Scenario Summary

CURRENT OPTIMISTIC PESSIMISTIC

Changing Cells:
COGS/REV 75.00% 74.00% 76.00%
TAX RATE 33.00% 20.00% 33.00%
Result Cells:
2013E ROA= 8.2% 11.3% 6.8%
2014E ROA= 8.3% 11.1% 6.9%
2015E ROA= 8.2% 10.7% 6.9%
2016E ROA= 8.0% 10.3% 6.8%
2017E ROA= 7.8% 9.8% 6.7%
2013E ROE= 21.7% 28.2% 18.5%

ROA
2014E ROE= 21.3% 25.7% 18.8%
2015E ROE= 20.5% 23.3% 18.7%
2016E ROE= 19.4% 21.0% 18.3%
2017E ROE= 18.2% 19.0% 17.6%
2013E EBITDA MARGIN 7.8% 7.8% 7.8%
2014E EBITDA MARGIN 7.8% 7.8% 7.8%
2015E EBITDA MARGIN 7.8% 7.8% 7.8%
2016E EBITDA MARGIN 7.8% 7.8% 7.8%
2017E EBITDA MARGIN 7.8% 7.8% 7.8%
2013E EPS GROWTH 8.1% 53.3% -12.0%
2014E EPS GROWTH 8.1% 8.7% 7.6%
2015E EPS GROWTH 6.8% 7.4% 6.3%
2016E EPS GROWTH 5.5% 6.2% 4.9%
2017E EPS GROWTH 4.2% 5.0% 3.5%
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
 ROA FORECAST
12.0%

11.0%

10.0%

9.0%
ROA

8.0%

7.0%

6.0%

5.0%

4.0%
2013E 2014E 2015E 2016E
CURRENT OPTIMISTIC PESSIMISTIC
Consolidated Income Statements `
(in US$ millions except per share amounts) Actuals Estimates

Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Revenue
NOMINAL:
10YRS
Net Sales 405,132.0 418,952.0 443,854.0 US GDP: PRIOR 2013E - 2017E "WHAT IF"
% Growth 3.4% 5.9% GROWTH= 3.98% SCENARIO MANAGER---
Membership and Other Income 2,953.0 2,897.0 3,096.0 STD.DEV.= 2.66%

% Growth -1.9% 6.9% CURRENT SCENARIO

Total revenue 408,085.0 421,849.0 446,950.0 441,167.5 453,588.6 451,232.0 466,309.1 487,051.8

Y/Y revenue growth (%) 3.4% 6.0% -1.3% 2.8% -0.5% 3.3% 4.4% COGS_PCT_REV 75.00%

Cost of goods sold TAX_RATE 33.00%

Cost of goods sold 304,106.0 314,946.0 335,127.0 330,875.6 340,191.4 338,424.0 349,731.8 365,288.8
COGS as a % of revenue 74.5% 74.7% 75% 75.0% 75.0% 75.0% 75.0% 75.0%

Gross profit 103,979.0 106,903.0 111,823.0 110,291.9 113,397.1 112,808.0 116,577.3 121,762.9
Gross profit margin (%) 25.5% 25.3% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% OPTIMISTIC SCENARIO

Operating expenses
Selling, general and administrative 72,820.0 73,720.0 77,135.0 76,322.0 78,470.8 78,063.1 80,671.5 84,260.0 COGS_PCT_REV 74.00%
SG&A as a % of revenue 17.8% 17.5% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% TAX_RATE 20.00%

EBITDA 31,159.0 33,183.0 34,688.0 33,969.9 34,926.3 34,744.9 35,905.8 37,503.0

EBITDA margin (%) 7.6% 7.9% 7.8% 7.7% 7.7% 7.7% 7.7% 7.7%

Depreciation and amortization 7,157.0 7,641.0 8,130.0 8,552.5 9,096.9 9,638.3 10,197.9 10,782.4 PESSIMISTIC SCENARIO

EBIT 24,002.0 25,542.0 26,558.0 25,417.4 25,829.5 25,106.5 25,707.9 26,720.6

EBIT margin (%) 5.9% 6.1% 5.9% 5.8% 5.7% 5.6% 5.5% 5.5% COGS_PCT_REV 76.00%

Interest TAX_RATE 33.00%

Interest expense (Debt) 1,787.0 1,928.0 2,034.0 2,083.8 2,083.8 2,083.8 2,083.8 2,083.8
Interest expense (Capital Leases) 278.0 277.0 288.0 281.6 281.6 281.6 281.6 281.6
Interest income (181.0) (201.0) (162.0) (178.2) (230.8) (200.2) (202.5) (291.4)
Net interest expense 1,884.0 2,004.0 2,160.0 2,187.2 2,134.7 2,165.3 2,163.0 2,074.1 OUTPUT: 2017E: KEY FINANCIAL RATIOS

EBT 22,118.0 23,538.0 24,398.0 23,230.1 23,694.8 22,941.3 23,544.9 24,646.5

EBT margin (%) 5.4% 5.6% 5.5% 5% 5% 5% 5% 5% ROA= 9.3%

Income tax expense 7,156.0 7,579.0 7,944.0 7,665.9 7,819.3 7,570.6 7,769.8 8,133.4 ROE= 22.1%
Tax rate (%) 32.4% 32.2% 32.6% 33.0% 33.0% 33.0% 33.0% 33.0% EBITDA MARGIN= 7.7%

Net Income (Adjusted) 14,962.0 15,959.0 16,454.0 15,564.2 15,875.5 15,370.7 15,775.1 21,444.5 EPS Y/Y GROWTH= 40.5%

Non-recurring events
Discontinued operations (79.0) 1,034.0 (67.0) 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total non-recurring events (79.0) 1,034.0 (67.0) 0.0 0.0 0.0 0.0 0.0

Net Income (After non-recurring events) 14,883.0 16,993.0 16,387.0 15,564.2 15,875.5 15,370.7 15,775.1 21,444.5

Distributions
Income attributable to non-controlling inter (513.0) (604.0) (688.0) (653.7) (666.8) (645.6) (662.6) (900.7)
Non-controlling interests % of Net Inc 3.4% 3.6% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%

Net Income (as Reported) 14,370.0 16,389.0 15,699.0 14,910.5 15,208.7 14,725.1 15,112.5 20,543.8

Earnings per share (EPS)

Basic 3.72 4.48 4.54 4.44 4.66 4.65 4.93 6.93
Diluted 3.71 4.47 4.52 4.43 4.66 4.65 4.92 6.92

Average common shares outstanding

Basic 3,866 3,656 3,460 3,361 3,262 3,163 3,064 2,965
Diluted 3,877 3,670 3,474 3,366 3,267 3,168 3,069 2,970
Shares repurchased 99 99 99 99

ROA= 7.7% 7.6% 7.2% 7.2% 9.3%

ROE= 20.1% 19.7% 18.4% 18.1% 22.1%

EBITDA MARGIN= 7.7% 7.7% 7.7% 7.7% 7.7%

EPS Y/Y GROWTH= -2.2% 5.1% -0.1% 5.9% 40.5%

ONE-WAY DATA TABLE

EFFECT OF TAX RATE REDUCTION ON MEASURES OF PROFITABILITY: 2017E

ROA= ROE= EBITDA MARGIN= EPS Y/Y GROWTH=

9.3% 22.1% 7.7% 40.5% ALL MEASURES OF PROFITABILITY,

33% 9.3% 22.1% 7.7% 12.4% EXCEPT EBITDA MARGIN,

30% 9.3% 22.1% 7.7% 10.5% ARE INCREASED WHEN WMT EFFECTIVE

2017E TAX RATE = 27% 9.3% 22.1% 7.7% 18.5% TAX RATE IS DECREASED.

24% 9.3% 22.1% 7.7% 23.7% EPS Y/Y GROWTH IS MOST SENSITIVE.

21% 9.3% 22.1% 7.7% 25.4%

18% 9.3% 22.1% 7.7% 40.2%

TWO-WAY DATA TABLE

EFFECT OF COGS/REVENUE AND TAX RATE REDUCTION ON EPS GROWTH: 2017E

COGS / REV=

EPS Y/Y GROWTH= 40.5% 73% 74% 75% 76% 77%

33% 40.5% 40.5% 40.5% 40.5% 40.5%

30% 40.5% 40.5% 40.5% 40.5% 40.5%

2017E TAX RATE = 27% 40.5% 40.5% 40.5% 40.5% 40.5%

24% 40.5% 40.5% 40.5% 40.5% 40.5%

21% 40.5% 40.5% 40.5% 40.5% 40.5%

18% 40.5% 40.5% 40.5% 40.5% 40.5%

TWO-WAY DATA TABLE

EFFECT OF COGS/REVENUE AND TAX RATE REDUCTION ON EPS GROWTH: 2017E

DEVIATION FROM CURRENT VALUE

COGS / REV=

EPS Y/Y GROWTH= 40.5% 73% 74% 75% 76% 77%

33% 0.0% 0.0% 0.0% 0.0% 0.0% A 1% INCREASE IN COGS/REV EXPENSE

30% 0.0% 0.0% 0.0% 0.0% 0.0% CAN ONLY BE OFFSET BY A DECREASE IN TAX RATE OF AT LEAST 50%.

2017E TAX RATE = 27% 0.0% 0.0% 0.0% 0.0% 0.0%

24% 0.0% 0.0% 0.0% 0.0% 0.0% A 1% DECREASE IN COGS/REV + A TAX DECREASE TO SOME 20% WILL INCREASE EPS GROWTH Y/Y BY 42% .

21% 0.0% 0.0% 0.0% 0.0% 0.0%

18% 0.0% 0.0% 0.0% 0.0% 0.0%

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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 75.00%

33.00%

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 74.00%

20.00%

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 76.00%

33.00%

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GDP=
YEARS=
 11
11.5 4.55% 3.98% <--- AVG
12.3 6.96% 2.66% <--- STDEV
13.1 6.50%
13.9 6.11%
14.5 4.32%
14.7 1.38%
14.4 -2.04%
14.9 3.47%
15.5 4.03%
16.2 4.52%
Consolidated Statements of Cash Flows

(in US$ millions) Actuals Estimates

Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Cash flows from operating activities Total Cash flows from projected operating activities (CFO)
Net income 14,883.0 16,993.0 16,387.0 15,564.2 15,875.5 15,370.7 15,775.1 21,444.5 2012A 2013E 2014E 2015E 2016E 2017E
Loss (income) from discontinued operations 79.0 (1,034.0) 67.0 0.0 0.0 0.0 0.0 0.0 $ 24,255 $ 25,431 $ 26,490 $ 26,021 $ 27,098 $ 33,263

Depreciation and amortization 7,157.0 7,641.0 8,130.0 8,552.5 9,096.9 9,638.3 10,197.9 10,782.4

Deferred income taxes (504.0) 651.0 1,050.0 707.7 982.7 753.2 542.6 347.4 CAGR % = 6.52%
Other Operating Activities 318.0 1,087.0 398.0 318.0 318.0 318.0 318.0 318.0

Changes in operating working capital

Changes in accounts receivable (297.0) (733.0) (796.0) 545.0 (151.8) 28.8 (184.3) (253.5)

Changes in inventory 2,213.0 (3,205.0) (3,727.0) 2,663.3 (1,071.3) 203.3 (1,300.4) (2,909.3)

Changes in prepaid expenses and other 0.0 0.0 0.0 (604.7) (64.5) 12.2 (78.3) (107.7)

Changes in accounts payable 1,052.0 2,676.0 2,687.0 (1,866.1) 978.2 (185.6) 1,187.3 2,656.3

Changes in accrued liabilities 1,348.0 (433.0) 59.0 78.5 513.3 (97.4) 623.1 857.2

Changes in accrued income taxes 0.0 0.0 0.0 (527.3) 12.7 (20.7) 16.5 30.2

Net changes in operating working capital 4,316.0 (1,695.0) (1,777.0) 288.7 216.6 (59.3) 264.0 370.7

Total cash flows from operating activities 26,249.0 23,643.0 24,255.0 25,431.1 26,489.7 26,020.8 27,097.6 33,262.9

Cash flows from investing activities

Payments for property and equipment (CAPEX) (12,184.0) (12,699.0) (13,510.0) (13,235.0) (13,607.7) (13,537.0) (13,989.3) (14,611.6)

Capex as a % of Revenue 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Proceeds from disposal of property and equipment 1,002.0 489.0 580.0 0.0 0.0 0.0 0.0 0.0

Investments and business acquisitions, net of cash acquired 0.0 (202.0) (3,548.0) 0.0 0.0 0.0 0.0 0.0

Other investing activities (438.0) 219.0 (131.0) (438.0) 219.0 (131.0) (438.0) 219.0

Total cash from investing activities (11,620.0) (12,193.0) (16,609.0) (13,673.0) (13,388.7) (13,668.0) (14,427.3) (14,392.6)

Cash flows from financing activities

Short-term borrowings (repayments) (1,033.0) 503.0 3,019.0 0.0 0.0 0.0 0.0 0.0

Long-term borrowings (repayments) (487.0) 7,316.0 466.0 0.0 0.0 0.0 0.0 0.0

Long term debt due within one year 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Capital lease obligations due within one year 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Dividends paid (4,217.0) (4,437.0) (5,048.0) (5,344.7) (5,187.3) (5,029.9) (4,872.5) (4,715.1)

Dividends paid ($/share) 1.59 1.59 1.59 1.59 1.59

Purchase of common stock [treasury stock] (7,276.0) (14,776.0) (6,298.0) (7,308.2) (7,308.2) (7,308.2) (7,308.2) (7,308.2)

Purchase of redeemable noncontrolling interest (436.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Capital Lease Obligations (346.0) (363.0) (355.0) 0.0 0.0 0.0 0.0 0.0

Other (396.0) (271.0) (242.0) (242.0) (242.0) (242.0) (242.0) (242.0)

Total cash from financing activities (14,191.0) (12,028.0) (8,458.0) (12,894.9) (12,737.5) (12,580.1) (12,422.6) (12,265.2)

Effect of Exchange Rate on Cash 194.0 66.0 (33.0) 194.0 66.0 (33.0) 194.0 66.0

Total change in cash and cash equivalents 632.0 (512.0) (845.0) (942.8) 429.5 (260.2) 441.7 6,671.2

SUPPLEMENTAL DATA:

Cash flow before debt paydown (942.8) 429.5 (260.2) 441.7 6,671.2

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Consolidated Balance Sheets
(in US$ millions) Actuals Estimates

On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Assets
Current assets:
Cash and cash equivalents 7,395.0 6,550.0 5,607.2 6,036.7 5,776.5 6,218.2 12,889.4
Receivables, net 5,089.0 5,937.0 5,392.0 5,543.9 5,515.1 5,699.3 5,952.9
Inventories 36,437.0 40,714.0 38,050.7 39,122.0 38,918.8 40,219.2 42,008.2
Prepaid expenses and other 2,960.0 1,685.0 2,289.7 2,354.1 2,341.9 2,420.1 2,527.8
Other current assets (discontinued operations) 131.0 89.0 89.0 89.0 89.0 89.0 89.0
Total current assets 52,012.0 54,975.0 51,428.6 53,145.7 52,641.2 54,645.8 63,467.2
Property, plant and equipment, net 107,878.0 112,324.0 117,006.5 121,517.3 125,415.9 129,207.3 133,036.5
Goodwill 16,763.0 20,651.0 20,651.0 20,651.0 20,651.0 20,651.0 20,651.0
Other assets and deferred charges 4,129.0 5,456.0 5,576.0 5,039.0 4,852.0 4,972.0 4,435.0
Total assets 180,782.0 193,406.0 194,662.1 200,353.0 203,560.2 209,476.1 221,589.7

Liabilities
Current liabilities:
Short-term borrowings 1,031.0 4,047.0 4,047.0 4,047.0 4,047.0 4,047.0 4,047.0
Accounts payable 33,676.0 36,608.0 34,741.9 35,720.1 35,534.5 36,721.8 39,378.1
Accrued liabilities 18,701.0 18,154.0 18,232.5 18,745.8 18,648.4 19,271.5 20,128.8
Accrued income taxes 157.0 1,164.0 636.7 649.4 628.8 645.3 675.5
Long term debt due within one year 4,655.0 1,975.0 1,975.0 1,975.0 1,975.0 1,975.0 1,975.0
Obligations under capital leases due within one year 336.0 326.0 326.0 326.0 326.0 326.0 326.0
Current liabilities of discontinued operations 47.0 26.0 26.0 26.0 26.0 26.0 26.0
Total current liabilities 58,603.0 62,300.0 59,985.1 61,489.3 61,185.7 63,012.7 66,556.4
Long-term debt 40,692.0 44,070.0 44,070.0 44,070.0 44,070.0 44,070.0 44,070.0
Long-term obligations under capital leases 3,150.0 3,009.0 3,009.0 3,009.0 3,009.0 3,009.0 3,009.0
Deferred income taxes and other 6,682.0 7,862.0 8,569.7 9,552.4 10,305.5 10,848.1 11,195.5
Redeemable noncontrolling interest 408.0 404.0 404.0 404.0 404.0 404.0 404.0
Total liabilities 109,535.0 117,645.0 116,037.8 118,524.7 118,974.2 121,343.8 125,234.9

Shareholders' equity
Common stock par value + additional paid-in-capital 3,929.0 4,034.0 4,034.0 4,034.0 4,034.0 4,034.0 4,034.0

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 Retained earnings 63,967.0 68,691.0 71,602.3 74,982.3 78,014.9 81,609.4 91,030.6
Accumulated other comprehensive income (loss) 646.0 (1,410.0) (1,458.0) (1,634.0) (1,909.0) (1,957.0) (2,133.0)
Total shareholders' equity 68,542.0 71,315.0 74,178.3 77,382.3 80,139.9 83,686.4 92,931.6
Noncontrolling interest 2,705.0 4,446.0 4,446.0 4,446.0 4,446.0 4,446.0 4,446.0

Total liabilities & equity 180,782.0 193,406.0 194,662.1 200,353.0 203,560.2 209,476.1 222,612.5

SUPPLEMENTAL DATA:
Balance? (Y/N) Y Y Y Y Y Y N

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Depreciation
(in US$ millions) Actuals Estimates

Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017
Property, plant & equipment (beg. of year) 112,324.0
Capital expenditures (beg. of year) 13,235.0 13,607.7 13,537.0 13,989.3 14,611.6

Book (GAAP) depreciation

Useful Life
PP&E Years 14
CAPEX Years 25 25 25 25 25
Depreciation
Existing PP&E 8,023.1 8,023.1 8,023.1 8,023.1 8,023.1
2013 CAPEX 529.4 529.4 529.4 529.4 529.4
2014 CAPEX 544.3 544.3 544.3 544.3
2015 CAPEX 541.5 541.5 541.5
2016 CAPEX 559.6 559.6
2017 CAPEX 584.5
Total book depreciation 8,552.5 9,096.9 9,638.3 10,197.9 10,782.4

Accelerated depreciation (%)

Existing PP&E 8.75% 9.13% 8.21% 7.39% 6.65%
2013 CAPEX 6.56% 7.00% 6.48% 6.00% 5.55%
2014 CAPEX 6.56% 7.00% 6.48% 6.00%
2015 CAPEX 6.56% 7.00% 6.48%
2016 CAPEX 6.56% 7.00%
2017 CAPEX 6.56%

Accelerated depreciation
Existing PP&E 9,828.4 10,255.2 9,221.8 8,300.7 7,469.5
2013 CAPEX 868.6 926.5 857.9 793.6 734.0
2014 CAPEX 893.1 952.5 882.0 815.9
2015 CAPEX 888.4 947.6 877.5
2016 CAPEX 918.1 979.2
2017 CAPEX 959.0
Total tax depreciation 10,697.0 12,074.7 11,920.7 11,842.1 11,835.1

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 Difference in depreciation 2,144.4 2,977.9 2,282.3 1,644.2 1,052.8
Tax rate (%) 33% 33% 33% 33% 33%
Deferred taxes 707.7 982.7 753.2 542.6 347.4

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Operating Working Capital Schedule (OWC)
(in US$ millions) Actuals Estimates

On January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Current assets
Receivables, net 5,089.0 5,937.0 5,392.0 5,543.9 5,515.1 5,699.3 5,952.9
Days receivable: (AR/REV)*360 4.4 4.4 4.4 4.4 4.4 4.4
Inventories 36,437.0 40,714.0 38,050.7 39,122.0 38,918.8 40,219.2 43,128.4
Inventory turnover days: (INV/COGS)*360 41.4 41.4 41.4 41.4 41.4 41.4
Prepaid expenses and other 2,960.0 1,685.0 2,289.7 2,354.1 2,341.9 2,420.1 2,527.8
Days prepaid: (PREPAID/SG&A)*360 10.8 10.8 10.8 10.8 10.8 10.8
Total current assets 44,486.0 48,336.0 45,732.4 47,020.0 46,775.7 48,338.6 51,609.1

Current liabilities
Accounts payable 33,676.0 36,608.0 34,741.9 35,720.1 35,534.5 36,721.8 39,378.1
Days payable:(AP/COGS)*360 37.8 37.8 37.8 37.8 37.8 37.8
Accrued liabilities 18,701.0 18,154.0 18,232.5 18,745.8 18,648.4 19,271.5 20,128.8
Days payable: (AL/SG&A)*360 86.0 86.0 86.0 86.0 86.0 86.0
Accrued taxes 157.0 1,164.0 636.7 649.4 628.8 645.3 675.5
Days Payable: (ACCRUED_TAX / INC_TAX_EXP)*360 29.9 29.9 29.9 29.9 29.9 29.9
Total current liabilities 52,534.0 55,926.0 53,611.1 55,115.3 54,811.7 56,638.7 60,182.4

Total operating working capital (8,048.0) (7,590.0) (7,878.7) (8,095.3) (8,036.0) (8,300.0) (8,573.3)
Change in total operating working capital 288.7 216.6 (59.3) 264.0 273.3

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Debt Schedule
(in US$ millions) Actuals Estimates

Period Ending January 31 2010A 2011A 2012A 2013 2014 2015 2016 2017

Cash available to pay down debt

Cash at beginning of year =cash at year end, t-1 6,550.0 7,708.7 8,138.3 7,878.1 8,319.8
Cash flow before debt paydown= cash flow statement, t (942.8) 429.5 (260.2) 441.7 6,671.2
Minimum cash cushion (1,000.0) (1,000.0) (1,000.0) (1,000.0) (1,000.0)
Total cash available to pay down debt 4,607.2 7,138.3 6,878.1 7,319.8 13,990.9

Short term borrowings / revolver

Short term borrowings (beginning of year) 4,047.0 4,047.0 4,047.0 4,047.0 4,047.0
Mandatory issuances / (retirements) switch= 0.0 0.0 0.0 0.0 0.0
Non-mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0 0.0
Short term borrowings (end of year) 4,047.0 4,047.0 4,047.0 4,047.0 4,047.0 4,047.0
Short term interest expense 4.0 4.0 4.0 4.0 4.0
Short term interest rate 0.1% 0.1% 0.1% 0.1% 0.1%

Long term debt due within one year

Long term debt due within one year (beginning of year) 1,975.0 1,975.0 1,975.0 1,975.0 1,975.0
Mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Non-mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Long term debt due within one year (end of year) 1,975.0 1,975.0 1,975.0 1,975.0 1,975.0 1,975.0
Interest expense 96.8 96.8 96.8 96.8 96.8
Interest rate 4.9% 4.9% 4.9% 4.9% 4.9%

Obligations under capital leases due within one year

Obligations under capital leases due within one year (beginning of year) 326.0 326.0 326.0 326.0 326.0
Mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Non-mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Obligations under capital leases due within one year (end of year) 326.0 326.0 326.0 326.0 326.0 326.0
Interest expense 27.5 27.5 27.5 27.5 27.5
Interest rate: SEE P. 223 OF PIGNATARO 8.4% 8.4% 8.4% 8.4% 8.4%

Long term debt

Long term debt (beginning of year) 44,070.0 44,070.0 44,070.0 44,070.0 44,070.0

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 Mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Non-mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Long term debt (end of year) 44,070.0 44,070.0 44,070.0 44,070.0 44,070.0 44,070.0
Interest expense 1,983.0 1,983.0 1,983.0 1,983.0 1,983.0
Interest rate (T) = RATE (T-1) 4.5% 4.5% 4.5% 4.5% 4.5%

Long term obligations under capital leases

Long term obligations under capital leases (beginning of year) 3,009.0 3,009.0 3,009.0 3,009.0 3,009.0
Mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Non-mandatory issuances / (retirements) 0.0 0.0 0.0 0.0 0.0
Long term obligations under capital leases (end of year) 3,009.0 3,009.0 3,009.0 3,009.0 3,009.0 3,009.0
Interest expense 254.1 254.1 254.1 254.1 254.1
Interest rate 8.4% 8.4% 8.4% 8.4% 8.4%

Total issuances / (retirements) 0.0 0.0 0.0 0.0 0.0

Total interest expense 2,365.5 2,365.5 2,365.5 2,365.5 2,365.5

Cash at the end of the year = CASH_BEG+CASH_AVAIL+TOTAL ISSUANCES 6,550.0 7,708.7 8,138.3 7,878.1 8,319.8 14,990.9
Interest income = AVG(CASH_BEG+CASH_END)*INTEREST RATE 178.2 230.8 200.2 202.5 291.4

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