Вы находитесь на странице: 1из 185

1

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Sheet Tab
Contents
Summary
Transaction Assumptions
Operating Assumptions
Sources and Uses and Goodwill
Pro-Forma Balance Sheet
Target Company
Acquiring Company
Consolidated
Standalone Sensitivity
Economic Value Sensitivity
Rate of Return Sensitivity
Accretion Sensitivity
Tornado Chart
Scenario Analysis
Model Tests
Bond Rating Standards
Chart5
Chart4
Chart20
Chart2
Chart12
Chart3
Chart6
Chart13
Chart14
Chart15
Chart18
Chart19
Chart1
DCF
Stock Price
Financials

File Name:

Description

C:\Users\Nelson Mandela\Documents\Courses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail

Colour Codes
Date

25-Jan-11

Author

ela\Documents\Courses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail Stores.xls

les\M&A - Retail Stores.xls

Contents
Acquisition Assumptions
Cash Value Per Share Paid
New Shares Issued
Debt Issued in Transaction
Premium Paid per Share
Operating Assumptions
Traffic per Store
Margin per Store
Cap Exp per New Store
Growth Rate in Stores

22.49
6,000.00
7,294.80
36%

230,000
30.00%
850,000
4.0%

Cost of Capital Assumptions


WACC
Terminal EV/EBITDA
Terminal P/E Ratio
Residual Year

9.80%
8.00
17.30
29

Tax and Accounting


Asset Sale for Tax Purposes
Plant Write-up

TRUE
800.00

Synergies as Percent of Target


Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve

0.00%
6.70%
0.00%
-

Standalone Valuation
Equity Consideration
Enterprise Value Paid
Implied P/E Ratio
Implied EV/EBITDA Ratio
Implied M/B Ratio
DCF Value - Enterprise Value
DCF Value - Equity Value
Rate of Return From Transaction
IRR - Overall
IRR - Equity P/E
IRR - Equity Market to Book
Capital Structure
Debt to Capital after Acq - Target
Debt to EBTIDA after Acquistion
Consolidated Debt to Captial
Consolidated Debt to EBITDA
Synergy and Premium
After Tax PV of Synergies
Value of Premium
Net Value of Transaction

Accretion and Dilution

16,320.00
17,819.19
18.13
8.10
1.57

1.80
1.60

Consolidated Earnings Per Share

1.40

Acquiring Company EPS

1.20
1.00
0.80
0.60

16,916.97
18,116.97

0.40
0.20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

9.66%
11.75%
12.51%

Funds from Operation to Total Debt


60.0%

54.7%
4.17

Rating Target

50.0%

Business Profile

40.0%

38.9%
2.10

30.0%

20.0%

3,674.18
4,320.00
(645.82)

10.0%

Maximum

Minimum

FFO to Debt

0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Rating Target
Business Profile

Contents
Model OK
Transaction Assumptions
Consideration for Equity
Exchange Rate

7.00

Target Company Shares


Cash per Share
Cash Value

400
22.49
8,995.6

Shares of Acquiring Company


Value per Share of Acquiring Co before Exchange Adjustment
Value per Share of Acquiring Co
Value of Acquiring Company Shares
Value per Target Share

6,000.0
8.55
1.22
7,324.38
18.31

Total Consideration
Total Consideration per Target Share
Pre-Acquistion Share Price of Target
Premium Percent
Premium Value
Implied Transaction Multiples
Net Income of Target
EBITDA of Target
Existing Book Value per Share
P/E
Market/Book Ratio
EV/EBITDA
Existing Debt Repaid
Financing of Transaction
New Debt Issued
Term of New Debt
LIBOR
Credit Spread

Use of Target Company Cash


Use of Target Company Investments

16,320.00
40.80
30.00
36%
4,320.00

900.00
2,200.00
25.95
18.13
1.57
8.10
800

7,294.80
15
2%
Debt to EBITDA
From
To
0
2
3
4
600
1600

Joint Venture Partner

800

Sub Debt Issued


Interest Rate on Sub Debt
Term of Sub Debt

0.00
9%
7.00

Fees on Transaction

2
3
4

Fees on Debt
Advisory Fees as Pct of Consideration

1.25%
2.50%

Accounting and Tax Assumptions


Inventory Write-up
Accounts Receivable Write-down
Plant Write-up
Intangible Assets
Asset Sale for Tax Purposes
Tax Rate
Deferred Tax Write-down
Existing Book - Tax Bais
Tax Basis of Plant
New Deferred Tax Share Exchange
Deferred Tax Increase

10.00
40.00
800.00
400.00
TRUE
30%
1,000.00
3,333.33
7,166.67
1,240.00
240.00

Valuation Assumptions
Residual Year
EV/EBITDA
P/E Ratio Assumption
MB Ratio Assumption

29.00
8.00
17.30
2.16

Terminal Growth Rate


WACC
Stable Cap Exp/Depreciation
Stable Def Tax to Cap Exp

4%
9.80%
120%
20%

Synergy Assumptions
Revenue Synergy
Operating Expense Synergies
Capital Expenditure Synergies
Cost to Achieve

Percent
0.00%
6.70%
0.00%

Amount
484.09
0.01

Cash Consideration

Comments

Percent
1%
1.50%
2.00%
3.50%

65
173
216

Growth Rate
1%
1%
1%

22.48904

0
67
0

15.00%

Shares Exchanged 6,000.00 P/E

18.13 EV/EBITDA

1.57

36

98

Contents
Operating Assumptions
Exiting Stores
Retirement of Exiting Stores
Growth Rate in Number of Stores

Life Time of Stores

20,000
800
From
1
4
11
20

Yearly Traffic per Store


Ticket per Customer

230,000
$2.00

Margin per Store

30.00%

Employees per Store


Cost/Employee

15
2,666.67

Cap Exp per Store New Store

850,000

Maintenance Cap Exp on Existing Stores


Initial Retirements
Growth Rate in Retirements

Ramp Rate for New Store

General and Financial Assumptions


Inflation Rate
Interest Rate on New Debt
Interest Rate on Cash Balance
Dividend Payout Ratio
A/R Day
Inventory Days
A/P Days

To
3
10

2,000
610
5%
Age
-30
1
2
3
20
21

3%
6%
4%
40%
10.00
5.00
60.00

Interest Rate on Existing Debt


Repayment Percent of Exiting Debt

10%
10%

Intangible Amortization Rate


Tax Depreciation Rate
Retirement Rate
Book Depreciation Rate

15%
13%
4%
5%

Usage Pct
0%
40%
60%
100%
100%
0%

Growth
4.00%
4.00%
2.00%

Minority Interest Percent

10%

IRR on Investment 9.66% Investment Cost 850,000


100,000.00
80,000.00

60,000.00
40,000.00
20,000.00

0.00
1

11 13 15 17 19 21 23 25 27 29

Net Income to Common Shareholders

5000
4000
3000

2000
1000
0
1

11 13 15 17 19 21 23 25 27 29 31

Total Retirements
2,500
2,000

1,500
1,000
500
0
1

11 13 15 17 19 21 23 25 27 29 31

Sens

Scenario
40

45

230

230000

30

0.3

850

850000

Contents
Sources and Uses of Funds
Comments

Uses of Funds
Consideration
Advisory Fees
Debt Issuance Fees
Debt Retirement
Total Uses of Funds
Sources of Funds
New Shares Issued
Target Company Cash
Target Company Investments
New Senior Debt
New Subordinated Debt
Joint Venture Partner
Total Sources of Funds
Test

16,320.00
408.00
91.19
800.00
17,619.19

7,324.38
600.00
1,600.00
7,294.80
800.00
17,619.19
TRUE

Goodwill Analysis
Consideration
Less: Existing Equity of Target Company
Add: Advisory Fees
Less: Plant Write-up
Less: Intangibles
Less: Inventory Write-up
Add: Accounts Receivable Write-down
Less: Deferred tax Write-down
Goodwill

Fees = Debt x Pct


Fees = (Total - Equity)*Pct
Fees = (Consideration + Fees - Equity)*Pct
Fees/Pct = (Consideration + Fees - Equity)
Fees/Pct-Fees = (Consideration - Equity)
Fees*(1/pct-1) = (Consideration - Equity)

16,320.00
10,380.00
408.00
800.00
400.00
10.00
40.00
1,000.00
4,178.00

Fee Pct
1.25%

Comments

(1/pct-1)
79

Contents
Comments

Balance Sheet
Existing
Assets
Current Assets
Cash
Accounts Receivable
Inventories
Other
Total Current Assets
Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant
Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments
Total Assets

1,200.00
160.00
30.00
300.00
1,690.00

12,000.00
-1,500.00
10,500.00

Accounting

-600.00

800.00

2,400.00
1,600.00
700.00

-1,600.00

400.00
240.00

4,178.00

4,940.00
17,130.00

550.00
800.00
1,350.00

Long-term Liabilities
Long-Term Debt
Pension Obligations
Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity

10,380.00

Total Liabilities and Equity

17,130

Existing Balance Sheet


Shares

4,000.00
300.00
1,000.00
100.00
5,400.00

TRUE
400

Use of Cash

-40.00
10.00

Liabilities and Capital


Current Liabilities
Accounts Payable
Short-term Loans
Total

Goodwill

-1,000.00

Retire Debt

Issue of
New Debt

Remove
Existing Eq

New Equity
Issued

91.19

-800.00

7,294.80

-10,380.00

800.00
7,324.38

Total
Adj

Restated in
Currency
7.00

-600.00
-40.00
10.00
0.00
0.00

600.00
120.00
40.00
300.00
1,060.00

4,200.00
840.00
280.00
2,100.00
7,420.00

800.00
0.00
0.00

12,800.00
-1,500.00
11,300.00

89,600.00
-10,500.00
79,100.00

-1,600.00
0.00
0.00
400.00
4,178.00
91.19

800.00
1,600.00
700.00
400.00
4,418.00
91.19
8,009.19

5,600.00
11,200.00
4,900.00
2,800.00
30,926.00
638.30
56,064.30

3,239.19

20,369.19

142,584.30

0.00
-800.00
0.00

550.00
0.00
550.00

3,850.00
0.00
3,850.00

7,294.80
0.00
-1,000.00
0.00
0.00
800.00
-3,055.62

11,294.80
300.00
0.00
100.00
11,694.80
800.00
7,324.38

79,063.62
2,100.00
0.00
700.00
81,863.62
5,600.00
51,270.68

3,239.19

20,369.19

142,584.30

TRUE
6,000

New
Balance

6,000

TRUE

Acquiring
Company

Consolidated

49,380.00

4,200.00
840.00
280.00
2,100.00
56,800.00

120,881.00
(51,681.00)
69,200.00

210,481.00
(62,181.00)
148,300.00

2,344.00

211,091.00

7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30
353,675.30

36,914.00
8,853.00
45,767.00

40,764.00
8,853.00
49,617.00

34,810.00
3,354.00
972.00
10,359.00
49,495.00
34,192.00
81,637.00

113,873.62
5,454.00
972.00
11,059.00
131,358.62
39,792.00
132,907.68

211,091.00

353,675.30

18,986.00
71,181.00

92,511.00

TRUE
17,891

23,891

Contents

Year
Explicit Valuation Phase
Stable Valuation Year
Teminal Switch
Working Analysis
Number of Stores
Opening Balance
Add: New Stores
Less: Retirements of Existing Stores
Less: Retirements of New Stores
Closing Balance
Exiting Stores
New Stores
Total Retirements

2009
0
TRUE
FALSE
FALSE

2010
1
TRUE
FALSE
FALSE

20,000
20,000

20,000
1,410
610
FALSE
20,800
19,390
1,410
610

Traffic per Store


Total Traffic

230,000
4,589,420,000

Ticket per Customer


Total Revenues

$2.00
9,178,840,000

Margin
Total Variable Costs

30.00%
6,425,188,000

Employees per Store


Total Employees
Cost per Employee
Total Fixed Costs

15
300,000.00
2,666.67
800,000,000

Number of New Stores


Cap Exp per New Store

1,410
850,000

Cap Exp on Existing Stores


Maintenance Cap Exp

2,000
40,000,000

Total Cap Exp

1,238,500,000

EBITDA

1,953,652,000

Real Revenues and Operating Expenses


EBITDA in Millions
Cap Exp in Millions
Revenues in Millions
Operating Expenses in Millions
Inflation Rate
Inflation Index
Synergies

1,953.65
1,238.50
9,178.84
7,225.19

3%
1.03

Revenue Percent
Revenue Syenrgies
Growth
Revenue Synergies

0.00%
1.00%
-

Expense Percent
Expense Synergies
Growth
Expense Synergies

6.70%
484.09
1.00%
484.09

Cap Exp Percent


Cap Exp Synergies
Growth
Cap Exp Synergies

0.00%
0.00
1%
0.00

Cost to Achieve

Revenues - Inflated
Operating Costs - Inflated
Cap Exp Inflated

9,454.21
6,957.86
1,275.66

Working Capital
A/R Days
A/R as Pct of Revenues
Total Revenues
Level of A/R

10.00
2.74%
9,454.21
120.00

Inventory Days
Inventories as Pct of Op Exp
Total CGS
Level of Inventories
Other Current Assets

259.02
5.00
1.37%
7,225.19

40.00

98.98

300.00

300.00

A/P days
A/P as Pct of Total Costs
Total Op Exp

60.00
16.44%
7,225.19

Level of A/P

550.00

1,187.70

Total Level of Working Capital


Change in Working Capital

-90.00

-529.71
-439.71

Assets
Plant Balance - Existing
Opening Balance
Add: Capital Expenditures
Less: Retirements
Closing Balance
Depreciation Rate

12,800.00

12,800.00

512.00
12,288.00
5%

Depreciation Expense - Existing

640.00

Accumulated Depreciation
Opening Balance
Add: Depreciation Expense
Less: Retirements
Closing Balance

-1,500.00

(1,500.00)
(640.00)
(512.00)
(1,628.00)

Net Plant Balance

11,300.00

10,660.00

Book Life
New Assets
Opening Balance
Add: Cap Exp
Less: Retirements
Closing Balance

20
1,275.66
FALSE
1,275.66

Depreciation Rate
Depreciation Expense

0.05
-

Accumulated Deprecaition
Opening Balance
Add: Depreciation Expense
Less: Retirements
Closing Balance

Net Plant

1,275.66

Existing Tax Basis


Opening Balance
Add: Capital Expenditures
Less: Retirements
Closing Balance

7,166.67
512.00
6,654.67

7,166.67

Tax Depreciation Rate


Tax Depreciation Expense
New Tax Basis
Tax Life
Opening Balance
Add: Cap Exp
Less Retirements
Closing Balance

13%
895.83

8
1,275.66
FALSE
1,275.66

Depreciation Rate
Depreciation Expense
Intangible Assets
Opening Balance
Amortiztion Rate
Amortization Expense
Accumulated Amortization

0.13
-

400.00

400.00
15%
60.00

Opening Balance
Add: Amortization Expense
Closing Balance
Net Intangible Assets
Debt Issuance Costs
Opening Balance

(60.00)
(60.00)

400.00

340.00

91.19

91.19

Amortization Rate
Amortization Expense

6.67%
6.08

Accumulated Amortization
Net Debt Issuance Cost
Derivative Assets
Goodwill
Other Assets
Debt Balance
Exiting Long-term Debt
Opening Balance
Less: Repayment
Closing Balance

6.08
91.19

85.11

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

4,000.00

4,000.00
400.00
3,600.00

Interest Rate
Interest Expense

10%
400.00

New Senior Debt


Opening Balance
Less: Repayment
Closing Balance

7,294.80
486.32
6,808.48

7,294.80

Debt to EBITDA
LIBOR
Credit Spread
Interest Expense

2.5

New Sub Debt Debt


Opening Balance
Add: Interest Expense
Less: Repayment
Closing Balance

0.00

Interest Rate
Interest Expense
Total Debt Balance
Total Long-term Interest Expense
Debt Balance Test
Net Cash Position

2.5
2.00%
1.50%
255.32

0.00
0.00
0.00
0.00

9%
0.00
11,294.80
TRUE

10,408.48

Opening Balance
Add: Net Cash Flow
Closing Balance

1,400.00

1,400.00
-439.24
960.76

Surplus Cash
Short-term Debt

1,400.00
0.00

960.76
0.00

Interest Rate on Cash


Interest Rate on Shor-term Debt
Interest Expense on New Debt
Interest Expense on Cash
Pension Liabilities
Other Liabilities

4%
6%
56.00
0.00
300.00
100.00

300.00
100.00

Income Statement
Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation - Book
Less: Amortization
EBIT
Less: Interest on Long-term Debt
Less: Interest on Short-term Debt
Add: Interest Income
EBT
Less: Taxes - Book
Net Income Before Minorty Interest
Less: Minority Interest
Net Income to Common Shareholders

9,454.21
6,957.86
2,496.35
640.00
66.08
1,790.27
655.32
56.00
1,190.95
357.29
833.67
82.09
751.58

Tax Analysis
Taxes Paid
EBT - Books
Add: Book Depreciation
Less: Tax Depreciation
EBT - Taxes

1,190.95
640.00
895.83
935.12

Taxes Paid

280.54

Taxes Paid Minus Taxes Booked = Change in Def Tax

76.75

Accumulated Deferred Tax


Opening Balance
Add: Change in Deferred Tax
Closing Balance

0.00
76.75
76.75

Cash Flow Statement


EBITDA
Less: WC Change
Less: Taxes Paid
Operating Cash Flow
Less: Capital Expenditures
Add: Sale Proceeds

0.00

2,496.35
-439.71
280.54
2,655.52
1,275.66

Cash Before Financing


Less: Interest on Long-term
Less: Interest on Short-term
Add: Interest Income
Less: Debt Repayment
Less: Dividends to Minority
Less: Dividends to Common
Net Cash Flow
Balance Sheet
Common Equity
Opening Balance
Add: Net Income to Common
Less: Dividends to Common
Closing Balance
Minority Interest
Opening Balance
Add: Minority Income
Less: Dividends to Minority
Closing Balance
Assets
Current Assets
Cash
Accounts Receivable
Inventories
Other
Total Current Assets
Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant
Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Short-term Loans
Total
Long-term Liabilities
Long-Term Debt
Pension Obligations

1,379.87
655.32
0.00
56.00
886.32
32.84
300.63
(439.24)

7,324.38

7,324.38
751.58
300.63
7,775.33

800.00

800.00
82.09
32.84
849.25

1,400.00
120.00
40.00
300.00
1,860.00

960.76
259.02
98.98
300.00
1,618.76

12,800.00
-1,500.00
11,300.00

13,563.66
-1,628.00
11,935.66

1,600.00
700.00
400.00
4,418.00
91.19
7,209.19

1,600.00
700.00
340.00
4,418.00
85.11
7,143.11

20,369.19

20,697.52

550.00
0.00
550.00

1,187.70
0.00
1,187.70

11,294.80
300.00

10,408.48
300.00

Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity
Total Liabilities and Equity

0.00
100.00
11,694.80
800.00
7,324.38
8,124.38
20,369.19

Difference

76.75
100.00
10,885.23
849.25
7,775.33
8,624.58
20,697.52

Test

TRUE

Aggregate Test

TRUE

Ratios
Credit Ratios
Debt to EBITDA
FFO to Debt
Interest Coverage

TRUE

4.17
20%
2.73

Debt to Capital
Return on Equity
Return on Invested Capital

54.7%
9.95%
6.93%

Cap Exp to Depreciation

199.32%

EPS effect on Acquiring Company


New Earnings
Exchange Rate
Earnings after Exchange Rate
Shared of Acquiring Company
EPS from Acquisition

751.58
7.00
5,261.03
6,000.00
0.88

Existing EPS
Existing Earnings
Existing Shares
Existing EPS

11,471.52
17,891.13
0.64

New EPS
Total Earnings
Total Shares
New EPS

16,732.55
23,891.13
0.70
Existing EPS
New EPS

Free Cash Flow and Overall Rate of Return


Tax Rate
Exit EV/EBITDA
EBITDA
Less: Capital Expenditures
Less: Working Capital Changes
Less: EBIT x Taxes
Add: Change in Deferred Taxes

0.64
0.70

30%
8.00
2,496.35
1,275.66
(439.71)
537.08
76.75

Add: Terminal Proceeds


Total Cash Flow

1,200.07

Free Cash Flow


Depreciation
Cap Exp to Depreciation
Adjusted Cap Exp
Deferred Tax to Cap Exp
Deferred Tax Change
Stable Cash Flow
Terminal Value
Total Cash Flow

1,200.07
1.20
0.20
1,200.07

Terminal Growth Rate


Enterprise Value - Gordons Method
Equity Issued
Add: Minority Issued
Add: Debt Issued
Total Enterprise Value Paid
Net Cash Flow
Overall IRR on Investment
WACC
Enterprise Value - EV/EBITDA
Net Debt
Equity Value

4.0%
14,754.81
7,324.38
800.00
11,294.80
17,819.19
-17,819.19

1,200.07

9.66%
10.00%
$16,916.97
1,200.00
18,116.97

Equity Cash Flow


Exit P/E Ratio
Exit M/B Ratio

17.30
2.16

Dividends

300.63

Earnings
Terminal Equity Value

751.58
0

Total Equity Inflow

300.63

Total Equity Issued


Net Equity Cash Flow - P/E Ratio
Equity IRR

7,324.38
-7,324.38
11.75%

Equity Book Value


Market Terminal Value
Net Equity Cash Flow - M/B Ratio
Equity IRR - M/B Ratio

300.63

7,775.33
-7,324.38
12.51%

300.63

Synergies
Total Pre-Tax Synergies Net of Cost to Achieve
Tax Rate
After Tax Synergies

484.09
30%
338.86

Terminal EV/EBITDA
Terminal Value of Synergies

8.00
-

Cash Flow from Synegies


PV of Synergies at WACC
Premium
Net Value

338.86
3,674.18
4,320.00
(645.82)

2011
2

2012
3

2013
4

2014
5

2015
6

2016
7

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

20,800
1,473
641
FALSE
21,632

21,632
1,538
673
FALSE
22,497

22,497
1,606
706
FALSE
23,397

23,397
1,677
741
FALSE
24,333

24,333
1,752
779
FALSE
25,306

25,306
1,829
817
FALSE
26,318

18,750
2,883
641

18,077
4,420
673

17,371
6,026
706

16,629
7,704
741

15,851
9,455
779

15,033
11,285
817

230,000
4,642,435,000

230,000
4,826,661,550

230,000
5,018,208,828

230,000
5,217,334,769

230,000
5,424,342,407

230,000
5,639,533,828

$2.00
9,284,870,000

$2.00
9,653,323,100

$2.00
10,036,417,655

$2.00
10,434,669,538

$2.00
10,848,684,815

$2.00
11,279,067,655

30.00%
6,499,409,000

30.00%
6,757,326,170

30.00%
7,025,492,359

30.00%
7,304,268,676

30.00%
7,594,079,370

30.00%
7,895,347,359

15
312,000.00
2,666.67
832,000,000

15
324,480.00
2,666.67
865,280,000

15
337,455.00
2,666.67
899,880,000

15
350,955.00
2,666.67
935,880,000

15
364,995.00
2,666.67
973,320,000

15
379,590.00
2,666.67
1,012,240,000

1,473
850,000

1,538
850,000

1,606
850,000

1,677
850,000

1,752
850,000

1,829
850,000

2,000
41,600,000

2,000
43,264,000

2,000
44,994,000

2,000
46,794,000

2,000
48,666,000

2,000
50,612,000

1,293,225,000

1,350,160,250

1,410,222,563

1,472,633,991

1,537,467,990

1,605,651,590

1,953,461,000

2,030,716,930

2,111,045,297

2,194,520,861

2,281,285,444

2,371,480,297

1,953.46
1,293.23
9,284.87
7,331.41

2,030.72
1,350.16
9,653.32
7,622.61

2,111.05
1,410.22
10,036.42
7,925.37

2,194.52
1,472.63
10,434.67
8,240.15

2,281.29
1,537.47
10,848.68
8,567.40

2,371.48
1,605.65
11,279.07
8,907.59

3%
1.0609

3%
1.092727

3%
1.12550881

3%
1.159274074

3%
1.194052297

3%
1.229873865

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
488.93

1.00%
493.82

1.00%
498.76

1.00%
503.74

1.00%
508.78

1.00%
513.87

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

9,850.32
7,288.96
1,371.98

10,548.45
7,835.61
1,475.36

11,296.08
8,421.32
1,587.22

12,096.64
9,048.85
1,707.19

12,953.90
9,721.14
1,835.82

13,871.83
10,441.34
1,974.75

10.00
2.74%
9,850.32

10.00
2.74%
10,548.45

10.00
2.74%
11,296.08

10.00
2.74%
12,096.64

10.00
2.74%
12,953.90

10.00
2.74%
13,871.83

269.87

289.00

309.48

331.41

354.90

380.05

5.00
1.37%
7,331.41

5.00
1.37%
7,622.61

5.00
1.37%
7,925.37

5.00
1.37%
8,240.15

5.00
1.37%
8,567.40

5.00
1.37%
8,907.59

100.43

104.42

108.57

112.88

117.36

122.02

300.00

300.00

300.00

300.00

300.00

300.00

60.00
16.44%
7,331.41

60.00
16.44%
7,622.61

60.00
16.44%
7,925.37

60.00
16.44%
8,240.15

60.00
16.44%
8,567.40

60.00
16.44%
8,907.59

1,205.16

1,253.03

1,302.80

1,354.54

1,408.34

1,464.26

-534.86
-5.15

-559.61
-24.75

-584.75
-25.14

-610.25
-25.50

-636.08
-25.83

-662.19
-26.11

12,288.00

11,796.48

11,324.62

10,871.64

10,436.77

10,019.30

491.52
11,796.48

471.86
11,324.62

452.98
10,871.64

434.87
10,436.77

417.47
10,019.30

400.77
9,618.53

5%

5%

5%

5%

5%

5%

614.40

589.82

566.23

543.58

521.84

500.96

(1,628.00)
(614.40)
(491.52)
(1,750.88)

(1,750.88)
(589.82)
(471.86)
(1,868.84)

(1,868.84)
(566.23)
(452.98)
(1,982.09)

(1,982.09)
(543.58)
(434.87)
(2,090.81)

(2,090.81)
(521.84)
(417.47)
(2,195.18)

(2,195.18)
(500.96)
(400.77)
(2,295.37)

10,045.60

9,455.78

8,889.54

8,345.96

7,824.12

7,323.16

1,275.66
1,371.98
FALSE
2,647.64

2,647.64
1,475.36
FALSE
4,122.99

4,122.99
1,587.22
FALSE
5,710.21

5,710.21
1,707.19
FALSE
7,417.40

7,417.40
1,835.82
FALSE
9,253.22

9,253.22
1,974.75
FALSE
11,227.96

0.05
63.78

0.05
132.38

0.05
206.15

0.05
285.51

0.05
370.87

0.05
462.66

(63.78)
(63.78)

(63.78)
(132.38)
(196.16)

(196.16)
(206.15)
(402.31)

(402.31)
(285.51)
(687.82)

(687.82)
(370.87)
(1,058.69)

(1,058.69)
(462.66)
(1,521.36)

2,583.85

3,926.83

5,307.90

6,729.57

8,194.52

9,706.61

6,654.67
491.52
6,163.15

6,163.15
471.86
5,691.29

5,691.29
452.98
5,238.30

5,238.30
434.87
4,803.44

4,803.44
417.47
4,385.97

4,385.97
400.77
3,985.19

13%
831.83

13%
770.39

13%
711.41

13%
654.79

13%
600.43

13%
548.25

1,275.66
1,371.98
FALSE
2,647.64

2,647.64
1,475.36
FALSE
4,122.99

4,122.99
1,587.22
FALSE
5,710.21

5,710.21
1,707.19
FALSE
7,417.40

7,417.40
1,835.82
FALSE
9,253.22

9,253.22
1,974.75
FALSE
11,227.96

0.13
159.46

0.13
330.95

0.13
515.37

0.13
713.78

0.13
927.17

0.13
1,156.65

400.00
15%
60.00

400.00
15%
60.00

400.00
15%
60.00

400.00
15%
60.00

400.00
15%
60.00

400.00
15%
40.00

(60.00)
(60.00)
(120.00)

(120.00)
(60.00)
(180.00)

(180.00)
(60.00)
(240.00)

(240.00)
(60.00)
(300.00)

(300.00)
(60.00)
(360.00)

(360.00)
(40.00)
(400.00)

280.00

220.00

160.00

100.00

40.00

0.00

91.19

91.19

91.19

91.19

91.19

91.19

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

12.16

18.24

24.32

30.40

36.47

42.55

79.03

72.95

66.87

60.79

54.71

48.63

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

3,600.00
400.00
3,200.00

3,200.00
400.00
2,800.00

2,800.00
400.00
2,400.00

2,400.00
400.00
2,000.00

2,000.00
400.00
1,600.00

1,600.00
400.00
1,200.00

10%
360.00

10%
320.00

10%
280.00

10%
240.00

10%
200.00

10%
160.00

6,808.48
486.32
6,322.16

6,322.16
486.32
5,835.84

5,835.84
486.32
5,349.52

5,349.52
486.32
4,863.20

4,863.20
486.32
4,376.88

4,376.88
486.32
3,890.56

2.5
2.00%
1.50%
238.30

2.5
2.00%
1.50%
221.28

2.5
2.00%
1.50%
204.25

2.5
2.00%
1.50%
187.23

2.5
2.00%
1.50%
170.21

2.5
2.00%
1.50%
153.19

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9,522.16

8,635.84

7,749.52

6,863.20

5,976.88

5,090.56

960.76
-886.92
73.84

73.84
-852.68
-778.84

-778.84
-841.39
-1,620.23

-1,620.23
-827.16
-2,447.39

-2,447.39
-809.15
-3,256.54

-3,256.54
-799.75
-4,056.28

73.84
0.00

0.00
778.84

0.00
1,620.23

0.00
2,447.39

0.00
3,256.54

0.00
4,056.28

4%
6%
38.43
0.00

4%
6%
2.95
0.00

4%
6%
0.00
46.73

4%
6%
0.00
97.21

4%
6%
0.00
146.84

4%
6%
0.00
195.39

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

9,850.32
7,288.96
2,561.36
678.18
66.08
1,817.09
598.30
38.43
1,257.23
377.17
880.06
86.66
793.40

10,548.45
7,835.61
2,712.84
722.21
66.08
1,924.55
541.28
2.95
1,386.23
415.87
970.36
95.55
874.81

11,296.08
8,421.32
2,874.76
772.38
66.08
2,036.30
484.25
46.73
1,505.31
451.59
1,053.72
103.76
949.96

12,096.64
9,048.85
3,047.79
829.09
66.08
2,152.62
427.23
97.21
1,628.18
488.45
1,139.72
112.23
1,027.50

12,953.90
9,721.14
3,232.76
892.71
66.08
2,273.97
370.21
146.84
1,756.91
527.07
1,229.84
121.10
1,108.74

13,871.83
10,441.34
3,430.49
963.63
46.08
2,420.79
313.19
195.39
1,912.20
573.66
1,338.54
131.80
1,206.74

1,257.23
678.18
991.29
944.12

1,386.23
722.21
1,101.35
1,007.09

1,505.31
772.38
1,226.79
1,050.91

1,628.18
829.09
1,368.56
1,088.70

1,756.91
892.71
1,527.60
1,122.02

1,912.20
963.63
1,704.90
1,170.93

283.24

302.13

315.27

326.61

336.60

351.28

93.93

113.74

136.32

161.84

190.47

222.38

76.75
93.93
170.68

170.68
113.74
284.42

284.42
136.32
420.75

420.75
161.84
582.59

582.59
190.47
773.06

773.06
222.38
995.44

2,561.36
-5.15
283.24
2,283.27
1,371.98

2,712.84
-24.75
302.13
2,435.46
1,475.36

2,874.76
-25.14
315.27
2,584.62
1,587.22

3,047.79
-25.50
326.61
2,746.68
1,707.19

3,232.76
-25.83
336.60
2,921.98
1,835.82

3,430.49
-26.11
351.28
3,105.32
1,974.75

911.29
598.30
0.00
38.43
886.32
34.66
317.36
(886.92)

960.11
541.28
0.00
2.95
886.32
38.22
349.92
(852.68)

997.41
484.25
46.73
0.00
886.32
41.50
379.98
(841.39)

1,039.50
427.23
97.21
0.00
886.32
44.89
411.00
(827.16)

1,086.16
370.21
146.84
0.00
886.32
48.44
443.50
(809.15)

1,130.57
313.19
195.39
0.00
886.32
52.72
482.69
(799.75)

7,775.33
793.40
317.36
8,251.37

8,251.37
874.81
349.92
8,776.25

8,776.25
949.96
379.98
9,346.23

9,346.23
1,027.50
411.00
9,962.73

9,962.73
1,108.74
443.50
10,627.97

10,627.97
1,206.74
482.69
11,352.01

849.25
86.66
34.66
901.25

901.25
95.55
38.22
958.58

958.58
103.76
41.50
1,020.83

1,020.83
112.23
44.89
1,088.17

1,088.17
121.10
48.44
1,160.83

1,160.83
131.80
52.72
1,239.91

73.84
269.87
100.43
300.00
744.14

0.00
289.00
104.42
300.00
693.42

0.00
309.48
108.57
300.00
718.05

0.00
331.41
112.88
300.00
744.29

0.00
354.90
117.36
300.00
772.26

0.00
380.05
122.02
300.00
802.07

14,444.12
-1,814.66
12,629.45

15,447.61
-2,065.01
13,382.61

16,581.85
-2,384.41
14,197.44

17,854.17
-2,778.63
15,075.54

19,272.52
-3,253.87
16,018.65

20,846.49
-3,816.72
17,029.77

1,600.00
700.00
280.00
4,418.00
79.03
7,077.03

1,600.00
700.00
220.00
4,418.00
72.95
7,010.95

1,600.00
700.00
160.00
4,418.00
66.87
6,944.87

1,600.00
700.00
100.00
4,418.00
60.79
6,878.79

1,600.00
700.00
40.00
4,418.00
54.71
6,812.71

1,600.00
700.00
0.00
4,418.00
48.63
6,766.63

20,450.63

21,086.97

21,860.36

22,698.62

23,603.62

24,598.47

1,205.16
0.00
1,205.16

1,253.03
778.84
2,031.87

1,302.80
1,620.23
2,923.03

1,354.54
2,447.39
3,801.93

1,408.34
3,256.54
4,664.88

1,464.26
4,056.28
5,520.55

9,522.16
300.00

8,635.84
300.00

7,749.52
300.00

6,863.20
300.00

5,976.88
300.00

5,090.56
300.00

170.68
100.00
10,092.84
901.25
8,251.37
9,152.62
20,450.63

284.42
100.00
9,320.27
958.58
8,776.25
9,734.83
21,086.97

TRUE

420.75
100.00
8,570.27
1,020.83
9,346.23
10,367.06
21,860.36

TRUE

582.59
100.00
7,845.79
1,088.17
9,962.73
11,050.90
22,698.62

TRUE

773.06
100.00
7,149.94
1,160.83
10,627.97
11,788.80
23,603.62

TRUE

995.44
100.00
6,486.00
1,239.91
11,352.01
12,591.93
24,598.47

TRUE

TRUE

3.72
18%
3.04

3.47
20%
3.56

3.26
22%
3.83

3.05
24%
4.10

2.86
26%
4.40

2.67
28%
4.76

51.0%
9.90%
6.84%

49.2%
10.28%
7.04%

47.5%
10.48%
7.22%

45.7%
10.64%
7.40%

43.9%
10.77%
7.57%

42.1%
10.98%
7.80%

202.30%

204.28%

205.50%

205.91%

205.65%

204.93%

793.40
7.00
5,553.80
6,000.00
0.93

874.81
7.00
6,123.67
6,000.00
1.02

949.96
7.00
6,649.72
6,000.00
1.11

1,027.50
7.00
7,192.47
6,000.00
1.20

1,108.74
7.00
7,761.16
6,000.00
1.29

1,206.74
7.00
8,447.16
6,000.00
1.41

12,836.67
17,891.13
0.72

14,473.43
17,891.13
0.81

16,279.15
17,891.13
0.91

18,408.16
17,891.13
1.03

20,690.02
17,891.13
1.16

23,280.22
17,891.13
1.30

18,390.47
23,891.13
0.77

20,597.11
23,891.13
0.86

22,928.86
23,891.13
0.96

25,600.63
23,891.13
1.07

28,451.18
23,891.13
1.19

31,727.38
23,891.13
1.33

0.72
0.77

0.81
0.86

0.91
0.96

1.03
1.07

1.16
1.19

1.30
1.33

30%
8.00

30%
8.00

30%
8.00

30%
8.00

30%
8.00

30%
8.00

2,561.36
1,371.98
(5.15)
545.13
93.93

2,712.84
1,475.36
(24.75)
577.37
113.74

2,874.76
1,587.22
(25.14)
610.89
136.32

3,047.79
1,707.19
(25.50)
645.79
161.84

3,232.76
1,835.82
(25.83)
682.19
190.47

3,430.49
1,974.75
(26.11)
726.24
222.38

743.33

798.61

838.11

882.16

931.04

978.00

743.33
1.20
0.20
743.33

798.61
1.20
0.20
798.61

838.11
1.20
0.20
838.11

882.16
1.20
0.20
882.16

931.04
1.20
0.20
931.04

978.00
1.20
0.20
978.00

743.33
IRR on Investment

798.61

838.11

9.66% Investment Cost

882.16

931.04

978.00

850,000

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

317.36

349.92

379.98

411.00

443.50

482.69

793.40
0

874.81
0

949.96
0

1,027.50
0

1,108.74
0

1,206.74
0

317.36

349.92

379.98

411.00

443.50

482.69

317.36

349.92

379.98

411.00

443.50

482.69

8,251.37
-

8,776.25
-

9,346.23
-

9,962.73
-

10,627.97
-

11,352.01
-

317.36

349.92

379.98

411.00

443.50

482.69

488.93
30%
342.25

493.82
30%
345.67

498.76
30%
349.13

503.74
30%
352.62

508.78
30%
356.15

513.87
30%
359.71

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

342.25

345.67

349.13

352.62

356.15

359.71

2017
8

2018
9

2019
10

2020
11

2021
12

2022
13

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

26,318
1,911
858
FALSE
27,371

27,371
1,996
901
FALSE
28,466

28,466
2,085
946
FALSE
29,605

29,605
1,586
994
FALSE
30,197

30,197
1,647
1,043
FALSE
30,801

30,801
1,711
1,095
FALSE
31,417

14,175
13,196
858

13,274
15,192
901

12,327
17,278
946

11,334
18,863
994

10,291
20,510
1,043

9,195
22,222
1,095

230,000
5,863,256,119

230,000
6,095,855,325

230,000
6,337,722,391

230,000
6,534,645,111

230,000
6,711,024,066

230,000
6,838,174,570

$2.00
11,726,512,238

$2.00
12,191,710,650

$2.00
12,675,444,783

$2.00
13,069,290,222

$2.00
13,422,048,133

$2.00
13,676,349,139

30.00%
8,208,558,567

30.00%
8,534,197,455

30.00%
8,872,811,348

30.00%
9,148,503,155

30.00%
9,395,433,693

30.00%
9,573,444,398

15
394,770.00
2,666.67
1,052,720,000

15
410,565.00
2,666.67
1,094,840,000

15
426,990.00
2,666.67
1,138,640,000

15
444,075.00
2,666.67
1,184,200,000

15
452,955.00
2,666.67
1,207,880,000

15
462,015.00
2,666.67
1,232,040,000

1,911
850,000

1,996
850,000

2,085
850,000

1,586
850,000

1,647
850,000

1,711
850,000

2,000
52,636,000

2,000
54,742,000

2,000
56,932,000

2,000
59,210,000

2,000
60,394,000

2,000
61,602,000

1,677,267,569

1,751,552,648

1,829,445,680

1,406,991,864

1,460,604,957

1,516,353,505

2,465,233,671

2,562,673,195

2,663,993,435

2,736,587,067

2,818,734,440

2,870,864,742

2,465.23
1,677.27
11,726.51
9,261.28

2,562.67
1,751.55
12,191.71
9,629.04

2,663.99
1,829.45
12,675.44
10,011.45

2,736.59
1,406.99
13,069.29
10,332.70

2,818.73
1,460.60
13,422.05
10,603.31

2,870.86
1,516.35
13,676.35
10,805.48

3%
1.266770081

3%
1.304773184

3%
1.343916379

3%
1.384233871

3%
1.425760887

3%
1.468533713

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
519.01

1.00%
524.20

1.00%
529.44

1.00%
534.73

1.00%
540.08

1.00%
545.48

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

14,854.79
11,212.90
2,124.71

15,907.42
12,039.51
2,285.38

17,034.74
12,925.11
2,458.62

18,090.95
13,768.14
1,947.61

19,136.63
14,577.71
2,082.47

20,084.18
15,322.74
2,226.82

10.00
2.74%
14,854.79

10.00
2.74%
15,907.42

10.00
2.74%
17,034.74

10.00
2.74%
18,090.95

10.00
2.74%
19,136.63

10.00
2.74%
20,084.18

406.98

435.82

466.71

495.64

524.29

550.25

5.00
1.37%
9,261.28

5.00
1.37%
9,629.04

5.00
1.37%
10,011.45

5.00
1.37%
10,332.70

5.00
1.37%
10,603.31

5.00
1.37%
10,805.48

126.87

131.90

137.14

141.54

145.25

148.02

300.00

300.00

300.00

300.00

300.00

300.00

60.00
16.44%
9,261.28

60.00
16.44%
9,629.04

60.00
16.44%
10,011.45

60.00
16.44%
10,332.70

60.00
16.44%
10,603.31

60.00
16.44%
10,805.48

1,522.40

1,582.86

1,645.72

1,698.53

1,743.01

1,776.24

-688.55
-26.37

-715.13
-26.58

-741.87
-26.74

-761.34
-19.47

-773.47
-12.13

-777.97
-4.50

9,618.53

9,233.79

8,864.44

8,509.86

8,169.46

7,842.68

384.74
9,233.79

369.35
8,864.44

354.58
8,509.86

340.39
8,169.46

326.78
7,842.68

313.71
7,528.98

5%

5%

5%

5%

5%

5%

480.93

461.69

443.22

425.49

408.47

392.13

(2,295.37)
(480.93)
(384.74)
(2,391.55)

(2,391.55)
(461.69)
(369.35)
(2,483.89)

(2,483.89)
(443.22)
(354.58)
(2,572.54)

(2,572.54)
(425.49)
(340.39)
(2,657.63)

(2,657.63)
(408.47)
(326.78)
(2,739.33)

(2,739.33)
(392.13)
(313.71)
(2,817.76)

6,842.23

6,380.54

5,937.32

5,511.83

5,103.36

4,711.22

11,227.96
2,124.71
FALSE
13,352.68

13,352.68
2,285.38
FALSE
15,638.06

15,638.06
2,458.62
FALSE
18,096.68

18,096.68
1,947.61
FALSE
20,044.28

20,044.28
2,082.47
FALSE
22,126.76

22,126.76
2,226.82
FALSE
24,353.57

0.05
561.40

0.05
667.63

0.05
781.90

0.05
904.83

0.05
1,002.21

0.05
1,106.34

(1,521.36)
(561.40)
(2,082.75)

(2,082.75)
(667.63)
(2,750.39)

(2,750.39)
(781.90)
(3,532.29)

(3,532.29)
(904.83)
(4,437.12)

(4,437.12)
(1,002.21)
(5,439.34)

(5,439.34)
(1,106.34)
(6,545.68)

11,269.92

12,887.67

14,564.39

15,607.16

16,687.42

17,807.90

3,985.19
384.74
3,600.45

3,600.45
369.35
3,231.10

3,231.10
354.58
2,876.52

2,876.52
340.39
2,536.13

2,536.13
326.78
2,209.35

2,209.35
313.71
1,895.64

13%
498.15

13%
450.06

13%
403.89

13%
359.57

13%
317.02

13%
276.17

11,227.96
2,124.71
FALSE
13,352.68

13,352.68
2,285.38
1,275.66
14,362.40

14,362.40
2,458.62
1,371.98
15,449.04

15,449.04
1,947.61
1,475.36
15,921.29

15,921.29
2,082.47
1,587.22
16,416.55

16,416.55
2,226.82
1,707.19
16,936.17

0.13
1,403.50

0.13
1,669.08

0.13
1,795.30

0.13
1,931.13

0.13
1,990.16

0.13
2,052.07

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

0.00

0.00

0.00

0.00

0.00

0.00

91.19

91.19

91.19

91.19

91.19

91.19

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

6.67%
6.08

48.63

54.71

60.79

66.87

72.95

79.03

42.55

36.47

30.40

24.32

18.24

12.16

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,200.00
400.00
800.00

800.00
400.00
400.00

400.00
400.00
-

0.00
-

0.00
-

0.00
-

10%
120.00

10%
80.00

10%
40.00

10%
0.00

10%
0.00

10%
0.00

3,890.56
486.32
3,404.24

3,404.24
486.32
2,917.92

2,917.92
486.32
2,431.60

2,431.60
486.32
1,945.28

1,945.28
486.32
1,458.96

1,458.96
486.32
972.64

2.5
2.00%
1.50%
136.17

2.5
2.00%
1.50%
119.15

2.5
2.00%
1.50%
102.13

2.5
2.00%
1.50%
85.11

2.5
2.00%
1.50%
68.08

2.5
2.00%
1.50%
51.06

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

4,204.24

3,317.92

2,431.60

1,945.28

1,458.96

972.64

-4,056.28
-799.01
-4,855.30

-4,855.30
-771.12
-5,626.42

-5,626.42
-787.32
-6,413.74

-6,413.74
266.98
-6,146.76

-6,146.76
265.26
-5,881.50

-5,881.50
243.08
-5,638.42

0.00
4,855.30

0.00
5,626.42

0.00
6,413.74

0.00
6,146.76

0.00
5,881.50

0.00
5,638.42

4%
6%
0.00
243.38

4%
6%
0.00
291.32

4%
6%
0.00
337.58

4%
6%
0.00
384.82

4%
6%
0.00
368.81

4%
6%
0.00
352.89

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

14,854.79
11,212.90
3,641.89
1,042.32
6.08
2,593.49
256.17
243.38
2,093.94
628.18
1,465.76
144.33
1,321.43

15,907.42
12,039.51
3,867.90
1,129.32
6.08
2,732.50
199.15
291.32
2,242.04
672.61
1,569.43
154.54
1,414.89

17,034.74
12,925.11
4,109.62
1,225.12
6.08
2,878.42
142.13
337.58
2,398.71
719.61
1,679.10
165.34
1,513.76

18,090.95
13,768.14
4,322.81
1,330.33
6.08
2,986.40
85.11
384.82
2,516.47
754.94
1,761.53
173.46
1,588.08

19,136.63
14,577.71
4,558.92
1,410.69
6.08
3,142.16
68.08
368.81
2,705.27
811.58
1,893.69
186.47
1,707.22

20,084.18
15,322.74
4,761.44
1,498.47
6.08
3,256.89
51.06
352.89
2,852.94
855.88
1,997.06
196.65
1,800.41

2,093.94
1,042.32
1,901.64
1,234.62

2,242.04
1,129.32
2,119.14
1,252.22

2,398.71
1,225.12
2,199.19
1,424.64

2,516.47
1,330.33
2,290.70
1,556.11

2,705.27
1,410.69
2,307.18
1,808.78

2,852.94
1,498.47
2,328.24
2,023.17

370.39

375.67

427.39

466.83

542.63

606.95

257.80

296.95

292.22

288.11

268.95

248.93

995.44
257.80
1,253.23

1,253.23
296.95
1,550.18

1,550.18
292.22
1,842.40

1,842.40
288.11
2,130.51

2,130.51
268.95
2,399.46

2,399.46
248.93
2,648.39

3,641.89
-26.37
370.39
3,297.87
2,124.71

3,867.90
-26.58
375.67
3,518.82
2,285.38

4,109.62
-26.74
427.39
3,708.97
2,458.62

4,322.81
-19.47
466.83
3,875.45
1,947.61

4,558.92
-12.13
542.63
4,028.42
2,082.47

4,761.44
-4.50
606.95
4,159.00
2,226.82

1,173.16
256.17
243.38
0.00
886.32
57.73
528.57
(799.01)

1,233.44
199.15
291.32
0.00
886.32
61.82
565.95
(771.12)

1,250.35
142.13
337.58
0.00
886.32
66.14
605.50
(787.32)

1,927.84
85.11
384.82
0.00
486.32
69.38
635.23
266.98

1,945.94
68.08
368.81
0.00
486.32
74.59
682.89
265.26

1,932.18
51.06
352.89
0.00
486.32
78.66
720.16
243.08

11,352.01
1,321.43
528.57
12,144.87

12,144.87
1,414.89
565.95
12,993.80

12,993.80
1,513.76
605.50
13,902.05

13,902.05
1,588.08
635.23
14,854.90

14,854.90
1,707.22
682.89
15,879.23

15,879.23
1,800.41
720.16
16,959.47

1,239.91
144.33
57.73
1,326.51

1,326.51
154.54
61.82
1,419.24

1,419.24
165.34
66.14
1,518.44

1,518.44
173.46
69.38
1,622.51

1,622.51
186.47
74.59
1,734.40

1,734.40
196.65
78.66
1,852.39

0.00
406.98
126.87
300.00
833.85

0.00
435.82
131.90
300.00
867.72

0.00
466.71
137.14
300.00
903.85

0.00
495.64
141.54
300.00
937.19

0.00
524.29
145.25
300.00
969.54

0.00
550.25
148.02
300.00
998.27

22,586.46
-4,474.31
18,112.16

24,502.49
-5,234.28
19,268.21

26,606.54
-6,104.83
20,501.71

28,213.75
-7,094.76
21,118.99

29,969.44
-8,178.67
21,790.77

31,882.55
-9,363.43
22,519.12

1,600.00
700.00
0.00
4,418.00
42.55
6,760.55

1,600.00
700.00
0.00
4,418.00
36.47
6,754.47

1,600.00
700.00
0.00
4,418.00
30.40
6,748.40

1,600.00
700.00
0.00
4,418.00
24.32
6,742.32

1,600.00
700.00
0.00
4,418.00
18.24
6,736.24

1,600.00
700.00
0.00
4,418.00
12.16
6,730.16

25,706.56

26,890.41

28,153.95

28,798.49

29,496.55

30,247.55

1,522.40
4,855.30
6,377.70

1,582.86
5,626.42
7,209.27

1,645.72
6,413.74
8,059.46

1,698.53
6,146.76
7,845.29

1,743.01
5,881.50
7,624.51

1,776.24
5,638.42
7,414.66

4,204.24
300.00

3,317.92
300.00

2,431.60
300.00

1,945.28
300.00

1,458.96
300.00

972.64
300.00

1,253.23
100.00
5,857.48
1,326.51
12,144.87
13,471.38
25,706.56

1,550.18
100.00
5,268.10
1,419.24
12,993.80
14,413.04
26,890.41

TRUE

1,842.40
100.00
4,674.00
1,518.44
13,902.05
15,420.50
28,153.95

TRUE

2,130.51
100.00
4,475.79
1,622.51
14,854.90
16,477.41
28,798.49

TRUE

2,399.46
100.00
4,258.42
1,734.40
15,879.23
17,613.63
29,496.55

TRUE

2,648.39
100.00
4,021.03
1,852.39
16,959.47
18,811.86
30,247.55

TRUE

TRUE

2.49
31%
5.19

2.31
34%
5.57

2.15
37%
6.00

1.87
42%
6.35

1.61
49%
7.19

1.39
57%
8.06

40.2%
11.25%
8.06%

38.3%
11.26%
8.19%

36.5%
11.26%
8.30%

32.9%
11.04%
8.51%

29.4%
11.11%
8.81%

26.0%
10.97%
8.97%

203.84%

202.37%

200.68%

146.40%

147.62%

148.61%

1,321.43
7.00
9,249.99
6,000.00
1.54

1,414.89
7.00
9,904.20
6,000.00
1.65

1,513.76
7.00
10,596.30
6,000.00
1.77

1,588.08
7.00
11,116.53
6,000.00
1.85

1,707.22
7.00
11,950.52
6,000.00
1.99

1,800.41
7.00
12,602.86
6,000.00
2.10

26,171.22
17,891.13
1.46

27,335.79
17,891.13
1.53

28,629.36
17,891.13
1.60

28,918.26
17,891.13
1.62

29,297.34
17,891.13
1.64

29,751.32
17,891.13
1.66

35,421.21
23,891.13
1.48

37,239.99
23,891.13
1.56

39,225.66
23,891.13
1.64

40,034.79
23,891.13
1.68

41,247.86
23,891.13
1.73

42,354.18
23,891.13
1.77

1.46
1.48

1.53
1.56

1.60
1.64

1.62
1.68

1.64
1.73

1.66
1.77

30%
8.00

30%
8.00

30%
8.00

30%
8.00

30%
8.00

30%
8.00

3,641.89
2,124.71
(26.37)
778.05
257.80

3,867.90
2,285.38
(26.58)
819.75
296.95

4,109.62
2,458.62
(26.74)
863.53
292.22

4,322.81
1,947.61
(19.47)
895.92
288.11

4,558.92
2,082.47
(12.13)
942.65
268.95

4,761.44
2,226.82
(4.50)
977.07
248.93

1,023.29

1,086.30

1,106.43

1,786.86

1,814.88

1,810.99

1,023.29
1.20
0.20
1,023.29

1,086.30
1.20
0.20
1,086.30

1,106.43
1.20
0.20
1,106.43

1,786.86
1.20
0.20
1,786.86

1,814.88
1.20
0.20
1,814.88

1,810.99
1.20
0.20
1,810.99

1,023.29

1,086.30

1,106.43

1,786.86

1,814.88

1,810.99

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

528.57

565.95

605.50

635.23

682.89

720.16

1,321.43
0

1,414.89
0

1,513.76
0

1,588.08
0

1,707.22
0

1,800.41
0

528.57

565.95

605.50

635.23

682.89

720.16

528.57

565.95

605.50

635.23

682.89

720.16

12,144.87
-

12,993.80
-

13,902.05
-

14,854.90
-

15,879.23
-

16,959.47
-

528.57

565.95

605.50

635.23

682.89

720.16

519.01
30%
363.31

524.20
30%
366.94

529.44
30%
370.61

534.73
30%
374.31

540.08
30%
378.06

545.48
30%
381.84

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

363.31

366.94

370.61

374.31

378.06

381.84

2023
14

2024
15

2025
16

2026
17

2027
18

2028
19

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

TRUE
FALSE
FALSE

31,417
1,778
1,150
FALSE
32,045

32,045
1,849
1,208
FALSE
32,686

32,686
1,922
1,268
FALSE
33,340

33,340
1,999
1,332
FALSE
34,007

34,007
2,078
1,398
FALSE
34,687

34,687
2,162
1,468
FALSE
35,381

8,045
24,000
1,150

6,837
25,849
1,208

5,569
27,771
1,268

4,237
29,770
1,332

2,839
31,848
1,398

1,371
34,010
1,468

230,000
6,967,496,598

230,000
7,099,052,728

230,000
7,232,858,064

230,000
7,368,972,168

230,000
7,507,360,976

230,000
7,648,080,725

$2.00
13,934,993,196

$2.00
14,198,105,456

$2.00
14,465,716,129

$2.00
14,737,944,335

$2.00
15,014,721,952

$2.00
15,296,161,450

30.00%
9,754,495,237

30.00%
9,938,673,819

30.00%
10,126,001,290

30.00%
10,316,561,035

30.00%
10,510,305,367

30.00%
10,707,313,015

15
471,255.00
2,666.67
1,256,680,000

15
480,675.00
2,666.67
1,281,800,000

15
490,290.00
2,666.67
1,307,440,000

15
500,100.00
2,666.67
1,333,600,000

15
510,105.00
2,666.67
1,360,280,000

15
520,305.00
2,666.67
1,387,480,000

1,778
850,000

1,849
850,000

1,922
850,000

1,999
850,000

2,078
850,000

2,162
850,000

2,000
62,834,000

2,000
64,090,000

2,000
65,372,000

2,000
66,680,000

2,000
68,014,000

2,000
69,374,000

1,574,343,080

1,635,534,534

1,699,196,261

1,765,450,474

1,834,425,498

1,907,106,073

2,923,817,959

2,977,631,637

3,032,274,839

3,087,783,301

3,144,136,586

3,201,368,435

2,923.82
1,574.34
13,934.99
11,011.18

2,977.63
1,635.53
14,198.11
11,220.47

3,032.27
1,699.20
14,465.72
11,433.44

3,087.78
1,765.45
14,737.94
11,650.16

3,144.14
1,834.43
15,014.72
11,870.59

3,201.37
1,907.11
15,296.16
12,094.79

3%
1.512589725

3%
1.557967417

3%
1.604706439

3%
1.652847632

3%
1.702433061

3%
1.753506053

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
550.94

1.00%
556.45

1.00%
562.01

1.00%
567.63

1.00%
573.31

1.00%
579.04

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

21,077.93
16,104.45
2,381.34

22,120.19
16,924.69
2,548.11

23,213.23
17,785.31
2,726.71

24,359.58
18,688.31
2,918.02

25,561.56
19,635.57
3,122.99

26,821.91
20,629.25
3,344.12

10.00
2.74%
21,077.93

10.00
2.74%
22,120.19

10.00
2.74%
23,213.23

10.00
2.74%
24,359.58

10.00
2.74%
25,561.56

10.00
2.74%
26,821.91

577.48

606.03

635.98

667.39

700.32

734.85

5.00
1.37%
11,011.18

5.00
1.37%
11,220.47

5.00
1.37%
11,433.44

5.00
1.37%
11,650.16

5.00
1.37%
11,870.59

5.00
1.37%
12,094.79

150.84

153.71

156.62

159.59

162.61

165.68

300.00

300.00

300.00

300.00

300.00

300.00

60.00
16.44%
11,011.18

60.00
16.44%
11,220.47

60.00
16.44%
11,433.44

60.00
16.44%
11,650.16

60.00
16.44%
11,870.59

60.00
16.44%
12,094.79

1,810.06

1,844.46

1,879.47

1,915.09

1,951.33

1,988.19

-781.74
-3.77

-784.72
-2.98

-786.87
-2.14

-788.12
-1.25

-788.40
-0.28

-787.66
0.75

7,528.98

7,227.82

6,938.71

6,661.16

6,394.71

6,138.92

301.16
7,227.82

289.11
6,938.71

277.55
6,661.16

266.45
6,394.71

255.79
6,138.92

245.56
5,893.37

5%

5%

5%

5%

5%

5%

376.45

361.39

346.94

333.06

319.74

306.95

(2,817.76)
(376.45)
(301.16)
(2,893.05)

(2,893.05)
(361.39)
(289.11)
(2,965.32)

(2,965.32)
(346.94)
(277.55)
(3,034.71)

(3,034.71)
(333.06)
(266.45)
(3,101.32)

(3,101.32)
(319.74)
(255.79)
(3,165.27)

(3,165.27)
(306.95)
(245.56)
(3,226.66)

4,334.77

3,973.38

3,626.45

3,293.39

2,973.65

2,666.71

24,353.57
2,381.34
FALSE
26,734.91

26,734.91
2,548.11
FALSE
29,283.02

29,283.02
2,726.71
FALSE
32,009.73

32,009.73
2,918.02
FALSE
34,927.75

34,927.75
3,122.99
FALSE
38,050.74

38,050.74
3,344.12
FALSE
41,394.86

0.05
1,217.68

0.05
1,336.75

0.05
1,464.15

0.05
1,600.49

0.05
1,746.39

0.05
1,902.54

(6,545.68)
(1,217.68)
(7,763.36)

(7,763.36)
(1,336.75)
(9,100.10)

(9,100.10)
(1,464.15)
(10,564.25)

(10,564.25)
(1,600.49)
(12,164.74)

(12,164.74)
(1,746.39)
(13,911.13)

(13,911.13)
(1,902.54)
(15,813.66)

18,971.55

20,182.92

21,445.48

22,763.01

24,139.61

25,581.20

1,895.64
301.16
1,594.49

1,594.49
289.11
1,305.37

1,305.37
277.55
1,027.82

1,027.82
266.45
761.38

761.38
255.79
505.59

505.59
245.56
260.03

13%
236.96

13%
199.31

13%
163.17

13%
128.48

13%
95.17

13%
63.20

16,936.17
2,381.34
1,835.82
17,481.69

17,481.69
2,548.11
1,974.75
18,055.05

18,055.05
2,726.71
2,124.71
18,657.05

18,657.05
2,918.02
2,285.38
19,289.69

19,289.69
3,122.99
2,458.62
19,954.06

19,954.06
3,344.12
1,947.61
21,350.57

0.13
2,117.02

0.13
2,185.21

0.13
2,256.88

0.13
2,332.13

0.13
2,411.21

0.13
2,494.26

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

0.00

0.00

0.00

0.00

0.00

0.00

91.19

91.19

91.19

91.19

91.19

91.19

6.67%
6.08

6.67%
6.08

6.67%
-

6.67%
-

6.67%
-

6.67%
-

85.11

91.19

91.19

91.19

91.19

91.19

6.08

0.00

0.00

0.00

0.00

0.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

10%
0.00

10%
0.00

10%
0.00

10%
0.00

10%
0.00

10%
0.00

972.64
486.32
486.32

486.32
486.32
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

2.5
2.00%
1.50%
34.04

2.5
2.00%
1.50%
17.02

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

486.32

0.00

0.00

0.00

0.00

0.00

-5,638.42
224.66
-5,413.76

-5,413.76
201.45
-5,212.31

-5,212.31
656.93
-4,555.38

-4,555.38
629.94
-3,925.44

-3,925.44
597.72
-3,327.72

-3,327.72
558.08
-2,769.63

0.00
5,413.76

0.00
5,212.31

0.00
4,555.38

0.00
3,925.44

0.00
3,327.72

0.00
2,769.63

4%
6%
0.00
338.31

4%
6%
0.00
324.83

4%
6%
0.00
312.74

4%
6%
0.00
273.32

4%
6%
0.00
235.53

4%
6%
0.00
199.66

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

21,077.93
16,104.45
4,973.47
1,594.13
6.08
3,373.27
34.04
338.31
3,000.92
900.28
2,100.64
206.85
1,893.80

22,120.19
16,924.69
5,195.50
1,698.14
6.08
3,491.28
17.02
324.83
3,149.44
944.83
2,204.61
217.09
1,987.52

23,213.23
17,785.31
5,427.92
1,811.09
3,616.84
312.74
3,304.10
991.23
2,312.87
227.75
2,085.12

24,359.58
18,688.31
5,671.27
1,933.54
3,737.72
273.32
3,464.40
1,039.32
2,425.08
238.80
2,186.28

25,561.56
19,635.57
5,925.99
2,066.12
3,859.87
235.53
3,624.34
1,087.30
2,537.04
249.82
2,287.22

26,821.91
20,629.25
6,192.66
2,209.48
3,983.18
199.66
3,783.51
1,135.05
2,648.46
260.79
2,387.67

3,000.92
1,594.13
2,353.98
2,241.07

3,149.44
1,698.14
2,384.52
2,463.05

3,304.10
1,811.09
2,420.05
2,695.13

3,464.40
1,933.54
2,460.61
2,937.33

3,624.34
2,066.12
2,506.38
3,184.08

3,783.51
2,209.48
2,557.46
3,435.54

672.32

738.92

808.54

881.20

955.22

1,030.66

227.95

205.92

182.69

158.12

132.08

104.39

2,648.39
227.95
2,876.34

2,876.34
205.92
3,082.26

3,082.26
182.69
3,264.95

3,264.95
158.12
3,423.07

3,423.07
132.08
3,555.14

3,555.14
104.39
3,659.54

4,973.47
-3.77
672.32
4,304.92
2,381.34

5,195.50
-2.98
738.92
4,459.57
2,548.11

5,427.92
-2.14
808.54
4,621.53
2,726.71

5,671.27
-1.25
881.20
4,791.32
2,918.02

5,925.99
-0.28
955.22
4,971.05
3,122.99

6,192.66
0.75
1,030.66
5,161.25
3,344.12

1,923.59
34.04
338.31
0.00
486.32
82.74
757.52
224.66

1,911.46
17.02
324.83
0.00
486.32
86.83
795.01
201.45

1,894.82
312.74
0.00
91.10
834.05
656.93

1,873.29
273.32
0.00
95.52
874.51
629.94

1,848.06
235.53
0.00
99.93
914.89
597.72

1,817.13
199.66
0.00
104.32
955.07
558.08

16,959.47
1,893.80
757.52
18,095.75

18,095.75
1,987.52
795.01
19,288.26

19,288.26
2,085.12
834.05
20,539.34

20,539.34
2,186.28
874.51
21,851.11

21,851.11
2,287.22
914.89
23,223.44

23,223.44
2,387.67
955.07
24,656.04

1,852.39
206.85
82.74
1,976.49

1,976.49
217.09
86.83
2,106.75

2,106.75
227.75
91.10
2,243.39

2,243.39
238.80
95.52
2,386.67

2,386.67
249.82
99.93
2,536.56

2,536.56
260.79
104.32
2,693.04

0.00
577.48
150.84
300.00
1,028.32

0.00
606.03
153.71
300.00
1,059.74

0.00
635.98
156.62
300.00
1,092.60

0.00
667.39
159.59
300.00
1,126.98

0.00
700.32
162.61
300.00
1,162.93

0.00
734.85
165.68
300.00
1,200.53

33,962.73
-10,656.40
23,306.33

36,221.72
-12,065.42
24,156.30

38,670.89
-13,598.96
25,071.92

41,322.46
-15,266.06
26,056.40

44,189.66
-17,076.39
27,113.26

47,288.22
-19,040.32
28,247.90

1,600.00
700.00
0.00
4,418.00
6.08
6,724.08

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

31,058.72

31,934.04

32,882.53

33,901.38

34,994.19

36,166.43

1,810.06
5,413.76
7,223.81

1,844.46
5,212.31
7,056.77

1,879.47
4,555.38
6,434.85

1,915.09
3,925.44
5,840.53

1,951.33
3,327.72
5,279.05

1,988.19
2,769.63
4,757.82

486.32
300.00

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

2,876.34
100.00
3,762.66
1,976.49
18,095.75
20,072.25
31,058.72

3,082.26
100.00
3,482.26
2,106.75
19,288.26
21,395.01
31,934.04

TRUE

3,264.95
100.00
3,664.95
2,243.39
20,539.34
22,782.73
32,882.53

TRUE

3,423.07
100.00
3,823.07
2,386.67
21,851.11
24,237.78
33,901.38

TRUE

3,555.14
100.00
3,955.14
2,536.56
23,223.44
25,760.00
34,994.19

TRUE

3,659.54
100.00
4,059.54
2,693.04
24,656.04
27,349.08
36,166.43

TRUE

TRUE

1.19
67%
9.06

1.00
79%
10.21

0.84
95%
11.57

0.69
115%
13.68

0.56
142%
16.39

0.45
179%
19.95

22.7%
10.80%
9.09%

19.6%
10.63%
9.19%

16.7%
10.47%
9.26%

13.9%
10.31%
9.29%

11.4%
10.15%
9.29%

9.2%
9.97%
9.26%

149.38%

150.05%

150.56%

150.92%

151.15%

151.35%

1,893.80
7.00
13,256.57
6,000.00
2.21

1,987.52
7.00
13,912.64
6,000.00
2.32

2,085.12
7.00
14,595.85
6,000.00
2.43

2,186.28
7.00
15,303.99
6,000.00
2.55

2,287.22
7.00
16,010.53
6,000.00
2.67

30%
8.00

30%
8.00

30%
8.00

30%
8.00

30%
8.00

4,973.47
2,381.34
(3.77)
1,011.98
227.95

5,195.50
2,548.11
(2.98)
1,047.39
205.92

5,427.92
2,726.71
(2.14)
1,085.05
182.69

5,671.27
2,918.02
(1.25)
1,121.32
158.12

5,925.99
3,122.99
(0.28)
1,157.96
132.08

2,387.67
7.00
16,713.68
6,000.00
2.79

30%
8.00
6,192.66
3,344.12
0.75
1,194.95
104.39

1,811.88

1,808.90

1,800.99

1,791.30

1,777.40

1,757.23

1,811.88
1.20
0.20
1,811.88

1,808.90
1.20
0.20
1,808.90

1,800.99
1.20
0.20
1,800.99

1,791.30
1.20
0.20
1,791.30

1,777.40
1.20
0.20
1,777.40

1,757.23
1.20
0.20
1,757.23

1,811.88

1,808.90

1,800.99

1,791.30

1,777.40

1,757.23

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

757.52

795.01

834.05

874.51

914.89

955.07

1,893.80
0

1,987.52
0

2,085.12
0

2,186.28
0

2,287.22
0

2,387.67
0

757.52

795.01

834.05

874.51

914.89

955.07

757.52

795.01

834.05

874.51

914.89

955.07

18,095.75
-

19,288.26
-

20,539.34
-

21,851.11
-

23,223.44
-

24,656.04
-

757.52

795.01

834.05

874.51

914.89

955.07

550.94
30%
385.66

556.45
30%
389.51

562.01
30%
393.41

567.63
30%
397.34

573.31
30%
401.31

579.04
30%
405.33

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

385.66

389.51

393.41

397.34

401.31

405.33

2029
20
TRUE
FALSE
FALSE

2030
21
TRUE
FALSE
FALSE

2031
22
TRUE
FALSE
FALSE

2032
23
TRUE
FALSE
FALSE

2033
24
TRUE
FALSE
FALSE

2034
25
TRUE
FALSE
FALSE

35,381
2,079
1,371
36,089

36,089
2,132
0
1,410
36,811

36,811
2,209
0
1,473
37,547

37,547
2,289
0
1,538
38,298

38,298
2,372
0
1,606
39,064

39,064
2,458
0
1,677
39,845

0
36,089
1,371

0
36,811
1,410

0
37,547
1,473

0
38,298
1,538

0
39,064
1,606

0
39,845
1,677

230,000
7,814,631,878

230,000
7,981,026,899

230,000
8,134,893,000

230,000
8,289,541,550

230,000
8,446,818,828

230,000
8,606,844,769

$2.00
15,629,263,755

$2.00
15,962,053,799

$2.00
16,269,786,000

$2.00
16,579,083,100

$2.00
16,893,637,655

$2.00
17,213,689,538

30.00%
10,940,484,629

30.00%
11,173,437,659

30.00%
11,388,850,200

30.00%
11,605,358,170

30.00%
11,825,546,359

30.00%
12,049,582,676

15
530,715.00
2,666.67
1,415,240,000

15
541,335.00
2,666.67
1,443,560,000

15
552,165.00
2,666.67
1,472,440,000

15
563,205.00
2,666.67
1,501,880,000

15
574,470.00
2,666.67
1,531,920,000

15
585,960.00
2,666.67
1,562,560,000

2,079
850,000

2,132
850,000

2,209
850,000

2,289
850,000

2,372
850,000

2,458
850,000

2,000
70,762,000

2,000
72,178,000

2,000
73,622,000

2,000
75,094,000

2,000
76,596,000

2,000
78,128,000

1,838,088,474

1,884,378,000

1,950,847,000

2,020,340,250

2,092,924,563

2,167,817,991

3,273,539,127

3,345,056,140

3,408,495,800

3,471,844,930

3,536,171,297

3,601,546,861

3,273.54
1,838.09
15,629.26
12,355.72

3,345.06
1,884.38
15,962.05
12,617.00

3,408.50
1,950.85
16,269.79
12,861.29

3,471.84
2,020.34
16,579.08
13,107.24

3,536.17
2,092.92
16,893.64
13,357.47

3,601.55
2,167.82
17,213.69
13,612.14

3%
1.806111235

3%
1.860294572

3%
1.916103409

3%
1.973586511

3%
2.032794106

3%
2.09377793

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
584.83

1.00%
590.68

1.00%
596.59

1.00%
602.55

1.00%
608.58

1.00%
614.66

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

28,228.19
21,730.98
3,319.79

29,694.12
22,880.65
3,505.50

31,174.59
24,046.98
3,738.02

32,720.25
25,265.72
3,987.32

34,341.29
26,544.40
4,254.48

36,041.64
27,886.14
4,538.93

10.00
2.74%
28,228.19

10.00
2.74%
29,694.12

10.00
2.74%
31,174.59

10.00
2.74%
32,720.25

10.00
2.74%
34,341.29

10.00
2.74%
36,041.64

773.38

813.54

854.10

896.45

940.86

987.44

5.00
1.37%
12,355.72

5.00
1.37%
12,617.00

5.00
1.37%
12,861.29

5.00
1.37%
13,107.24

5.00
1.37%
13,357.47

5.00
1.37%
13,612.14

169.26

172.84

176.18

179.55

182.98

186.47

300.00

300.00

300.00

300.00

300.00

300.00

60.00
16.44%
12,355.72

60.00
16.44%
12,617.00

60.00
16.44%
12,861.29

60.00
16.44%
13,107.24

60.00
16.44%
13,357.47

60.00
16.44%
13,612.14

2,031.08

2,074.03

2,114.18

2,154.61

2,195.75

2,237.61

-788.45
-0.79

-787.65
0.79

-783.90
3.75

-778.62
5.29

-771.91
6.71

-763.70
8.21

5,893.37

5,657.63

5,431.33

5,214.07

5,005.51

4,805.29

235.73
5,657.63

226.31
5,431.33

217.25
5,214.07

208.56
5,005.51

200.22
4,805.29

192.21
4,613.08

5%

5%

5%

5%

5%

5%

294.67

282.88

271.57

260.70

250.28

240.26

(3,226.66)
(294.67)
(235.73)
(3,285.59)

(3,285.59)
(282.88)
(226.31)
(3,342.17)

(3,342.17)
(271.57)
(217.25)
(3,396.48)

(3,396.48)
(260.70)
(208.56)
(3,448.62)

(3,448.62)
(250.28)
(200.22)
(3,498.68)

(3,498.68)
(240.26)
(192.21)
(3,546.73)

2,372.04

2,089.16

1,817.59

1,556.89

1,306.61

1,066.35

41,394.86
3,319.79
FALSE
44,714.65

44,714.65
3,505.50
1,275.66
46,944.49

46,944.49
3,738.02
1,371.98
49,310.54

49,310.54
3,987.32
1,475.36
51,822.50

51,822.50
4,254.48
1,587.22
54,489.76

54,489.76
4,538.93
1,707.19
57,321.51

0.05
2,069.74

0.05
2,235.73

0.05
2,347.22

0.05
2,465.53

0.05
2,591.12

0.05
2,724.49

(15,813.66)
(2,069.74)
(17,883.40)

(17,883.40)
(2,235.73)
(1,275.66)
(18,843.48)

(18,843.48)
(2,347.22)
(1,371.98)
(19,818.72)

(19,818.72)
(2,465.53)
(1,475.36)
(20,808.90)

(20,808.90)
(2,591.12)
(1,587.22)
(21,812.80)

(21,812.80)
(2,724.49)
(1,707.19)
(22,830.10)

26,831.25

28,101.01

29,491.81

31,013.60

32,676.96

34,491.40

260.03
235.73
24.30

24.30
24.30
-

0.00
-

0.00
-

0.00
-

0.00
-

13%
32.50

13%
3.04

13%
-

13%
-

13%
-

13%
-

21,350.57
3,319.79
2,082.47
22,587.89

22,587.89
3,505.50
2,226.82
23,866.58

23,866.58
3,738.02
2,381.34
25,223.26

25,223.26
3,987.32
2,548.11
26,662.47

26,662.47
4,254.48
2,726.71
28,190.25

28,190.25
4,538.93
2,918.02
29,811.15

0.13
2,668.82

0.13
2,823.49

0.13
2,983.32

0.13
3,152.91

0.13
3,332.81

0.13
3,523.78

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

0.00

0.00

0.00

0.00

0.00

0.00

91.19

91.19

91.19

91.19

91.19

91.19

6.67%
-

6.67%
-

6.67%
-

6.67%
-

6.67%
-

6.67%
-

91.19

91.19

91.19

91.19

91.19

91.19

0.00

0.00

0.00

0.00

0.00

0.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

10%
0.00

10%
0.00

10%
0.00

10%
0.00

10%
0.00

10%
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

0.00

0.00

0.00

0.00

0.00

0.00

-2,769.63
812.46
-1,957.17

-1,957.17
859.21
-1,097.96

-1,097.96
852.41
-245.54

-245.54
841.33
595.79

595.79
818.94
1,414.74

1,414.74
789.20
2,203.94

0.00
1,957.17

0.00
1,097.96

0.00
245.54

595.79
0.00

1,414.74
0.00

2,203.94
0.00

4%
6%
0.00
166.18

4%
6%
0.00
117.43

4%
6%
0.00
65.88

4%
6%
0.00
14.73

4%
6%
23.83
0.00

4%
6%
56.59
0.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

28,228.19
21,730.98
6,497.21
2,364.41
4,132.80
166.18
3,966.62
1,189.99
2,776.63
273.41
2,503.22

29,694.12
22,880.65
6,813.47
2,518.61
4,294.85
117.43
4,177.42
1,253.23
2,924.20
287.94
2,636.25

31,174.59
24,046.98
7,127.62
2,618.79
4,508.83
65.88
4,442.95
1,332.88
3,110.06
306.24
2,803.82

32,720.25
25,265.72
7,454.54
2,726.23
4,728.31
14.73
4,713.57
1,414.07
3,299.50
324.90
2,974.60

34,341.29
26,544.40
7,796.89
2,841.40
4,955.48
23.83
4,979.32
1,493.79
3,485.52
343.22
3,142.31

36,041.64
27,886.14
8,155.50
2,964.75
5,190.75
56.59
5,247.34
1,574.20
3,673.14
361.69
3,311.45

3,966.62
2,364.41
2,701.33
3,629.70

4,177.42
2,518.61
2,826.52
3,869.51

4,442.95
2,618.79
2,983.32
4,078.42

4,713.57
2,726.23
3,152.91
4,286.90

4,979.32
2,841.40
3,332.81
4,487.91

5,247.34
2,964.75
3,523.78
4,688.31

1,088.91

1,160.85

1,223.53

1,286.07

1,346.37

1,406.49

101.07

92.37

109.36

128.00

147.42

167.71

3,659.54
101.07
3,760.61

3,760.61
92.37
3,852.98

3,852.98
109.36
3,962.34

3,962.34
128.00
4,090.35

4,090.35
147.42
4,237.77

4,237.77
167.71
4,405.48

6,497.21
-0.79
1,088.91
5,409.09
3,319.79

6,813.47
0.79
1,160.85
5,651.82
3,505.50

7,127.62
3.75
1,223.53
5,900.34
3,738.02

7,454.54
5.29
1,286.07
6,163.18
3,987.32

7,796.89
6.71
1,346.37
6,443.81
4,254.48

8,155.50
8.21
1,406.49
6,740.80
4,538.93

2,089.29
166.18
0.00
109.36
1,001.29
812.46

2,146.32
117.43
0.00
115.18
1,054.50
859.21

2,162.32
65.88
0.00
122.50
1,121.53
852.41

2,175.87
14.73
0.00
129.96
1,189.84
841.33

2,189.32
0.00
23.83
137.29
1,256.92
818.94

2,201.87
0.00
56.59
144.68
1,324.58
789.20

24,656.04
2,503.22
1,001.29
26,157.97

26,157.97
2,636.25
1,054.50
27,739.72

27,739.72
2,803.82
1,121.53
29,422.02

29,422.02
2,974.60
1,189.84
31,206.78

31,206.78
3,142.31
1,256.92
33,092.16

33,092.16
3,311.45
1,324.58
35,079.03

2,693.04
273.41
109.36
2,857.08

2,857.08
287.94
115.18
3,029.85

3,029.85
306.24
122.50
3,213.60

3,213.60
324.90
129.96
3,408.54

3,408.54
343.22
137.29
3,614.47

3,614.47
361.69
144.68
3,831.48

0.00
773.38
169.26
300.00
1,242.63

0.00
813.54
172.84
300.00
1,286.37

0.00
854.10
176.18
300.00
1,330.28

595.79
896.45
179.55
300.00
1,971.79

1,414.74
940.86
182.98
300.00
2,838.57

2,203.94
987.44
186.47
300.00
3,677.85

50,372.28
-21,169.00
29,203.28

52,375.82
-22,185.65
30,190.17

54,524.61
-23,215.21
31,309.40

56,828.01
-24,257.52
32,570.49

59,295.05
-25,311.48
33,983.57

61,934.58
-26,376.83
35,557.75

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

37,163.92

38,194.54

39,357.68

41,260.27

43,540.14

45,953.60

2,031.08
1,957.17
3,988.25

2,074.03
1,097.96
3,171.98

2,114.18
245.54
2,359.73

2,154.61
0.00
2,154.61

2,195.75
0.00
2,195.75

2,237.61
0.00
2,237.61

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

3,760.61
100.00
4,160.61
2,857.08
26,157.97
29,015.06
37,163.92

3,852.98
100.00
4,252.98
3,029.85
27,739.72
30,769.57
38,194.54

TRUE

3,962.34
100.00
4,362.34
3,213.60
29,422.02
32,635.61
39,357.68

TRUE

4,090.35
100.00
4,490.35
3,408.54
31,206.78
34,615.31
41,260.27

TRUE

4,237.77
100.00
4,637.77
3,614.47
33,092.16
36,706.63
43,540.14

4,405.48
100.00
4,805.48
3,831.48
35,079.03
38,910.51
45,953.60

TRUE

TRUE

FALSE
320.94

FALSE
FALSE

TRUE

0.30
268%
24.87

0.16
504%
36.57

0.03
2376%
68.44

6.3%
9.85%
9.34%

3.4%
9.78%
9.43%

0.7%
9.81%
9.60%

0.0%
9.81%
9.73%

0.0%
9.77%
9.83%

0.0%
9.72%
9.90%

140.41%

139.18%

142.74%

146.26%

149.73%

153.10%

2,503.22
7.00
17,522.54
6,000.00
2.92

30%
8.00
6,497.21
3,319.79
(0.79)
1,239.84
101.07

2,636.25
7.00
18,453.78
6,000.00
3.08

30%
8.00
6,813.47
3,505.50
0.79
1,288.46
92.37

2,803.82
7.00
19,626.73
6,000.00
3.27

30%
8.00
7,127.62
3,738.02
3.75
1,352.65
109.36

2,974.60
7.00
20,822.23
6,000.00
3.47

30%
8.00
7,454.54
3,987.32
5.29
1,418.49
128.00

FALSE
FALSE

3,142.31
7.00
21,996.14
6,000.00
3.67

30%
8.00
7,796.89
4,254.48
6.71
1,486.65
147.42

3,311.45
7.00
23,180.13
6,000.00
3.86

30%
8.00
8,155.50
4,538.93
8.21
1,557.22
167.71

2,039.44

2,111.09

2,142.55

2,171.45

2,196.47

2,218.85

2,039.44
1.20
0.20
2,039.44

2,111.09
1.20
0.20
2,111.09

2,142.55
1.20
0.20
2,142.55

2,171.45
1.20
0.20
2,171.45

2,196.47
1.20
0.20
2,196.47

2,218.85
1.20
0.20
2,218.85

2,039.44

2,111.09

2,142.55

2,171.45

2,196.47

2,218.85

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

1,001.29

1,054.50

1,121.53

1,189.84

1,256.92

1,324.58

2,503.22
0

2,636.25
0

2,803.82
0

2,974.60
0

3,142.31
0

3,311.45
0

1,001.29

1,054.50

1,121.53

1,189.84

1,256.92

1,324.58

1,001.29

1,054.50

1,121.53

1,189.84

1,256.92

1,324.58

26,157.97
-

27,739.72
-

29,422.02
-

31,206.78
-

33,092.16
-

35,079.03
-

1,001.29

1,054.50

1,121.53

1,189.84

1,256.92

1,324.58

584.83
30%
409.38

590.68
30%
413.48

596.59
30%
417.61

602.55
30%
421.79

608.58
30%
426.00

614.66
30%
430.26

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

8.00
-

409.38

413.48

417.61

421.79

426.00

430.26

2035
26
TRUE
FALSE
FALSE

2036
27
TRUE
FALSE
FALSE

2037
28
TRUE
FALSE
FALSE

2038
29
TRUE
FALSE
TRUE

2039
30
FALSE
TRUE
FALSE

39,845
2,549
0
1,752
40,642

40,642
2,642
0
1,829
41,455

41,455
2,740
0
1,911
42,284

42,284
2,842
0
1,996
43,130

43,130
2,948
0
2,085
43,993

0
40,642
1,752

0
41,455
1,829

0
42,284
1,911

0
43,130
1,996

0
43,993
2,085

230,000
8,769,784,407

230,000
8,935,525,828

230,000
9,104,048,119

230,000
9,275,559,325

230,000
9,450,036,391

$2.00
17,539,568,815

$2.00
17,871,051,655

$2.00
18,208,096,238

$2.00
18,551,118,650

$2.00
18,900,072,783

30.00%
12,277,698,170

30.00%
12,509,736,159

30.00%
12,745,667,367

30.00%
12,985,783,055

30.00%
13,230,050,948

15
597,675.00
2,666.67
1,593,800,000

15
609,630.00
2,666.67
1,625,680,000

15
621,825.00
2,666.67
1,658,200,000

15
634,260.00
2,666.67
1,691,360,000

15
646,950.00
2,666.67
1,725,200,000

2,549
850,000

2,642
850,000

2,740
850,000

2,842
850,000

2,948
850,000

2,000
79,690,000

2,000
81,284,000

2,000
82,910,000

2,000
84,568,000

2,000
86,260,000

2,245,941,990

2,327,373,590

2,412,191,569

2,500,478,648

2,592,323,680

3,668,070,644

3,735,635,497

3,804,228,871

3,873,975,595

3,944,821,835

3,668.07
2,245.94
17,539.57
13,871.50

3,735.64
2,327.37
17,871.05
14,135.42

3,804.23
2,412.19
18,208.10
14,403.87

3,873.98
2,500.48
18,551.12
14,677.14

3,944.82
2,592.32
18,900.07
14,955.25

3%
2.156591268

3%
2.221289006

3%
2.287927676

3%
2.356565506

3%
2.427262471

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
0.00

1.00%
620.81

1.00%
627.02

1.00%
633.29

1.00%
639.62

1.00%
646.02

1.00%
-

1.00%
-

1.00%
-

1.00%
-

1.00%
-

37,825.68
29,294.34
4,843.58

39,696.77
30,771.83
5,169.77

41,658.81
32,321.72
5,518.92

43,716.93
33,948.03
5,892.54

45,875.44
35,654.30
6,292.25

10.00
2.74%
37,825.68

10.00
2.74%
39,696.77

10.00
2.74%
41,658.81

10.00
2.74%
43,716.93

10.00
2.74%
45,875.44

1,036.32

1,087.58

1,141.34

1,197.72

1,256.86

5.00
1.37%
13,871.50

5.00
1.37%
14,135.42

5.00
1.37%
14,403.87

5.00
1.37%
14,677.14

5.00
1.37%
14,955.25

190.02

193.64

197.31

201.06

204.87

300.00

300.00

300.00

300.00

300.00

60.00
16.44%
13,871.50

60.00
16.44%
14,135.42

60.00
16.44%
14,403.87

60.00
16.44%
14,677.14

60.00
16.44%
14,955.25

2,280.25

2,323.63

2,367.76

2,412.68

2,458.40

-753.91
9.80

-742.41
11.49

-729.11
13.30

-713.90
15.21

-696.67
17.23

4,613.08

4,428.55

4,251.41

4,081.36

3,918.10

184.52
4,428.55

177.14
4,251.41

170.06
4,081.36

163.25
3,918.10

156.72
3,761.38

5%

5%

5%

5%

5%

230.65

221.43

212.57

204.07

195.91

(3,546.73)
(230.65)
(184.52)
(3,592.86)

(3,592.86)
(221.43)
(177.14)
(3,637.15)

(3,637.15)
(212.57)
(170.06)
(3,679.66)

(3,679.66)
(204.07)
(163.25)
(3,720.47)

(3,720.47)
(195.91)
(156.72)
(3,759.66)

835.69

614.27

401.70

197.63

1.72

57,321.51
4,843.58
1,835.82
60,329.27

60,329.27
5,169.77
1,974.75
63,524.29

63,524.29
5,518.92
2,124.71
66,918.50

66,918.50
5,892.54
2,285.38
70,525.66

70,525.66
6,292.25
2,458.62
74,359.29

0.05
2,866.08

0.05
3,016.46

0.05
3,176.21

0.05
3,345.92

0.05
3,526.28

(22,830.10)
(2,866.08)
(1,835.82)
(23,860.36)

(23,860.36)
(3,016.46)
(1,974.75)
(24,902.08)

(24,902.08)
(3,176.21)
(2,124.71)
(25,953.58)

(25,953.58)
(3,345.92)
(2,285.38)
(27,014.12)

(27,014.12)
(3,526.28)
(2,458.62)
(28,081.78)

36,468.91

38,622.21

40,964.92

43,511.53

46,277.50

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

13%
-

13%
-

13%
-

13%
-

13%
-

29,811.15
4,843.58
3,122.99
31,531.75

31,531.75
5,169.77
3,344.12
33,357.39

33,357.39
5,518.92
3,319.79
35,556.52

35,556.52
5,892.54
3,505.50
37,943.56

37,943.56
6,292.25
3,738.02
40,497.79

0.13
3,726.39

0.13
3,941.47

0.13
4,169.67

0.13
4,444.57

0.13
4,742.95

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

400.00
15%
-

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

(400.00)
(400.00)

0.00

0.00

0.00

0.00

0.00

91.19

91.19

91.19

91.19

91.19

6.67%
-

6.67%
-

6.67%
-

6.67%
-

6.67%
-

91.19

91.19

91.19

91.19

91.19

0.00

0.00

0.00

0.00

0.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

1,600.00
4,418.00
700.00

0.00
-

0.00
-

0.00
-

0.00
-

0.00
-

10%
0.00

10%
0.00

10%
0.00

10%
0.00

10%
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

2.5
2.00%
1.50%
-

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

9%
0.00

0.00

0.00

0.00

0.00

0.00

2,203.94
751.82
2,955.75

2,955.75
705.92
3,661.67

3,661.67
650.63
4,312.31

4,312.31
595.00
4,907.31

4,907.31
530.94
5,438.24

2,955.75
0.00

3,661.67
0.00

4,312.31
0.00

4,907.31
0.00

5,438.24
0.00

4%
6%
88.16
0.00

4%
6%
118.23
0.00

4%
6%
146.47
0.00

4%
6%
172.49
0.00

4%
6%
196.29
0.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

300.00
100.00

37,825.68
29,294.34
8,531.34
3,096.73
5,434.61
88.16
5,522.77
1,656.83
3,865.94
380.68
3,485.26

39,696.77
30,771.83
8,924.94
3,237.89
5,687.05
118.23
5,805.28
1,741.58
4,063.70
400.15
3,663.55

41,658.81
32,321.72
9,337.09
3,388.79
5,948.30
146.47
6,094.77
1,828.43
4,266.34
420.10
3,846.24

43,716.93
33,948.03
9,768.90
3,549.99
6,218.91
172.49
6,391.40
1,917.42
4,473.98
440.55
4,033.43

45,875.44
35,654.30
10,221.13
3,722.19
6,498.95
196.29
6,695.24
2,008.57
4,686.67
461.49
4,225.18

5,522.77
3,096.73
3,726.39
4,893.10

5,805.28
3,237.89
3,941.47
5,101.71

6,094.77
3,388.79
4,169.67
5,313.88

6,391.40
3,549.99
4,444.57
5,496.82

6,695.24
3,722.19
4,742.95
5,674.48

1,467.93

1,530.51

1,594.16

1,649.05

1,702.34

188.90

211.07

234.27

268.37

306.23

4,405.48
188.90
4,594.38

4,594.38
211.07
4,805.45

4,805.45
234.27
5,039.72

5,039.72
268.37
5,308.09

5,308.09
306.23
5,614.32

8,531.34
9.80
1,467.93
7,053.61
4,843.58

8,924.94
11.49
1,530.51
7,382.94
5,169.77

9,337.09
13.30
1,594.16
7,729.62
5,518.92

9,768.90
15.21
1,649.05
8,104.64
5,892.54

10,221.13
17.23
1,702.34
8,501.56
6,292.25

2,210.03
0.00
88.16
152.27
1,394.10
751.82

2,213.17
0.00
118.23
160.06
1,465.42
705.92

2,210.70
0.00
146.47
168.04
1,538.49
650.63

2,212.10
0.00
172.49
176.22
1,613.37
595.00

2,209.31
0.00
196.29
184.60
1,690.07
530.94

35,079.03
3,485.26
1,394.10
37,170.19

37,170.19
3,663.55
1,465.42
39,368.32

39,368.32
3,846.24
1,538.49
41,676.06

41,676.06
4,033.43
1,613.37
44,096.12

44,096.12
4,225.18
1,690.07
46,631.22

3,831.48
380.68
152.27
4,059.88

4,059.88
400.15
160.06
4,299.97

4,299.97
420.10
168.04
4,552.04

4,552.04
440.55
176.22
4,816.36

4,816.36
461.49
184.60
5,093.26

2,955.75
1,036.32
190.02
300.00
4,482.10

3,661.67
1,087.58
193.64
300.00
5,242.89

4,312.31
1,141.34
197.31
300.00
5,950.96

4,907.31
1,197.72
201.06
300.00
6,606.09

5,438.24
1,256.86
204.87
300.00
7,199.97

64,757.82
-27,453.22
37,304.60

67,775.70
-28,539.22
39,236.48

70,999.85
-29,633.24
41,366.61

74,443.76
-30,734.60
43,709.16

78,120.66
-31,841.44
46,279.22

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

1,600.00
700.00
0.00
4,418.00
0.00
6,718.00

48,504.69

51,197.37

54,035.57

57,033.25

60,197.19

2,280.25
0.00
2,280.25

2,323.63
0.00
2,323.63

2,367.76
0.00
2,367.76

2,412.68
0.00
2,412.68

2,458.40
0.00
2,458.40

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

0.00
300.00

4,594.38
100.00
4,994.38
4,059.88
37,170.19
41,230.07
48,504.69

4,805.45
100.00
5,205.45
4,299.97
39,368.32
43,668.29
51,197.37

TRUE

TRUE

FALSE
FALSE

5,039.72
100.00
5,439.72
4,552.04
41,676.06
46,228.09
54,035.57
TRUE

FALSE
FALSE

5,308.09
100.00
5,708.09
4,816.36
44,096.12
48,912.48
57,033.25
TRUE

FALSE
FALSE

5,614.32
100.00
6,014.32
5,093.26
46,631.22
51,724.48
60,197.19
TRUE

FALSE
FALSE

FALSE
FALSE

0.0%
9.65%
9.94%

0.0%
9.57%
9.95%

0.0%
9.49%
9.93%

0.0%
9.40%
9.89%

0.0%
9.31%
9.83%

156.41%

159.66%

162.86%

165.99%

169.05%

3,485.26
7.00
24,396.83
6,000.00
4.07

30%
8.00
8,531.34
4,843.58
9.80
1,630.38
188.90

3,663.55
7.00
25,644.85
6,000.00
4.27

30%
8.00
8,924.94
5,169.77
11.49
1,706.12
211.07

3,846.24
7.00
26,923.66
6,000.00
4.49

30%
8.00
9,337.09
5,518.92
13.30
1,784.49
234.27

4,033.43
7.00
28,234.01
6,000.00
4.71

30%
8.00
9,768.90
5,892.54
15.21
1,865.67
268.37

4,225.18
7.00
29,576.23
6,000.00
4.93

30%
8.00
10,221.13
6,292.25
17.23
1,949.68
306.23

2,236.48

2,248.64

2,254.64

78,151.18
80,415.03

2,268.20

2,236.48
1.20
0.20
2,236.48

2,248.64
1.20
0.20
2,248.64

2,254.64
1.20
0.20
2,254.64

2,263.85
1.20
0.20
2,263.85

3,722.19
1.20
4,466.63
0.20
893.33
2,894.27
48,237.82
48,237.82

2,236.48

2,248.64

2,254.64

80,415.03

0.00

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

17.30
2.16

1,394.10

1,465.42

1,538.49

1,613.37

1,690.07

3,485.26
0

3,663.55
0

3,846.24
0

1,394.10

1,465.42

1,538.49

4,033.43
69778.33888
71,391.71

4,225.18
0
1,690.07

1,394.10

1,465.42

1,538.49

71,391.71

0.00

37,170.19
-

39,368.32
-

41,676.06
-

44,096.12
95,247.61

46,631.22
-

1,394.10

1,465.42

1,538.49

96,860.98

620.81
30%
434.57

627.02
30%
438.91

633.29
30%
443.30

639.62
30%
447.73

8.00
-

8.00
-

8.00
-

8.00
3,581.88

434.57

438.91

443.30

4,029.61

646.02
30%
452.21
8.00
-

Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.


Contents
Balance Sheet
Assets
Current assets

(1)

2009

49,380

Gross Plant
Accumulated Depreciation
Property, plant and equipment, net (3)

120,881
-51,681
69,200

Investment in shares
Intangible assets
Other assets
Total assets

2,344
71,181
18,986
211,091

Liabilities
Short-term debt
Current liabilities

8,853
36,914

Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders equity
Total Liabilities and Equity

34,810
3,354
972
10,359
95,262
34,192
81,637
115,829
211,091

Income Statement
Total revenues
Cost of Sales without Depreciation
Operating expenses
Other expenses, net
EBITDA
Depreciation
Amortization
EBIT
Interest Expense
Interest Income
Exchange and Other
EBT
Income taxes
Consolidated net income for the year
Minoirty Interest
Net controlling interest income

197,033
96,117
63,826
3,506
33,584
5,596
4,482
23,506
5,179
769
106
18,990
3,908
15,082
5,174
9,908

Other information
Depreciation
Amortization and other non-cash charges toincome from operations
Capital expenditures (2)
Intangible Asset Increase
Interest Expense
Interest Income

5,596
4,482
13,178
9,803
5,179
769

Exchange and Other


Net Interest Expense

Financial ratios (%)


Liquidity
Leverage
Capitalization
Data per share
Book value (4)
Net controlling interest income (5)
Number of outstanding shares (8)
Stock Price
Market Cap
P/E Ratio
Market to Book
EV/EBITDA
Return on Equity
Return on Investment Capital

106
4,516
2,255

1.08
18%
29%
4.56
0.55
17,891
8.55
152,882
15.43
1.32
5.88
13.17%
11.63%

Year

2009

Sales Growth
Cost of Goods as Percent of Sales
Operating Expense Growth
Depreciation Rate
Amortization Rate

16%
49%
16%
4.6%
6.3%

Average Debt
Average Interest Expense
Average Investments
Average Interest Income Rate

27,006
19%
2,155
36%

Income Tax Rate

21%

Dividend Payout Ratio

15%

Minority Interest Percent

34%

Current Assets to Sales


Current Liabilities to Sales

25%
19%

Capital Expenditures to Sales


Increase in Intangible as Percent of Sales
Working Analysis
Revenues

7%
5%

Growth Rate
Base Revenues
Add: Revenues for Acquisition
Add: Synergies
Total Revenues

16%
197,033

197,033

Cost of Goods Sold Percent


Cost of Goods Sold
Add: Cost of Goods Sold from Acquisition
Total Cost of Goods Sold

49%
96,117

Increase in Other Expenses


Other Expenses
Other Net
Add: Other Costs from Acquistion
Total Other Costs from Acquistion

16%
63,826
3,506

Total Expenses
Capital Expenditures to Sales
Capital Expenditures
Add: Capital Expenditures from Acquistion
Total Captial Expenditures
Intangible Assets to Sales
Intangible Assets Increase

96,117

67,332

163,449
7%
13,178

5%
9,803

Working Capital
Current Assets as Percent of Assets
Level of A/R
Add: Level of A/R from Acquistion
Total Level of A/R

25%
49,380

Currentl Liabilities as Percent of Liabilities


Level of A/P
Add: Level of A/P from Acquisition
Total Level of A/P

19%
36,914

49,380

36,914

Other Current Assets


Level of WC
Change in WC

12,466
5,925

Asset Schedule
Plant Balance
Opening Balance
Add: Capital Expenditures
Closing Balance

120,881

Deprecitaion Rate
Depreciation
Accumulated Depreciation
Opening Balance
Add: Intangible Assets Increase
Closing Balance
Total Net Plant
Add: Net Plant from Acquisition
Total Net Plant
Intangible Assets
Opening Balance
Add: New Intangibles
Closing Balance

-51,681
69,200
69,200

71,181

Intangible Rate
Intangible Amortization
Accumulated Amoritization
Opening Balance
Add: Amortization
Closing Balance
Net Intangible Assets
Add: Intangible Assets from Acquistion
Total Intangible Assets
Other Assets
Add: Other Assets from Acquistion
Total Other Assets

0
71,181

18,986
18,986

Debt Schedule
Long-term Debt
Opening Balance
Less: Repayment
Closing Balance
Interest Rate
Interest Expense - Long-term
Debt Less Cash
Opening Balance
Add: Net Cash Flow
Closing Balance
Financial Investments
Debt Balance
Interest Rate on Cash
Interest Rate on Debt

34,810
19%
0

-6,509
2,344
8,853

Interest Income
Interest Expense
Pension Liabilities
Deferred Tax Liabilities
Other Liabilities

3,354
972
3,354
972
10,359

Profit and Loss


Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation
Less: Amortization
EBIT
Less: Interest
Add: Interest Income
Less: Other
EBT
Less: Income Tax
Income After Tax
Less: Minority Interest
Income to Common Shares
Cash Flow
EBITDA
Less: Income Tax
Less: WC Change
Cash Flow from Operations
Less: Capital Expenditures
Less: Intangible Assets Increase
Cash Flow Before Financing
Less: Common Dividend
Less: Minority Divdends
Less: Interest Expense
Less: Debt Repayment
Add: Interest Income
Net Cash Flow
Total Shares
Add: New Shares

17,891

Earnings Per Share


Balance Sheet
Common Equity
Opening Balance
Add: Net Income
Less: Dividends
Closing Balance
Minority Interest
Opening Balance

81,637

Add: Net Income


Less: Dividends
Closing Balance

34,192

Assets
Current assets
Property, plant and equipment, net
Investment in shares
Intangible assets
Other assets
Total assets
Liabilities
Short-term debt
Current liabilities
Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders equity
Total Liabilities and Equity
Difference
Debt to Capital
Return on Equity
Return on Invested Capital

49,380
(3)

69,200
2,344
71,181
18,986
211,091

8,853
36,914
34,810
3,354
972
10,359
95,262
34,192
81,637
115,829
211,091
0
27%

1
2010

2
2011

3
2012

4
2013

5
2014

6
2015

7
2016

8%
48%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

8%
49%
6%
4.6%
6.3%

9%

9%

9%

9%

9%

9%

9%

5%

5%

5%

5%

5%

5%

5%

30%

30%

30%

30%

30%

30%

30%

70%

70%

70%

70%

70%

70%

70%

34%

34%

34%

34%

34%

34%

34%

25%
19%

25%
19%

25%
19%

25%
19%

25%
19%

25%
19%

25%
19%

5%
5%

5%
5%

5%
5%

5%
5%

5%
5%

5%
5%

5%
5%

8%
212,796

8%
229,819

8%
248,205

8%
268,061

8%
289,506

8%
312,667

8%
337,680

212,796

229,819

248,205

268,061

289,506

312,667

337,680

48%
103,053

49%
111,594

49%
120,512

49%
130,225

49%
140,497

49%
151,816

49%
163,960

103,053

111,594

120,512

130,225

140,497

151,816

163,960

6%
67,400
3506

6%
71,175
3786

6%
75,160
4089

6%
79,369
4417

6%
83,814
4770

6%
88,508
5151

6%
93,464
5564

70,906

74,961

79,250

83,786

88,584

93,659

99,028

173,959

186,555

199,762

214,011

229,081

245,475

262,987

5%
10,640

5%
11,491

5%
12,410

5%
13,403

5%
14,475

5%
15,633

5%
16,884

10,640

11,491

12,410

13,403

14,475

15,633

16,884

5%
10,508

5%
11,349

5%
12,256

5%
13,237

5%
14,296

5%
15,440

5%
16,675

25%
53,330

25%
57,597

25%
62,205

25%
67,181

25%
72,555

25%
78,360

25%
84,629

53,330

57,597

62,205

67,181

72,555

78,360

84,629

19%
39,867

19%
43,056

19%
46,501

19%
50,221

19%
54,239

19%
58,578

19%
63,264

39,867

43,056

46,501

50,221

54,239

58,578

63,264

13,463
997

14,540
1,077

15,704
1,163

16,960
1,256

18,317
1,357

19,782
1,465

21,365
1,583

120,881
10,640
131,521

131,521
11,491
143,012

143,012
12,410
155,422

155,422
13,403
168,825

168,825
14,475
183,300

183,300
15,633
198,934

198,934
16,884
215,818

4.6%
5,596

4.6%
6,089

4.6%
6,621

4.6%
7,195

4.6%
7,815

4.6%
8,486

4.6%
9,209

(51,681)
(5,596)
(57,277)

(57,277)
(6,089)
(63,366)

(63,366)
(6,621)
(69,986)

(69,986)
(7,195)
(77,181)

(77,181)
(7,815)
(84,997)

(84,997)
(8,486)
(93,482)

(93,482)
(9,209)
(102,692)

74,244

79,646

85,436

91,644

98,304

105,451

113,126

74,244

79,646

85,436

91,644

98,304

105,451

113,126

71,181
10,508
81,689

81,689
11,349
93,037

93,037
12,256
105,294

105,294
13,237
118,531

118,531
14,296
132,827

132,827
15,440
148,266

148,266
16,675
164,941

0
4,482

0
5,144

0
5,858

0
6,630

0
7,463

0
8,364

0
9,336

(4,482)
(4,482)

(4,482)
(5,144)
(9,626)

(9,626)
(5,858)
(15,484)

(15,484)
(6,630)
(22,114)

(22,114)
(7,463)
(29,577)

(29,577)
(8,364)
(37,941)

(37,941)
(9,336)
(47,277)

77,207

83,412

89,810

96,417

103,249

110,325

117,664

77,207

83,412

89,810

96,417

103,249

110,325

117,664

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

34,810
3,481
31,329

31,329
3,481
27,848

27,848
3,481
24,367

24,367
3,481
20,886

20,886
3,481
17,405

17,405
3,481
13,924

13,924
3,481
10,443

9%
3132.9

9%
2819.61

9%
2506.32

9%
2193.03

9%
1879.74

9%
1566.45

9%
1253.16

(6,509)
(7,913)
(14,422)

(14,422)
(7,622)
(22,044)

(22,044)
(7,199)
(29,244)

(29,244)
(6,718)
(35,962)

(35,962)
(6,079)
(42,040)

(42,040)
(5,400)
(47,440)

(47,440)
(4,583)
(52,023)

14,422

22,044

29,244

35,962

42,040

47,440

52,023

5%
9%

5%
9%

5%
9%

5%
9%

5%
9%

5%
9%

5%
9%

117
797

1,298

1,984

2,632

3,237

3,784

4,270

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

212,796
173,959
38,836
5,596
4,482
28,758
3,930
117

229,819
186,555
43,264
6,089
5,144
32,032
4,118
-

248,205
199,762
48,443
6,621
5,858
35,964
4,490
-

268,061
214,011
54,050
7,195
6,630
40,225
4,825
-

289,506
229,081
60,425
7,815
7,463
45,146
5,116
-

312,667
245,475
67,191
8,486
8,364
50,342
5,350
-

337,680
262,987
74,693
9,209
9,336
56,147
5,523
-

24,946
7,484
17,462
5,990
11,472

27,914
8,374
19,540
6,703
12,837

31,474
9,442
22,032
7,558
14,473

35,400
10,620
24,780
8,501
16,279

40,030
12,009
28,021
9,613
18,408

44,992
13,498
31,494
10,804
20,690

50,625
15,187
35,437
12,157
23,280

38,836
7,484
997
30,355
10,640
10,508
9,207
8,030
1,797
3,930
3,481
117
(7,913)

43,264
8,374
1,077
33,813
11,491
11,349
10,973
8,986
2,011
4,118
3,481
(7,622)

48,443
9,442
1,163
37,837
12,410
12,256
13,171
10,131
2,267
4,490
3,481
(7,199)

54,050
10,620
1,256
42,174
13,403
13,237
15,534
11,395
2,550
4,825
3,481
(6,718)

60,425
12,009
1,357
47,059
14,475
14,296
18,288
12,886
2,884
5,116
3,481
(6,079)

67,191
13,498
1,465
52,228
15,633
15,440
21,155
14,483
3,241
5,350
3,481
(5,400)

74,693
15,187
1,583
57,923
16,884
16,675
24,364
16,296
3,647
5,523
3,481
(4,583)

17,891

17,891

17,891

17,891

17,891

17,891

17,891

0.64

0.72

0.81

0.91

1.03

1.16

1.30

81,637
11,472
8,030
85,078

85,078
12,837
8,986
88,929

88,929
14,473
10,131
93,271

93,271
16,279
11,395
98,155

98,155
18,408
12,886
103,678

103,678
20,690
14,483
109,885

109,885
23,280
16,296
116,869

34,192

38,385

43,078

48,368

54,319

61,048

68,611

5,990
1,797
38,385

6,703
2,011
43,078

7,558
2,267
48,368

8,501
2,550
54,319

9,613
2,884
61,048

10,804
3,241
68,611

12,157
3,647
77,121

53,330

57,597

62,205

67,181

72,555

78,360

84,629

74,244

79,646

85,436

91,644

98,304

105,451

113,126

0
77,207
18,986
223,767

0
83,412
18,986
239,641

0
89,810
18,986
256,437

0
96,417
18,986
274,228

0
103,249
18,986
293,095

0
110,325
18,986
313,123

0
117,664
18,986
334,405

14,422
39,867

22,044
43,056

29,244
46,501

35,962
50,221

42,040
54,239

47,440
58,578

52,023
63,264

31,329
3,354
972
10,359
100,303
38,385
85,078
123,464
223,767

27,848
3,354
972
10,359
107,634
43,078
88,929
132,007
239,641

24,367
3,354
972
10,359
114,797
48,368
93,271
141,640
256,437

20,886
3,354
972
10,359
121,754
54,319
98,155
152,474
274,228

17,405
3,354
972
10,359
128,369
61,048
103,678
164,726
293,095

13,924
3,354
972
10,359
134,627
68,611
109,885
178,496
313,123

10,443
3,354
972
10,359
140,415
77,121
116,869
193,990
334,405

27%
13.8%

27%
14.8%

27%
15.9%

27%
17.0%

27%
18.2%

26%
19.4%

24%
20.5%

8
2017

9
2018

10
2019

11
2020

12
2021

13
2022

8%
49%
6%
4.6%
6.3%

4%
49%
3%
4.6%
6.3%

4%
49%
3%
4.6%
6.3%

2%
49%
1%
4.6%
6.3%

2%
49%
1%
4.6%
6.3%

2%
49%
1%
4.6%
6.3%

9%

9%

9%

9%

9%

9%

5%

5%

5%

5%

5%

5%

30%

30%

30%

30%

30%

30%

70%

70%

70%

70%

70%

70%

34%

34%

34%

34%

34%

34%

25%
19%

25%
19%

25%
19%

25%
19%

25%
19%

25%
19%

5%
5%

5%
5%

5%
5%

5%
5%

5%
5%

5%
5%

8%
364,694

4%
379,282

4%
394,453

2%
402,342

2%
410,389

2%
418,597

364,694

379,282

394,453

402,342

410,389

418,597

49%
177,078

49%
184,137

49%
191,521

49%
195,349

49%
199,255

49%
203,237

177,078

184,137

191,521

195,349

199,255

203,237

6%
98,698
6009

3%
101,462
6249

3%
104,303
6499

1%
105,763
6629

1%
107,244
6762

1%
108,745
6897

104,707

107,711

110,802

112,392

114,005

115,642

281,784

291,847

302,322

307,741

313,260

318,879

5%
18,235

5%
18,964

5%
19,723

5%
20,117

5%
20,519

5%
20,930

18,235

18,964

19,723

20,117

20,519

20,930

5%
18,009

5%
18,729

5%
19,478

5%
19,868

5%
20,265

5%
20,670

25%
91,399

25%
95,055

25%
98,857

25%
100,834

25%
102,851

25%
104,908

91,399

95,055

98,857

100,834

102,851

104,908

19%
68,325

19%
71,058

19%
73,901

19%
75,379

19%
76,886

19%
78,424

68,325

71,058

73,901

75,379

76,886

78,424

23,074
1,709

23,997
923

24,957
960

25,456
499

25,965
509

26,484
519

215,818
18,235
234,052

234,052
18,964
253,017

253,017
19,723
272,739

272,739
20,117
292,856

292,856
20,519
313,376

313,376
20,930
334,306

4.6%
9,991

4.6%
10,835

4.6%
11,713

4.6%
12,626

4.6%
13,557

4.6%
14,507

(102,692)
(9,991)
(112,682)

(112,682)
(10,835)
(123,518)

(123,518)
(11,713)
(135,231)

(135,231)
(12,626)
(147,857)

(147,857)
(13,557)
(161,414)

(161,414)
(14,507)
(175,921)

121,370

129,499

137,509

145,000

151,962

158,384

121,370

129,499

137,509

145,000

151,962

158,384

164,941
18,009
182,950

182,950
18,729
201,679

201,679
19,478
221,157

221,157
19,868
241,025

241,025
20,265
261,290

261,290
20,670
281,961

0
10,386

0
11,520

0
12,699

0
13,925

0
15,176

0
16,452

(47,277)
(10,386)
(57,662)

(57,662)
(11,520)
(69,182)

(69,182)
(12,699)
(81,881)

(81,881)
(13,925)
(95,806)

(95,806)
(15,176)
(110,983)

(110,983)
(16,452)
(127,435)

125,287

132,497

139,276

145,219

150,307

154,525

125,287

132,497

139,276

145,219

150,307

154,525

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

18,986

10,443
3,481
6,962

6,962
3,481
3,481

3,481
3,481
-

9%
939.87

9%
626.58

9%
313.29

9%
0

9%
0

9%
0

(52,023)
(3,639)
(55,662)

(55,662)
(1,549)
(57,211)

(57,211)
(176)
(57,387)

(57,387)
5,314
(52,073)

(52,073)
6,939
(45,135)

(45,135)
8,641
(36,494)

55,662

57,211

57,387

52,073

45,135

36,494

5%
9%

5%
9%

5%
9%

5%
9%

5%
9%

5%
9%

4,682

5,010

5,149

5,165

4,687

4,062

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

3,354
972
10,359

364,694
281,784
82,910
9,991
10,386
62,533
5,622
-

379,282
291,847
87,435
10,835
11,520
65,080
5,636
-

394,453
302,322
92,131
11,713
12,699
67,719
5,462
-

402,342
307,741
94,601
12,626
13,925
68,050
5,165
-

410,389
313,260
97,130
13,557
15,176
68,396
4,687
-

418,597
318,879
99,718
14,507
16,452
68,759
4,062
-

56,911
17,073
39,838
13,667
26,171

59,444
17,833
41,611
14,275
27,336

62,257
18,677
43,580
14,950
28,629

62,885
18,865
44,019
15,101
28,918

63,709
19,113
44,597
15,299
29,297

64,697
19,409
45,288
15,536
29,751

82,910
17,073
1,709
64,127
18,235
18,009
27,884
18,320
4,100
5,622
3,481
(3,639)

87,435
17,833
923
68,679
18,964
18,729
30,985
19,135
4,282
5,636
3,481
(1,549)

92,131
18,677
960
72,494
19,723
19,478
33,293
20,041
4,485
5,462
3,481
(176)

94,601
18,865
499
75,237
20,117
19,868
35,252
20,243
4,530
5,165
5,314

97,130
19,113
509
77,508
20,519
20,265
36,723
20,508
4,590
4,687
6,939

99,718
19,409
519
79,790
20,930
20,670
38,190
20,826
4,661
4,062
8,641

17,891

17,891

17,891

17,891

17,891

17,891

1.46

1.53

1.60

1.62

1.64

1.66

116,869
26,171
18,320
124,720

124,720
27,336
19,135
132,921

132,921
28,629
20,041
141,510

141,510
28,918
20,243
150,185

150,185
29,297
20,508
158,974

158,974
29,751
20,826
167,900

77,121

86,688

96,680

107,145

117,716

128,426

13,667
4,100
86,688

14,275
4,282
96,680

14,950
4,485
107,145

15,101
4,530
117,716

15,299
4,590
128,426

15,536
4,661
139,301

91,399

95,055

98,857

100,834

102,851

104,908

121,370

129,499

137,509

145,000

151,962

158,384

0
125,287
18,986
357,042

0
132,497
18,986
376,037

0
139,276
18,986
394,628

0
145,219
18,986
410,038

0
150,307
18,986
424,106

0
154,525
18,986
436,804

55,662
68,325

57,211
71,058

57,387
73,901

52,073
75,379

45,135
76,886

36,494
78,424

6,962
3,354
972
10,359
145,634
86,688
124,720
211,408
357,042

3,481
3,354
972
10,359
146,436
96,680
132,921
229,601
376,037

0
3,354
972
10,359
145,973
107,145
141,510
248,655
394,628

0
3,354
972
10,359
142,137
117,716
150,185
267,901
410,038

0
3,354
972
10,359
136,706
128,426
158,974
287,400
424,106

0
3,354
972
10,359
129,603
139,301
167,900
307,201
436,804

23%
21.7%

21%
21.2%

19%
20.9%

16%
19.8%

14%
19.0%

11%
18.2%

Contents
Year

2009

2010

2011

9%
5%

9%
5%

Income Tax Rate

30%

30%

Dividend Payout Ratio

50%

50%

Exchange Rate

7.00

7.00

Consolidated Assumptions
Interest Rates
New Debt (Short-term Debt)
Cash Balance

Initial Consolidated Balance Sheet


Assets
Current Assets
Cash
Accounts Receivable
Inventories
Other
Total Current Assets

4,200.00
840.00
280.00
2,100.00
56,800.00

Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant

210,481.00
(62,181.00)
148,300.00

Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments

7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30

Total Assets

353,675.30

Liabilities and Capital


Current Liabilities
Accounts Payable
Short-term Loans
Total
Long-term Liabilities
Long-Term Debt
Pension Obligations
Deferred Taxes

40,764.00
8,853.00
49,617.00

113,873.62
5,454.00
972.00

Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity

11,059.00
131,358.62
39,792.00
132,907.68

Total Liabilities and Equity

353,675.30

Existing Balance Sheet

TRUE

Working
Revenues
Target Company
Acquiring Company
Total Revenues

66,179.44
212,795.64
278,975.08

68,952.23
229,819.29
298,771.52

Cash Operating Expenses


Target Company
Acquiring Company
Total Operating Expenses

48,704.99
173,959.47
222,664.46

51,022.74
186,555.16
237,577.90

Capital Expenditures
Target Company
Acquiring Company
Total Capital Expenditures

8,929.59
10,639.78
19,569.37

9,603.88
11,490.96
21,094.84

Working Capital Analyisis


Level of Non-Cash Current Assets
Target Company
Acquiring Company
Total Non-Current Assets

3,220.00
49,380.00
52,600.00

4,605.96
53,330.40
57,936.36

4,692.11
57,596.83
62,288.95

Level of Non-Cash Current Liabilities


Target Company
Acquiring Company
Total Non-Current Liabilities

3,850.00
36,914.00
40,764.00

8,313.91
39,867.12
48,181.03

8,436.14
43,056.49
51,492.63

11,836.00

9,755.33
(2,080.67)

10,796.31
1,040.99

Total Level of Working Capital


Change in Working Capital
Depreciation and Plant Assets
Plant Balance
Target Company
Acquiring Company
Total Plant Balance
Depreciation Expense
Target Company
Acquiring Company
Total Depreciation Expense
Average Depreciation Rate

89,600.00
120,881.00
210,481.00

0.00%

94,945.59
131,520.78
226,466.37

101,108.82
143,011.75
244,120.57

4,480.00
5,596.00
10,076.00

4,747.28
6,088.55
10,835.83

4.45%

4.44%

Accumulated Depreciation
Target Company
Acquiring Company
Total Accumulated Depreciation
Intangible Assets
Target Company
Acquiring Company
Total

(10,500.0)
(51,681.00)
(62,181.0)

(11,396.0)
(57,277.00)
(68,673.0)

(12,702.6)
(63,365.55)
(76,068.2)

2,800.00
71,181.00
73,981.00

2,800.00
81,688.92
84,488.92

2,800.00
93,037.47
95,837.47

0.00
10,507.92
10,507.92

0.00
11,348.55
11,348.55

(420.00)
(4,482.00)
(4,902.00)

(840.00)
(9,625.64)
(10,465.64)

2,380.00
77,206.92
79,586.92

1,960.00
83,411.83
85,371.83

420.00
4,482.00
4,902.00

420.00
5,143.64
5,563.64

Expenditures for Intangible Assets


Target Company
Acquiring Company
Total
Accumulated Amortisation
Target Company
Acquiring Company
Total
Intangible Assets - Net
Target Company
Acquiring Company
Total

2,800.00
71,181.00
73,981.00

Intangible Amortisation
Target Company
Acquiring Company
Total
Debt Issuance Costs - Net
Target Company
Acquiring Company
Total
Fee Amortisation
Target Company
Acquiring Company
Total
Derivative Assets
Target Company
Acquiring Company
Total
Goodwill
Target Company
Acquiring Company
Total
Other Assets
Target Company
Acquiring Company
Total

638.2952441

595.7422278

553.1892116

638.2952441

595.7422278

553.1892116

42.55301627

42.55301627

42.55301627

42.55301627

11,200

11,200

11,200

11,200

11,200

11,200

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

Debt and Interest Expense


Debt Balance - Given
Target Company
Acquiring Company
Total

79,063.62
34,810.00
113,873.62

72,859.38
31,329.00
104,188.38

66,655.14
27,848.00
94,503.14

9,685.24

9,685.24

4,188.08
3,132.90
7,320.98

3,788.93
2,819.61
6,608.54

(4,653.00)

(4,653.00)
(9,184.68)
(13,837.68)

(13,837.68)
(11,754.55)
(25,592.24)

(4,653.00)

(13,837.68)

(25,592.24)

Debt Retirement
Interest Expense
Target Company
Acquiring Company
Total
Cash Balance Net of Short-term Debt - Consolidated
Opening Balance
Add: Cash Flow
Closing Balance
Total Bucket

4,587.23

Cash Balance
Interest Income Rate
Interest Income

4,200.00

Short-term Debt Balance


Interest Expense Rate
Interest Expense

8,853.00

13,837.68
9%
796.77

25,592.24
9%
1,245.39

Penison Liabilities
Target Company
Acquiring Company
Total

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

Other Liabilities
Target Company
Acquiring Company
Total

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

972.00
972.00

537.25
972.00
1,509.25

1,194.78
972.00
2,166.78

537.25
537.25

657.53
657.53

574.63
5,990.47
6,565.11

606.61
6,703.36
7,309.97

Balance of Deferred Taxes


Target Company
Acquiring Company
Total
Change in Deferred Taxes
Target Company
Acquiring Company
Total
Minority Interest
Minority Income
Target Company
Acquiring Company
Total

5%
210.00

5%

Minority Dividend
Target Company
Acquiring Company
Total
Profit and Loss
Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation - Book
Less: Amortization
EBIT
Less: Interest on Long-term Debt
Less: Interest on Short-term Debt
Add: Interest Income
EBT
Less: Taxes - Book
Net Income Before Minorty Interest
Less: Minority Interest
Net Income to Common Shareholders
Taxes Paid
Taxes Booked
Less: Change in Deferred Tax
Taxes Paid

229.85
1,797.14
2,027.00

242.64
2,011.01
2,253.65

278,975.08
222,664.46
56,310.61
10,076.00
4,944.55
41,290.06
7,320.98
796.77
210.00
33,382.31
10,014.69
23,367.62
6,565.11
16,802.51

298,771.52
237,577.90
61,193.62
10,835.83
5,606.20
44,751.59
6,608.54
1,245.39
36,897.66
11,069.30
25,828.36
7,309.97
18,518.39

10,014.69
537.25
9,477.44

11,069.30
657.53
10,411.77

56,310.61
(2,080.67)
9,477.44
48,913.84
19,569.37
10,507.92

61,193.62
1,040.99
10,411.77
49,740.86
21,094.84
11,348.55

18,836.56
7,320.98
796.77
210.00
9,685.24
2,027.00
8,401.26
(9,184.68)

17,297.47
6,608.54
1,245.39
9,685.24
2,253.65
9,259.19
(11,754.55)

Cash Flow
EBITDA
Less: WC Change
Less: Taxes Paid
Operating Cash Flow
Less: Capital Expenditures
Less: Expenditures for Intangibles
Add: Sale Proceeds
Cash Before Financing
Less: Interest on Long-term
Less: Interest on Short-term
Add: Interest Income
Less: Debt Repayment
Less: Dividends to Minority
Less: Dividends to Common
Net Cash Flow
Balance Sheet
Common Equity
Opening Balace
Add: Net Income
Less: Dividends
Closing Balance
Minority Interest
Opening Balace
Add: Net Income
Less: Dividends
Closing Balance

132,907.68

132,907.68
16,802.51
8,401.26
141,308.93

141,308.93
18,518.39
9,259.19
150,568.13

39,792.00

39,792.00
6,565.11
2,027.00
44,330.11

44,330.11
7,309.97
2,253.65
49,386.43

Assets
Current Assets
Cash
Other
Total Current Assets

4,200.00
52,600.00
56,800.00

57,936.36
57,936.36

62,288.95
62,288.95

Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant

210,481.00
(62,181.00)
148,300.00

226,466.37
(68,673.00)
157,793.37

244,120.57
(76,068.19)
168,052.38

Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments

7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30

7,944.00
11,200.00
23,886.00
79,586.92
30,926.00
595.74
154,138.66

7,944.00
11,200.00
23,886.00
85,371.83
30,926.00
553.19
159,881.02

Total Assets

353,675.30

369,868.39

390,222.34

40,764.00
8,853.00
49,617.00

48,181.03
13,837.68
62,018.72

51,492.63
25,592.24
77,084.87

Long-term Liabilities
Long-Term Debt
Pension Obligations
Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity

113,873.62
5,454.00
972.00
11,059.00
131,358.62
39,792.00
132,907.68

104,188.38
5,454.00
1,509.25
11,059.00
122,210.63
44,330.11
141,308.93

94,503.14
5,454.00
2,166.78
11,059.00
113,182.91
49,386.43
150,568.13

Total Liabilities and Equity

353,675.30

369,868.39

390,222.34

TRUE
TRUE

TRUE

TRUE

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

16,802.51

18,518.39

Liabilities and Capital


Current Liabilities
Accounts Payable
Short-term Loans
Total

Difference
Test
Aggregrate
Earnings Per Share
Shares
Target Company
Acquiring Company
Total
Earnings

Consolidated Earnings Per Share

2010
0.70

2011
0.78

Acquiring Company EPS


Accretion Percent

0.64
10%

0.72
8%

Funds from Operation to Debt


Operating Cash Flow
Less: Interest Expense
Funds from Operation
Total Debt

48,913.84
8,117.75
40,796.09

49,740.86
7,853.93
41,886.93

118,026.06

120,095.37

2010
35%

2011
35%

Debt to Capital

38.9%

37.5%

Debt to EBITDA

2.10

1.96

2010
34.6%
30.0%
15.0%

2011
34.9%
30.0%
15.0%

FFO to Debt

FFO to Debt
Minimum
Maximum

2012

2013

2014

2015

2016

2017

2018

9%
5%

9%
5%

9%
5%

9%
5%

9%
5%

9%
5%

9%
5%

30%

30%

30%

30%

30%

30%

30%

50%

90%

90%

90%

90%

90%

90%

7.00

7.00

7.00

7.00

7.00

7.00

7.00

73,839.13
248,204.83
322,043.96

79,072.54
268,061.22
347,133.76

84,676.49
289,506.12
374,182.61

90,677.28
312,666.61
403,343.89

97,102.81
337,679.94
434,782.75

103,983.56
364,694.33
468,677.90

111,351.92
379,282.11
490,634.03

54,849.27
199,762.20
254,611.47

58,949.24
214,011.01
272,960.25

63,341.93
229,080.93
292,422.86

68,047.99
245,475.29
313,523.28

73,089.38
262,987.42
336,076.80

78,490.32
281,784.34
360,274.66

84,276.59
291,847.37
376,123.96

10,327.50
12,410.24
22,737.74

11,110.53
13,403.06
24,513.59

11,950.30
14,475.31
26,425.61

12,850.72
15,633.33
28,484.05

13,823.24
16,884.00
30,707.24

14,872.99
18,234.72
33,107.70

15,997.65
18,964.11
34,961.76

4,853.92
62,204.58
67,058.50

5,026.34
67,180.94
72,207.28

5,210.06
72,555.42
77,765.48

5,405.84
78,359.85
83,765.69

5,614.50
84,628.64
90,243.15

5,836.93
91,398.93
97,235.87

6,074.07
95,054.89
101,128.96

8,771.22
46,501.01
55,272.23

9,119.61
50,221.09
59,340.70

9,481.81
54,238.78
63,720.59

9,858.38
58,577.88
68,436.26

10,249.83
63,264.11
73,513.94

10,656.81
68,325.24
78,982.05

11,079.99
71,058.25
82,138.24

11,786.28
989.96

12,866.59
1,080.31

14,044.88
1,178.30

15,329.44
1,284.55

16,729.21
1,399.77

18,253.81
1,524.60

18,990.73
736.91

108,133.30
155,421.99
263,555.29

116,072.93
168,825.05
284,897.98

124,979.18
183,300.36
308,279.54

134,907.61
198,933.69
333,841.29

145,925.44
215,817.68
361,743.13

158,105.24
234,052.40
392,157.64

171,517.44
253,016.50
424,533.94

5,055.44
6,620.51
11,675.95

5,406.67
7,195.02
12,601.69

5,803.65
7,815.50
13,619.14

6,248.96
8,485.61
14,734.57

6,745.38
9,209.33
15,954.71

7,296.27
9,990.95
17,287.22

7,905.26
10,835.10
18,740.36

4.43%

4.42%

4.42%

4.41%

4.41%

4.41%

4.41%

(14,455.1)
(69,986.06)
(84,441.1)

(16,690.8)
(77,181.08)
(93,871.9)

(19,450.4)
(84,996.58)
(104,447.0)

(22,777.1)
(93,482.19)
(116,259.3)

(26,717.1)
(102,691.52)
(129,408.6)

(31,320.2)
(112,682.46)
(144,002.6)

(36,640.0)
(123,517.56)
(160,157.5)

2,800.00
105,293.91
108,093.91

2,800.00
118,530.86
121,330.86

2,800.00
132,826.76
135,626.76

2,800.00
148,266.34
151,066.34

2,800.00
164,941.09
167,741.09

2,800.00
182,949.82
185,749.82

2,800.00
201,678.89
204,478.89

0.00
12,256.44
12,256.44

0.00
13,236.95
13,236.95

0.00
14,295.91
14,295.91

0.00
15,439.58
15,439.58

0.00
16,674.75
16,674.75

0.00
18,008.73
18,008.73

0.00
18,729.07
18,729.07

(1,260.00)
(15,483.86)
(16,743.86)

(1,680.00)
(22,113.83)
(23,793.83)

(2,100.00)
(29,577.27)
(31,677.27)

(2,520.00)
(37,940.87)
(40,460.87)

(2,800.00)
(47,276.64)
(50,076.64)

(2,800.00)
(57,662.36)
(60,462.36)

(2,800.00)
(69,182.03)
(71,982.03)

1,540.00
89,810.04
91,350.04

1,120.00
96,417.03
97,537.03

700.00
103,249.50
103,949.50

280.00
110,325.47
110,605.47

0.00
117,664.45
117,664.45

0.00
125,287.45
125,287.45

0.00
132,496.86
132,496.86

420.00
5,858.22
6,278.22

420.00
6,629.96
7,049.96

420.00
7,463.44
7,883.44

420.00
8,363.60
8,783.60

280.00
9,335.77
9,615.77

10,385.72
10,385.72

11,519.66
11,519.66

510.6361953

468.083179

425.5301627

382.9771465

340.4241302

297.8711139

255.3180976

510.6361953

468.083179

425.5301627

382.9771465

340.4241302

297.8711139

255.3180976

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

60,450.90
24,367.00
84,817.90

54,246.65
20,886.00
75,132.65

48,042.41
17,405.00
65,447.41

41,838.17
13,924.00
55,762.17

35,633.93
10,443.00
46,076.93

29,429.69
6,962.00
36,391.69

23,225.45
3,481.00
26,706.45

9,685.24

9,685.24

9,685.24

9,685.24

9,685.24

9,685.24

9,685.24

3,389.78
2,506.32
5,896.10

2,990.63
2,193.03
5,183.66

2,591.48
1,879.74
4,471.22

2,192.34
1,566.45
3,758.79

1,793.19
1,253.16
3,046.35

1,394.04
939.87
2,333.91

994.89
626.58
1,621.47

(25,592.24)
(10,865.23)
(36,457.46)

(36,457.46)
(19,182.85)
(55,640.31)

(55,640.31)
(19,195.03)
(74,835.34)

(74,835.34)
(19,189.31)
(94,024.65)

(94,024.65)
(19,230.85)
(113,255.50)

(113,255.50)
(19,329.75)
(132,585.25)

(132,585.25)
(17,680.25)
(150,265.50)

(36,457.46)

(55,640.31)

(74,835.34)

(94,024.65)

(113,255.50)

(132,585.25)

(150,265.50)

5%

5%

5%

5%

5%

113,255.50
9%
8,462.22

5%

132,585.25
9%
10,192.99

5%
-

36,457.46
9%
2,303.30

55,640.31
9%
3,281.17

74,835.34
9%
5,007.63

94,024.65
9%
6,735.18

150,265.50
9%
11,932.67

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

1,990.97
972.00
2,962.97

2,945.22
972.00
3,917.22

4,078.11
972.00
5,050.11

5,411.40
972.00
6,383.40

6,968.07
972.00
7,940.07

8,772.64
972.00
9,744.64

10,851.26
972.00
11,823.26

796.20
796.20

954.25
954.25

1,132.89
1,132.89

1,333.28
1,333.28

1,556.67
1,556.67

1,804.57
1,804.57

2,078.62
2,078.62

668.85
7,558.09
8,226.94

726.31
8,501.04
9,227.35

785.59
9,612.82
10,398.41

847.71
10,804.42
11,652.12

922.63
12,157.03
13,079.66

1,010.32
13,666.72
14,677.05

1,081.78
14,274.87
15,356.64

267.54
2,267.43
2,534.97

290.52
2,550.31
2,840.84

314.24
2,883.85
3,198.08

339.08
3,241.32
3,580.41

369.05
3,647.11
4,016.16

404.13
4,100.02
4,504.15

432.71
4,282.46
4,715.17

322,043.96
254,611.47
67,432.49
11,675.95
6,320.77
49,435.77
5,896.10
2,303.30
41,236.36
12,370.91
28,865.45
8,226.94
20,638.51

347,133.76
272,960.25
74,173.51
12,601.69
7,092.51
54,479.30
5,183.66
3,281.17
46,014.47
13,804.34
32,210.13
9,227.35
22,982.78

374,182.61
292,422.86
81,759.76
13,619.14
7,926.00
60,214.62
4,471.22
5,007.63
50,735.76
15,220.73
35,515.04
10,398.41
25,116.62

403,343.89
313,523.28
89,820.61
14,734.57
8,826.16
66,259.89
3,758.79
6,735.18
55,765.92
16,729.78
39,036.14
11,652.12
27,384.02

434,782.75
336,076.80
98,705.95
15,954.71
9,658.33
73,092.91
3,046.35
8,462.22
61,584.35
18,475.30
43,109.04
13,079.66
30,029.38

468,677.90
360,274.66
108,403.23
17,287.22
10,428.27
80,687.74
2,333.91
10,192.99
68,160.83
20,448.25
47,712.58
14,677.05
33,035.54

490,634.03
376,123.96
114,510.06
18,740.36
11,562.22
84,207.49
1,621.47
11,932.67
70,653.35
21,196.00
49,457.34
15,356.64
34,100.70

12,370.91
796.20
11,574.71

13,804.34
954.25
12,850.09

15,220.73
1,132.89
14,087.84

16,729.78
1,333.28
15,396.49

18,475.30
1,556.67
16,918.63

20,448.25
1,804.57
18,643.68

21,196.00
2,078.62
19,117.39

67,432.49
989.96
11,574.71
54,867.82
22,737.74
12,256.44

74,173.51
1,080.31
12,850.09
60,243.10
24,513.59
13,236.95

81,759.76
1,178.30
14,087.84
66,493.62
26,425.61
14,295.91

89,820.61
1,284.55
15,396.49
73,139.56
28,484.05
15,439.58

98,705.95
1,399.77
16,918.63
80,387.55
30,707.24
16,674.75

108,403.23
1,524.60
18,643.68
88,234.95
33,107.70
18,008.73

114,510.06
736.91
19,117.39
94,655.77
34,961.76
18,729.07

19,873.64
5,896.10
2,303.30
9,685.24
2,534.97
10,319.26
(10,865.23)

22,492.57
5,183.66
3,281.17
9,685.24
2,840.84
20,684.50
(19,182.85)

25,772.10
4,471.22
5,007.63
9,685.24
3,198.08
22,604.96
(19,195.03)

29,215.93
3,758.79
6,735.18
9,685.24
3,580.41
24,645.62
(19,189.31)

33,005.56
3,046.35
8,462.22
9,685.24
4,016.16
27,026.44
(19,230.85)

37,118.52
2,333.91
10,192.99
9,685.24
4,504.15
29,731.98
(19,329.75)

40,964.93
1,621.47
11,932.67
9,685.24
4,715.17
30,690.63
(17,680.25)

150,568.13
20,638.51
10,319.26
160,887.38

160,887.38
22,982.78
20,684.50
163,185.66

163,185.66
25,116.62
22,604.96
165,697.32

165,697.32
27,384.02
24,645.62
168,435.72

168,435.72
30,029.38
27,026.44
171,438.66

171,438.66
33,035.54
29,731.98
174,742.22

174,742.22
34,100.70
30,690.63
178,152.29

49,386.43
8,226.94
2,534.97
55,078.41

55,078.41
9,227.35
2,840.84
61,464.92

61,464.92
10,398.41
3,198.08
68,665.25

68,665.25
11,652.12
3,580.41
76,736.96

76,736.96
13,079.66
4,016.16
85,800.47

85,800.47
14,677.05
4,504.15
95,973.37

95,973.37
15,356.64
4,715.17
106,614.84

67,058.50
67,058.50

72,207.28
72,207.28

77,765.48
77,765.48

83,765.69
83,765.69

90,243.15
90,243.15

97,235.87
97,235.87

101,128.96
101,128.96

263,555.29
(84,441.13)
179,114.16

284,897.98
(93,871.92)
191,026.06

308,279.54
(104,447.01)
203,832.53

333,841.29
(116,259.28)
217,582.02

361,743.13
(129,408.58)
232,334.55

392,157.64
(144,002.61)
248,155.03

424,533.94
(160,157.51)
264,376.43

7,944.00
11,200.00
23,886.00
91,350.04
30,926.00
510.64
165,816.68

7,944.00
11,200.00
23,886.00
97,537.03
30,926.00
468.08
171,961.12

7,944.00
11,200.00
23,886.00
103,949.50
30,926.00
425.53
178,331.03

7,944.00
11,200.00
23,886.00
110,605.47
30,926.00
382.98
184,944.45

7,944.00
11,200.00
23,886.00
117,664.45
30,926.00
340.42
191,960.87

7,944.00
11,200.00
23,886.00
125,287.45
30,926.00
297.87
199,541.32

7,944.00
11,200.00
23,886.00
132,496.86
30,926.00
255.32
206,708.18

411,989.35

435,194.46

459,929.03

486,292.16

514,538.56

544,932.22

572,213.57

55,272.23
36,457.46
91,729.69

59,340.70
55,640.31
114,981.00

63,720.59
74,835.34
138,555.94

68,436.26
94,024.65
162,460.90

73,513.94
113,255.50
186,769.43

78,982.05
132,585.25
211,567.31

82,138.24
150,265.50
232,403.74

84,817.90
5,454.00
2,962.97
11,059.00
104,293.87
55,078.41
160,887.38

75,132.65
5,454.00
3,917.22
11,059.00
95,562.88
61,464.92
163,185.66

65,447.41
5,454.00
5,050.11
11,059.00
87,010.53
68,665.25
165,697.32

55,762.17
5,454.00
6,383.40
11,059.00
78,658.57
76,736.96
168,435.72

46,076.93
5,454.00
7,940.07
11,059.00
70,530.00
85,800.47
171,438.66

36,391.69
5,454.00
9,744.64
11,059.00
62,649.33
95,973.37
174,742.22

26,706.45
5,454.00
11,823.26
11,059.00
55,042.71
106,614.84
178,152.29

411,989.35

435,194.46

459,929.03

486,292.16

514,538.56

544,932.22

572,213.57

TRUE

TRUE

TRUE

TRUE

TRUE

TRUE

TRUE

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

20,638.51

22,982.78

25,116.62

27,384.02

30,029.38

33,035.54

34,100.70

2012
0.86

2013
0.96

2014
1.05

2015
1.15

2016
1.26

2017
1.38

2018
1.43

0.81
7%

0.91
6%

1.03
2%

1.16
-1%

1.30
-3%

1.46
-5%

1.53
-7%

54,867.82
8,199.40
46,668.41

60,243.10
8,464.83
51,778.27

66,493.62
9,478.85
57,014.77

73,139.56
10,493.97
62,645.59

80,387.55
11,508.57
68,878.98

88,234.95
12,526.90
75,708.04

94,655.77
13,554.14
81,101.62

121,275.36

130,772.96

140,282.76

149,786.82

159,332.43

168,976.94

176,971.95

2012
38%

2013
40%

2014
41%

2015
42%

2016
43%

2017
45%

2018
46%

36.0%

36.8%

37.4%

37.9%

38.2%

38.4%

38.3%

1.80

1.76

1.72

1.67

1.61

1.56

1.55

2012
38.5%
30.0%
15.0%

2013
39.6%
30.0%
15.0%

2014
40.6%
30.0%
15.0%

2015
41.8%
30.0%
15.0%

2016
43.2%
30.0%
15.0%

2017
44.8%
30.0%
15.0%

2018
45.8%
30.0%
15.0%

2019

2020

2021

2022

9%
5%

9%
5%

9%
5%

9%
5%

30%

30%

30%

30%

90%

90%

90%

90%

7.00

7.00

7.00

7.00

119,243.17
394,453.39
513,696.55

126,636.68
402,342.46
528,979.14

133,956.42
410,389.31
544,345.73

140,589.26
418,597.09
559,186.35

90,475.80
302,322.34
392,798.14

96,377.01
307,741.15
404,118.16

102,043.96
313,259.59
415,303.55

107,259.15
318,878.71
426,137.86

17,210.35
19,722.67
36,933.02

13,633.24
20,117.12
33,750.36

14,577.31
20,519.47
35,096.78

15,587.71
20,929.85
36,517.57

6,326.94
98,857.09
105,184.02

6,560.31
100,834.23
107,394.53

6,786.79
102,850.91
109,637.71

6,987.90
104,907.93
111,895.83

11,520.03
73,900.58
85,420.60

11,889.69
75,378.59
87,268.27

12,201.07
76,886.16
89,087.23

12,433.71
78,423.88
90,857.59

19,763.42
772.70

20,126.26
362.84

20,550.47
424.22

21,038.24
487.77

186,245.75
272,739.17
458,984.92

197,496.23
292,856.30
490,352.53

209,786.09
313,375.76
523,161.85

223,177.85
334,305.62
557,483.47

8,575.87
11,713.01
20,288.88

9,312.29
12,626.04
21,938.33

9,874.81
13,557.33
23,432.14

10,489.30
14,507.25
24,996.55

4.42%

4.47%

4.48%

4.48%

(42,733.8)
(135,230.57)
(177,964.4)

(49,663.3)
(147,856.61)
(197,519.9)

(57,250.7)
(161,413.94)
(218,664.6)

(65,544.0)
(175,921.19)
(241,465.2)

2,800.00
221,157.13
223,957.13

2,800.00
241,024.93
243,824.93

2,800.00
261,290.09
264,090.09

2,800.00
281,960.55
284,760.55

0.00
19,478.24
19,478.24

0.00
19,867.80
19,867.80

0.00
20,265.16
20,265.16

0.00
20,670.46
20,670.46

(2,800.00)
(81,880.99)
(84,680.99)

(2,800.00)
(95,806.42)
(98,606.42)

(2,800.00)
(110,982.86)
(113,782.86)

(2,800.00)
(127,435.31)
(130,235.31)

0.00
139,276.14
139,276.14

0.00
145,218.51
145,218.51

0.00
150,307.23
150,307.23

0.00
154,525.24
154,525.24

12,698.96
12,698.96

13,925.43
13,925.43

15,176.43
15,176.43

16,452.45
16,452.45

212.7650814

170.2120651

127.6590488

85.10603255

212.7650814

170.2120651

127.6590488

85.10603255

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

42.55301627

11,200

11,200

11,200

11,200

11,200

11,200

11,200

11,200

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

30,926.00

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

4,900.0
18,986.00
23,886.0

17,021.21
17,021.21

13,616.97
13,616.97

10,212.72
10,212.72

6,808.48
6,808.48

9,685.24

3,404.24

3,404.24

3,404.24

595.74
313.29
909.03

476.59
476.59

357.45
357.45

238.30
238.30

(150,265.50)
(17,103.90)
(167,369.41)

(167,369.41)
(4,655.28)
(172,024.69)

(172,024.69)
(3,605.88)
(175,630.56)

(175,630.56)
(2,550.11)
(178,180.67)

(167,369.41)

(172,024.69)

(175,630.56)

(178,180.67)

5%

167,369.41
9%
13,523.90

5%

172,024.69
9%
15,063.25

5%

175,630.56
9%
15,482.22

5%
178,180.67
9%
15,806.75

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

2,100.00
3,354.00
5,454.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

700.00
10,359.00
11,059.00

12,896.79
972.00
13,868.79

14,913.57
972.00
15,885.57

16,796.19
972.00
17,768.19

18,538.70
972.00
19,510.70

2,045.53
2,045.53

2,016.77
2,016.77

1,882.63
1,882.63

1,742.51
1,742.51

1,157.37
14,950.37
16,107.75

1,214.19
15,101.24
16,315.43

1,305.29
15,299.20
16,604.48

1,376.54
15,536.27
16,912.80

462.95
4,485.11
4,948.06

485.68
4,530.37
5,016.05

522.11
4,589.76
5,111.87

550.62
4,660.88
5,211.50

513,696.55
392,798.14
120,898.42
20,288.88
12,741.51
87,868.02
909.03
13,523.90
73,435.09
22,030.53
51,404.56
16,107.75
35,296.82

528,979.14
404,118.16
124,860.98
21,938.33
13,967.99
88,954.67
476.59
15,063.25
73,414.83
22,024.45
51,390.38
16,315.43
35,074.95

544,345.73
415,303.55
129,042.17
23,432.14
15,218.99
90,391.04
357.45
15,482.22
74,551.38
22,365.41
52,185.96
16,604.48
35,581.48

559,186.35
426,137.86
133,048.49
24,996.55
16,495.01
91,556.92
238.30
15,806.75
75,511.88
22,653.56
52,858.31
16,912.80
35,945.51

22,030.53
2,045.53
19,984.99

22,024.45
2,016.77
20,007.67

22,365.41
1,882.63
20,482.78

22,653.56
1,742.51
20,911.06

120,898.42
772.70
19,984.99
100,140.73
36,933.02
19,478.24

124,860.98
362.84
20,007.67
104,490.47
33,750.36
19,867.80

129,042.17
424.22
20,482.78
108,135.18
35,096.78
20,265.16

133,048.49
487.77
20,911.06
111,649.66
36,517.57
20,670.46

43,729.46
909.03
13,523.90
9,685.24
4,948.06
31,767.14
(17,103.90)

50,872.30
476.59
15,063.25
3,404.24
5,016.05
31,567.45
(4,655.28)

52,773.24
357.45
15,482.22
3,404.24
5,111.87
32,023.33
(3,605.88)

54,461.63
238.30
15,806.75
3,404.24
5,211.50
32,350.96
(2,550.11)

178,152.29
35,296.82
31,767.14
181,681.97

181,681.97
35,074.95
31,567.45
185,189.46

185,189.46
35,581.48
32,023.33
188,747.61

188,747.61
35,945.51
32,350.96
192,342.16

106,614.84
16,107.75
4,948.06
117,774.52

117,774.52
16,315.43
5,016.05
129,073.91

129,073.91
16,604.48
5,111.87
140,566.52

140,566.52
16,912.80
5,211.50
152,267.83

105,184.02
105,184.02

107,394.53
107,394.53

109,637.71
109,637.71

111,895.83
111,895.83

458,984.92
(177,964.35)
281,020.57

490,352.53
(197,519.92)
292,832.61

523,161.85
(218,664.61)
304,497.24

557,483.47
(241,465.22)
316,018.26

7,944.00
11,200.00
23,886.00
139,276.14
30,926.00
212.77
213,444.90

7,944.00
11,200.00
23,886.00
145,218.51
30,926.00
170.21
219,344.72

7,944.00
11,200.00
23,886.00
150,307.23
30,926.00
127.66
224,390.89

7,944.00
11,200.00
23,886.00
154,525.24
30,926.00
85.11
228,566.35

599,649.50

619,571.86

638,525.84

656,480.44

85,420.60
167,369.41
252,790.01

87,268.27
172,024.69
259,292.96

89,087.23
175,630.56
264,717.80

90,857.59
178,180.67
269,038.27

17,021.21
5,454.00
13,868.79
11,059.00
47,403.00
117,774.52
181,681.97

13,616.97
5,454.00
15,885.57
11,059.00
46,015.53
129,073.91
185,189.46

10,212.72
5,454.00
17,768.19
11,059.00
44,493.92
140,566.52
188,747.61

6,808.48
5,454.00
19,510.70
11,059.00
42,832.18
152,267.83
192,342.16

599,649.50

619,571.86

638,525.84

656,480.44

TRUE

TRUE

TRUE

TRUE

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

6,000.00
17,891.13
23,891.13

35,296.82

35,074.95

35,581.48

35,945.51

2019
1.48

2020
1.47

2021
1.49

2022
1.50

1.60
-8%

1.62
-9%

1.64
-9%

1.66
-10%

100,140.73
14,432.93
85,707.80

104,490.47
15,539.84
88,950.63

108,135.18
15,839.67
92,295.51

111,649.66
16,045.05
95,604.61

184,390.61

185,641.65

185,843.29

184,989.16

2019
46%

2020
48%

2021
50%

2022
52%

38.1%

37.1%

36.1%

34.9%

1.53

1.49

1.44

1.39

2019
46.5%
30.0%
15.0%

2020
47.9%
30.0%
15.0%

2021
49.7%
30.0%
15.0%

2022
51.7%
30.0%
15.0%

Contents

WACC

WACC

Terminal Period
Premium Paid
Asset Sale for Taxes
Enterprise Value Paid

29
36%
TRUE
17,819.19

7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%

0.00%
16,307
14,989
13,849
12,853
11,977
11,201
10,511

Terminal Growth Rate


1.00%
2.00%
3.00%
17,719
19,695
22,661
16,129
17,683
19,928
14,779
16,018
17,754
13,618
14,619
15,985
12,612
13,430
14,519
11,733
12,406
13,287
10,958
11,518
12,237

7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%

6.00
19,468
18,531
17,650
16,819
16,037
15,300
14,605

Terminal EV/EBITDA
6.50
7.00
7.50
20,438
21,407
22,377
19,444
20,356
21,269
18,509
19,368
20,227
17,628
18,437
19,246
16,799
17,561
18,323
16,018
16,736
17,454
15,282
15,958
16,635

Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve

rowth Rate
4.00%
27,603
23,455
20,357
17,956
16,044
14,487
13,195

EV/EBITDA
8.00
23,346
22,181
21,086
20,055
19,085
18,172
17,312

0.00%
6.70%
0.00%
0.00

Contents

WACC

WACC

Terminal Year
Terminal EV/EBITDA
Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve

29
8.00
0.00%
6.70%
0.00%
0.00

7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%

0.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73

Value of Synergies
10.00%
20.00%
5,100.84
5,100.84
4,807.37
4,807.37
4,540.03
4,540.03
4,296.03
4,296.03
4,072.89
4,072.89
3,868.43
3,868.43
3,680.73
3,680.73

7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%

0.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73

Net Value versus Premium


10.00%
20.00%
30.00%
3,900.84
2,700.84
1,500.84
3,607.37
2,407.37
1,207.37
3,340.03
2,140.03
940.03
3,096.03
1,896.03
696.03
2,872.89
1,672.89
472.89
2,668.43
1,468.43
268.43
2,480.73
1,280.73
80.73

30.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73

nergies
40.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73

s Premium
40.00%
300.84
7.37
(259.97)
(503.97)
(727.11)
(931.57)
(1,119.27)

output3
premium_100
PV_of_Synergies_at_WACC
Net_Value

Contents
Terminal P/E Ratio
Terminal M/B Ratio

17.30
2.16

Shares Issued

Equity IRR with P/E Ratio

6,500.00
5,500.00
4,500.00
3,500.00
2,500.00
1,500.00
500.00

0.00%
14.9%
16.2%
17.8%
19.9%
22.9%
27.6%
37.4%

10.00%
14.6%
15.8%
17.4%
19.5%
22.5%
27.1%
36.7%

Premium
20.00%
14.2%
15.5%
17.1%
19.1%
22.0%
26.5%
35.9%

30.00%
13.9%
15.1%
16.7%
18.7%
21.5%
26.0%
35.1%

0.00%
16.3%
17.2%
18.4%
20.0%
22.5%
26.6%
35.9%

10.00%
16.0%
16.9%
18.1%
19.7%
22.1%
26.1%
35.1%

Premium
20.00%
15.8%
16.7%
17.8%
19.4%
21.7%
25.6%
34.3%

30.00%
15.6%
16.4%
17.5%
19.0%
21.3%
25.1%
33.5%

Shares Issued

Equity IRR with M/B Ratio

6,500.00
5,500.00
4,500.00
3,500.00
2,500.00
1,500.00
500.00

Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve

emium
40.00%
13.5%
14.7%
16.3%
18.2%
21.0%
25.4%
34.3%

emium
40.00%
15.3%
16.1%
17.2%
18.6%
20.8%
24.5%
32.7%

0.00%
6.70%
0.00%
0.00

Contents
Shares Issued
Debt to EBITDA
Debt to Capital

6,000.00
4.17
54.7%

Premium

Cost Synergies
Plant Write-up

0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%

6.7%
800.00

2009
16.6%
15.9%
15.2%
14.6%
13.9%
13.2%
12.6%

2010
13.8%
13.0%
12.3%
11.5%
10.7%
10.0%
9.2%

2011
11.2%
10.5%
9.7%
8.9%
8.2%
7.4%
6.7%

2012
9.3%
8.5%
7.8%
7.0%
6.2%
5.4%
4.7%

2013
7.6%
6.9%
6.1%
5.3%
4.5%
3.7%
3.0%

2014
6.3%
5.5%
4.7%
3.9%
3.2%
2.4%
1.6%

2015
5.2%
4.5%
3.7%
3.0%
2.2%
1.4%
0.7%

10%

8%

7%

6%

2%

-1%

-3%

2016
4.5%
3.7%
3.0%
2.3%
1.5%
0.8%
0.1%

2017
4.1%
3.3%
2.5%
1.7%
1.0%
0.2%
-0.6%

5-Yr Avg
10.8%
10.0%
9.3%
8.5%
7.8%
7.0%
6.3%

-5%

-7%

5%

Cost Synergy Percent

Traffic per Store

Low vs Base

Margin per Store

High vs Base

Growth Rate in Stores

Cap Exp per New Store

-3.00%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

Contents

FALSE

Scenario

Scenario Number
Variable Number
Shares Issued
Premium

3
5
6,000.00
36%

Traffic per
Store

Scenario
Tornado

Margin per
Store

1
230,000.0
210,000.0
250,000.0
210,000.0

Index Function
Test
If Test

250,000.0
FALSE
230,000.0

33.0%
FALSE
30.0%

800,000
FALSE
850,000

6.00%
FALSE
4.50%

15.00%
TRUE
15.00%

High Case

230,000.0

30.0%

850,000

4.50%

15.00%

4
13.3%
12.8%
13.9%

5
13.3%
10.8%
14.5%

Sc Num

Low vs Base
High vs Base
Absolute Value
Small
Match

Low vs Base
High vs Base

3
850,000
930,000
800,000
930,000

Growth Rate in Cost Synergy


Stores
Percent
4
5
4.50%
10.00%
3.00%
0.00%
6.00%
15.00%
2.00%
0.00%

Base Case
Low Case
High Case
Worst Case

1
2
3

2
30.0%
29.0%
33.0%
28.0%

Cap Exp per


New Store

Variable Number
3
13.3%
12.9%
13.6%

1
13.3%
11.4%
14.9%

2
13.3%
12.8%
14.8%

-1.9%
1.6%
3.5%

-0.6%
1.5%
2.1%

-0.5%
0.3%
0.8%

-0.5%
0.5%
1.0%

-2.6%
1.2%
3.7%

0.8%
3

1.0%
4

2.1%
2

3.5%
1

3.7%
5

Cap Exp per


Growth Rate in Margin per
Traffic per
Cost Synergy
New Store
Stores
Store
Store
Percent
-0.49%
-0.51%
-0.57%
-1.92%
-2.56%
0.27%
0.51%
1.50%
1.57%
1.16%

11.75%

IRR on Equity PE Ratio


1
2
3
4

12.51%

IRR on Equity M/B Ratio

13.3%
5.8%
18.3%
3.9%

9.66%

Overall IRR on 5-Year Average


Free Cash Flow
Accretion

14.0%
7.3%
18.7%
6.0%

=INDEX(H12:H15,Scenario_Number)
=$D$4=H11
=IF(H18,H17,H12)
=CHOOSE($I$4,H17,H19)

=H27-H26
=H28-H26
=H33-H32
=SMALL($D$34:$H$34,H25)
=MATCH(H36,$D$34:$H$34,0)

=INDEX($D$10:$H$10,H37)
=INDEX($D$32:$H$32,H37)
=INDEX($D$33:$H$33,H37)

6.48%

9.8%
5.1%
14.1%
4.4%

12.4%
-13.0%
29.4%
-14.3%

18,116.97

DCF Value Equity


19,049.43
7,479.95
32,683.48
6,728.93

output8

Contents

Existing Balance Sheet


Sources and Uses
Pro-forma Adjustments
Pro-forma Balance Sheet
Debt Balance Test
Asset Balance Test
Consolidate Balance Sheet
Future Balance Sheet

TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE

=IF(D4,"",C4)
=IF(D5,"",C5)
=IF(D6,"",C6)
=IF(D7,"",C7)
=IF(D8,"",C8)
=IF(D9,"",C9)
=IF(D10,"",C10)
=IF(D11,"",C11)

Total Test

TRUE

=E4&E5&E6&E7&E8&E9&E11&E10
Model OK

=IF(E13="","Model OK",E13)

comment
=IF(D4,"",C4)
=IF(D5,"",C5)
=IF(D6,"",C6)
=IF(D7,"",C7)
=IF(D8,"",C8)
=IF(D9,"",C9)
=IF(D10,"",C10)
=IF(D11,"",C11)
=E4&E5&E6&E7&E8&E9&E11&E10
=IF(E13="","Model OK",E13)

FALSE
Comments

Contents

1
2
3
4
5
6
7
8
9
10
Interest Coverage
Row Num Chosen Business Profile
Low and High Target from Profile
FFO to Debt
Low and High Target from Profile

Interest Coverage Low and High


Minimum
Maximum
Increment for Interest Coverage
Minimum
Increment

FFO to Debt
Minimum
Maximum
To Graph - Make Stacked Bar and then Remove Colors and Lines from Minimum

Minimum
Maximum

Funds from Operations to Interest Expense


Business Profile
1
2
3
4
5
6
7
8
9

1
2
3
4
5
6
7
8
9
10

AA
From
2.5
3
3.5
4.2
4.5
5.2
6.5
7.5

To
3
4
4.5
5
5.5
6
8
10

A
From
1.5
2
2.5
3
3.8
4.2
4.5
5.5
7

Funds from Operations to Total Debt


15%
20%
10%
20%
25%
12%
25%
30%
15%
28%
35%
20%
30%
40%
22%
35%
45%
28%
45%
55%
30%
55%
70%
40%
45%
55%

BBB
To

From

To

2.5
3
3.5
4.2
4.5
5.2
6.5
7.5
10

1
1
1.5
2.5
2.8
3
3.2
3.5
4

1.5
2
2.5
3.5
3.8
4.2
4.5
5.5
7

15%
20%
25%
28%
30%
35%
45%
55%
65%
75%

5%
8%
10%
12%
15%
18%
20%
25%
30%
40%

10%
12%
15%
20%
22%
28%
30%
40%
45%
55%

Interest Coverage
Row Num Chosen Business Profile
Low and High Target from Profile
FFO to Debt
Low and High Target from Profile

9
0

9
0

9
7

9
10

9
4

9
7

0.0%

0.0%

45.0%

65.0%

30.0%

45.0%

Combo Box Numbers


Rating Target
3

AA
A
BBB
BB

1
2
3
4
5
6
7
8
9

Interest Coverage Low and High


2011
4
7

2012
4
7

2013
4
7

2014
4
7

2015
4
7

2016
4
7

Minimum
Increment

2011
4.00
3

2012
4.00
3

2013
4.00
3

2014
4.00
3

2015
4.00
3

2016
4.00
3

FFO to Debt
Minimum
Maximum

2011
0.3
0.45

2012
0.3
0.45

2013
0.3
0.45

2014
0.3
0.45

2015
0.3
0.45

2016
0.3
0.45

2015
0.3
0.15

2016
0.3
0.15

Minimum
Maximum
Increment for Interest Coverage

To Graph - Make Stacked Bar and then Remove Colors and Lines from Minimum

Minimum
Maximum

2011
0.3
0.15

2012
0.3
0.15

2013
0.3
0.15

2014
0.3
0.15

BB
From

To

1
1.5
1.8
2
2.2
2.5
2.8

1.5
2.5
2.8
3
3.2
3.5
4

5%
8%
10%
12%
15%
15%
20%
25%

10%
12%
15%
18%
20%
25%
30%
40%

9
2.8

9
4

20.0%

30.0%

2017
4
7

2017
4.00
3

2017
0.3
0.45

2017
0.3
0.15

FFO to Debt
60%

50%

40%

30%

20%

10%

0%
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Chart Title
1.80

Consolidated Earnings Per Share

1.60

Acquiring Company EPS

1.40

1.20

1.00

0.80

0.60

0.40

0.20

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Debt to EBITDA
4.5

3.5

2.5

1.5

0.5

0
1

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Net Income to Common Shareholders


4500

4000

3500

3000

2500

2000

1500

1000

500

0
1

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Funds from Operation to Total Debt


60.0%

50.0%

40.0%

Maximum
30.0%

Minimum
FFO to Debt

20.0%

10.0%

0.0%
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

EPS from Acquisition


6

EPS from Acquisition

0
1

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Total Retirements
2,500

2,000

1,500

1,000

500

0
1

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

EBITDA
4.5E+09

4E+09

3.5E+09

3E+09

2.5E+09
EBITDA

2E+09

1.5E+09

1E+09

500000000

0
1

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Total Cap Exp


3E+09

2.5E+09

2E+09

1.5E+09

Total Cap Exp

1E+09

500000000

0
1

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Less: Depreciation - Book


4000

3500

3000

2500

2000

Less: Depreciation - Book

1500

1000

500

0
1

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Debt to Capital
0.6

0.5

0.4

0.3

Debt to Capital

0.2

0.1

0
1

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Return on Invested Capital


0.12

0.1

0.08

0.06

0.04

0.02

0
1

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Cash Consideration 22.48904439 Shares Exchanged 6,000.00


P/E 18.13 EV/EBITDA 1.57
2.00

1.80

1.60

1.40

1.20

Existing EPS

1.00

New EPS

0.80

0.60

0.40

0.20

10

11

12

13

Contents
Operating Assumption
EBITDA
Growth Rate

100
12%

Working Capital to EBITDA


Depreciation Rate

20%
5%

Capital Expenditure
Tax Rate
Valuation Assumption
Risk Free Rate
EMRP
Beta
Explicit Period
Terminal Growth Rate
Exit EV/EBITDA Ratio
Initial Gross Plant

20.00
25%

10%
3%
1.20
5 years
8.50%
7
800.00

Working Analysis
EBITDA
EBITDA Growth
EBITDA

100.00

12%
112.00

12%
125.44

12%
140.49

12%
157.35

Cap Exp

20.00

22.40

25.09

28.10

31.47

Working Capital
EBITDA
Pct of Working Capital
Total Working Capital
Change in Working Capital

100
20%
20.00

112
20%
22.4
2.40

125.44 140.4928 157.3519


20%
20%
20%
25.088 28.09856 31.47039
2.69
3.01
3.37

800.00
22.4

822.40
847.49
875.59
25.088 28.09856 31.47039

822.40

847.49

875.59

907.06

5%
40.00

5%
41.12

5%
42.37

5%
43.78

Depreciation Expense
Opening Balance
Add: Cap Exp
Less: Retirements of Plant
Closing Balance

800.00

Depreciation Rate
Depreciation Expense
Free Cash Flow
Period
Explicit Period Switch
Terminal Period Switch

1
TRUE
FALSE

2
TRUE
FALSE

3
TRUE
FALSE

4
TRUE
FALSE

Free Cash Flow


EBITDA
Less: Cap Exp
Less: WC Change
Less: Taxes = EBIT x Tax
Free Cash Flow
WACC
Terminal Value

125.44
25.09
2.69
21.08
76.58

140.49
28.10
3.01
24.53
84.85

157.35
31.47
3.37
28.39
94.12

0.00

0.00

0.00

0.00

69.20

76.58

84.85

94.12

10.00%

Total Cash Flow


PV Total Cash Flow = EV
PV of Terminal Value
PV of Explicit Cash Flowsx

112.00
22.40
2.40
18.00
69.20

$5,012.13
$4,693.02
$319.12

12%
13%
14%
15%
16%

Less: Debt
Add: Cash
Equity Value

Scenario Number

Explicit
Period
1
2
3
4
5
6

$5,012.13
7%
8%
9%
10%
Free Cash Flow
Terminal Value - EV/EBITDA
Total Cash Flow
Pv of Total Cash Flow

69.2
0
69.2

EMRP

Beta

5
9
8
7
6
5

3%
4%
5%
6%
7%
8%

1.2
1.2
1.2
1.2
1.2
1.2

0.03

1.2

1%
1,601.22
1,363.47
1,185.44
1,047.22

1.50%
1,722.00
1,447.87
1,247.13
1,093.87

2%
1,866.94
1,546.33
1,317.63
1,146.34

76.584 84.85408 94.11657


0
0
0
76.584 84.85408 94.11657

$1,085.11

$1,085.11
6.5
7
7.5
7% 1163.873
1226.7 1289.526
8% 1117.009 1176.98 1236.951
9% 1072.565 1129.835 1187.106

10% 1030.396

1085.11 1139.824

12%
176.23

12%
197.38

12%
221.07

12%
247.60

12%
277.31

12%
310.58

12%
347.85

12%
389.60

12%
436.35

35.25

39.48

44.21

49.52

55.46

62.12

69.57

77.92

87.27

176.23417 197.382269 221.068141


20%
20%
20%
35.246834 39.4764537 44.2136281
3.78
4.23
4.74

247.5963
20%
49.51926
5.31

277.3079 310.5848
20%
20%
55.46158 62.11696
5.94
6.66

347.855 389.5976 436.3493


20%
20%
20%
69.571 77.91952 87.26986
7.45
8.35
9.35

907.06
942.30
981.78
35.246834 39.4764537 44.2136281

1,025.99
49.51926

1,075.51 1,130.97
55.46158 62.11696

1,193.09 1,262.66 1,340.58


69.571 77.91952 87.26986

942.30

981.78

1,025.99

1,075.51

1,130.97

1,193.09

1,262.66

1,340.58

1,427.85

5%
45.35

5%
47.12

5%
49.09

5%
51.30

5%
53.78

5%
56.55

5%
59.65

5%
63.13

5%
67.03

10
FALSE
FALSE

11
FALSE
FALSE

12
FALSE
FALSE

13
FALSE
FALSE

5
TRUE
TRUE

6
FALSE
FALSE

7
FALSE
FALSE

8
FALSE
FALSE

FALSE
FALSE

176.23
35.25
3.78
32.72
104.49

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

7558.15

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

7662.64
0.00
0.00
EV
TV
Explicit
$5,012.13
$4,693.02
$319.12

0.00

0.00

0.00

0.00

0.00

0.00

0
0
0

0
0
0

0
0
0

Terminal
Growth
Rate
8.50%
7.50%
7.00%
4.50%
2.00%
0.00%

Explicit
Per Value EV/EBITDA
EV
TV
$319.12
$5,012.13 $4,693.02
50.12
1
2
3
4
5
6

0.085

2.50%
2,044.08
1,662.70
1,398.97
1,205.82
104.49056
1233.6392
1338.1297

8
1352.3521
1296.9215
1244.3756

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

1194.5375

12%
488.71

12%
547.36

12%
613.04

12%
686.60

12%
769.00

12%
861.28

12%
964.63

97.74

109.47

122.61

137.32

153.80

172.26

192.93

488.7112 547.3566 613.0394 686.6041 768.9966 861.2762 964.6293


20%
20%
20%
20%
20%
20%
20%
97.74225 109.4713 122.6079 137.3208 153.7993 172.2552 192.9259
10.47
11.73
13.14
14.71
16.48
18.46
20.67

1,427.85 1,525.59 1,635.07 1,757.67 1,894.99 2,048.79 2,221.05


97.74225 109.4713 122.6079 137.3208 153.7993 172.2552 192.9259
1,525.59

1,635.07

1,757.67

1,894.99

2,048.79

2,221.05

2,413.97

5%
71.39

5%
76.28

5%
81.75

5%
87.88

5%
94.75

5%
102.44

5%
111.05

14
FALSE
FALSE

15
FALSE
FALSE

16
FALSE
FALSE

17
FALSE
FALSE

18
FALSE
FALSE

19
FALSE
FALSE

20
FALSE
FALSE

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Contents
11/17/2005
11/18/2005
11/21/2005
11/22/2005
11/23/2005
11/25/2005
11/28/2005
11/29/2005
11/30/2005
12/1/2005
12/2/2005
12/5/2005
12/6/2005
12/7/2005
12/8/2005
12/9/2005
12/12/2005
12/13/2005
12/14/2005
12/15/2005
12/16/2005
12/19/2005
12/20/2005
12/21/2005
12/22/2005
12/23/2005
12/27/2005
12/28/2005
12/29/2005
12/30/2005
1/3/2006
1/4/2006
1/5/2006
1/6/2006
1/9/2006
1/10/2006
1/11/2006
1/12/2006
1/13/2006
1/17/2006
1/18/2006
1/19/2006
1/20/2006
1/23/2006
1/24/2006
1/25/2006
1/26/2006
1/27/2006
1/30/2006
1/31/2006
2/1/2006
2/2/2006
2/3/2006
2/6/2006

FOMENTO ECONOMICO
Volume
MEXICANO SAB as of 11/17/2010
23.08333
701,100
2005
22.76666
675,900
2005
22.78333
741,000
2005
22.73
572,700
2005
22.84
710,400
2005
22.9
412,500
2005
22.67666
562,500
2005
22.66666
840,900
2005
22.66333
804,900
2005
23.13333
875,400
2005
23.03666
685,500
2005
22.74333
670,200
2005
23.28333
1,721,100
2005
23.05666
359,400
2005
22.75666
666,900
2005
22.51333
436,200
2005
22.91
441,900
2005
22.72666
373,200
2005
23.12
595,200
2005
23.15
781,800
2005
23.22666
669,300
2005
23.19333
982,500
2005
23.47
562,500
2005
24.02666
1,559,700
2005
23.85666
669,300
2005
24.05333
631,800
2005
24.12666
226,200
2005
23.91666
466,200
2005
24.18333
370,200
2005
24.17
353,100
2005
24.85333
1,138,800
2006
25.73333
1,649,100
2006
25.5
752,400
2006
25.62333
309,600
2006
25.66666
321,600
2006
25.52
384,600
2006
26.14666
659,700
2006
26.19666
552,600
2006
26.14666
947,700
2006
25.59666
943,200
2006
25.3
1,111,500
2006
25.50333
656,400
2006
25.08333
557,100
2006
25.21666
821,700
2006
25.32666
882,600
2006
25.5
486,600
2006
25.99666
948,900
2006
26.75333
1,614,000
2006
26.53666
726,300
2006
26.11333
1,287,900
2006
25.95
1,453,200
2006
25.64
768,600
2006
25.55
714,300
2006
26
1,115,100
2006

2005
23.19
12.3
5.71

2006
30.45
12.3
7.49

2005
2006
2007
2008
2009
2010

23.1921
30.4491
37.0869
39.0425
34.7362
47.3481

2/7/2006
2/8/2006
2/9/2006
2/10/2006
2/13/2006
2/14/2006
2/15/2006
2/16/2006
2/17/2006
2/21/2006
2/22/2006
2/23/2006
2/24/2006
2/27/2006
2/28/2006
3/1/2006
3/2/2006
3/3/2006
3/6/2006
3/7/2006
3/8/2006
3/9/2006
3/10/2006
3/13/2006
3/14/2006
3/15/2006
3/16/2006
3/17/2006
3/20/2006
3/21/2006
3/22/2006
3/23/2006
3/24/2006
3/27/2006
3/28/2006
3/29/2006
3/30/2006
3/31/2006
4/3/2006
4/4/2006
4/5/2006
4/6/2006
4/7/2006
4/10/2006
4/11/2006
4/12/2006
4/13/2006
4/17/2006
4/18/2006
4/19/2006
4/20/2006
4/21/2006
4/24/2006
4/25/2006
4/26/2006

26.01666
26.12
26.59333
26.59333
26.18
26.22
26.26
26.71333
26.85333
26.71
27.16
27.36
27.72
28.70333
28.99666
29.17333
29.12666
28.92333
28.45
27.75
27.6
27.93333
28.33333
28.16
28.14333
29.96333
30.44
30.52
30.64666
30.25666
29.82666
29.96
29.96666
30.11
30.61666
30.57
30.45
30.55333
31.08
31.06666
30.83333
30.23
29.29666
29.59666
29.05666
29.47333
29.67
29.84
29.82666
29.5
29.56333
29.86
29.85
29.68
30.37333

884,400
924,900
826,500
851,100
1,497,900
1,215,300
740,400
673,500
689,700
548,700
1,006,200
676,800
1,371,000
1,113,300
1,630,800
507,000
675,300
570,000
936,300
1,275,000
1,542,900
1,191,300
1,394,100
464,700
835,500
5,653,201
1,939,800
2,916,600
1,435,200
816,900
1,355,400
672,300
179,700
901,800
2,422,200
1,213,800
999,300
766,500
1,158,300
1,050,900
954,900
1,476,600
1,531,500
966,900
622,500
2,216,100
1,005,300
1,272,300
2,022,900
1,153,800
1,305,600
1,443,300
654,300
784,200
1,028,100

2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006

4/27/2006
4/28/2006
5/1/2006
5/2/2006
5/3/2006
5/4/2006
5/5/2006
5/8/2006
5/9/2006
5/10/2006
5/11/2006
5/12/2006
5/15/2006
5/16/2006
5/17/2006
5/18/2006
5/19/2006
5/22/2006
5/23/2006
5/24/2006
5/25/2006
5/26/2006
5/30/2006
5/31/2006
6/1/2006
6/2/2006
6/5/2006
6/6/2006
6/7/2006
6/8/2006
6/9/2006
6/12/2006
6/13/2006
6/14/2006
6/15/2006
6/16/2006
6/19/2006
6/20/2006
6/21/2006
6/22/2006
6/23/2006
6/26/2006
6/27/2006
6/28/2006
6/29/2006
6/30/2006
7/3/2006
7/5/2006
7/6/2006
7/7/2006
7/10/2006
7/11/2006
7/12/2006
7/13/2006
7/14/2006

30.23
30.96
30.93666
32.16666
31.78333
31.96333
32.08333
32.25
32.33
32.20333
31.62666
31.05
30.75333
31.22333
30.68666
30.11
29.99
28.37666
29.15666
28.07333
29.31333
29.66
28.04333
28.59666
29.46666
29.48333
28.42333
28.48333
28.25
28.15
27.2
25.65666
25.01333
24.40666
25.33333
25.05666
25.14666
25.46333
26.29666
26.42
26.64333
26.46
25.80666
26.25
27.70333
27.90666
29.25333
28.86666
28.99666
28.26666
28.56666
28.63333
28.65333
27.54
26.99333

721,800
1,325,100
408,300
1,080,000
1,036,500
794,700
927,000
782,700
1,339,200
940,500
754,200
1,225,200
1,070,700
1,503,000
2,540,700
1,452,300
1,536,900
2,979,600
2,467,500
3,174,000
1,869,600
1,636,200
1,993,200
1,608,900
1,126,200
642,900
911,400
898,200
1,085,100
2,622,300
1,521,000
1,833,600
3,550,500
4,155,900
6,720,901
3,074,700
2,425,800
876,600
1,664,700
1,534,800
1,159,500
432,900
954,600
522,000
1,042,200
1,757,100
1,523,700
1,705,200
1,597,500
1,270,500
606,900
898,500
789,300
1,595,700
2,193,900

2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006

7/17/2006
7/18/2006
7/19/2006
7/20/2006
7/21/2006
7/24/2006
7/25/2006
7/26/2006
7/27/2006
7/28/2006
7/31/2006
8/1/2006
8/2/2006
8/3/2006
8/4/2006
8/7/2006
8/8/2006
8/9/2006
8/10/2006
8/11/2006
8/14/2006
8/15/2006
8/16/2006
8/17/2006
8/18/2006
8/21/2006
8/22/2006
8/23/2006
8/24/2006
8/25/2006
8/28/2006
8/29/2006
8/30/2006
8/31/2006
9/1/2006
9/5/2006
9/6/2006
9/7/2006
9/8/2006
9/11/2006
9/12/2006
9/13/2006
9/14/2006
9/15/2006
9/18/2006
9/19/2006
9/20/2006
9/21/2006
9/22/2006
9/25/2006
9/26/2006
9/27/2006
9/28/2006
9/29/2006
10/2/2006

26.88666
27.69666
28.84
28.16666
27.93333
29.04666
29.64
29.05666
28.81
29.3
29.26666
29.34333
29.83666
29.88666
30.2
29.77
30.00333
29.28
29.33333
29.51333
29.96666
30.68666
30.94666
30.99
30.87666
30.90333
31.03
30.80333
30.64333
30.55666
30.81333
30.97666
31.57333
31.30666
31.43333
31.21666
30.70666
30.43
30.49333
30.55666
31.87333
32.67333
32.72
32.72
32.95
33.13333
33.3
32.21
31.37666
32.63
32.30666
32.04666
32.32666
32.31333
32.18666

563,700
1,849,200
1,974,600
992,100
987,300
1,401,000
1,512,000
1,437,000
1,241,400
1,805,700
844,800
960,600
1,088,100
1,217,100
1,364,700
645,000
805,800
2,536,500
984,300
895,500
641,400
966,600
1,003,800
1,131,600
518,700
426,600
578,700
752,100
647,400
295,200
231,300
877,500
1,006,200
1,102,500
866,700
582,600
918,600
871,800
476,400
1,176,300
1,324,800
2,021,100
1,168,800
510,900
500,100
1,320,300
1,446,600
1,057,200
876,600
1,099,800
717,900
845,700
519,000
618,300
869,700

2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006

10/3/2006
10/4/2006
10/5/2006
10/6/2006
10/9/2006
10/10/2006
10/11/2006
10/12/2006
10/13/2006
10/16/2006
10/17/2006
10/18/2006
10/19/2006
10/20/2006
10/23/2006
10/24/2006
10/25/2006
10/26/2006
10/27/2006
10/30/2006
10/31/2006
11/1/2006
11/2/2006
11/3/2006
11/6/2006
11/7/2006
11/8/2006
11/9/2006
11/10/2006
11/13/2006
11/14/2006
11/15/2006
11/16/2006
11/17/2006
11/20/2006
11/21/2006
11/22/2006
11/24/2006
11/27/2006
11/28/2006
11/29/2006
11/30/2006
12/1/2006
12/4/2006
12/5/2006
12/6/2006
12/7/2006
12/8/2006
12/11/2006
12/12/2006
12/13/2006
12/14/2006
12/15/2006
12/18/2006
12/19/2006

31.92666
33.08666
33.23
32.84
32.76333
32.93666
32.79666
33.38666
33.83333
33.98333
33.25
33.33666
33.29
32.83333
32.98
32.5
32.81
33.14
32.77333
31.78333
32.23
32.63333
32.53666
32.68
33.58333
33.42666
34.03
33.61
34.15666
33.85
34.32666
34.16333
34.70666
34.63
35.31
35.15333
35.2
34.94
34.07
33.95333
34.81666
35.08333
35.39
36.62
38.29
37.89333
37.46666
37.85
38.5
38.4
38.66666
39.16666
38.99
38.86333
38.26666

541,800
702,600
729,600
911,100
438,900
644,400
1,191,000
1,110,000
1,259,100
830,400
1,234,500
881,400
610,200
1,112,700
1,105,800
1,404,900
816,900
826,500
587,100
2,120,400
1,731,900
2,174,700
914,700
447,300
731,400
956,400
831,300
892,800
816,900
549,900
1,323,900
1,032,000
874,200
923,700
753,600
1,272,000
1,262,100
408,000
732,900
899,100
674,700
683,400
741,900
1,106,400
1,995,300
998,700
1,165,800
2,315,400
1,847,400
1,491,900
1,736,700
819,300
975,600
432,300
827,400

2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006

12/20/2006
12/21/2006
12/22/2006
12/26/2006
12/27/2006
12/28/2006
12/29/2006
1/3/2007
1/4/2007
1/5/2007
1/8/2007
1/9/2007
1/10/2007
1/11/2007
1/12/2007
1/16/2007
1/17/2007
1/18/2007
1/19/2007
1/22/2007
1/23/2007
1/24/2007
1/25/2007
1/26/2007
1/29/2007
1/30/2007
1/31/2007
2/1/2007
2/2/2007
2/5/2007
2/6/2007
2/7/2007
2/8/2007
2/9/2007
2/12/2007
2/13/2007
2/14/2007
2/15/2007
2/16/2007
2/20/2007
2/21/2007
2/22/2007
2/23/2007
2/26/2007
2/27/2007
2/28/2007
3/1/2007
3/2/2007
3/5/2007
3/6/2007
3/7/2007
3/8/2007
3/9/2007
3/12/2007
3/13/2007

37.86333
37.98666
37.90333
38.33333
38.75
38.59
38.58666
39.11666
38.31666
38.00666
38.63666
38.02666
38.69333
39.42
39.27333
39.73
39.89333
39.17333
39.63666
39.86333
39.89333
39.93
38.73333
39.26
38.70666
39.19
40.02333
41.48666
42.5
42.09666
42.51
43.51666
43.11666
42.80333
42.62333
42.96333
44.42333
44.14666
43.75333
43
42.40666
42.44
41.38333
39.6
35.9
36.86
36.90666
36.22
35.17
35.71
35.03666
36.02333
36.58333
36.47666
34.85333

1,322,100
727,200
1,013,400
394,200
494,100
487,500
329,100
1,125,300
1,218,900
764,100
855,300
1,082,400
1,558,500
1,021,500
690,900
773,700
1,393,200
696,900
718,200
938,700
1,271,400
1,473,600
1,329,600
617,100
881,100
1,426,500
1,159,500
1,596,000
1,709,400
1,277,400
989,100
2,019,900
757,200
936,000
1,141,680
1,472,655
971,319
1,164,900
1,275,900
1,617,300
1,570,200
2,343,600
1,440,600
4,089,345
9,312,601
2,882,100
3,102,882
3,190,200
2,697,309
2,560,200
1,384,200
1,359,600
1,385,700
726,000
1,821,600

2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007

3/14/2007
3/15/2007
3/16/2007
3/19/2007
3/20/2007
3/21/2007
3/22/2007
3/23/2007
3/26/2007
3/27/2007
3/28/2007
3/29/2007
3/30/2007
4/2/2007
4/3/2007
4/4/2007
4/5/2007
4/9/2007
4/10/2007
4/11/2007
4/12/2007
4/13/2007
4/16/2007
4/17/2007
4/18/2007
4/19/2007
4/20/2007
4/23/2007
4/24/2007
4/25/2007
4/26/2007
4/27/2007
4/30/2007
5/1/2007
5/2/2007
5/3/2007
5/4/2007
5/7/2007
5/8/2007
5/9/2007
5/10/2007
5/11/2007
5/14/2007
5/15/2007
5/16/2007
5/17/2007
5/18/2007
5/21/2007
5/22/2007
5/23/2007
5/24/2007
5/25/2007
5/29/2007
5/30/2007
5/31/2007

35.31
36.23
36.08333
36.1
36.86666
38.65333
38.53
38.26666
38.12666
37.20333
36.66666
37.27333
36.79666
37.73333
38.24666
38.37666
38.36333
38.8
38.08
37.49666
37.31
36.81
37.23666
37.13333
36.66
36.23
36.43
36.09333
35.93666
36.03333
35.40666
36.41
35.89666
36.79666
36.89666
37.24666
37.84
37.91666
37.53333
38.18666
36.93333
37.31
37.53666
37.47
38.73666
39.11
39.48333
39.68
39.51
39.57666
38.34666
38.89
38.92
39.90666
39.84

2,465,100
2,250,600
1,283,700
1,182,000
1,296,000
2,494,800
1,153,800
1,240,200
1,701,900
1,426,200
1,872,900
1,619,700
1,039,200
1,476,000
1,716,300
1,586,100
1,116,000
1,341,300
2,070,600
1,376,400
2,172,900
3,629,100
1,256,100
1,621,800
1,997,100
2,350,800
1,979,400
1,495,200
1,252,800
2,692,200
2,482,200
2,888,100
3,477,660
1,324,500
1,255,800
1,244,700
1,718,400
874,500
979,200
1,143,900
1,071,345
731,100
659,400
555,690
952,290
1,241,700
856,800
697,200
648,300
757,890
1,365,690
570,900
1,336,500
1,163,100
1,467,214

2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007

6/1/2007
6/4/2007
6/5/2007
6/6/2007
6/7/2007
6/8/2007
6/11/2007
6/12/2007
6/13/2007
6/14/2007
6/15/2007
6/18/2007
6/19/2007
6/20/2007
6/21/2007
6/22/2007
6/25/2007
6/26/2007
6/27/2007
6/28/2007
6/29/2007
7/2/2007
7/3/2007
7/5/2007
7/6/2007
7/9/2007
7/10/2007
7/11/2007
7/12/2007
7/13/2007
7/16/2007
7/17/2007
7/18/2007
7/19/2007
7/20/2007
7/23/2007
7/24/2007
7/25/2007
7/26/2007
7/27/2007
7/30/2007
7/31/2007
8/1/2007
8/2/2007
8/3/2007
8/6/2007
8/7/2007
8/8/2007
8/9/2007
8/10/2007
8/13/2007
8/14/2007
8/15/2007
8/16/2007
8/17/2007

40.44
40.34
40.2
39.26
38.4
38.85
39.1
38.73
39.1
39.26
39.35
40.35
40.51
39.75
39.58
39.59
39.35
39.11
38.57
39.7
39.32
40.04
39.79
39.89
39.32
39.61
38.48
38.3
39.47
39.29
39.53
38.3
38.24
38.5
38.06
38.59
37.8
37.77
36.32
36
37.41
37.02
36.4
36.53
35.04
34.74
35.2
35.85
33.93
33.76
35.03
34.96
33.86
32.81
34.19

1,244,500
557,800
909,800
725,600
983,800
530,200
424,300
579,500
667,600
737,500
735,700
1,093,300
801,800
1,599,700
1,089,100
512,200
604,000
693,300
771,900
929,400
785,600
681,300
522,800
911,900
843,400
630,500
624,900
1,027,900
997,600
774,300
866,100
1,243,700
1,181,700
697,800
794,200
796,800
1,078,500
1,454,900
1,645,900
2,268,100
1,978,500
1,685,848
1,195,400
1,174,500
990,400
1,675,900
1,709,900
1,674,800
2,806,900
1,503,900
1,125,400
1,294,400
722,000
2,172,000
1,907,900

2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007

8/20/2007
8/21/2007
8/22/2007
8/23/2007
8/24/2007
8/27/2007
8/28/2007
8/29/2007
8/30/2007
8/31/2007
9/4/2007
9/5/2007
9/6/2007
9/7/2007
9/10/2007
9/11/2007
9/12/2007
9/13/2007
9/14/2007
9/17/2007
9/18/2007
9/19/2007
9/20/2007
9/21/2007
9/24/2007
9/25/2007
9/26/2007
9/27/2007
9/28/2007
10/1/2007
10/2/2007
10/3/2007
10/4/2007
10/5/2007
10/8/2007
10/9/2007
10/10/2007
10/11/2007
10/12/2007
10/15/2007
10/16/2007
10/17/2007
10/18/2007
10/19/2007
10/22/2007
10/23/2007
10/24/2007
10/25/2007
10/26/2007
10/29/2007
10/30/2007
10/31/2007
11/1/2007
11/2/2007
11/5/2007

33.97
33.98
35.38
35.16
36.35
35.38
34.08
34.58
34.17
34.84
35.67
35.37
35.57
34.87
34.56
34.18
33.48
33.81
33.69
32.5
33.6
34.05
33.14
33.13
33.9
33.89
35.02
36.48
37.4
37.82
38.59
37.97
37.9
38.29
38.56
38.55
39.26
38.91
39.27
38.76
38.21
38.78
38.41
37.56
38.01
38.01
37.11
37.85
38.05
34.9
35.03
35.61
34.65
33.99
33.6

671,900
513,200
784,900
664,000
696,900
1,126,608
1,113,000
1,251,600
977,100
1,173,100
931,400
671,818
1,685,100
713,400
716,200
1,519,400
1,191,900
820,900
625,280
1,145,600
1,659,400
2,144,500
1,146,900
1,650,900
2,014,200
1,728,650
2,708,500
2,604,100
1,608,000
2,402,400
2,080,600
1,207,200
815,000
1,291,900
745,800
654,700
1,013,000
1,340,900
714,620
579,700
861,700
1,210,200
1,014,700
958,600
863,300
1,013,700
1,060,600
878,200
550,000
4,011,200
2,886,200
1,174,600
1,315,200
1,512,300
1,180,688

2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007

11/6/2007
11/7/2007
11/8/2007
11/9/2007
11/12/2007
11/13/2007
11/14/2007
11/15/2007
11/16/2007
11/19/2007
11/20/2007
11/21/2007
11/23/2007
11/26/2007
11/27/2007
11/28/2007
11/29/2007
11/30/2007
12/3/2007
12/4/2007
12/5/2007
12/6/2007
12/7/2007
12/10/2007
12/11/2007
12/12/2007
12/13/2007
12/14/2007
12/17/2007
12/18/2007
12/19/2007
12/20/2007
12/21/2007
12/24/2007
12/26/2007
12/27/2007
12/28/2007
12/31/2007
1/2/2008
1/3/2008
1/4/2008
1/7/2008
1/8/2008
1/9/2008
1/10/2008
1/11/2008
1/14/2008
1/15/2008
1/16/2008
1/17/2008
1/18/2008
1/22/2008
1/23/2008
1/24/2008
1/25/2008

34.18
33.77
33.46
33.07
31.16
32.93
32.71
31.77
31.44
30.34
30.28
29.96
30.32
30.47
30.92
32.14
32
32.4
32.43
32.25
33.38
33.33
33.77
34.75
33.27
34.02
33.8
33.52
33.25
34.12
33.73
36.26
37.91
37.81
38.3
37.78
38.42
38.17
36.87
37.63
35.68
37.28
37.26
37.13
38.24
37.06
36.86
35.21
35.08
33.37
34.62
34.39
35.25
35.94
35.64

791,900
1,353,300
1,283,114
2,511,545
2,157,905
1,546,400
999,100
1,041,250
1,451,500
1,376,520
1,007,900
1,534,045
711,900
1,407,372
1,576,436
1,729,252
696,986
935,345
1,227,700
863,100
1,387,640
1,717,727
501,064
1,737,896
1,295,627
660,194
577,664
497,200
1,234,900
1,010,890
1,523,329
2,491,209
1,935,100
192,300
478,800
344,500
1,230,600
424,376
1,232,500
871,300
1,395,196
1,340,600
1,469,063
1,352,400
1,498,097
4,046,800
933,900
1,201,100
1,390,780
1,207,330
1,344,300
1,284,600
1,430,476
1,047,100
842,000

2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008

1/28/2008
1/29/2008
1/30/2008
1/31/2008
2/1/2008
2/4/2008
2/5/2008
2/6/2008
2/7/2008
2/8/2008
2/11/2008
2/12/2008
2/13/2008
2/14/2008
2/15/2008
2/19/2008
2/20/2008
2/21/2008
2/22/2008
2/25/2008
2/26/2008
2/27/2008
2/28/2008
2/29/2008
3/3/2008
3/4/2008
3/5/2008
3/6/2008
3/7/2008
3/10/2008
3/11/2008
3/12/2008
3/13/2008
3/14/2008
3/17/2008
3/18/2008
3/19/2008
3/20/2008
3/24/2008
3/25/2008
3/26/2008
3/27/2008
3/28/2008
3/31/2008
4/1/2008
4/2/2008
4/3/2008
4/4/2008
4/7/2008
4/8/2008
4/9/2008
4/10/2008
4/11/2008
4/14/2008
4/15/2008

35.84
36.82
36.37
35.98
37.45
38.3
37.3
37.07
38.7
39.47
40.9
41.99
41.76
41.02
40.95
42.85
42.02
41.9
42.78
43.35
43.3
42.95
42.18
40
40.9
40.59
41.56
40.5
39.2
38.54
40.44
40.26
41.37
40.29
39.56
40.72
39.3
39.65
41.34
41.43
41.1
41.45
40.83
41.78
43.57
43
42.8
43.23
42.57
42.88
42.83
44.3
44.39
45.28
45.01

713,600
1,064,900
719,100
1,381,900
1,394,980
947,646
1,136,445
787,779
1,434,029
1,916,171
2,133,164
1,927,722
2,386,672
1,295,464
1,120,400
2,623,373
1,855,637
780,478
859,014
850,008
767,482
1,367,994
897,200
1,317,440
803,339
871,438
815,743
634,224
954,490
770,745
934,215
760,470
870,719
797,668
1,149,720
727,450
1,045,063
706,000
981,200
632,460
459,850
634,900
450,392
886,615
1,849,098
1,208,144
1,043,011
719,992
1,047,852
934,566
915,396
1,403,553
1,332,794
1,521,168
907,563

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008

4/16/2008
4/17/2008
4/18/2008
4/21/2008
4/22/2008
4/23/2008
4/24/2008
4/25/2008
4/28/2008
4/29/2008
4/30/2008
5/1/2008
5/2/2008
5/5/2008
5/6/2008
5/7/2008
5/8/2008
5/9/2008
5/12/2008
5/13/2008
5/14/2008
5/15/2008
5/16/2008
5/19/2008
5/20/2008
5/21/2008
5/22/2008
5/23/2008
5/27/2008
5/28/2008
5/29/2008
5/30/2008
6/2/2008
6/3/2008
6/4/2008
6/5/2008
6/6/2008
6/9/2008
6/10/2008
6/11/2008
6/12/2008
6/13/2008
6/16/2008
6/17/2008
6/18/2008
6/19/2008
6/20/2008
6/23/2008
6/24/2008
6/25/2008
6/26/2008
6/27/2008
6/30/2008
7/1/2008
7/2/2008

44.67
44.11
44.09
44.45
44.23
43.89
43.86
43.95
44.27
42.7
43.45
43.7
43.7
43.8
44.78
44.13
44.38
44.53
45.05
46.32
45.99
45.92
46
46.18
45.45
45.23
44.65
46.7
45.96
46.38
47.48
47.05
46.37
45.34
44.71
45
43.01
42.9
41.88
41.92
43.76
44.08
44.03
43.93
42.69
42.99
41.58
42.57
43.05
43.5
42.99
44.02
45.51
44.72
42.94

1,970,538
1,039,110
1,016,676
1,302,564
1,786,399
1,077,126
1,348,919
1,005,054
785,717
1,733,839
1,727,901
1,977,218
1,324,351
590,215
1,424,027
1,219,646
631,566
516,617
713,839
1,450,630
747,018
893,081
386,338
1,043,334
586,668
537,407
703,542
2,134,900
969,660
835,721
1,961,421
1,582,007
650,221
759,616
1,375,965
718,117
1,643,976
800,192
798,794
1,928,720
2,775,608
853,620
539,716
805,478
1,030,894
672,576
799,363
1,504,510
2,061,407
983,053
980,733
1,255,083
1,191,108
1,073,447
1,243,477

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008

7/3/2008
7/7/2008
7/8/2008
7/9/2008
7/10/2008
7/11/2008
7/14/2008
7/15/2008
7/16/2008
7/17/2008
7/18/2008
7/21/2008
7/22/2008
7/23/2008
7/24/2008
7/25/2008
7/28/2008
7/29/2008
7/30/2008
7/31/2008
8/1/2008
8/4/2008
8/5/2008
8/6/2008
8/7/2008
8/8/2008
8/11/2008
8/12/2008
8/13/2008
8/14/2008
8/15/2008
8/18/2008
8/19/2008
8/20/2008
8/21/2008
8/22/2008
8/25/2008
8/26/2008
8/27/2008
8/28/2008
8/29/2008
9/2/2008
9/3/2008
9/4/2008
9/5/2008
9/8/2008
9/9/2008
9/10/2008
9/11/2008
9/12/2008
9/15/2008
9/16/2008
9/17/2008
9/18/2008
9/19/2008

42.89
43.96
45.1
45.4
44.95
43.58
43.46
43.41
44.81
45.67
45.4
45.06
44.9
43.73
42.99
43.62
45.31
45.63
46.17
45.86
46.77
47.29
47.57
49.39
47.7
47.43
46.27
46.25
46.74
47.13
47.34
47.38
48.15
47.99
47.36
47.39
46.25
45.32
44.65
44.9
44.42
45.66
45.34
44.71
44.42
46.26
45.85
43.66
45.4
46.26
44.29
42.92
39.17
41
40.91

505,100
1,040,688
1,812,215
1,795,275
1,136,415
1,439,623
986,359
1,391,594
1,718,532
1,365,292
1,079,671
930,608
831,411
2,268,428
2,368,199
806,021
2,632,596
1,670,283
1,681,109
1,267,535
1,260,725
797,094
947,718
1,700,980
1,565,205
1,648,955
1,262,374
793,693
573,293
911,367
1,175,885
604,869
580,282
821,421
746,354
460,436
387,235
1,074,204
1,001,996
930,979
1,290,234
1,347,215
854,440
1,346,981
1,053,741
1,386,876
1,384,340
2,140,728
1,439,922
926,433
1,099,268
1,914,839
3,467,941
3,120,749
4,938,905

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008

9/22/2008
9/23/2008
9/24/2008
9/25/2008
9/26/2008
9/29/2008
9/30/2008
10/1/2008
10/2/2008
10/3/2008
10/6/2008
10/7/2008
10/8/2008
10/9/2008
10/10/2008
10/13/2008
10/14/2008
10/15/2008
10/16/2008
10/17/2008
10/20/2008
10/21/2008
10/22/2008
10/23/2008
10/24/2008
10/27/2008
10/28/2008
10/29/2008
10/30/2008
10/31/2008
11/3/2008
11/4/2008
11/5/2008
11/6/2008
11/7/2008
11/10/2008
11/11/2008
11/12/2008
11/13/2008
11/14/2008
11/17/2008
11/18/2008
11/19/2008
11/20/2008
11/21/2008
11/24/2008
11/25/2008
11/26/2008
11/28/2008
12/1/2008
12/2/2008
12/3/2008
12/4/2008
12/5/2008
12/8/2008

40.8
40.27
39.66
40.04
39.06
35.07
38.14
38.17
36.74
37.05
32.89
30.71
31.2
28.71
26.9
32.56
30.84
28.21
27.56
28.46
29.35
27.36
24.36
22.44
20.58
19.25
22.83
24.05
25.46
25.29
26.96
29.2
27.63
26.89
28.23
29.18
27.74
26.75
29.09
28.07
27.31
27.32
24.72
23.08
25.25
27.03
26.76
28.41
27.51
26.16
27.12
27.17
26.71
27.84
29.03

1,260,806
1,286,003
2,347,870
1,847,792
1,232,067
2,047,650
2,051,408
1,453,444
1,919,206
2,074,434
3,314,687
3,102,226
2,617,049
1,848,040
2,295,065
3,053,897
1,863,088
1,506,237
1,923,558
2,640,548
1,178,883
720,137
1,358,785
3,030,032
2,856,790
2,067,119
2,754,366
2,689,210
1,370,690
1,333,539
1,476,830
1,877,105
1,438,224
1,817,174
996,410
1,121,082
1,345,263
1,883,851
2,099,854
2,241,045
1,016,098
1,906,853
1,694,122
1,604,712
1,489,596
1,582,391
981,571
812,871
530,212
1,065,240
1,216,619
784,771
1,614,407
1,830,561
1,286,239

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008

12/9/2008
12/10/2008
12/11/2008
12/12/2008
12/15/2008
12/16/2008
12/17/2008
12/18/2008
12/19/2008
12/22/2008
12/23/2008
12/24/2008
12/26/2008
12/29/2008
12/30/2008
12/31/2008
1/2/2009
1/5/2009
1/6/2009
1/7/2009
1/8/2009
1/9/2009
1/12/2009
1/13/2009
1/14/2009
1/15/2009
1/16/2009
1/20/2009
1/21/2009
1/22/2009
1/23/2009
1/26/2009
1/27/2009
1/28/2009
1/29/2009
1/30/2009
2/2/2009
2/3/2009
2/4/2009
2/5/2009
2/6/2009
2/9/2009
2/10/2009
2/11/2009
2/12/2009
2/13/2009
2/17/2009
2/18/2009
2/19/2009
2/20/2009
2/23/2009
2/24/2009
2/25/2009
2/26/2009
2/27/2009

28.41
29.45
29.28
29.43
29.38
30.64
29.9
29.94
29.98
29.97
29.65
29.66
29.92
29.48
29.94
30.13
32.06
31.72
31.8
30.49
29.74
29.3
28.77
28.54
27.35
29.09
29.45
28.18
29.09
28.5
28.65
28.94
28.64
29.23
28.3
28.15
28.28
28.52
27.35
27.04
28.21
27.46
26.09
26.28
26.51
26.49
24.57
24.74
24.4
23.7
23.4
23.79
23.35
23.72
23.04

1,122,272
1,284,904
988,441
1,288,409
1,161,978
1,334,412
1,283,532
810,229
952,646
582,089
621,684
165,457
222,220
982,443
533,146
417,720
446,212
614,846
684,644
529,123
2,331,921
922,399
964,977
891,205
1,425,603
1,609,344
944,364
985,717
1,092,698
999,965
665,163
918,467
1,066,056
1,374,420
598,830
1,053,259
874,132
1,221,737
2,032,932
2,868,918
1,758,415
1,663,288
1,134,612
639,759
1,006,423
740,895
1,284,344
1,189,362
563,899
909,714
999,567
810,096
1,022,022
975,543
1,882,772

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009

3/2/2009
3/3/2009
3/4/2009
3/5/2009
3/6/2009
3/9/2009
3/10/2009
3/11/2009
3/12/2009
3/13/2009
3/16/2009
3/17/2009
3/18/2009
3/19/2009
3/20/2009
3/23/2009
3/24/2009
3/25/2009
3/26/2009
3/27/2009
3/30/2009
3/31/2009
4/1/2009
4/2/2009
4/3/2009
4/6/2009
4/7/2009
4/8/2009
4/9/2009
4/13/2009
4/14/2009
4/15/2009
4/16/2009
4/17/2009
4/20/2009
4/21/2009
4/22/2009
4/23/2009
4/24/2009
4/27/2009
4/28/2009
4/29/2009
4/30/2009
5/1/2009
5/4/2009
5/5/2009
5/6/2009
5/7/2009
5/8/2009
5/11/2009
5/12/2009
5/13/2009
5/14/2009
5/15/2009
5/18/2009

21
20.63
21.49
19.91
20.05
19.95
21.42
21.98
23.02
24.44
25.04
25.64
25.84
25.42
25.35
26.51
26.02
26.23
26.3
25.55
24.8
25.21
25.27
26.78
28.16
27.9
26.92
27.27
27.89
28
28.14
28.29
28.84
29.01
28.11
29.17
29.57
30.25
30.26
27.73
27.43
29.67
28.31
28.16
28.91
29.23
30.69
30.74
31.33
31.5
31.17
30.6
31.21
31.15
32.15

1,479,506
1,353,634
1,255,638
2,116,824
1,736,067
1,303,063
1,263,421
1,292,138
1,580,148
1,318,734
951,317
845,474
926,421
1,068,976
484,078
879,686
1,149,963
1,012,016
1,525,976
1,610,603
1,241,945
1,110,040
1,113,050
1,538,782
842,672
623,857
700,475
630,315
555,302
739,487
1,039,375
698,357
707,685
758,711
649,704
815,765
715,016
773,206
658,881
1,954,830
1,691,248
1,837,556
1,724,772
1,194,470
1,868,417
2,318,900
731,144
760,053
666,593
844,221
1,089,566
1,315,956
526,199
798,322
787,304

2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009

5/19/2009
5/20/2009
5/21/2009
5/22/2009
5/26/2009
5/27/2009
5/28/2009
5/29/2009
6/1/2009
6/2/2009
6/3/2009
6/4/2009
6/5/2009
6/8/2009
6/9/2009
6/10/2009
6/11/2009
6/12/2009
6/15/2009
6/16/2009
6/17/2009
6/18/2009
6/19/2009
6/22/2009
6/23/2009
6/24/2009
6/25/2009
6/26/2009
6/29/2009
6/30/2009
7/1/2009
7/2/2009
7/6/2009
7/7/2009
7/8/2009
7/9/2009
7/10/2009
7/13/2009
7/14/2009
7/15/2009
7/16/2009
7/17/2009
7/20/2009
7/21/2009
7/22/2009
7/23/2009
7/24/2009
7/27/2009
7/28/2009
7/29/2009
7/30/2009
7/31/2009
8/3/2009
8/4/2009
8/5/2009

33.16
32.97
32.11
32.69
33.36
32.91
32.66
32.69
34.32
34.96
33.98
34.55
34.53
33.59
32.72
33
33.27
33.05
32.06
31
30.97
31.36
31.07
29.73
29.96
30.97
31.47
31.82
31.99
32.24
32.98
32.58
31.92
30.58
31.1
31
30.67
32.08
32.26
33.73
33.17
33.07
33.42
33.46
33.68
35.36
35.18
35.45
36.12
36.34
37.42
38.6
40.01
39.18
39.7

670,935
845,294
359,502
458,088
524,403
657,713
661,956
615,634
725,620
638,693
854,628
309,384
288,313
538,041
680,188
922,446
457,581
492,161
423,937
490,021
738,152
690,948
491,621
787,197
911,624
565,957
821,247
346,926
609,904
467,351
549,572
595,253
459,689
423,046
803,419
284,352
322,050
1,066,571
585,798
827,273
629,874
616,816
710,600
304,792
512,277
481,924
300,682
323,549
512,658
623,260
760,737
868,648
943,648
1,112,986
510,547

2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009

8/6/2009
8/7/2009
8/10/2009
8/11/2009
8/12/2009
8/13/2009
8/14/2009
8/17/2009
8/18/2009
8/19/2009
8/20/2009
8/21/2009
8/24/2009
8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/12/2009
10/13/2009
10/14/2009
10/15/2009
10/16/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009

39.56
39.96
39.72
38.25
37.83
38.05
37.97
36.81
36.88
36.58
38.15
38.92
38.4
38.79
38.55
38.07
38.32
36.38
34.38
34.85
35.79
36.43
37.42
36.94
36.45
36.9
36.35
36.35
36.68
36.47
36.37
35.59
35.88
36.03
36.85
36.29
36.7
36.78
38.05
44.4
45.69
45.35
45.93
45.98
45.06
44.36
44.26
43.39
42.95
44.84
45.82
44.67
44.32
44.47
44.51

547,819
601,675
580,204
716,103
928,295
715,992
712,570
821,715
745,254
2,508,527
1,883,814
1,229,619
1,171,033
1,363,109
1,639,058
743,498
602,897
880,960
1,110,981
892,455
1,043,704
726,058
896,484
1,157,349
1,106,114
816,441
912,011
1,642,323
1,311,654
1,448,132
1,114,273
1,094,321
562,466
2,185,534
1,872,082
695,323
948,939
786,686
1,720,715
########
########
3,791,868
2,011,170
1,956,328
2,143,541
1,523,006
1,724,992
2,365,390
4,231,858
2,998,137
4,161,914
2,778,319
2,096,012
1,459,850
1,034,988

2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009

10/23/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
11/13/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/23/2009
11/24/2009
11/25/2009
11/27/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/21/2009
12/22/2009
12/23/2009
12/24/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/11/2010
1/12/2010

44.84
44.6
44.41
43.31
44.65
43.31
43.72
42.76
43.12
43.35
42.65
43.65
43.63
44.15
43.62
43.5
44.1
44.23
44.42
43.47
43.52
44.05
45.69
45.2
45.62
45.51
47.21
47.87
48.43
49
48.38
46.62
47.35
47.96
48.7
48.35
47.99
47.6
46.65
46.68
46.52
47.75
48.7
48.9
48.49
48.15
47.77
47.88
49.9
48.71
49.39
50.01
49.77
43
44.14

1,534,827
1,856,765
1,014,243
1,299,836
1,185,322
1,375,920
1,211,886
1,900,187
2,188,287
1,023,832
1,436,799
1,552,451
940,439
1,012,922
845,059
975,150
978,037
703,013
1,015,196
1,458,241
1,036,923
1,152,244
2,188,630
3,706,699
2,443,423
730,168
1,725,450
1,619,937
1,085,712
1,354,138
1,574,535
1,580,849
2,183,181
1,423,092
1,687,767
1,173,091
1,146,113
1,248,448
851,766
1,256,778
889,955
791,885
921,557
252,817
424,104
537,308
322,516
422,422
636,196
930,490
671,748
1,068,846
874,211
########
4,905,430

2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2010
2010

1/13/2010
1/14/2010
1/15/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010

44.34
44
43.87
44.04
43.79
43.02
42.53
42.43
42.15
41.72
42.3
42.16
42.32
42.71
42.65
40.82
40.99
40.93
41.48
41
41.69
41.33
41.6
41.9
41.98
41.75
42
41.88
41.89
42.38
42.8
43.74
44.49
44.78
44.93
45.59
45.89
45.96
46.21
46.22
46.23
46.17
45.98
46.5
46.71
46.46
46.94
47.45
47.59
47.43
46.7
47.13
47.34
47.53
48.25

2,460,254
2,471,931
1,274,359
1,594,378
1,411,966
2,403,354
1,763,897
839,052
1,263,431
1,657,966
1,357,929
1,644,541
567,597
822,757
758,992
1,050,690
1,308,873
518,271
979,368
921,266
1,416,504
1,315,874
1,138,662
1,764,863
1,623,023
1,201,970
1,361,676
1,015,138
519,087
1,013,233
1,007,623
841,226
2,100,321
867,175
812,482
921,709
1,107,450
1,861,991
831,785
1,089,438
621,735
1,523,465
996,385
1,308,023
1,509,276
1,196,814
817,925
995,529
1,166,766
1,036,786
633,309
517,147
616,582
708,323
598,421

2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010

4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/3/2010
5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/21/2010

48.3
48.63
48.57
48.04
48.56
48.75
48.67
48.47
48.1
46.27
46.51
47.2
47.7
47.35
48.04
47.77
46.01
46.41
47.22
47.33
46.97
44.82
43.77
42.39
42.17
44.41
44.81
45.12
45.04
44.36
43.99
43.49
42.16
40.73
41.74
41.09
41.26
41.42
43.67
42.18
41.93
43.53
43.96
43.51
43.01
43.35
43.55
45.05
45.87
46.01
46.71
46.79
46.75
46.98
46.79

545,275
1,099,710
1,064,981
981,536
364,471
500,263
1,240,883
923,991
748,510
891,508
1,048,075
797,076
739,925
745,559
1,258,947
1,001,840
833,752
1,137,101
617,373
551,606
349,757
1,384,701
999,068
1,486,723
2,091,453
1,102,458
793,924
547,512
477,958
998,057
1,072,600
952,607
1,440,033
1,391,966
1,042,372
659,500
833,306
992,993
837,976
1,052,708
880,193
903,181
856,449
1,469,098
1,024,911
671,523
625,371
605,682
738,194
604,169
629,791
304,036
441,380
447,009
1,043,883

2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010

6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/7/2010
9/8/2010

45.78
45.45
45.48
45.85
45.6
44.12
43.15
43.04
43.59
44.24
44.54
44.69
45.41
46.06
46.35
46.42
46.3
45.3
45.02
44.92
44.58
45.09
45.7
46.33
46.71
46.86
47.49
48.68
50.14
50.02
50.38
50.03
49.89
49.62
49.4
48.25
48
48.04
48.02
48.69
49.68
49.84
49.93
49.75
49.28
49.46
48.95
49.6
49.24
48.7
49.9
50.99
51.38
50.26
50.18

493,142
824,752
424,016
348,914
565,716
540,413
1,202,047
1,598,618
667,892
748,935
647,358
696,772
501,325
571,587
1,028,111
397,680
584,613
435,126
241,312
550,078
573,923
853,733
1,607,006
684,599
674,701
1,076,887
1,198,819
1,038,103
978,842
651,622
437,645
440,244
931,604
544,116
917,640
609,280
611,286
452,280
1,002,974
642,713
899,705
1,124,608
820,072
1,422,783
780,569
915,686
663,463
888,018
716,188
1,201,506
1,528,916
782,763
599,200
674,129
915,856

2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010

9/9/2010
9/10/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010
9/17/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/15/2010
11/16/2010
11/17/2010

50.26
50.27
50.89
51.63
51.5
52.4
51.96
51.92
51.06
51.08
50.63
51.26
51.35
51.19
51.08
50.73
51.07
51.28
51.6
50.38
50.19
50.97
52.49
53.47
54.69
54.74
54.19
55.38
53.08
53.62
54.39
53.49
53.63
53.13
52.96
52.92
54.91
54.91
55.5
55.22
55.8
55.38
56.06
55.81
55.66
55.47
55.25
55
53.89
54.29

876,913
467,702
737,102
742,085
512,527
522,908
584,271
383,441
750,631
469,725
387,394
811,084
588,607
476,736
505,023
831,040
524,900
914,487
754,275
967,747
807,308
1,299,247
964,220
1,228,086
975,275
434,891
445,804
459,924
854,690
623,230
1,134,785
813,977
489,917
656,692
369,597
543,381
742,266
352,845
347,046
844,760
636,281
622,645
614,563
705,837
688,336
624,146
421,134
336,803
425,630
462,681

2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010

2007
37.09
12.3
9.12

2008
39.04
12.3
9.60

2009
34.74
12.3
8.55

2010
47.35
12.3
11.65

=SUMIF(E:E,H10,B:B)/COUNTIF(E:E,H10)

Contents
As of December 31, 2007 (expressed in Barbados dollars)
Assets
Non-current assets
Gross Plant
Accumulated Depreciation
Property, plant and equipment
Investment in associates
Financial investments
Other assets
Current assets
Cash resources
Trade and other receivables
Corporation tax recoverable
Inventories
Total assets
Equity
Share capital
Other reserves
Retained earnings
Total Equity
Non-current liabilities
Borrowings
Customers' deposits
Deferred credits
Deferred tax liability
Provisions for other liabilities and charges
Current liabilities
Trade and other payables
Provisions for other liabilities and charges
Current portion of borrowings
Total equity and liabilities

2006

2007

2008
1,027,454
-423,324
604,130
15,379
81,834

2009
1,052,658
-453,688
598,970
14,060
97,180

567,785
15,965
70,863
220
654,833

592,291
14,170
79,818
615
686,894

701,343

710,210

39,994
39,378
102
30,093
109,567
764,400

59,907
56,632
82
34,308
150,929
837,823

46,861
49,971
133
30,209
127,174
828,517

96,425
42,987
190
34,225
173,827
884,037

119,433
200,310
208,359
528,102

119,074
207,939
252,373
579,386

115,090
218,890
266,285
600,265

115,571
228,109
278,114
621,794

96,699
19,819
45,439
32,197
2,973
197,127

108,972
20,201
42,537
20,287
2,973
194,970

95,211
22,449
44,131
18,359
2,973
183,123

100,603
24,303
43,567
17,439
2,973
188,885

25,629
1,128
12,414
39,171
764,400

48,890
1,850
12,727
63,467
837,823

30,121
1,471
13,537
45,129
828,517

55,466
2,981
14,911
73,358
884,037

397,636

2008
473,310

2009
415,392

33,660
9
350,645
46,991
4,962
(6,323)
(2,195)
43,435
14,915
58,350
314.7

297,612
175,698
51,061
36,683
11,738
4,810
37,275
83
439,262
34,048
4,319
(6,502)
(1,229)
30,636
1,080
31,716
166.0

236,552
178,840
50,005
41,275
11,876
5,259
38,123
127
383,217
32,175
3,046
(7,972)
(1,319)
25,930
1,525
27,455
154.2

174.22

185.41

191.06

178.05

130,748
79%

4%
15%
125,346
73%

2%
32%
141,650
81%

2%
-21%
146,665
82%

24,506
33,660
58,166

11,839
37,275
49,114

-5,160
38,123
32,963

3.6%

3.6%

Consolidated Statement of Income


For the year ended December 31, 2007 (expressed in Barbados dollars)
2006
Operating revenue
361,653
Operating expenses
Fuel
195,447
Revenue Net of Fuel
166,206
Generation
44,496
General
36,148
Distribution
12,585
Insurance
Depreciation
37,630
Foreign exchange loss/(gain)
(111)
326,195
Operating income
35,458
Finance income
5,028
Interest and finance charges
(6,808)
Share of loss of associated companies
(2,800)
Income before taxation
30,878
Taxation credit (expense)
(512)
Net income for the year
30,366
Basic and diluted earnings per share (cents)
174.3
Implied Shares
Growth in Net Revenues
Growth in Fuel Cost
Other costs
Other Cost Percent of Revenue
Change in Net Plant
Depreication
Capital Expendtiures

2007

225,299
172,337
40,747
38,460
12,470

Depreciation Rate
Total Expenses
Accounts Receivable to Revenues
Accounts Payable to Expneses
Inventories to Fuel Expense

Return on Equity

288,676

316,976

401,904

344,967

11%
9%
15%

14%
15%
15%

11%
7%
10%

10%
16%
14%

6%

11%

5%

4%