Fig 1: Revenue Split

Revenue
USA (US$m)
The Netherlands
Other Europe
Total Retail

2014F
26,033
11,596
1,574
32,434

Revenue (m)
US
The Netherlands
Other Europe
Total Retail

19,263
11,596
1,574
32,434

Fig 2: EBIT Split

EBIT
USA (US$m)
Albert Heijn
Central Europe
Total Retail

2014F
995
567
18
1,320

EBIT (m)
US
The Netherlands
Other Europe
Total Retail

736
567
17.5
1,320

Other Europe
5%

The
Netherlands
36%
US
59%

Other Europe
1%

The
Netherlands
43%
US
56%

Fig 3: Sales & EBIT margin progression

Total net sales

EBIT Margin (rhs)

2007
28,152
4.0%

2008
25,648
4.7%

2009
27,925
4.6%

2010
29,530
4.5%

2011
30,271
4.4%

2012
32,682
4.1%

2013
32,612
3.8%

m
36,000

2014F
32,430
3.8%

5%

30,000

4%

24,000
3%
18,000
2%
12,000
1%

6,000
0

0%

Total net sales

Fig 4: FCF progression

EBIT Margin (rhs)

2015F
33,818
3.9%

FCF
FCF/Sales (rhs)

2007
645.0
2.3%

2008
812.0
3.2%

2009
1,144.0
4.1%

2010
1,265.0
4.3%

2011
1,044.0
3.4%

2012
1,251.0
3.8%

2013
1,276.0
3.9%

m
1,500

2014F
1,100.1
3.4%

5%

1,250

4%

1,000
3%
750
2%

500
1%

250
0

0%

FCF

FCF/Sales (rhs)

Fig 5: EV/EBITDA

7.5
7.0
6.5
6.0
5.5

5.0
4.5
4.0

Historic EV/EBITDA (x)

Mid-cycle EV/EBITDA (x)

Fig 6: PE Ratio

15.0
14.0
13.0
12.0
11.0

10.0
9.0
8.0

Forward PER (x)

Mid-cycle PER (x)

2015F
1,095.5
3.2%

Start Date
9/1/2009
End date
9/1/2014
sort
a
days
a
Best Fperiod Override
bf
Period
d

AH NA equity
sort
a
days
a
Best Fperiod
fyOverride
Period
d

5.5

#NAME?

8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/29/2009
8/30/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/5/2009
9/6/2009
9/7/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/12/2009
9/13/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/19/2009
9/20/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/26/2009
9/27/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/3/2009
10/4/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
########
########
########
########
########

Historic
EV/EBITD
A (x)
BEST_CUR_EV_TO_EBITDA
Historic EV/EBITDA (x)Historic EV/EBITDA (x)
5.36
5.4
5.357
5.4
5.326
5.3
5.247
5.2
5.247
5.2
5.247
5.2
5.174
5.2
5.267
5.3
5.282
5.3
5.229
5.2
5.242
5.2
5.242
5.2
5.242
5.2
5.262
5.3
5.373
5.4
5.437
5.4
5.416
5.4
5.442
5.4
5.442
5.4
5.442
5.4
5.397
5.4
5.299
5.3
5.263
5.3
5.247
5.2
5.272
5.3
5.272
5.3
5.272
5.3
5.29
5.3
5.272
5.3
5.293
5.3
5.21
5.2
5.187
5.2
5.187
5.2
5.187
5.2
5.185
5.2
5.178
5.2
5.2
5.2
5.184
5.2
5.168
5.2
5.168
5.2
5.168
5.2
5.201
5.2
5.207
5.2
5.221
5.2
5.252
5.3
5.247
5.2
5.247
5.2
5.247
5.2
5.363
5.4
5.354
5.4
5.324
5.3

########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
11/1/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/7/2009
11/8/2009
11/9/2009
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/5/2009
12/6/2009
12/7/2009
12/8/2009
12/9/2009
########
########
########
########
########
########
########
########
########
########
########

5.362
5.478
5.478
5.478
5.51
5.348
5.475
5.434
5.444
5.444
5.444
5.434
5.522
5.544
5.527
5.447
5.447
5.447
5.51
5.493
5.5
5.717
5.649
5.649
5.649
5.67
5.665
5.686
5.723
5.744
5.744
5.744
5.712
5.736
5.7
5.668
5.672
5.672
5.672
5.745
5.694
5.756
5.686
5.679
5.679
5.679
5.702
5.803
5.833
5.878
5.929
5.929
5.929
5.951
5.823
5.727
5.797
5.729
5.729
5.729
5.733
5.755
5.774
5.814
5.827
5.827
5.827

5.4
5.5
5.5
5.5
5.5
5.3
5.5
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.4
5.4
5.4
5.5
5.5
5.5
5.7
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.7
5.7
5.7
5.8
5.8
5.9
5.9
5.9
5.9
6.0
5.8
5.7
5.8
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.8
5.8

########
########
########
########
########
########
########
########
########
########
########
1/1/2010
1/2/2010
1/3/2010
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/9/2010
1/10/2010
1/11/2010
1/12/2010
1/13/2010
1/14/2010
1/15/2010
1/16/2010
1/17/2010
1/18/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/23/2010
1/24/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
1/30/2010
1/31/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/6/2010
2/7/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/13/2010
2/14/2010
2/15/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/20/2010
2/21/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010

5.857
5.826
5.84
5.825
5.825
5.825
5.825
5.852
5.856
5.851
5.637
5.637
5.637
5.637
5.73
5.681
5.714
5.595
5.647
5.647
5.647
5.65
5.639
5.631
5.609
5.667
5.667
5.667
5.701
5.672
5.62
5.619
5.674
5.674
5.674
5.606
5.606
5.606
5.565
5.575
5.575
5.575
5.614
5.633
5.616
5.58
5.523
5.523
5.523
5.528
5.512
5.496
5.506
5.502
5.502
5.502
5.515
5.522
5.529
5.528
5.53
5.53
5.53
5.513
5.505
5.494
5.392

5.9
5.8
5.8
5.8
5.8
5.8
5.8
5.9
5.9
5.9
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.6
5.6
5.6
5.6
5.7
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.6
5.6
5.7
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4

2/26/2010
2/27/2010
2/28/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/6/2010
3/7/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/13/2010
3/14/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/20/2010
3/21/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/27/2010
3/28/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/2/2010
4/3/2010
4/4/2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/10/2010
4/11/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/17/2010
4/18/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/24/2010
4/25/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/1/2010
5/2/2010
5/3/2010

5.528
5.528
5.528
5.606
5.628
5.637
5.88
5.739
5.739
5.739
5.751
5.764
5.762
5.765
5.729
5.729
5.729
5.737
5.773
5.753
5.752
5.774
5.774
5.774
5.776
5.789
5.767
5.774
5.785
5.785
5.785
5.769
5.797
6.002
6.015
6.015
6.015
6.015
6.015
6.096
6.203
6.178
6.211
6.211
6.211
6.218
6.239
6.312
6.091
6.08
6.08
6.08
6.104
6.066
6.121
6.151
6.175
6.175
6.175
6.204
6.122
6.14
6.208
6.183
6.183
6.183
6.147

5.5
5.5
5.5
5.6
5.6
5.6
5.9
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
6.0
6.0
6.0
6.0
6.0
6.0
6.1
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.3
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.2
6.1
6.1
6.2
6.2
6.2
6.2
6.1

5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/8/2010
5/9/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/15/2010
5/16/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/22/2010
5/23/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
5/29/2010
5/30/2010
5/31/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/5/2010
6/6/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/12/2010
6/13/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/19/2010
6/20/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/26/2010
6/27/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/3/2010
7/4/2010
7/5/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010

6.109
6.014
5.977
5.801
5.801
5.801
6.062
6.001
6.084
6.12
6.063
6.063
6.063
6.043
6.157
6.111
6.065
6.009
6.009
6.009
6.082
5.995
5.997
6.049
6.067
6.067
6.067
6.032
6.067
6.19
6.181
6.11
6.11
6.11
6.098
6.069
6.206
6.181
6.052
6.052
6.052
5.975
5.963
5.947
6.011
6.005
6.005
6.005
5.963
5.989
5.892
5.85
5.828
5.828
5.828
5.87
5.81
5.743
5.625
5.569
5.569
5.569
5.615
5.649
5.721
5.72
5.736

6.1
6.0
6.0
5.8
5.8
5.8
6.1
6.0
6.1
6.1
6.1
6.1
6.1
6.0
6.2
6.1
6.1
6.0
6.0
6.0
6.1
6.0
6.0
6.0
6.1
6.1
6.1
6.0
6.1
6.2
6.2
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.1
6.1
6.1
6.0
6.0
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
5.8
5.8
5.8
5.9
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7

7/10/2010
7/11/2010
7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/17/2010
7/18/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/24/2010
7/25/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
7/31/2010
8/1/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/7/2010
8/8/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/14/2010
8/15/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/21/2010
8/22/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/28/2010
8/29/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/4/2010
9/5/2010
9/6/2010
9/7/2010
9/8/2010
9/9/2010
9/10/2010
9/11/2010
9/12/2010
9/13/2010
9/14/2010

5.736
5.736
5.787
5.864
5.885
5.869
5.682
5.682
5.682
5.683
5.628
5.65
5.641
5.592
5.592
5.592
5.568
5.501
5.462
5.453
5.472
5.472
5.472
5.566
5.577
5.558
5.583
5.556
5.556
5.556
5.595
5.621
5.589
5.648
5.489
5.489
5.489
5.562
5.525
5.501
5.49
5.408
5.408
5.408
5.457
5.389
5.348
5.323
5.324
5.324
5.324
5.373
5.377
5.36
5.333
5.421
5.421
5.421
5.434
5.438
5.45
5.475
5.468
5.468
5.468
5.514
5.544

5.7
5.7
5.8
5.9
5.9
5.9
5.7
5.7
5.7
5.7
5.6
5.7
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.4
5.4
5.4
5.5
5.4
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5

9/15/2010
9/16/2010
9/17/2010
9/18/2010
9/19/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/25/2010
9/26/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/2/2010
10/3/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/9/2010
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/6/2010
11/7/2010
11/8/2010
11/9/2010
########
########
########
########
########
########
########
########
########
########
########

5.512
5.5
5.536
5.536
5.536
5.702
5.672
5.617
5.616
5.66
5.66
5.66
5.644
5.659
5.599
5.506
5.435
5.435
5.435
5.377
5.367
5.342
5.366
5.343
5.343
5.343
5.389
5.367
5.373
5.388
5.354
5.354
5.354
5.38
5.458
5.458
5.487
5.496
5.496
5.496
5.492
5.479
5.523
5.546
5.556
5.556
5.556
5.566
5.59
5.552
5.513
5.47
5.47
5.47
5.477
5.459
5.532
5.541
5.533
5.533
5.533
5.547
5.614
5.597
5.422
5.347
5.347

5.5
5.5
5.5
5.5
5.5
5.7
5.7
5.6
5.6
5.7
5.7
5.7
5.6
5.7
5.6
5.5
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.4
5.3
5.3

########
########
########
########
########
########
########
########
########
########
12/1/2010
12/2/2010
12/3/2010
12/4/2010
12/5/2010
12/6/2010
12/7/2010
12/8/2010
12/9/2010
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
1/1/2011
1/2/2011
1/3/2011
1/4/2011
1/5/2011
1/6/2011
1/7/2011
1/8/2011
1/9/2011
1/10/2011
1/11/2011
1/12/2011
1/13/2011
1/14/2011
1/15/2011
1/16/2011
1/17/2011
1/18/2011
1/19/2011
1/20/2011
1/21/2011
1/22/2011
1/23/2011
1/24/2011
1/25/2011
1/26/2011

5.347
5.382
5.365
5.369
5.384
5.401
5.401
5.401
5.391
5.348
5.367
5.371
5.438
5.438
5.438
5.417
5.437
5.463
5.443
5.445
5.445
5.445
5.465
5.485
5.473
5.506
5.49
5.49
5.49
5.548
5.581
5.571
5.608
5.641
5.641
5.641
5.647
5.656
5.655
5.644
5.551
5.551
5.551
5.586
5.573
5.526
5.512
5.496
5.496
5.496
5.494
5.46
5.39
5.388
5.411
5.411
5.411
5.422
5.435
5.454
5.399
5.447
5.447
5.447
5.52
5.509
5.55

5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.5
5.6

1/27/2011
1/28/2011
1/29/2011
1/30/2011
1/31/2011
2/1/2011
2/2/2011
2/3/2011
2/4/2011
2/5/2011
2/6/2011
2/7/2011
2/8/2011
2/9/2011
2/10/2011
2/11/2011
2/12/2011
2/13/2011
2/14/2011
2/15/2011
2/16/2011
2/17/2011
2/18/2011
2/19/2011
2/20/2011
2/21/2011
2/22/2011
2/23/2011
2/24/2011
2/25/2011
2/26/2011
2/27/2011
2/28/2011
3/1/2011
3/2/2011
3/3/2011
3/4/2011
3/5/2011
3/6/2011
3/7/2011
3/8/2011
3/9/2011
3/10/2011
3/11/2011
3/12/2011
3/13/2011
3/14/2011
3/15/2011
3/16/2011
3/17/2011
3/18/2011
3/19/2011
3/20/2011
3/21/2011
3/22/2011
3/23/2011
3/24/2011
3/25/2011
3/26/2011
3/27/2011
3/28/2011
3/29/2011
3/30/2011
3/31/2011
4/1/2011
4/2/2011
4/3/2011

5.531
5.513
5.513
5.513
5.542
5.593
5.537
5.502
5.524
5.524
5.524
5.505
5.48
5.496
5.481
5.464
5.464
5.464
5.483
5.508
5.487
5.51
5.527
5.527
5.527
5.542
5.554
5.512
5.472
5.486
5.486
5.486
5.47
5.482
5.458
5.316
5.337
5.337
5.337
5.398
5.389
5.416
5.436
5.374
5.374
5.374
5.309
5.203
5.158
5.191
5.259
5.259
5.259
5.28
5.249
5.267
5.346
5.336
5.336
5.336
5.344
5.342
5.368
5.326
5.417
5.417
5.417

5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.4
5.4
5.4

4/4/2011
4/5/2011
4/6/2011
4/7/2011
4/8/2011
4/9/2011
4/10/2011
4/11/2011
4/12/2011
4/13/2011
4/14/2011
4/15/2011
4/16/2011
4/17/2011
4/18/2011
4/19/2011
4/20/2011
4/21/2011
4/22/2011
4/23/2011
4/24/2011
4/25/2011
4/26/2011
4/27/2011
4/28/2011
4/29/2011
4/30/2011
5/1/2011
5/2/2011
5/3/2011
5/4/2011
5/5/2011
5/6/2011
5/7/2011
5/8/2011
5/9/2011
5/10/2011
5/11/2011
5/12/2011
5/13/2011
5/14/2011
5/15/2011
5/16/2011
5/17/2011
5/18/2011
5/19/2011
5/20/2011
5/21/2011
5/22/2011
5/23/2011
5/24/2011
5/25/2011
5/26/2011
5/27/2011
5/28/2011
5/29/2011
5/30/2011
5/31/2011
6/1/2011
6/2/2011
6/3/2011
6/4/2011
6/5/2011
6/6/2011
6/7/2011
6/8/2011
6/9/2011

5.434
5.406
5.436
5.422
5.432
5.432
5.432
5.406
5.403
5.461
5.466
5.513
5.513
5.513
5.432
5.404
5.412
5.418
5.418
5.418
5.418
5.418
5.27
5.297
5.3
5.325
5.325
5.325
5.354
5.337
5.331
5.323
5.411
5.411
5.411
5.364
5.409
5.441
5.458
5.455
5.455
5.455
5.402
5.385
5.374
5.416
5.426
5.426
5.426
5.41
5.44
5.558
5.48
5.519
5.519
5.519
5.519
5.553
5.497
5.462
5.482
5.482
5.482
5.476
5.449
5.357
5.319

5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.6
5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.3

6/10/2011
6/11/2011
6/12/2011
6/13/2011
6/14/2011
6/15/2011
6/16/2011
6/17/2011
6/18/2011
6/19/2011
6/20/2011
6/21/2011
6/22/2011
6/23/2011
6/24/2011
6/25/2011
6/26/2011
6/27/2011
6/28/2011
6/29/2011
6/30/2011
7/1/2011
7/2/2011
7/3/2011
7/4/2011
7/5/2011
7/6/2011
7/7/2011
7/8/2011
7/9/2011
7/10/2011
7/11/2011
7/12/2011
7/13/2011
7/14/2011
7/15/2011
7/16/2011
7/17/2011
7/18/2011
7/19/2011
7/20/2011
7/21/2011
7/22/2011
7/23/2011
7/24/2011
7/25/2011
7/26/2011
7/27/2011
7/28/2011
7/29/2011
7/30/2011
7/31/2011
8/1/2011
8/2/2011
8/3/2011
8/4/2011
8/5/2011
8/6/2011
8/7/2011
8/8/2011
8/9/2011
8/10/2011
8/11/2011
8/12/2011
8/13/2011
8/14/2011
8/15/2011

5.267
5.267
5.267
5.274
5.275
5.233
5.212
5.242
5.242
5.242
5.261
5.263
5.276
5.269
5.266
5.266
5.266
5.239
5.189
5.233
5.305
5.344
5.344
5.344
5.349
5.216
5.17
5.217
5.205
5.205
5.205
5.181
5.161
5.179
5.148
5.153
5.153
5.153
4.939
4.93
4.927
4.973
5.02
5.02
5.02
4.996
4.957
4.958
5.022
4.982
4.982
4.982
4.931
4.854
4.811
4.797
4.721
4.721
4.721
4.591
4.508
4.499
4.539
4.551
4.551
4.551
4.592

5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.2
5.2
4.9
4.9
4.9
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.9
4.9
4.8
4.8
4.7
4.7
4.7
4.6
4.5
4.5
4.5
4.6
4.6
4.6
4.6

8/16/2011
8/17/2011
8/18/2011
8/19/2011
8/20/2011
8/21/2011
8/22/2011
8/23/2011
8/24/2011
8/25/2011
8/26/2011
8/27/2011
8/28/2011
8/29/2011
8/30/2011
8/31/2011
9/1/2011
9/2/2011
9/3/2011
9/4/2011
9/5/2011
9/6/2011
9/7/2011
9/8/2011
9/9/2011
9/10/2011
9/11/2011
9/12/2011
9/13/2011
9/14/2011
9/15/2011
9/16/2011
9/17/2011
9/18/2011
9/19/2011
9/20/2011
9/21/2011
9/22/2011
9/23/2011
9/24/2011
9/25/2011
9/26/2011
9/27/2011
9/28/2011
9/29/2011
9/30/2011
10/1/2011
10/2/2011
10/3/2011
10/4/2011
10/5/2011
10/6/2011
10/7/2011
10/8/2011
10/9/2011
########
########
########
########
########
########
########
########
########
########
########
########

4.601
4.632
4.513
4.377
4.377
4.377
4.432
4.432
4.523
4.296
4.385
4.385
4.385
4.415
4.413
4.499
4.536
4.507
4.507
4.507
4.445
4.433
4.525
4.619
4.596
4.596
4.596
4.541
4.542
4.545
4.593
4.68
4.68
4.68
4.62
4.704
4.682
4.535
4.518
4.518
4.518
4.561
4.682
4.724
4.844
4.952
4.952
4.952
4.966
5.017
5.014
5.027
5.039
5.039
5.039
5.089
5.024
5.079
5.071
5.173
5.173
5.173
5.137
5.146
5.198
5.184
5.244

4.6
4.6
4.5
4.4
4.4
4.4
4.4
4.4
4.5
4.3
4.4
4.4
4.4
4.4
4.4
4.5
4.5
4.5
4.5
4.5
4.4
4.4
4.5
4.6
4.6
4.6
4.6
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.6
4.7
4.7
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.8
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.1
5.1
5.2
5.2
5.2
5.1
5.1
5.2
5.2
5.2

########
########
########
########
########
########
########
########
########
########
11/1/2011
11/2/2011
11/3/2011
11/4/2011
11/5/2011
11/6/2011
11/7/2011
11/8/2011
11/9/2011
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
12/1/2011
12/2/2011
12/3/2011
12/4/2011
12/5/2011
12/6/2011
12/7/2011
12/8/2011
12/9/2011
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########

5.244
5.244
5.207
5.186
5.188
5.235
5.203
5.203
5.203
5.145
5.045
5.051
5.148
5.142
5.142
5.142
5.129
5.166
5.07
5.024
5.175
5.175
5.175
5.172
5.182
5.203
5.185
5.176
5.176
5.176
5.02
4.888
4.921
4.847
4.863
4.863
4.863
4.952
4.999
5.041
5.076
5.02
5.02
5.02
5.07
5.104
5.143
5.165
5.192
5.192
5.192
5.195
5.182
5.122
5.202
5.095
5.095
5.095
5.117
5.245
5.224
5.267
5.286
5.286
5.286
5.286
5.333

5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.0
5.1
5.1
5.1
5.1
5.1
5.1
5.2
5.1
5.0
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.0
4.9
4.9
4.8
4.9
4.9
4.9
5.0
5.0
5.0
5.1
5.0
5.0
5.0
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.1
5.1
5.1
5.1
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3

########
########
########
########
1/1/2012
1/2/2012
1/3/2012
1/4/2012
1/5/2012
1/6/2012
1/7/2012
1/8/2012
1/9/2012
1/10/2012
1/11/2012
1/12/2012
1/13/2012
1/14/2012
1/15/2012
1/16/2012
1/17/2012
1/18/2012
1/19/2012
1/20/2012
1/21/2012
1/22/2012
1/23/2012
1/24/2012
1/25/2012
1/26/2012
1/27/2012
1/28/2012
1/29/2012
1/30/2012
1/31/2012
2/1/2012
2/2/2012
2/3/2012
2/4/2012
2/5/2012
2/6/2012
2/7/2012
2/8/2012
2/9/2012
2/10/2012
2/11/2012
2/12/2012
2/13/2012
2/14/2012
2/15/2012
2/16/2012
2/17/2012
2/18/2012
2/19/2012
2/20/2012
2/21/2012
2/22/2012
2/23/2012
2/24/2012
2/25/2012
2/26/2012
2/27/2012
2/28/2012
2/29/2012
3/1/2012
3/2/2012
3/3/2012

5.358
5.4
5.485
5.485
5.485
5.465
5.518
5.447
5.431
5.432
5.432
5.432
5.442
5.475
5.46
5.26
5.298
5.298
5.298
5.343
5.363
5.405
5.334
5.422
5.422
5.422
5.407
5.367
5.354
5.347
5.324
5.324
5.324
5.295
5.295
5.332
5.327
5.396
5.396
5.396
5.368
5.409
5.445
5.516
5.496
5.496
5.496
5.534
5.543
5.55
5.642
5.675
5.675
5.675
5.688
5.704
5.63
5.537
5.329
5.329
5.329
5.383
5.408
5.376
5.321
5.257
5.257

5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.6
5.5
5.3
5.3
5.3
5.4
5.4
5.4
5.3
5.3
5.3

3/4/2012
3/5/2012
3/6/2012
3/7/2012
3/8/2012
3/9/2012
3/10/2012
3/11/2012
3/12/2012
3/13/2012
3/14/2012
3/15/2012
3/16/2012
3/17/2012
3/18/2012
3/19/2012
3/20/2012
3/21/2012
3/22/2012
3/23/2012
3/24/2012
3/25/2012
3/26/2012
3/27/2012
3/28/2012
3/29/2012
3/30/2012
3/31/2012
4/1/2012
4/2/2012
4/3/2012
4/4/2012
4/5/2012
4/6/2012
4/7/2012
4/8/2012
4/9/2012
4/10/2012
4/11/2012
4/12/2012
4/13/2012
4/14/2012
4/15/2012
4/16/2012
4/17/2012
4/18/2012
4/19/2012
4/20/2012
4/21/2012
4/22/2012
4/23/2012
4/24/2012
4/25/2012
4/26/2012
4/27/2012
4/28/2012
4/29/2012
4/30/2012
5/1/2012
5/2/2012
5/3/2012
5/4/2012
5/5/2012
5/6/2012
5/7/2012
5/8/2012
5/9/2012

5.257
5.258
5.238
5.248
5.238
5.286
5.286
5.286
5.336
5.422
5.411
5.422
5.442
5.442
5.442
5.391
5.437
5.455
5.419
5.425
5.425
5.425
5.46
5.411
5.408
5.35
5.62
5.62
5.62
5.706
5.686
5.596
5.557
5.557
5.557
5.557
5.557
5.513
5.565
5.569
5.544
5.544
5.544
5.57
5.681
5.622
5.369
5.298
5.298
5.298
5.247
5.139
5.144
5.18
5.25
5.25
5.25
5.228
5.228
5.267
5.218
5.228
5.228
5.228
5.259
5.244
5.289

5.3
5.3
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.6
5.6
5.6
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.6
5.6
5.5
5.5
5.5
5.6
5.7
5.6
5.4
5.3
5.3
5.3
5.2
5.1
5.1
5.2
5.3
5.3
5.3
5.2
5.2
5.3
5.2
5.2
5.2
5.2
5.3
5.2
5.3

5/10/2012
5/11/2012
5/12/2012
5/13/2012
5/14/2012
5/15/2012
5/16/2012
5/17/2012
5/18/2012
5/19/2012
5/20/2012
5/21/2012
5/22/2012
5/23/2012
5/24/2012
5/25/2012
5/26/2012
5/27/2012
5/28/2012
5/29/2012
5/30/2012
5/31/2012
6/1/2012
6/2/2012
6/3/2012
6/4/2012
6/5/2012
6/6/2012
6/7/2012
6/8/2012
6/9/2012
6/10/2012
6/11/2012
6/12/2012
6/13/2012
6/14/2012
6/15/2012
6/16/2012
6/17/2012
6/18/2012
6/19/2012
6/20/2012
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012
6/26/2012
6/27/2012
6/28/2012
6/29/2012
6/30/2012
7/1/2012
7/2/2012
7/3/2012
7/4/2012
7/5/2012
7/6/2012
7/7/2012
7/8/2012
7/9/2012
7/10/2012
7/11/2012
7/12/2012
7/13/2012
7/14/2012
7/15/2012

5.271
5.304
5.304
5.304
5.133
5.128
5.128
5.111
5.129
5.129
5.129
5.138
5.118
5.135
5.154
5.243
5.243
5.243
5.197
5.192
5.148
5.155
5.134
5.134
5.134
5.088
5.198
5.001
4.946
4.972
4.972
4.972
4.948
4.977
4.938
4.956
4.984
4.984
4.984
4.983
5.038
4.967
5.036
5.057
5.057
5.057
5.062
5.085
5.172
5.219
5.41
5.41
5.41
5.423
5.434
5.377
5.399
5.364
5.364
5.364
5.348
5.363
5.189
5.106
5.137
5.137
5.137

5.3
5.3
5.3
5.3
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.1
5.1
5.1
5.1
5.2
5.0
4.9
5.0
5.0
5.0
4.9
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.1
5.1
5.1
5.1
5.2
5.2
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.2
5.1
5.1
5.1
5.1

7/16/2012
7/17/2012
7/18/2012
7/19/2012
7/20/2012
7/21/2012
7/22/2012
7/23/2012
7/24/2012
7/25/2012
7/26/2012
7/27/2012
7/28/2012
7/29/2012
7/30/2012
7/31/2012
8/1/2012
8/2/2012
8/3/2012
8/4/2012
8/5/2012
8/6/2012
8/7/2012
8/8/2012
8/9/2012
8/10/2012
8/11/2012
8/12/2012
8/13/2012
8/14/2012
8/15/2012
8/16/2012
8/17/2012
8/18/2012
8/19/2012
8/20/2012
8/21/2012
8/22/2012
8/23/2012
8/24/2012
8/25/2012
8/26/2012
8/27/2012
8/28/2012
8/29/2012
8/30/2012
8/31/2012
9/1/2012
9/2/2012
9/3/2012
9/4/2012
9/5/2012
9/6/2012
9/7/2012
9/8/2012
9/9/2012
9/10/2012
9/11/2012
9/12/2012
9/13/2012
9/14/2012
9/15/2012
9/16/2012
9/17/2012
9/18/2012
9/19/2012
9/20/2012

5.187
5.181
5.22
5.237
5.145
5.145
5.145
5.037
5.064
5.04
5.122
5.169
5.169
5.169
5.223
5.242
5.217
5.211
5.249
5.249
5.249
5.303
5.345
5.362
5.347
5.352
5.352
5.352
5.373
5.408
5.449
5.483
5.511
5.511
5.511
5.463
5.492
5.458
5.301
5.337
5.337
5.337
5.354
5.249
5.285
5.257
5.205
5.205
5.205
5.227
5.338
5.337
5.396
5.375
5.375
5.375
5.345
5.352
5.317
5.294
5.256
5.256
5.256
5.208
5.276
5.281
5.294

5.2
5.2
5.2
5.2
5.1
5.1
5.1
5.0
5.1
5.0
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.3
5.3
5.3
5.3
5.4
5.2
5.3
5.3
5.2
5.2
5.2
5.2
5.3
5.3
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.3
5.3
5.3
5.3
5.2
5.3
5.3
5.3

9/21/2012
9/22/2012
9/23/2012
9/24/2012
9/25/2012
9/26/2012
9/27/2012
9/28/2012
9/29/2012
9/30/2012
10/1/2012
10/2/2012
10/3/2012
10/4/2012
10/5/2012
10/6/2012
10/7/2012
10/8/2012
10/9/2012
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
11/1/2012
11/2/2012
11/3/2012
11/4/2012
11/5/2012
11/6/2012
11/7/2012
11/8/2012
11/9/2012
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########

5.282
5.282
5.282
5.277
5.304
5.253
5.231
5.21
5.21
5.21
5.205
5.236
5.262
5.247
5.254
5.254
5.254
5.242
5.205
5.177
5.169
5.153
5.153
5.153
5.166
5.169
5.181
5.161
5.189
5.189
5.189
5.174
5.113
5.105
5.134
5.206
5.206
5.206
5.202
5.205
5.246
5.224
5.216
5.216
5.216
5.221
5.248
5.269
5.216
5.207
5.207
5.207
5.192
5.164
5.127
5.043
5.003
5.003
5.003
5.049
4.998
4.99
5.073
5.183
5.183
5.183
5.206

5.3
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.2
5.2
5.2
5.2

########
########
########
########
12/1/2012
12/2/2012
12/3/2012
12/4/2012
12/5/2012
12/6/2012
12/7/2012
12/8/2012
12/9/2012
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
1/1/2013
1/2/2013
1/3/2013
1/4/2013
1/5/2013
1/6/2013
1/7/2013
1/8/2013
1/9/2013
1/10/2013
1/11/2013
1/12/2013
1/13/2013
1/14/2013
1/15/2013
1/16/2013
1/17/2013
1/18/2013
1/19/2013
1/20/2013
1/21/2013
1/22/2013
1/23/2013
1/24/2013
1/25/2013
1/26/2013
1/27/2013
1/28/2013
1/29/2013
1/30/2013
1/31/2013
2/1/2013

5.228
5.244
5.247
5.249
5.249
5.249
5.255
5.295
5.344
5.397
5.43
5.43
5.43
5.427
5.447
5.437
5.445
5.443
5.443
5.443
5.457
5.504
5.485
5.477
5.458
5.458
5.458
5.471
5.471
5.471
5.438
5.419
5.419
5.419
5.271
5.271
5.35
5.349
5.415
5.415
5.415
5.455
5.428
5.403
5.464
5.511
5.511
5.511
5.519
5.507
5.476
5.518
5.599
5.599
5.599
5.591
5.574
5.55
5.597
5.662
5.662
5.662
5.682
5.679
5.673
5.624
5.666

5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.3
5.3
5.4
5.3
5.4
5.4
5.4
5.5
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.6
5.7

2/2/2013
2/3/2013
2/4/2013
2/5/2013
2/6/2013
2/7/2013
2/8/2013
2/9/2013
2/10/2013
2/11/2013
2/12/2013
2/13/2013
2/14/2013
2/15/2013
2/16/2013
2/17/2013
2/18/2013
2/19/2013
2/20/2013
2/21/2013
2/22/2013
2/23/2013
2/24/2013
2/25/2013
2/26/2013
2/27/2013
2/28/2013
3/1/2013
3/2/2013
3/3/2013
3/4/2013
3/5/2013
3/6/2013
3/7/2013
3/8/2013
3/9/2013
3/10/2013
3/11/2013
3/12/2013
3/13/2013
3/14/2013
3/15/2013
3/16/2013
3/17/2013
3/18/2013
3/19/2013
3/20/2013
3/21/2013
3/22/2013
3/23/2013
3/24/2013
3/25/2013
3/26/2013
3/27/2013
3/28/2013
3/29/2013
3/30/2013
3/31/2013
4/1/2013
4/2/2013
4/3/2013
4/4/2013
4/5/2013
4/6/2013
4/7/2013
4/8/2013
4/9/2013

5.666
5.666
5.567
5.555
5.525
5.492
5.521
5.521
5.521
5.71
5.729
5.663
5.673
5.675
5.675
5.675
5.668
5.726
5.77
5.719
5.735
5.735
5.735
5.75
5.683
5.67
5.628
5.629
5.629
5.629
5.65
5.664
5.69
5.649
5.717
5.717
5.717
5.851
5.907
5.908
6.009
5.974
5.974
5.974
5.981
6.023
6.061
6.148
6.133
6.133
6.133
6.135
6.152
6.11
5.27
5.27
5.27
5.27
5.27
5.342
5.415
5.347
5.191
5.191
5.191
5.237
5.218

5.7
5.7
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.6
5.7
5.7
5.7
5.9
5.9
5.9
6.0
6.0
6.0
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.1
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.2
5.2
5.2
5.2
5.2

4/10/2013
4/11/2013
4/12/2013
4/13/2013
4/14/2013
4/15/2013
4/16/2013
4/17/2013
4/18/2013
4/19/2013
4/20/2013
4/21/2013
4/22/2013
4/23/2013
4/24/2013
4/25/2013
4/26/2013
4/27/2013
4/28/2013
4/29/2013
4/30/2013
5/1/2013
5/2/2013
5/3/2013
5/4/2013
5/5/2013
5/6/2013
5/7/2013
5/8/2013
5/9/2013
5/10/2013
5/11/2013
5/12/2013
5/13/2013
5/14/2013
5/15/2013
5/16/2013
5/17/2013
5/18/2013
5/19/2013
5/20/2013
5/21/2013
5/22/2013
5/23/2013
5/24/2013
5/25/2013
5/26/2013
5/27/2013
5/28/2013
5/29/2013
5/30/2013
5/31/2013
6/1/2013
6/2/2013
6/3/2013
6/4/2013
6/5/2013
6/6/2013
6/7/2013
6/8/2013
6/9/2013
6/10/2013
6/11/2013
6/12/2013
6/13/2013
6/14/2013
6/15/2013

5.303
5.302
5.308
5.308
5.308
5.361
5.34
5.197
5.142
4.993
4.993
4.993
5.106
5.252
5.246
5.218
5.272
5.272
5.272
5.339
5.274
5.274
5.282
5.35
5.35
5.35
5.403
5.371
5.473
5.389
5.427
5.427
5.427
5.403
5.386
5.459
5.44
5.498
5.498
5.498
5.51
5.534
5.744
5.613
5.589
5.589
5.589
5.619
5.703
5.562
5.584
5.482
5.482
5.482
5.511
5.334
5.127
5.16
5.195
5.195
5.195
5.228
5.214
5.182
5.145
5.167
5.167

5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.2
5.1
5.0
5.0
5.0
5.1
5.3
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.5
5.5
5.5
5.5
5.5
5.7
5.6
5.6
5.6
5.6
5.6
5.7
5.6
5.6
5.5
5.5
5.5
5.5
5.3
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.2

6/16/2013
6/17/2013
6/18/2013
6/19/2013
6/20/2013
6/21/2013
6/22/2013
6/23/2013
6/24/2013
6/25/2013
6/26/2013
6/27/2013
6/28/2013
6/29/2013
6/30/2013
7/1/2013
7/2/2013
7/3/2013
7/4/2013
7/5/2013
7/6/2013
7/7/2013
7/8/2013
7/9/2013
7/10/2013
7/11/2013
7/12/2013
7/13/2013
7/14/2013
7/15/2013
7/16/2013
7/17/2013
7/18/2013
7/19/2013
7/20/2013
7/21/2013
7/22/2013
7/23/2013
7/24/2013
7/25/2013
7/26/2013
7/27/2013
7/28/2013
7/29/2013
7/30/2013
7/31/2013
8/1/2013
8/2/2013
8/3/2013
8/4/2013
8/5/2013
8/6/2013
8/7/2013
8/8/2013
8/9/2013
8/10/2013
8/11/2013
8/12/2013
8/13/2013
8/14/2013
8/15/2013
8/16/2013
8/17/2013
8/18/2013
8/19/2013
8/20/2013
8/21/2013

5.167
5.265
5.285
5.296
5.101
4.999
4.999
4.999
4.924
5.01
5.041
5.056
4.993
4.993
4.993
5.028
5.066
5.038
5.22
5.222
5.222
5.222
5.278
5.356
5.43
5.398
5.415
5.415
5.415
5.448
5.451
5.471
5.551
5.594
5.594
5.594
5.571
5.489
5.542
5.471
5.373
5.373
5.373
5.345
5.408
5.402
5.433
5.497
5.497
5.497
5.485
5.453
5.416
5.5
5.554
5.554
5.554
5.503
5.561
5.536
5.382
5.381
5.381
5.381
5.429
5.305
5.317

5.2
5.3
5.3
5.3
5.1
5.0
5.0
5.0
4.9
5.0
5.0
5.1
5.0
5.0
5.0
5.0
5.1
5.0
5.2
5.2
5.2
5.2
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.6
5.6
5.6
5.5
5.6
5.5
5.4
5.4
5.4
5.4
5.4
5.3
5.3

8/22/2013
8/23/2013
8/24/2013
8/25/2013
8/26/2013
8/27/2013
8/28/2013
8/29/2013
8/30/2013
8/31/2013
9/1/2013
9/2/2013
9/3/2013
9/4/2013
9/5/2013
9/6/2013
9/7/2013
9/8/2013
9/9/2013
9/10/2013
9/11/2013
9/12/2013
9/13/2013
9/14/2013
9/15/2013
9/16/2013
9/17/2013
9/18/2013
9/19/2013
9/20/2013
9/21/2013
9/22/2013
9/23/2013
9/24/2013
9/25/2013
9/26/2013
9/27/2013
9/28/2013
9/29/2013
9/30/2013
10/1/2013
10/2/2013
10/3/2013
10/4/2013
10/5/2013
10/6/2013
10/7/2013
10/8/2013
10/9/2013
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########

5.546
5.614
5.614
5.614
5.572
5.413
5.285
5.257
5.189
5.189
5.189
5.365
5.384
5.399
5.422
5.394
5.394
5.394
5.357
5.465
5.5
5.562
5.527
5.527
5.527
5.577
5.55
5.555
5.559
5.582
5.582
5.582
5.579
5.563
5.58
5.56
5.527
5.527
5.527
5.512
5.6
5.539
5.574
5.551
5.551
5.551
5.574
5.52
5.448
5.574
5.644
5.644
5.644
5.628
5.775
5.805
5.824
5.859
5.859
5.859
5.878
5.959
5.987
5.955
5.976
5.976
5.976

5.5
5.6
5.6
5.6
5.6
5.4
5.3
5.3
5.2
5.2
5.2
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.6
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.6
5.5
5.6
5.6
5.6
5.6
5.6
5.5
5.4
5.6
5.6
5.6
5.6
5.6
5.8
5.8
5.8
5.9
5.9
5.9
5.9
6.0
6.0
6.0
6.0
6.0
6.0

########
########
########
########
11/1/2013
11/2/2013
11/3/2013
11/4/2013
11/5/2013
11/6/2013
11/7/2013
11/8/2013
11/9/2013
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
12/1/2013
12/2/2013
12/3/2013
12/4/2013
12/5/2013
12/6/2013
12/7/2013
12/8/2013
12/9/2013
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
########
1/1/2014
1/2/2014

6.035
6.045
6.06
6.05
6.04
6.04
6.04
6.064
6.065
6.086
6.05
6.016
6.016
6.016
6.046
5.979
5.931
5.63
5.621
5.621
5.621
5.779
5.805
5.836
5.837
5.886
5.886
5.886
5.938
5.878
5.907
5.879
5.891
5.891
5.891
5.859
5.81
5.721
5.632
5.6
5.6
5.6
5.61
5.585
5.584
5.5
5.524
5.524
5.524
5.596
5.545
5.569
5.594
5.566
5.566
5.566
5.694
5.723
5.723
5.723
5.803
5.803
5.803
5.748
5.654
5.654
5.661

6.0
6.0
6.1
6.1
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.0
6.0
6.0
6.0
6.0
5.9
5.6
5.6
5.6
5.6
5.8
5.8
5.8
5.8
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.6
5.5
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.7
5.7
5.7
5.7

1/3/2014
1/4/2014
1/5/2014
1/6/2014
1/7/2014
1/8/2014
1/9/2014
1/10/2014
1/11/2014
1/12/2014
1/13/2014
1/14/2014
1/15/2014
1/16/2014
1/17/2014
1/18/2014
1/19/2014
1/20/2014
1/21/2014
1/22/2014
1/23/2014
1/24/2014
1/25/2014
1/26/2014
1/27/2014
1/28/2014
1/29/2014
1/30/2014
1/31/2014
2/1/2014
2/2/2014
2/3/2014
2/4/2014
2/5/2014
2/6/2014
2/7/2014
2/8/2014
2/9/2014
2/10/2014
2/11/2014
2/12/2014
2/13/2014
2/14/2014
2/15/2014
2/16/2014
2/17/2014
2/18/2014
2/19/2014
2/20/2014
2/21/2014
2/22/2014
2/23/2014
2/24/2014
2/25/2014
2/26/2014
2/27/2014
2/28/2014
3/1/2014
3/2/2014
3/3/2014
3/4/2014
3/5/2014
3/6/2014
3/7/2014
3/8/2014
3/9/2014
3/10/2014

5.676
5.676
5.676
5.698
5.719
5.7
5.653
5.684
5.684
5.684
5.717
5.771
5.734
5.607
5.564
5.564
5.564
5.637
5.609
5.554
5.631
5.529
5.529
5.529
5.481
5.445
5.442
5.432
5.42
5.42
5.42
5.507
5.469
5.505
5.599
5.585
5.585
5.585
5.591
5.687
5.72
5.697
5.739
5.739
5.739
5.809
5.83
5.846
5.855
5.847
5.847
5.847
5.896
5.903
5.833
6.084
5.95
5.95
5.95
5.915
6.086
6.129
6.19
6.109
6.109
6.109
6.062

5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.9
5.8
5.8
5.8
5.9
5.9
5.8
6.1
6.0
6.0
6.0
5.9
6.1
6.1
6.2
6.1
6.1
6.1
6.1

3/11/2014
3/12/2014
3/13/2014
3/14/2014
3/15/2014
3/16/2014
3/17/2014
3/18/2014
3/19/2014
3/20/2014
3/21/2014
3/22/2014
3/23/2014
3/24/2014
3/25/2014
3/26/2014
3/27/2014
3/28/2014
3/29/2014
3/30/2014
3/31/2014
4/1/2014
4/2/2014
4/3/2014
4/4/2014
4/5/2014
4/6/2014
4/7/2014
4/8/2014
4/9/2014
4/10/2014
4/11/2014
4/12/2014
4/13/2014
4/14/2014
4/15/2014
4/16/2014
4/17/2014
4/18/2014
4/19/2014
4/20/2014
4/21/2014
4/22/2014
4/23/2014
4/24/2014
4/25/2014
4/26/2014
4/27/2014
4/28/2014
4/29/2014
4/30/2014
5/1/2014
5/2/2014
5/3/2014
5/4/2014
5/5/2014
5/6/2014
5/7/2014
5/8/2014
5/9/2014
5/10/2014
5/11/2014
5/12/2014
5/13/2014
5/14/2014
5/15/2014
5/16/2014

5.969
5.991
5.878
5.892
5.892
5.892
5.894
5.992
6.033
6.044
6.068
6.068
6.068
6.063
6.166
6.28
6.217
5.827
5.827
5.827
6.911
6.872
6.838
6.823
6.794
6.794
6.794
6.741
6.69
6.687
6.629
6.529
6.529
6.529
6.618
6.585
6.667
6.682
6.682
6.682
6.682
6.682
6.575
6.52
6.508
6.492
6.492
6.492
6.54
6.645
6.636
6.636
6.554
6.554
6.554
6.527
6.555
6.647
6.73
6.762
6.762
6.762
6.788
6.768
6.714
6.762
6.804

6.0
6.0
5.9
5.9
5.9
5.9
5.9
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.2
6.3
6.2
5.8
5.8
5.8
6.9
6.9
6.8
6.8
6.8
6.8
6.8
6.7
6.7
6.7
6.6
6.5
6.5
6.5
6.6
6.6
6.7
6.7
6.7
6.7
6.7
6.7
6.6
6.5
6.5
6.5
6.5
6.5
6.5
6.6
6.6
6.6
6.6
6.6
6.6
6.5
6.6
6.6
6.7
6.8
6.8
6.8
6.8
6.8
6.7
6.8
6.8

5/17/2014
5/18/2014
5/19/2014
5/20/2014
5/21/2014
5/22/2014
5/23/2014
5/24/2014
5/25/2014
5/26/2014
5/27/2014
5/28/2014
5/29/2014
5/30/2014
5/31/2014
6/1/2014
6/2/2014
6/3/2014
6/4/2014
6/5/2014
6/6/2014
6/7/2014
6/8/2014
6/9/2014
6/10/2014
6/11/2014
6/12/2014
6/13/2014
6/14/2014
6/15/2014
6/16/2014
6/17/2014
6/18/2014
6/19/2014
6/20/2014
6/21/2014
6/22/2014
6/23/2014
6/24/2014
6/25/2014
6/26/2014
6/27/2014
6/28/2014
6/29/2014
6/30/2014
7/1/2014
7/2/2014
7/3/2014
7/4/2014
7/5/2014
7/6/2014
7/7/2014
7/8/2014
7/9/2014
7/10/2014
7/11/2014
7/12/2014
7/13/2014
7/14/2014
7/15/2014
7/16/2014
7/17/2014
7/18/2014
7/19/2014
7/20/2014
7/21/2014
7/22/2014

6.804
6.804
6.813
6.748
6.676
6.77
6.745
6.745
6.745
6.72
6.533
6.387
6.549
6.485
6.485
6.485
6.534
6.495
6.477
6.462
6.51
6.51
6.51
6.555
6.594
6.571
6.563
6.569
6.569
6.569
6.502
6.601
6.594
6.634
6.696
6.696
6.696
6.693
6.145
6.156
6.125
6.132
6.132
6.132
6.131
6.131
6.13
6.129
6.129
6.129
6.129
6.128
6.127
6.127
6.126
6.125
6.125
6.125
6.124
6.129
6.128
6.127
6.127
6.127
6.127
6.126
6.126

6.8
6.8
6.8
6.7
6.7
6.8
6.7
6.7
6.7
6.7
6.5
6.4
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.5
6.6
6.6
6.6
6.7
6.7
6.7
6.7
6.1
6.2
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1

7/23/2014
7/24/2014
7/25/2014
7/26/2014
7/27/2014
7/28/2014
7/29/2014
7/30/2014
7/31/2014
8/1/2014
8/2/2014
8/3/2014
8/4/2014
8/5/2014
8/6/2014
8/7/2014
8/8/2014
8/9/2014
8/10/2014
8/11/2014
8/12/2014
8/13/2014
8/14/2014
8/15/2014
8/16/2014
8/17/2014
8/18/2014
8/19/2014
8/20/2014
8/21/2014
8/22/2014
8/23/2014
8/24/2014
8/25/2014

6.136
6.135
6.134
6.134
6.134
6.134
6.133
6.132
6.132
6.131
6.131
6.131
6.152
6.151
6.151
6.15
6.149
6.149
6.149
6.149
6.148
6.147
6.145
6.149
6.149
6.149
6.151
6.162
6.161
6.169
6.177
6.177
6.177
6.177

6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.2

2016F
34,703
4.0%

2016F
1,135.3
3.3%

12m forward EPS - rhs ()

trail_12m_eps
Mid-cycle EV/EBITDA (x)
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
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5.5
5.5
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5.5
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5.5
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5.5
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5.5
5.5
5.5
5.5

5.5
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5.5
5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
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5.5
5.5
5.5
5.5
5.5
5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
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5.5
5.5
5.5
5.5
5.5
5.5
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5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
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5.5
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5.5
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5.5
5.5
5.5
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5.5
5.5
5.5
5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
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5.5
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5.5
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5.5
5.5
5.5
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5.5
5.5
5.5
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5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

11

#NAME?

8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/29/2009
8/30/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/5/2009
9/6/2009
9/7/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/12/2009
9/13/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/19/2009
9/20/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/26/2009
9/27/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/3/2009
10/4/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/10/2009
10/11/2009
10/12/2009
10/13/2009
10/14/2009

Historic
EV/EBITDA
(x)
best_pe_ratio
Forward PER (x)
10.72
10.708
10.634
10.456
10.456
10.456
10.286
10.502
10.535
10.413
10.476
10.476
10.476
10.518
10.742
10.885
10.838
10.897
10.897
10.897
10.803
10.578
10.493
10.456
10.511
10.511
10.511
10.549
10.5
10.544
10.354
10.302
10.302
10.302
10.294
10.277
10.248
10.254
10.222
10.222
10.222
10.294
10.306
10.334
10.403
10.391
10.391
10.391
10.657
10.635
10.566

12m forward EPS - rhs ()

trail_12m_eps
Forward PER (x)
Mid-cycle PER (x)
10.7
10.6
10.7
10.6
10.6
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.3
10.6
10.5
10.6
10.5
10.6
10.4
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.7
10.6
10.9
10.6
10.8
10.6
10.9
10.6
10.9
10.6
10.9
10.6
10.8
10.6
10.6
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.4
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.2
10.6
10.3
10.6
10.2
10.6
10.2
10.6
10.2
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.4
10.6
10.4
10.6
10.4
10.6
10.4
10.6
10.7
10.6
10.6
10.6
10.6
10.6

10/15/2009
10/16/2009
10/17/2009
10/18/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009
10/23/2009
10/24/2009
10/25/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
10/31/2009
11/1/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/7/2009
11/8/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
11/13/2009
11/14/2009
11/15/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/21/2009
11/22/2009
11/23/2009
11/24/2009
11/25/2009
11/26/2009
11/27/2009
11/28/2009
11/29/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/5/2009
12/6/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/12/2009
12/13/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/19/2009
12/20/2009

10.65
10.925
10.925
10.925
10.995
10.626
10.896
10.798
10.839
10.839
10.839
10.815
11.026
11.065
11.022
10.841
10.841
10.841
10.981
10.93
10.982
11.462
11.307
11.307
11.307
11.342
11.323
11.369
11.441
11.486
11.486
11.486
11.387
11.439
11.333
11.22
11.234
11.234
11.234
11.402
11.31
11.44
11.283
11.261
11.261
11.261
11.297
11.522
11.599
11.69
11.804
11.804
11.804
11.851
11.563
11.349
11.49
11.352
11.352
11.352
11.348
11.398
11.44
11.543
11.572
11.572
11.572

10.7
10.9
10.9
10.9
11.0
10.6
10.9
10.8
10.8
10.8
10.8
10.8
11.0
11.1
11.0
10.8
10.8
10.8
11.0
10.9
11.0
11.5
11.3
11.3
11.3
11.3
11.3
11.4
11.4
11.5
11.5
11.5
11.4
11.4
11.3
11.2
11.2
11.2
11.2
11.4
11.3
11.4
11.3
11.3
11.3
11.3
11.3
11.5
11.6
11.7
11.8
11.8
11.8
11.9
11.6
11.3
11.5
11.4
11.4
11.4
11.3
11.4
11.4
11.5
11.6
11.6
11.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

12/21/2009
12/22/2009
12/23/2009
12/24/2009
12/25/2009
12/26/2009
12/27/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/1/2010
1/2/2010
1/3/2010
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/9/2010
1/10/2010
1/11/2010
1/12/2010
1/13/2010
1/14/2010
1/15/2010
1/16/2010
1/17/2010
1/18/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/23/2010
1/24/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
1/30/2010
1/31/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/6/2010
2/7/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/13/2010
2/14/2010
2/15/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/20/2010
2/21/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010

11.64
11.571
11.601
11.602
11.6
11.6
11.6
11.66
11.669
11.657
11.651
11.651
11.651
11.651
11.855
11.723
11.785
11.483
11.614
11.614
11.614
11.632
11.618
11.59
11.428
11.539
11.539
11.539
11.57
11.502
11.385
11.4
11.539
11.539
11.539
11.379
11.368
11.36
11.282
11.317
11.317
11.317
11.386
11.453
11.413
11.332
11.187
11.187
11.187
11.192
11.171
11.133
11.153
11.1
11.1
11.1
11.106
11.097
11.109
11.105
11.155
11.155
11.155
11.1
11.08
11.039
10.812

11.6
11.6
11.6
11.6
11.6
11.6
11.6
11.7
11.7
11.7
11.7
11.7
11.7
11.7
11.9
11.7
11.8
11.5
11.6
11.6
11.6
11.6
11.6
11.6
11.4
11.5
11.5
11.5
11.6
11.5
11.4
11.4
11.5
11.5
11.5
11.4
11.4
11.4
11.3
11.3
11.3
11.3
11.4
11.5
11.4
11.3
11.2
11.2
11.2
11.2
11.2
11.1
11.2
11.1
11.1
11.1
11.1
11.1
11.1
11.1
11.2
11.2
11.2
11.1
11.1
11.0
10.8

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

2/26/2010
2/27/2010
2/28/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/6/2010
3/7/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/13/2010
3/14/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/20/2010
3/21/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/27/2010
3/28/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/2/2010
4/3/2010
4/4/2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/10/2010
4/11/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/17/2010
4/18/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/24/2010
4/25/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/1/2010
5/2/2010
5/3/2010

11.032
11.032
11.032
11.195
11.242
11.259
11.761
11.544
11.544
11.544
11.523
11.539
11.535
11.537
11.46
11.46
11.46
11.473
11.55
11.493
11.438
11.491
11.491
11.491
11.475
11.501
11.442
11.445
11.47
11.47
11.47
11.43
11.487
11.491
11.521
11.52
11.52
11.52
11.512
11.682
11.909
11.853
11.927
11.927
11.927
11.949
11.991
12.126
11.651
11.627
11.627
11.627
11.682
11.637
11.754
11.818
11.86
11.86
11.86
11.915
11.737
11.773
11.917
11.864
11.864
11.864
11.76

11.0
11.0
11.0
11.2
11.2
11.3
11.8
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.6
11.5
11.4
11.5
11.5
11.5
11.5
11.5
11.4
11.4
11.5
11.5
11.5
11.4
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.7
11.9
11.9
11.9
11.9
11.9
11.9
12.0
12.1
11.7
11.6
11.6
11.6
11.7
11.6
11.8
11.8
11.9
11.9
11.9
11.9
11.7
11.8
11.9
11.9
11.9
11.9
11.8

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/8/2010
5/9/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/15/2010
5/16/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/22/2010
5/23/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
5/29/2010
5/30/2010
5/31/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/5/2010
6/6/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/12/2010
6/13/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/19/2010
6/20/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/26/2010
6/27/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/3/2010
7/4/2010
7/5/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010

11.675
11.47
11.389
11.014
11.014
11.014
11.577
11.445
11.602
11.677
11.556
11.556
11.556
11.496
11.742
11.641
11.54
11.406
11.406
11.406
11.557
11.37
11.367
11.474
11.532
11.532
11.532
11.476
11.538
11.806
11.768
11.623
11.623
11.623
11.609
11.543
11.853
11.775
11.592
11.592
11.592
11.551
11.502
11.507
11.643
11.63
11.63
11.63
11.544
11.599
11.386
11.293
11.247
11.247
11.247
11.331
11.2
11.053
10.797
10.676
10.676
10.676
10.77
10.844
10.989
10.983
10.959

11.7
11.5
11.4
11.0
11.0
11.0
11.6
11.4
11.6
11.7
11.6
11.6
11.6
11.5
11.7
11.6
11.5
11.4
11.4
11.4
11.6
11.4
11.4
11.5
11.5
11.5
11.5
11.5
11.5
11.8
11.8
11.6
11.6
11.6
11.6
11.5
11.9
11.8
11.6
11.6
11.6
11.6
11.5
11.5
11.6
11.6
11.6
11.6
11.5
11.6
11.4
11.3
11.2
11.2
11.2
11.3
11.2
11.1
10.8
10.7
10.7
10.7
10.8
10.8
11.0
11.0
11.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/10/2010
7/11/2010
7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/17/2010
7/18/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/24/2010
7/25/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
7/31/2010
8/1/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/7/2010
8/8/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/14/2010
8/15/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/21/2010
8/22/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/28/2010
8/29/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/4/2010
9/5/2010
9/6/2010
9/7/2010
9/8/2010
9/9/2010
9/10/2010
9/11/2010
9/12/2010
9/13/2010
9/14/2010

10.959
10.959
11.047
11.204
11.215
11.177
11.028
11.028
11.028
11.026
10.894
10.937
10.921
10.815
10.815
10.815
10.746
10.597
10.512
10.488
10.529
10.529
10.529
10.736
10.757
10.714
10.762
10.701
10.701
10.701
10.779
10.828
10.748
10.87
10.536
10.536
10.536
10.687
10.703
10.656
10.603
10.426
10.426
10.426
10.543
10.396
10.308
10.256
10.25
10.25
10.25
10.349
10.354
10.317
10.263
10.462
10.462
10.462
10.502
10.507
10.559
10.607
10.596
10.596
10.596
10.685
10.746

11.0
11.0
11.0
11.2
11.2
11.2
11.0
11.0
11.0
11.0
10.9
10.9
10.9
10.8
10.8
10.8
10.7
10.6
10.5
10.5
10.5
10.5
10.5
10.7
10.8
10.7
10.8
10.7
10.7
10.7
10.8
10.8
10.7
10.9
10.5
10.5
10.5
10.7
10.7
10.7
10.6
10.4
10.4
10.4
10.5
10.4
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.3
10.3
10.5
10.5
10.5
10.5
10.5
10.6
10.6
10.6
10.6
10.6
10.7
10.7

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

9/15/2010
9/16/2010
9/17/2010
9/18/2010
9/19/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/25/2010
9/26/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/2/2010
10/3/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/9/2010
10/10/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/16/2010
10/17/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/23/2010
10/24/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
10/30/2010
10/31/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/6/2010
11/7/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/13/2010
11/14/2010
11/15/2010
11/16/2010
11/17/2010
11/18/2010
11/19/2010
11/20/2010

10.666
10.639
10.715
10.715
10.715
10.861
10.797
10.682
10.677
10.768
10.768
10.768
10.728
10.77
10.616
10.442
10.293
10.293
10.293
10.182
10.167
10.112
10.159
10.103
10.103
10.103
10.211
10.158
10.174
10.201
10.131
10.131
10.131
10.18
10.324
10.321
10.378
10.395
10.395
10.395
10.384
10.352
10.459
10.504
10.523
10.523
10.523
10.529
10.577
10.493
10.41
10.316
10.316
10.316
10.338
10.289
10.475
10.471
10.473
10.473
10.473
10.498
10.634
10.597
10.255
10.067
10.067

10.7
10.6
10.7
10.7
10.7
10.9
10.8
10.7
10.7
10.8
10.8
10.8
10.7
10.8
10.6
10.4
10.3
10.3
10.3
10.2
10.2
10.1
10.2
10.1
10.1
10.1
10.2
10.2
10.2
10.2
10.1
10.1
10.1
10.2
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.4
10.5
10.5
10.5
10.5
10.5
10.5
10.6
10.5
10.4
10.3
10.3
10.3
10.3
10.3
10.5
10.5
10.5
10.5
10.5
10.5
10.6
10.6
10.3
10.1
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

11/21/2010
11/22/2010
11/23/2010
11/24/2010
11/25/2010
11/26/2010
11/27/2010
11/28/2010
11/29/2010
11/30/2010
12/1/2010
12/2/2010
12/3/2010
12/4/2010
12/5/2010
12/6/2010
12/7/2010
12/8/2010
12/9/2010
12/10/2010
12/11/2010
12/12/2010
12/13/2010
12/14/2010
12/15/2010
12/16/2010
12/17/2010
12/18/2010
12/19/2010
12/20/2010
12/21/2010
12/22/2010
12/23/2010
12/24/2010
12/25/2010
12/26/2010
12/27/2010
12/28/2010
12/29/2010
12/30/2010
12/31/2010
1/1/2011
1/2/2011
1/3/2011
1/4/2011
1/5/2011
1/6/2011
1/7/2011
1/8/2011
1/9/2011
1/10/2011
1/11/2011
1/12/2011
1/13/2011
1/14/2011
1/15/2011
1/16/2011
1/17/2011
1/18/2011
1/19/2011
1/20/2011
1/21/2011
1/22/2011
1/23/2011
1/24/2011
1/25/2011
1/26/2011

10.067
10.12
10.083
10.087
10.096
10.131
10.131
10.131
10.107
10.016
10.052
10.059
10.194
10.194
10.194
10.178
10.216
10.268
10.224
10.225
10.225
10.225
10.265
10.302
10.275
10.337
10.3
10.3
10.3
10.418
10.483
10.46
10.533
10.598
10.598
10.598
10.609
10.626
10.621
10.594
10.562
10.562
10.562
10.629
10.599
10.5
10.491
10.436
10.436
10.436
10.427
10.351
10.208
10.199
10.228
10.228
10.228
10.256
10.282
10.32
10.241
10.334
10.334
10.334
10.479
10.456
10.539

10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.0
10.1
10.1
10.2
10.2
10.2
10.2
10.2
10.3
10.2
10.2
10.2
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.5
10.5
10.5
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.5
10.5
10.4
10.4
10.4
10.4
10.4
10.2
10.2
10.2
10.2
10.2
10.3
10.3
10.3
10.2
10.3
10.3
10.3
10.5
10.5
10.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

1/27/2011
1/28/2011
1/29/2011
1/30/2011
1/31/2011
2/1/2011
2/2/2011
2/3/2011
2/4/2011
2/5/2011
2/6/2011
2/7/2011
2/8/2011
2/9/2011
2/10/2011
2/11/2011
2/12/2011
2/13/2011
2/14/2011
2/15/2011
2/16/2011
2/17/2011
2/18/2011
2/19/2011
2/20/2011
2/21/2011
2/22/2011
2/23/2011
2/24/2011
2/25/2011
2/26/2011
2/27/2011
2/28/2011
3/1/2011
3/2/2011
3/3/2011
3/4/2011
3/5/2011
3/6/2011
3/7/2011
3/8/2011
3/9/2011
3/10/2011
3/11/2011
3/12/2011
3/13/2011
3/14/2011
3/15/2011
3/16/2011
3/17/2011
3/18/2011
3/19/2011
3/20/2011
3/21/2011
3/22/2011
3/23/2011
3/24/2011
3/25/2011
3/26/2011
3/27/2011
3/28/2011
3/29/2011
3/30/2011
3/31/2011
4/1/2011
4/2/2011
4/3/2011

10.506
10.47
10.47
10.47
10.507
10.609
10.493
10.42
10.467
10.467
10.467
10.424
10.371
10.412
10.37
10.327
10.327
10.327
10.377
10.435
10.389
10.435
10.47
10.47
10.47
10.497
10.527
10.433
10.371
10.402
10.402
10.402
10.368
10.379
10.331
10.069
10.074
10.074
10.074
10.184
10.157
10.208
10.25
10.145
10.145
10.145
10.003
9.785
9.691
9.758
9.9
9.9
9.9
9.928
9.863
9.898
10.058
10.04
10.04
10.04
10.05
10.064
10.132
10.139
10.328
10.328
10.328

10.5
10.5
10.5
10.5
10.5
10.6
10.5
10.4
10.5
10.5
10.5
10.4
10.4
10.4
10.4
10.3
10.3
10.3
10.4
10.4
10.4
10.4
10.5
10.5
10.5
10.5
10.5
10.4
10.4
10.4
10.4
10.4
10.4
10.4
10.3
10.1
10.1
10.1
10.1
10.2
10.2
10.2
10.3
10.1
10.1
10.1
10.0
9.8
9.7
9.8
9.9
9.9
9.9
9.9
9.9
9.9
10.1
10.0
10.0
10.0
10.1
10.1
10.1
10.1
10.3
10.3
10.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

4/4/2011
4/5/2011
4/6/2011
4/7/2011
4/8/2011
4/9/2011
4/10/2011
4/11/2011
4/12/2011
4/13/2011
4/14/2011
4/15/2011
4/16/2011
4/17/2011
4/18/2011
4/19/2011
4/20/2011
4/21/2011
4/22/2011
4/23/2011
4/24/2011
4/25/2011
4/26/2011
4/27/2011
4/28/2011
4/29/2011
4/30/2011
5/1/2011
5/2/2011
5/3/2011
5/4/2011
5/5/2011
5/6/2011
5/7/2011
5/8/2011
5/9/2011
5/10/2011
5/11/2011
5/12/2011
5/13/2011
5/14/2011
5/15/2011
5/16/2011
5/17/2011
5/18/2011
5/19/2011
5/20/2011
5/21/2011
5/22/2011
5/23/2011
5/24/2011
5/25/2011
5/26/2011
5/27/2011
5/28/2011
5/29/2011
5/30/2011
5/31/2011
6/1/2011
6/2/2011
6/3/2011
6/4/2011
6/5/2011
6/6/2011
6/7/2011
6/8/2011
6/9/2011

10.354
10.293
10.351
10.323
10.346
10.346
10.346
10.27
10.263
10.378
10.379
10.477
10.477
10.477
10.302
10.244
10.256
10.272
10.271
10.271
10.271
10.26
9.956
10.01
10.015
10.068
10.068
10.068
10.119
10.083
10.067
10.069
10.25
10.25
10.25
10.147
10.236
10.299
10.346
10.342
10.342
10.342
10.227
10.19
10.164
10.265
10.289
10.289
10.289
10.25
10.29
10.522
10.361
10.442
10.442
10.442
10.436
10.49
10.385
10.313
10.354
10.354
10.354
10.332
10.308
10.084
10.005

10.4
10.3
10.4
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.4
10.5
10.5
10.5
10.3
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.0
10.0
10.0
10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.3
10.3
10.3
10.1
10.2
10.3
10.3
10.3
10.3
10.3
10.2
10.2
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.5
10.4
10.4
10.4
10.4
10.4
10.5
10.4
10.3
10.4
10.4
10.4
10.3
10.3
10.1
10.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

6/10/2011
6/11/2011
6/12/2011
6/13/2011
6/14/2011
6/15/2011
6/16/2011
6/17/2011
6/18/2011
6/19/2011
6/20/2011
6/21/2011
6/22/2011
6/23/2011
6/24/2011
6/25/2011
6/26/2011
6/27/2011
6/28/2011
6/29/2011
6/30/2011
7/1/2011
7/2/2011
7/3/2011
7/4/2011
7/5/2011
7/6/2011
7/7/2011
7/8/2011
7/9/2011
7/10/2011
7/11/2011
7/12/2011
7/13/2011
7/14/2011
7/15/2011
7/16/2011
7/17/2011
7/18/2011
7/19/2011
7/20/2011
7/21/2011
7/22/2011
7/23/2011
7/24/2011
7/25/2011
7/26/2011
7/27/2011
7/28/2011
7/29/2011
7/30/2011
7/31/2011
8/1/2011
8/2/2011
8/3/2011
8/4/2011
8/5/2011
8/6/2011
8/7/2011
8/8/2011
8/9/2011
8/10/2011
8/11/2011
8/12/2011
8/13/2011
8/14/2011
8/15/2011

9.896
9.896
9.896
9.904
9.903
9.815
9.771
9.832
9.832
9.832
9.876
9.903
9.927
9.922
9.916
9.916
9.916
9.854
9.75
9.837
9.873
9.952
9.952
9.952
9.955
9.934
9.836
9.967
9.942
9.942
9.942
9.895
9.848
9.882
9.818
9.827
9.827
9.827
9.78
9.746
9.739
9.837
9.942
9.942
9.942
9.883
9.795
9.795
9.931
9.847
9.847
9.847
9.736
9.566
9.47
9.439
9.273
9.273
9.273
8.984
8.821
8.798
8.883
8.889
8.889
8.889
8.958

9.9
9.9
9.9
9.9
9.9
9.8
9.8
9.8
9.8
9.8
9.9
9.9
9.9
9.9
9.9
9.9
9.9
9.9
9.8
9.8
9.9
10.0
10.0
10.0
10.0
9.9
9.8
10.0
9.9
9.9
9.9
9.9
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.8
9.9
9.9
9.9
9.9
9.8
9.8
9.9
9.8
9.8
9.8
9.7
9.6
9.5
9.4
9.3
9.3
9.3
9.0
8.8
8.8
8.9
8.9
8.9
8.9
9.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

8/16/2011
8/17/2011
8/18/2011
8/19/2011
8/20/2011
8/21/2011
8/22/2011
8/23/2011
8/24/2011
8/25/2011
8/26/2011
8/27/2011
8/28/2011
8/29/2011
8/30/2011
8/31/2011
9/1/2011
9/2/2011
9/3/2011
9/4/2011
9/5/2011
9/6/2011
9/7/2011
9/8/2011
9/9/2011
9/10/2011
9/11/2011
9/12/2011
9/13/2011
9/14/2011
9/15/2011
9/16/2011
9/17/2011
9/18/2011
9/19/2011
9/20/2011
9/21/2011
9/22/2011
9/23/2011
9/24/2011
9/25/2011
9/26/2011
9/27/2011
9/28/2011
9/29/2011
9/30/2011
10/1/2011
10/2/2011
10/3/2011
10/4/2011
10/5/2011
10/6/2011
10/7/2011
10/8/2011
10/9/2011
10/10/2011
10/11/2011
10/12/2011
10/13/2011
10/14/2011
10/15/2011
10/16/2011
10/17/2011
10/18/2011
10/19/2011
10/20/2011
10/21/2011

8.975
9.045
8.795
8.504
8.504
8.504
8.618
8.623
8.817
8.337
8.493
8.493
8.493
8.559
8.549
8.721
8.8
8.737
8.737
8.737
8.598
8.57
8.765
8.966
8.936
8.936
8.936
8.815
8.815
8.819
8.921
9.112
9.112
9.112
8.98
9.158
9.108
8.792
8.755
8.755
8.755
8.844
9.102
9.189
9.445
9.494
9.494
9.494
9.54
9.608
9.599
9.643
9.668
9.668
9.668
9.782
9.642
9.763
9.743
9.955
9.955
9.955
9.831
9.84
9.948
9.918
10.086

9.0
9.0
8.8
8.5
8.5
8.5
8.6
8.6
8.8
8.3
8.5
8.5
8.5
8.6
8.5
8.7
8.8
8.7
8.7
8.7
8.6
8.6
8.8
9.0
8.9
8.9
8.9
8.8
8.8
8.8
8.9
9.1
9.1
9.1
9.0
9.2
9.1
8.8
8.8
8.8
8.8
8.8
9.1
9.2
9.4
9.5
9.5
9.5
9.5
9.6
9.6
9.6
9.7
9.7
9.7
9.8
9.6
9.8
9.7
10.0
10.0
10.0
9.8
9.8
9.9
9.9
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

10/22/2011
10/23/2011
10/24/2011
10/25/2011
10/26/2011
10/27/2011
10/28/2011
10/29/2011
10/30/2011
10/31/2011
11/1/2011
11/2/2011
11/3/2011
11/4/2011
11/5/2011
11/6/2011
11/7/2011
11/8/2011
11/9/2011
11/10/2011
11/11/2011
11/12/2011
11/13/2011
11/14/2011
11/15/2011
11/16/2011
11/17/2011
11/18/2011
11/19/2011
11/20/2011
11/21/2011
11/22/2011
11/23/2011
11/24/2011
11/25/2011
11/26/2011
11/27/2011
11/28/2011
11/29/2011
11/30/2011
12/1/2011
12/2/2011
12/3/2011
12/4/2011
12/5/2011
12/6/2011
12/7/2011
12/8/2011
12/9/2011
12/10/2011
12/11/2011
12/12/2011
12/13/2011
12/14/2011
12/15/2011
12/16/2011
12/17/2011
12/18/2011
12/19/2011
12/20/2011
12/21/2011
12/22/2011
12/23/2011
12/24/2011
12/25/2011
12/26/2011
12/27/2011

10.086
10.086
10.004
9.956
9.957
10.055
9.986
9.986
9.986
9.858
9.65
9.674
9.879
9.865
9.865
9.865
9.84
9.918
9.711
9.605
9.914
9.914
9.914
9.911
9.936
9.977
9.895
9.898
9.898
9.898
9.816
9.538
9.63
9.447
9.48
9.48
9.48
9.68
9.78
9.872
9.946
9.813
9.813
9.813
9.921
9.992
10.074
10.121
10.179
10.179
10.179
10.184
10.154
10.023
10.194
9.962
9.962
9.962
10.007
10.283
10.258
10.35
10.392
10.392
10.392
10.388
10.488

10.1
10.1
10.0
10.0
10.0
10.1
10.0
10.0
10.0
9.9
9.7
9.7
9.9
9.9
9.9
9.9
9.8
9.9
9.7
9.6
9.9
9.9
9.9
9.9
9.9
10.0
9.9
9.9
9.9
9.9
9.8
9.5
9.6
9.4
9.5
9.5
9.5
9.7
9.8
9.9
9.9
9.8
9.8
9.8
9.9
10.0
10.1
10.1
10.2
10.2
10.2
10.2
10.2
10.0
10.2
10.0
10.0
10.0
10.0
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

12/28/2011
12/29/2011
12/30/2011
12/31/2011
1/1/2012
1/2/2012
1/3/2012
1/4/2012
1/5/2012
1/6/2012
1/7/2012
1/8/2012
1/9/2012
1/10/2012
1/11/2012
1/12/2012
1/13/2012
1/14/2012
1/15/2012
1/16/2012
1/17/2012
1/18/2012
1/19/2012
1/20/2012
1/21/2012
1/22/2012
1/23/2012
1/24/2012
1/25/2012
1/26/2012
1/27/2012
1/28/2012
1/29/2012
1/30/2012
1/31/2012
2/1/2012
2/2/2012
2/3/2012
2/4/2012
2/5/2012
2/6/2012
2/7/2012
2/8/2012
2/9/2012
2/10/2012
2/11/2012
2/12/2012
2/13/2012
2/14/2012
2/15/2012
2/16/2012
2/17/2012
2/18/2012
2/19/2012
2/20/2012
2/21/2012
2/22/2012
2/23/2012
2/24/2012
2/25/2012
2/26/2012
2/27/2012
2/28/2012
2/29/2012
3/1/2012
3/2/2012
3/3/2012

10.541
10.63
10.787
10.787
10.787
10.738
10.724
10.571
10.536
10.541
10.541
10.541
10.552
10.636
10.602
10.199
10.281
10.281
10.281
10.368
10.388
10.466
10.263
10.456
10.456
10.456
10.444
10.374
10.345
10.33
10.284
10.284
10.284
10.229
10.206
10.283
10.273
10.424
10.424
10.424
10.354
10.441
10.548
10.699
10.658
10.658
10.658
10.729
10.756
10.807
11.004
11.079
11.079
11.079
11.099
11.131
10.976
10.761
10.33
10.33
10.33
10.43
10.482
10.398
10.268
10.088
10.088

10.5
10.6
10.8
10.8
10.8
10.7
10.7
10.6
10.5
10.5
10.5
10.5
10.6
10.6
10.6
10.2
10.3
10.3
10.3
10.4
10.4
10.5
10.3
10.5
10.5
10.5
10.4
10.4
10.3
10.3
10.3
10.3
10.3
10.2
10.2
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.5
10.7
10.7
10.7
10.7
10.7
10.8
10.8
11.0
11.1
11.1
11.1
11.1
11.1
11.0
10.8
10.3
10.3
10.3
10.4
10.5
10.4
10.3
10.1
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

3/4/2012
3/5/2012
3/6/2012
3/7/2012
3/8/2012
3/9/2012
3/10/2012
3/11/2012
3/12/2012
3/13/2012
3/14/2012
3/15/2012
3/16/2012
3/17/2012
3/18/2012
3/19/2012
3/20/2012
3/21/2012
3/22/2012
3/23/2012
3/24/2012
3/25/2012
3/26/2012
3/27/2012
3/28/2012
3/29/2012
3/30/2012
3/31/2012
4/1/2012
4/2/2012
4/3/2012
4/4/2012
4/5/2012
4/6/2012
4/7/2012
4/8/2012
4/9/2012
4/10/2012
4/11/2012
4/12/2012
4/13/2012
4/14/2012
4/15/2012
4/16/2012
4/17/2012
4/18/2012
4/19/2012
4/20/2012
4/21/2012
4/22/2012
4/23/2012
4/24/2012
4/25/2012
4/26/2012
4/27/2012
4/28/2012
4/29/2012
4/30/2012
5/1/2012
5/2/2012
5/3/2012
5/4/2012
5/5/2012
5/6/2012
5/7/2012
5/8/2012
5/9/2012

10.088
10.093
10.05
10.029
10.006
10.11
10.11
10.11
10.214
10.395
10.369
10.349
10.393
10.393
10.393
10.318
10.415
10.451
10.402
10.416
10.416
10.416
10.485
10.35
10.335
10.212
10.361
10.361
10.361
10.539
10.496
10.304
10.233
10.233
10.233
10.233
10.227
10.135
10.212
10.209
10.156
10.156
10.156
10.204
10.434
10.309
9.776
9.629
9.629
9.629
9.52
9.291
9.302
9.376
9.523
9.523
9.523
9.471
9.468
9.549
9.447
9.468
9.468
9.468
9.53
9.5
9.594

10.1
10.1
10.1
10.0
10.0
10.1
10.1
10.1
10.2
10.4
10.4
10.3
10.4
10.4
10.4
10.3
10.4
10.5
10.4
10.4
10.4
10.4
10.5
10.4
10.3
10.2
10.4
10.4
10.4
10.5
10.5
10.3
10.2
10.2
10.2
10.2
10.2
10.1
10.2
10.2
10.2
10.2
10.2
10.2
10.4
10.3
9.8
9.6
9.6
9.6
9.5
9.3
9.3
9.4
9.5
9.5
9.5
9.5
9.5
9.5
9.4
9.5
9.5
9.5
9.5
9.5
9.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/10/2012
5/11/2012
5/12/2012
5/13/2012
5/14/2012
5/15/2012
5/16/2012
5/17/2012
5/18/2012
5/19/2012
5/20/2012
5/21/2012
5/22/2012
5/23/2012
5/24/2012
5/25/2012
5/26/2012
5/27/2012
5/28/2012
5/29/2012
5/30/2012
5/31/2012
6/1/2012
6/2/2012
6/3/2012
6/4/2012
6/5/2012
6/6/2012
6/7/2012
6/8/2012
6/9/2012
6/10/2012
6/11/2012
6/12/2012
6/13/2012
6/14/2012
6/15/2012
6/16/2012
6/17/2012
6/18/2012
6/19/2012
6/20/2012
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012
6/26/2012
6/27/2012
6/28/2012
6/29/2012
6/30/2012
7/1/2012
7/2/2012
7/3/2012
7/4/2012
7/5/2012
7/6/2012
7/7/2012
7/8/2012
7/9/2012
7/10/2012
7/11/2012
7/12/2012
7/13/2012
7/14/2012
7/15/2012

9.555
9.623
9.623
9.623
9.271
9.258
9.258
9.22
9.259
9.259
9.259
9.276
9.266
9.305
9.343
9.53
9.53
9.53
9.43
9.42
9.285
9.3
9.258
9.258
9.258
9.106
9.321
8.936
8.826
8.879
8.879
8.879
8.827
8.895
8.813
8.848
8.907
8.907
8.907
8.907
9.02
8.872
9.016
9.061
9.061
9.061
9.068
9.116
9.283
9.38
9.529
9.529
9.529
9.555
9.576
9.457
9.501
9.431
9.431
9.431
9.394
9.425
9.416
9.232
9.3
9.3
9.3

9.6
9.6
9.6
9.6
9.3
9.3
9.3
9.2
9.3
9.3
9.3
9.3
9.3
9.3
9.3
9.5
9.5
9.5
9.4
9.4
9.3
9.3
9.3
9.3
9.3
9.1
9.3
8.9
8.8
8.9
8.9
8.9
8.8
8.9
8.8
8.8
8.9
8.9
8.9
8.9
9.0
8.9
9.0
9.1
9.1
9.1
9.1
9.1
9.3
9.4
9.5
9.5
9.5
9.6
9.6
9.5
9.5
9.4
9.4
9.4
9.4
9.4
9.4
9.2
9.3
9.3
9.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/16/2012
7/17/2012
7/18/2012
7/19/2012
7/20/2012
7/21/2012
7/22/2012
7/23/2012
7/24/2012
7/25/2012
7/26/2012
7/27/2012
7/28/2012
7/29/2012
7/30/2012
7/31/2012
8/1/2012
8/2/2012
8/3/2012
8/4/2012
8/5/2012
8/6/2012
8/7/2012
8/8/2012
8/9/2012
8/10/2012
8/11/2012
8/12/2012
8/13/2012
8/14/2012
8/15/2012
8/16/2012
8/17/2012
8/18/2012
8/19/2012
8/20/2012
8/21/2012
8/22/2012
8/23/2012
8/24/2012
8/25/2012
8/26/2012
8/27/2012
8/28/2012
8/29/2012
8/30/2012
8/31/2012
9/1/2012
9/2/2012
9/3/2012
9/4/2012
9/5/2012
9/6/2012
9/7/2012
9/8/2012
9/9/2012
9/10/2012
9/11/2012
9/12/2012
9/13/2012
9/14/2012
9/15/2012
9/16/2012
9/17/2012
9/18/2012
9/19/2012
9/20/2012

9.408
9.395
9.459
9.494
9.299
9.299
9.299
9.068
9.124
9.089
9.262
9.362
9.362
9.362
9.477
9.517
9.471
9.458
9.541
9.541
9.541
9.654
9.742
9.777
9.745
9.758
9.758
9.758
9.801
9.875
9.948
10.021
10.081
10.081
10.081
9.976
10.084
10.009
9.665
9.756
9.756
9.756
9.805
9.578
9.655
9.595
9.481
9.481
9.481
9.528
9.762
9.759
9.887
9.812
9.812
9.812
9.757
9.778
9.703
9.652
9.571
9.571
9.571
9.466
9.613
9.621
9.628

9.4
9.4
9.5
9.5
9.3
9.3
9.3
9.1
9.1
9.1
9.3
9.4
9.4
9.4
9.5
9.5
9.5
9.5
9.5
9.5
9.5
9.7
9.7
9.8
9.7
9.8
9.8
9.8
9.8
9.9
9.9
10.0
10.1
10.1
10.1
10.0
10.1
10.0
9.7
9.8
9.8
9.8
9.8
9.6
9.7
9.6
9.5
9.5
9.5
9.5
9.8
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.6
9.6
9.6
9.5
9.6
9.6
9.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

9/21/2012
9/22/2012
9/23/2012
9/24/2012
9/25/2012
9/26/2012
9/27/2012
9/28/2012
9/29/2012
9/30/2012
10/1/2012
10/2/2012
10/3/2012
10/4/2012
10/5/2012
10/6/2012
10/7/2012
10/8/2012
10/9/2012
10/10/2012
10/11/2012
10/12/2012
10/13/2012
10/14/2012
10/15/2012
10/16/2012
10/17/2012
10/18/2012
10/19/2012
10/20/2012
10/21/2012
10/22/2012
10/23/2012
10/24/2012
10/25/2012
10/26/2012
10/27/2012
10/28/2012
10/29/2012
10/30/2012
10/31/2012
11/1/2012
11/2/2012
11/3/2012
11/4/2012
11/5/2012
11/6/2012
11/7/2012
11/8/2012
11/9/2012
11/10/2012
11/11/2012
11/12/2012
11/13/2012
11/14/2012
11/15/2012
11/16/2012
11/17/2012
11/18/2012
11/19/2012
11/20/2012
11/21/2012
11/22/2012
11/23/2012
11/24/2012
11/25/2012
11/26/2012

9.602
9.602
9.602
9.58
9.633
9.523
9.476
9.368
9.368
9.368
9.355
9.421
9.476
9.444
9.421
9.421
9.421
9.394
9.314
9.255
9.238
9.192
9.192
9.192
9.217
9.223
9.27
9.23
9.29
9.29
9.29
9.258
9.128
9.11
9.174
9.328
9.328
9.328
9.319
9.325
9.412
9.364
9.348
9.348
9.348
9.354
9.37
9.414
9.297
9.307
9.307
9.307
9.284
9.225
9.156
8.968
8.864
8.864
8.864
8.962
8.853
8.834
9.02
9.221
9.221
9.221
9.268

9.6
9.6
9.6
9.6
9.6
9.5
9.5
9.4
9.4
9.4
9.4
9.4
9.5
9.4
9.4
9.4
9.4
9.4
9.3
9.3
9.2
9.2
9.2
9.2
9.2
9.2
9.3
9.2
9.3
9.3
9.3
9.3
9.1
9.1
9.2
9.3
9.3
9.3
9.3
9.3
9.4
9.4
9.3
9.3
9.3
9.4
9.4
9.4
9.3
9.3
9.3
9.3
9.3
9.2
9.2
9.0
8.9
8.9
8.9
9.0
8.9
8.8
9.0
9.2
9.2
9.2
9.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

11/27/2012
11/28/2012
11/29/2012
11/30/2012
12/1/2012
12/2/2012
12/3/2012
12/4/2012
12/5/2012
12/6/2012
12/7/2012
12/8/2012
12/9/2012
12/10/2012
12/11/2012
12/12/2012
12/13/2012
12/14/2012
12/15/2012
12/16/2012
12/17/2012
12/18/2012
12/19/2012
12/20/2012
12/21/2012
12/22/2012
12/23/2012
12/24/2012
12/25/2012
12/26/2012
12/27/2012
12/28/2012
12/29/2012
12/30/2012
12/31/2012
1/1/2013
1/2/2013
1/3/2013
1/4/2013
1/5/2013
1/6/2013
1/7/2013
1/8/2013
1/9/2013
1/10/2013
1/11/2013
1/12/2013
1/13/2013
1/14/2013
1/15/2013
1/16/2013
1/17/2013
1/18/2013
1/19/2013
1/20/2013
1/21/2013
1/22/2013
1/23/2013
1/24/2013
1/25/2013
1/26/2013
1/27/2013
1/28/2013
1/29/2013
1/30/2013
1/31/2013
2/1/2013

9.315
9.332
9.35
9.34
9.34
9.34
9.351
9.435
9.532
9.646
9.714
9.714
9.714
9.719
9.759
9.737
9.752
9.756
9.756
9.756
9.786
9.884
9.842
9.817
9.776
9.776
9.776
9.806
9.802
9.799
9.729
9.687
9.687
9.687
9.665
9.662
9.83
9.827
9.96
9.96
9.96
10.044
9.983
9.928
10.047
10.148
10.148
10.148
10.162
10.135
10.07
10.162
10.311
10.311
10.311
10.301
10.264
10.214
10.312
10.451
10.451
10.451
10.489
10.482
10.469
10.414
10.509

9.3
9.3
9.4
9.3
9.3
9.3
9.4
9.4
9.5
9.6
9.7
9.7
9.7
9.7
9.8
9.7
9.8
9.8
9.8
9.8
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.7
9.7
9.7
9.7
9.8
9.8
10.0
10.0
10.0
10.0
10.0
9.9
10.0
10.1
10.1
10.1
10.2
10.1
10.1
10.2
10.3
10.3
10.3
10.3
10.3
10.2
10.3
10.5
10.5
10.5
10.5
10.5
10.5
10.4
10.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

2/2/2013
2/3/2013
2/4/2013
2/5/2013
2/6/2013
2/7/2013
2/8/2013
2/9/2013
2/10/2013
2/11/2013
2/12/2013
2/13/2013
2/14/2013
2/15/2013
2/16/2013
2/17/2013
2/18/2013
2/19/2013
2/20/2013
2/21/2013
2/22/2013
2/23/2013
2/24/2013
2/25/2013
2/26/2013
2/27/2013
2/28/2013
3/1/2013
3/2/2013
3/3/2013
3/4/2013
3/5/2013
3/6/2013
3/7/2013
3/8/2013
3/9/2013
3/10/2013
3/11/2013
3/12/2013
3/13/2013
3/14/2013
3/15/2013
3/16/2013
3/17/2013
3/18/2013
3/19/2013
3/20/2013
3/21/2013
3/22/2013
3/23/2013
3/24/2013
3/25/2013
3/26/2013
3/27/2013
3/28/2013
3/29/2013
3/30/2013
3/31/2013
4/1/2013
4/2/2013
4/3/2013
4/4/2013
4/5/2013
4/6/2013
4/7/2013
4/8/2013
4/9/2013

10.509
10.509
10.297
10.271
10.205
10.135
10.198
10.198
10.198
10.674
10.75
10.653
10.674
10.679
10.679
10.679
10.65
10.826
10.921
10.81
10.86
10.86
10.86
10.955
10.788
10.76
10.966
10.948
10.948
10.948
11.011
11.039
11.096
11.002
11.151
11.151
11.151
11.448
11.523
11.522
11.781
11.682
11.682
11.682
11.767
11.86
12.023
12.218
12.293
12.293
12.293
12.292
12.483
12.386
12.414
12.413
12.413
12.413
12.406
12.602
12.77
12.61
12.201
12.201
12.201
12.302
12.257

10.5
10.5
10.3
10.3
10.2
10.1
10.2
10.2
10.2
10.7
10.8
10.7
10.7
10.7
10.7
10.7
10.7
10.8
10.9
10.8
10.9
10.9
10.9
11.0
10.8
10.8
11.0
10.9
10.9
10.9
11.0
11.0
11.1
11.0
11.2
11.2
11.2
11.4
11.5
11.5
11.8
11.7
11.7
11.7
11.8
11.9
12.0
12.2
12.3
12.3
12.3
12.3
12.5
12.4
12.4
12.4
12.4
12.4
12.4
12.6
12.8
12.6
12.2
12.2
12.2
12.3
12.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

4/10/2013
4/11/2013
4/12/2013
4/13/2013
4/14/2013
4/15/2013
4/16/2013
4/17/2013
4/18/2013
4/19/2013
4/20/2013
4/21/2013
4/22/2013
4/23/2013
4/24/2013
4/25/2013
4/26/2013
4/27/2013
4/28/2013
4/29/2013
4/30/2013
5/1/2013
5/2/2013
5/3/2013
5/4/2013
5/5/2013
5/6/2013
5/7/2013
5/8/2013
5/9/2013
5/10/2013
5/11/2013
5/12/2013
5/13/2013
5/14/2013
5/15/2013
5/16/2013
5/17/2013
5/18/2013
5/19/2013
5/20/2013
5/21/2013
5/22/2013
5/23/2013
5/24/2013
5/25/2013
5/26/2013
5/27/2013
5/28/2013
5/29/2013
5/30/2013
5/31/2013
6/1/2013
6/2/2013
6/3/2013
6/4/2013
6/5/2013
6/6/2013
6/7/2013
6/8/2013
6/9/2013
6/10/2013
6/11/2013
6/12/2013
6/13/2013
6/14/2013
6/15/2013

12.45
12.446
12.46
12.46
12.46
12.577
12.527
12.226
12.098
11.756
11.756
11.756
11.942
12.273
12.259
12.193
12.315
12.315
12.315
12.513
12.439
12.435
12.452
12.603
12.603
12.603
12.721
12.644
12.879
12.683
12.769
12.769
12.769
12.711
12.717
12.878
12.832
12.966
12.966
12.966
12.989
13.042
13.535
13.23
13.156
13.156
13.156
13.182
13.402
13.078
13.146
12.912
12.912
12.912
12.896
12.678
12.207
12.29
12.371
12.371
12.371
12.548
12.512
12.383
12.298
12.348
12.348

12.5
12.4
12.5
12.5
12.5
12.6
12.5
12.2
12.1
11.8
11.8
11.8
11.9
12.3
12.3
12.2
12.3
12.3
12.3
12.5
12.4
12.4
12.5
12.6
12.6
12.6
12.7
12.6
12.9
12.7
12.8
12.8
12.8
12.7
12.7
12.9
12.8
13.0
13.0
13.0
13.0
13.0
13.5
13.2
13.2
13.2
13.2
13.2
13.4
13.1
13.1
12.9
12.9
12.9
12.9
12.7
12.2
12.3
12.4
12.4
12.4
12.5
12.5
12.4
12.3
12.3
12.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

6/16/2013
6/17/2013
6/18/2013
6/19/2013
6/20/2013
6/21/2013
6/22/2013
6/23/2013
6/24/2013
6/25/2013
6/26/2013
6/27/2013
6/28/2013
6/29/2013
6/30/2013
7/1/2013
7/2/2013
7/3/2013
7/4/2013
7/5/2013
7/6/2013
7/7/2013
7/8/2013
7/9/2013
7/10/2013
7/11/2013
7/12/2013
7/13/2013
7/14/2013
7/15/2013
7/16/2013
7/17/2013
7/18/2013
7/19/2013
7/20/2013
7/21/2013
7/22/2013
7/23/2013
7/24/2013
7/25/2013
7/26/2013
7/27/2013
7/28/2013
7/29/2013
7/30/2013
7/31/2013
8/1/2013
8/2/2013
8/3/2013
8/4/2013
8/5/2013
8/6/2013
8/7/2013
8/8/2013
8/9/2013
8/10/2013
8/11/2013
8/12/2013
8/13/2013
8/14/2013
8/15/2013
8/16/2013
8/17/2013
8/18/2013
8/19/2013
8/20/2013
8/21/2013

12.348
12.57
12.611
12.64
12.182
11.943
11.943
11.943
11.761
12.014
12.082
12.113
12.11
12.11
12.11
12.185
12.269
12.199
12.621
12.623
12.623
12.623
12.726
12.904
13.071
12.991
13.029
13.029
13.029
13.098
13.102
13.142
13.324
13.367
13.367
13.367
13.304
13.11
13.228
13.042
12.814
12.814
12.814
12.743
12.882
12.865
12.931
13.085
13.085
13.085
13.049
12.97
12.881
13.071
13.191
13.191
13.191
13.068
13.196
13.137
12.811
12.806
12.806
12.806
12.911
12.593
12.617

12.3
12.6
12.6
12.6
12.2
11.9
11.9
11.9
11.8
12.0
12.1
12.1
12.1
12.1
12.1
12.2
12.3
12.2
12.6
12.6
12.6
12.6
12.7
12.9
13.1
13.0
13.0
13.0
13.0
13.1
13.1
13.1
13.3
13.4
13.4
13.4
13.3
13.1
13.2
13.0
12.8
12.8
12.8
12.7
12.9
12.9
12.9
13.1
13.1
13.1
13.0
13.0
12.9
13.1
13.2
13.2
13.2
13.1
13.2
13.1
12.8
12.8
12.8
12.8
12.9
12.6
12.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

8/22/2013
8/23/2013
8/24/2013
8/25/2013
8/26/2013
8/27/2013
8/28/2013
8/29/2013
8/30/2013
8/31/2013
9/1/2013
9/2/2013
9/3/2013
9/4/2013
9/5/2013
9/6/2013
9/7/2013
9/8/2013
9/9/2013
9/10/2013
9/11/2013
9/12/2013
9/13/2013
9/14/2013
9/15/2013
9/16/2013
9/17/2013
9/18/2013
9/19/2013
9/20/2013
9/21/2013
9/22/2013
9/23/2013
9/24/2013
9/25/2013
9/26/2013
9/27/2013
9/28/2013
9/29/2013
9/30/2013
10/1/2013
10/2/2013
10/3/2013
10/4/2013
10/5/2013
10/6/2013
10/7/2013
10/8/2013
10/9/2013
10/10/2013
10/11/2013
10/12/2013
10/13/2013
10/14/2013
10/15/2013
10/16/2013
10/17/2013
10/18/2013
10/19/2013
10/20/2013
10/21/2013
10/22/2013
10/23/2013
10/24/2013
10/25/2013
10/26/2013
10/27/2013

13.373
13.555
13.555
13.555
13.444
13.064
12.753
12.684
12.523
12.523
12.523
12.913
12.953
12.983
13.036
12.961
12.961
12.961
12.889
13.136
13.213
13.351
13.291
13.291
13.291
13.401
13.332
13.337
13.341
13.393
13.393
13.393
13.379
13.337
13.371
13.325
13.207
13.207
13.207
13.142
13.34
13.195
13.27
13.213
13.213
13.213
13.261
13.131
12.961
13.245
13.403
13.403
13.403
13.356
13.687
13.751
13.79
13.866
13.866
13.866
13.927
14.109
14.168
14.089
14.134
14.134
14.134

13.4
13.6
13.6
13.6
13.4
13.1
12.8
12.7
12.5
12.5
12.5
12.9
13.0
13.0
13.0
13.0
13.0
13.0
12.9
13.1
13.2
13.4
13.3
13.3
13.3
13.4
13.3
13.3
13.3
13.4
13.4
13.4
13.4
13.3
13.4
13.3
13.2
13.2
13.2
13.1
13.3
13.2
13.3
13.2
13.2
13.2
13.3
13.1
13.0
13.2
13.4
13.4
13.4
13.4
13.7
13.8
13.8
13.9
13.9
13.9
13.9
14.1
14.2
14.1
14.1
14.1
14.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

10/28/2013
10/29/2013
10/30/2013
10/31/2013
11/1/2013
11/2/2013
11/3/2013
11/4/2013
11/5/2013
11/6/2013
11/7/2013
11/8/2013
11/9/2013
11/10/2013
11/11/2013
11/12/2013
11/13/2013
11/14/2013
11/15/2013
11/16/2013
11/17/2013
11/18/2013
11/19/2013
11/20/2013
11/21/2013
11/22/2013
11/23/2013
11/24/2013
11/25/2013
11/26/2013
11/27/2013
11/28/2013
11/29/2013
11/30/2013
12/1/2013
12/2/2013
12/3/2013
12/4/2013
12/5/2013
12/6/2013
12/7/2013
12/8/2013
12/9/2013
12/10/2013
12/11/2013
12/12/2013
12/13/2013
12/14/2013
12/15/2013
12/16/2013
12/17/2013
12/18/2013
12/19/2013
12/20/2013
12/21/2013
12/22/2013
12/23/2013
12/24/2013
12/25/2013
12/26/2013
12/27/2013
12/28/2013
12/29/2013
12/30/2013
12/31/2013
1/1/2014
1/2/2014

14.264
14.282
14.31
14.293
14.267
14.267
14.267
14.315
14.312
14.348
14.266
14.043
14.043
14.043
14.11
13.828
13.724
12.966
12.805
12.805
12.805
13.246
13.294
13.318
13.505
13.575
13.575
13.575
13.637
13.489
13.546
13.477
13.449
13.449
13.449
13.335
13.222
13.019
12.816
12.739
12.739
12.739
12.755
12.678
12.67
12.478
12.525
12.525
12.525
12.676
12.559
12.606
12.653
12.612
12.612
12.612
12.888
12.949
12.942
12.934
13.107
13.107
13.107
12.98
12.935
12.929
12.933

14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.0
14.0
14.0
14.1
13.8
13.7
13.0
12.8
12.8
12.8
13.2
13.3
13.3
13.5
13.6
13.6
13.6
13.6
13.5
13.5
13.5
13.4
13.4
13.4
13.3
13.2
13.0
12.8
12.7
12.7
12.7
12.8
12.7
12.7
12.5
12.5
12.5
12.5
12.7
12.6
12.6
12.7
12.6
12.6
12.6
12.9
12.9
12.9
12.9
13.1
13.1
13.1
13.0
12.9
12.9
12.9

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

1/3/2014
1/4/2014
1/5/2014
1/6/2014
1/7/2014
1/8/2014
1/9/2014
1/10/2014
1/11/2014
1/12/2014
1/13/2014
1/14/2014
1/15/2014
1/16/2014
1/17/2014
1/18/2014
1/19/2014
1/20/2014
1/21/2014
1/22/2014
1/23/2014
1/24/2014
1/25/2014
1/26/2014
1/27/2014
1/28/2014
1/29/2014
1/30/2014
1/31/2014
2/1/2014
2/2/2014
2/3/2014
2/4/2014
2/5/2014
2/6/2014
2/7/2014
2/8/2014
2/9/2014
2/10/2014
2/11/2014
2/12/2014
2/13/2014
2/14/2014
2/15/2014
2/16/2014
2/17/2014
2/18/2014
2/19/2014
2/20/2014
2/21/2014
2/22/2014
2/23/2014
2/24/2014
2/25/2014
2/26/2014
2/27/2014
2/28/2014
3/1/2014
3/2/2014
3/3/2014
3/4/2014
3/5/2014
3/6/2014
3/7/2014
3/8/2014
3/9/2014
3/10/2014

12.968
12.968
12.968
13.001
13.076
13.031
12.89
12.959
12.959
12.959
12.988
13.138
13.053
12.746
12.661
12.661
12.661
12.771
12.743
12.618
12.783
12.564
12.564
12.564
12.461
12.381
12.372
12.378
12.353
12.353
12.353
12.533
12.449
12.524
12.687
12.692
12.692
12.692
12.698
12.903
12.972
12.918
13.012
13.012
13.012
13.157
13.165
13.195
13.21
13.236
13.236
13.236
13.298
13.308
13.155
13.714
13.414
13.414
13.414
13.319
13.66
13.723
13.851
13.677
13.677
13.677
13.577

13.0
13.0
13.0
13.0
13.1
13.0
12.9
13.0
13.0
13.0
13.0
13.1
13.1
12.7
12.7
12.7
12.7
12.8
12.7
12.6
12.8
12.6
12.6
12.6
12.5
12.4
12.4
12.4
12.4
12.4
12.4
12.5
12.4
12.5
12.7
12.7
12.7
12.7
12.7
12.9
13.0
12.9
13.0
13.0
13.0
13.2
13.2
13.2
13.2
13.2
13.2
13.2
13.3
13.3
13.2
13.7
13.4
13.4
13.4
13.3
13.7
13.7
13.9
13.7
13.7
13.7
13.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

3/11/2014
3/12/2014
3/13/2014
3/14/2014
3/15/2014
3/16/2014
3/17/2014
3/18/2014
3/19/2014
3/20/2014
3/21/2014
3/22/2014
3/23/2014
3/24/2014
3/25/2014
3/26/2014
3/27/2014
3/28/2014
3/29/2014
3/30/2014
3/31/2014
4/1/2014
4/2/2014
4/3/2014
4/4/2014
4/5/2014
4/6/2014
4/7/2014
4/8/2014
4/9/2014
4/10/2014
4/11/2014
4/12/2014
4/13/2014
4/14/2014
4/15/2014
4/16/2014
4/17/2014
4/18/2014
4/19/2014
4/20/2014
4/21/2014
4/22/2014
4/23/2014
4/24/2014
4/25/2014
4/26/2014
4/27/2014
4/28/2014
4/29/2014
4/30/2014
5/1/2014
5/2/2014
5/3/2014
5/4/2014
5/5/2014
5/6/2014
5/7/2014
5/8/2014
5/9/2014
5/10/2014
5/11/2014
5/12/2014
5/13/2014
5/14/2014
5/15/2014
5/16/2014

13.458
13.503
13.254
13.305
13.305
13.305
13.302
13.563
13.649
13.669
13.723
13.723
13.723
13.704
13.924
14.168
14
13.156
13.156
13.156
13.382
13.331
13.258
13.288
13.226
13.226
13.226
13.198
13.12
13.147
13.021
12.809
12.809
12.809
12.992
12.917
13.096
13.124
13.122
13.122
13.122
13.114
12.884
12.763
12.734
12.736
12.736
12.736
12.831
13.052
13.049
13.052
12.877
12.877
12.877
12.813
12.897
13.089
13.263
13.331
13.331
13.331
13.379
13.412
13.302
13.401
13.548

13.5
13.5
13.3
13.3
13.3
13.3
13.3
13.6
13.6
13.7
13.7
13.7
13.7
13.7
13.9
14.2
14.0
13.2
13.2
13.2
13.4
13.3
13.3
13.3
13.2
13.2
13.2
13.2
13.1
13.1
13.0
12.8
12.8
12.8
13.0
12.9
13.1
13.1
13.1
13.1
13.1
13.1
12.9
12.8
12.7
12.7
12.7
12.7
12.8
13.1
13.0
13.1
12.9
12.9
12.9
12.8
12.9
13.1
13.3
13.3
13.3
13.3
13.4
13.4
13.3
13.4
13.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/17/2014
5/18/2014
5/19/2014
5/20/2014
5/21/2014
5/22/2014
5/23/2014
5/24/2014
5/25/2014
5/26/2014
5/27/2014
5/28/2014
5/29/2014
5/30/2014
5/31/2014
6/1/2014
6/2/2014
6/3/2014
6/4/2014
6/5/2014
6/6/2014
6/7/2014
6/8/2014
6/9/2014
6/10/2014
6/11/2014
6/12/2014
6/13/2014
6/14/2014
6/15/2014
6/16/2014
6/17/2014
6/18/2014
6/19/2014
6/20/2014
6/21/2014
6/22/2014
6/23/2014
6/24/2014
6/25/2014
6/26/2014
6/27/2014
6/28/2014
6/29/2014
6/30/2014
7/1/2014
7/2/2014
7/3/2014
7/4/2014
7/5/2014
7/6/2014
7/7/2014
7/8/2014
7/9/2014
7/10/2014
7/11/2014
7/12/2014
7/13/2014
7/14/2014
7/15/2014
7/16/2014
7/17/2014
7/18/2014
7/19/2014
7/20/2014
7/21/2014
7/22/2014

13.548
13.548
13.59
13.447
13.297
13.549
13.495
13.495
13.495
13.434
13.028
13.069
13.559
13.416
13.416
13.416
13.585
13.493
13.458
13.427
13.565
13.565
13.565
13.706
13.809
13.671
13.675
13.687
13.687
13.687
13.53
13.748
13.726
13.854
13.994
13.994
13.994
13.98
13.948
13.972
13.889
13.907
13.907
13.907
13.964
13.912
13.997
14.077
14.089
14.089
14.089
13.882
13.728
13.859
13.604
13.525
13.525
13.525
13.627
13.6
13.889
13.705
13.669
13.669
13.669
13.568
13.476

13.5
13.5
13.6
13.4
13.3
13.5
13.5
13.5
13.5
13.4
13.0
13.1
13.6
13.4
13.4
13.4
13.6
13.5
13.5
13.4
13.6
13.6
13.6
13.7
13.8
13.7
13.7
13.7
13.7
13.7
13.5
13.7
13.7
13.9
14.0
14.0
14.0
14.0
13.9
14.0
13.9
13.9
13.9
13.9
14.0
13.9
14.0
14.1
14.1
14.1
14.1
13.9
13.7
13.9
13.6
13.5
13.5
13.5
13.6
13.6
13.9
13.7
13.7
13.7
13.7
13.6
13.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/23/2014
7/24/2014
7/25/2014
7/26/2014
7/27/2014
7/28/2014
7/29/2014
7/30/2014
7/31/2014
8/1/2014
8/2/2014
8/3/2014
8/4/2014
8/5/2014
8/6/2014
8/7/2014
8/8/2014
8/9/2014
8/10/2014
8/11/2014
8/12/2014
8/13/2014
8/14/2014
8/15/2014
8/16/2014
8/17/2014
8/18/2014
8/19/2014
8/20/2014
8/21/2014
8/22/2014
8/23/2014
8/24/2014
8/25/2014

13.583
13.521
13.37
13.37
13.37
13.361
13.426
13.329
13.262
13.086
13.086
13.086
12.988
13.023
13.002
12.95
12.779
12.779
12.779
12.848
12.867
13.1
13.147
13.321
13.321
13.321
13.377
13.543
13.379
13.326
13.209
13.209
13.209
13.209

13.6
13.5
13.4
13.4
13.4
13.4
13.4
13.3
13.3
13.1
13.1
13.1
13.0
13.0
13.0
13.0
12.8
12.8
12.8
12.8
12.9
13.1
13.1
13.3
13.3
13.3
13.4
13.5
13.4
13.3
13.2
13.2
13.2
13.2

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

0
Median
#REF!

Ahold - USA

Sales
%YoY change (rhs)

1Q11
7,592

2Q11
5,813

3Q11
5,780

4Q11
5,887

Underlying EBIT
EBIT Margin

1Q12
7,803
3%

2Q12
6,012
3%

3Q12
5,888
2%

4Q12
6,142
4%

1Q13
8,068
3%

2Q13
6,135
2%

3Q13
5,902
0%

4Q13
6,013
-2%

1Q14
8,040
0%

1Q12
328
4.2%

2Q12
267
4.4%

3Q12
239
4.1%

4Q12
262
4.3%

1Q13
330
4.1%

2Q13
256
4.2%

3Q13
237
4.0%

4Q13
243
4.0%

1Q14
311
3.9%

1Q13
3,506
7.5%

2Q13
2,703
5.6%

3Q13
2,569
1.4%

4Q13
2,716
0.7%

1Q14
3,547
1.2%

2Q14
2,706
0.1%

The Netherlands

Sales
%YoY change (rhs)

1Q12
3,262

2Q12
2,560

3Q12
2,534

4Q12
2,698

Underlying EBIT
EBIT Margin

1Q12
186
5.7%

2Q12
131
5.1%

3Q12
134
5.3%

4Q12
164
6.1%

1Q12
508

2Q12
385

3Q12
378

4Q12
366

1Q12
4
0.8%

2Q12
4
1.0%

3Q12
4
1.1%

4Q12
11
3.0%

1Q13
186
5.3%

2Q13
148
5.5%

3Q13
135
5.3%

4Q13
150
5.5%

1Q14
178
5.0%

2Q14
134
5.0%

1Q13 2Q13 3Q13

439
336
331
-13.6% -12.7% -12.3%

4Q13
338
-7.7%

1Q14
415
-5.5%

2Q14
306
-9.0%

4Q13
11
3.4%

1Q14
9
2.2%

2Q14
6
2.0%

Other Europe

Sales
%YoY change (rhs)

Underlying EBIT
EBIT Margin

1Q13
7
1.6%

2Q13
6
1.7%

3Q13
6
1.8%

Review Charts
2Q14
6,029
-2%

$m
9,000

8,068
3%
2%
6,135

7,500

4%

8,040

330

3%
5,902

6,029

6,013

6,000

2%
1%

0%

4,500

$m
400

-2%

3,000

200

0%
-1%

1,500

300

100

0%
1Q13

2Q13

3Q13
Sales

-2%
4Q13

1Q13

2Q14

8%

3,547
5.6%
2,703

-3%
1Q14

2Q13

%YoY change (rhs)

3,5067.5%

3,000

2Q14
222
3.7%

4.1%

-2%

m
4,000

256
4.2

m
200

186

7%
2,569

2,716

2,706

6%
5%

2,000

4%

148
5.5

150
5.3%
100

3%
0.1%

1.4%

1,000

2%

50

1%
0
1Q13

2Q13

3Q13
Sales

0%

0.7%
4Q13

1Q14
1.2%
%YoY change (rhs)

1Q13

m
500

439

415

400

336

331

338

306
-9.0%

300

2Q14

30%

m
10

20%

10%

2Q13

7
6

0%
4

-12.7%

200

-10%

-13.6%

-7.7%

100

-20%

-12.3%
-5.5%

-30%
1Q13

2Q13

3Q13
Sales

4Q13

1Q14

%YoY change (rhs)

2Q14

1.6%

1.7

1Q13

2Q13

2
0

311
256
4.2%

237

243

4.0%

4.0%

222

3.9%
2Q13

3Q13

4Q13

Underlying EBIT

1Q14

3.7%
2Q14

EBIT Margin

178
148
5.5%

135

150
5.5%

134

5.3%
5.0%

2Q13

3Q13

4.5%
4.4%
4.3%
4.2%
4.1%
4.0%
3.9%
3.8%
3.7%
3.6%

4Q13

Underlying EBIT

1Q14

5.0%

6%
6%
5%
5%
5%
5%
5%
5%
5%
5%
5%

2Q14

EBIT Margin

4.0%

3.5%
6

3.4%

3.0%
2.5%
2.0%

1.7%

2.2%

1.8%

2.0%

1.5%
1.0%
0.5%
0.0%

2Q13

3Q13
Underlying EBIT

4Q13

1Q14
EBIT Margin

2Q14

Sustainable 5% net sales growth

Sustainable 5% retail operating margin
Cost reduction of EUR 350m 2010-2012 + additional procurement savings
Private label USA 14%, S&S between 10-15%
S&S introduction of additional 150 SKU Simply Enjoy upscale PL in 2007

Safeway, Wegmans are at 22%

Kroger: 34% of volumes, 26% of sales in 1Q2010

September 2008, introduction of 140 SKU Guaranteed Value label in S&S/GL

Credit facility

EUR 1.2bn for 5 years with two one-year extension options (arranged in August 2007)
End 2007 only USD 438m used for letters of credit

Euribor +75bp??

Credit ratings
Moody's and S&P positive outlook - Ba1 and BB+
Debt covenants:
Net debt/EBITDA bef excep.of not to exceed 4.28:1
Unions
Stop & Shop fully unionized
Giant Landover
Giant Carlisle

2006F:2,2X 2007F:1,8X
exceptionals are included in this ratio
1Q 2011 renewal
1Q 2012 renewal
not-unionized

for 30,000 people

for 18,000 people

Corporate governance
Stichting Ahold Continuity Foundation
Can issue preference shares to block shareholder gaining controll without making bid on full group. Protecting minority shareholders
One common share=1 vote
Corporate Executive Board
CEO (Nov-2007) reappointment date 2011
CFO (Nov-2007)
Chief Corporate Governance council
Acting Executive Board Member
COO USA (Nov-2006)

John Rishton (1958) ex CFO British Airways, ex Ford, 2006 total compensation 2.3m
Kimberly Ross (1965), ex treasurer/Tax officer at Ahold, Earnst & Young
Lodewijk Hijmans van den Bergh (1963), ex De Brauw Blackstone Westbroek
Dick Boer (1957) CEO AH, ex CEO Ahold Czech Rep, ex SHV in the Netherlands
Larry Benjamin (1955), ex Nutrasweet, private equity Oak Hill capital mgt, 8yrs Kraft retail/ingredients

Supervisory Board
Chairman
Member
Member
Member
Member
New member proposed

Rene Dahan (1941) until 2008, ex Exxon Mobil. Also member at, TNT, Aegon
Karen de Segundo (1946), until 2008, ex CEO Shell int. Gas & Power
Derk Doijer (1949), until 2009, ex executive Board member SHV, Corio, Chairman Bols
Stephanie Shern (1948), until 2009, lead director at GameStop
Judith Sprieser (1953) until 2010, ex CEO Transora, ex Executive Vice president Sara lee, Board reckitt benckiser
Tom de Swaan (1945?), ex Board member (CFO 7yrs) ABN-AMRO, Supervisory member DSM, Glaxo Smith Kline

Base salary
Annual cash incentive plan (based on sales growth, EBIT margin and RONA) max 125% of base, except for Moberg (142.5% if target reached with cap of 250%)
Equity based program (incl 6,000 other managers) GRO program, shares vest after 3 and 5 years depemding on TSR
No more options
Taxes
As of Dec-08 tax-loss carry forwards of EUR 2406m. Expire between 2009-2027
EUR 902m relates to US state taxes for which a weighted avg tax rate of 5.6% applies

EUR 671 capitalized (=16%)

Blackrock
Alliance bernstein

5% stake published in Dec-2009

4.89% stake published jan-2010

Shareholders (voting rights)

ING Group
DeltaFort
Blackrock
Mondrian Investment Partners Ltd.
St Adm pref shares Ahold

Capital interestVoting rights

9.26%
4.92%
11.23%
3.82%
0.00%
4.65% Since 15 August 2011
4.27%
4.99% Since 28 Sep-12
18.38%
5.87%

Shareholders (voting rights)

ING Group
DeltaFort

Feb-09
4.9%
3.8%

Shareholders
Brandes
Capital

end 2008
4.98%
4.1%
5.62%

75.4
voting power

common shares
6-Dec-07

DeltaFort
ING Group

10.2%
6.04
5.11%
voting power
AllianceBernstein Corporation 5.01%
4.25%
reported per 27 Sep 2007
Barclays
4.54%
5.19%
reported per 13 Nov 2007
Centaurus-Paulson (source FD 26-03-06)
Remaining preferred shares have 75m voting rights
Latest shareholdings (source: AFM)
Brandes
Capital
DeltaFort
ING Group
AllianceBernstein Corporation
Barclays
Centaurus-Paulson (source FD 26-03-06)

Capital
9.25%
4.2%
11.2%
9.3%
5.01%
4.04%
6.4%
42.96%

Voting
9.25%
4.81%
3.82%
4.92%
4.25%
4.66%
6.4%
31.71%

Common shares
153,100,000
60,955,505
4,800,000
34,396,057
57,085,207
59,023,106
100,000,000
469,359,875

Aegon (2 Jan 2007)

Common shares outstanding as per

1.23
Dec-07

1.43

1,202,376
1,171,922,357

Preferred % common shares

13.1%
5.2%
167,636,082
0.4%
100,779,021
2.9%
4.9%
5.0%
8.5%
40.1%
0.1%
100.0%

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

Income Statement
Invoiced turnover
Customs duties & taxes
Changes in inventories
Own work capitalised
Other operating income
Realised losses/gains from derivative positions
Other revenues
Revenues
Cost of goods sold
Gross profit
Personnel costs
Distribution expenses
Exploration
Taxes other than income taxes
SG&A
Royalties
Government profit share
Export duty
Cost of materials
External costs
Unrealised losses/gains on derivative positions
Other costs
Total other operating costs
Operating costs
EBITDA
Depreciation of tangible assets
Amortisation of intangible assets
Depreciation & amortisation
Impairment of tangible assets
Impairment of intangibles
Impairments
EBIT
Integration costs on acquisitions
Profit (loss) on sale of tangible fixed assets
Net gain on sale of tangible fixed assets
Interest income
Interest expense
Other financial income
Net interest
Associates
FX gains (losses)
Other financial costs
Adjustment for hedging options
Value adjustment of financial assets
Net other financial income
Other pre-tax items
Pre-tax profit
Tax
Group profit
Minorities
Dividend to preference shareholders
Discontinued operations
Residual post-tax items
Other post-tax items
Net profit
Income Statement: Adj for 'Normalising' Earnings
Operational adjustments
Adjustment 2
Adjustment 3
Adjustment 4
Adjustment 5
Total EBITDA adjustments
Normalised EBITDA
Operational adjustments
Adjustment 2
Adjustment 3
Adjustment 4
Adjustment 5
Total EBIT adjustments
Normalised EBIT
Operational adjustments
Adjustment 2
Adjustment 3
Adjustment 4
Adjustment 5
Total pre-tax profit adjustments
Normalised pre-tax profit
Operational and discontinued adjustments
Adjustment 2
Adjustment 3
Adjustment 4
Adjustment 5
Total net profit adjustments
Normalised net profit
Income Statement: Additional Items & Aggregates

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m

44,496

27,826

28,152

25,648

27,925

29,530

44,496
-33,103
11,393

27,826
-19,420
8,406

28,152
-19,896
8,256

25,648
-17,888
7,760

27,925
-19,376
8,549

29,530
-20,517
9,013

-10,076

-6,592

-6,392

-5,900

-6,520

-6,892

0
-10,076
1,317
-1,069

0
-6,592
1,814
-754

0
-6,392
1,864
-730

0
-5,900
1,860
-662

0
-6,520
2,029
-732

0
-6,892
2,121
-785

-1,069

-754

-730

-662

-732

-785

0
248

0
1,060

0
1,134

0
1,198

0
1,297

0
1,336

-589
-57
-646
155

-459
-20
-479
152

-302
-6
-308
138

-234
20
-214
109

-289
5
-284
106

-270
11
-259
57

-243
205
-38
-26

733
-39
694
-16

964
-167
797
-14

1,093
-225
868
-5

1,119
-148
971

1,134
-271
863

197

218

2,148

211

-78

-10

197
133

218
896

2,148
2,931

211
1,074

-78
893

-10
853

841

-4

-8

14

50

52

841
2,158
841

-4
1,810
-4

-8
1,856
-8

14
1,874
14

50
2,079
50

52
2,173
52

841
1,089

-4
1,056

-8
1,126

14
1,212

50
1,347

52
1,388

0
-243
435

0
733
-93

0
964
-2,127

0
1,093
-211

0
1,119
78

0
1,134
10

435
568

-93
803

-2,127
804

-211
863

78
971

10
863

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

EBITA
Total EBITA adjustments
Normalised EBITA
Other pre-tax items (ING aggregate)
Net investment & financial income (ING aggregate)
Net financials (ING aggregate)
Balance Sheet
Current Assets
Cash & cash equivalents
Marketable securities
Derivative financial instruments
Retirement benefit assets
Assets held for sale
Available-for-sale investments
Current tax assets
Pre-paid expenses
Other receivables
Trade receivables
Trade & other receivables
Inventories
Other current assets
Total current assets
Non-current assets
Construction in progress
Ships, rigs, containers, etc
Other WIP
Work in progress
Derivative financial instruments
Buildings held as financial investments
Other investments available for sale
Available-for-sale investments
Deferred income tax assets
Investments
Investments in associates
PP&E
Intangible assets
Other non-current assets
Gross goodwill
Written-off goodwill
Net goodwill
Total non-current assets
Total assets
Current liabilities
Short-term debt
Notes payable
Finance lease liability
Derivative financial instruments
Advances received
Accounts payable
Other taxes payable
Current income tax payable
Reserves for future expenses
Current provisions
Liabilities to related parties
Accrued cost of services
Other liabilities
Other current liabilities
Total current liabilities
Non-current liabilities
Retirement benefit obligations
Deferred tax liability
Derivative financial instruments
Finance lease liability
Long-term debt
Convertible bonds
Preference share capital (perpetual bond)
Minority interests (non-equity)
Other debt instruments
Hybrid debt
Other long-term debt
Total other long-term debt
Other long-term liabilities
Total non-current liabilities
Total liabilities
Ordinary equity
Preferred equity treated as debt
Preferred equity treated as equity
Preferred equity
Share capital
Treasury shares
Retained earnings
Other reserves
Cumulative currency translation
Dividend for distribution
Equity
Minorities

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

curr m
curr m
curr m
curr m
curr m
curr m

curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m

248

1,060

1,134

1,198

1,297

1,336

248
0
-491
-646

1,060
0
-327
-479

1,134
0
-170
-308

1,198
0
-105
-214

1,297
0
-178
-284

1,336
0
-202
-259

2,228

1,725

3,263

2,863

3,089

2,923

123

5,167

206

179

10

26

207
2,463
2,670
2,376

139
1,118
1,257
1,399

147
948
1,095
1,263

191
744
935
1,319

84
713
797
1,209

142
772
914
1,331

7,397

9,548

5,827

5,296

5,105

5,194

0
638
456
799
7,487
536
429
2,263

0
499
431
799
6,153
354
420
238

0
370
463
869
5,390
351
422
252

0
358
495
802
5,532
347
511
251

0
429
531
1,066
5,407
365
776
254

0
410
582
1,072
5,827
389
878
373

2,263
12,608
20,005

238
8,894
18,442

252
8,117
13,944

251
8,296
13,592

254
8,828
13,933

373
9,531
14,725

917

782

1,342

579

564

216

1,779
3,206
159
5

1,547
2,193
0
32

1,225
2,240
0
126

1,174
2,284
0
101

1,183
2,137
0
141

1,290
2,323
0
243

815
815
6,881

1,487
1,487
6,041

0
0
4,933

0
0
4,138

0
0
4,025

20
20
4,092

58

73

34

115

173

177

1,298
4,867

1,218
4,162

1,032
2,658

1,025
2,260

992
1,753

1,096
1,851

0
1,520
7,743
14,624
4,651
666

0
1,181
6,634
12,675
5,199
497

0
903
4,627
9,560
3,810
497

0
881
4,281
8,419
4,676
497

0
1,053
3,971
7,996
5,440
497

0
1,102
4,226
8,318
5,910
497

666
5,317

497
5,696

497
4,307

497
5,173

497
5,937

497
6,407

5,317
64

5,696
71

4,307
77

5,173
0

5,937
0

6,407
0

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

Total equity
Total liabilities & equity
CHECK BALANCE (assets minus total liab & eq)
Balance Sheet: Additional Items (Calculated) for Ratios
Net working capital
Net debt (cash)
Balance Sheet: Aggregates
Tangible fixed assets (ING aggregate)
Intangible fixed assets (ING aggregate)
Other non-current assets (ING aggregate)
Cash & equivalents (ING aggregate)
Other current assets (ING aggregate)
Short-term debt (ING aggregate)
Other current liabilities (ING aggregate)
Long-term debt (ING aggregate)
Other long-term liabilities (ING aggregate)
Intangible assets & other non current (ING aggregate)

(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

curr m
curr m

5,381
20,005
0

5,767
18,442
0

4,384
13,944
0

5,173
13,592
0

5,937
13,933
0

6,407
14,725
0

curr m
curr m

61
5,520

-1,084
4,934

-1,107
2,266

-1,204
1,498

-1,314
717

-1,368
737

curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m

8,286
2,799
1,523
2,228
5,169
917
5,964
6,165
1,578
4,322

6,952
592
1,350
1,725
7,823
782
5,259
5,380
1,254
1,942

6,259
603
1,255
3,263
2,564
1,342
3,591
3,690
937
1,858

6,334
598
1,364
2,863
2,433
579
3,559
3,285
996
1,962

6,473
619
1,736
3,089
2,016
564
3,461
2,745
1,226
2,355

6,899
762
1,870
2,923
2,271
216
3,876
2,947
1,279
2,632

curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m
curr m

-38
1,069

694
974

797
776

868
674

971
771

863
812

1,031
-53

1,668
-45

1,573
-41

1,542
-46

1,742
-7

1,675
-14

1,089
1,036

-38
-83

520
479

385
339

342
335

498
484

-106
-106
1,961
-730
-64
1,167

25
25
1,610
-523
114
1,201

-262
-262
1,790
-445
50
1,395

9
9
1,890
-349
-147
1,394

-151
-151
1,926
-310
-34
1,582

67
67
2,226
-287
-123
1,816

-1,231
-1,231
232
-45
1,014
969
189
159
7

-1,099
-1,099
227
-178
46
-132
214
-790
0

-821
-821
102
-48
5,435
5,387
119
4,787
-4,016

-1,019
-1,019
88
-26
321
295
165
-471
0

-770
-770
22
-12
0
-12
-193
-953
0

-870
-870
32
-159
-34
-193
223
-808
-386

7
-2,911
0
-26
-26

0
-788
0
0
0

-4,016
-631
0
0
0

0
-1,148
-188
0
-188

0
-582
-212
0
-212

-386
-473
-272
0
-272

467
-2,463
-69
-1,206
0
-1,206
898
168

34
-754
0
-343
2,093
1,750
852
329

-48
-4,695
-52
1,435
1,750
3,185
1,121
676

-32
-1,368
0
-445
3,185
2,740
812
463

-4
-798
0
-169
2,863
2,694
1,144
834

-34
-1,165
0
-157
3,089
2,932
1,265
978

curr m

168

329

676

651

1,046

1,250

curr m
curr m
curr m
curr m

1,036
421
467
-2,437

-83
441
34
-754

479
221
-48
-4,695

339
253
-32
-1,180

335
-171
-4
-586

484
255
-34
-893

(Text)

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

*
*
*

m
m
m
m
m
m

1,157.8
1,554.7
1,554.7
1,554.7

1,555.5
1,653.8
1,555.7
1,653.8

1,157.8
1,212.0
1,171.9
1,212.0

1,173.9
1,237.8
1,173.9
1,237.8

1,181.0
1,243.0
1,180.0
1,243.0

1,168.0
1,230.0
1,144.8
1,230.0

curr m
curr m
curr m
curr m
curr m

5,520.00

4,934.00

2,266.00

1,498.00

717.00

737.00

12,463.00
n/a
14,041.00

11,929.00
n/a
13,183.00

9,416.00
10,672.50
10,353.00

9,037.00
9,226.50
10,033.00

9,246.00
9,141.50
10,472.00

9,570.00
9,408.00
10,849.00

Cash flow
Group profit
Cash flow depreciation & amortisation
Accrued net interest paid
Accrued taxes
Cash flow EBITDA
Book gain (loss) reversal on disposal of fixed assets
Book gain (loss) reversal on disposal of financial assets
Other operating cash items
Other non-cash items
(Increase) decrease in inventories
(Increase) decrease in trade receivables
(Increase) decrease in pre-payments
Increase (decrease) in trade payables
Other working capital adjustments
Change in working capital
Operating cash flow
Cash interest paid
Cash taxes paid
Net cash from operating activities
Purchases of intangible assets
Purchases of property, plant & equipment
Capex
Proceeds from asset disposals
Acquisition of businesses
Proceeds from selling businesses
Net acquisitions
Other investing cash flows
Cash from investing activities
Proceeds from share sales
Share buybacks
Increase (decrease) in equity
Increase (decrease) in debt
Dividends paid
Paid to minorities
Dividends & minority distribution
Preferred dividends
Other financing cash flows
Cash from financing activities
Forex & discontinued operations
Net change in cash & equivalents
Cash and cash equivalents (beginning period)
Cash and cash equivalents (period end)
FCF
Equity FCF
Cash flow : Additional Items (Calculated) for Ratios
Cash flow to finance dividend
Cash flow: Aggregates
Tax, interest & other (ING aggregate)
Other net investing cash flow (ING aggregate)
Other financing cash flow (ING aggregate)
Net financing cash flow (ING aggregate)

Valuation, Performance Metrics, Returns and Ratios

Ad-Hoc Information
Reporting standard
Number of shares
Weighted average no of shares (basic)
Weighted average no of shares (fully diluted)
Year end no of shares (basic)
Year end no of shares (diluted)
No. of preference shares
No. of ADRs
EV and capital employed
Net debt (cash)
Enterprise value
Capital employed
Average capital employed
Invested capital

YYYY
FY

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Average invested capital

Adj net capital employed
NOPLAT
Gross debt
Gross cash invested
Replacement cost
Book Value etc.
Group profit
BV
Tangible BV
Growth & Profitability
Revenue growth
Normalised EBITDA growth
Normalised EBIT growth
Reported pre-tax profit growth
Reported net profit growth
Normalised pre-tax profit growth
Normalised net profit growth
Gross margin
Reported EBITDA margin
Normalised EBITDA margin
Reported EBITA margin
Reported EBIT margin
Normalised EBIT margin
Reported net margin
Normalised net margin
Capital Efficiency & Returns
Effective cash tax rate
Reported ROA (avg assets)
Normalised ROA (avg assets)
ROACE
ROACE - WACC
ROAIC
Asset turn
Reported ROE (avg equity)
Normalised ROE (avg equity)
Liquidity
Current ratio
Quick ratio
Leverage & Solvency
Working capital as % of sales
Debt/equity
Net debt (cash)/equity
Net debt (cash)/net debt+equity
Capitalised interest in the period
EBIT interest coverage
EBITDA interest coverage
EBIT net interest coverage
EBITDA net interest coverage
Net debt (cash) to EBITDA
Cash Conversion Cycle
Payables conversion period
Inventory conversion period
Receivables conversion period
Cash conversion period
Valuation
EV/revenue
EV/normalised EBIT
EV/EBITDA
EV/normalised EBITDA
EV/gross cash invested
EV/replacement cost
EV/capital employed
EV/invested capital
PER
Normalised PER
PEG (PER to growth)
Cash PER
Price/FCFPS
Price/book
WACC
FCF yield
Equity FCF yield
Per Share data
Reported EPS
Reported EPS diluted
Normalised EPS
Normalised EPS diluted
Normalised EPS growth
EPADR
BV growth
BV/share
Cash EPS from ordinary operations
Equity FCFPS
Dividend data
Cash flow value of all dividends
Cash flow value of ordinary dividend

Act/F'cast

*
*
*
*
*
*

*
*
*
*
*

*
*
*
*
*
*
*
*

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

(A/F)

2007
FY
12/31/2007
A

2008
FY
12/31/2008
A

2009
FY
12/31/2009
A

2010
FY
12/31/2010
A

curr m
curr m
curr m
curr m
curr m
curr m

n/a
10,235.00
184.00
7,082.00

n/a
10,204.00
1,174.00
6,162.00

11,768.00
6,153.00
1,184.00
5,032.00

10,193.00
6,174.00
1,051.00
3,864.00

10,252.50
6,157.00
1,263.00
3,309.00

10,660.50
6,647.00
1,213.00
3,163.00

curr m
curr m
curr m

-38.00
4,651.00
1,852.00

694.00
5,199.00
4,607.00

797.00
3,810.00
3,207.00

867.66
4,676.00
4,078.00

971.00
5,440.00
4,821.00

863.00
5,910.00
5,148.00

(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)

n/a
n/a
n/a
n/a
n/a
n/a
n/a
25.60%
2.96%
4.85%
0.56%
0.56%
2.45%
0.30%
1.28%

-37.46%
-16.14%
-3.05%
n/a
573.68%
n/a
41.27%
30.21%
6.52%
6.50%
3.81%
3.81%
3.79%
3.22%
2.89%

1.17%
2.55%
6.65%
31.51%
227.12%
31.51%
0.14%
29.33%
6.62%
6.59%
4.03%
4.03%
4.00%
10.41%
2.86%

-8.89%
0.96%
7.67%
13.35%
-63.37%
13.35%
7.31%
30.26%
7.25%
7.30%
4.67%
4.67%
4.73%
4.19%
3.36%

8.88%
10.97%
11.14%
2.41%
-16.83%
2.41%
12.56%
30.61%
7.27%
7.45%
4.64%
4.64%
4.82%
3.20%
3.48%

5.75%
4.51%
3.02%
1.34%
-4.48%
1.34%
-11.12%
30.52%
7.18%
7.36%
4.52%
4.52%
4.70%
2.89%
2.92%

(%)
(%)
(%)
(%)
(%)
(%)
(x)
(%)
(%)

-26.34%
1.24%
5.44%
n/a
n/a
n/a
2.22
2.50%
10.69%

-15.55%
5.51%
5.49%
n/a
n/a
n/a
1.51
16.27%
14.58%

-5.19%
7.00%
6.95%
10.55%
0.85%
10.06%
2.02
58.60%
16.07%

13.45%
8.70%
8.80%
13.14%
3.44%
10.31%
1.89
22.65%
18.20%

3.04%
9.42%
9.79%
14.74%
5.04%
12.32%
2.00
16.08%
17.48%

10.85%
9.32%
9.69%
14.75%
5.05%
11.38%
2.01
13.82%
13.98%

(x)
(x)

1.07
0.73

1.58
1.35

1.18
0.93

1.28
0.96

1.27
0.97

1.27
0.94

(%)
(%)
(%)
(%)
curr m
(x)
(x)
(x)
(x)
(x)

0.14%
131.61%
102.58%
50.64%

-3.90%
106.85%
85.56%
46.11%

-3.93%
114.78%
51.69%
34.08%

-4.69%
74.70%
28.96%
22.46%

-4.71%
55.74%
12.08%
10.78%

-4.63%
49.37%
11.50%
10.32%

0.42
2.24
0.38
2.04
4.19

2.31
3.95
2.21
3.79
2.72

3.75
6.17
3.68
6.05
1.22

5.12
7.95
5.60
8.69
0.81

4.49
7.02
4.57
7.14
0.35

4.95
7.86
5.16
8.19
0.35

(days)
(days)
(days)
(days)

n/a
26.20
21.90
n/a

n/a
26.29
16.49
n/a

40.94
24.42
15.25
-1.28

46.01
26.34
14.44
-5.22

41.88
23.81
11.32
-6.75

39.44
22.59
10.57
-6.27

(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(x)
(%)
(%)
(%)

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
9.70%
n/a
n/a

curr
curr
curr
curr
(%)
curr
(%)
curr
curr
curr

n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
-26.72%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
22.73%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
16.34%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
8.64%
n/a
n/a
n/a

-26.00
0.00

0.00
0.00

0.00
0.00

-188.00
-188.00

-212.40
-212.40

-272.00
-272.00

curr m
curr m

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Dividend per share
Dividend growth
Payout ratio
Payout ratio (to cash)
Dividend cover (earnings)
Dividend cover (cash flow)
Dividend yield
Shipping Specific Ratios
EBITDA/gross profit
Seafreight volume growth
Airfreight volume growth
YoY sales growth
YoY growth of operating expenses

Enterprise value adjustment

(dd/mm/yyyy)

2005
FY
12/31/2006

Act/F'cast

(A/F)

curr
(%)
(%)
(%)
(x)
(x)
(%)

*
*
*
*

YYYY
FY

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

0.00
n/a
0.00%
0.00%
n/a
n/a
n/a

0.00
n/a
0.00%
0.00%
n/a
n/a
n/a

0.16
n/a
0.00%
0.00%
n/a
n/a
n/a

0.18
12.50%
21.79%
40.60%
4.59
3.46
n/a

0.23
27.78%
21.87%
25.47%
4.57
4.93
n/a

0.29
26.09%
31.52%
27.81%
3.17
4.60
n/a

-2,415.00

-2,415.00

-1,653.00

-1,303.00

-1,303.00

-1,210.00

(x)
(%)
(%)
(%)
(%)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

Generic
Year
Results
Period End

Database Intermediary Linking Sheet

Act/F'cast

YYYY
FY
(dd/mm/yyyy)

2005
FY
12/31/2006

2006
FY
12/31/2006

2007
FY
12/31/2007

2008
FY
12/31/2008

2009
FY
12/31/2009

2010
FY
12/31/2010

(A/F)

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

30,271

32,682

32,612

32,430

33,818

34,703

30,271
-21,285
8,986

32,682
-23,079
9,603

32,612
-22,912
9,700

32,430
-22,701
9,729

33,818
-23,673
10,145

34,703
-24,292
10,411

-6,867

-7,450

-7,639

-7,651

-7,954

-8152

0
-6,867
2,119
-772

0
-7,450
2,153
-817

0
-7,639
2,061
-825

0
-7,651
2,078
-848

0
-7,954
2,192
-863

0
-8,152
2,259
-863

0
0
0

-772

-817

-825

-848

-863

-863

0
1,347

0
1,336

0
1,236

0
1,230

0
1,329

0
1,396

0
0

-225
-91
-316
141

-207
-1
-208
8

-242
-49
-291
10

-230
-6
-236
12

-222
-3
-225
13

-212
-3
-215
14

1,172
-140
1,032

1,136
-267
869

955
-153
802

1,006
-229
778

1,117
-254
863

1,195
-272
923

-15

46

1,732

-185

-15
1,017

46
915

1,732
2,534

-185
593

0
863

0
923

29

73

142

49

50

20

29
2,148
29

73
2,226
73

142
2,202
142

49
2,128
49

50
2,242
50

20
2,279
20

0
0

29
1,376

73
1,409

142
1,377

49
1,279

50
1,379

20
1,416

0
0

0
1,172
7

0
1,136
-46

0
955
-1,630

0
1,006
197.3

0
1,117
11.5

0
1,195
5.0

0
0

7
1,024

-46
869

-1,630
904

197
790

12
875

5
928

0
0

0
0

0
0

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

1,347

1,336

1,236

1,230

1,329

1,396

1,347
0
-175
-316

1,336
0
-200
-208

1,236
0
-281
-291

1,230
0
-224
-236

1,329
0
-212
-225

1,396
0
-201
-215

0
0
0
0

2,592

1,886

2,496

1,051

1,470

1,914

28

28

28

28

384
751
1,135
1,466

245
793
1,038
1,492

1,629
665
2,294
1,450

1,662
685
2,347
1,465

1,695
705
2,400
1,508

1,729
727
2,455
1,554

5,193

4,416

6,268

4,890

5,407

5,951

0
394
593
1,087
5,984
432
893
404

0
512
565
1,017
6,038
1,569
455
0

0
411
543
197
5,712
1,563
448
0

0
411
543
197
5,769
1,563
448
0

0
411
543
197
5,835
1,563
448
0

0
411
543
197
5,913
1,563
448
0

404
9,787
14,980

0
10,156
14,572

0
8,874
15,142

0
8,931
13,821

0
8,997
14,404

0
9,075
15,026

0
0
0

536

139

148

148

148

148

1,506
2,436
0
136

1,487
2,667
0
134

1,462
2,387
0
97

1,477
2,506
0
97

1,491
2,582
0
97

1,506
2,659
0
97

0
0
4,614

0
0
4,427

48
48
4,142

48
48
4,276

48
48
4,366

48
48
4,458

199

98

123

123

123

123

1,158
1,489

1,179
1,431

1,069
1,307

1,069
1,307

1,069
1,307

1,069
1,307

0
1,146
3,992
8,606
5,877
497

0
1,794
4,502
8,929
5,146
497

0
1,484
3,983
8,125
6,520
497

0
1,484
3,983
8,259
5,065
497

0
1,484
3,983
8,349
5,558
497

0
1,484
3,983
8,441
6,088
497

0
0
0
0

497
6,374

497
5,643

497
7,017

497
5,562

497
6,055

497
6,585

0
0

6,374
0

5,643
0

7,017
0

5,562
0

6,055
0

6,585
0

0
0

0
0

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

6,374
14,980
0

5,643
14,572
0

7,017
15,142
0

5,562
13,821
0

6,055
14,404
0

6,585
15,026
0

0
0
0

-1,341
1,088

-1,624
1,360

-105
525

-172
1,970

-164
1,551

-156
1,107

0
0

7,071
836
1,880
2,592
2,601
536
4,078
2,647
1,345
2,716

7,055
1,569
1,532
1,886
2,530
139
4,288
2,610
1,892
3,101

5,909
1,563
1,402
2,496
3,772
148
3,994
2,376
1,607
2,965

5,966
1,563
1,402
1,051
3,839
148
4,128
2,376
1,607
2,965

6,032
1,563
1,402
1,470
3,937
148
4,218
2,376
1,607
2,965

6,110
1,563
1,402
1,914
4,037
148
4,310
2,376
1,607
2,965

0
0
0
0
0
0
0
0
0
0

1,032
797

869
946

802
916

778
848

863
863

923
863

1,829
-12

1,815
-21

1,718
-28

1,626
-28

1,726
-28

1,786
-28

334
322

505
484

464
436

496
468

509
481

516
488

-163
-163
1,988
-246
-212
1,530

-55
-55
2,244
-234
-134
1,876

-3
-3
2,151
-216
-116
1,819

67
67
2,160
-230
-183
1,747

-8
-8
2,199
-222
-203
1,774

-8
-8
2,266
-212
-217
1,836

0
0
0
0
0
0

-755
-755
23
-30
-13
-43
278
-497
-837

-910
-910
51
-744
0
-744
321
-1,282
-277

-811
-811
52
2,343
0
2,343
-1,305
279
-768

-897
-897
20
0
0
0
15
-862
-2,250

-920
-920
20
0
0
0
15
-885
0

-933
-933
20
0
0
0
15
-898
0

0
0
0
0
0
0
0
0
0

-837
-77
-328
0
-328

-277
-516
-415
0
-415

-768
-169
-457
0
-457

-2,250
-55
-401
0
-401

0
-55
-410
0
-410

0
-55
-436
0
-436

0
0
0
0
0

-17
-1,259
0
-226
2,932
2,706
1,044
798

103
-1,105
0
-511
2,706
2,195
1,251
1,017

-23
-1,417
0
681
2,195
2,876
1,276
1,060

-4
-2,710
0
-1,825
2,876
1,051
1,100
870

-4
-469
0
420
1,051
1,470
1,095
874

-4
-495
0
444
1,470
1,914
1,135
923

0
0
0
0
0
0
0
0

1,126

1,432

1,517

1,272

1,284

1,359

322
301
-17
-931

484
372
103
-690

436
-1,253
-23
-960

468
35
-4
-2,309

481
35
-4
-59

488
35
-4
-59

0
0
0
0

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

1,111.0
1,171.0
1,036.2
1,171.0

1,039.8
1,100.0
1,036.2
1,100.0

1,021.0
1,072.0
1,021.0
1,072.0

876.8
924.3
854.0
924.3

876.8
924.3
854.0
924.3

876.8
924.3
854.0
924.3

876.8
924.3
854.0
924.3

1,088.00

1,360.00

525.00

1,970.23

1,550.56

1,106.71

0.00

9,557.00
9,563.50
10,902.00

8,392.00
8,974.50
10,284.00

9,541.00
8,966.50
11,148.00

8,085.94
8,813.47
9,692.94

8,579.02
8,332.48
10,186.02

9,109.09
8,844.05
10,716.09

0.00
4,554.55
0.00

2011
FY
12/31/2011
A

2012
FY
12/31/2012
A

2013
FY
12/31/2013
A

2014
FY
12/31/2014
F

2015
FY
1/1/2015
F

2016
FY
1/2/2015
F

2017
FY
1/3/2015
F

10,875.50
6,965.00
1,135.00
3,183.00

10,593.00
6,506.00
1,201.94
2,749.00

10,716.00
7,045.00
1,119.86
2,524.00

10,420.47
7,035.17
1,047.26
2,524.00

9,939.48
7,108.58
1,125.90
2,524.00

10,451.05
7,194.80
1,178.51
2,524.00

5,358.05
0.00
0.00
0.00

1,032.00
5,877.00
5,041.00

868.94
5,146.00
3,577.00

801.86
6,520.00
4,957.00

777.62
5,064.94
3,501.94

863.21
5,558.02
3,995.02

923.29
6,088.09
4,525.09

0.00
0.00
0.00

2.51%
-1.14%
-0.85%
3.35%
19.23%
3.35%
18.66%
29.69%
7.00%
7.10%
4.45%
4.45%
4.55%
3.36%
3.38%

7.96%
3.65%
2.42%
-3.08%
-10.04%
-3.08%
-15.14%
29.38%
6.59%
6.81%
4.09%
4.09%
4.31%
2.80%
2.66%

-0.21%
-1.07%
-2.26%
-15.94%
176.94%
-15.94%
4.00%
29.74%
6.32%
6.75%
3.79%
3.79%
4.22%
7.77%
2.77%

-0.56%
-3.40%
-7.12%
5.39%
-76.61%
5.39%
-12.59%
30.00%
6.41%
6.56%
3.79%
3.79%
3.95%
1.83%
2.44%

4.28%
5.37%
7.79%
11.02%
45.66%
11.02%
10.73%
30.00%
6.48%
6.63%
3.93%
3.93%
4.08%
2.55%
2.59%

2.62%
1.64%
2.66%
6.96%
6.96%
6.96%
6.13%
30.00%
6.51%
6.57%
4.02%
4.02%
4.08%
2.66%
2.67%

-100.00%
-100.00%
-100.00%
-100.00%
-100.00%
-100.00%
-100.00%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a

18.09%
9.07%
9.26%
14.39%
3.99%
10.44%
2.02
15.91%
16.02%

11.80%
9.04%
9.54%
15.70%
5.60%
11.35%
2.24
15.23%
14.46%

12.15%
8.32%
9.27%
15.36%
5.26%
10.45%
2.15
40.03%
14.28%

18.18%
8.50%
8.84%
14.52%
4.42%
10.05%
2.35
9.42%
12.56%

18.19%
9.42%
9.77%
16.55%
6.45%
11.33%
2.35
14.86%
15.06%

18.18%
9.49%
9.62%
16.01%
5.91%
11.28%
2.31
14.61%
14.69%

n/a
0.00%
0.00%
0.00%
-10.10%
0.00%
n/a
0.00%
0.00%

1.13
0.81

1.00
0.66

1.51
1.16

1.14
0.80

1.24
0.89

1.33
0.99

n/a
n/a

-4.43%
49.94%
17.07%
14.58%

-4.97%
48.72%
24.10%
19.42%

-0.32%
35.97%
7.48%
6.96%

-0.53%
45.38%
35.42%
26.16%

-0.49%
41.68%
25.61%
20.39%

-0.45%
38.33%
16.81%
14.39%

n/a
n/a
n/a
n/a

5.99
9.42
4.26
6.71
0.51

6.45
10.40
6.42
10.35
0.63

5.11
8.52
4.25
7.08
0.25

5.35
9.04
5.21
8.81
0.95

5.99
9.88
5.91
9.75
0.71

6.59
10.66
6.50
10.51
0.49

n/a
n/a
n/a
n/a
n/a

40.55
23.98
12.35
-4.21

40.31
23.39
12.13
-4.78

40.33
23.43
18.65
1.75

39.31
23.43
26.11
10.23

39.15
22.92
25.62
9.38

39.30
23.00
25.54
9.24

-624.66
n/a
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.40%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

0.00
0.00
0.00
0.00
n/a
n/a
0.00
0.00
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.10%
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
-0.56%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
-12.44%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
26.70%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
-22.32%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
9.74%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
9.54%
n/a
n/a
n/a

n/a
n/a
n/a
n/a
n/a
n/a
-100.00%
n/a
n/a
n/a

-328.00
-328.00

-415.00
-415.00

-457.00
-457.00

-401.38
-401.38

-409.92
-409.92

-435.54
-435.54

0.00
0.00

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

0.40
37.93%
32.03%
41.10%
3.12
3.43
n/a

0.44
10.00%
47.76%
40.81%
2.09
3.45
n/a

0.47
6.82%
50.57%
43.11%
1.98
3.32
n/a

0.48
2.13%
50.81%
46.13%
1.97
3.17
n/a

0.51
6.25%
46.86%
46.92%
2.13
3.13
n/a

0.55
7.84%
46.92%
47.17%
2.13
3.12
n/a

-100.00%
n/a
n/a
n/a
n/a
n/a

-1,200.00

-1,200.00

-1,200.00

-1,200.00

-1,199.00

-1,198.00

-1,197.00

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

2011
FY
12/31/2011

2012
FY
12/31/2012

2013
FY
12/31/2013

2014
FY
12/31/2014

2015
FY
1/1/2015

2016
FY
1/2/2015

2017
FY
1/3/2015

Ahold FY to 31/12 (m)

2008

2009

2010

2011

Latest price
Market cap
EV

8.79
10,319
10,514

9.26
10,927
10,341

9.88
11,311
10,838

10.41
10,786
10,674

Net sales
% change
Adj. EBIT
Y-o-y change
EBIT margin
Adj. EBITDA
Normalised net profit

25,648
-8.9%
1,212
7.7%
4.7%
1,874
863

27,925
8.9%
1,347
11.1%
4.8%
2,079
971

29,530
5.7%
1,388
3.0%
4.7%
2,173
863

30,271
2.5%
1,376
-0.9%
4.5%
2,148
1,024

32,682
8.0%
1,409
2.4%
4.3%
2,226
869

Net debt/equity
Interest coverage (EBIT)
ROE
ROACE pre-tax ex GW
ROACE pre-tax incl GW

29%
5.1
18%
28.9%
25.3%

12%
4.5
17%
32.9%
28.7%

12%
5.2
14%
34.0%
29.1%

17%
4.3
16%
31.5%
26.7%

24%
6.4
14%
32.1%
25.2%

0.73
7.8%
12.0
41%
8.7
5.6
7.9%
0.18
2.0%

0.82
11.9%
11.3
37%
7.7
5.0
10.5%
0.23
2.5%

0.74
-10.1%
13.4
37%
7.8
5.0
11.2%
0.29
2.9%

0.92
24.7%
11.3
35%
7.8
5.0
9.7%
0.40
3.8%

0.84
-9.3%
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
0.44
#NAME?

Normalised EPS
Y-o-y change
PER
EV/sales
EV/EBIT
EV/EBITDA
FCF yield
Dividend per share
Yield

2012
#NAME?
#NAME?
#NAME?

Ahold (EUR m)
USA (US$m)
The Netherlands
Other Europe
Total Retail sales
Total net sales
USA ($m)
as a & of sales
Albert Heijn
as a & of sales
Czech Republic
as a & of sales
Total Retail EBIT
as a & of sales
Corporate costs
as a & of sales
Group EBIT
as a & of sales
Impairments
Exceptionals
Total Exceptionals/impairments
Net interest costs
Exchange rate differences
Other fin. gains & losses
Net financial income and expense
Profit before tax
Taxes
Tax rate
ICA (until 2006 European JV)
Others (JMR)
Non-consolidated
Net income continuing operations
Income discontinued operations
Net attributable profit
Net profit beia (no adj as of 2009)
Continued Net profit beia

2007
20,996
7,998
1,558
28,152
28,152
868
4.1%
573
7.2%
0
0.0%
1,273
4.5%
-133
-0.38%
1,134
4.0%
-23
1
-22
-302
0
-6
-308
826
-167
-20.2%
137
1
138
783
2,148
2,931
2,952
804

2008
21,811
8,972
1,772
25,648
25,648
934
4.3%
647
7.2%
1
0.1%
1,202
4.7%
-80
-0.31%
1,198
4.7%
-8
-8
-16
-234
0
20
-214
984
-225
-22.9%
108
1
109
863
211
1,074
1,074
863

2009
22,824
9,843
1,683
27,925
27,925
1,087
4.8%
654
6.6%
-76
-4.5%
1,358
4.9%
-80
-0.29%
1,297
4.6%
-31
-38
-69
-289
0
5
-284
1,013
-148
-14.6%
85
21
106
971
-78
893
893
971

2010
23,523
10,087
1,660
29,530
29,530
941
4.0%
688
6.8%
10
0.6%
1,412
4.8%
-76
-0.26%
1,336
4.5%
-22
-33
-54
-270
0
11
-259
1,077
-271
-25.2%
57
0
57
863
-10
853
853
863

2011
25,072
10,506
1,739
30,271
30,271
1,021
4.1%
675
6.4%
18
1.0%
1,427
4.7%
-80
-0.26%
1,347
4.4%
-19
-19
2
-225
0
-91
-316
1,031
-140
-13.6%
122
19
141
1,032
-15
1,017
1,009
1,024

2012
%
25,845
3.1%
11,054
5.2%
1,515 -12.9%
32,682
8.0%
32,682
8.0%
944
-8%
3.7%
652
-3%
5.9%
27
1.8%
1,414
-1%
4.3%
-78
-3%
-0.24%
1,336
-1%
4.1%
-37
-43
-80
-207
-8%
0
-1
-208
-34%
1,128
9%
-267
91%
-23.7%
-100%
8
8
-94%
869
-16%
46
915
-10%
915
-9%
869
-15%

Basic EPS
Basic EPS beia
Basic EPS beia excl discontinued
Fully Diluted EPS
FD EPS beia
Dividend
% of Basic EPS
% of Basic EPS excl discontinued
Interim
Shares average outstanding
Shares outstanding
Shares averge fully diluted
Average USD/EUR
pay out

2.48
2.50
0.68
2.35
2.393
0.16
6.4%
23.5%

0.91
0.91
0.735
0.87
0.87
0.18
19.7%
24.5%

0.76
0.76
0.82
0.72
0.72
0.23
30.4%
28.0%

0.73
0.73
0.74
0.69
0.69
0.29
39.7%
39.3%

0.92
0.91
0.92
0.87
0.86
0.40
43.7%
43.4%

0.88
0.88
0.84
0.83
0.83
0.44
50.0%
52.6%

-4%
-3%
-9%
-4%
-3%
10%

2.48
2.58
0.89
2.37
2.46
0.47
18.9%
52.9%

1,158
1,172
1,212
1.37
6.4%

1,174
1,174
1,238
1.465
19.7%

1,181
1,180
1,243
1.39
30.4%

1,168
1,145
1,230
1.32
39.7%

1,111
1,036
1,171
1.391
43.7%

1,040
1,036
1,100
1.284
50.0%

-6%
0%
-6%
-8%

1,021
1,021
1,072
1.332
18.9%

Depreciation
% of sales
EBITDA ex exceptionals
% of sales
EBITDA incl exceptionals
% of sales

730
2.59%
1,886
6.7%
1,864
6.6%

662
2.58%
1,843
7.2%
1,860
7.3%

732
2.62%
2,079
7.4%
2,029
7.3%

785
2.66%
2,172
7.4%
2,121
7.2%

772
2.55%
2,148
7.1%
2,119
7.0%

817
2.50%
2,226
6.8%
2,153
6.6%

6%

825
2.53%
2,206
6.8%
2,064
6.3%

4%
2%

2013
26,118
11,494
1,443
32,612
32,612
883
3.4%
612
5.3%
31
2.1%
1,306
4.0%
-67
-0.21%
1,239
3.8%
-81
-60
-141
-242
0
-49
-291
948
-153
-16.1%
10
10
805
1,732
2,537
2,639
907

%
1.1%
4.0%
-4.8%
-0.2%
-0.2%
-6%

2014F
26,033
11,596
1,574
32,430
32,430
995
3.8%
567
4.9%
18
1.1%
1,320
4.1%
-90
-0.28%
1,230
3.8%
-13
-36
-49
-230
0
-6
-236
994
-229
-23.0%
0
12
12
778
-185
593
605
790

%
-0.3%
0.9%
9.1%
-0.6%
-0.6%
13%

182%
194%
6%
185%
196%
7%

0.68
0.69
0.90
0.64
0.65
0.48
71.0%
53.3%

-2%
-1%
-3%
4%

877
854
924
1.35
71.0%

1%

848
2.62%
2,128
6.6%
2,078
6.4%

-6%

-8%
-14%
-7%

17%

40%
-16%
-43%

25%
-7%
177%
188%
4%

-1%
-4%

2015F
26,875
11,770
1,842
33,818
33,818
1,060
3.9%
597
5.1%
15
0.8%
1,409
4.2%
-80
-0.24%
1,329
3.9%
-1
-49
-50
-222
0
-3
-225
1,104
-254
-23.0%
0
13
13
863
0
863
875
875

%
3.2%
1.5%
17.0%
4.3%
4.3%
7%

-73%
-73%
1%
-73%
-73%
2%

0.98
1.00
1.00
0.93
0.95
0.51
51.8%
51.1%

-14%
-16%
-14%
1%

3%

-7%

1%
34%
-1%

-5%

-19%
5%
49%

20%
-3%
-77%
-77%
-13%

-4%
1%

2016F
27,744
11,947
1,897
34,703
34,703
1,095
3.9%
606
5.1%
48
2.5%
1,477
4.3%
-81
-0.23%
1,396
4.0%
-1
-19
-20
-212
0
-3
-215
1,181
-272
-23.0%
0
14
14
923
0
923
928
928

%
3.2%
1.5%
3.0%
2.6%
2.6%
3%

46%
45%
11%
46%
45%
6%

1.05
1.06
1.06
1.00
1.00
0.55
52.2%
51.9%

7%
6%
6%
7%
6%
8%

877
854
924
1.33
51.8%

0%
0%
0%
-2%

877
854
924
1.33
52.2%

0%
0%
0%
0%

863
2.55%
2,242
6.6%
2,192
6.5%

2%

863
2.49%
863
2.5%
2,259
6.5%

5%

7%
-11%
8%

-3%

-5%
11%
11%

8%
11%
46%
45%
11%

5%
5%

2004

2005

2006

44,610

44,496

27,826

1%

5%
1%
5%

-5%

-4%
7%
7%

8%
7%
7%
6%
6%

0%
-62%
3%

1,415
4.8%
-199
-0.68%
1,216
4.1%

1,236
4.2%
-191
-0.64%
1,089
3.7%

1,188
4.6%
-132
-0.47%
1,056
4.6%

2007
20,996
7,998
1,558
24,898
28,152
923
4.4%
558
7.0%
-1
-0.1%
1,232
4.9%
-106
-0.43%
1,126
4.5%

2008
21,811
8,972
1,772
25,722
25,648
954
4.4%
628
7.0%
-4
-0.2%
1,275
4.96%
-63
-0.24%
1,212
4.7%

2009
22,824
9,843
1,683
27,925
27,925
1,102
4.8%
661
6.7%
-25
-1.5%
1,427
5.1%
-80
-0.29%
1,347
4.8%

2010
23,523
10,087
1,660
29,519
29,530
1,029
4.4%
669
6.6%
17
1.0%
1,464
5.0%
-76
-0.26%
1,388
4.7%

%
3.1%
2.5%
-1.4%
5.7%
5.7%
-6.6%
1.3%

2.6%
-5.0%
3.0%

2011
25,072
10,506
1,739
30,269
30,271
1,078
4.30%
666
6.3%
20
1.2%
1,456
4.8%
-80
-0.26%
1,376
4.5%

%
6.6%
4.1%
4.8%
2.5%
2.5%
4.8%
-0.5%
17.6%
-0.5%
5.3%
-0.9%

2012
25,845
11,054
1,515
32,692
32,682
1,096
4.2%
615
5.6%
27
1.8%
1,491
4.6%
-82
-0.25%
1,409
4.3%

%
3.1%
5.2%
-12.9%
8.0%
8.0%
1.7%
-7.7%
35.0%
2.4%
2.5%
2.4%

USA Retail $

Q1 09

Q2 09

Q3 09

Q4 09

2009

Q1 10

Q2 10

Sales
EBIT reported

6,785
313

5,232
248

5,082
234

5,725
292

22,824
1,087

7,069
295

4.2%
-5.8%

5,520
270

5.5%
8.9%

%
Exceptionals
Impairments and goodwill
EBIT UNDERLYING
%
Reported EBITDA
%
EBITDA excl. Except/impairm.
%
Depreciation & Amortization
%

4.6%
-16
0
329
4.8%
520
7.7%
536
7.9%
207
3.1%

4.7%
0
-7
255
4.9%
404
7.7%
411
7.9%
156
3.0%

4.6%
23
-10
221
4.3%
389
7.7%
376
7.4%
155
3.0%

5.1%
-1
-4
297
5.2%
444
7.8%
449
7.8%
152
2.7%

4.8%
6
-21
1,102
4.8%
1,760
7.7%
1,775
7.8%
673
2.9%

4.2%
-21
0
316
4.5%
525
7.4%
546
7.7%
209
3.0%

2.8
4.4
3.3

1.4
3.1
2.1

0.3
1.0
1.0

1.7
0.4
2.3

1.7
2.3
2.3

Identical sales
Identical sales Ex Fuel
Comparable sales

-4.0%
0.9%
1.8%
0.8%

1.7
-0.1
0.5 est x fuel

4.9%
-9
4
275
4.98%
435
7.9%
440
8.0%
160
2.9%

7.8%
7.6%
7.0%
2.4%

1.4
0.5
1.0 est x fuel

Q3 10

5,325 4.8%
196 -16.2%
3.7%
-19
0
215
4.0%
374
7.0%
393
7.4%
159
3.0%

-2.7%
-3.8%
4.6%
2.8%

1.0
0.6
1.1 est x fuel

Q4 10

5,609 -2.0%
180 -38.4%
3.2%
-17
-26
223 -24.9%
3.98%
392 -11.8%
7.0%
435 -3.2%
7.8%
169 10.8%
3.0%
1.9
0.9
2.1

1Q11

2Q11

3Q11

4Q11

2011

1Q12

23,523 3.1%
941 -13.4%

2010

7,592
350

5,813
209

5,780
237

5,887
225

25,072
1,021

7,803
319

2.8%
-8.9%

4.0%
-66
-22
1,029
4.37%
1,726
7.3%
1,814
7.7%
697
3.0%

4.6% 3.6%
-8
-30
0
-4
358
243
4.7% 4.18%
572
405
7.5% 7.0%
580
439
7.6% 7.6%
214
162
2.8% 2.8%

4.1% 3.8%
4
0
-8
-11
241
236
4.2% 4.01%
405
404
7.0% 6.9%
409
415
7.1% 7.1%
164
168
2.8% 2.9%

4.1%
-34
-23
1,078
4.30%
1,787
7.1%
1,844
7.4%
709
2.8%

4.1%
-9
0
328
4.2%
544
7.0%
553
7.1%
216
2.8%

1.5
0.4
1.9

-6.6%
-1.9%
2.2%
3.6%

5.0
3.5
3.7

3.9
1.2
1.4

6.8
4.5
4.7

4.2
2.9
3.2

4.9
2.9
3.3

-8.4%
-4.9%
-4.7%
0.8%

1.4
0.1
0.5 est x fuel

4Q12

2012

6,012 3.4%
263 25.8%

2Q12

5,888 1.9%
218 -8.0%

6,142
144

4.3%
-36.0%

25,845
944

3.1%
-7.5%

4.4%
0
-4
267 9.9%
4.4%
427 5.2%
7.1%
431 -2.0%
7.2%
160 -1.7%
2.7%

3.7%
1
-22
239
4.1%
378
6.4%
399
6.8%
160
2.7%

2.3%
-96
-20
262
4.3%
305
5.0%
421
6.9%
172
2.8%

2.2
2.2
2.8 est x fuel

3Q12

-0.8%
-6.5%
-2.3%
-2.1%

-0.2
-1.5
0.3 est x fuel

11.0%
-24.6%
1.4%
2.3%

2.4
1.4
1.8 est x fuel

3.7%
-104
-46
1,096
4.2%
1,654
6.4%
1,804
7.0%
708
2.7%

1.7%
-7.5%
-2.2%
-0.2%

1.5
0.5
1.8 est x fuel

2Q13

8,068 3.4%
231 -27.6%

1Q13

6,135
246

2.0%
-6.5%

2.9%
-73
-24
330 0.5%
4.1%
455 -16.4%
5.6%
552 -0.2%
6.8%
224 3.6%
2.8%

4.0%
27
-37
256
4.2%
424
6.9%
434
7.1%
168
2.7%

1.8
1.9
2.0 est x fuel

-4.1%
-0.5%
0.9%
5.5%

0.5
0.3
0.6 est x fuel

2013

5,902 0.2%
173 -20.6%

3Q13

6,013 -2.1%
233 61.8%

26,118
883

2.9%
-56
-8
237 -0.8%
4.0%
338 -10.5%
5.7%
402 0.8%
6.8%
165 3.3%
2.8%

3.9%
20
-30
243 -7.4%
4.0%
396 29.9%
6.6%
406 -3.7%
6.7%
163 -5.3%
2.7%

3.4%
-82
-99
1,064
4.1%
1,602
6.1%
1,783
6.8%
719
2.8%

0.1
0.6
0.2 est x fuel

4Q13

-2.1
-2.0
-2.0 est x fuel

0.2
0.3
0.3

%
1.1%
-6.5%

-3.0%
-3.1%
-1.2%
1.6%

est x fuel

1Q14

2Q14

% 3Q14F

% 4Q14F

8,040 -0.3%
307 32.9%

6,029 -1.7%
218 -11.4%

5,861 -0.7%
226 30.4%

6,103
244

3.8%
-1
-3
311 -5.5%
3.9%
531 16.7%
6.6%
535 -3.1%
6.7%
224 0.0%
2.8%

3.6%
0
-2.74
222 -13.4%
3.7%
388 -8.7%
6.4%
390 -10.1%
6.5%
170 0.7%
2.8%

3.9%
-1
-3
230 -3.1%
3.9%
395 16.7%
6.7%
399 -0.8%
6.8%
165 0.0%
2.8%

4.0%
-2
-1
247
4.0%
410
6.7%
413
6.8%
163
2.7%

-0.3
0.1
0.2 est x fuel

-1.3
-1.8
-1.7 est x fuel

-0.5
-0.7
-0.6 est x fuel

2014F

1.5%
4.8%

26,033
995

1.9%
3.6%
1.9%
0.0%

1.5
1.7
1.5 est x fuel

3.8%
-4
-9
1,009
3.9%
1,731
6.6%
1,744
6.7%
722
2.8%

% 1Q15F
-0.3%
12.7%

-5.2%
8.0%
-2.2%
0.4%

-0.2
-0.2
-0.2 est x fuel

8,281
323
3.9%
-1
-3
327
3.9%
551
6.6%
555
6.7%
224
2.7%

% 2Q15F
3.0%
5.2%

5.0%
3.8%
3.7%
0.0%

0.5
0.6
0.6 est x fuel

% 3Q15F

6,240 3.5%
243 11.6%

6,037
241

3.9%
-1
-3
247 11.6%
4.0%
417 7.6%
6.7%
421 7.8%
6.7%
170 0.0%
2.7%

4.0%
-1
-3
245
4.1%
411
6.8%
415
6.9%
165
2.7%

0.5
0.6
0.6 est x fuel

% 4Q15F
3.0%
7.0%

6.9%
4.0%
4.0%
0.0%

0.5
0.6
0.6 est x fuel

6,317
253
4.0%
-1
-3
257
4.1%
420
6.6%
424
6.7%
163
2.6%

2015F

3.5%
3.5%

26,875
1,060

3.2%
6.6%

3.9%
2.3%
2.6%
0.0%

0.5
0.6
0.6 est x fuel

3.9%
-4
-12
1,076
4.0%
1,798
6.7%
1,814
6.8%
722
2.7%

6.7%
3.9%
4.0%
0.0%

0.5
0.6
0.6 est x fuel

Ahold IFRS (EURm)

USA (US$m)
Albert Heijn
Central Europe
Total Retail
USA (US$m)
ROS
Albert Heijn
ROS
Central Europe
ROS
Total Retail
ROS
Corporate costs
ROS (total sales)
Total EBIT
%
Net interest costs
Exchange rate differences
Other fin. gains & losses
Net financial income and expense
Profit before tax
Taxes
Tax rate
European JV
Non-consolidated
Net income continuing operations
Income discontinued operations

1Q12
%
7,803
2.8%
3,262
1.2%
508
-5.6%
9,716
5.0%
319
-8.9%
4.1%
188
-6.0%
5.8%
4 -20.0%
0.8%
435
-5.2%
4.5%
-22
-0.23%
413
-7.0%
4.3%
-71
0.0%
0
6
-65
-7.1%
348
-6.9%
-94
-1.1%
-27.0%
3 -84.2%
3 -84.2%
257 -13.7%
28 -500.0%

2Q12
6,012
2,560
385
7,692
263
4.4%
132
5.2%
3
0.8%
343
4.5%
-18
-0.23%
324
4.2%
-49

%
3.4%
5.3%
-2.8%
11.9%
25.8%
-13.2%
0.0%
14.0%

17.6%
-3.9%

-1
-50
6.4%
274 20.0%
-50
0.0%
-18.2%
-6 ######
-6 ######
218
5.6%
31 ######

3Q12
%
5,888
1.9%
2,534
8.1%
378
-3.6%
7,598
10.6%
218
-8.0%
3.7%
131 -12.1%
5.2%
4
33.3%
1.1%
309
-4.0%
4.1%
-20
-0.26%
289
-3.8%
3.8%
-52 -63.9%
0
13
-39 -72.9%
250
59.9%
-71 -251.1%
-28.5%
8 -84.3%
8 -84.3%
187 -26.6%
-45 #######

4Q12
%
6,142
4.3%
2,698
7.7%
366
-11.4%
7,841
7.6%
144
-36.0%
2.3%
201
15.5%
7.4%
11
57.1%
3.0%
324
-6.9%
4.1%
-18
-0.23%
306
-6.7%
3.9%
-50
-3.8%
0
-6
-56
1.8%
250
-8.4%
-52
23.8%
-20.8%
3
-93.0%
3
-93.0%
201
-26.6%
39 -1075.0%

2012
25,845
11,054
1,637
32,847
944
3.7%
652
5.9%
22
1.3%
1,410
4.3%
-78
-0.24%
1,332
4.1%
-222
0
12
-210
1,122
-267
-23.8%
8
8
863
53

check
25,845
11,054
1,515
32,682
944
3.7%
652
5.9%
27
1.8%
1,414
4.3%
-78
-0.2%
1,336
4.1%
-207
0
-1
-208
1,128
-267
-23.7%
8
8
869
46

1Q13
8,068
3,506
439
10,075
231
2.9%
187
5.3%
7
1.6%
369
3.7%
-20
-0.20%
349
3.5%
-94
0

%
3.4%
7.5%
-13.6%
3.7%
-27.6%
-0.5%
70.7%
-15.1%

-15.4%
91.8%

-94
88.0%
255
-26.6%
-44
-53.2%
-17.2%
2 -133.3%
2 -133.3%
213
-2.1%
1,740 5512.9%
684.5%

2Q13
6,135
2,703
336
7,738
246
4.0%
144
5.3%
6
1.8%
340
4.4%
-10
-0.13%
330
4.3%
-52

%
2.0%
5.6%
-12.7%
0.6%
-6.5%
9.1%
97.0%
-0.8%

1.8%
0.0%

-17
-69
76.9%
261
-4.8%
-59
18.0%
-22.6%
2 -75.0%
2 -75.0%
204
9.3%
7 -115.6%
211

49.0%

3Q13
5,902
2,569
331
7,330
173
2.9%
133
5.2%
6
2.0%
269
3.7%
-18
-0.25%
251
3.4%
-50
0
-7
-57
194
-39
-20.1%
9
9
164
4

%
0.2%
1.4%
-12.3%
-3.5%
-20.6%

200.0%
200.0%
-18.3%
-89.7%

168

-29.9%

1.5%
61.8%
-12.7%

-12.9%
0.0%

1.8%
-22.1%
-45.1%

4Q13
%
6,013
-2.1%
2,716
0.7%
338
-7.7%
7,441
-5.1%
233 61.8%
3.9%
148 -26.4%
5.4%
12
6.9%
3.5%
330
1.8%
4.4%
-19
-0.26%
311
1.6%
4.2%
-54 -75.7%
0
-17
-71 -66.2%
240
-4.1%
-12 -76.9%
-5.0%
-3 ######
-3 ######
225 -73.9%
-10 ######
215

-76.5%

2013
26,118
11,494
1,444
32,584
883
3.4%
612
5.3%
31
2.1%
1,308
4.0%
-67
-0.21%
1,241
3.8%
-250
0
-41
-291
950
-154
-16.2%
10
10
806
1,741

check
26,118
11,494
1,443
32,612
883
3.4%
612
5.3%
31
2.1%
1,306
4.0%
-67
-0.2%
1,239
3.8%
-242
0
-49
-291
948
-153
-16.1%
10
10
805
1,732

1Q14
%
8,040
-0.3%
3,547
1.2%
415
-5.5%
9,822
-2.5%
307
32.9%
3.8%
175
-6.4%
4.9%
9
31.8%
2.2%
408
10.4%
4.2%
-28
39.5%
-0.28%
380
8.7%
3.9%
-70 -25.5%
0
0
-70 -25.5%
310
21.3%
-78
77.3%
-25.2%
3.0
50.0%
3
50.0%
235
10.1%
-185 -110.6%

2Q14
%
6,029
-1.7%
2,706
0.1%
306
-9.0%
7,420
-4.1%
218 -11.4%
3.6%
119 -17.4%
4.4%
6
1.5%
2.0%
284 -16.3%
3.8%
-25 150.0%
-0.34%
259 -21.4%
3.5%
-46 -11.5%
0
-7
-53 -23.2%
206 -20.9%
-52 -11.9%
-25.2%
3.0 50.0%
3 50.0%
158 -22.3%
-11 ######

3Q14F
%
5,861
-0.7%
2,595
1.0%
418
26.2%
7,419
1.2%
226
30.4%
3.9%
130
-2.5%
5.0%
-3 -138.6%
-0.6%
297
10.2%
4.0%
-18
0.0%
-0.24%
279
11.0%
3.8%
-55
10.0%
0
0
-55
-3.5%
224
15.2%
-50
28.2%
-22.3%
3.0 -66.7%
3 -66.7%
177
7.7%
0 -100.0%

4Q14F
6,103
2,749
436
7,773
244
4.0%
143
5.2%
5
1.1%
331
4.3%
-19
-0.24%
312
4.0%
-58
0
1
-57
255
-55
-21.5%
3
3
203
0

%
1.5%
1.2%
29.0%
4.5%
4.8%

-200.0%
-200.0%
-9.5%
-100.0%

-3.4%
-57.5%
0.5%
0.0%
0.6%
7.4%

-19.7%
6.6%
358.3%

2014
26,033
11,596
1,574
32,434
995
3.8%
567
4.9%
18
1.1%
1,320
4.1%
-90
-0.28%
1,231
3.8%
-229
0
-6
-235
996
-235
-23.6%
12
12
774
-196

check
26,033
11,596
1,574
32,430
995
3.8%
567
4.9%
18
1.1%
1,320
4.1%
-90
-0.3%
1,230
3.8%
-230
0
-6
-236
994
-229
-23.0%
12
12
778
-185

Net profit

285

-2.0%

249

24.9%

142

-44.9%

240

-11.1%

916

915

1,953

2,547

2,537

50

-97.4%

147

-30.1%

177

5.1%

203

-5.2%

578

593

Basic EPS continuing operations

Basic EPS
Fully Diluted EPS
Shares average outstanding
Shares outstanding
Shares average fully diluted
Average USD/EUR

0.25
0.27

-6.1%
6.6%

0.21
0.24

14.5%
35.3%

0.18
0.14

-22.1%
-41.6%

0.19
0.23

-24.3%
-8.3%

0.83
0.88

0.99
0.88

0.21
1.88

0.20
0.20

0.16
0.17

0.23
0.22

0.79
2.50

2.48
2.58

0.25
0.05

20.6%
-97.2%

0.18
0.17

-7.7%
-17.0%

0.21
0.21

28.1%
25.1%

0.24
0.24

7.3%
12.3%

0.88
0.66

0.68
0.69

1,045
1,031
1,107
1.312

-8.1%
-8.5%
-7.7%
-5.1%

1,038
1,038
1,099
1.267

-7.7%
-6.8%
-7.5%
-11.8%

1,038
1,038
1,101
1.256

-5.7%
-4.5%
-5.3%
-10.2%

1,038
1,038
1,099
1.286

-3.1%
-1.8%
-2.9%
-4.6%

1,040
1,036
1,100
1.279

1,040
1,036
1,100
1.28

1,040
1,038
1,093
1.316

1,031
1,018
1,083
1.306

1,014
1,003
1,065
1.332

993
983
1,045
1.371

1,020
1,010
1,072
1.330

1,021
1,021
1,072
1.33

949
881
997
1.372

-8.8%
-15.1%
-8.8%
4.3%

868
859
915
1.368

-15.8%
-15.6%
-15.5%
4.8%

852
845
900
1.330

-16.0%
-15.8%
-15.5%
-0.2%

838
831
885
1.330

-15.6%
-15.5%
-15.3%
-3.0%

877
854
924
1.352

877
854
924
1.35

Ahold EUR m
Albert Heijn Total sales
SPA Sales
AH + Etos + G&G
Bol.com
The Netherlands
Czech Republic ()
Czech Republic (CZK)
EUR/CZK
TOTAL EUROPE

1Q13

2Q13

3Q13

4Q13

3,506

7.5%

2,703

8.1%

2,569

1.4%

2,716

6.0%

3,506
439
11,252
0.03902
3,945

7.5%
-13.6%

2,703
336
8,683
0.03869
4.6%
3,039

5.6%
-12.7%

2,569
331
8,553
0.03876
3.2%
2,900

1.4%
-12.3%

EBITA estimate
1Q13F
The Netherlands Reported
187
%
5.3%
Exceptionals
0
Impairments and goodwill
1
EBIT Underlying Netherlands
186
%
5.3%
Reported EBITDA
260
%
7.4%
EBITDA excl. Except/impairm.
259
%
7.4%
Depreciation & Amortization
73
%
2.1%
Czech Republic () EBIT
7
EBIT (CZK)
175
%
1.6%
Exceptionals
0
Impairments and goodwill
0.0
EBIT Underlying ()
7.0
%
1.6%
EBIT Underlying (CZK)
175.00
%
1.6%
EUR/CZK
0.0390
Reported EBITDA
19
%
4.3%
EBITDA excl. Except/impairm.
19
%
4.3%
Depreciation & Amortization
12
%
2.7%

%
-1%

ID sales AH
o.w. inflation
Czech Republic (incl. fuel)
EUR/Czech
EUR/SEK
ICA (associate)
Sales
EBIT

0%
2.8%
3.2%
12.3%
71%

-0.9%
-0.9%
-20.0%

1.8

%
9%

13%
9.8%
12.6%
65.0%
97%

-0.6%
-9.4%
-27.3%

1.6

-1.9
25.55
8.50
1Q13
2,716
66
2.4%

2Q13
144
5.3%
-1
-3
148
5.5%
202
7.5%
206
7.6%
58
2.1%
6
153
1.8%
0
0.3
5.6
1.7%
144.55
1.7%
0.0387
14
4.1%
14
4.0%
8
2.4%

%
3%
-15%

25.82
8.57
2Q13
2,892
71
2.5%

%
2%

1%
1.6%
1.1%
1.8%
62%

19.0%
8.5%
0.0%

-0.2

-2.2
1.9%

3Q13
133
5.2%
0
-2
135
5.3%
190
7.4%
192
7.5%
57
2.2%
6
167
2.0%
1
0.4
6.1
1.8%
157.54
1.8%
0.0388
15
4.7%
14
4.3%
9
2.7%

2,716
338
9,034
0.03738
-0.4%
3,054

%
4%
2%

25.79
8.72
3Q13
2,734
70
2.5%

11,494
0
0.7% 11,494
-7.7%
1,443
-1.9% 37,522
-5.9% 0.03846
-0.3% 12,937
%
-26%

-9%
-19.3%
-2.8%
7.5%
7%

%
-3%
-44%

25.15
8.61
4Q13
2,906
64
2.2%

1Q14

5.8%

3,547
0
3,547
415
11,386
0.03645
2.9%
3,962

1.2%

4.0%
-4.8%
-1.5%

1.2%
-5.5%
1.2%

%
-6%

1%
-1.9%
3.2%
10.4%
15%

-3.0%
-4.6%
-14.6%

0.6
0.0
-1.7

-2.2
2.8%

2013
612
5.3%
1
-8
619
5.4%
857
7.5%
864
7.5%
245
2.1%
31
814
2.2%

1
30.0
2.1%
783.89
2.1%
0.0385
-5.9%
66
4.6%
-12.7%
65
4.5%
-20.0%
35
2.4%

-1.0

-0.5
3.0%

4Q13
148
5.4%
2
-4
150
5.5%
205
7.5%
207
7.6%
57
2.1%
12
319
3.5%
1
0.4
11.3
3.4%
306.79
3.4%
0.0374
20
5.8%
18
5.4%
8
2.4%

2013

0.0%
%
0%
-40%

25.15
8.61
2013
11,233
273
2.4%

1Q14
175
4.9%
-1
-2
178
5.0%
251
7.1%
254
7.2%
76
2.1%
9
247
2.2%
0
0
9.0
2.2%
238
2.1%
0.0365
20
4.8%
20
4.8%
11
2.7%

2Q14

2,706
0
2,706
306
8,395
0.03640
0.4%
3,012
%
-6%

-4%
-3.5%
-1.9%
4.1%
32%

6.2%
6.2%
-8.3%

-1.4

%
0%
-28%

0.1%

0.1%
-9.0%
-3.3%

2,595
0
2,595
418
8,467
0.03640
-0.9%
3,013
%
-17%

-9%
-11.4%
-5.8%
65.0%
2%

-6.5%
-4.4%
-12.5%

-1.7

0.5
0.0%

2Q14F
119
4.4%
-12
-3
134
5.0%
179
6.6%
194
7.2%
60
2.2%
6
165
2.0%
0
0
6.0
2.0%
165
2.0%
0.0364
13
4.3%
13
4.3%
7
2.3%

3Q14F

7.4%

23,114
626
2.7%
606
2.6%
376
60.0%

0%
11%

16,203
4,014
2,367
219
561
30
-280
23,114

1%
-3%
0%
0%
0%
0%
0%
0%

%
-1%
10%

2014F

1.0%

2,749
0
2,749
436
8,944
0.03640
3.9%
3,184

1.2%
1.2%
29.0%
-1.0%

11,596
0
11,596
1,574
43,237
0.03641
13,171

0.9%

1.0%
26.2%
-1.0%

%
-2%

-3%
2.5%
1.9%
14.0%
-139%

-19.2%
59.5%
66.7%

0.1

-3.9

27.43
8.61
1Q14
2,685
73
2.7%

3Q14F
130
5.0%
0
-1
131
5.0%
195
7.5%
196
7.5%
65
2.5%
-2.5
-69
-0.8%
-10
0
7.5
1.8%
206
2.4%
0.0364
13
3.0%
23
5.4%
15
3.6%

4Q14F

0.0%

24,801
609
2.5%
589
2.4%
366
60.0%

0%
-1%

17,033
4,664
2,589
210
577
26
-298
24,801

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
-1%

%
-3%

-5%
1.4%
0.4%
14.0%
-57%

1.2%
63.7%
87.5%

0.7

-1.0

25.82
8.61
2Q14
2,880
71
2.5%

4Q14F
143
5.2%
0
0
143
5.2%
208
7.6%
208
7.6%
65
2.4%
5
137
1.5%
-10
0
15.0
3.4%
412
4.6%
0.0364
20
4.6%
30
6.9%
15
3.4%

4.3%

0.0%

23,877
604
2.5%
584
2.4%
363
60.0%

0%
-1%

16,830
4,135
2,418
199
548
23
-276
23,877

1%
-3%
0%
0%
0%
0%
0%
0%

%
1%
1%

25.15
8.61
4Q14F
2,910
64
2.2%

0.0%

25,059
551
2.2%
531
2.1%
330
60.0%

0%
-1%

17,469
4,404
2,625
179
-453
-32
866
25,059

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
-1%

2Q15F

3Q15F

4Q15F

2015F

3,600
1.5%
2,747
1.5%
2,634
1.5%
2,790
1.5% 11,770
1.5%
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
3,600
1.5%
2,747
1.5%
2,634
1.5%
2,790
1.5% 11,770
1.5%
537 29.5%
425 39.0%
431
3.0%
449
3.0%
1,842 17.0%
14,761 29.6% 11,665 38.9% 11,830 39.7% 12,321 37.8% 50,576 17.0%
0.03641
0.03641
0.03641
0.03641
0.03641
1.8%
4,138
4.4%
3,171
5.3%
3,064
1.7%
3,238
1.7% 13,612
3.3%

0.9%
9.1%
15.2%

%
-7%

-5%
-2.8%
-1.4%
8.6%
-43%

1Q15F
180
5.0%
-4
2
182
5.1%
245
6.8%
247
6.9%
65
1.8%
2

-10
0
12
2.2%
329.56
2.2%
0.0364
-0.7%
17
3.2%
31.8%
27
5.0%
37.1%
15
2.8%

-0.6
0.0
-1.4

-1.0

25.79
8.61
3Q14F
2,773
70
2.5%

2014F
567
4.9%
-13
-6
586
5.1%
833
7.2%
852
7.3%
266
2.3%
18
481
1.1%
-20
0
37.5
2.4%
1,030
2.4%
0.0364
66
4.2%
86
5.4%
48
3.0%

1Q15F

%
3%

2%
-2.4%
-2.8%
-14.5%
-78%

96,850
2,390
2.5%
2,310
2.4%
1,434
60.0%

0%
2%

67,535
17,218
9,999
807
1,233
47
12
96,850

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
2%

4%
13.0%
5.3%
65.0%
-283%

1.1

-0.2
0.0%

%
15%

3Q15F
134
5.1%
-4
2
136
5.2%
199
7.6%
201
7.6%
65
2.5%
8

-20
0
0
0
9
8
2.1%
1.9%
247.17
219.70
2.1%
1.9%
0.0364
0.0364
-15.0%
4 -69.2%
23
0.9%
5.3%
35.0%
24 84.6%
23
5.7%
5.3%
36.4%
15 114.3%
15
3.5%
3.5%

1.1

25.15
8.61
2014F
11,249
278
2.5%

2Q15F
137
5.0%
-4
2
139
5.1%
202
7.4%
204
7.4%
65
2.4%
-11

0.0%

23,156
633
2.7%
613
2.6%
380
60.0%

0%
1%

16,365
3,893
2,367
219
561
30
-280
23,156

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
1%

4%
2.4%
2.9%
0.0%
-420%

0.0%

24,831
616
2.5%
596
2.4%
370
60.0%

0%
1%

17,203
4,524
2,589
210
577
26
-298
24,831

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
1%

%
1%

3%
1.0%
2.0%
0.0%
220%

2015F
597
5.1%
-16
8
605
5.1%
857
7.3%
865
7.3%
260
2.2%
15

-30
0
45
2.4%
#####
2.4%
0.0364
55.0%
75
4.1%
3.3%
105
5.7%
0.0%
60
3.3%

1.1

1.1
0.0
-0.2

-0.2

25.82
8.61
2Q15F
2,884
72
2.5%

4Q15F
145
5.2%
-4
2
147
5.3%
210
7.5%
212
7.6%
65
2.3%
16

0
0
16
3.6%
439.41
3.6%
0.0364
84.0%
31
6.9%
2.2%
31
6.9%
0.0%
15
3.3%

1.1

-0.2

27.43
8.61
1Q15F
2,689
73
2.7%

%
4%

-0.2

25.79
8.61
3Q15F
2,778
71
2.6%

0.0%

23,921
611
2.6%
591
2.5%
367
60.0%

0%
1%

16,998
4,011
2,418
199
548
23
-276
23,921

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
1%

25.15
8.61
4Q15F
2,915
65
2.2%

0.0%

25,101
558
2.2%
538
2.1%
335
60.0%

0%
1%

17,644
4,272
2,625
179
-453
-32
866
25,101

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
1%

%
5%

3%
2.9%
1.5%
-2.3%
-14%

14.5%
22.8%
25.0%

25.15
8.61
2015F
11,267
281
2.5%

0.0%

97,009
2,417
2.5%
2,337
2.4%
1,450
60.0%

0%
1%

68,210
16,701
9,999
807
1,233
47
12
97,009

1%
-3%
0%
0%
0%
0%
0%
0%

%
0%
1%

Depreciation
Capex
FTEs
Stores

Share in net profit ICA

Net debt
ICA P&L in SEK
sales
EBIT
%
EBIT excl gains
%
Post tax results
From EBIT > Post tax
net debt
Sales
Sweden
Norway
Baltics
ICA Banken
ICA Real Estate
ICA Functions
Intra-Group sales
Net sales continuing

19

-35%

23,078
562
2.4%
502
2.2%
272
48.4%

-1%
-19%

16,043
4,138
2,367
219
561
30
-280
23,078

4%
-18%
-2%
11%
-2%
20%
-4%
-1%

-27%
-38%

-100%

24,776
613
2.5%
593
2.4%
368
60.0%

0%
-2%
-24%

16,864
4,808
2,589
210
577
26
-298
24,776

1%
-3%
0%
0%
0%
0%
0%
0%

9%

-100%

23,838
608
2.5%
598
2.5%
365
60.0%

16,663
4,263
2,418
199
548
23
-276
23,838

0%
-42%
-43%
-162%

1%
-3%
0%
0%
0%
0%
0%
0%

-100%

19

-86%

25,022
554
2.2%
544
2.2%
332
60.0%

0%
-40%

96,714
2,349
2.4%
2,309
2.4%
1,409
60.0%

0%
-28%

17,296
4,541
2,625
179
-453
-32
866
25,022

1%
-3%
0%
0%
0%
0%
0%
0%

-41%
-81%

-33%
-28%

66,866
2%
17,750
-7%
9,999
-1%
807
3%
1,233
-1%
47
12%
12 #DIV/0!
96,714
0%

21%
38%

-1%
-1%

-2%
-1%

-2%
-1%

0%
2%

1%
1%

1%
1%

1%
1%

1%
1%

1%
1%

Ahold
Before update

After update

3Q14F

2014F

3Q14F

% change

2014F

% change

USA (US$m)

5,991

26,395

5,861

-2.2%

26,033

-1.4%

Albert Heijn

2,620

11,658

2,595

-1.0%

11,596

-0.5%

420

1,590

418

-0.4%

1,574

-1.0%

7,511

32,712

7,419

-1.2%

32,434

-0.9%

USA (US$m)

231

1,014

226

-2.2%

995

-1.9%

Albert Heijn

136

594

130

-4.8%

567

-4.6%

-3

18

-3

0.0%

18

-2.8%

Total Retail

306

1360

297

-2.9%

1320

-2.9%

Total EBIT

288

1,285

279

-3.1%

1,231

-4.2%

Profit before tax

Sales

Central Europe
Total Retail
EBIT

Central Europe

238

1,063

224

-6.1%

996

-6.4%

Net income continuing operations191

838

177

-7.6%

774

-7.7%

Basic EPS continuing operations0.22

0.96

0.21

-7.6%

0.88

-7.7%

Ahold - USA
1Q11
7,592

Sales
%YoY change (rhs)
$m
9,000

2Q11
5,813

3Q11
5,780

4Q11
5,887

1Q12
7,803
3%

8,068
3%

3Q12
5,888
2%

4Q12
6,142
4%

4%

8,040

3%

2%
6,135

7,500

2Q12
6,012
3%

6,029

6,013

5,902

6,000

2%
1%

0%
4,500
-2%
3,000

0%
-1%

1,500

-2%
0%
-2%
4Q13

0
1Q13

2Q13

3Q13
Sales

-3%
1Q14

2Q14

%YoY change (rhs)

1Q12
328
4.2%

Underlying EBIT
EBIT Margin

2Q12
267
4.4%

3Q12
239
4.1%

4Q12
262
4.3%

$m
400

4.5%
330

4.4%

311

4.3%

300

256
4.2%

243

237

222

4.2%
4.1%

200

4.1%

4.0%
4.0%

4.0%

3.9%

100

3.8%
3.9%

3.7%

0
1Q13

2Q13

3Q13

4Q13

Underlying EBIT

3.7%
2Q14

1Q14

3.6%

EBIT Margin

The Netherlands
1Q12
3,262

Sales
%YoY change (rhs)
m
4,000

3,000

2Q12
2,560

3Q12
2,534

4Q12
2,698

1Q13
3,506
7.5%

2Q13
2,703
5.6%

3Q13
2,569
1.4%

8%

3,547

3,5067.5%
5.6%
2,703

7%
2,569

2,716

2,706

6%
5%

2,000

4%
3%

4Q13
2,716
0.7%

3%
0.1%

1.4%

1,000

2%
1%

0
1Q13

2Q13

Sales

1Q12
186
5.7%

Underlying EBIT
EBIT Margin

2Q12
131
5.1%

3Q12
134
5.3%

0%

0.7%
4Q13

3Q13

1Q14
1.2%

2Q14

%YoY change (rhs)

4Q12
164
6.1%

1Q13
186
5.3%

2Q13
148
5.5%

3Q13
135
5.3%

4Q13
150
5.5%

m
200

186

6%

178

6%
148
5.5%

150

150
5.5%

135

5%
134

5%

5.3%

5%

5.3%

100

5%
5%
5.0%

5%

5.0%

50

5%
5%

5%
1Q13

2Q13

3Q13

4Q13

Underlying EBIT

1Q14

2Q14

EBIT Margin

Other Europe
1Q12
508

Sales
%YoY change (rhs)

2Q12
385

3Q12
378

4Q12
366

1Q13
439
-13.6%

2Q13
336
-12.7%

3Q13
331
-12.3%

4Q13
338
-7.7%

m
30%
500

439

415

400

336

20%

338

331

306
-9.0%

300

10%
0%

-12.7%

200

-10%
-13.6%

-7.7%

100

-20%

-12.3%
-5.5%

-30%
1Q13

2Q13

3Q13
Sales

1Q12
4
0.8%

Underlying EBIT
EBIT Margin

2Q12
4
1.0%

3Q12
4
1.1%

4Q13

1Q14

2Q14

%YoY change (rhs)

4Q12
11
3.0%

1Q13
7
1.6%

2Q13
6
1.7%

3Q13
6
1.8%

m
10

4.0%
3.5%

4Q13
11
3.4%

9
3.5%
8

7
6

3.0%

3.4%

2.5%
2.0%

2.2%
1.6%

1.7%

1.8%

2.0%

1.5%
1.0%

0.5%
0

0.0%
1Q13

2Q13

3Q13
Underlying EBIT

4Q13

1Q14
EBIT Margin

2Q14

1Q13
8,068
3%

2Q13
6,135
2%

3Q13
5,902
0%

4Q13
6,013
-2%

1Q14
8,040
0%

2Q14
6,029
-2%

1Q13
330
4.1%

2Q13
256
4.2%

3Q13
237
4.0%

4Q13
243
4.0%

1Q14
311
3.9%

2Q14
222
3.7%

1Q14
3,547
1.2%

2Q14
2,706
0.1%

1Q14
178
5.0%

2Q14
134
5.0%

1Q14
415
-5.5%

2Q14
306
-9.0%

1Q14
9
2.2%

2Q14
6
2.0%

Fig 1: Sales progression

2007
28,152

Total net sales

%YoY change

2008
25,648
-8.9%

m
36,000
30,000

2009
27,925
8.9%

2010
29,530
5.7%

32,682

8.9%
28,152

2011
30,271
2.5%

27,925

29,530

2012
32,682
8.0%

32,612

30,271

25,648

2013
32,612
-0.2%

32,430

33,818

8.0%
5.7%

24,000

2.5%

-0.6%

4.3%

2014F

2015F

18,000
-0.2%
12,000
-8.9%
6,000
0
2007

2008

2009

2010

2011

Total net sales

2012

2013

%YoY change

Fig 2: Retail EBIT progression

2007
1,273
4.5%

Retail EBIT
EBIT Margin (%)

2008
1,202
4.7%

2009
1,358
4.9%

2010
1,412
4.8%

2011
1,427
4.7%

2012
1,414
4.3%

2013
1,306
4.0%

m
2,000

1,500

4.9%

4.7%

4.5%

4.8%

4.7%
1,414

1,358

1,273

1,412

1,202

1,427
4.3%

1,000

500

0
2007

2008

2009

2010

2011

Retail EBIT

2012

EBIT Margin (%)

Fig 3: Total EBIT progression

Group EBIT
EBIT Margin (%)

2007
1,134
4.0%

2008
1,198
4.7%

2009
1,297
4.6%

2010
1,336
4.5%

2011
1,347
4.4%

2012
1,336
4.1%

2013
1,239
3.8%

m
2,000
4.7%
1,500

4.6%

4.0%

4.4%
1,336

1,297

1,198

1,134

4.5%

1,336

1,347
4.1%

1,000

500

0
2007

2008

2009

2010

2011

2012

Group EBIT

EBIT Margin (%)

Fig 4: Total EBITDA progression

2007
1,864
6.6%

EBITDA
EBITDA Margin (%)

2008
1,860
7.3%

2009
2,029
7.3%

2010
2,121
7.2%

2011
2,119
7.0%

2012F
2,153
6.6%

2013F
2,061
6.3%

m
2,500
7.3%

7.3%
1,860

2,000

7.2%
2,121

7.0%
2,119

2,029

6.6%
1,864

6.6%
2,153

1,500
1,000
500
0
2007

2008

2009

2010

2011

EBITDA

2012F

EBITDA Margin (%)

Fig 5: Net Profit progression

Net profit
Net profit (%)

2007
2,951.9
10.5%

m
3,000

2008
1,073.7
4.2%

2,952

2,500
10.5%
2,000

2009
893.0
3.2%

2010
853.0
2.9%

2011
1,017.0
3.4%

2012F
914.9
2.8%

2013F
2,533.9
7.8%

10.5%
2,000
1,500
1,074
893

1,000

3.2%

4.2%

500

1,017

853

915

3.4%

2.9%

2.8%

0
2007

2008

2009

2010

2011

Net profit

2012F

2013F

Net profit (%)

Fig 6: EPS progression

2007
2.50

Basic EPS beia

%YoY Change

2008
0.91
-63.4%

2009
0.76
-17.3%

2010
0.73
-3.4%

2011
0.91
24.4%

2012
0.88
-3.1%

2013
2.58
193.7%

3.00
2.58
2.50

2.50

193.7

2.00
1.50
0.91

1.00
0.50

0.76
-17.3%

-3.4%

2009

2010

0.73

0.91

0.88

24.4%

-3.1%

2011

2012

-63.4%

0.00
2007

2008

Basic EPS beia

2013

%YoY Change

Fig 7: Sales breakdown by segment

2007
18,596
7,998
1,558
28,152

USA
The Netherlands
Other Europe
Total net sales

2008
14,904
8,972
1,772
25,648

2009
16,399
9,843
1,683
27,925

2010
17,783
10,087
1,660
29,530

2011
18,026
10,506
1,739
30,271

2012
20,113
11,054
1,515
32,682

29,530

30,271

2013
19,675
11,494
1,443
32,612

40,000

32,841

35,000
30,000
25,000
20,000

28,152

27,925
25,648

20,000
15,000
10,000
5,000
0
2007

2008

2009

2010

2011

USA

2012

The Netherlands

Fig 8: US ($m) sales progression

2007
20,996

USA ($m)
%YoY Change

2008
21,811
3.9%

2009
22,824
4.6%

2010
23,523
3.1%

2011
25,072
6.6%

2012
25,845
3.1%

2013
26,118
1.1%

$m
28,000
24,000

20,996

21,811

22,824

25,072

23,523

25,845

26,118

26,033

26,875

6.6%

20,000
4.6%
16,000
3.9%

12,000

3.1%

3.1%

3.2%

8,000
1.1%

4,000

-0.3%

0
2007

2008

2009

2010

2011

USA ($m)

2012

2013

2014F

2015F

%YoY Change

Fig 9: Netherlands sales progression

2007
7,998

The Netherlands
%YoY Change

2008
8,972
12.2%

2009
9,843
9.7%

2010
10,087
2.5%

2011
10,506
4.1%

2012
11,054
5.2%

2013
11,494
4.0%

m
12,500

11,054

12.2%

10,000

8,972
7,998

9,843

10,087

11,494

11,596

11,770

0.9%
2014F

1.5%
2015F

10,506

9.7%

7,500
5,000

5.2%
4.1%

2,500

4.0%

2.5%
0
2007

2008

2009

2010

2011

2012

2013

2007

2008

2009

2010

2011

2012

The Netherlands

2013

2014F

2015F

%YoY Change

Fig 11: Other Europe sales progression

2007
1,558.0

Other Europe
%YoY Change

2008
1,772.0
13.7%

m
2,000

2009
1,683.0
-5.0%

2010
1,660.0
-1.4%

2011
1,739.0
4.8%

1,772
1,683

2012F
1,515.4
-12.9%

2013F
1,443.2
-4.8%

1,739

1,660

1,515

1,558
1,500
13.7%
1,000

4.8%
-1.4%

500

-5.0%

0
2007

2008

2009

2010

-12.9%
2012F

2011

Other Europe

2013F

%YoY Change

Fig 12: US ($m) EBIT progression

2007
868
4.1%

USA ($m)
EBIT margin (%)

2008
934
4.3%

2009
1,087
4.8%

2010
941
4.0%

2011
1,021
4.1%

2012
944
3.7%

2013
883
3.4%

$m
1,500
1,250
1,000
750

934
868
4.1%

1,087
4.8%

1,060
941
4.0%

4.3%

1,021

944

995
883

4.1%

3.8%

3.7%

3.9%

3.4%
500
250
0
2007

2008

2009

2010
USA ($m)

2011

2012
EBIT margin (%)

2013

2014F

2015F

Fig 13: Netherlands EBIT progression

2007
573
7.2%

Netherlands
EBIT Margin (%)

m
1,000

2008
647
7.2%

2009
654
6.6%

2010
688
6.8%

2011
675
6.4%

2012
652
5.9%

2013
612
5.3%

7.2%

7.2%

6.8%

6.6%

6.4%
5.9%

750
647

654

2008

2009

688

675

652

573

500

250

0
2007

2010

2011

Netherlands

2012

EBIT Margin (%)

Fig 14: Other Europe EBIT progression

2007
0
0.0%

Other Europe
EBIT Margin (%)

2008
1
0.1%

2009
-76
-4.5%

2010
10
0.6%

2011
18
1.0%

2012F
27
1.8%

2013F
31
2.1%
27

m
40

1.8%

20

18

10

1.0%
0

0
-20

0.0%

0.6%
0.1%

-40
-60

-76

-80
-4.5%
-100
2007

2008

2009

2010

2011

Other Europe

2012F

2013F

EBIT Margin (%)

Fig 15: Capex progression

Capex
Capex/Sales (%)

2007
821.0
2.9%

2008
1,019.0
4.0%

2009
770.0
2.8%

2010
870.0
2.9%

2011
755.0
2.5%

2012
910.0
2.8%

2013
811.0
2.5%

m
1,000

1,019

750

910

870

4.0%

821

770

2.9%

755
2.9%

2.8%

500

2.8%

2.5%

250

0
2007

2008

2009

2010

2011

Capex

2012

Capex/Sales (%)

Fig 16: FCF progression

2007
645.0
2.3%

FCF
FCF/Sales ( %)

2008
812.0
3.2%

2009
1,144.0
4.1%

2010
1,265.0
4.3%

2011
1,044.0
3.4%

2012
1,251.0
3.8%

2013
1,276.0
3.9%

m
1,500
1,265

1,251

1,144

1,250

1,044
1,000
750

812

4.1%

1,100

1,095

3.8%

4.3%

3.9%

645
3.2%

500

1,276

3.4%

3.4%

3.2%

2.3%

250
0
2007

2008

2009

2010
FCF

Market development NL in 1H14

Superunie chains (like EMTE)
Ahold
Jumbo
Discounters

lfl
0.0%
-2.5%
-2.5%
3.0%

market share
30%
35%
20%
15%

2011

2012

FCF/Sales ( %)

2013

2014F

2015F

2014F
32,430
-0.6%

2015F
33,818
4.3%

2014F
1,320
4.1%

2015F
1,409
4.2%

12%
8%
4%
0%
-4%
-8%
-12%

6%

1,306

1,320

4.0%

4.1%

1,409
4%
4.2%

2%

0%
2013

2014F

2014F
1,230
3.8%

2015F
1,329
3.9%

2015F

6%

1,239

1,329

1,230

4%

3.8%

3.8%

3.9%

2%

0%
2013

2014F

2014F
2,078
6.4%

2015F

2015F
2,192
6.5%

8%
6.5%
6.3%

6.4%

2,061

2,078

2,192
6%

4%
2013F

2014F
592.6
1.8%

2014F

2015F

2015F
863.2
2.6%

12%
2,534
10%
8%

8%
7.8%

6%
863

4%

593
2%
2.6%

1.8%

0%
2013F

2014F

2014F
0.69
-73.3%

2015F

2015F
1.00
44.6%

200%
2.58
150%

193.7%

100%
50%
1.00
44.6%
0.69

0%
-50%

-73.3%
2013

841

2014F

-100%
2015F

2014F
19,260
11,596
1,574
32,430

2015F
20,206
11,770
1,842
33,818

33,881

35,031

36,229

2013

2014F
Other Europe

875

2014F
26,033
-0.3%

2015F
26,875
3.2%

2014F
11,596
0.9%

2015F
11,770
1.5%

8%
6%
4%

2%
0%
-2%

770

14%
12%
10%
8%
6%
4%
2%

0%

2015F

2014F
1,574.4
9.1%

2015F
1,841.6
17.0%

1,842

20%
16%

1,574

17.0%

1,443

12%
8%

9.1%

4%
0%
-4%
-8%

-4.8%

-12%
-16%
2013F

2014F

2014F
995
3.8%

6%
060
4%
3.9%

2%

0%
2015F

2015F

2015F
1,060
3.9%

2014F
567
4.9%

2015F
597
5.1%

8%
5.3%

5.1%

4.9%

612

6%

567

597

4%

2%

0%
2013

2014F

2014F
18
1.1%

2015F

2015F
15
0.8%

31

4%
18

2.1%

15

1.1%

0.8%

2%
0%
-2%
-4%
-6%

2013F

2014F

2014F
897.2
2.8%

2015F

2015F
920.4
2.7%

6%
897

920

811
2.5%

2.8%

2.7%

4%

2%

0%
2013

2014F
1,100.1
3.4%

6%
095
4%
3.2%
2%

0%
2015F

2014F

2015F
1,095.5
3.2%

2015F

Depreciation
S&S/Giant L
Giant C/Tops
AH arena
Central Europe
Schuitema
Other
Total retail

2004
446
142
140
69
46
37
880

2005
439
125
138
67
53

2006
418
122
136
58
56

2007
386
85
146
52
59

2008
355
89
165
51

2009
384
99
197
51

2010
527

2011
510

2012
552

208
49

212
49

222
41

822

790

728

661

731

1
785

1
772

2
817

USF
Other
Total
y-o-y
In USD
S&S/Giant L
Giant C/Tops
USF
EUR/USD

112
22
1,014

112
10
944
-6.9%

127
2
919
-2.6%

2
730
-20.6%

1
662
-9.4%

1
732
10.7%

0
785
7.2%

0
772
-1.6%

0
817
5.8%

553
176
139
1.24

545
155
139
1.24

525
153
160
1.26

528
117

520
131

535
138

697

709

708

1.37

1.46

1.39

1.32

1.39

1.28

S&S/Giant L
Giant C/Tops
AH arena
Central Europe
Other
Total retail
Total

3.4%
2.7%
2.2%
4.1%

3.3%
2.5%
2.1%
3.8%

3.2%
4.0%
1.9%
4.2%

3.2%
2.7%
1.8%
3.3%

3.0%
2.8%
1.8%
2.9%

3.0%
2.8%
2.0%
3.0%

2.1%
3.0%

2.0%
2.8%

2.0%
2.7%

3.0%
2.3%

2.8%
2.1%

2.8%
3.3%

2.6%
2.6%

2.6%
2.6%

2.6%
2.6%

2.7%
2.7%

2.6%
2.6%

2.5%
2.5%

CAPEX
S&S/Giant L
Giant C
AH arena
Central Europe
Other
Total retail
Other
Total
y-o-y
o.w. Cap. fin. leases
Net Capex

2004
1,009
152
158
162
1
1,629
10
1,713

2006
607
288
312
84
0
1,389
4
1,530
9.3%
179

2007
397
131
238
38
41
946
4
950
-37.9%
129

2008
489
107
424
75
13
1,108
1
1,109
16.8%
130

2009F
440
122
225
39
0
826
4
830
-25.2%
60
770

2010
642

2011
651

2012
715

390

2005
571
206
175
139
0
1,173
9
1,400
-18.3%
97

283
40
0
965
5
970
16.9%
100
870

275
50
0
976
5
981
1.1%
100
881

282
35
0
1,032
5
1,037
5.8%
100
937

1251
188
1.24

709
256
1.24

762
362
1.26

543
179
1.37

716
157
1.465

613
170
1.39

850

905

919

1.32

1.39

1.28

As a % of (divisional) sales
S&S/Giant L
7.8%
Giant C
2.9%
AH arena
2.5%
Central Europe
9.6%
Total retail
5.5%
Total
3.8%

4.3%
4.1%
2.7%
7.9%
4.0%
3.1%

4.6%
9.5%
4.4%
6.1%
5.0%
5.5%

3.3%
4.2%
3.0%
2.4%
3.4%
3.4%

4.2%
3.3%
4.7%
4.2%
4.3%
4.3%

3.4%
3.4%
2.3%
2.3%
3.0%
3.0%

2.7%

2.6%

2.8%

2.8%
2.4%
3.3%
3.3%

2.6%
2.9%
3.2%
3.2%

2.5%
2.3%
3.2%
3.2%

In USD
S&S/Giant L
Giant C
EUR/USD

Ahold EUR m
EBIT
Depreciation, Amortization, impairments
Results sale assets
Other adjustments (e.g. Class action)
Cash Flow bef chg in WC
Receivables
Other current assets
Inventories
Accounts payable
Current liabilities
Restricted cash
Chg working capital
Chg in other non-current assets
Chg in other provisions
Chg in other non-current liabilities
Operational cash flow
Income taxes paid
Operating CF from discontinued operations
Net cash from operating activities
Purchase material F.A. (CAPEX)
as a % of sales
Sale material F.A.
Acq. of consolidated comp.
Acq. of non-cons. comp.
Dividends JV/eq.invst
sale companies, stakes
Interest received
Issuance of loans receivable
Repayment of loans receivable
Investing CF from discontinued operations
Cash flow from investments
Interest paid
Share issue
Exercised stock options
Chg in minority interest
Proceeds LT debt
Repayment LT debt
Changes in derivatives
Payments on finance lease liabilities
chg in ST borrowings
Cash dividend
Financing CF discontinued operations
Cash flow financing activ.
Cash flow balance
Cash beginning of year
Cash through new cons./FX
Cash end of period
Clean cash from operating-Capex
Free cash flow
Cash conversion ratio (CAR)

2009
1,297
771
-7
30
2,091
-31

2010
1,336
812
-14
33
2,167
-19

2011
1,347
797
-12
29
2,161
-7

Q1-12
416
252
-4
12
676
44

99
-73
-146

-43
205

-103
85

7
-121
-1

-151
0
0
0
1,940
-34
-14
1,892
-770
2.8%
22
-4
-8
69
0
31
-289
-3
-1
-953
-310
0

143
-76

-25
-138

-71

2,234
-123
-8
2,103
-870
2.9%
32
-159
0
111
-34
15
85
12
0
-808
-287
-386

1,998
-212
-10
1,776
-755
2.5%
23
-30
0
130
-13
27
71
50
0
-497
-246
-837

605
-45
-2
558
-227

0
0
-524
0
-47
-11
-212
-4
-1,108
-169
2,863
0
3,089

0
0
-419
-30
-54
0
-272
-4
-1,452
-157
3,089
0
2,932

0
0
-17
-13
-60
0
-328
-4
-1,505
-226
2,932
0
2,706

804
0.6

945
0.7

769
0.6

10
-15
2
4
-3
4
78

-147
-60
-277

3
-416
122
-20
34
-1
-615
-204
2,706
2,502

269

Q2-12
324
194
-12
9
515
16
0
31
-8
1
0
40
-18
0
0
539
-47
-1
491
-184
0.0%
24
-419
-2
138
-41
2
38
0
0
-444
-84
0
0
0
0
-36
0
-15
-30
-415
-1
-581
-534
0
0
-534

238
0.0

6M12
737
446
-16
21
1,188
60

Q3-12
288
217
-2
8
511
-5

2012
1,336
946
-21
40
2,301
-11

1Q13
347
273
-1
11
630
56

Q2-13
325
229
-20
10
544
3

6M13
670
503
-21
21
1,173
59

Q3 - 13
248
198
-4
11
453
-19

2013
1,239
916
-28
43
2,170
73

1Q14
380
254
-1
13
646
-32

2Q14
260
197
-6
9
460
38

2014F
1,230
848
-28
43
2,093
0

38
-129

-35
1

-27
177

22
-182

11
22

33
-164

-24
-72

-13
-21

16
56

51
-231

0
0

-31
-13

-39
-44

139

-104

36
-60

-72
-53

-115
43

40

-142

67
0

-194

39
0
-42

1,144
-92
-3
1,049
-411

428
-3
-2
423
-242

1,048
-105
-5
938
-419

381
-21
-6
354
-155

9
-269
-2
0
0
4

533
-40
-8
485
-263
2.6%
4
3

520
-65
-2
453
-156

34
-434

2,246
-134
-2
2,110
-910
2.8%
51
-701
-43
21

38
-3

5
0

1
2,372
2
-237

34
-6
-1
2
-11
1
92

2
-1
2
-683

142
2,024
-49
-61

-6
-51
-82
-186

3
2,361
3
-145
-1
136
1,973
-132
-247

2,167
-116
-16
2,035
-811
2.5%
52
-9
2,352
27

-83
-11
-8
-22

-1
-3
-1
-17
0
-457
-1
-748
-346

6
-44
6
116
136
-591
-144
-277

3
-452
122
-35
4
-415
-2
-1,196
-738
2,407
82
1,751

507

1
-499
-37

-21
-11
2
-1
-1
-69
-145
-534
-679

11
155
-1
135
-1,282
-234
-277
0
0
-459
110
-74
17
-415
-7
-1,339
-511
2,706
0
2,195

1,051
0.7

-2
-236
2,273
2,195
4,468

3,823

-87
-14
-9
-39
3
-457
-2
-984
1,927
1,864
32
3,823

239

404

-830
-33
-229

-21
-10

-293
-769
3,823
3,054

6
-1,472
-1
135
279
-216
-768
0
0
-21
-19
-73
-75
-457
-4
-1,633
681
2,195
0
2,876

1,109
0.8

-42

644
-123
-9
512
-188
1.9%
8
-12

326
-93
-4
229
-131

1
-44
3
791

13
-4
1
223
-2

559
-43
-439

132
-79
-373

33
-1

-4
-11
-10
-22

-4
-16

-1,008
-2
-1,539
-468
2,876

-414
2
-884
-523
2,408

2,408

1,885

2,160
-183
0
1,977
-897
2.8%
20
0
0
0
0
15
0
0
0
-862
-230
-2,250
0
0
0
0
-55
0
-401
-4
-2,940
-1,825
2,876
0
1,051

827
0.6

Ahold EUR m
Goodwill
Intangible F.A.
Tangible
Investment property
Financial fixed assets
Deferred income tax
Other F.A.
Fixed assets
Inventories

2004 IFRS
1,961
537
6,972

2006
2,184
470
6,925
431
799
528
449
11,786

2006PF
238
354
6,153
431
799
499
420
8,894

2007
252
351
5,390
463
869
370
422
8,117

2008
251
347
5,532
495
802
358
511
8,296

2009
254
365
5,407
531
1,066
429
776
8,828

2010
373
389
5,827
582
1,072
410
878
9,531

2011
404
432
5,984
593
1,087
394
893
9,787

Q1-12
437
432
5,878
575
1,119
349
918
9,708

Q2-12
996
432
6,351
600
1,010
349
970
10,708

Q3-12

2012

2Q-13

3Q-13

2013

1Q14

2Q14

828
611
659
11,568

2005
2,263
536
7,487
456
799
638
429
12,608

1,663
6,103
567
1,007
300
1,044
10,684

1,569
6,038
565
1,017
512
455
10,156

1,578
5,985
548
216
461
438
9,226

1,566
5,827
550
224
443
438
9,048

1,563
5,712
543
197
411
448
8,874

1,580
5,612
535
199
417
455
8,798

1,606
5,644
525
190
408
468
8,841

2014F
0
1,563
5,769
543
197
411
448
8,931

2,184

2,376

2,056

1,443

1,499

1,479

1,492

1,466

1,459

1,450

1,430

1,392

1,465

696

724

767

720

617

619

587

685

1,399

1,263

1,319

1,209

1,331

1,466

4.9%

5.3%

7.4%

5.0%

4.5%

5.1%

4.3%

4.5%

4.8%

2,184

2,463

2,107

1,118

948

744

713

772

751

4.9%

5.5%

7.6%

4.0%

3.4%

2.9%

2.6%

2.6%

2.5%

651
1,582
3,205
9,806

207
123
2,228
7,397

179
470
1,844
6,656

139
5,167
1,725
9,548

147
206
3,263
5,827

191
179
2,863
5,296

84
10
3,089
5,105

142
26
2,923
5,194

384
0
2,592
5,193

250
12
2,279
4,680

273
5
1,791
4,292

256
5
1,541
4,048

245
0
1,886
4,416

422
4
3,823
6,435

1,091
5
3,016
6,188

1,629
28
2,496
6,268

961
3
2,028
5,041

766
5
1,519
4,269

1,662
28
1,051
4,890

21,374
114
9,584

18,442
-352
9,227
10.8%
6,573
15.0%

18,442
-1,116
5,629

13,944
-1,233
4,760
21.7%
4,157
24.5%

13,592
-1,305
4,825
25.3%
4,227
28.9%

13,933
-1,455
4,571
28.7%
3,952
32.9%

14,725
-1,611
4,978
29.1%
4,216
34.0%

14,980
-1,477
5,343
26.7%
4,507
31.5%

14,388
-1,932

15,000
-1,597

14,732
-1,696

14,572
-1,758
5,849
25.2%
4,280
32.1%

15,661
-1,394

15,236
-690

15,142
-202
7,073
21.4%
5,510
28.2%

13,839
-1,522
5,670

13,110
-1,184
6,066

7,086

20,005
43
10,329
10.6%
7,530

4,090

4,460

13,821
-269
7,063
18.1%
5,500
23.2%

Shareholder's equity
Minorities
Group equity

3,888
64
3,952

4,651
64
4,715

5,199
71
5,270

5,199
71
5,270

3,810
77
3,887

4,676

5,440

5,910

5,877

5,417

5,930

5,890

5,146

6,753

6,558

6,520

4,685

4,440

5,065

4,676

5,440

5,910

5,877

5,417

5,930

5,890

5,146

6,753

6,558

6,520

4,685

4,440

5,065

Provisions
o.w. Defer. Tax
o.w. Pension
o.w. Restructuring
o.w. Other

1,280
64
740

1,198
58
604

1,078
73
482

894
73
410

625
34
183

670
115
113

853
173
96

929
177
129

957
199
94

965
209
90

1,048
276
97

1,026
284
90

1,387
98
643

1,150
108
409

1,196
93
451

1,056
123
348

1,063
137
361

1,125
114
441

1,056
123
348

% of sales

Receivables
% of sales

Other current assets

Assets held for sale
Cash
Current assets
Total
Net working capital
Capital employed incl GW
ROACE
Capital employed ex GW
ROACE ex. GW

5,037

4.6%

793

4.4%

2.4%

665

4.5%

2.0%

2.1%

476

536

523

411

408

442

584

623

664

666

675

652

646

633

652

585

565

570

585

Subordinated loans
Other Loans
Financial lease commitments
LT Debt
Preferred shares
Other non-current liabilities
Total non-current

5,812
1,077
6,889
666
310
7,865

4,867
1,298
6,165
666
380
7,211

4,170
1,218
5,388
497
388
6,273

4,162
1,218
5,380
497
360
6,237

2,658
1,032
3,690
497
312
4,499

2,260
1,025
3,285
497
326
4,108

1,753
992
2,745
497
373
3,615

1,851
1,096
2,947
497
350
3,794

1,489
1,158
2,647
497
388
3,532

1,440
1,147
2,587
497
432
3,516

1,546
1,297
2,843
497
439
3,779

1,468
1,912
3,380
234
3,614

1,431
1,179
2,610
497
505
3,612

1,371
1,141
2,512
497
601
3,610

1,343
1,081
2,424
497
559
3,480

1,307
1,069
2,376
497
551
3,424

1,302
1,038
2,340
497
577
3,414

1,327
1,054
2,381
497
589
3,467

1,307
1,069
2,376
497
551
3,424

Loans
Creditors

2,465
2,744

917
3,206

595
2,955

782
2,193

1,342
2,240

579
2,284

564
2,137

216
2,323

536
2,436

165
2,300

146
2,512

4
2,470

139
2,667

146
2,476

145
2,336

148
2,387

145
2,341

149
2,264

148
2,506

6.2%

7.2%

10.6%

7.9%

8.0%

8.9%

7.7%

7.9%

8.0%

294
173
773
907
8,277

5
159
1,779
16
6,881

32

32

126

101

141

243

136

138

117

145

134

140

149

97

33

97

2,013
226
5,821

1,547
1,487
6,041

1,225
0
4,933

1,174
0
4,138

1,183
0
4,025

1,290
20
4,092

1,506
0
4,614

1,883
4
4,490

1,464
4
4,243

1,583

1,386

1,372

1,657

4,148

4,002

1,462
48
4,142

2,158

4,202

1,487
0
4,427

4,677

4,078

1,477
48
4,276

Total

21,374

20,005

18,442

18,442

13,944

13,592

13,933

14,725

14,980

14,388

15,000

14,732

14,572

15,661

15,236

15,142

13,839

13,110

13,821

Net debt
Chg
Average net debt
Interest rate
Net debt vlg Ahold
Average net debt
Interest rate

6,815
-1,397

5,520
-1,295
5,760

4,636
-884
5,078

4,934

2,266
-2,370
3,451

1,498
-768
1,882

717
-781
1,108

737
20
727

1,088
351
913

970

1,695

1,843

1,360
272
1,224

-813
-2,508
441

-774
-2,617
535

-942
-2,302
209

280

1,055

970
1,912
14

7,082

5,911
6,106
9.6%

4,636
5,274
8.7%

2,266
3,451
8.8%

1,378
1,822
12.8%

717
1,048
27.6%

737
727
37.1%

1,088
913
14.5%

1,360
1,224
16.9%

-813
441

-813
-407

-942
209
115.8%

970
14
1628.7%

-111
-280
98
-294

-108
-239
107
-240

-115
-193
45
-263

-123
-165
30
-258

-129
-150
28
-252

-236
10
-226

-249
-49
7
-291

-192
-43
5
-230

13%
-5%
0.3

12%
-6%
0.3

26%
4%
0.6

-14%
-31%
-0.4

19%
-2%
0.5

% sales

Income tax payable

Tax payroll
Other short debt + provisions
Liabilites re assets held for sale
Current liabilities

Interest costs financial leases

Other interest costs
Interest income
Total interest costs
Net gearing
Net gear ex lease
Net debt/EBITDA
Lease adj. net debt/EBITDA
Interest coverage
EBITDA coverage
Euro/US$

172%
145%

4,934

117%
90%
2.5
3.8
0.4

88%
65%
2.3
3.9
2.3

58%
32%
1.2
3.1
3.8

32%
10%
0.8
5.1

4.5

4.9

19%
-1%
0.5
1.8
6.0

1.20

1.30

1.47

1.41

1.43

1.34

1.35

8.2%

970

1,695

7.3%

6.5
1.23

1.28

1.31

1.33

7.7%

5.1

5.4

1.33

1.37

(in m)

2013

2014F

2015F

2016F

2017F

2018F

2019F

2020F

2021F

2022F

ING Estimates
ING Turnover

32,612

32,416

% ING Change

-0.2%

-0.6%

ING EBITDA

2,064

2,075

ING EBITDA (%)

33,810

35,036

4.3%
2,198

36,297

3.6%

37,604

3.6%

2,269

2,351

3.6%
2,436

38,957

40,360

3.6%
2,524

3.6%
2,614

41,813

43,318

3.6%
2,708

3.6%
2,806

6.3%

6.4%

6.5%

6.5%

6.5%

6.5%

6.5%

6.5%

6.5%

6.5%

32,612
-0.2%

32,416
-0.6%

33,810
4.3%

35,036
3.6%

36,297
3.6%

37,604
3.6%

38,957
3.6%

40,360
3.6%

41,813
3.6%

43,318
3.6%

2,064
2,075
2,198
2,269
2,351
2,436
2,524
6.3%
6.4%
6.5%
6.5%
6.5%
6.5%
6.5%
Bond
Risk
Beta
Cost of Cost of Gearing Tax
10 year Premium
Equity
Debt
Rate
4.5%
5.5%
1.10
10.6%
7.5%
11.8%
25.0%

2,614
6.5%

2,708
6.5%

2,806
6.5%

11.6 Variance

0%

Your Assumptions
Turnover - Revised
% Change
Rev. EBITDA %
EBITDA %
WACC
Assumptions

WACC
10.0%

Fair value per share based on assumptions ()

ING estimated Fair Value Per Share ()

11.6

m
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-

5.0%

m
3,000

6.6%
6.5%

4.0%
3.0%

6.5%

2,000

6.4%

2.0%

6.4%

1.0%
0.0%

1,000

6.3%
6.3%

-1.0%
-2.0%

ING Key Ratios

Operating Profit (EBIT)
EBIT (%)
Oper.Cap.Empl. (OpCE)
Turnover / OpCE
Ret.on Cap.Empl. (%)
Work. Cap.
Work. Cap. / Turnover

6.2%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
ING Turnover
Turnover - Revised
% ING Change

Variances vs ING Forecast

Turnover
EBITDA
EBIT
Oper.Cap.Empl. (OpCE)
Turnover / OpCE (bps)
Ret.on Cap.Empl. (bps)
Work. Cap. / Turnover

EBITDA

Rev. EBITDA %

ING EBITDA (%)

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

0.0%
0.0%
0.0%
0.0%
0.00
0.00
0.00

1,148
3.5%
8,524
3.83
10.0%
-202.0
-0.62%

1,230
3.8%
8,506
3.81
10.7%
-268.9
-0.83%

1,329
3.9%
8,572
3.95
11.5%
-261.2
-0.77%

1,385
4.0%
8,621
4.06
11.9%
-270.6
-0.77%

1,445
4.0%
8,672
4.19
12.3%
-280.3
-0.77%

1,507
4.0%
8,724
4.31
12.8%
-290.4
-0.77%

1,571
4.0%
8,777
4.44
13.2%
-300.9
-0.77%

1,638
4.1%
8,832
4.57
13.7%
-311.7
-0.77%

1,708
4.1%
8,887
4.70
14.2%
-322.9
-0.77%

1,780
4.1%
8,944
4.84
14.7%
-334.5
-0.77%

1,385
4.0%
8,621
4.06
11.9%
-270.6
-0.77%

1,445
4.0%
8,672
4.19
12.3%
-280.3
-0.77%

1,507
4.0%
8,724
4.31
12.8%
-290.4
-0.77%

1,571
4.0%
8,777
4.44
13.2%
-300.9
-0.77%

1,638
4.1%
8,832
4.57
13.7%
-311.7
-0.77%

1,708
4.1%
8,887
4.70
14.2%
-322.9
-0.77%

1,780
4.1%
8,944
4.84
14.7%
-334.5
-0.77%

35,036
3.6%
2,269
6.5%
943
2.5%
884
2.5%
(271)
-0.8%
26.0%

36,297
3.6%
2,351
6.5%
967
2.5%
906
2.5%
(280)
-0.8%
26.0%

37,604
3.6%
2,436
6.5%
991
2.5%
929
2.5%
(290)
-0.8%
26.0%

38,957
3.6%
2,524
6.5%
1,016
2.5%
952
2.5%
(301)
-0.8%
26.0%

40,360
3.6%
2,614
6.5%
1,041
2.5%
976
2.5%
(312)
-0.8%
26.0%

41,813
3.6%
2,708
6.5%
1,067
2.5%
1,001
2.5%
(323)
-0.8%
26.0%

43,318
3.6%
2,806
6.5%
1,094
2.5%
1,026
2.5%
(335)
-0.8%
26.0%

1,385
4.0%
8,621
4.06
11.9%

1,445
4.0%
8,672
4.19
12.3%

1,507
4.0%
8,724
4.31
12.8%

1,571
4.0%
8,777
4.44
13.2%

1,638
4.1%
8,832
4.57
13.7%

1,708
4.1%
8,887
4.70
14.2%

1,780
4.1%
8,944
4.84
14.7%

2,269
(360)
(943)
9
975
6.2%
665

2,351
(376)
(967)
10
1,018
4.4%
631

2,436
(392)
(991)
10
1,063
4.4%
599

2,524
(409)
(1,016)
10
1,109
4.4%
568

2,614
(426)
(1,041)
11
1,158
4.4%
539

2,708
(444)
(1,067)
11
1,208
4.3%
511

2,806
(463)
(1,094)
12
1,261
4.3%
485

Cost of

Cost of

Gearing

Equity

Debt

Assumption driven Key Ratios

Operating Profit (EBIT)
1,148
1,230
1,329
EBIT (%)
3.5%
3.8%
3.9%
Oper.Cap.Empl. (OpCE)
8,524
8,506
8,572
Turnover / OpCE
3.83
3.81
3.95
Ret.on Cap.Empl. (%)
10.0%
10.7%
11.5%
Work. Cap.
-202.0
-268.9
-261.2
Work. Cap. / Turnover
-0.62% -0.83% -0.77%
Estimates
Operating Capital Employed
Turnover
32,612
32,430
33,818
% Change
-0.2%
-0.6%
4.3%
EBITDA
2,064
2,078
2,192
EBITDA (%)
6.3%
6.4%
6.5%
Investment
811
897
920
% Change
-10.9%
10.6%
2.6%
Depreciation
916
848
863
% Change
-3.2%
-7.4%
1.7%
Working Capital
(202)
(269)
(261)
Working Capital / Turnover (%)
-0.6%
-0.8%
-0.8%
Tax Rate
26.0%
26.0%
26.0%
Key Ratios
Operating Profit (EBIT)
1,148
1,230
1,329
EBIT (%)
3.5%
3.8%
3.9%
Operating Capital Employed 8,524
(OpCE) 8,506
8,572
Turnover / OpCE
3.83
3.81
3.95
Return on Capital Employed10.0%
10.7%
11.5%
Summary
EBITDA
2,064
2,078
2,192
Tax
(298)
(320)
(346)
Investment
(811)
(897)
(920)
Change in Working Capital (1,556)
67
(8)
Operating Free Cash Flow (OpFCF)
(602)
928
918
% Change
-254.3%
-1.1%
Discounted Operating Free Cash
(547)
Flow 767
689
% of total value
Present value first 10 years 4,909
44.4
Present value infinity growth 6,159
2%
55.6
Total present value
11,067
Add: Investment property/assets
1,045held for sale
Deduct: Net debt, pension provisions
(1,899)
Fair value
10,214
Number of shares
877
Fair value per share ()
11.6

Risk

Beta

Weighted Average Cost of Capital

Premium

Tax
Rate

WACC

Wacc expressed as multiples, discounted to infinity at the rate of Nominal GDP

Operating Profit
Assuming that Investment + change in WCR = Depreciation
Operating Free Cash Flow
GDP Nominal Growth to infinity
Valuation
Value
Period 1-10 years
4,909
OpFCF increase over 11-20 3,272
years
Infinity growth (GDP nominal2,887
growth)
Total
11,067

Market
2013
Value
Net Assets
Working Capital
Goodwill
Operating Capital Employed
11,067
Affiliates
502
Financial Assets
0
Other Assets
543
Capital Employed
12,113
- Provisions
(348)
- Net Financial Debt
(1,551)
- Other Debt
- Minority interests
As a % of Total Capital
Shareholder's Equity
10,214
/ Number of Shares
877
= Share Price
11.6

%
44.4%
29.6%
26.1%
100.0%

Terminal
Value
6,159

EV Multiples
EBDIT
EBIT
2022
2022
5.7
9.0

OpFCF
2022
12.7

2013
2014

Total EV Multiples
EBDIT
EBIT
5.4
9.6
5.3
9.0

Sales
34%
34%

Enterprise Value
Value JMR
ICA
Commercial Property
Less: Pension Provisions
2Q11

10.48 structure cost

9,188
89.4%
10.6%
1,088
10.6%
5.6%
10,276
Gearing
11.8%

9.4%
0.6%
10.0%

debt not adjusted for potential pref conversion

m, except for USA assets

which are in $m
Ahold USA (US$ m)

Stake
(%)

Sales
2015F

Clean EBIT
2015F

Relevant
Multiple '15

Value (Adj.
for stake)

Value ()
per share

Explanation

100

26,033

1,076

9.0x EBIT

9,688

8.2

USA average

Albert Heijn (incl. spec. stores)

100

11,770

605

10.0x EBIT

6,047

6.9

European average

Czech Republic/Slovakia

100

1,842

45

35% of sales

645

0.7

Leader in supermarkets

32,692

1,448

9.1x EBIT

13,922

15.9

Implied EBIT multiple

Total Retail

Blue is
input

9
10
9.6

Non-consolidated:
Portugal

49

4,100

25% of sales

502

0.6

Since 2010 treated as an assc.

14,424

16.5

US assets FX used: /$ 1.25

-769

-0.9

Implied Retail EBIT multiple

-1,551

-1.8

End 4Q12

Less: Pension Provisions

-348

-0.4

Incl. off-bal. liab. (US multi-empl.)

Add comm. Prop. Port.

543

0.6
14.0

End 2Q12

Total
Less: Holding costs
Less: Net Debt

Market Value

-80

9.6

12,299

Nr of shares out. (m)

877

Value per Share ()

14.0

End 1Q14

Preview Sales & EBIT With consensus

Sales
Ahold

Identical sales (ex fuel)

ING

Consensus*

ING

Consensus*

(m, USA in $m)

1Q13

1Q14

y.o.y.

1Q14

1Q14

1Q14

Ahold USA (in $m)

8,068

8,040

-0.3%

8,025

-0.9%

-0.9%

Netherlands

3,506

3,547

1.2%

3,535

-1.5%

-1.0%

Other Europe (Czk)

11,252

11,386

1.2%

11,247

-1.7%

-1.1%

Total Sales

10,075

9,822

-2.5%

9,808

/$

1.316

1.372

4.3%

1.368

Period
Clean EBIT

EBIT Margin

ING

ING

Consensus*

1Q13

1Q14

y.o.y.

1Q14

1Q13

1Q14

1Q14

Ahold USA (in $m)

330

311

-6%

321

4.1%

3.9%

4.0%

Netherlands

186

178

-4%

181

5.3%

5.0%

5.1%

Other Europe (Czk)

175

238

36%

202

1.6%

2.1%

1.8%

Total Retail

443

414

-7%

423

4.4%

4.2%

4.3%

4.2%

4.0%

4.1%

Consensus*

Corporate costs

-20

-20

0%

-21

Total

423

394

-7%

402

* Source: shareholder.com. 19 sell-side analyst contributions, including ING.

Fig 1: Revenue Split

Revenue
USA (US$m)
The Netherlands
Other Europe
Total Retail

Other Europe
5%

2014F
26,033
11,596
1,574
32,434

Revenue (m)
US
The Netherlands
Other Europe
Total Retail

19,263
11,596
1,574
32,434

Fig 2: EBIT Split

EBIT
USA (US$m)
Albert Heijn
Central Europe
Total Retail

2014F
995
567
18
1,320

EBIT (m)
US
The Netherlands
Other Europe
Total Retail

736
567
17.5
1,320

The
Netherlands
36%

US
59%

Other Europe
1%

The
Netherlands
43%
US
56%

Fig 3: Sales & EBIT margin progression

2007
28,152
4.0%

Total net sales

EBIT Margin (rhs)

2008
25,648
4.7%

2009
27,925
4.6%

2010
29,530
4.5%

m
36,000

2011
30,271
4.4%

5%

30,000

4%

24,000
3%
18,000
2%
12,000
1%

6,000
0

0%

Total net sales

Fig 4: FCF progression

EBIT Margin (rhs)

2012
32,682
4.1%

2013
32,612
3.8%

2014F
32,430
3.8%

2007
645.0
2.3%

FCF
FCF/Sales (rhs)

2008
812.0
3.2%

2009
1,144.0
4.1%

2010
1,265.0
4.3%

2011
1,044.0
3.4%

m
1,500

5%

1,250

4%

1,000

3%
750

2%
500
1%

250
0

0%

FCF

FCF/Sales (rhs)

Fig 5: EV/EBITDA

7.5
7.0
6.5

6.0
5.5
5.0
4.5
4.0

Historic EV/EBITDA (x)

Mid-cycle EV/EBITDA (x)

Fig 6: PE Ratio

15.0
14.0
13.0
12.0
11.0

10.0
9.0
8.0

Forward PER (x)

Mid-cycle PER (x)

2012
1,251.0
3.8%

2013
1,276.0
3.9%

2014F
1,100.1
3.4%

Start Date
9/1/2009
End date
9/1/2014
sort
a
days
a
Best Fperiod Override
bf
Period
d

AH NA equity
sort
a
days
a
Best Fperiod Override
fy
Period
d

5.5

#NAME?

8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/29/2009
8/30/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/5/2009
9/6/2009
9/7/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/12/2009
9/13/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/19/2009
9/20/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/26/2009
9/27/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/3/2009
10/4/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/10/2009
10/11/2009
10/12/2009
10/13/2009
10/14/2009
10/15/2009
10/16/2009

Historic
EV/EBITDA
(x)
BEST_CUR_EV_TO_EBITDA
Historic EV/EBITDA (x)
5.36
5.357
5.326
5.247
5.247
5.247
5.174
5.267
5.282
5.229
5.242
5.242
5.242
5.262
5.373
5.437
5.416
5.442
5.442
5.442
5.397
5.299
5.263
5.247
5.272
5.272
5.272
5.29
5.272
5.293
5.21
5.187
5.187
5.187
5.185
5.178
5.2
5.184
5.168
5.168
5.168
5.201
5.207
5.221
5.252
5.247
5.247
5.247
5.363
5.354
5.324
5.362
5.478

10/17/2009
10/18/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009
10/23/2009
10/24/2009
10/25/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
10/31/2009
11/1/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/7/2009
11/8/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
11/13/2009
11/14/2009
11/15/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/21/2009
11/22/2009
11/23/2009
11/24/2009
11/25/2009
11/26/2009
11/27/2009
11/28/2009
11/29/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/5/2009
12/6/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/12/2009
12/13/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/19/2009
12/20/2009
12/21/2009
12/22/2009

5.478
5.478
5.51
5.348
5.475
5.434
5.444
5.444
5.444
5.434
5.522
5.544
5.527
5.447
5.447
5.447
5.51
5.493
5.5
5.717
5.649
5.649
5.649
5.67
5.665
5.686
5.723
5.744
5.744
5.744
5.712
5.736
5.7
5.668
5.672
5.672
5.672
5.745
5.694
5.756
5.686
5.679
5.679
5.679
5.702
5.803
5.833
5.878
5.929
5.929
5.929
5.951
5.823
5.727
5.797
5.729
5.729
5.729
5.733
5.755
5.774
5.814
5.827
5.827
5.827
5.857
5.826

12/23/2009
12/24/2009
12/25/2009
12/26/2009
12/27/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/1/2010
1/2/2010
1/3/2010
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/9/2010
1/10/2010
1/11/2010
1/12/2010
1/13/2010
1/14/2010
1/15/2010
1/16/2010
1/17/2010
1/18/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/23/2010
1/24/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
1/30/2010
1/31/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/6/2010
2/7/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/13/2010
2/14/2010
2/15/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/20/2010
2/21/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
2/27/2010

5.84
5.825
5.825
5.825
5.825
5.852
5.856
5.851
5.637
5.637
5.637
5.637
5.73
5.681
5.714
5.595
5.647
5.647
5.647
5.65
5.639
5.631
5.609
5.667
5.667
5.667
5.701
5.672
5.62
5.619
5.674
5.674
5.674
5.606
5.606
5.606
5.565
5.575
5.575
5.575
5.614
5.633
5.616
5.58
5.523
5.523
5.523
5.528
5.512
5.496
5.506
5.502
5.502
5.502
5.515
5.522
5.529
5.528
5.53
5.53
5.53
5.513
5.505
5.494
5.392
5.528
5.528

2/28/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/6/2010
3/7/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/13/2010
3/14/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/20/2010
3/21/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/27/2010
3/28/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/2/2010
4/3/2010
4/4/2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/10/2010
4/11/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/17/2010
4/18/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/24/2010
4/25/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/1/2010
5/2/2010
5/3/2010
5/4/2010
5/5/2010

5.528
5.606
5.628
5.637
5.88
5.739
5.739
5.739
5.751
5.764
5.762
5.765
5.729
5.729
5.729
5.737
5.773
5.753
5.752
5.774
5.774
5.774
5.776
5.789
5.767
5.774
5.785
5.785
5.785
5.769
5.797
6.002
6.015
6.015
6.015
6.015
6.015
6.096
6.203
6.178
6.211
6.211
6.211
6.218
6.239
6.312
6.091
6.08
6.08
6.08
6.104
6.066
6.121
6.151
6.175
6.175
6.175
6.204
6.122
6.14
6.208
6.183
6.183
6.183
6.147
6.109
6.014

5/6/2010
5/7/2010
5/8/2010
5/9/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/15/2010
5/16/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/22/2010
5/23/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
5/29/2010
5/30/2010
5/31/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/5/2010
6/6/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/12/2010
6/13/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/19/2010
6/20/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/26/2010
6/27/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/3/2010
7/4/2010
7/5/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/10/2010
7/11/2010

5.977
5.801
5.801
5.801
6.062
6.001
6.084
6.12
6.063
6.063
6.063
6.043
6.157
6.111
6.065
6.009
6.009
6.009
6.082
5.995
5.997
6.049
6.067
6.067
6.067
6.032
6.067
6.19
6.181
6.11
6.11
6.11
6.098
6.069
6.206
6.181
6.052
6.052
6.052
5.975
5.963
5.947
6.011
6.005
6.005
6.005
5.963
5.989
5.892
5.85
5.828
5.828
5.828
5.87
5.81
5.743
5.625
5.569
5.569
5.569
5.615
5.649
5.721
5.72
5.736
5.736
5.736

7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/17/2010
7/18/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/24/2010
7/25/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
7/31/2010
8/1/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/7/2010
8/8/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/14/2010
8/15/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/21/2010
8/22/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/28/2010
8/29/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/4/2010
9/5/2010
9/6/2010
9/7/2010
9/8/2010
9/9/2010
9/10/2010
9/11/2010
9/12/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010

5.787
5.864
5.885
5.869
5.682
5.682
5.682
5.683
5.628
5.65
5.641
5.592
5.592
5.592
5.568
5.501
5.462
5.453
5.472
5.472
5.472
5.566
5.577
5.558
5.583
5.556
5.556
5.556
5.595
5.621
5.589
5.648
5.489
5.489
5.489
5.562
5.525
5.501
5.49
5.408
5.408
5.408
5.457
5.389
5.348
5.323
5.324
5.324
5.324
5.373
5.377
5.36
5.333
5.421
5.421
5.421
5.434
5.438
5.45
5.475
5.468
5.468
5.468
5.514
5.544
5.512
5.5

9/17/2010
9/18/2010
9/19/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/25/2010
9/26/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/2/2010
10/3/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/9/2010
10/10/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/16/2010
10/17/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/23/2010
10/24/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
10/30/2010
10/31/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/6/2010
11/7/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/13/2010
11/14/2010
11/15/2010
11/16/2010
11/17/2010
11/18/2010
11/19/2010
11/20/2010
11/21/2010
11/22/2010

5.536
5.536
5.536
5.702
5.672
5.617
5.616
5.66
5.66
5.66
5.644
5.659
5.599
5.506
5.435
5.435
5.435
5.377
5.367
5.342
5.366
5.343
5.343
5.343
5.389
5.367
5.373
5.388
5.354
5.354
5.354
5.38
5.458
5.458
5.487
5.496
5.496
5.496
5.492
5.479
5.523
5.546
5.556
5.556
5.556
5.566
5.59
5.552
5.513
5.47
5.47
5.47
5.477
5.459
5.532
5.541
5.533
5.533
5.533
5.547
5.614
5.597
5.422
5.347
5.347
5.347
5.382

11/23/2010
11/24/2010
11/25/2010
11/26/2010
11/27/2010
11/28/2010
11/29/2010
11/30/2010
12/1/2010
12/2/2010
12/3/2010
12/4/2010
12/5/2010
12/6/2010
12/7/2010
12/8/2010
12/9/2010
12/10/2010
12/11/2010
12/12/2010
12/13/2010
12/14/2010
12/15/2010
12/16/2010
12/17/2010
12/18/2010
12/19/2010
12/20/2010
12/21/2010
12/22/2010
12/23/2010
12/24/2010
12/25/2010
12/26/2010
12/27/2010
12/28/2010
12/29/2010
12/30/2010
12/31/2010
1/1/2011
1/2/2011
1/3/2011
1/4/2011
1/5/2011
1/6/2011
1/7/2011
1/8/2011
1/9/2011
1/10/2011
1/11/2011
1/12/2011
1/13/2011
1/14/2011
1/15/2011
1/16/2011
1/17/2011
1/18/2011
1/19/2011
1/20/2011
1/21/2011
1/22/2011
1/23/2011
1/24/2011
1/25/2011
1/26/2011
1/27/2011
1/28/2011

5.365
5.369
5.384
5.401
5.401
5.401
5.391
5.348
5.367
5.371
5.438
5.438
5.438
5.417
5.437
5.463
5.443
5.445
5.445
5.445
5.465
5.485
5.473
5.506
5.49
5.49
5.49
5.548
5.581
5.571
5.608
5.641
5.641
5.641
5.647
5.656
5.655
5.644
5.551
5.551
5.551
5.586
5.573
5.526
5.512
5.496
5.496
5.496
5.494
5.46
5.39
5.388
5.411
5.411
5.411
5.422
5.435
5.454
5.399
5.447
5.447
5.447
5.52
5.509
5.55
5.531
5.513

1/29/2011
1/30/2011
1/31/2011
2/1/2011
2/2/2011
2/3/2011
2/4/2011
2/5/2011
2/6/2011
2/7/2011
2/8/2011
2/9/2011
2/10/2011
2/11/2011
2/12/2011
2/13/2011
2/14/2011
2/15/2011
2/16/2011
2/17/2011
2/18/2011
2/19/2011
2/20/2011
2/21/2011
2/22/2011
2/23/2011
2/24/2011
2/25/2011
2/26/2011
2/27/2011
2/28/2011
3/1/2011
3/2/2011
3/3/2011
3/4/2011
3/5/2011
3/6/2011
3/7/2011
3/8/2011
3/9/2011
3/10/2011
3/11/2011
3/12/2011
3/13/2011
3/14/2011
3/15/2011
3/16/2011
3/17/2011
3/18/2011
3/19/2011
3/20/2011
3/21/2011
3/22/2011
3/23/2011
3/24/2011
3/25/2011
3/26/2011
3/27/2011
3/28/2011
3/29/2011
3/30/2011
3/31/2011
4/1/2011
4/2/2011
4/3/2011
4/4/2011
4/5/2011

5.513
5.513
5.542
5.593
5.537
5.502
5.524
5.524
5.524
5.505
5.48
5.496
5.481
5.464
5.464
5.464
5.483
5.508
5.487
5.51
5.527
5.527
5.527
5.542
5.554
5.512
5.472
5.486
5.486
5.486
5.47
5.482
5.458
5.316
5.337
5.337
5.337
5.398
5.389
5.416
5.436
5.374
5.374
5.374
5.309
5.203
5.158
5.191
5.259
5.259
5.259
5.28
5.249
5.267
5.346
5.336
5.336
5.336
5.344
5.342
5.368
5.326
5.417
5.417
5.417
5.434
5.406

4/6/2011
4/7/2011
4/8/2011
4/9/2011
4/10/2011
4/11/2011
4/12/2011
4/13/2011
4/14/2011
4/15/2011
4/16/2011
4/17/2011
4/18/2011
4/19/2011
4/20/2011
4/21/2011
4/22/2011
4/23/2011
4/24/2011
4/25/2011
4/26/2011
4/27/2011
4/28/2011
4/29/2011
4/30/2011
5/1/2011
5/2/2011
5/3/2011
5/4/2011
5/5/2011
5/6/2011
5/7/2011
5/8/2011
5/9/2011
5/10/2011
5/11/2011
5/12/2011
5/13/2011
5/14/2011
5/15/2011
5/16/2011
5/17/2011
5/18/2011
5/19/2011
5/20/2011
5/21/2011
5/22/2011
5/23/2011
5/24/2011
5/25/2011
5/26/2011
5/27/2011
5/28/2011
5/29/2011
5/30/2011
5/31/2011
6/1/2011
6/2/2011
6/3/2011
6/4/2011
6/5/2011
6/6/2011
6/7/2011
6/8/2011
6/9/2011
6/10/2011
6/11/2011

5.436
5.422
5.432
5.432
5.432
5.406
5.403
5.461
5.466
5.513
5.513
5.513
5.432
5.404
5.412
5.418
5.418
5.418
5.418
5.418
5.27
5.297
5.3
5.325
5.325
5.325
5.354
5.337
5.331
5.323
5.411
5.411
5.411
5.364
5.409
5.441
5.458
5.455
5.455
5.455
5.402
5.385
5.374
5.416
5.426
5.426
5.426
5.41
5.44
5.558
5.48
5.519
5.519
5.519
5.519
5.553
5.497
5.462
5.482
5.482
5.482
5.476
5.449
5.357
5.319
5.267
5.267

6/12/2011
6/13/2011
6/14/2011
6/15/2011
6/16/2011
6/17/2011
6/18/2011
6/19/2011
6/20/2011
6/21/2011
6/22/2011
6/23/2011
6/24/2011
6/25/2011
6/26/2011
6/27/2011
6/28/2011
6/29/2011
6/30/2011
7/1/2011
7/2/2011
7/3/2011
7/4/2011
7/5/2011
7/6/2011
7/7/2011
7/8/2011
7/9/2011
7/10/2011
7/11/2011
7/12/2011
7/13/2011
7/14/2011
7/15/2011
7/16/2011
7/17/2011
7/18/2011
7/19/2011
7/20/2011
7/21/2011
7/22/2011
7/23/2011
7/24/2011
7/25/2011
7/26/2011
7/27/2011
7/28/2011
7/29/2011
7/30/2011
7/31/2011
8/1/2011
8/2/2011
8/3/2011
8/4/2011
8/5/2011
8/6/2011
8/7/2011
8/8/2011
8/9/2011
8/10/2011
8/11/2011
8/12/2011
8/13/2011
8/14/2011
8/15/2011
8/16/2011
8/17/2011

5.267
5.274
5.275
5.233
5.212
5.242
5.242
5.242
5.261
5.263
5.276
5.269
5.266
5.266
5.266
5.239
5.189
5.233
5.305
5.344
5.344
5.344
5.349
5.216
5.17
5.217
5.205
5.205
5.205
5.181
5.161
5.179
5.148
5.153
5.153
5.153
4.939
4.93
4.927
4.973
5.02
5.02
5.02
4.996
4.957
4.958
5.022
4.982
4.982
4.982
4.931
4.854
4.811
4.797
4.721
4.721
4.721
4.591
4.508
4.499
4.539
4.551
4.551
4.551
4.592
4.601
4.632

8/18/2011
8/19/2011
8/20/2011
8/21/2011
8/22/2011
8/23/2011
8/24/2011
8/25/2011
8/26/2011
8/27/2011
8/28/2011
8/29/2011
8/30/2011
8/31/2011
9/1/2011
9/2/2011
9/3/2011
9/4/2011
9/5/2011
9/6/2011
9/7/2011
9/8/2011
9/9/2011
9/10/2011
9/11/2011
9/12/2011
9/13/2011
9/14/2011
9/15/2011
9/16/2011
9/17/2011
9/18/2011
9/19/2011
9/20/2011
9/21/2011
9/22/2011
9/23/2011
9/24/2011
9/25/2011
9/26/2011
9/27/2011
9/28/2011
9/29/2011
9/30/2011
10/1/2011
10/2/2011
10/3/2011
10/4/2011
10/5/2011
10/6/2011
10/7/2011
10/8/2011
10/9/2011
10/10/2011
10/11/2011
10/12/2011
10/13/2011
10/14/2011
10/15/2011
10/16/2011
10/17/2011
10/18/2011
10/19/2011
10/20/2011
10/21/2011
10/22/2011
10/23/2011

4.513
4.377
4.377
4.377
4.432
4.432
4.523
4.296
4.385
4.385
4.385
4.415
4.413
4.499
4.536
4.507
4.507
4.507
4.445
4.433
4.525
4.619
4.596
4.596
4.596
4.541
4.542
4.545
4.593
4.68
4.68
4.68
4.62
4.704
4.682
4.535
4.518
4.518
4.518
4.561
4.682
4.724
4.844
4.952
4.952
4.952
4.966
5.017
5.014
5.027
5.039
5.039
5.039
5.089
5.024
5.079
5.071
5.173
5.173
5.173
5.137
5.146
5.198
5.184
5.244
5.244
5.244

10/24/2011
10/25/2011
10/26/2011
10/27/2011
10/28/2011
10/29/2011
10/30/2011
10/31/2011
11/1/2011
11/2/2011
11/3/2011
11/4/2011
11/5/2011
11/6/2011
11/7/2011
11/8/2011
11/9/2011
11/10/2011
11/11/2011
11/12/2011
11/13/2011
11/14/2011
11/15/2011
11/16/2011
11/17/2011
11/18/2011
11/19/2011
11/20/2011
11/21/2011
11/22/2011
11/23/2011
11/24/2011
11/25/2011
11/26/2011
11/27/2011
11/28/2011
11/29/2011
11/30/2011
12/1/2011
12/2/2011
12/3/2011
12/4/2011
12/5/2011
12/6/2011
12/7/2011
12/8/2011
12/9/2011
12/10/2011
12/11/2011
12/12/2011
12/13/2011
12/14/2011
12/15/2011
12/16/2011
12/17/2011
12/18/2011
12/19/2011
12/20/2011
12/21/2011
12/22/2011
12/23/2011
12/24/2011
12/25/2011
12/26/2011
12/27/2011
12/28/2011
12/29/2011

5.207
5.186
5.188
5.235
5.203
5.203
5.203
5.145
5.045
5.051
5.148
5.142
5.142
5.142
5.129
5.166
5.07
5.024
5.175
5.175
5.175
5.172
5.182
5.203
5.185
5.176
5.176
5.176
5.02
4.888
4.921
4.847
4.863
4.863
4.863
4.952
4.999
5.041
5.076
5.02
5.02
5.02
5.07
5.104
5.143
5.165
5.192
5.192
5.192
5.195
5.182
5.122
5.202
5.095
5.095
5.095
5.117
5.245
5.224
5.267
5.286
5.286
5.286
5.286
5.333
5.358
5.4

12/30/2011
12/31/2011
1/1/2012
1/2/2012
1/3/2012
1/4/2012
1/5/2012
1/6/2012
1/7/2012
1/8/2012
1/9/2012
1/10/2012
1/11/2012
1/12/2012
1/13/2012
1/14/2012
1/15/2012
1/16/2012
1/17/2012
1/18/2012
1/19/2012
1/20/2012
1/21/2012
1/22/2012
1/23/2012
1/24/2012
1/25/2012
1/26/2012
1/27/2012
1/28/2012
1/29/2012
1/30/2012
1/31/2012
2/1/2012
2/2/2012
2/3/2012
2/4/2012
2/5/2012
2/6/2012
2/7/2012
2/8/2012
2/9/2012
2/10/2012
2/11/2012
2/12/2012
2/13/2012
2/14/2012
2/15/2012
2/16/2012
2/17/2012
2/18/2012
2/19/2012
2/20/2012
2/21/2012
2/22/2012
2/23/2012
2/24/2012
2/25/2012
2/26/2012
2/27/2012
2/28/2012
2/29/2012
3/1/2012
3/2/2012
3/3/2012
3/4/2012
3/5/2012

5.485
5.485
5.485
5.465
5.518
5.447
5.431
5.432
5.432
5.432
5.442
5.475
5.46
5.26
5.298
5.298
5.298
5.343
5.363
5.405
5.334
5.422
5.422
5.422
5.407
5.367
5.354
5.347
5.324
5.324
5.324
5.295
5.295
5.332
5.327
5.396
5.396
5.396
5.368
5.409
5.445
5.516
5.496
5.496
5.496
5.534
5.543
5.55
5.642
5.675
5.675
5.675
5.688
5.704
5.63
5.537
5.329
5.329
5.329
5.383
5.408
5.376
5.321
5.257
5.257
5.257
5.258

3/6/2012
3/7/2012
3/8/2012
3/9/2012
3/10/2012
3/11/2012
3/12/2012
3/13/2012
3/14/2012
3/15/2012
3/16/2012
3/17/2012
3/18/2012
3/19/2012
3/20/2012
3/21/2012
3/22/2012
3/23/2012
3/24/2012
3/25/2012
3/26/2012
3/27/2012
3/28/2012
3/29/2012
3/30/2012
3/31/2012
4/1/2012
4/2/2012
4/3/2012
4/4/2012
4/5/2012
4/6/2012
4/7/2012
4/8/2012
4/9/2012
4/10/2012
4/11/2012
4/12/2012
4/13/2012
4/14/2012
4/15/2012
4/16/2012
4/17/2012
4/18/2012
4/19/2012
4/20/2012
4/21/2012
4/22/2012
4/23/2012
4/24/2012
4/25/2012
4/26/2012
4/27/2012
4/28/2012
4/29/2012
4/30/2012
5/1/2012
5/2/2012
5/3/2012
5/4/2012
5/5/2012
5/6/2012
5/7/2012
5/8/2012
5/9/2012
5/10/2012
5/11/2012

5.238
5.248
5.238
5.286
5.286
5.286
5.336
5.422
5.411
5.422
5.442
5.442
5.442
5.391
5.437
5.455
5.419
5.425
5.425
5.425
5.46
5.411
5.408
5.35
5.62
5.62
5.62
5.706
5.686
5.596
5.557
5.557
5.557
5.557
5.557
5.513
5.565
5.569
5.544
5.544
5.544
5.57
5.681
5.622
5.369
5.298
5.298
5.298
5.247
5.139
5.144
5.18
5.25
5.25
5.25
5.228
5.228
5.267
5.218
5.228
5.228
5.228
5.259
5.244
5.289
5.271
5.304

5/12/2012
5/13/2012
5/14/2012
5/15/2012
5/16/2012
5/17/2012
5/18/2012
5/19/2012
5/20/2012
5/21/2012
5/22/2012
5/23/2012
5/24/2012
5/25/2012
5/26/2012
5/27/2012
5/28/2012
5/29/2012
5/30/2012
5/31/2012
6/1/2012
6/2/2012
6/3/2012
6/4/2012
6/5/2012
6/6/2012
6/7/2012
6/8/2012
6/9/2012
6/10/2012
6/11/2012
6/12/2012
6/13/2012
6/14/2012
6/15/2012
6/16/2012
6/17/2012
6/18/2012
6/19/2012
6/20/2012
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012
6/26/2012
6/27/2012
6/28/2012
6/29/2012
6/30/2012
7/1/2012
7/2/2012
7/3/2012
7/4/2012
7/5/2012
7/6/2012
7/7/2012
7/8/2012
7/9/2012
7/10/2012
7/11/2012
7/12/2012
7/13/2012
7/14/2012
7/15/2012
7/16/2012
7/17/2012

5.304
5.304
5.133
5.128
5.128
5.111
5.129
5.129
5.129
5.138
5.118
5.135
5.154
5.243
5.243
5.243
5.197
5.192
5.148
5.155
5.134
5.134
5.134
5.088
5.198
5.001
4.946
4.972
4.972
4.972
4.948
4.977
4.938
4.956
4.984
4.984
4.984
4.983
5.038
4.967
5.036
5.057
5.057
5.057
5.062
5.085
5.172
5.219
5.41
5.41
5.41
5.423
5.434
5.377
5.399
5.364
5.364
5.364
5.348
5.363
5.189
5.106
5.137
5.137
5.137
5.187
5.181

7/18/2012
7/19/2012
7/20/2012
7/21/2012
7/22/2012
7/23/2012
7/24/2012
7/25/2012
7/26/2012
7/27/2012
7/28/2012
7/29/2012
7/30/2012
7/31/2012
8/1/2012
8/2/2012
8/3/2012
8/4/2012
8/5/2012
8/6/2012
8/7/2012
8/8/2012
8/9/2012
8/10/2012
8/11/2012
8/12/2012
8/13/2012
8/14/2012
8/15/2012
8/16/2012
8/17/2012
8/18/2012
8/19/2012
8/20/2012
8/21/2012
8/22/2012
8/23/2012
8/24/2012
8/25/2012
8/26/2012
8/27/2012
8/28/2012
8/29/2012
8/30/2012
8/31/2012
9/1/2012
9/2/2012
9/3/2012
9/4/2012
9/5/2012
9/6/2012
9/7/2012
9/8/2012
9/9/2012
9/10/2012
9/11/2012
9/12/2012
9/13/2012
9/14/2012
9/15/2012
9/16/2012
9/17/2012
9/18/2012
9/19/2012
9/20/2012
9/21/2012
9/22/2012

5.22
5.237
5.145
5.145
5.145
5.037
5.064
5.04
5.122
5.169
5.169
5.169
5.223
5.242
5.217
5.211
5.249
5.249
5.249
5.303
5.345
5.362
5.347
5.352
5.352
5.352
5.373
5.408
5.449
5.483
5.511
5.511
5.511
5.463
5.492
5.458
5.301
5.337
5.337
5.337
5.354
5.249
5.285
5.257
5.205
5.205
5.205
5.227
5.338
5.337
5.396
5.375
5.375
5.375
5.345
5.352
5.317
5.294
5.256
5.256
5.256
5.208
5.276
5.281
5.294
5.282
5.282

9/23/2012
9/24/2012
9/25/2012
9/26/2012
9/27/2012
9/28/2012
9/29/2012
9/30/2012
10/1/2012
10/2/2012
10/3/2012
10/4/2012
10/5/2012
10/6/2012
10/7/2012
10/8/2012
10/9/2012
10/10/2012
10/11/2012
10/12/2012
10/13/2012
10/14/2012
10/15/2012
10/16/2012
10/17/2012
10/18/2012
10/19/2012
10/20/2012
10/21/2012
10/22/2012
10/23/2012
10/24/2012
10/25/2012
10/26/2012
10/27/2012
10/28/2012
10/29/2012
10/30/2012
10/31/2012
11/1/2012
11/2/2012
11/3/2012
11/4/2012
11/5/2012
11/6/2012
11/7/2012
11/8/2012
11/9/2012
11/10/2012
11/11/2012
11/12/2012
11/13/2012
11/14/2012
11/15/2012
11/16/2012
11/17/2012
11/18/2012
11/19/2012
11/20/2012
11/21/2012
11/22/2012
11/23/2012
11/24/2012
11/25/2012
11/26/2012
11/27/2012
11/28/2012

5.282
5.277
5.304
5.253
5.231
5.21
5.21
5.21
5.205
5.236
5.262
5.247
5.254
5.254
5.254
5.242
5.205
5.177
5.169
5.153
5.153
5.153
5.166
5.169
5.181
5.161
5.189
5.189
5.189
5.174
5.113
5.105
5.134
5.206
5.206
5.206
5.202
5.205
5.246
5.224
5.216
5.216
5.216
5.221
5.248
5.269
5.216
5.207
5.207
5.207
5.192
5.164
5.127
5.043
5.003
5.003
5.003
5.049
4.998
4.99
5.073
5.183
5.183
5.183
5.206
5.228
5.244

11/29/2012
11/30/2012
12/1/2012
12/2/2012
12/3/2012
12/4/2012
12/5/2012
12/6/2012
12/7/2012
12/8/2012
12/9/2012
12/10/2012
12/11/2012
12/12/2012
12/13/2012
12/14/2012
12/15/2012
12/16/2012
12/17/2012
12/18/2012
12/19/2012
12/20/2012
12/21/2012
12/22/2012
12/23/2012
12/24/2012
12/25/2012
12/26/2012
12/27/2012
12/28/2012
12/29/2012
12/30/2012
12/31/2012
1/1/2013
1/2/2013
1/3/2013
1/4/2013
1/5/2013
1/6/2013
1/7/2013
1/8/2013
1/9/2013
1/10/2013
1/11/2013
1/12/2013
1/13/2013
1/14/2013
1/15/2013
1/16/2013
1/17/2013
1/18/2013
1/19/2013
1/20/2013
1/21/2013
1/22/2013
1/23/2013
1/24/2013
1/25/2013
1/26/2013
1/27/2013
1/28/2013
1/29/2013
1/30/2013
1/31/2013
2/1/2013
2/2/2013
2/3/2013

5.247
5.249
5.249
5.249
5.255
5.295
5.344
5.397
5.43
5.43
5.43
5.427
5.447
5.437
5.445
5.443
5.443
5.443
5.457
5.504
5.485
5.477
5.458
5.458
5.458
5.471
5.471
5.471
5.438
5.419
5.419
5.419
5.271
5.271
5.35
5.349
5.415
5.415
5.415
5.455
5.428
5.403
5.464
5.511
5.511
5.511
5.519
5.507
5.476
5.518
5.599
5.599
5.599
5.591
5.574
5.55
5.597
5.662
5.662
5.662
5.682
5.679
5.673
5.624
5.666
5.666
5.666

2/4/2013
2/5/2013
2/6/2013
2/7/2013
2/8/2013
2/9/2013
2/10/2013
2/11/2013
2/12/2013
2/13/2013
2/14/2013
2/15/2013
2/16/2013
2/17/2013
2/18/2013
2/19/2013
2/20/2013
2/21/2013
2/22/2013
2/23/2013
2/24/2013
2/25/2013
2/26/2013
2/27/2013
2/28/2013
3/1/2013
3/2/2013
3/3/2013
3/4/2013
3/5/2013
3/6/2013
3/7/2013
3/8/2013
3/9/2013
3/10/2013
3/11/2013
3/12/2013
3/13/2013
3/14/2013
3/15/2013
3/16/2013
3/17/2013
3/18/2013
3/19/2013
3/20/2013
3/21/2013
3/22/2013
3/23/2013
3/24/2013
3/25/2013
3/26/2013
3/27/2013
3/28/2013
3/29/2013
3/30/2013
3/31/2013
4/1/2013
4/2/2013
4/3/2013
4/4/2013
4/5/2013
4/6/2013
4/7/2013
4/8/2013
4/9/2013
4/10/2013
4/11/2013

5.567
5.555
5.525
5.492
5.521
5.521
5.521
5.71
5.729
5.663
5.673
5.675
5.675
5.675
5.668
5.726
5.77
5.719
5.735
5.735
5.735
5.75
5.683
5.67
5.628
5.629
5.629
5.629
5.65
5.664
5.69
5.649
5.717
5.717
5.717
5.851
5.907
5.908
6.009
5.974
5.974
5.974
5.981
6.023
6.061
6.148
6.133
6.133
6.133
6.135
6.152
6.11
5.27
5.27
5.27
5.27
5.27
5.342
5.415
5.347
5.191
5.191
5.191
5.237
5.218
5.303
5.302

4/12/2013
4/13/2013
4/14/2013
4/15/2013
4/16/2013
4/17/2013
4/18/2013
4/19/2013
4/20/2013
4/21/2013
4/22/2013
4/23/2013
4/24/2013
4/25/2013
4/26/2013
4/27/2013
4/28/2013
4/29/2013
4/30/2013
5/1/2013
5/2/2013
5/3/2013
5/4/2013
5/5/2013
5/6/2013
5/7/2013
5/8/2013
5/9/2013
5/10/2013
5/11/2013
5/12/2013
5/13/2013
5/14/2013
5/15/2013
5/16/2013
5/17/2013
5/18/2013
5/19/2013
5/20/2013
5/21/2013
5/22/2013
5/23/2013
5/24/2013
5/25/2013
5/26/2013
5/27/2013
5/28/2013
5/29/2013
5/30/2013
5/31/2013
6/1/2013
6/2/2013
6/3/2013
6/4/2013
6/5/2013
6/6/2013
6/7/2013
6/8/2013
6/9/2013
6/10/2013
6/11/2013
6/12/2013
6/13/2013
6/14/2013
6/15/2013
6/16/2013
6/17/2013

5.308
5.308
5.308
5.361
5.34
5.197
5.142
4.993
4.993
4.993
5.106
5.252
5.246
5.218
5.272
5.272
5.272
5.339
5.274
5.274
5.282
5.35
5.35
5.35
5.403
5.371
5.473
5.389
5.427
5.427
5.427
5.403
5.386
5.459
5.44
5.498
5.498
5.498
5.51
5.534
5.744
5.613
5.589
5.589
5.589
5.619
5.703
5.562
5.584
5.482
5.482
5.482
5.511
5.334
5.127
5.16
5.195
5.195
5.195
5.228
5.214
5.182
5.145
5.167
5.167
5.167
5.265

6/18/2013
6/19/2013
6/20/2013
6/21/2013
6/22/2013
6/23/2013
6/24/2013
6/25/2013
6/26/2013
6/27/2013
6/28/2013
6/29/2013
6/30/2013
7/1/2013
7/2/2013
7/3/2013
7/4/2013
7/5/2013
7/6/2013
7/7/2013
7/8/2013
7/9/2013
7/10/2013
7/11/2013
7/12/2013
7/13/2013
7/14/2013
7/15/2013
7/16/2013
7/17/2013
7/18/2013
7/19/2013
7/20/2013
7/21/2013
7/22/2013
7/23/2013
7/24/2013
7/25/2013
7/26/2013
7/27/2013
7/28/2013
7/29/2013
7/30/2013
7/31/2013
8/1/2013
8/2/2013
8/3/2013
8/4/2013
8/5/2013
8/6/2013
8/7/2013
8/8/2013
8/9/2013
8/10/2013
8/11/2013
8/12/2013
8/13/2013
8/14/2013
8/15/2013
8/16/2013
8/17/2013
8/18/2013
8/19/2013
8/20/2013
8/21/2013
8/22/2013
8/23/2013

5.285
5.296
5.101
4.999
4.999
4.999
4.924
5.01
5.041
5.056
4.993
4.993
4.993
5.028
5.066
5.038
5.22
5.222
5.222
5.222
5.278
5.356
5.43
5.398
5.415
5.415
5.415
5.448
5.451
5.471
5.551
5.594
5.594
5.594
5.571
5.489
5.542
5.471
5.373
5.373
5.373
5.345
5.408
5.402
5.433
5.497
5.497
5.497
5.485
5.453
5.416
5.5
5.554
5.554
5.554
5.503
5.561
5.536
5.382
5.381
5.381
5.381
5.429
5.305
5.317
5.546
5.614

8/24/2013
8/25/2013
8/26/2013
8/27/2013
8/28/2013
8/29/2013
8/30/2013
8/31/2013
9/1/2013
9/2/2013
9/3/2013
9/4/2013
9/5/2013
9/6/2013
9/7/2013
9/8/2013
9/9/2013
9/10/2013
9/11/2013
9/12/2013
9/13/2013
9/14/2013
9/15/2013
9/16/2013
9/17/2013
9/18/2013
9/19/2013
9/20/2013
9/21/2013
9/22/2013
9/23/2013
9/24/2013
9/25/2013
9/26/2013
9/27/2013
9/28/2013
9/29/2013
9/30/2013
10/1/2013
10/2/2013
10/3/2013
10/4/2013
10/5/2013
10/6/2013
10/7/2013
10/8/2013
10/9/2013
10/10/2013
10/11/2013
10/12/2013
10/13/2013
10/14/2013
10/15/2013
10/16/2013
10/17/2013
10/18/2013
10/19/2013
10/20/2013
10/21/2013
10/22/2013
10/23/2013
10/24/2013
10/25/2013
10/26/2013
10/27/2013
10/28/2013
10/29/2013

5.614
5.614
5.572
5.413
5.285
5.257
5.189
5.189
5.189
5.365
5.384
5.399
5.422
5.394
5.394
5.394
5.357
5.465
5.5
5.562
5.527
5.527
5.527
5.577
5.55
5.555
5.559
5.582
5.582
5.582
5.579
5.563
5.58
5.56
5.527
5.527
5.527
5.512
5.6
5.539
5.574
5.551
5.551
5.551
5.574
5.52
5.448
5.574
5.644
5.644
5.644
5.628
5.775
5.805
5.824
5.859
5.859
5.859
5.878
5.959
5.987
5.955
5.976
5.976
5.976
6.035
6.045

10/30/2013
10/31/2013
11/1/2013
11/2/2013
11/3/2013
11/4/2013
11/5/2013
11/6/2013
11/7/2013
11/8/2013
11/9/2013
11/10/2013
11/11/2013
11/12/2013
11/13/2013
11/14/2013
11/15/2013
11/16/2013
11/17/2013
11/18/2013
11/19/2013
11/20/2013
11/21/2013
11/22/2013
11/23/2013
11/24/2013
11/25/2013
11/26/2013
11/27/2013
11/28/2013
11/29/2013
11/30/2013
12/1/2013
12/2/2013
12/3/2013
12/4/2013
12/5/2013
12/6/2013
12/7/2013
12/8/2013
12/9/2013
12/10/2013
12/11/2013
12/12/2013
12/13/2013
12/14/2013
12/15/2013
12/16/2013
12/17/2013
12/18/2013
12/19/2013
12/20/2013
12/21/2013
12/22/2013
12/23/2013
12/24/2013
12/25/2013
12/26/2013
12/27/2013
12/28/2013
12/29/2013
12/30/2013
12/31/2013
1/1/2014
1/2/2014
1/3/2014
1/4/2014

6.06
6.05
6.04
6.04
6.04
6.064
6.065
6.086
6.05
6.016
6.016
6.016
6.046
5.979
5.931
5.63
5.621
5.621
5.621
5.779
5.805
5.836
5.837
5.886
5.886
5.886
5.938
5.878
5.907
5.879
5.891
5.891
5.891
5.859
5.81
5.721
5.632
5.6
5.6
5.6
5.61
5.585
5.584
5.5
5.524
5.524
5.524
5.596
5.545
5.569
5.594
5.566
5.566
5.566
5.694
5.723
5.723
5.723
5.803
5.803
5.803
5.748
5.654
5.654
5.661
5.676
5.676

1/5/2014
1/6/2014
1/7/2014
1/8/2014
1/9/2014
1/10/2014
1/11/2014
1/12/2014
1/13/2014
1/14/2014
1/15/2014
1/16/2014
1/17/2014
1/18/2014
1/19/2014
1/20/2014
1/21/2014
1/22/2014
1/23/2014
1/24/2014
1/25/2014
1/26/2014
1/27/2014
1/28/2014
1/29/2014
1/30/2014
1/31/2014
2/1/2014
2/2/2014
2/3/2014
2/4/2014
2/5/2014
2/6/2014
2/7/2014
2/8/2014
2/9/2014
2/10/2014
2/11/2014
2/12/2014
2/13/2014
2/14/2014
2/15/2014
2/16/2014
2/17/2014
2/18/2014
2/19/2014
2/20/2014
2/21/2014
2/22/2014
2/23/2014
2/24/2014
2/25/2014
2/26/2014
2/27/2014
2/28/2014
3/1/2014
3/2/2014
3/3/2014
3/4/2014
3/5/2014
3/6/2014
3/7/2014
3/8/2014
3/9/2014
3/10/2014
3/11/2014
3/12/2014

5.676
5.698
5.719
5.7
5.653
5.684
5.684
5.684
5.717
5.771
5.734
5.607
5.564
5.564
5.564
5.637
5.609
5.554
5.631
5.529
5.529
5.529
5.481
5.445
5.442
5.432
5.42
5.42
5.42
5.507
5.469
5.505
5.599
5.585
5.585
5.585
5.591
5.687
5.72
5.697
5.739
5.739
5.739
5.809
5.83
5.846
5.855
5.847
5.847
5.847
5.896
5.903
5.833
6.084
5.95
5.95
5.95
5.915
6.086
6.129
6.19
6.109
6.109
6.109
6.062
5.969
5.991

3/13/2014
3/14/2014
3/15/2014
3/16/2014
3/17/2014
3/18/2014
3/19/2014
3/20/2014
3/21/2014
3/22/2014
3/23/2014
3/24/2014
3/25/2014
3/26/2014
3/27/2014
3/28/2014
3/29/2014
3/30/2014
3/31/2014
4/1/2014
4/2/2014
4/3/2014
4/4/2014
4/5/2014
4/6/2014
4/7/2014
4/8/2014
4/9/2014
4/10/2014
4/11/2014
4/12/2014
4/13/2014
4/14/2014
4/15/2014
4/16/2014
4/17/2014
4/18/2014
4/19/2014
4/20/2014
4/21/2014
4/22/2014
4/23/2014
4/24/2014
4/25/2014
4/26/2014
4/27/2014
4/28/2014
4/29/2014
4/30/2014
5/1/2014
5/2/2014
5/3/2014
5/4/2014
5/5/2014
5/6/2014
5/7/2014
5/8/2014
5/9/2014
5/10/2014
5/11/2014
5/12/2014
5/13/2014
5/14/2014
5/15/2014
5/16/2014
5/17/2014
5/18/2014

5.878
5.892
5.892
5.892
5.894
5.992
6.033
6.044
6.068
6.068
6.068
6.063
6.166
6.28
6.217
5.827
5.827
5.827
6.911
6.872
6.838
6.823
6.794
6.794
6.794
6.741
6.69
6.687
6.629
6.529
6.529
6.529
6.618
6.585
6.667
6.682
6.682
6.682
6.682
6.682
6.575
6.52
6.508
6.492
6.492
6.492
6.54
6.645
6.636
6.636
6.554
6.554
6.554
6.527
6.555
6.647
6.73
6.762
6.762
6.762
6.788
6.768
6.714
6.762
6.804
6.804
6.804

5/19/2014
5/20/2014
5/21/2014
5/22/2014
5/23/2014
5/24/2014
5/25/2014
5/26/2014
5/27/2014
5/28/2014
5/29/2014
5/30/2014
5/31/2014
6/1/2014
6/2/2014
6/3/2014
6/4/2014
6/5/2014
6/6/2014
6/7/2014
6/8/2014
6/9/2014
6/10/2014
6/11/2014
6/12/2014
6/13/2014
6/14/2014
6/15/2014
6/16/2014
6/17/2014
6/18/2014
6/19/2014
6/20/2014
6/21/2014
6/22/2014
6/23/2014
6/24/2014
6/25/2014
6/26/2014
6/27/2014
6/28/2014
6/29/2014
6/30/2014
7/1/2014
7/2/2014
7/3/2014
7/4/2014
7/5/2014
7/6/2014
7/7/2014
7/8/2014
7/9/2014
7/10/2014
7/11/2014
7/12/2014
7/13/2014
7/14/2014
7/15/2014
7/16/2014
7/17/2014
7/18/2014
7/19/2014
7/20/2014
7/21/2014
7/22/2014
7/23/2014
7/24/2014

6.813
6.748
6.676
6.77
6.745
6.745
6.745
6.72
6.533
6.387
6.549
6.485
6.485
6.485
6.534
6.495
6.477
6.462
6.51
6.51
6.51
6.555
6.594
6.571
6.563
6.569
6.569
6.569
6.502
6.601
6.594
6.634
6.696
6.696
6.696
6.693
6.145
6.156
6.125
6.132
6.132
6.132
6.131
6.131
6.13
6.129
6.129
6.129
6.129
6.128
6.127
6.127
6.126
6.125
6.125
6.125
6.124
6.129
6.128
6.127
6.127
6.127
6.127
6.126
6.126
6.136
6.135

7/25/2014
7/26/2014
7/27/2014
7/28/2014
7/29/2014
7/30/2014
7/31/2014
8/1/2014
8/2/2014
8/3/2014
8/4/2014
8/5/2014
8/6/2014
8/7/2014
8/8/2014
8/9/2014
8/10/2014
8/11/2014
8/12/2014
8/13/2014
8/14/2014
8/15/2014
8/16/2014
8/17/2014
8/18/2014
8/19/2014
8/20/2014
8/21/2014
8/22/2014
8/23/2014
8/24/2014
8/25/2014

6.134
6.134
6.134
6.134
6.133
6.132
6.132
6.131
6.131
6.131
6.152
6.151
6.151
6.15
6.149
6.149
6.149
6.149
6.148
6.147
6.145
6.149
6.149
6.149
6.151
6.162
6.161
6.169
6.177
6.177
6.177
6.177

2015F
33,818
3.9%

2016F
34,703
4.0%

2015F
1,095.5
3.2%

2016F
1,135.3
3.3%

12m forward EPS - rhs ()

trail_12m_eps
Historic EV/EBITDA
Mid-cycle
(x) EV/EBITDA (x)
5.4
5.5
5.4
5.5
5.3
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.3
5.5
5.3
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.3
5.5
5.4
5.5
5.4
5.5
5.4
5.5
5.4
5.5
5.4
5.5
5.4
5.5
5.4
5.5
5.3
5.5
5.3
5.5
5.2
5.5
5.3
5.5
5.3
5.5
5.3
5.5
5.3
5.5
5.3
5.5
5.3
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.3
5.5
5.2
5.5
5.2
5.5
5.2
5.5
5.4
5.5
5.4
5.5
5.3
5.5
5.4
5.5
5.5
5.5

5.5
5.5
5.5
5.3
5.5
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.4
5.4
5.4
5.5
5.5
5.5
5.7
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.7
5.7
5.7
5.8
5.8
5.9
5.9
5.9
5.9
6.0
5.8
5.7
5.8
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.8
5.8
5.9
5.8

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.8
5.8
5.8
5.8
5.8
5.9
5.9
5.9
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.6
5.6
5.6
5.6
5.7
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.6
5.6
5.7
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.6
5.6
5.6
5.9
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
6.0
6.0
6.0
6.0
6.0
6.0
6.1
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.3
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.2
6.1
6.1
6.2
6.2
6.2
6.2
6.1
6.1
6.0

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

6.0
5.8
5.8
5.8
6.1
6.0
6.1
6.1
6.1
6.1
6.1
6.0
6.2
6.1
6.1
6.0
6.0
6.0
6.1
6.0
6.0
6.0
6.1
6.1
6.1
6.0
6.1
6.2
6.2
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.1
6.1
6.1
6.0
6.0
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
5.8
5.8
5.8
5.9
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.8
5.9
5.9
5.9
5.7
5.7
5.7
5.7
5.6
5.7
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.4
5.4
5.4
5.5
5.4
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.7
5.7
5.6
5.6
5.7
5.7
5.7
5.6
5.7
5.6
5.5
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.4
5.3
5.3
5.3
5.4

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.5
5.6
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.4
5.4
5.4
5.4
5.4

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.6
5.5
5.5
5.5
5.5
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.3
5.3
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.2
5.2
4.9
4.9
4.9
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.9
4.9
4.8
4.8
4.7
4.7
4.7
4.6
4.5
4.5
4.5
4.6
4.6
4.6
4.6
4.6
4.6

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

4.5
4.4
4.4
4.4
4.4
4.4
4.5
4.3
4.4
4.4
4.4
4.4
4.4
4.5
4.5
4.5
4.5
4.5
4.4
4.4
4.5
4.6
4.6
4.6
4.6
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.6
4.7
4.7
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.8
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.1
5.1
5.2
5.2
5.2
5.1
5.1
5.2
5.2
5.2
5.2
5.2

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.0
5.1
5.1
5.1
5.1
5.1
5.1
5.2
5.1
5.0
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.0
4.9
4.9
4.8
4.9
4.9
4.9
5.0
5.0
5.0
5.1
5.0
5.0
5.0
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.1
5.1
5.1
5.1
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.4

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.6
5.5
5.3
5.3
5.3
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.2
5.2
5.2
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.6
5.6
5.6
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.6
5.6
5.5
5.5
5.5
5.6
5.7
5.6
5.4
5.3
5.3
5.3
5.2
5.1
5.1
5.2
5.3
5.3
5.3
5.2
5.2
5.3
5.2
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.3
5.3
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.1
5.1
5.1
5.1
5.2
5.0
4.9
5.0
5.0
5.0
4.9
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.1
5.1
5.1
5.1
5.2
5.2
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.2
5.1
5.1
5.1
5.1
5.2
5.2

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.2
5.2
5.1
5.1
5.1
5.0
5.1
5.0
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.3
5.3
5.3
5.3
5.4
5.2
5.3
5.3
5.2
5.2
5.2
5.2
5.3
5.3
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.3
5.3
5.3
5.3
5.2
5.3
5.3
5.3
5.3
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.1
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.3
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.2
5.2
5.2
5.2
5.2
5.2

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.2
5.2
5.2
5.2
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.3
5.3
5.4
5.3
5.4
5.4
5.4
5.5
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.6
5.7
5.7
5.7

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.7
5.7
5.8
5.7
5.7
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.6
5.7
5.7
5.7
5.9
5.9
5.9
6.0
6.0
6.0
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.1
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.3
5.2
5.2
5.2
5.2
5.2
5.3
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.3
5.3
5.3
5.4
5.3
5.2
5.1
5.0
5.0
5.0
5.1
5.3
5.2
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.4
5.5
5.5
5.5
5.5
5.5
5.7
5.6
5.6
5.6
5.6
5.6
5.7
5.6
5.6
5.5
5.5
5.5
5.5
5.3
5.1
5.2
5.2
5.2
5.2
5.2
5.2
5.2
5.1
5.2
5.2
5.2
5.3

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.3
5.3
5.1
5.0
5.0
5.0
4.9
5.0
5.0
5.1
5.0
5.0
5.0
5.0
5.1
5.0
5.2
5.2
5.2
5.2
5.3
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.4
5.4
5.4
5.3
5.4
5.4
5.4
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.6
5.6
5.6
5.5
5.6
5.5
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.5
5.6

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.6
5.6
5.6
5.4
5.3
5.3
5.2
5.2
5.2
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.6
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.6
5.5
5.6
5.6
5.6
5.6
5.6
5.5
5.4
5.6
5.6
5.6
5.6
5.6
5.8
5.8
5.8
5.9
5.9
5.9
5.9
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

6.1
6.1
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.0
6.0
6.0
6.0
6.0
5.9
5.6
5.6
5.6
5.6
5.8
5.8
5.8
5.8
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.6
5.5
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.7
5.7
5.7
5.7
5.7
5.7

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.5
5.5
5.5
5.6
5.6
5.6
5.6
5.6
5.7
5.7
5.7
5.7
5.7
5.7
5.8
5.8
5.8
5.9
5.8
5.8
5.8
5.9
5.9
5.8
6.1
6.0
6.0
6.0
5.9
6.1
6.1
6.2
6.1
6.1
6.1
6.1
6.0
6.0

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

5.9
5.9
5.9
5.9
5.9
6.0
6.0
6.0
6.1
6.1
6.1
6.1
6.2
6.3
6.2
5.8
5.8
5.8
6.9
6.9
6.8
6.8
6.8
6.8
6.8
6.7
6.7
6.7
6.6
6.5
6.5
6.5
6.6
6.6
6.7
6.7
6.7
6.7
6.7
6.7
6.6
6.5
6.5
6.5
6.5
6.5
6.5
6.6
6.6
6.6
6.6
6.6
6.6
6.5
6.6
6.6
6.7
6.8
6.8
6.8
6.8
6.8
6.7
6.8
6.8
6.8
6.8

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

6.8
6.7
6.7
6.8
6.7
6.7
6.7
6.7
6.5
6.4
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.5
6.6
6.6
6.6
6.7
6.7
6.7
6.7
6.1
6.2
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.1
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.2

5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5

11

#NAME?

8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/29/2009
8/30/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/5/2009
9/6/2009
9/7/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/12/2009
9/13/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/19/2009
9/20/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/26/2009
9/27/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/3/2009
10/4/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/10/2009
10/11/2009
10/12/2009
10/13/2009
10/14/2009
10/15/2009
10/16/2009

Historic
EV/EBITDA
(x)
best_pe_ratio
Forward PER (x)
10.72
10.708
10.634
10.456
10.456
10.456
10.286
10.502
10.535
10.413
10.476
10.476
10.476
10.518
10.742
10.885
10.838
10.897
10.897
10.897
10.803
10.578
10.493
10.456
10.511
10.511
10.511
10.549
10.5
10.544
10.354
10.302
10.302
10.302
10.294
10.277
10.248
10.254
10.222
10.222
10.222
10.294
10.306
10.334
10.403
10.391
10.391
10.391
10.657
10.635
10.566
10.65
10.925

12m forward EPS - rhs ()

trail_12m_eps
Forward PER (x)
Mid-cycle PER (x)
10.7
10.6
10.7
10.6
10.6
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.3
10.6
10.5
10.6
10.5
10.6
10.4
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.7
10.6
10.9
10.6
10.8
10.6
10.9
10.6
10.9
10.6
10.9
10.6
10.8
10.6
10.6
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.5
10.6
10.4
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.2
10.6
10.3
10.6
10.2
10.6
10.2
10.6
10.2
10.6
10.3
10.6
10.3
10.6
10.3
10.6
10.4
10.6
10.4
10.6
10.4
10.6
10.4
10.6
10.7
10.6
10.6
10.6
10.6
10.6
10.7
10.6
10.9
10.6

10/17/2009
10/18/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009
10/23/2009
10/24/2009
10/25/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
10/31/2009
11/1/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/7/2009
11/8/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
11/13/2009
11/14/2009
11/15/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/21/2009
11/22/2009
11/23/2009
11/24/2009
11/25/2009
11/26/2009
11/27/2009
11/28/2009
11/29/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/5/2009
12/6/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/12/2009
12/13/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/19/2009
12/20/2009
12/21/2009
12/22/2009

10.925
10.925
10.995
10.626
10.896
10.798
10.839
10.839
10.839
10.815
11.026
11.065
11.022
10.841
10.841
10.841
10.981
10.93
10.982
11.462
11.307
11.307
11.307
11.342
11.323
11.369
11.441
11.486
11.486
11.486
11.387
11.439
11.333
11.22
11.234
11.234
11.234
11.402
11.31
11.44
11.283
11.261
11.261
11.261
11.297
11.522
11.599
11.69
11.804
11.804
11.804
11.851
11.563
11.349
11.49
11.352
11.352
11.352
11.348
11.398
11.44
11.543
11.572
11.572
11.572
11.64
11.571

10.9
10.9
11.0
10.6
10.9
10.8
10.8
10.8
10.8
10.8
11.0
11.1
11.0
10.8
10.8
10.8
11.0
10.9
11.0
11.5
11.3
11.3
11.3
11.3
11.3
11.4
11.4
11.5
11.5
11.5
11.4
11.4
11.3
11.2
11.2
11.2
11.2
11.4
11.3
11.4
11.3
11.3
11.3
11.3
11.3
11.5
11.6
11.7
11.8
11.8
11.8
11.9
11.6
11.3
11.5
11.4
11.4
11.4
11.3
11.4
11.4
11.5
11.6
11.6
11.6
11.6
11.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

12/23/2009
12/24/2009
12/25/2009
12/26/2009
12/27/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/1/2010
1/2/2010
1/3/2010
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/9/2010
1/10/2010
1/11/2010
1/12/2010
1/13/2010
1/14/2010
1/15/2010
1/16/2010
1/17/2010
1/18/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/23/2010
1/24/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
1/30/2010
1/31/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/6/2010
2/7/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/13/2010
2/14/2010
2/15/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/20/2010
2/21/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
2/27/2010

11.601
11.602
11.6
11.6
11.6
11.66
11.669
11.657
11.651
11.651
11.651
11.651
11.855
11.723
11.785
11.483
11.614
11.614
11.614
11.632
11.618
11.59
11.428
11.539
11.539
11.539
11.57
11.502
11.385
11.4
11.539
11.539
11.539
11.379
11.368
11.36
11.282
11.317
11.317
11.317
11.386
11.453
11.413
11.332
11.187
11.187
11.187
11.192
11.171
11.133
11.153
11.1
11.1
11.1
11.106
11.097
11.109
11.105
11.155
11.155
11.155
11.1
11.08
11.039
10.812
11.032
11.032

11.6
11.6
11.6
11.6
11.6
11.7
11.7
11.7
11.7
11.7
11.7
11.7
11.9
11.7
11.8
11.5
11.6
11.6
11.6
11.6
11.6
11.6
11.4
11.5
11.5
11.5
11.6
11.5
11.4
11.4
11.5
11.5
11.5
11.4
11.4
11.4
11.3
11.3
11.3
11.3
11.4
11.5
11.4
11.3
11.2
11.2
11.2
11.2
11.2
11.1
11.2
11.1
11.1
11.1
11.1
11.1
11.1
11.1
11.2
11.2
11.2
11.1
11.1
11.0
10.8
11.0
11.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

2/28/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/6/2010
3/7/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/13/2010
3/14/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/20/2010
3/21/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/27/2010
3/28/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/2/2010
4/3/2010
4/4/2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/10/2010
4/11/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/17/2010
4/18/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/24/2010
4/25/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/1/2010
5/2/2010
5/3/2010
5/4/2010
5/5/2010

11.032
11.195
11.242
11.259
11.761
11.544
11.544
11.544
11.523
11.539
11.535
11.537
11.46
11.46
11.46
11.473
11.55
11.493
11.438
11.491
11.491
11.491
11.475
11.501
11.442
11.445
11.47
11.47
11.47
11.43
11.487
11.491
11.521
11.52
11.52
11.52
11.512
11.682
11.909
11.853
11.927
11.927
11.927
11.949
11.991
12.126
11.651
11.627
11.627
11.627
11.682
11.637
11.754
11.818
11.86
11.86
11.86
11.915
11.737
11.773
11.917
11.864
11.864
11.864
11.76
11.675
11.47

11.0
11.2
11.2
11.3
11.8
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.6
11.5
11.4
11.5
11.5
11.5
11.5
11.5
11.4
11.4
11.5
11.5
11.5
11.4
11.5
11.5
11.5
11.5
11.5
11.5
11.5
11.7
11.9
11.9
11.9
11.9
11.9
11.9
12.0
12.1
11.7
11.6
11.6
11.6
11.7
11.6
11.8
11.8
11.9
11.9
11.9
11.9
11.7
11.8
11.9
11.9
11.9
11.9
11.8
11.7
11.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/6/2010
5/7/2010
5/8/2010
5/9/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/15/2010
5/16/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/22/2010
5/23/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
5/29/2010
5/30/2010
5/31/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/5/2010
6/6/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/12/2010
6/13/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/19/2010
6/20/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/26/2010
6/27/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/3/2010
7/4/2010
7/5/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/10/2010
7/11/2010

11.389
11.014
11.014
11.014
11.577
11.445
11.602
11.677
11.556
11.556
11.556
11.496
11.742
11.641
11.54
11.406
11.406
11.406
11.557
11.37
11.367
11.474
11.532
11.532
11.532
11.476
11.538
11.806
11.768
11.623
11.623
11.623
11.609
11.543
11.853
11.775
11.592
11.592
11.592
11.551
11.502
11.507
11.643
11.63
11.63
11.63
11.544
11.599
11.386
11.293
11.247
11.247
11.247
11.331
11.2
11.053
10.797
10.676
10.676
10.676
10.77
10.844
10.989
10.983
10.959
10.959
10.959

11.4
11.0
11.0
11.0
11.6
11.4
11.6
11.7
11.6
11.6
11.6
11.5
11.7
11.6
11.5
11.4
11.4
11.4
11.6
11.4
11.4
11.5
11.5
11.5
11.5
11.5
11.5
11.8
11.8
11.6
11.6
11.6
11.6
11.5
11.9
11.8
11.6
11.6
11.6
11.6
11.5
11.5
11.6
11.6
11.6
11.6
11.5
11.6
11.4
11.3
11.2
11.2
11.2
11.3
11.2
11.1
10.8
10.7
10.7
10.7
10.8
10.8
11.0
11.0
11.0
11.0
11.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/17/2010
7/18/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/24/2010
7/25/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
7/31/2010
8/1/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/7/2010
8/8/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/14/2010
8/15/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/21/2010
8/22/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/28/2010
8/29/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/4/2010
9/5/2010
9/6/2010
9/7/2010
9/8/2010
9/9/2010
9/10/2010
9/11/2010
9/12/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010

11.047
11.204
11.215
11.177
11.028
11.028
11.028
11.026
10.894
10.937
10.921
10.815
10.815
10.815
10.746
10.597
10.512
10.488
10.529
10.529
10.529
10.736
10.757
10.714
10.762
10.701
10.701
10.701
10.779
10.828
10.748
10.87
10.536
10.536
10.536
10.687
10.703
10.656
10.603
10.426
10.426
10.426
10.543
10.396
10.308
10.256
10.25
10.25
10.25
10.349
10.354
10.317
10.263
10.462
10.462
10.462
10.502
10.507
10.559
10.607
10.596
10.596
10.596
10.685
10.746
10.666
10.639

11.0
11.2
11.2
11.2
11.0
11.0
11.0
11.0
10.9
10.9
10.9
10.8
10.8
10.8
10.7
10.6
10.5
10.5
10.5
10.5
10.5
10.7
10.8
10.7
10.8
10.7
10.7
10.7
10.8
10.8
10.7
10.9
10.5
10.5
10.5
10.7
10.7
10.7
10.6
10.4
10.4
10.4
10.5
10.4
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.3
10.3
10.5
10.5
10.5
10.5
10.5
10.6
10.6
10.6
10.6
10.6
10.7
10.7
10.7
10.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

9/17/2010
9/18/2010
9/19/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/25/2010
9/26/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/2/2010
10/3/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/9/2010
10/10/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/16/2010
10/17/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/23/2010
10/24/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
10/30/2010
10/31/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/6/2010
11/7/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/13/2010
11/14/2010
11/15/2010
11/16/2010
11/17/2010
11/18/2010
11/19/2010
11/20/2010
11/21/2010
11/22/2010

10.715
10.715
10.715
10.861
10.797
10.682
10.677
10.768
10.768
10.768
10.728
10.77
10.616
10.442
10.293
10.293
10.293
10.182
10.167
10.112
10.159
10.103
10.103
10.103
10.211
10.158
10.174
10.201
10.131
10.131
10.131
10.18
10.324
10.321
10.378
10.395
10.395
10.395
10.384
10.352
10.459
10.504
10.523
10.523
10.523
10.529
10.577
10.493
10.41
10.316
10.316
10.316
10.338
10.289
10.475
10.471
10.473
10.473
10.473
10.498
10.634
10.597
10.255
10.067
10.067
10.067
10.12

10.7
10.7
10.7
10.9
10.8
10.7
10.7
10.8
10.8
10.8
10.7
10.8
10.6
10.4
10.3
10.3
10.3
10.2
10.2
10.1
10.2
10.1
10.1
10.1
10.2
10.2
10.2
10.2
10.1
10.1
10.1
10.2
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.4
10.5
10.5
10.5
10.5
10.5
10.5
10.6
10.5
10.4
10.3
10.3
10.3
10.3
10.3
10.5
10.5
10.5
10.5
10.5
10.5
10.6
10.6
10.3
10.1
10.1
10.1
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

11/23/2010
11/24/2010
11/25/2010
11/26/2010
11/27/2010
11/28/2010
11/29/2010
11/30/2010
12/1/2010
12/2/2010
12/3/2010
12/4/2010
12/5/2010
12/6/2010
12/7/2010
12/8/2010
12/9/2010
12/10/2010
12/11/2010
12/12/2010
12/13/2010
12/14/2010
12/15/2010
12/16/2010
12/17/2010
12/18/2010
12/19/2010
12/20/2010
12/21/2010
12/22/2010
12/23/2010
12/24/2010
12/25/2010
12/26/2010
12/27/2010
12/28/2010
12/29/2010
12/30/2010
12/31/2010
1/1/2011
1/2/2011
1/3/2011
1/4/2011
1/5/2011
1/6/2011
1/7/2011
1/8/2011
1/9/2011
1/10/2011
1/11/2011
1/12/2011
1/13/2011
1/14/2011
1/15/2011
1/16/2011
1/17/2011
1/18/2011
1/19/2011
1/20/2011
1/21/2011
1/22/2011
1/23/2011
1/24/2011
1/25/2011
1/26/2011
1/27/2011
1/28/2011

10.083
10.087
10.096
10.131
10.131
10.131
10.107
10.016
10.052
10.059
10.194
10.194
10.194
10.178
10.216
10.268
10.224
10.225
10.225
10.225
10.265
10.302
10.275
10.337
10.3
10.3
10.3
10.418
10.483
10.46
10.533
10.598
10.598
10.598
10.609
10.626
10.621
10.594
10.562
10.562
10.562
10.629
10.599
10.5
10.491
10.436
10.436
10.436
10.427
10.351
10.208
10.199
10.228
10.228
10.228
10.256
10.282
10.32
10.241
10.334
10.334
10.334
10.479
10.456
10.539
10.506
10.47

10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.0
10.1
10.1
10.2
10.2
10.2
10.2
10.2
10.3
10.2
10.2
10.2
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.5
10.5
10.5
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.5
10.5
10.4
10.4
10.4
10.4
10.4
10.2
10.2
10.2
10.2
10.2
10.3
10.3
10.3
10.2
10.3
10.3
10.3
10.5
10.5
10.5
10.5
10.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

1/29/2011
1/30/2011
1/31/2011
2/1/2011
2/2/2011
2/3/2011
2/4/2011
2/5/2011
2/6/2011
2/7/2011
2/8/2011
2/9/2011
2/10/2011
2/11/2011
2/12/2011
2/13/2011
2/14/2011
2/15/2011
2/16/2011
2/17/2011
2/18/2011
2/19/2011
2/20/2011
2/21/2011
2/22/2011
2/23/2011
2/24/2011
2/25/2011
2/26/2011
2/27/2011
2/28/2011
3/1/2011
3/2/2011
3/3/2011
3/4/2011
3/5/2011
3/6/2011
3/7/2011
3/8/2011
3/9/2011
3/10/2011
3/11/2011
3/12/2011
3/13/2011
3/14/2011
3/15/2011
3/16/2011
3/17/2011
3/18/2011
3/19/2011
3/20/2011
3/21/2011
3/22/2011
3/23/2011
3/24/2011
3/25/2011
3/26/2011
3/27/2011
3/28/2011
3/29/2011
3/30/2011
3/31/2011
4/1/2011
4/2/2011
4/3/2011
4/4/2011
4/5/2011

10.47
10.47
10.507
10.609
10.493
10.42
10.467
10.467
10.467
10.424
10.371
10.412
10.37
10.327
10.327
10.327
10.377
10.435
10.389
10.435
10.47
10.47
10.47
10.497
10.527
10.433
10.371
10.402
10.402
10.402
10.368
10.379
10.331
10.069
10.074
10.074
10.074
10.184
10.157
10.208
10.25
10.145
10.145
10.145
10.003
9.785
9.691
9.758
9.9
9.9
9.9
9.928
9.863
9.898
10.058
10.04
10.04
10.04
10.05
10.064
10.132
10.139
10.328
10.328
10.328
10.354
10.293

10.5
10.5
10.5
10.6
10.5
10.4
10.5
10.5
10.5
10.4
10.4
10.4
10.4
10.3
10.3
10.3
10.4
10.4
10.4
10.4
10.5
10.5
10.5
10.5
10.5
10.4
10.4
10.4
10.4
10.4
10.4
10.4
10.3
10.1
10.1
10.1
10.1
10.2
10.2
10.2
10.3
10.1
10.1
10.1
10.0
9.8
9.7
9.8
9.9
9.9
9.9
9.9
9.9
9.9
10.1
10.0
10.0
10.0
10.1
10.1
10.1
10.1
10.3
10.3
10.3
10.4
10.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

4/6/2011
4/7/2011
4/8/2011
4/9/2011
4/10/2011
4/11/2011
4/12/2011
4/13/2011
4/14/2011
4/15/2011
4/16/2011
4/17/2011
4/18/2011
4/19/2011
4/20/2011
4/21/2011
4/22/2011
4/23/2011
4/24/2011
4/25/2011
4/26/2011
4/27/2011
4/28/2011
4/29/2011
4/30/2011
5/1/2011
5/2/2011
5/3/2011
5/4/2011
5/5/2011
5/6/2011
5/7/2011
5/8/2011
5/9/2011
5/10/2011
5/11/2011
5/12/2011
5/13/2011
5/14/2011
5/15/2011
5/16/2011
5/17/2011
5/18/2011
5/19/2011
5/20/2011
5/21/2011
5/22/2011
5/23/2011
5/24/2011
5/25/2011
5/26/2011
5/27/2011
5/28/2011
5/29/2011
5/30/2011
5/31/2011
6/1/2011
6/2/2011
6/3/2011
6/4/2011
6/5/2011
6/6/2011
6/7/2011
6/8/2011
6/9/2011
6/10/2011
6/11/2011

10.351
10.323
10.346
10.346
10.346
10.27
10.263
10.378
10.379
10.477
10.477
10.477
10.302
10.244
10.256
10.272
10.271
10.271
10.271
10.26
9.956
10.01
10.015
10.068
10.068
10.068
10.119
10.083
10.067
10.069
10.25
10.25
10.25
10.147
10.236
10.299
10.346
10.342
10.342
10.342
10.227
10.19
10.164
10.265
10.289
10.289
10.289
10.25
10.29
10.522
10.361
10.442
10.442
10.442
10.436
10.49
10.385
10.313
10.354
10.354
10.354
10.332
10.308
10.084
10.005
9.896
9.896

10.4
10.3
10.3
10.3
10.3
10.3
10.3
10.4
10.4
10.5
10.5
10.5
10.3
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.0
10.0
10.0
10.1
10.1
10.1
10.1
10.1
10.1
10.1
10.3
10.3
10.3
10.1
10.2
10.3
10.3
10.3
10.3
10.3
10.2
10.2
10.2
10.3
10.3
10.3
10.3
10.3
10.3
10.5
10.4
10.4
10.4
10.4
10.4
10.5
10.4
10.3
10.4
10.4
10.4
10.3
10.3
10.1
10.0
9.9
9.9

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

6/12/2011
6/13/2011
6/14/2011
6/15/2011
6/16/2011
6/17/2011
6/18/2011
6/19/2011
6/20/2011
6/21/2011
6/22/2011
6/23/2011
6/24/2011
6/25/2011
6/26/2011
6/27/2011
6/28/2011
6/29/2011
6/30/2011
7/1/2011
7/2/2011
7/3/2011
7/4/2011
7/5/2011
7/6/2011
7/7/2011
7/8/2011
7/9/2011
7/10/2011
7/11/2011
7/12/2011
7/13/2011
7/14/2011
7/15/2011
7/16/2011
7/17/2011
7/18/2011
7/19/2011
7/20/2011
7/21/2011
7/22/2011
7/23/2011
7/24/2011
7/25/2011
7/26/2011
7/27/2011
7/28/2011
7/29/2011
7/30/2011
7/31/2011
8/1/2011
8/2/2011
8/3/2011
8/4/2011
8/5/2011
8/6/2011
8/7/2011
8/8/2011
8/9/2011
8/10/2011
8/11/2011
8/12/2011
8/13/2011
8/14/2011
8/15/2011
8/16/2011
8/17/2011

9.896
9.904
9.903
9.815
9.771
9.832
9.832
9.832
9.876
9.903
9.927
9.922
9.916
9.916
9.916
9.854
9.75
9.837
9.873
9.952
9.952
9.952
9.955
9.934
9.836
9.967
9.942
9.942
9.942
9.895
9.848
9.882
9.818
9.827
9.827
9.827
9.78
9.746
9.739
9.837
9.942
9.942
9.942
9.883
9.795
9.795
9.931
9.847
9.847
9.847
9.736
9.566
9.47
9.439
9.273
9.273
9.273
8.984
8.821
8.798
8.883
8.889
8.889
8.889
8.958
8.975
9.045

9.9
9.9
9.9
9.8
9.8
9.8
9.8
9.8
9.9
9.9
9.9
9.9
9.9
9.9
9.9
9.9
9.8
9.8
9.9
10.0
10.0
10.0
10.0
9.9
9.8
10.0
9.9
9.9
9.9
9.9
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.8
9.9
9.9
9.9
9.9
9.8
9.8
9.9
9.8
9.8
9.8
9.7
9.6
9.5
9.4
9.3
9.3
9.3
9.0
8.8
8.8
8.9
8.9
8.9
8.9
9.0
9.0
9.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

8/18/2011
8/19/2011
8/20/2011
8/21/2011
8/22/2011
8/23/2011
8/24/2011
8/25/2011
8/26/2011
8/27/2011
8/28/2011
8/29/2011
8/30/2011
8/31/2011
9/1/2011
9/2/2011
9/3/2011
9/4/2011
9/5/2011
9/6/2011
9/7/2011
9/8/2011
9/9/2011
9/10/2011
9/11/2011
9/12/2011
9/13/2011
9/14/2011
9/15/2011
9/16/2011
9/17/2011
9/18/2011
9/19/2011
9/20/2011
9/21/2011
9/22/2011
9/23/2011
9/24/2011
9/25/2011
9/26/2011
9/27/2011
9/28/2011
9/29/2011
9/30/2011
10/1/2011
10/2/2011
10/3/2011
10/4/2011
10/5/2011
10/6/2011
10/7/2011
10/8/2011
10/9/2011
10/10/2011
10/11/2011
10/12/2011
10/13/2011
10/14/2011
10/15/2011
10/16/2011
10/17/2011
10/18/2011
10/19/2011
10/20/2011
10/21/2011
10/22/2011
10/23/2011

8.795
8.504
8.504
8.504
8.618
8.623
8.817
8.337
8.493
8.493
8.493
8.559
8.549
8.721
8.8
8.737
8.737
8.737
8.598
8.57
8.765
8.966
8.936
8.936
8.936
8.815
8.815
8.819
8.921
9.112
9.112
9.112
8.98
9.158
9.108
8.792
8.755
8.755
8.755
8.844
9.102
9.189
9.445
9.494
9.494
9.494
9.54
9.608
9.599
9.643
9.668
9.668
9.668
9.782
9.642
9.763
9.743
9.955
9.955
9.955
9.831
9.84
9.948
9.918
10.086
10.086
10.086

8.8
8.5
8.5
8.5
8.6
8.6
8.8
8.3
8.5
8.5
8.5
8.6
8.5
8.7
8.8
8.7
8.7
8.7
8.6
8.6
8.8
9.0
8.9
8.9
8.9
8.8
8.8
8.8
8.9
9.1
9.1
9.1
9.0
9.2
9.1
8.8
8.8
8.8
8.8
8.8
9.1
9.2
9.4
9.5
9.5
9.5
9.5
9.6
9.6
9.6
9.7
9.7
9.7
9.8
9.6
9.8
9.7
10.0
10.0
10.0
9.8
9.8
9.9
9.9
10.1
10.1
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

10/24/2011
10/25/2011
10/26/2011
10/27/2011
10/28/2011
10/29/2011
10/30/2011
10/31/2011
11/1/2011
11/2/2011
11/3/2011
11/4/2011
11/5/2011
11/6/2011
11/7/2011
11/8/2011
11/9/2011
11/10/2011
11/11/2011
11/12/2011
11/13/2011
11/14/2011
11/15/2011
11/16/2011
11/17/2011
11/18/2011
11/19/2011
11/20/2011
11/21/2011
11/22/2011
11/23/2011
11/24/2011
11/25/2011
11/26/2011
11/27/2011
11/28/2011
11/29/2011
11/30/2011
12/1/2011
12/2/2011
12/3/2011
12/4/2011
12/5/2011
12/6/2011
12/7/2011
12/8/2011
12/9/2011
12/10/2011
12/11/2011
12/12/2011
12/13/2011
12/14/2011
12/15/2011
12/16/2011
12/17/2011
12/18/2011
12/19/2011
12/20/2011
12/21/2011
12/22/2011
12/23/2011
12/24/2011
12/25/2011
12/26/2011
12/27/2011
12/28/2011
12/29/2011

10.004
9.956
9.957
10.055
9.986
9.986
9.986
9.858
9.65
9.674
9.879
9.865
9.865
9.865
9.84
9.918
9.711
9.605
9.914
9.914
9.914
9.911
9.936
9.977
9.895
9.898
9.898
9.898
9.816
9.538
9.63
9.447
9.48
9.48
9.48
9.68
9.78
9.872
9.946
9.813
9.813
9.813
9.921
9.992
10.074
10.121
10.179
10.179
10.179
10.184
10.154
10.023
10.194
9.962
9.962
9.962
10.007
10.283
10.258
10.35
10.392
10.392
10.392
10.388
10.488
10.541
10.63

10.0
10.0
10.0
10.1
10.0
10.0
10.0
9.9
9.7
9.7
9.9
9.9
9.9
9.9
9.8
9.9
9.7
9.6
9.9
9.9
9.9
9.9
9.9
10.0
9.9
9.9
9.9
9.9
9.8
9.5
9.6
9.4
9.5
9.5
9.5
9.7
9.8
9.9
9.9
9.8
9.8
9.8
9.9
10.0
10.1
10.1
10.2
10.2
10.2
10.2
10.2
10.0
10.2
10.0
10.0
10.0
10.0
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.5
10.5
10.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

12/30/2011
12/31/2011
1/1/2012
1/2/2012
1/3/2012
1/4/2012
1/5/2012
1/6/2012
1/7/2012
1/8/2012
1/9/2012
1/10/2012
1/11/2012
1/12/2012
1/13/2012
1/14/2012
1/15/2012
1/16/2012
1/17/2012
1/18/2012
1/19/2012
1/20/2012
1/21/2012
1/22/2012
1/23/2012
1/24/2012
1/25/2012
1/26/2012
1/27/2012
1/28/2012
1/29/2012
1/30/2012
1/31/2012
2/1/2012
2/2/2012
2/3/2012
2/4/2012
2/5/2012
2/6/2012
2/7/2012
2/8/2012
2/9/2012
2/10/2012
2/11/2012
2/12/2012
2/13/2012
2/14/2012
2/15/2012
2/16/2012
2/17/2012
2/18/2012
2/19/2012
2/20/2012
2/21/2012
2/22/2012
2/23/2012
2/24/2012
2/25/2012
2/26/2012
2/27/2012
2/28/2012
2/29/2012
3/1/2012
3/2/2012
3/3/2012
3/4/2012
3/5/2012

10.787
10.787
10.787
10.738
10.724
10.571
10.536
10.541
10.541
10.541
10.552
10.636
10.602
10.199
10.281
10.281
10.281
10.368
10.388
10.466
10.263
10.456
10.456
10.456
10.444
10.374
10.345
10.33
10.284
10.284
10.284
10.229
10.206
10.283
10.273
10.424
10.424
10.424
10.354
10.441
10.548
10.699
10.658
10.658
10.658
10.729
10.756
10.807
11.004
11.079
11.079
11.079
11.099
11.131
10.976
10.761
10.33
10.33
10.33
10.43
10.482
10.398
10.268
10.088
10.088
10.088
10.093

10.8
10.8
10.8
10.7
10.7
10.6
10.5
10.5
10.5
10.5
10.6
10.6
10.6
10.2
10.3
10.3
10.3
10.4
10.4
10.5
10.3
10.5
10.5
10.5
10.4
10.4
10.3
10.3
10.3
10.3
10.3
10.2
10.2
10.3
10.3
10.4
10.4
10.4
10.4
10.4
10.5
10.7
10.7
10.7
10.7
10.7
10.8
10.8
11.0
11.1
11.1
11.1
11.1
11.1
11.0
10.8
10.3
10.3
10.3
10.4
10.5
10.4
10.3
10.1
10.1
10.1
10.1

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

3/6/2012
3/7/2012
3/8/2012
3/9/2012
3/10/2012
3/11/2012
3/12/2012
3/13/2012
3/14/2012
3/15/2012
3/16/2012
3/17/2012
3/18/2012
3/19/2012
3/20/2012
3/21/2012
3/22/2012
3/23/2012
3/24/2012
3/25/2012
3/26/2012
3/27/2012
3/28/2012
3/29/2012
3/30/2012
3/31/2012
4/1/2012
4/2/2012
4/3/2012
4/4/2012
4/5/2012
4/6/2012
4/7/2012
4/8/2012
4/9/2012
4/10/2012
4/11/2012
4/12/2012
4/13/2012
4/14/2012
4/15/2012
4/16/2012
4/17/2012
4/18/2012
4/19/2012
4/20/2012
4/21/2012
4/22/2012
4/23/2012
4/24/2012
4/25/2012
4/26/2012
4/27/2012
4/28/2012
4/29/2012
4/30/2012
5/1/2012
5/2/2012
5/3/2012
5/4/2012
5/5/2012
5/6/2012
5/7/2012
5/8/2012
5/9/2012
5/10/2012
5/11/2012

10.05
10.029
10.006
10.11
10.11
10.11
10.214
10.395
10.369
10.349
10.393
10.393
10.393
10.318
10.415
10.451
10.402
10.416
10.416
10.416
10.485
10.35
10.335
10.212
10.361
10.361
10.361
10.539
10.496
10.304
10.233
10.233
10.233
10.233
10.227
10.135
10.212
10.209
10.156
10.156
10.156
10.204
10.434
10.309
9.776
9.629
9.629
9.629
9.52
9.291
9.302
9.376
9.523
9.523
9.523
9.471
9.468
9.549
9.447
9.468
9.468
9.468
9.53
9.5
9.594
9.555
9.623

10.1
10.0
10.0
10.1
10.1
10.1
10.2
10.4
10.4
10.3
10.4
10.4
10.4
10.3
10.4
10.5
10.4
10.4
10.4
10.4
10.5
10.4
10.3
10.2
10.4
10.4
10.4
10.5
10.5
10.3
10.2
10.2
10.2
10.2
10.2
10.1
10.2
10.2
10.2
10.2
10.2
10.2
10.4
10.3
9.8
9.6
9.6
9.6
9.5
9.3
9.3
9.4
9.5
9.5
9.5
9.5
9.5
9.5
9.4
9.5
9.5
9.5
9.5
9.5
9.6
9.6
9.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/12/2012
5/13/2012
5/14/2012
5/15/2012
5/16/2012
5/17/2012
5/18/2012
5/19/2012
5/20/2012
5/21/2012
5/22/2012
5/23/2012
5/24/2012
5/25/2012
5/26/2012
5/27/2012
5/28/2012
5/29/2012
5/30/2012
5/31/2012
6/1/2012
6/2/2012
6/3/2012
6/4/2012
6/5/2012
6/6/2012
6/7/2012
6/8/2012
6/9/2012
6/10/2012
6/11/2012
6/12/2012
6/13/2012
6/14/2012
6/15/2012
6/16/2012
6/17/2012
6/18/2012
6/19/2012
6/20/2012
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012
6/26/2012
6/27/2012
6/28/2012
6/29/2012
6/30/2012
7/1/2012
7/2/2012
7/3/2012
7/4/2012
7/5/2012
7/6/2012
7/7/2012
7/8/2012
7/9/2012
7/10/2012
7/11/2012
7/12/2012
7/13/2012
7/14/2012
7/15/2012
7/16/2012
7/17/2012

9.623
9.623
9.271
9.258
9.258
9.22
9.259
9.259
9.259
9.276
9.266
9.305
9.343
9.53
9.53
9.53
9.43
9.42
9.285
9.3
9.258
9.258
9.258
9.106
9.321
8.936
8.826
8.879
8.879
8.879
8.827
8.895
8.813
8.848
8.907
8.907
8.907
8.907
9.02
8.872
9.016
9.061
9.061
9.061
9.068
9.116
9.283
9.38
9.529
9.529
9.529
9.555
9.576
9.457
9.501
9.431
9.431
9.431
9.394
9.425
9.416
9.232
9.3
9.3
9.3
9.408
9.395

9.6
9.6
9.3
9.3
9.3
9.2
9.3
9.3
9.3
9.3
9.3
9.3
9.3
9.5
9.5
9.5
9.4
9.4
9.3
9.3
9.3
9.3
9.3
9.1
9.3
8.9
8.8
8.9
8.9
8.9
8.8
8.9
8.8
8.8
8.9
8.9
8.9
8.9
9.0
8.9
9.0
9.1
9.1
9.1
9.1
9.1
9.3
9.4
9.5
9.5
9.5
9.6
9.6
9.5
9.5
9.4
9.4
9.4
9.4
9.4
9.4
9.2
9.3
9.3
9.3
9.4
9.4

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/18/2012
7/19/2012
7/20/2012
7/21/2012
7/22/2012
7/23/2012
7/24/2012
7/25/2012
7/26/2012
7/27/2012
7/28/2012
7/29/2012
7/30/2012
7/31/2012
8/1/2012
8/2/2012
8/3/2012
8/4/2012
8/5/2012
8/6/2012
8/7/2012
8/8/2012
8/9/2012
8/10/2012
8/11/2012
8/12/2012
8/13/2012
8/14/2012
8/15/2012
8/16/2012
8/17/2012
8/18/2012
8/19/2012
8/20/2012
8/21/2012
8/22/2012
8/23/2012
8/24/2012
8/25/2012
8/26/2012
8/27/2012
8/28/2012
8/29/2012
8/30/2012
8/31/2012
9/1/2012
9/2/2012
9/3/2012
9/4/2012
9/5/2012
9/6/2012
9/7/2012
9/8/2012
9/9/2012
9/10/2012
9/11/2012
9/12/2012
9/13/2012
9/14/2012
9/15/2012
9/16/2012
9/17/2012
9/18/2012
9/19/2012
9/20/2012
9/21/2012
9/22/2012

9.459
9.494
9.299
9.299
9.299
9.068
9.124
9.089
9.262
9.362
9.362
9.362
9.477
9.517
9.471
9.458
9.541
9.541
9.541
9.654
9.742
9.777
9.745
9.758
9.758
9.758
9.801
9.875
9.948
10.021
10.081
10.081
10.081
9.976
10.084
10.009
9.665
9.756
9.756
9.756
9.805
9.578
9.655
9.595
9.481
9.481
9.481
9.528
9.762
9.759
9.887
9.812
9.812
9.812
9.757
9.778
9.703
9.652
9.571
9.571
9.571
9.466
9.613
9.621
9.628
9.602
9.602

9.5
9.5
9.3
9.3
9.3
9.1
9.1
9.1
9.3
9.4
9.4
9.4
9.5
9.5
9.5
9.5
9.5
9.5
9.5
9.7
9.7
9.8
9.7
9.8
9.8
9.8
9.8
9.9
9.9
10.0
10.1
10.1
10.1
10.0
10.1
10.0
9.7
9.8
9.8
9.8
9.8
9.6
9.7
9.6
9.5
9.5
9.5
9.5
9.8
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.6
9.6
9.6
9.5
9.6
9.6
9.6
9.6
9.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

9/23/2012
9/24/2012
9/25/2012
9/26/2012
9/27/2012
9/28/2012
9/29/2012
9/30/2012
10/1/2012
10/2/2012
10/3/2012
10/4/2012
10/5/2012
10/6/2012
10/7/2012
10/8/2012
10/9/2012
10/10/2012
10/11/2012
10/12/2012
10/13/2012
10/14/2012
10/15/2012
10/16/2012
10/17/2012
10/18/2012
10/19/2012
10/20/2012
10/21/2012
10/22/2012
10/23/2012
10/24/2012
10/25/2012
10/26/2012
10/27/2012
10/28/2012
10/29/2012
10/30/2012
10/31/2012
11/1/2012
11/2/2012
11/3/2012
11/4/2012
11/5/2012
11/6/2012
11/7/2012
11/8/2012
11/9/2012
11/10/2012
11/11/2012
11/12/2012
11/13/2012
11/14/2012
11/15/2012
11/16/2012
11/17/2012
11/18/2012
11/19/2012
11/20/2012
11/21/2012
11/22/2012
11/23/2012
11/24/2012
11/25/2012
11/26/2012
11/27/2012
11/28/2012

9.602
9.58
9.633
9.523
9.476
9.368
9.368
9.368
9.355
9.421
9.476
9.444
9.421
9.421
9.421
9.394
9.314
9.255
9.238
9.192
9.192
9.192
9.217
9.223
9.27
9.23
9.29
9.29
9.29
9.258
9.128
9.11
9.174
9.328
9.328
9.328
9.319
9.325
9.412
9.364
9.348
9.348
9.348
9.354
9.37
9.414
9.297
9.307
9.307
9.307
9.284
9.225
9.156
8.968
8.864
8.864
8.864
8.962
8.853
8.834
9.02
9.221
9.221
9.221
9.268
9.315
9.332

9.6
9.6
9.6
9.5
9.5
9.4
9.4
9.4
9.4
9.4
9.5
9.4
9.4
9.4
9.4
9.4
9.3
9.3
9.2
9.2
9.2
9.2
9.2
9.2
9.3
9.2
9.3
9.3
9.3
9.3
9.1
9.1
9.2
9.3
9.3
9.3
9.3
9.3
9.4
9.4
9.3
9.3
9.3
9.4
9.4
9.4
9.3
9.3
9.3
9.3
9.3
9.2
9.2
9.0
8.9
8.9
8.9
9.0
8.9
8.8
9.0
9.2
9.2
9.2
9.3
9.3
9.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

11/29/2012
11/30/2012
12/1/2012
12/2/2012
12/3/2012
12/4/2012
12/5/2012
12/6/2012
12/7/2012
12/8/2012
12/9/2012
12/10/2012
12/11/2012
12/12/2012
12/13/2012
12/14/2012
12/15/2012
12/16/2012
12/17/2012
12/18/2012
12/19/2012
12/20/2012
12/21/2012
12/22/2012
12/23/2012
12/24/2012
12/25/2012
12/26/2012
12/27/2012
12/28/2012
12/29/2012
12/30/2012
12/31/2012
1/1/2013
1/2/2013
1/3/2013
1/4/2013
1/5/2013
1/6/2013
1/7/2013
1/8/2013
1/9/2013
1/10/2013
1/11/2013
1/12/2013
1/13/2013
1/14/2013
1/15/2013
1/16/2013
1/17/2013
1/18/2013
1/19/2013
1/20/2013
1/21/2013
1/22/2013
1/23/2013
1/24/2013
1/25/2013
1/26/2013
1/27/2013
1/28/2013
1/29/2013
1/30/2013
1/31/2013
2/1/2013
2/2/2013
2/3/2013

9.35
9.34
9.34
9.34
9.351
9.435
9.532
9.646
9.714
9.714
9.714
9.719
9.759
9.737
9.752
9.756
9.756
9.756
9.786
9.884
9.842
9.817
9.776
9.776
9.776
9.806
9.802
9.799
9.729
9.687
9.687
9.687
9.665
9.662
9.83
9.827
9.96
9.96
9.96
10.044
9.983
9.928
10.047
10.148
10.148
10.148
10.162
10.135
10.07
10.162
10.311
10.311
10.311
10.301
10.264
10.214
10.312
10.451
10.451
10.451
10.489
10.482
10.469
10.414
10.509
10.509
10.509

9.4
9.3
9.3
9.3
9.4
9.4
9.5
9.6
9.7
9.7
9.7
9.7
9.8
9.7
9.8
9.8
9.8
9.8
9.8
9.9
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.7
9.7
9.7
9.7
9.7
9.7
9.8
9.8
10.0
10.0
10.0
10.0
10.0
9.9
10.0
10.1
10.1
10.1
10.2
10.1
10.1
10.2
10.3
10.3
10.3
10.3
10.3
10.2
10.3
10.5
10.5
10.5
10.5
10.5
10.5
10.4
10.5
10.5
10.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

2/4/2013
2/5/2013
2/6/2013
2/7/2013
2/8/2013
2/9/2013
2/10/2013
2/11/2013
2/12/2013
2/13/2013
2/14/2013
2/15/2013
2/16/2013
2/17/2013
2/18/2013
2/19/2013
2/20/2013
2/21/2013
2/22/2013
2/23/2013
2/24/2013
2/25/2013
2/26/2013
2/27/2013
2/28/2013
3/1/2013
3/2/2013
3/3/2013
3/4/2013
3/5/2013
3/6/2013
3/7/2013
3/8/2013
3/9/2013
3/10/2013
3/11/2013
3/12/2013
3/13/2013
3/14/2013
3/15/2013
3/16/2013
3/17/2013
3/18/2013
3/19/2013
3/20/2013
3/21/2013
3/22/2013
3/23/2013
3/24/2013
3/25/2013
3/26/2013
3/27/2013
3/28/2013
3/29/2013
3/30/2013
3/31/2013
4/1/2013
4/2/2013
4/3/2013
4/4/2013
4/5/2013
4/6/2013
4/7/2013
4/8/2013
4/9/2013
4/10/2013
4/11/2013

10.297
10.271
10.205
10.135
10.198
10.198
10.198
10.674
10.75
10.653
10.674
10.679
10.679
10.679
10.65
10.826
10.921
10.81
10.86
10.86
10.86
10.955
10.788
10.76
10.966
10.948
10.948
10.948
11.011
11.039
11.096
11.002
11.151
11.151
11.151
11.448
11.523
11.522
11.781
11.682
11.682
11.682
11.767
11.86
12.023
12.218
12.293
12.293
12.293
12.292
12.483
12.386
12.414
12.413
12.413
12.413
12.406
12.602
12.77
12.61
12.201
12.201
12.201
12.302
12.257
12.45
12.446

10.3
10.3
10.2
10.1
10.2
10.2
10.2
10.7
10.8
10.7
10.7
10.7
10.7
10.7
10.7
10.8
10.9
10.8
10.9
10.9
10.9
11.0
10.8
10.8
11.0
10.9
10.9
10.9
11.0
11.0
11.1
11.0
11.2
11.2
11.2
11.4
11.5
11.5
11.8
11.7
11.7
11.7
11.8
11.9
12.0
12.2
12.3
12.3
12.3
12.3
12.5
12.4
12.4
12.4
12.4
12.4
12.4
12.6
12.8
12.6
12.2
12.2
12.2
12.3
12.3
12.5
12.4

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

4/12/2013
4/13/2013
4/14/2013
4/15/2013
4/16/2013
4/17/2013
4/18/2013
4/19/2013
4/20/2013
4/21/2013
4/22/2013
4/23/2013
4/24/2013
4/25/2013
4/26/2013
4/27/2013
4/28/2013
4/29/2013
4/30/2013
5/1/2013
5/2/2013
5/3/2013
5/4/2013
5/5/2013
5/6/2013
5/7/2013
5/8/2013
5/9/2013
5/10/2013
5/11/2013
5/12/2013
5/13/2013
5/14/2013
5/15/2013
5/16/2013
5/17/2013
5/18/2013
5/19/2013
5/20/2013
5/21/2013
5/22/2013
5/23/2013
5/24/2013
5/25/2013
5/26/2013
5/27/2013
5/28/2013
5/29/2013
5/30/2013
5/31/2013
6/1/2013
6/2/2013
6/3/2013
6/4/2013
6/5/2013
6/6/2013
6/7/2013
6/8/2013
6/9/2013
6/10/2013
6/11/2013
6/12/2013
6/13/2013
6/14/2013
6/15/2013
6/16/2013
6/17/2013

12.46
12.46
12.46
12.577
12.527
12.226
12.098
11.756
11.756
11.756
11.942
12.273
12.259
12.193
12.315
12.315
12.315
12.513
12.439
12.435
12.452
12.603
12.603
12.603
12.721
12.644
12.879
12.683
12.769
12.769
12.769
12.711
12.717
12.878
12.832
12.966
12.966
12.966
12.989
13.042
13.535
13.23
13.156
13.156
13.156
13.182
13.402
13.078
13.146
12.912
12.912
12.912
12.896
12.678
12.207
12.29
12.371
12.371
12.371
12.548
12.512
12.383
12.298
12.348
12.348
12.348
12.57

12.5
12.5
12.5
12.6
12.5
12.2
12.1
11.8
11.8
11.8
11.9
12.3
12.3
12.2
12.3
12.3
12.3
12.5
12.4
12.4
12.5
12.6
12.6
12.6
12.7
12.6
12.9
12.7
12.8
12.8
12.8
12.7
12.7
12.9
12.8
13.0
13.0
13.0
13.0
13.0
13.5
13.2
13.2
13.2
13.2
13.2
13.4
13.1
13.1
12.9
12.9
12.9
12.9
12.7
12.2
12.3
12.4
12.4
12.4
12.5
12.5
12.4
12.3
12.3
12.3
12.3
12.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

6/18/2013
6/19/2013
6/20/2013
6/21/2013
6/22/2013
6/23/2013
6/24/2013
6/25/2013
6/26/2013
6/27/2013
6/28/2013
6/29/2013
6/30/2013
7/1/2013
7/2/2013
7/3/2013
7/4/2013
7/5/2013
7/6/2013
7/7/2013
7/8/2013
7/9/2013
7/10/2013
7/11/2013
7/12/2013
7/13/2013
7/14/2013
7/15/2013
7/16/2013
7/17/2013
7/18/2013
7/19/2013
7/20/2013
7/21/2013
7/22/2013
7/23/2013
7/24/2013
7/25/2013
7/26/2013
7/27/2013
7/28/2013
7/29/2013
7/30/2013
7/31/2013
8/1/2013
8/2/2013
8/3/2013
8/4/2013
8/5/2013
8/6/2013
8/7/2013
8/8/2013
8/9/2013
8/10/2013
8/11/2013
8/12/2013
8/13/2013
8/14/2013
8/15/2013
8/16/2013
8/17/2013
8/18/2013
8/19/2013
8/20/2013
8/21/2013
8/22/2013
8/23/2013

12.611
12.64
12.182
11.943
11.943
11.943
11.761
12.014
12.082
12.113
12.11
12.11
12.11
12.185
12.269
12.199
12.621
12.623
12.623
12.623
12.726
12.904
13.071
12.991
13.029
13.029
13.029
13.098
13.102
13.142
13.324
13.367
13.367
13.367
13.304
13.11
13.228
13.042
12.814
12.814
12.814
12.743
12.882
12.865
12.931
13.085
13.085
13.085
13.049
12.97
12.881
13.071
13.191
13.191
13.191
13.068
13.196
13.137
12.811
12.806
12.806
12.806
12.911
12.593
12.617
13.373
13.555

12.6
12.6
12.2
11.9
11.9
11.9
11.8
12.0
12.1
12.1
12.1
12.1
12.1
12.2
12.3
12.2
12.6
12.6
12.6
12.6
12.7
12.9
13.1
13.0
13.0
13.0
13.0
13.1
13.1
13.1
13.3
13.4
13.4
13.4
13.3
13.1
13.2
13.0
12.8
12.8
12.8
12.7
12.9
12.9
12.9
13.1
13.1
13.1
13.0
13.0
12.9
13.1
13.2
13.2
13.2
13.1
13.2
13.1
12.8
12.8
12.8
12.8
12.9
12.6
12.6
13.4
13.6

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

8/24/2013
8/25/2013
8/26/2013
8/27/2013
8/28/2013
8/29/2013
8/30/2013
8/31/2013
9/1/2013
9/2/2013
9/3/2013
9/4/2013
9/5/2013
9/6/2013
9/7/2013
9/8/2013
9/9/2013
9/10/2013
9/11/2013
9/12/2013
9/13/2013
9/14/2013
9/15/2013
9/16/2013
9/17/2013
9/18/2013
9/19/2013
9/20/2013
9/21/2013
9/22/2013
9/23/2013
9/24/2013
9/25/2013
9/26/2013
9/27/2013
9/28/2013
9/29/2013
9/30/2013
10/1/2013
10/2/2013
10/3/2013
10/4/2013
10/5/2013
10/6/2013
10/7/2013
10/8/2013
10/9/2013
10/10/2013
10/11/2013
10/12/2013
10/13/2013
10/14/2013
10/15/2013
10/16/2013
10/17/2013
10/18/2013
10/19/2013
10/20/2013
10/21/2013
10/22/2013
10/23/2013
10/24/2013
10/25/2013
10/26/2013
10/27/2013
10/28/2013
10/29/2013

13.555
13.555
13.444
13.064
12.753
12.684
12.523
12.523
12.523
12.913
12.953
12.983
13.036
12.961
12.961
12.961
12.889
13.136
13.213
13.351
13.291
13.291
13.291
13.401
13.332
13.337
13.341
13.393
13.393
13.393
13.379
13.337
13.371
13.325
13.207
13.207
13.207
13.142
13.34
13.195
13.27
13.213
13.213
13.213
13.261
13.131
12.961
13.245
13.403
13.403
13.403
13.356
13.687
13.751
13.79
13.866
13.866
13.866
13.927
14.109
14.168
14.089
14.134
14.134
14.134
14.264
14.282

13.6
13.6
13.4
13.1
12.8
12.7
12.5
12.5
12.5
12.9
13.0
13.0
13.0
13.0
13.0
13.0
12.9
13.1
13.2
13.4
13.3
13.3
13.3
13.4
13.3
13.3
13.3
13.4
13.4
13.4
13.4
13.3
13.4
13.3
13.2
13.2
13.2
13.1
13.3
13.2
13.3
13.2
13.2
13.2
13.3
13.1
13.0
13.2
13.4
13.4
13.4
13.4
13.7
13.8
13.8
13.9
13.9
13.9
13.9
14.1
14.2
14.1
14.1
14.1
14.1
14.3
14.3

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

10/30/2013
10/31/2013
11/1/2013
11/2/2013
11/3/2013
11/4/2013
11/5/2013
11/6/2013
11/7/2013
11/8/2013
11/9/2013
11/10/2013
11/11/2013
11/12/2013
11/13/2013
11/14/2013
11/15/2013
11/16/2013
11/17/2013
11/18/2013
11/19/2013
11/20/2013
11/21/2013
11/22/2013
11/23/2013
11/24/2013
11/25/2013
11/26/2013
11/27/2013
11/28/2013
11/29/2013
11/30/2013
12/1/2013
12/2/2013
12/3/2013
12/4/2013
12/5/2013
12/6/2013
12/7/2013
12/8/2013
12/9/2013
12/10/2013
12/11/2013
12/12/2013
12/13/2013
12/14/2013
12/15/2013
12/16/2013
12/17/2013
12/18/2013
12/19/2013
12/20/2013
12/21/2013
12/22/2013
12/23/2013
12/24/2013
12/25/2013
12/26/2013
12/27/2013
12/28/2013
12/29/2013
12/30/2013
12/31/2013
1/1/2014
1/2/2014
1/3/2014
1/4/2014

14.31
14.293
14.267
14.267
14.267
14.315
14.312
14.348
14.266
14.043
14.043
14.043
14.11
13.828
13.724
12.966
12.805
12.805
12.805
13.246
13.294
13.318
13.505
13.575
13.575
13.575
13.637
13.489
13.546
13.477
13.449
13.449
13.449
13.335
13.222
13.019
12.816
12.739
12.739
12.739
12.755
12.678
12.67
12.478
12.525
12.525
12.525
12.676
12.559
12.606
12.653
12.612
12.612
12.612
12.888
12.949
12.942
12.934
13.107
13.107
13.107
12.98
12.935
12.929
12.933
12.968
12.968

14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.0
14.0
14.0
14.1
13.8
13.7
13.0
12.8
12.8
12.8
13.2
13.3
13.3
13.5
13.6
13.6
13.6
13.6
13.5
13.5
13.5
13.4
13.4
13.4
13.3
13.2
13.0
12.8
12.7
12.7
12.7
12.8
12.7
12.7
12.5
12.5
12.5
12.5
12.7
12.6
12.6
12.7
12.6
12.6
12.6
12.9
12.9
12.9
12.9
13.1
13.1
13.1
13.0
12.9
12.9
12.9
13.0
13.0

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

1/5/2014
1/6/2014
1/7/2014
1/8/2014
1/9/2014
1/10/2014
1/11/2014
1/12/2014
1/13/2014
1/14/2014
1/15/2014
1/16/2014
1/17/2014
1/18/2014
1/19/2014
1/20/2014
1/21/2014
1/22/2014
1/23/2014
1/24/2014
1/25/2014
1/26/2014
1/27/2014
1/28/2014
1/29/2014
1/30/2014
1/31/2014
2/1/2014
2/2/2014
2/3/2014
2/4/2014
2/5/2014
2/6/2014
2/7/2014
2/8/2014
2/9/2014
2/10/2014
2/11/2014
2/12/2014
2/13/2014
2/14/2014
2/15/2014
2/16/2014
2/17/2014
2/18/2014
2/19/2014
2/20/2014
2/21/2014
2/22/2014
2/23/2014
2/24/2014
2/25/2014
2/26/2014
2/27/2014
2/28/2014
3/1/2014
3/2/2014
3/3/2014
3/4/2014
3/5/2014
3/6/2014
3/7/2014
3/8/2014
3/9/2014
3/10/2014
3/11/2014
3/12/2014

12.968
13.001
13.076
13.031
12.89
12.959
12.959
12.959
12.988
13.138
13.053
12.746
12.661
12.661
12.661
12.771
12.743
12.618
12.783
12.564
12.564
12.564
12.461
12.381
12.372
12.378
12.353
12.353
12.353
12.533
12.449
12.524
12.687
12.692
12.692
12.692
12.698
12.903
12.972
12.918
13.012
13.012
13.012
13.157
13.165
13.195
13.21
13.236
13.236
13.236
13.298
13.308
13.155
13.714
13.414
13.414
13.414
13.319
13.66
13.723
13.851
13.677
13.677
13.677
13.577
13.458
13.503

13.0
13.0
13.1
13.0
12.9
13.0
13.0
13.0
13.0
13.1
13.1
12.7
12.7
12.7
12.7
12.8
12.7
12.6
12.8
12.6
12.6
12.6
12.5
12.4
12.4
12.4
12.4
12.4
12.4
12.5
12.4
12.5
12.7
12.7
12.7
12.7
12.7
12.9
13.0
12.9
13.0
13.0
13.0
13.2
13.2
13.2
13.2
13.2
13.2
13.2
13.3
13.3
13.2
13.7
13.4
13.4
13.4
13.3
13.7
13.7
13.9
13.7
13.7
13.7
13.6
13.5
13.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

3/13/2014
3/14/2014
3/15/2014
3/16/2014
3/17/2014
3/18/2014
3/19/2014
3/20/2014
3/21/2014
3/22/2014
3/23/2014
3/24/2014
3/25/2014
3/26/2014
3/27/2014
3/28/2014
3/29/2014
3/30/2014
3/31/2014
4/1/2014
4/2/2014
4/3/2014
4/4/2014
4/5/2014
4/6/2014
4/7/2014
4/8/2014
4/9/2014
4/10/2014
4/11/2014
4/12/2014
4/13/2014
4/14/2014
4/15/2014
4/16/2014
4/17/2014
4/18/2014
4/19/2014
4/20/2014
4/21/2014
4/22/2014
4/23/2014
4/24/2014
4/25/2014
4/26/2014
4/27/2014
4/28/2014
4/29/2014
4/30/2014
5/1/2014
5/2/2014
5/3/2014
5/4/2014
5/5/2014
5/6/2014
5/7/2014
5/8/2014
5/9/2014
5/10/2014
5/11/2014
5/12/2014
5/13/2014
5/14/2014
5/15/2014
5/16/2014
5/17/2014
5/18/2014

13.254
13.305
13.305
13.305
13.302
13.563
13.649
13.669
13.723
13.723
13.723
13.704
13.924
14.168
14
13.156
13.156
13.156
13.382
13.331
13.258
13.288
13.226
13.226
13.226
13.198
13.12
13.147
13.021
12.809
12.809
12.809
12.992
12.917
13.096
13.124
13.122
13.122
13.122
13.114
12.884
12.763
12.734
12.736
12.736
12.736
12.831
13.052
13.049
13.052
12.877
12.877
12.877
12.813
12.897
13.089
13.263
13.331
13.331
13.331
13.379
13.412
13.302
13.401
13.548
13.548
13.548

13.3
13.3
13.3
13.3
13.3
13.6
13.6
13.7
13.7
13.7
13.7
13.7
13.9
14.2
14.0
13.2
13.2
13.2
13.4
13.3
13.3
13.3
13.2
13.2
13.2
13.2
13.1
13.1
13.0
12.8
12.8
12.8
13.0
12.9
13.1
13.1
13.1
13.1
13.1
13.1
12.9
12.8
12.7
12.7
12.7
12.7
12.8
13.1
13.0
13.1
12.9
12.9
12.9
12.8
12.9
13.1
13.3
13.3
13.3
13.3
13.4
13.4
13.3
13.4
13.5
13.5
13.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

5/19/2014
5/20/2014
5/21/2014
5/22/2014
5/23/2014
5/24/2014
5/25/2014
5/26/2014
5/27/2014
5/28/2014
5/29/2014
5/30/2014
5/31/2014
6/1/2014
6/2/2014
6/3/2014
6/4/2014
6/5/2014
6/6/2014
6/7/2014
6/8/2014
6/9/2014
6/10/2014
6/11/2014
6/12/2014
6/13/2014
6/14/2014
6/15/2014
6/16/2014
6/17/2014
6/18/2014
6/19/2014
6/20/2014
6/21/2014
6/22/2014
6/23/2014
6/24/2014
6/25/2014
6/26/2014
6/27/2014
6/28/2014
6/29/2014
6/30/2014
7/1/2014
7/2/2014
7/3/2014
7/4/2014
7/5/2014
7/6/2014
7/7/2014
7/8/2014
7/9/2014
7/10/2014
7/11/2014
7/12/2014
7/13/2014
7/14/2014
7/15/2014
7/16/2014
7/17/2014
7/18/2014
7/19/2014
7/20/2014
7/21/2014
7/22/2014
7/23/2014
7/24/2014

13.59
13.447
13.297
13.549
13.495
13.495
13.495
13.434
13.028
13.069
13.559
13.416
13.416
13.416
13.585
13.493
13.458
13.427
13.565
13.565
13.565
13.706
13.809
13.671
13.675
13.687
13.687
13.687
13.53
13.748
13.726
13.854
13.994
13.994
13.994
13.98
13.948
13.972
13.889
13.907
13.907
13.907
13.964
13.912
13.997
14.077
14.089
14.089
14.089
13.882
13.728
13.859
13.604
13.525
13.525
13.525
13.627
13.6
13.889
13.705
13.669
13.669
13.669
13.568
13.476
13.583
13.521

13.6
13.4
13.3
13.5
13.5
13.5
13.5
13.4
13.0
13.1
13.6
13.4
13.4
13.4
13.6
13.5
13.5
13.4
13.6
13.6
13.6
13.7
13.8
13.7
13.7
13.7
13.7
13.7
13.5
13.7
13.7
13.9
14.0
14.0
14.0
14.0
13.9
14.0
13.9
13.9
13.9
13.9
14.0
13.9
14.0
14.1
14.1
14.1
14.1
13.9
13.7
13.9
13.6
13.5
13.5
13.5
13.6
13.6
13.9
13.7
13.7
13.7
13.7
13.6
13.5
13.6
13.5

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

7/25/2014
7/26/2014
7/27/2014
7/28/2014
7/29/2014
7/30/2014
7/31/2014
8/1/2014
8/2/2014
8/3/2014
8/4/2014
8/5/2014
8/6/2014
8/7/2014
8/8/2014
8/9/2014
8/10/2014
8/11/2014
8/12/2014
8/13/2014
8/14/2014
8/15/2014
8/16/2014
8/17/2014
8/18/2014
8/19/2014
8/20/2014
8/21/2014
8/22/2014
8/23/2014
8/24/2014
8/25/2014

13.37
13.37
13.37
13.361
13.426
13.329
13.262
13.086
13.086
13.086
12.988
13.023
13.002
12.95
12.779
12.779
12.779
12.848
12.867
13.1
13.147
13.321
13.321
13.321
13.377
13.543
13.379
13.326
13.209
13.209
13.209
13.209

13.4
13.4
13.4
13.4
13.4
13.3
13.3
13.1
13.1
13.1
13.0
13.0
13.0
13.0
12.8
12.8
12.8
12.8
12.9
13.1
13.1
13.3
13.3
13.3
13.4
13.5
13.4
13.3
13.2
13.2
13.2
13.2

10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6

0
Median
#REF!

Revenue and EBIT Split

Revenue

2013

USA (US$m)

26,118.0

The Netherlands

11,494.0

Other Europe
Total Retail

Czech Republic
5%

1,443.2
32,611.9
The Netherlands
35%

Revenue (m)
US

19,674.7

The Netherlands

11,494.0

Czech Republic
Total Retail

1,443.2

US
60%

32,611.9

EBIT

2013

USA (US$m)

883

Albert Heijn

612

Central Europe

Czech Republic
2%

31

Total Retail

1,306

EBIT (m)
US

663

The Netherlands

612

Czech Republic

The Netherlands
47%

30.963

Total Retail

1,306

Netherlands Revenue and EBIT progression - Quarterly

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Revenue

3,506

2,703

2,569

2,716

3,547

2,706

2,595

%QoQ change

7.5%

-22.9%

-5.0%

5.7%

30.6%

-23.7%

-4.1%

m
3,500

3,506

3,000

3Q14F

3,547
2,703

2,569

2,716

2,706

2,595

2,749

2,500
30.6%

2,000
1,500

7.5%

5.7%

1,000

5.9%

-4.1%

-5.0%
-23.7%

500
0

1Q13

-22.9%
2Q13

3Q13

4Q13
Revenue

1Q14

2Q14

%QoQ change

3Q14F

4Q14F

Revenue

EBIT
EBIT Margin (%)
m
200

%QoQ change

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

187

144

133

148

175

119

130

5.3%

5.3%

5.2%

5.4%

4.9%

4.4%

5.0%

144

133

187

5.3%

148

175

130
119

5.3%

150

3Q14F

4.9%

5.2%

5.4%
5.0%

100

4.4%

50

0
1Q13

2Q13

3Q13

4Q13
EBIT

1Q14

2Q14

3Q14F

EBIT Margin (%)

US Revenue and EBIT progression - Quarterly

Revenue

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

8,068

6,135

5,902

6,013

8,040

6,029

5,861

-24.0%

-3.8%

1.9%

33.7%

-25.0%

-2.8%

%QoQ Change

$m

8,068

3Q14F

8,040

7,500
6,135

6,013

5,902

33.7%

6,000

6,029

5,861

6,103

4,500
4.1%

1.9%

3,000
-24.0%

-2.8%

-3.8%

-25.0%

1,500

0
1Q13

2Q13

3Q13

4Q13

1Q14

Revenue

2Q14

3Q14F

4Q14F

%QoQ Change

EBIT
EBIT
EBIT Margin (%)

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

231

246

173

233

307

218

226

2.9%

4.0%

2.9%

3.9%

3.8%

3.6%

3.9%

$m
350
307
300
246

3Q14F

300
246

231

250

233
218
173

4.0%

200

150

3.9%

3.8%

3.6%

1Q14

2Q14

226
3.9%

2.9%

2.9%

100
50
0
1Q13

2Q13

3Q13

4Q13
EBIT

3Q14F

EBIT Margin (%)

Sales progression
2007
28,152

Total net sales

%YoY change

2008
25,648
-8.9%

m
36,000

2009
27,925
8.9%

2011
30,271
2.5%

32,682

8.9%

32,612

2012
32,682
8.0%

32,430

33,818

2013
32,612
-0.2%
34,703

30,271

29,530

27,925

30,000

2010
29,530
5.7%

25,648

8.0%

4.3%

24,000

2.6%

2.5%

18,000
5.7%
12,000

-0.2%

-0.6%

2013

2014F

6,000
-8.9%
0
2008

2009

2010

2011

2012

Total net sales

2015F

2016F

%YoY change

Retail EBIT progression

2007
1,273
4.5%

Retail EBIT
EBIT Margin (%)

2008
1,202
4.7%

2009
1,358
4.9%

2010
1,412
4.8%

2011
1,427
4.7%

m
2,000

6%
4.7%

4.9%

4.8%

4.7%
4.3%

1,358 1,412

1,500

1,427 1,414

1,202

1,306 1,320

1,477
4%

4.0%

1,000

1,409

4.1%

4.2%

4.3%

2%
500

0%
2008

2009

2010

2011

Retail EBIT

Normalised Basic EPS progression

2012

2013 2014F 2015F 2016F

EBIT Margin (%)

2012
1,414
4.3%

2013
1,306
4.0%

Basic EPS Beia

2007

2008

2009

2010

2011

2012

0.68

0.73

0.82

0.74

0.92

0.84

0.89

7.8%

11.9%

-10.1%

24.7%

-9.3%

6.3%

2012
1,251.0
3.8%

2013
1,276.0
3.9%

%YoY change

1.2

30%

0.9
0.8

1.0
0.8

0.7

0.8

24.7%

1.00

1.06

0.90

0.89

20%

0.7

10%

11.9%

0.6

2013

10.7%

7.8%

6.3%

6.1%
1.4%

0.4

0%

-10%

0.2

-10.1%

-9.3%

0.0

-20%
2008

2009

2010

2011

2012

2013 2014F 2015F 2016F

Basic EPS Beia

%YoY change

FCF progression
2007
645.0
2.3%

FCF
FCF/Sales ( %)

2008
812.0
3.2%

m
1,500

750

2010
1,265.0
4.3%

1,265

812

4.1%

2011
1,044.0
3.4%

1,251

1,144

1,250
1,000

2009
1,144.0
4.1%

1,276
1,100

1,044

1,095

3.9%

1,135

4.3%
3.4%

3.2%

3.8%

3.4%

3.2%

3.3%

500
250
0
2008

2009

2010

2011

2012

FCF

2013

2014F

2015F

2016F

FCF/Sales ( %)

Net profit progression

2007
804
2.9%

Net profit continuing

Net profit margin

2008
863
3.4%

2009
971
3.5%

2010
863
2.9%

2011
1024
3.4%

2012
869
2.7%

2013
907
2.8%

m
1,250
863
971

1,000
750

863

3.4%
3.4%

250

869

3.5%

907

2.7%

875

928

790
2.8%

2.9%
500

1,024

2.4%

2.6%

2.7%

250
0
2008

2009

2010

2011

2012

Net profit continuing

2013

2014F

Net profit margin

2015F

2016F

US
60%

US
51%

4Q14F
2,749
5.9%

40%
30%
20%

10%
0%
-10%
-20%
-30%

4Q14F
143
5.2%

6%
5%
4%
3%
2%
1%
0%

4Q14F
6,103
4.1%

40%

30%
20%
10%
0%
-10%

-20%
-30%

4Q14F
244
4.0%

6%

4%

2%

0%

2014F
32,430
-0.6%

2015F
33,818
4.3%

2016F
34,703
2.6%

2014F
1,320
4.1%

2015F
1,409
4.2%

2016F
1,477
4.3%

12%
8%
4%

0%
-4%
-8%
-12%

2014F

2015F

0.90

1.00

2016F
1.06

1.4%

10.7%

6.1%

2014F
1,100.1
3.4%

2015F
1,095.5
3.2%

2016F
1,135.3
3.3%

2015F
875
2.6%

2016F
928
2.7%

6%

135
4%
3.3%
2%

0%
2016F

2014F
790
2.4%

4%

928
3%
2.7%
2%

1%

1%

0%
2016F

Sales Growth (%)

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

USA
Identical sales
Identical sales Ex Fuel
Comparable sales

1.4
0.1
0.5

2.2
2.2
2.8

(0.2)
(1.5)
0.3

2.4
1.4
1.8

1.8
1.9
2.0

0.5
0.3
0.6

0.1
0.6
0.2

(2.1)
(2.0)
(2.0)

The Netherlands
Identical sales

0.2

1.5

2.5

0.2

1.8

1.6

(0.2)

(1.0)

Czech Republic
Identical sales

(4.6)

1.0

(1.8)

(2.2)

(1.9)

(2.2)

(0.5)

(2.2)

1Q12
4.1
5.8
0.8
4.3

2Q12
4.4
5.2
0.8
4.2

3Q12
3.7
5.2
1.1
3.8

4Q12
2.3
7.4
3.0
3.9

1Q13
2.9
5.3
1.6
3.5

2Q13
4.0
5.3
1.8
4.3

3Q13
2.9
5.2
2.0
3.4

4Q13
3.9
5.4
3.5
4.2

1Q12
4.2
5.7
0.8

2Q12
4.4
5.1
1.0

3Q12
4.1
5.3
1.1

4Q12
4.3
6.1
3.0

1Q13
4.1
5.3
1.6

2Q13
4.2
5.5
1.7

3Q13
4.0
5.3
1.8

4Q13
4.0
5.5
3.4

EBIT Margin %)
USA
The Netherlands
Czech Republic
Total
Pre-exceptional EBIT Margin %)
USA
The Netherlands
Czech Republic

1Q14

2Q14

3Q14F

4Q14F

(0.3)
0.1
0.2

(1.3)
(1.8)
(1.7)

(0.5)
(0.7)
(0.6)

1.5
1.7
1.5

(1.4)

(1.7)

0.1

0.7

0.5

(3.9)

(1.0)

(1.0)

1Q14F
3.8
4.9
2.2
3.9

2Q14F
3.6
4.4
2.0
3.5

3Q14F
3.9
5.0
(0.6)
3.8

4Q14F
4.0
5.2
1.1
4.0

1Q14F
3.9
5.0
2.1

2Q14F
3.7
5.0
2.0

3Q14F
3.9
5.0
2.4

4Q14F
4.0
5.2
4.6

Ahold - USA
4Q12
6,142

Sales
%QoQ change
$m
9,000

1Q13
8,068
31.4%

2Q13
6,135
-24.0%

3Q13
5,902
-3.8%

8,068

4Q13
6,013
1.9%

1Q14F
8,040
33.7%

2Q14F
6,029
-25.0%

3Q14F
230
3.9%

4Q14F
247
4.0%

3Q14F
2,595
-4.1%

4Q14F
2,749
5.9%

30%
6,135

5,902

6,029

6,013

31.4%

5,861

6,103

-3.8%

0%

4.1%
3,000

-25.0%

1.9%
-24.0%

1,500

20%
10%

33.7%

4,500

-10%
-2.8%
-20%

-30%
1Q13

2Q13

3Q13

4Q13

1Q14F

2Q14F

Sales

4Q12
262
4.3%

Underlying EBIT
EBIT Margin

4Q14F
6,103
4.1%

40%

8,040

7,500
6,000

3Q14F
5,861
-2.8%

1Q13
330
4.1%

3Q14F

4Q14F

%QoQ change

2Q13
256
4.2%

3Q13
237
4.0%

4Q13
243
4.0%

1Q14F
311
3.9%

2Q14F
222
3.7%

$m
400
330
300

200

4.4%

311
256

237

243

4.0%

4.0%

222

230

247

4.2%

4.2%
4.1%

4.0%
4.0%

100

3.9%

3.8%

3.9%
0
1Q13

2Q13

3Q13

4Q13

3.7%
2Q14F

1Q14F

Underlying EBIT

3.6%
3Q14F

4Q14F

EBIT Margin

The Netherlands
4Q12
2,698

Sales
%QoQ change
m
4,000

1Q13
3,506
29.9%

2Q13
2,703
-22.9%

3Q13
2,569
-5.0%

4Q13
2,716
5.7%

1Q14F
3,547
30.6%

2Q14F
2,706
-23.7%

40%

3,547

3,506

30%
3,000

2,703

2,569

2,716

29.9%
2,000

2,706

2,595

2,749

10%

30.6%
-5.0%
5.7%

20%

-23.7%

5.9%

0%

5.7%

5.9%

-23.7%

-10%

1,000

-22.9%

-4.1%

-20%

-30%
1Q13

2Q13

3Q13

4Q13

1Q14F

Sales

4Q12
164
6.1%

Underlying EBIT
EBIT Margin

1Q13
186
5.3%

2Q13
148
5.5%

2Q14F

3Q14F

4Q14F

%QoQ change

3Q13
135
5.3%

4Q13
150
5.5%

1Q14F
178
5.0%

2Q14F
134
5.0%

3Q14F
131
5.0%

4Q14F
143
5.2%

3Q14F
418
36.9%

4Q14F
436
4.1%

3Q14F
8
1.8%

4Q14F
15
3.4%

m
200

186

5.6%

178

5.5%
148
5.5%

150

135

150
5.5%

134

131

5.3%

143

5.4%

5.2%

5.3%
5.2%

5.3%

100

5.1%
5.0%
5.0%

50

5.0%

4.9%

5.0%

4.8%
4.7%

4.6%
1Q13

2Q13

3Q13

4Q13

1Q14F

Underlying EBIT

2Q14F

3Q14F

4Q14F

EBIT Margin

Other Europe
4Q12
366

Sales
%QoQ change

1Q13
439
20.0%

2Q13
336
-23.5%

3Q13
331
-1.3%

4Q13
338
1.9%

1Q14F
415
22.9%

2Q14F
306
-26.4%

m
500

439

30%

415
418

400

336

331

436

338

10%

306

300

22.9%
20.0%

4.1%
-1.3%

-10%

-26.4%

-23.5%

100

-20%

-30%
1Q13

2Q13

3Q13

4Q13

1Q14F

Sales

m
15

0%

1.9%

200

Underlying EBIT
EBIT Margin

20%

4Q12
11
3.0%

1Q13
7
1.6%

2Q13
6
1.7%

2Q14F

3Q14F

4Q14F

%QoQ change

3Q13
6
1.8%

4Q13
11
3.4%

1Q14F
9
2.2%

2Q14F
6
2.0%

15
4%

11

12

3.4%
9

6
1.6%

3.4%
8

3%
9

6
1.8%

2.2%

1.7%

2%

6
2.0%
1.8%

1%

0%
1Q13

2Q13

3Q13

4Q13

Underlying EBIT

1Q14F

2Q14F

3Q14F

EBIT Margin

4Q14F

http://publications.gfk.nl/SupermarktkengetallenActueel.xml?order=descending
Netherlands market Food retail development
Jan
Feb
Mar
1Q
Apr
May
YoY (%)
w 1-5
w 6-9
w 10-13
w 1-13
w 14-17
w 18-21
2012
2.3%
1.1%
1.2%
1.6%
2.9%
1.5%
Omzet
2013
4.0%
2.6%
10.9%
5.7%
-2.1%
3.9%
Kassabon 2013
3.8
1.5
8.1
4.4
-1.2
2.6
Omzet
2014
1.5
0
-7.2
-1.8
3.3
-4.0
Kassabon 2014
-0.4
-1.0
-7.1
-2.7
0.2
-3.5

Supermarket sales growth (bn)

2004
2005
Turnover (bn)
26.1
26.2
YoY (%)
0.2%
Avg ticket price item 19.47
19.52
0.3%

2006
27.2
3.9%
20.36
4.3%

2007
28.3
4.0%
20.92
2.8%

3.9%
-0.6%

-1.1
-2.4

2008
30
6.2%
21.85
4.4%

2009
31.1
3.4%
21.89
0.2%

Jun
w 22-26
-1.1%
3.9
2
4.0
5.1

2010
31.4
1.2%
22.1
1.0%

1Q13
In the first four months of 2013 food retail turnover increased by 3.9% to 10.85bn. The average ti
Dutch Retail market
Rev (%) YoY
Avg Ticket YoY
1Q14
-1.8%
-2.7%
2Q14
1.2%
0.5%

2Q
w 14-26
0.9%
2.1
1.3

2011
32.2
2.6%
22.14
0.2%

Jul
w 27-30
-0.1%
3.1
2.8

2012
32.6
1.1%
21.88
-1.2%

Aug
w 31-35
0.5%
1.5
0.9

Sep
w 36-39
0.4%
1.3
0.3

3Q
w 27-39
0.3%
2.1
1.4

2013
33.3
2.3%
22.24%
1.6%

% to 10.85bn. The average ticket price increased by 3.1% to 22.43

Oct
w 40-43
0.5%
0.2
0.2

Nov
w 44-48
1.7%
-0.6
0.6

Dec
w 49-52
2.5%
-1.0
-1.8

4Q
w 40-52
1.6%
-0.5
-0.3

Sales
2012F
USA
20,123
Netherlands
11,054
Czech Rep./Slovakia 1,515
32,692

Czech
Rep./Slovakia
5%

Netherlands
34%
USA
61%

EBIT
2012F
USA
735
Netherlands
652
Czech Rep./Slovakia
27
1,414

Czech
Rep./Slovakia
2%

Netherlands
46%

Ahold & Delhaize Breakdown of sales and EBIT

% of total

Sales

Sales

EBIT

EBIT

2011

2012F

2011

2012F

USA

59.5%

61.6%

54.5%

55.0%

Holland

34.7%

33.8%

49.4%

46.0%

5.7%

4.6%

1.5%

2.0%

-5.4%

-3.1%

Ahold

Other Europe
HQ

Sales

Sales

EBIT

EBIT

Delhaize

2011

2012F

2011

2012F

USA

65.4

64.6

65.6

64.1

Belgium

22.9

21.1

29.9

34.6

Other Europe/EM

11.7

14.3

10.0

9.5

-5.5

-8.2

HQ

USA
52%

Ahold remains leading supermarket player

2007
2011
2013F
Albert Heijn
29.5%
33.5%
>35%
C1000
14.3%
12.1%
x
Aldi
8.9%
7.9%
>8%
Super de boer
7.3%
x
x
Plus
6.0%
5.9%
>6%
Jumbo
4.4%
8.9%
~20%
Lidl
4.0%
6.7%

Strong ID sales growth in NL

2005
Albert Heijn
4.0%
Jumbo
3.0%
Belgian roll-out strategy
2012
# of stores
11

2006
6.5%
4.0%

2008
9.0%
8.5%

2009
1.5%
5.0%

2016F
50

Czech republic: On track for further margin recovery

2009
2010
2011
2012F
EBIT margins
-1.5%
1.0%
1.4%
1.7%

2013F
1.7%

2Q11
2.6
2.0
1.2

2014F
30

(including Super de Boer, C1000)

2015F
40

Quarterly identical sales

1Q11
NL
2.8
Other Europe
4.6
Ahold USA
3.5

2013F
20

2007
7.7%
5.1%

(including 82 new stores)

3Q11
3.0
2.4
4.5

Ahold USA
Market position
# of stores Sales '11
Stop & Shop New England
#1
217
$7.5bn
Stop & Shop NY Metro#3
183
$5.7bn

4Q11
2.9
-2.1
2.9

1Q12
0.2
-4.6
0.1

2010
3.7%
2.0%

2Q12
1.5
1.0
2.2

2011
2.9%
2.5%

3Q12
2.5
-1.8
-1.5

4Q12
0.2
-2.2
1.4

Giant
Giant Martin's
Peapod

#1
#1
#1

173
183
n/a

$5.3bn
$6.1bn
$0.4bn

ROCE
2009
1,297
488
1785

2010
1,336
483
1819

2011
1,347
486
1833

2012
1,336
514
1850

2013
1,239
537
1776

5,407
619
-1,455
3904
8,475

5,827
762
-1,611
3864
8,842

5,984
836
-1,477
3888
9,231

6,038
1,569
-1,758
4112
9,961

5,712
1,563
-202
4296
11,369

21%

21%

20%

19%

16%

2008
0
187
187

2009
0
212
212

2010
386
272
658

2011
837
328
1165

2012
277
415
692

2009
1,892
-770
1,122

2010
2,103
-870
1,233

2011
1,776
-755
1,021

2012
2,110
-910
1,200

2013
2,035
-811
1,224

On line Food sales (peapod & Albert)

2011
2012
Sales
450
525
% Change
17%

2013
683
30%

2014
887
30%

2015
1153
30%

2016
1499
30%

EBIT (pre-tax)
gross rent add back
Sum
PP&E
Intangibles
NWC
rent*8
Sum
ROCE

Distribution of cash
Share buyback
Dividend
Sum

Net operating Free Cash flow

2008
Net Cash from Operating
1,743
CAPEX
-1,019
FCF
724

Bol.com outlook for growth

2011
Sales
350
% organic growth

Albert Heijn
Etos & Gall

90%
10%

2012
410
17%

1%
-6%
0.2%

2013
2014
0
0
-100% #DIV/0!

2013F
1250
1215
2465

2014
1,977
-897
1,080

Sales performance (ex fuel)

1Q09
Ahold
4.4
Delhaize
2

2Q09
3.1
0.2

3Q09
1.0
-1.3

4Q09
0.4
-2.8

1Q10
-0.1
-1.2

2Q10
0.5
-3.6

3Q10
0.6
-1.8

4Q10
0.9
-0.8

Margin trend Netherlands

1Q11
2Q11
3Q11
Underlying operating6.0%
margins excluding
6.3%
Bol.com
6.4%
Difference YoY

4Q11
7.0%

1Q12
6.0%
0.0%

2Q12
5.6%
-0.7%

3Q12
5.8%
-0.6%

4Q12
6.5%
-0.5%

3Q
9M
Netherlands
2,534
8,356
Bol.com
99
60
Netherlands ex Bol.com
2,435
8,296

4Q
2,698
135
2,563

3Q
141
0
141
-0.2%

9M
451
5
473
8.3%

4Q
171
3.000
167
2.2%

Consensus 2013F
Consensus ING Consensus ING Consensus ING
Sales
Sales
Operating Income
Operating Margin
Ahold USA
26554
26,118
1063
1,064
4.0%
4.1%
Netherlands
11674
11,494
633
619
5.4%
5.4%
Other Europe
1672
1,443
23
30
1.4%
2.1%
Total
33686
32944
1387
1397
4.1%
4.2%

75
1000

18.75

1000

990

915

-0.07576

EPS

981.25

1.010101 1.072404

6%

JM Poland - Biedronka
EUR m

2004

H1-05

2005

Q1-06

Sales

1,059

618

1,348

382

EBITDA

51.9

28.4

68.7

NA

Margin

4.9%

4.6%

5.1%

NA

EBITDA growth

33%

36%

32%

29%

LFL (%)

9.4

5.2

5.4

6.4

Stores

725

744

805

821

Nr of Costco Club stores end of year

States

1998

1999

2000

2001

Connecticut

Massachusetts

New Hamshire

New Jersey

10

10

10

11

12

12

12

29

31

31

32

Total US Costco

201

213

251

284

Non-US Costco

84

89

98

101

285

302

349

385

New York
Rhode Island
Total Costco in S&S States

Total Costco

Nr of Wal-Mart Supercenters end of fiscal year (January)

States

2002

2003

2004

2005

Connecticut

Massachusetts

New Hamshire

New Jersey

17

22

22

27

New York
Rhode Island

25

31

35

41

24%

13%

17%

1066

1258

1471

1713

Store growth

18%

17%

16%

% of WMSC in S&S states 2.3%

2.5%

2.4%

2.4%

Total Discount stores in S&S 163

states

177

181

187

Store growth

9%

2%

3%

1568

1478

1353

Total WMSC in S&S states

Store growth
Total WMSC (USA)

Total Discount stores

1647

Store growth
% of Discount stores in S&S9.9%
states
Total (SC+Discount)

2713

Store growth

-5%

-6%

-8%

11.3%

12.2%

13.8%

2826

2949

3066

4%

4%

4%

Nr of Whole Foods stores end of fiscal year (September)

States

2000

2001

2002

Massachusetts

11

13

13

13

New Hamshire

New Jersey

New York

Rhode Island

Connecticut

2003

Total Whole Foods in S&S States

18

22

23

24

Total stores Whole Foods

117

126

135

145

% of stores in S&S states

15%

17%

17%

17%

2004

Nr of BJ's stores end of fiscal year (September)

States
Connecticut
Massachusetts
New Hamshire

2001

2002

2003

14

14

14

17

New Jersey

14

14

15

17

New York

26

28

32

34

68

70

76

85

Rhode Island
Total BJ's in S&S States
Total stores BJ's
% of stores in S&S states

118

130

140

157

58%

54%

54%

54%

1Q11
3.5
-0.3

2Q11
1.2
1.6

3Q11
4.5
1.9

4Q11
2.9
-0.4

1Q13F
5.3%
-0.7%

2Q13F
5.5%
-0.1%

3Q13F
5.3%
-0.5%

4Q13F
5.5%
-1.0%

1Q12
0.1
-1.0

2Q12
2.2
-0.6

3Q12
-1.5
-1.6

4Q12
1.4
0.0

1Q13F
1.5
1.9

Q1-05
311

44%
732

2002

2003

2004

2005

10

11

11

12

13

13

13

13

34

35

36

37

304

318

333

346

108

112

116

125

412

430

449

471

2006
4
3
7
1
35
1
51
24%
1980
16%
2.6%
183
-2%
1209
-11%
15.1%
3189
4%

2004

2005

13

16

27

32

163

175

17%

18%

2005
8
18
6
18
34
3
87
165
53%

Ahold Loans (EURm)

Bonds & Notes:
EUR 600m 5.875% bond Mar 2012, sw USD 534m 6.835%
USD 500m 6.25% bond May 2009
USD 700m 8.25% bond Jul 2010 (USD 690m left)
USD 94m indebtness 7.82% 2020 (USD 81m left)
USD 71m indebtness 8.62% 2025
USD 500m 6.875% bond May 2029
GB 500m (250 left) 6.5% bond Mar 2017, sw USD 356m (USD 206m left)
JPY 33,000m LIBOR +150bp May 2031, sw EUR 299m 7.065%
Other bonds
Total
Other

2008

2009

2010

2011

Cost

407
356
491
59
51
356
231
259
-6
2,204
1

407

407

407

28

28

351
57
49
349
257
248
-4
1,714
1

57
53
374
268
304
-4
1,459
2

54
55
386
280
331
-4
1,509
3

4
5
27
11
23

4
5
27
11

98
0

1,106
3

Financing obligations (7.9% avg rate)

Mortgages payable (7.5% avg rate)
Total loans

413
14
2,632

397
10
2,122

400
9
1,870

399
7
1,918

32
1
32

399
7
1,515

Financial lease commitments, LT portion (8.8% in 2008)

Financial lease commitments, ST portion (8.8% in 2008)

1,025
50
1,075

992
51
1,043

1,096
59
1,155

1,158
1,158

102
5
107

ST borrowings (excl interest, derivatives, etc)

2012

102
5
182

54
55
386
280
331

37

37

3,707

3,165

3,025

3,076

141

1,515

497

497

497

497

24

497

Total debt incl pref share capital

4,204

3,662

3,522

3,573

Redemptions
2010
2011
2012
2013
2014+
Total

558
70
500
79
2,575
3,782

440

Total interest bearing debt

Preferred share capital (treated as debt)

165 Total interest costs 2,012

Long term debt rating

Current
Outlook
rating
BBB/A-3 PositiveStable

Agency
Standard & Poor's

Steps to
take

Moody's

Baa3

Stable

Standard & Poor's ratings:

AAA
AA
A

BBB
BB
B

+ or show relative
standing

Moody's

Aaa
Aaa
A

Baa
Ba
B

,1, 2 or3
show relative
standing

Debt components
Financial lease obligations (incl. ST part)
Bonds
Preferred share capital
Short term debt & Other
Total

Reported

2008 % of total
1075
25%
1,841
42%
497
11%
948
22%
4361

4,361

3,806

2009F % of total
1043
27%
1,364
36%
497
13%
902
24%
3806

As per Dec-11
Every 10 years new dividend %
Max. c. 75m votes (c. 6% of total votes)
4 tranches
497m preferred share capital
Jun-96
5.9%
71
4.2
Aug-98
6.1%
46
2.8
Oct-00
3.9%
320
12.3
Dec-03
7.3%
60
4.4
497
23.7
maximum conversion to common shares amount to 90 million

4.77%

As of end 2010
EUR 1200m debt facility
Expires August 2012, can be extended up to Aug 2014
Max. leverage ratio: 4.28:1
Used only EUR392m as letters of credit
A further EUR 110m WCR facility of which EUR 0m was drawn at end 2010
2007 breakdown LT debt
USD
1580
EUR
1622
Other
534
Total
3736

42%
43%
14%

2009 breakdown LT debt

USD
1122
EUR
470
Other
530
Total
2122

53%
22%
25%

2009 breakdown LT debt

USD
2,314
EUR
1,208
Other
0
Total
3,522

66%
34%
0%

2008 breakdown LT debt

USD
1642
EUR
473
Other
258
Total
2373

2008
2009F

net debt
1,498
717

Gross debt
4,361
3,806

Cash
2,863
3,089

Free CF
431
804

2010F
2011F

737
1,088

3,660
3,680

2,923
2,592

945
769

69%
20%
11%

Stores (nr end of year)

S&S/Giant Landover
Giant C/Tops
Ahold USA
Openings/Acquisitions
Closings/Disposals
net change in year
AH arena
Openings/Acquisitions
Closings/Disposals
net change in year
Central Europe
Openings/Acquisitions
Closings/Disposals
net change in year
Total retail
Openings/Acquisitions
Closings/Disposals
net change in year

2004
563
477

2005
573
267

1651

502

3,455

2006
575
220

1,711
94
34
60
516
33
19
14
3,480
168
143
25

Sales area USA

The Netherlands (ex franchise)
yoy
Czech Rep/Slovakia (ex franchise)

Total franchisees as % of total

Own locations
o.w. finance leases
o.w. operating leases
o.w. company owned
Offices (nr end of year)
Warehouses/DCs/Production fac
Offices
Properties held for future development
Properties under construction/development
Residential properties
Total
o.w. finance leases
o.w. operating leases
o.w. company owned
o.w. finance leases
o.w. operating leases
o.w. company owned
Avg FTE's
S&S/Giant Landover
Giant C/Tops
AH arena
Central Europe
Schuitema
USF
Sold
Group support offices
Total

1,756
80
35
45
321
2
2
0
3,225
101
84
17

1,861
132
27
105
325
5
1
4
2,897
154
39
115

1,892
50
19
31
304
5
26
-21
2,909
62
50
12

2010
569
177
741
25
0
25
1,910
30
12
18
303
1
2
-1
2,954
65
15
50

2,591

2,647
2.2%
846
13.3%
525
-0.8%
4,018
3.9%

2,689
1.6%
865
2.2%
462
-12.0%
4,016
0.0%

2,838
5.5%
876
1.3%
452
-2.2%
4,166
3.7%

747
529

Total (ex franchise)

Stores (nr end of year)

Total franchisees (AH, Etos, Gall & Gall)
Own locations
Stores owned or leased by Ahold
o.w. finance leases
o.w. operating leases
o.w. company owned

2007
560
145

3,867

2004

2004

2005

2005

2006
1,088
2,392

2007
1,096
2,129

383
1,555
454

255
1,533
341

31.3%
68.7%
16%
65%
19%
2006
247
89
445
79
142
1,002
60
451
491
6%
45%
49%

34.0%
66.0%
12%
72%
16%
2007
69
35
800
90
994
60
55
388
6%
6%
39%

2008
563
148

1Q11

2Q11

3Q11

2011

1Q12

2Q12

751

752
4
3
1
1,914
17
4
13
305
1
0
1
2,971
18
4
14

756
14
9
5
1,932
26
8
18
306
1
0
1
2,994
27
8
19

757
16
10
6
1,934
30
10
20
306
1
0
1
2,997
31
10
21

756
17
12
5
1,946
46
14
32
306
1
0
1
3,008
47
14
33

759
5
2
3
1,945
5
6
-1
307
1
0
1
3,011
6
6
0

765
11
2
9
1,951
15
10
5
307
2
1
1
3,023
17
11
6

2,838
5.5%
876
1.3%
452
-2.2%
4,166
3.7%

1,914

305

2,970

2011/2010 chg

0.7%

1.7%

0.3%

1.3%

4,600

2008
63

26.5%
74.1%
15%
77%
23%
2010
66

786
70

725
48

717
34

919
64
49
368
7%
5%
40%

839
59
44
344
7%
5%
41%

834
58
43
342
7%
5%
41%

2005
60,333
25,886
22,350
22,656
4,997
28,286
3,479
581
168,568

2006
60,314
24,501
22,076
23,789
4,975
27,630
0
581
163,866

2007

Commercial property
Property Plant and equipment
Investment property
Market value
Market value as % of book value
Rental income
Costs

2004
6,506
466
667
143%
49
37

2005
7,487
456
685
150%
63
56

2006
6,925
431
640
148%
70
60

2007

Real estate
Stores at costs
Accumulated depreciation
Stores carrying amount
Higher market value (07 source Ahold)
Estimated market value

2004
5,364
-1,526
3,838

2005
6,284
-1,865
4,419

2006
6,023
-1,876
4,147

2007
5,421
-1,771
3,650
900
4,550

2008
5,742
-1,887
3,855
1,000
4,855

1,586
-468
1,118

1,825
-589
1,236

1,555
-434
1,121

678
-199
479

545
-161
384

6,950
-1,994
4,956

8,109
-2,454
5,655
1,434
25%

7,578
-2,310
5,268
1,346
26%

6,099
-1,970
4,129
1,031
25%

6,287
-2,048
4,239
1,031
24%

Machinery carrying amount

Other carrying amount
Under construction carrying amount

1,181
109
260

1,275
177
380

3,866
568
294

568
311
273

294
165
161

Total property,plant,equipment carrying amount

6,506

7,487

9,996

9,858

9,661

Total financial lease liabilities

Current portion
Non-current portion

1,164
-87
1,077

1,362
-64
1,298

Total Buildings and Land at costs

Accumulated depreciation
Total Carrying amount
o.w. held under financial leases/financing
as a % of total carrying amount

2010R

2010
2011
782 465 loc owned by franchisees or leased independantly from Ahold 801
2,188
2,207
2,505
2,523
326
13%
avg store (m2)
328
1,678
67%
USA
3800
1,665
501
20%
Europe
1300
530

2004
61,826
28,278
23,087
24,343
5,222
28,658
59,007
582
231,003

Other and not in use at costs

Accumulated depreciation
Other/not in use carrying amount

2009
561
152
716

Total m2

45,000,000

26.6%
73.4%
15%
75%
24%
2011
83

Property investors are usually happy with a 6-8% return provided the
income stream comes through over 20-25 years

#DIV/0!

OpCo/PropCo
2007
5600

Yield Rent to be paid

6%
-336
Depreciation saved
86
net impact on EBIT
-250
As a % of total 2007 EBIT
#REF!

% of total sales
#REF!

Hakon Invest owns 40% of ICA, Ahold owns the other 60%
Until 2040 Ahold will have 50% of the voting rights
Hakon is is owned by:
8% investors
Portfolio Companies
67% cooperation (have 16% common shares and 51% C-shares (no cash dividend in first 10 years)
100% Forma Publishing Group AB
25% franchisees
50% in Kjell & Company (electronics)
Common shares (49%) HAKN.ST
C-shares (51%) NOT Listed
Total

Market Cap Common shares

Market Cap C shares before adjustment

78.84954 EUR/SEK
82.06789
Price
160.9174
SEK

EUR

8,358

991

8,699

1,032

Lower value C-shares due to lack of dividend (20% adjustment)

-1,266

-150

Total market cap Hakon

15,791

1,873

Adjustment net cash (ST investments+cash)

Enterprise value Hakon

-483

-57

15,308

1,816

Minus EV of Forma, Kjell, Hemma, etc.

-2,037

-242

40% of ICA

13,270

1,574

60% of ICA (Ahold's share)

19,906

2,361

96,863
30%
29,059
-1,143
27,916
16,750

1,987

Net sales ICA 2012F

EV/Sales multiple
Net debt adjustment
Equity value
60% of Equity value (Ahold share)
EBIT ICA 2012F
Average European EV/EBIT multiple

8.43
106

Est. value Investment

500
102
89% in Hemmabutikerna (white goods)
151
91.4% Cervera (glass/kitchen/design)
90
100% InkClub
444
68.5 Hemtex
750

dividend SEK 5.0 (6.0) in 2008 on EPS of SEK 1.17 (8.30)

as from 2011 request for recla
effective as from 2016 (page

Average of 4 calculations
2,361
1,987
2,115
1,538
8,001
2,000

Net debt adjustment

Equity value
60% of Equity value (Ahold share)

3,428
9.0
30,852
-1,143
29,709
17,825

2,115

Net profit ICA 2012F

Average European P/E multiple
Equity value
60% of Equity value (Ahold share)

1,964
11
21,608
12,965

1,538

* 62.2% of Foodservice industry

total Foodservice & drinking places
Restaurant industry*
2007
% 2007R
2008
% 2008R
2009
Jan
33.8
4.1%
33.3
34.9
4.8%
34.5
36.2
Feb
33.3
4.8%
32.8
35.6
8.5%
35.2
35.0
Mar
38.5
6.7%
38.0
38.5
1.4%
38.0
38.6
Apr
36.8
4.2%
36.3
37.9
4.6%
37.4
38.0
May
38.7
6.2%
38.1
40.8
7.2%
40.3
40.7
Jun
38.9
7.6%
38.3
39.0
1.8%
38.5
38.9
Jul
39.1
6.5%
38.5
40.0
4.0%
39.4
39.7
Aug
39.4
6.3%
38.8
40.9
5.3%
40.3
39.3
Sep
37.1
3.9%
36.6
37.5
2.7%
37.0
37.0
Oct
38.1
5.2%
37.4
38.8
3.7%
38.3
38.6
Nov
36.4
6.6%
35.7
36.9
3.2%
36.2
35.8
Dec
39.2
2.7%
38.5
38.4
-0.3%
37.8
38.0
Full year
449.2
5.4%
442.3
459.3
3.9%
452.9
455.9
USDA forecast 2.5-3.5 for 2007, lowest in 4 years
2006
2006
2006
2007
2007
2007
2008
Food away f.h.prices
m.o.m.
y.o.y.
% ytd m.o.m.
y.o.y.
% ytd m.o.m.
Jan
0.3
3.0
3.0
0.5
3.3
3.3
0.4
Feb
0.3
3.0
3.0
0.4
3.4
3.4
0.4
Mar
0.2
3.1
3.0
0.1
3.3
3.3
0.3
Apr
0.2
3.1
3.1
0.3
3.4
3.4
0.3
May
0.4
3.2
3.1
0.2
3.3
3.3
0.4
Jun
0.3
3.1
3.1
0.3
3.4
3.3
0.5
Jul
0.3
3.2
3.1
0.5
3.6
3.4
0.6
Aug
0.3
3.1
3.1
0.4
3.8
3.4
0.3
Sep
0.1
3.0
3.1
0.5
4.1
3.5
0.5
Oct
0.3
3.0
3.1
0.2
4.1
3.6
0.5
Nov
0.3
3.0
3.1
0.3
4.1
3.6
0.3
Dec
0.3
3.2
3.1
0.2
4.0
3.6
0.3
Full year
FMI real sales growth Eating & Drinking places
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Full year

2007
0.4
1.1
3.4
0.5
2.6
4.2
2.9
2.7
-0.5
0.8
2.4
-1.4
1.58

%
4.8%
-0.5%
1.6%
1.6%
1.0%
1.1%
0.8%
-2.4%
-0.2%
0.9%
-1.2%
0.6%
0.6%

2010
35.8
35.7
39.8

%
-1.1%
2.0%
3.0%

2009R
36.6
35.4
39.0
38.4
40.9
39.0
39.9
39.6
37.3
39.0
36.2
38.2
459.5

2010R
36.1
36.0
40.0
40.1
41.4
40.0
41.6
40.9
38.6
40.6
37.8
40.1
473.3

2008
y.o.y.
3.9
3.9
4.1
4.1
4.3
4.4
4.6
4.5
4.5
4.8
4.9
5.0

2008
% ytd
3.9
3.9
4.0
4.0
4.1
4.1
4.2
4.2
4.3
4.3
4.4
4.4

2009
m.o.m.
0.3
0.3
0.1
0.3
0.1
0.1
0.1
0.1
0.1
0.1
0.2

2009
y.o.y.
4.9
4.8
4.6
4.6
4.2
3.8
3.2
3.0
2.6
2.2
2.1

2009
% ytd
4.9
4.8
4.7
4.7
4.6
4.5
4.3
4.1
4.0
3.8
3.6

% 2010RR
-1.3%
35.6
1.6%
35.4
2.7%
39.5
4.3%
39.4
1.3%
40.8
2.6%
39.4
4.2%
41.0
3.2%
40.2
3.7%
38.0
4.1%
39.9
4.5%
37.2
4.9%
39.5
3.0%
466.0

2011
36.8
37.2
41.8
41.5
42.7
41.8
43.1
42.2
41.2
42.3
39.8
43.0
493.5

%
3.3%
5.0%
6.0%
5.3%
4.8%
6.0%
5.2%
5.0%
8.5%
6.0%
6.8%
8.9%
5.9%
2011
m.o.m.
0.2
0.2
0.3
0.3
0.2
0.3
0.2
0.4
0.2

2010
m.o.m.
0.1
0.1
0.0
0.1
0.1
0.1
0.0

2010
y.o.y.
1.6
1.4
1.2
1.1
1.1
1.2
1.1

2010
% ytd
1.6
1.5
1.4
1.3
1.3
1.3
1.2

0.3

1.4

1.3

0.2

2011R
36.8
37.2
41.8
41.5
42.7
41.8
43.1
42.2
41.3
42.4
39.8
43.0
493.5

2012
%
39.9 8.5%
41.2 11.0%
46.1 10.3%
44.2 6.6%
46.0 7.5%
45.4 8.5%
45.0 4.5%
45.5 7.8%
43.3 4.9%
#####
#####
#####
396.7 #####

2011 2011 2012 2012 2012

y.o.y. % ytd m.o.m. y.o.y. % ytd
1.5
1.5
0.4
3.1
3.1
1.6
1.5
0.1
3.1
3.1
1.9
1.6
0.2
3.0
3.0
2.1
1.8
0.3
2.9
3.0
2.2
1.8
0.2
2.9
3.0
2.3
1.9
0.2
2.9
3.0
2.6
2.0
0.2
2.9
3.0
2.7
2.1
0.3
2.8
2.9
2.6
2.2
0.2
2.8
2.9

3.0

Total Foodservice market 2005: USD 290bn

2008
2009
2010
2011
0.9
0.1
-2.9
1.9
4.7
-5.1
0.2
3.5 Restaurant industry $475.8bn in '05E (+4.9%, o.w. 2.1% real growth)
-2.6
-2.9
1.4
4.1 Full service retaurants $164.8bn (+5.0%, o.w. 2.2% real growth)
0.6
-2.6
3.1
3.2 National retaurant association
3.1
-3.0
0.1
2.6
-2.4
-2.5
1.4
3.7
-0.4
-2.3
3.2
2.7
1.0
-5.4
2.0
2.4
-1.4
-2.8
2.2
5.7
-0.9
-1.3
2.8
2.8
-1.4
-3.3
3.3
-6.6
-1.3
3.7
-0.45
-2.9
1.7
3.3

2.3

2001 Jan 01
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2002 Jan 02
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2003 Jan 03
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2004 Jan 04
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

5.9%
1.7%
5.2%
2.8%
6.1%
6.5%
4.2%
7.7%
1.1%
3.3%
5.6%
5.6%
4.8%
5.8%
4.9%
6.8%
6.2%
4.7%
5.0%
5.4%
5.5%
6.6%
7.8%
3.0%
4.6%
2.6%
4.2%
3.7%
8.0%
5.1%
7.6%
8.7%
7.2%
11.2%
8.8%
8.3%
12.7%
15.8%
9.5%
12.2%
7.4%
8.4%
11.5%
4.3%
9.8%
9.0%
6.2%
10.3%

Super de Boer

Cash part

debt assump.

Total

Sales

Price/Sales

EBITDA

EBITDA/Sales

Price/EBITDA

553

80

633

1700

37%

44

2.6%

14.4

950

3297

29%

117.7

3.6%

8.1

Schuitema
USF

7100

20178

35%

586

2.9%

12.1

Pathmark (A&P)

670

630

1300

3970

33%

118

3.0%

11.0

Wild Oats (Whole Foods)

7100
565

106

671

1170

57%

51.7

4.4%

13.0

813

2105

39%

78.1

3.7%

10.4

Smart & Final

Ahold Poland

375

375

515

73% heavily loss making

ICA 50% from Kesko Baltic

190

190

810

23%

29 Konmar stores

110

284

39% loss-making

Deli XL

140

140

800

18%

BI-LO/Bruno's

660

450

1110

4900

23%

Ahold Spain

685

685

1970

35%

Shaws to Albertsons

2107

368

2475

4602

54%

Bompreco+Hipercard

400

400

843

Golden Gallon

187

187

375

50%

Santa Isabel

77

17.5

94.5

480

20%

Allen Foods

85

85

245

35%

Jumbo Poland

20

20

75

27%

Santa Isabel (30.3%)

$50

Thoms-Proestler - PFG

19

110

$69

$711

300

6.5%

8.3

11

4.3%

8.1

5.5

32%

95

95

230

41%

12

5.0%

8.3

119

119

375

32%

11

3.0%

10.6

SERCA Foodservice (C$) Sysco

440

440

2210

20%

24

1.1%

18.3

500

500

1650

30%

60

3.6%

8.3

5.3

1450

750

2200

6600

33%

174

2.6%

12.6

9.0

288

288

800

36%

Superdiplo

1250

153

1,403

1,500

94%

95

6.3%

14.8

PYA/Monarch

Alliant
Grand Union

ca. 14

1,570

1,570

3,000

52%

121

4.0%

13.0

GFG

55

55

110

50%

4.4

4.0%

12.5

USF

2,600

1000

3,600

7,000

51%

290

4.1%

12.4

9.9

ICA

1,775

298.5

2,074

6,700

62%

268

4.0%

15.5

12.4

Hannaford

3,344

256

3,600

3,323

108%

276

8.3%

13.1

250

Pathmark

1,500

1,750

3,700

47%

211

5.7%

8.3

Giant

2,711

89

2,800

4,200

67%

218

5.2%

12.9

Stop & Shop

1,800

1,100

2,900

4,116

70%

326

7.9%

8.9

10.4

Mexico, niet CCM en Gigante, wel Estoriante, niet for sale

Ahold's acquisitions & disposals

turnover

consolidated as from

Italy, Essalonga

2012
82 C1000/Jumbo stores

Wholesale 600m/consumer 900m

Bol.com

350

16 Safeway stores

$106

EUR 290m acq price

400

2 Fresh & Green stores

2009
Ukrops
2008
Schuitema sale

Price/Earnings

1.6m
Also 50m
EBITother assets bought

Quality Foods - PFG

Bruno's

Pr./EBITDA Y+1

$140m for 25 stores w. USD550m sales - closing expected in 1Q10

Sale 73% stake in return for 58 stores, 20% stake in new Co and EUR 185m cash

2007
Tops exit
2006
Sale USF
H2-07
20178
To Clayton, Dublier & Rice and KKR
Sale Poland to Carrefour
finalization in 2007
29 Konmars
7-9 AH/C1000 stores have to be sold to other supermarket operators
ICA buys 50% from Kesko Baltic
810 Q3-06
14 Clemens markets supers by Giant C
USD190
Q4-06
Sale 46 Tops NE-Ohio
29 Konmar stores
284
Price EUR 110m, 23 to AH, 6 to Schuitema. Perhaps some extra to be paid for WC
2005
Sofco, part of USF
Q-05
USD175
67 stores Czech Rep.
165
Approval expected in H2-05
33.3% CARHCO
Q3-05
Deli XL
Q3-05
800
TOPS convenience stores
Q2-05
300
sale 198 conv.stores
2004
Barbosa Brazil
December
360
sold in course Q1-05
BI-LO/Bruno's
December
4,900
for max USD 660m
Poland Hypers
October
125 Q4/Q4
to Carrefour for est. Eur 25m
ICA-Ahold JV (10%)
October
net cost of EUR 493m for 10%, EUR 87m book loss
Spain
October
1970 Q4/Q4
EUR 685
Thailand
March
312
price not disclosed
Bompreco+Hipercard
March
843
sale for USD 500m o.w. 300m for supers and 200m for Hipercard
2003
Peru
December
200
Paraguay
September
sale 10 supers
Golden Gallon (USA)
August
375 Q4/Q3
Q4 2003, transaction value USD 187m
Malaysia
May
105 Q2/Q3
Indonesia
May
29 Q2/Q3
Santa Isabel Chile
August
410
August, proceeds US$ 94.5m
2002
Ame stores
December
In 2003
18 sites for USD 20m
De Tuinen
December
30 Sale Q1 03
EUR 16.5m proceeds
Allen Foods
December
245 Q4 2002
St. Louis
Lusitana assets
October
?
Q4 2002
6 stores, 1 hyper, 1 dep store, price several millions
Lady Baltimore
100 Q3 2002
Client list and sales, foodservice
Poland
Augustus
Q4 2002
5 hypers from JMR for EUR 20m, 75m sales
Santa Isabel (97%)
Augustus
Q4 2002
From 69.7% to 97%
Disco (last 15%)
Augustus
Q1 2002
US$ 490m, o.w. 350 to 450 write-off
Barbosa Brazil
300 Q1 02
34 stores NE Brazil
Ahold's acquisitions & disposals
turnover
consolidated as from
2001
CSU met Paiz Ahold
November
$720
1/1/2002 New JV met La Fragua, each 33.33% of shares
Bruno
September
1650
12/12/2001 Supermarkets Southeast, 225m goodwill
Alliant Foodservice
September
6600
1/12/2001 Foodservice, now 95% coverage USA, 2bn goodwill
42% Peapod
July
sep 01 $108m carryforwards
Mutual Distributors
Mar
$300
Broadline distr. C/S-Florida,
Parkway
Feb
$85
Broadline distr. W-Florida, <0.2 - 0.3X sales and 6.5XEBITDA, ROS ca 4% cost $23m
2000
announced
turnover
consolidated as from
TOPS Malaysia
December
Remaining 35% acquired from Perlis Plantations
56 stores Grand Union
November
$800
feb 01
56 stores and 8 sites for $178m, $50m remodeling, 36 naar S&S, 20 naar Tops
Supermercados Agas
October
100
Q1 01
17 large stores in Chile
Mea-De Wilde
October
100
Q1 01
Foodservice Belgium EBIT >4%
Superdiplo
September
1500
Q4 ?
0.74 Ahold share swap, Euro 24 per Superd share, 51m shares
Boots NL
August
18
Q4
Acquired by Etos
PYA/Monarch
August
$3,000
Q4
Foodservice Southeast US
GFG
July
$110
Q3
Foodservice n/S Dakota
Bompreco 50%
May
1,300
Q3
Golden Gallon
April
$300
Q2
66% of sales is fuel
Sugar Creek
March
$142
Q2 partially
US Foodservice
March
$7,000
Q2
for $ 2.6bn plus $ 1bn debt = $ 3.6bn
JMR deal
January
1,500
?
Polen 675 - 700m, Recheio 500m and Brazil 300 - 325m
Argentina
January
160
Q1
Ekono stores for 145m (JV prijs) , 0.9X sales koop
1999
announced
turnover
consolidated as from
A&P Holland
Dec
773
?
By Schuitema
Sweden/Norway
Dec
6,700
Q2 00
50% in ICA 3,100 stores + 1,500 Statoil stores
Guatemala
Dec
$535
Q1 00
119 stores, 505/50 jv for 0.6X sales, makes $160m investment for Ahold
China/Sing
Oct
NA
Q4
sale of all Chinese and Singapore activities
Argentina
Oct
33
Q4
Pinocho 8 supers in La Plata
Spain
Sep
35
Q4
Mercasol (Costa Del Sol) 6 winkels en Las Postas (Costa Del Sol), 4 winkels
Brazil
May
$90
Q2 may
Petipreco, 6 stores
Poland
May
?
?
8 stores van Center, gem 900m2
Argentina
May
$190
Q2 may
Supamer and Gonzalez 46 Americanos supers and 25 Mini Sol convenience stores
USA
March
$3700
Q3
Pathmark 0,5x sales, $250m for shares + $1.5bn debt/CANCELLED
Holland
April
353
Q3
Gastronoom voor Dfl 325m van Metro gekocht
Spain
Feb
52
Q1
Castillo del Bario (Malaga) en Guerrero (Grenada), 30 grote winkels
1998
announced
turnover
consolidated as from
Spain
Oct
sale of 50% in Store 2000
Poland
Oct
van 50 naar 100% ownership
Spain
Sep
250
Q1 99?
Dialco Dfl 400m + Dumaya Dfl 150m
Mal
Jul
59
27 supermarkets
Thailand
May
100% economisch belang in Tops
USA
May
$2.8bn
?Q3
Giant 0.65x sales, 0.3x cash flow, total spend $ 2.7bn, almost debt free
Arg/Chile
January
$1.7 +$0.8
Q1 98
Disco 0.6x sales, Santa ISabel 0.78x sales
China
January
Q1 98
22 supermarkten
1997
announced
turnover
consolidated as from
Van der Spek
April
82
Q2 97
1996
announced
turnover
consolidated as from
Brazil
November
$1.2bn
Q1 97
7 Hypers, 29 supers, 11 minimarkets, 3 dep.stores, 0.45x sales paid
Spain
October
91
10 Supers
China
17 October
?
Investment of $ 50m, 15 stores start
Store 2000
1 October
91
Q4
10 mid/size supermarkets in Spain
Thailand jv
Mid-Aug
$ 500M
Q3
30 large supermarkets with Central Group
Stop & Shop
March 28
$4,100M
Q3
39.9m shares issued for Nlg 85, 0.7x sales paid
Sing/Mal.
March
?
JV met de Kuok Group
Primarkt
January 2
136
Q2
20 grote supermarkten, 16 slijterijen. Overnameprijs Nlg 111m
1995
announced
turnover
consolidated as from
Poland
November
Q4
7 supermarkets
Tjechie
July
45
Q3 95 ?
72.2% in Ceska General Food, 49 winkels, 4 DC's en 3 Cash & carry's
Mayfair
Jun 21
$600M
Q3 95
28 suprmarkets in Northern and Central New Jersey
Ahold/Alkauf
May
Q3 95
Mawax-Pomar-Spzoo, 9 cash & carry's
8 A&P supermarkets
May
$100M
ligging in New England
8 Pharmacies Pragm(D)
April
Decons Q3 95
Meat processing GVA(D)
April
Decons Q3 95 2 companies
Albro Bakeries (D)
March
Decons Q2 95 sold to Quality Bakers
Ahold/Alkauf
Feb 15
forming Polish joint venture

2391
90
1744
60
333
4000
8619

Ca. 2% of total sales is spend on IT

Distribution costs zit in de gross margin
Private lable USA 20%

deze zijn ca. 2-3% van de sales, hierin is benzine 1/3 zeg maar 1% van sales

Gross margin private label USA 30% v.s. 15% branded products (source: consultant Reach Mark

AMS:
Albert Heijn
Dansk
HAKON
ICA
Jeronimo Martins
KESKO
Safeway Plc
Superquinn

Private label Ahold USA 14-15%

Private label Supervalu 18%, target 20%
Kroger 33% volume and 27% sales
Delhaize c. 25%-27%

erin is benzine 1/3 zeg maar 1% van sales

branded products (source: consultant Reach Marketing)

General
Period End date
Free float (%)
Fair Value
Number of ordinary shares (average)
Number of ordinary shares (year end)
Current number of ordinary shares
Fully diluted number of ordinary shares (average)
Fully diluted number of ordinary shares (year end)
Free float (%) preferred shares (Germany)
DVFA (Germany)
DVFA adjustments (Germany)
Total number of preference shares (average) (Germany)
Total number of shares (average) (Germany)

2005

2006

2007

2008

2009

(date)
%

12/31/2005

12/31/2006

12/31/2007

12/31/2008

12/31/2009

100.0

100.0

100.0

100.0

100.0

m
m
m
m
m
%
m
m
m
m [c]

1157.8
1554.7
1554.7
1554.7
1554.7

1555.5
1555.7
1555.7
1653.8
1653.8

1157.8
1171.9
1171.9
1212.0
1212.0

1173.9
1173.9
1173.9
1237.8
1237.8

1181.0
1180.0
1180.0
1243.0
1243.0

1157.8
2005

1555.5
2006

1157.8
2007

1173.9
2008

44496

27826

28152

25648

1181.0
2009
I
27925

44496
11393
-5793
-3356
-1069

27826
8406
-3870
-2576
-754

28152
8256
-3742
-2628
-730

25648
7760
-3365
-2519
-662

27925
8549
-3771
-2680
-732

-10218
1175

-7200
1206

-7100
1156

-6546
1214

-7183
1366
-69

-984

-166

-28

191
1175
1175
2244

1040
1206
1206
1960

1128
1156
1156
1886

1218
1214
1214
1876

1297
1366
1366
2098

155
-678
89
-589

152
-459

138
-302

109
-214

106
-284

-459

-302

-214

-284

-589
-589
0
741
-984
-243
-146
351
205
197
159
-26
133

-459
-459
0
899
-166
733
-187
148
-39
218
912
-16
896

-302
-302
0
992
-28
964
-147
-20
-167
2148
2945
-14
2931

-214
-214
0
1109
4
1113
-228
3
-225
211
1099
-5
1094

-284
-284
0
1119
-69
1119
-148
0
-148
0
971
0
971

133
568
-64
0
133

896
696
678
0
896

2931
830
783
188
3119

1094
876
883
211
1305

971
971
971
271
1242

Income Statement
Turnover
m
Other operating revenues
m
Total operating revenues
m [c]
Gross profit before exceptionals
m
Staff costs (excluding those included in cost of sales)
m
Other operating costs (excl. depreciation/amortisation)
m
Depreciation
m
Amortisation of Goodwill
m
Amortisation of other intangibles
m
Total operating costs
m [c]
EBIT before exceptionals
m [c]
Operating exceptionals
m
Corporate exceptionals
m
Profit/Loss on sale of tangible fixed assets
m
EBIT after exceptionals
m [c]
EBITA before exceptionals
m [c]
Operating profit (before goodwill amortisation & exceptionals)
m [c]
EBITDA before exceptionals
m [c]
Income from associates (pre-tax)
m
Income from associates (net)
m
Interest expense
m
Interest income
m
Net interest income
m [c]
Investment income and other financial income/charges
m
Net financial charges
m [c]
Net financial charges Summary
Other items
m
Adj. Pre-tax profit
m [c]
Exceptionals & GW
m [c]
Pre-tax profit
m [c]
Taxes on adj. Pre-tax profit
m
Taxes on Corporate exceptionals & GW
m
Taxes
m [c]
Extra-ordinary items (net)
m
Group profit
m [c]
Minorities
m
Net profit
m [c]
Preference dividend
m
m [c]
Net attributable profit
Adj. net attributable profit
m [c]
Net attributable profit from ordinary operations
m [c]
Dividend on ordinary shares
m
Retained earnings
m [c]
R&D charged against profits (for ROCE calculation)
m
R&D amortisation (for ROCE calculation)
m

EBIT before exceptionals (Germany)

EBITA before exceptionals (Germany)
EBITDA before exceptionals (Germany)
Interest on pension provisions (Germany)
Income from long term investments (Germany)

m [c]
m [c]
m [c]
m
m

1175
1175
2244

1206
1206
1960

1156
1156
1886

1214
1214
1876

1366
1366
2098

2005
12731
10286
7487
2263
536
2445
799
1646
-902

2006
12256
9579
6925
2184
470
2677
799
1878
-658

2007
8323
5993
5390
252
351
2330
869
1461
-1233

2008
8475
6130
5532
251
347
2345
802
1543
-1305

AF
2009
8838
6026
5407
254
365
2812
1066
1746
-1455

-658

-1233

-1305

-1455

4342

2358

2254

2006

2056
2107
179
5000

1263
948
147
3591

1319
744
191
3559

1209
713
84
3461

2955
2045

2240
1351

2284
1275

2137
1324

1692

937

996

1226

482
523
73
614
9906
5270
5199
5199
0
71
4636
6480
5388
595
497
0
497
0
0
0
1844
0
1844
9906
10071
11750
5270
0

183
408
34
312
6153
3887
3810
3810
0
77
2266
5529
3690
1342
497
0
497
0
0
0
3263
0
3263
6153
8030
9416
3887
0

113
442
115
326
6174
4676
4676
4676
0
0
1498
4361
3285
579
497
0
497
0
0
0
2863
0
2863
6174
6164
9037
4676
0

96
584
173
373
6157
5440
5440
5440
0
0
717
3806
2745
564
497
0
497
0
0
0
3089
0
3089
6157
6166
9246
5440
0

Balance Sheet

Total Fixed assets and L/T Investments

m [c]
Fixed assets (excl. Investments)
m [c]
Tangible fixed assets
m
Goodwill
m
Other intangible assets
m
L/T investments
m [c]
Associates
m
Other L/T investments
m
Working capital
m [c]
Corporate tax payable
m
Dividends payable
m
Working capital excl. Dividend and tax payable
m [c]
-902
Working capital excl. Dividend and tax payajle Summary
Current assets (excl. cash)
m [c]
5046
Current assets (excl. cash) Summary
Inventories
m
2376
Trade receivables
m
2463
Other current operating assets
m
207
m [c]
5948
Current non-interest bearing liabilities (excl. dividend and tax payable)
Current non-interest bearing liabilities (excl. dividend and tax payajle) Summary
Trade payables
m
3206
m
2742
Other payables (excl. dividend and tax payable)
Deferred Revenues
m
Other current operating liabilities
m
L/T Non-interest bearing Liabilities
m [c]
1594
L/T Non-interest bearing Liabilities Summary
Pension provisions
m
604
Other provisions
m
536
Deferred taxes
m
58
Other L/T non-interest bearing liabilities
m
396
Enterprise Net Assets
m [c]
10235
Group Equity
[c]
4715
Shareholders equity
m [c]
4651
Ordinary equity
m
4651
Preferred equity
m
0
Minority interests (equity)
m
64
Net debt
m [c]
5520
Debt
m [c]
7748
L/T debt
m
6165
S/T debt
m
917
Hybrid debt
m [c]
666
Convertible bonds
m
0
Preference share capital (perpetual bond)
m
666
Minority interests (non-equity)
m
0
Other
m
0
m
0
S/T Hybrid debt
Cash and S/T investments
m [c]
2228
S/T investments
m
0
Cash & cash equivalents
m
2228
Capital Employed
m [c]
10235
Average capital employed
m [c]
#REF!
Adjusted capital employed
m [c]
12463
Total equity incl. off-balance sheet goodwill
m [c]
4715
Total off-balance sheet goodwill (for ROE, MVA, ROACE calculations)
m [c]
0

Written-off goodwill (for ROE, MVA, ROACE

calculations)
Cumulative goodwill amortisation (for ROE, MVA, ROCE calculations)
Written-down value of R&D (for ROCE calculation)
NPV of operating lease obligations (for ROCE
calculation)
Group Equity (Germany)
Shareholders equity (Germany)

m
m
m
m
m [c]
m [c]

2452
2388

3086
3015

3635
3558

4425
4425

2005
1175
1069
-927

2006
1206
754
-146

2007
1156
730
-22

2008
1214
662
-16

5186
5186
AF
2009
1366
732
-69

1317
32
-137
749
1961
-64
1897

1814
139
0
-563
1390
114
1504

1864
228
-284
-64
1744
50
1794

1860
100
0
-82
1878
-147
1731

2029
-151
0
9
1887
-34
1853

-645
1252
-26
1226

-453
1051
-922
129

-317
1477
4587
6064

-239
1492
-651
841

-279
1574
-761
813

2005
12946
9841

2006
14760
12539

2007
11781
11168

2008
10514
10319

2009
10341
10927

Cashflow
EBIT before exceptionals
Depreciation & Amortisation
Cash exceptionals
Profit/Loss on sale of tangible fixed assets
EBITDA before exceptionals (CF)
Change in Working capital
Change in provisions/other L/T non-interest bearing liajilities
Other
Operating Cash Flow (pre-tax)
Cash taxes
Operating Cash Flow (after tax)
Preference dividends
Net financial charges (CF)
Gross cash flow (after tax)
Capital Expenditures (net of disposals)
Free Cash Flow

m [c]
m [c]
m
m
m [c]
m
m
m
m [c]
m
m [c]
m
m
m [c]
m
m [c]

Valuation
Enterprise value
Market cap ordinary shares
Market cap preferred shares
Net debt (EV)
Discount on listed bonds
Minority interests (EV)
Non-core assets
MVA
EV/Turnover
EV/EBIT before exceptionals
EV/EBITA before exceptionals
EV/EBITDA
PER

m [c]
m [c]
m
m [c]
m
m
m
m [c]
[c]
[c]
[c]
[c]
[c]

5520

4636

2266

1498

717

0
2415
2711
0.3
11.0
11.0
5.8
-114.5

0
2415
4854
0.5
12.2
12.2
7.5
18.5

0
1653
5628
0.4
10.2
10.2
6.2
14.1

0
1303
4340
0.4
8.7
8.7
5.6
11.7

0
1303
4184
0.4
7.6
7.6
4.9
11.3

EPS from ordinary operations

[c]

2005
-0.06

2006
0.44

2007
0.68

2008
0.75

2009
0.82

6.33

8.06

9.53

8.79

9.26

per share data

Representative current price

1
2
3
4
5
6

Albert Heijn (Ahold)

Zaandam
Pijnacker
Zwolle
Tilburg
Geldermalsen (delivers Composite DC)
Nieuwegein (delivers Composite DC)

Composite DC (Regional, fast movers)

Composite DC (Regional, fast movers)
Composite DC (Regional, fast movers)
Composite DC (Regional, fast movers)
Slow movers (wine, Drugstore items, Home care)
Fresh Food slow movers

Includes a fresh center (20k m2), normal DC (25k m2) and return bottles DC (15k m2 inside, 10k m2 outside)

Semi-automatic order picking for 2150 SKUs

Cash register scans, together with Store Order Assisten (Filiaal Bestel Assistant)> order via EDI to DC or supplier > crossdocking
2 flows to stores: fresh (2c in trucks) and non-fresh
>20k SKU

1
2
3
4

New setup
Regional DC, mechanised for dry goods
Regional DC, mechanised for dry goods
National Category Centers for fresh goods
National Category Centers for fresh goods

Suppliers can bring their fresh products to AH's NCC's directly, avoiding own storage costs and improving freshness of the products in the stores
Should also reduce shrinkage/fewer products beyond sell before date