun-15 1% 4% 5% 25%
Jun-15 -2% -1% 3% 24%
Jul-15 1% 2% 4% 26%
Jul-15 2% -1% 6% 25%
Jul-15 -3% 0% 3% 25%
Source: Investing.com.

Exhibit 3
Royal Mail plc: Cost of Capital