You are on page 1of 16

Financial Management

D. Vance

Copyright 2010

Financial Management Research Project


The Financial Management Research Project is DUE MONDAY, MAY 3, !"!. The #roject is to $e %one in TEAM& o' ( or ) in%i*i%+als.
At the en% o' the #roject, each team mem$er ,ill ran- all team mem$ers, incl+%ing onesel', on contri$+tion to the #roject. No t,o team mem$ers can ha*e the same ran-. The #erson getting the highest ran- ,ill get the #roject gra%e .3 #oints, the #erson getting the lo,est ran- ,ill get the #roject gra%e /3 #oints. The o#tim+m strateg0 is 'or e*er0one to ,or- har% an% get a high #a#er gra%e, then . or 1 3 #oints ,ill ha*e minimal im#act on a gra%e. 2o,e*er i' a #a#er gra%e is, 'or e3am#le, 44, in%i*i%+al gra%es ,ill $e s#rea% across 5, 5. an% 6. 7 ,o+l% $e *er0 %isa##ointe% i' an0 #roject score% as lo, as a 44.

The Research Project m+st 'it ,ithin the 'ollo,ing criteria8 ". Narrati*e te3t m+st $e limite% to 'i*e #ages. 7 am not im#resse% ,ith a ri*er o' ,or%s. Fig+re o+t ,hat
0o+ nee% to sa0 an% sa0 it. Yo+r ,riting sho+l% $e clear, concise, logical an% ,ell s+##orte% $0 the 'acts.

. Ta$les, Diagrams, 9ra#hs, Footnotes, Re'erences, &tatistics. Yo+ ma0 ha*e an +nlimite% n+m$er o' #ages o' the 'oregoing items. The0 ma0 $e inters#erse% ,ith 0o+r ,riting or at the en%. All ta$les, %iagrams an% gra#hs sho+l% $e ,ell la$ele% an% sel' e3#lanator0. Yo+ ma0 nee% to ,rite a #aragra#h on the #age ,ith this material e3#laining ,hat it means an% ho, to rea% it. 5learl0 'ootnote A:: material +se%. 3. Re'erences to Peer Re*ie,e% ;o+rnal Articles
Yo+ m+st ha*e at least five references to peer reviewed journal articles . &+ch articles can $e searche% on/line thro+gh the li$rar0<s com#+ter. :og onto the li$rar0<s com#+ter +sing 0o+r R+tgers email +seri% an% #ass,or%, clicon 5om#lete listing A to = o' %ata$ases, clic- on 6+siness, clic- on 6+siness &o+rce Premier, clic- on 5onnect an% a search screen ,ill a##ear.

(. Each Project M+st 7n*ol*e at :east "!! Data Points> more is $etter. All %ata relate% to one
com#an0 is a single %ata #oint.

). The #roject ma0 $e one o' those s+ggeste% $elo,. 7' it is an0thing else, 7 m+st a##ro*e it 'irst. No &#orts, 9am$ling Relate%, Non/Pro'it, or 9o*ernment #rojects ,ill $e a##ro*e%, +nless the0 %irectl0 relate
Non/#ro'it or 9o*ernment $on%s.

A. 5om#are the theoretical *al+e o' a stoc- +sing the 9or%on Mo%el to the act+al mar-et #rice o' a stoc-. This onl0 ,or-s 'or stoc-s that #a0 %i*i%en%s. Yo+ can estimate the %isco+nt rate, -, o' a stoc- $0
loo-ing at its $on% 0iel% an% a%%ing ? to 3?. Val+e stoc-s +sing $oth . ? an% .3? to #ro*i%e a range. 9ro,th rates can $e estimate% $0 loo-ing at the com#o+n% ann+l gro,th rate o' %i*i%en%s o*er the last ) 0ears. 'inance.0ahoo.com #ro*i%es %i*i%en% in'ormation.

6. 5om#are 9o*ernment 6on%s o' *ar0ing mat+rities to cor#orate $on%s o' same mat+rities i%enti'0 the com$ine% %e'a+lt ris- an% li@+i%it0 #remi+m an% see ho, that ties into $on% ratings. 6on% 0iel%s ma0 $e com#+te% 'rom in'ormation in the Aall &treet ;o+rnal among other so+rces. 6on%
ratings are generall0 on the Moo%0<s ,e$site among other #laces.

5. Determine ,hether there is a :i@+i%it0 Premi+m 'or stoc-s. 5om#are gro+#s o' stoc-s ,ith high
me%i+m an% lo, sales *ol+me Bthis is a*aila$le in the Aall &treet ;o+rnal among other #lacesC an% com#are #rice as a '+nction o' sales, E67TDA, net income. For e3am#le, a stoc- tra%ing "!!,!!! shares #er %a0 might ha*e a PriceDE"!

Financial Management

D. Vance

Copyright 2010

million sales ratio o' .! ,hereas a stoc- tra%ing less than )!! shares #er %a0 might ha*e a PriceDE"! million o' sales ratio o' ". . This ,o+l% in%icate that more li@+i% Bhighl0 tra%e% stoc-sC are more *al+e%.

D. Determine ,hether gro,th in stoc- #rice or total 0iel% B#rice gro,th #l+s %i*i%en% 0iel%C is re,ar%e% in stoc- #rice. 5om#are sales gro,th, E67TDA gro,th, net income gro,th o*er 'i*e 0ears to #rice
earnings ratios.

If you are looking for other ideas, look at some of the principals and concepts we have covered to date in the course and determine whether you can find enough data to test, validate, refute, or generate some new insight about one of them. F. Data Dis#la0. Data sho+l% incl+%e $oth %escri#ti*e an% statistical in'ormation.
Descri#ti*e statistics sho+l% incl+%e8 n, the n+m$er o' %ata #oints, mean, me%ian, 'irst @+arter an% thir% @+arter c+to'' *al+es. Regression or t/statistics sho+l% contain statistical *al+es an% a $rie' not as to signi'icance. For e3am#le, GGG in%icates statisticall0 signi'icant at the !.!" le*el, GG in%icates statisticall0 signi'icant at the !.!) le*el, G in%icates statisticall0 signi'icant at the !." le*el. Attache% is Table 5 Panel A Materiality by Accounting Issue as an e3am#le o' ,hat a Ta$le might loo- li-e. Not all ta$les nee% loo- e3actl0 li-e this.

4. Data &o+rces8 5onsi%er Mergent On/line a*aila$le thro+gh the li$rar0<s com#+ter s0stem, m+ch %ata is also
a*aila$le 'ree on the ,e$ 'rom relia$le so+rces. Also cons+lt ,ith Theo 2a0nes the li$rarian %esignate% as the &chool o' 6+siness &#ecialist. Finall0, 7 ,ill %o s#eci'ic e3tracts o' Compustat a %ata$ase that contains selecte% historical 'inancial in'ormation on tho+san%s o' com#anies. The attache% recor% la0o+t 'or 5om#+stat is the HtheoreticalI %ata a*aila$le. One ca+tion ,ith 5om#+stat> not all 'iel%s are #o#+late% 'or all com#anies. 7' 0o+ ,ant me to %o an e3tract, s#eci'08 o Years o Fiel%s %esire% o &election criteria Bgreater or less than a certain *al+eC.

Financial Management

D. Vance

Copyright 2010

Table 5 Panel A Materiality by Accounting Issue


A cohort is the most granular level at which an underlying study reported data !ne cohort reports the mean materiality for one interest group on one accounting issue Participants is the number of individuals who made materiality decisions The number of materiality decisions is n The upper and lower bound are the boundaries for the "#$ and "5$ confidence interval for each accounting issue respectively Caution should be use when interpreting data based on a fewer than si% studies or when one study contributes more than &#$ of the data points As the number of studies decreases below si% and the number of data points from any one study rises above about &#$' the data begin to lose their meta(analytic character )pecifically' peculiarities in the methodology for any one study become much less attenuated This does not mean the data are invalid' just that corroborating data should be sought
((((((((((((((( Cohorts n Mean Materiality *+ ((((((((((((((( *, "#$ Confidence -ower .pper bound bound "5$ Confidence -ower .pper bound bound

Median

Accounting Changes / 0eneral Asset Impairment or write off

"!4

(, J)

K.J"?

(.!!?

F. !?

"".KK?

".)!?

F.34?

!.K"?

4.34?

)J

3,J!

4.K ?

F.(3?

F.K"?

K.KF?

3.J4?

" .!!?

3.FJ?

"3.!!?

1ond premium write off 1ribes

"3.) ?

).J!?

").3 ?

"J.FJ?

).J!?

.")?

).J!?

K.3"?

(FK

(.3 ? "".F( ? ).J!?

3.!!?

3.!!? " .44 ? (.KF?

F.!!?

.!!?

J.!!?

.!!?

J.!!?

Casualty loss Contingent liability 2i3 4%pense

J ""

"J3 J"

).K3? 3.J"?

"3.)(? 4.)(?

).K3? .3 ?

".!K? J.3K?

).K3? 2iv3

".!K? 2iv3

)!

,"4K

4.K4? " .)) ? "). ! ? K.( ?

".(4?

(.43? "!.!! ? "(.(F ? K.)4?

" .""?

!.J4?

.4!?

!.43?

).!!?

-itigation 2ii3

""

FF"

4.!!? "!.") ? 3.F ?

".FF?

(.!!?

.33?

(.!!?

(!.)F?

-eases 2iii3 5evenue or gain treatment

K 33

K" ",JF

"K.J ? J.!!?

).(!? ".4)?

4.!K? "F.44?

2iv3 ".4)?

2iv3 "4.!!?

All Accounting Issues

6#,

+,'#6 6

7 5&$

, ##$

8 97$

++ ## $

+ ,9 $

&+ 88 $

+ #7$

&8 69 $

:otes; 2i3 Contingent liability data was based on 6 studies of which one study contributed ,+$ of the data 2ii3 -itigation data was based on , studies of which one study contributed 9"$ of the data 2iii3 -ease data was based on , studies of which one study contributed ,#$ of the data 2iv3 Insufficient data to generate "5$ confidence interval bounds

Financial Management

D. Vance

Copyright 2010

Compustat ( Fundamentals Annual


Data L+er0 M Doc+mentation M Data Man+als <ate 5ange ( datadate; ;+ne "J)! / ;+l0 !!J <ate 5ange ( fiscal year; "J)! / !!K :umber of Companies; 3!,JF! .pdate )chedule; Ann+all0 -ast .pdated; !KD"KD !!J
=ariable :ame ADD" ADD ADD3 ADD( ADD=7P 6U&DE&5 57O 57TY 5ONM 5ONM: 5O&TAT 5OUNTY D:DTE D:R&N E7N FAP F75 FYR5 99ROUP 97ND 9&E5TOR 9&U67ND 9VOEY 7D6F:A9 7N5ORP 7PODATE :O5 NA75& P2ONE PR75AN PR7ROA PR7U&A &75 &P57ND5D &P5&E55D &P5&R5 &TATE &TOO AE6UR: A5529 A55:7 A55O A55T529 A55T&TD A5DO A5O A5ODO A5OM7N5 A5OP A5OPAR A5LD7&N A5LD7&O A5LMET2 A5T AD;EPQ5 AD;EPQF ADPA5 ADRR AED7 AFUD55 AFUD57 A;EP A;P A:DO AM AM5 AMD5 AM9A ANO AO AO57DER9: Type 5har 5har 5har 5har 5har 5har 5har 5har 5har 5har 5har 5har N+m 5har 5har 5har 5har N+m 5har 5har 5har 5har 5har 5har 5har N+m 5har 5har 5har 5har 5har 5har 5har N+m N+m 5har 5har N+m 5har N+m N+m N+m 5har 5har N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m =ariable -abel A%%ress :ine " A%%ress :ine A%%ress :ine 3 A%%ress :ine ( Postal 5o%e &NP 6+siness Descri#tion 57O N+m$er 5it0 5om#an0 Name 5om#an0 :egal Name Acti*eD7nacti*e &tat+s Mar-er 5o+nt0 5o%e Research 5om#an0 Deletion Date Research 5o Reason 'or Deletion Em#lo0er 7%enti'ication N+m$er Fa3 N+m$er 5+rrent 7&O 5o+ntr0 5o%e / 7ncor#oration 5+rrent Fiscal Year En% Month 975 9ro+#s 975 7n%+stries 975 &ectors 975 &+$/7n%+stries 9lo$al 5om#an0 Oe0 / 5om#an0 7nternational, Domestic, 6oth 7n%icator 5+rrent &tateDPro*ince o' 7ncor#oration 5o%e 5om#an0 7nitial P+$lic O''ering Date 5+rrent 7&O 5o+ntr0 5o%e / 2ea%@+arters North American 7n%+str0 5lassi'ication 5o%e Phone N+m$er 5+rrent Primar0 7ss+e Tag / 5ana%a Primar0 7ss+e Tag / Rest o' Aorl% 5+rrent Primar0 7ss+e Tag / U& &tan%ar% 7n%+str0 5lassi'ication 5o%e &NP 7n%+str0 &ector 5o%e &NP Economic &ector 5o%e &NP L+alit0 Ran-ing / 5+rrent &tateDPro*ince &toc- O,nershi# 5o%e Ae$ UR: Acco+nting 5hanges / 5+m+lati*e E''ect Accr+e% :ia$ilities / 7ncreaseDBDecreaseC Acce#tances O+tstan%ing A%o#tion o' Acco+nting 5hanges Acco+nting &tan%ar% 5+rrent Assets o' Discontin+e% O#erations 5+rrent Assets / Other / Total Other 5+rrent Assets E3cl Discontin+e% O#erations Acc+m+late% Other 5om#rehensi*e 7ncome B:ossC 5+rrent Assets / Other / &+n%r0 5+rrent Assets / Other / Total As Re#orte% Ac@+isitions an% Dis#osals / Net 5ash Flo, Ac@+isitions an% Dis#osals / Other Ac@+isition Metho% 5+rrent Assets / Total 5+m+lati*e A%j+stment Factor $0 E3/Date / 5alen%ar 5+m+lati*e A%j+stment Factor $0 E3/Date / Fiscal AmortiRation o' De'erre% Polic0 Ac@+isition 5osts ADR Ratio Accr+e% E3#enses an% De'erre% 7ncome Allo,ance 'or F+n%s Use% D+ring 5onstr+ction B5ash Flo,C Allo,ance 'or F+n%s Use% D+ring 5onstr+ction B7n*estingC B5ash Flo,C A%j+stment Factor B5om#an0C / 5+m+lati*e $0 E3/Date A%j+stment Factor B5om#an0C / 5+m+lati*e $0Pa0/Date :ong/term Assets o' Discontin+e% O#erations AmortiRation o' 7ntangi$les AmortiRation B5ash Flo,C / Utilit0 AmortiRation o' De'erre% 5harges AmortiRation o' 9oo%,ill Assets Netting N Other A%j+stments Assets / Other Acc+m Other 5om# 7nc / Deri*ati*es UnrealiRe% 9ainD:oss

Financial Management
AO57OT2ER AO57PEN AO57&E59: AODO AO: AO:O52 AOP AP APA:52 AP6 AP5 AP52 APDEDATE APO APOF& ALA AL5 ALD ALEP& AL7 ALP ALP:" AL& AR6 AR5 AR5E AR5ED AR5EEP& ARTF& A&D7& A&7NV AT ATO52 AU:3 AUTPR 6A:R 6AN:R 6A&T 6A&TR 6ATR 65EF 65:R 65:T6: 65N:R 65R6: 65T 65T6: 65TR 6OV:P& 6:T6: 6&PR 5A 5AP5&T 5APF: 5APR" 5APR 5APR3 5APRT 5AP& 5APP 5APPF7 5APPV 56 567 5DPA5 5DV5 5EL 5EL: 5ELT 5F6D 5FERE 5F:AOT2 5FO 5FPDO 59A 59R7 59T7 59U7 52 52E 52E6 N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
Acc+m Other 5om# 7nc / Other A%j+stments Acc+m Other 5om# 7nc / Min Pension :ia$ A%j Acc+m Other 5om# 7nc / Unreal 9D: Ret 7nt in &ec Assets Other Assets e3cl+%ing Discontin+e% O#erations Assets :e*el BO$ser*a$leC Assets an% :ia$ilities / Other / Net 5hange Assets / Other / &+n%r0 Acco+nts Pa0a$le / Tra%e Acco+nts Pa0a$le an% Accr+e% :ia$ilities / 7ncreaseDBDecreaseC Acco+nts Pa0a$leD5re%itors / 6ro-ers, Dealers, an% 5learing OrganiRations Acco+nts Pa0a$leD5re%itors / 5+stomer Acco+nts Pa0a$le / 7ncrease BDecreaseC Act+al Perio% En% %ate Acco+nts Pa0a$le / Other Acco+nts Pa0a$leD5re%itors / Other / F& Ac@+isitionDMerger A'ter/ta3 Ac@+isitions Ac@+isitionDMerger Dil+te% EP& E''ect Ac@+isitionDMerger 6asic EP& E''ect Ac@+isitions / 7ncome 5ontri$+tion Ac@+isitionDMerger Preta3 Assets :e*el" BL+ote% PricesC Ac@+isitions / &ales 5ontri$+tion Acco+nts Recei*a$leDDe$tors / 6ro-ers, Dealers, an% 5learing OrganiRations Acco+nts Recei*a$leDDe$tors / 5+stomer As Re#orte% 5ore / A'ter/ta3 As Re#orte% 5ore / Dil+te% EP& E''ect As Re#orte% 5ore / 6asic EP& E''ect Acco+nts Recei*a$leDDe$tors / Total Associate% Un%erta-ings / Dis#osal Associate% Un%erta-ings / 7n*estment Assets / Total Assets / Other / 5hange Assets :e*el3 BUno$ser*a$leC A##ro#riations to Unta3e% Reser*es 6ene'its Ass+me% / :i'e 6ene'its Ass+me% / Nonli'e A*erage &hort/Term 6orro,ings A*erage &hort/Term 6orro,ings Rate 6ene'its Ass+me% / Total 6ro-erage, 5learing an% E3change Fees 6ene'its 5e%e% / :i'e 6ene'its an% 5laims / Total B6+siness :ineC 6ene'its 5e%e% / Nonli'e 6ene'its an% 5laims / Reins+rance B6+siness :ineC 6ene'its an% 5laims / Total B7ns+ranceC 6ene'its an% 5laims / Other B6+siness :ineC 6ene'its 5e%e% / Total 6oo- Val+e Per &hare 6ene'its / :i'e / Total B6+siness :ineC 6alance &heet Presentation 5+stomersS Acce#tance 5a#italiRe% 5osts 5a#ital Element o' Finance :ease Rental Pa0ments Ris-/A%j+ste% 5a#ital Ratio / Tier " Ris-/A%j+ste% 5a#ital Ratio / Tier Ris-/A%j+ste% 5a#ital Ratio / 5om$ine% Ris-/A%j+ste% 5a#ital Ratio / Total 5a#ital &+r#l+sD&hare Premi+m Reser*e 5a#ital E3#en%it+res 5a#ital E3#en%it+res an% Financial 7n*estment / Net 5ash Flo, 5a#ital E3#en% Pro#ert0, Plant an% E@+i#ment &ch% V 5om#ensating 6alance 5laims 7nc+rre% / 7ns+rance 5a#italiRe% De'erre% Polc0 Ac@+isition 5osts 5ash Di*i%en%s on 5ommon &toc- B5ash Flo,C 5ommonDOr%inar0 E@+it0 / Total 5ommon E@+it0 / :i@+i%ation Val+e 5ommon E@+it0 / Tangi$le 5ommissions an% Fees / B6ro-erDDealerC 5ommissions an% Fees / BReal EstateC 5ash Flo, A%j+stments / Other 5ommissions an% Fees / Other 5ommissions an% Fees Pai% / Other 5a#ital 9ains / A'ter/Ta3 5a#ital 9ains / RealiRe% B7ns+ranceC 5a#ital 9ains / Total B7ns+ranceC 5a#ital 9ains / UnrealiRe% B7ns+ranceC 5ash 5ash an% &hort/Term 7n*estments 5ash an% 5ash E@+i*alents at 6eginning o' Year

Copyright 2010

Financial Management
52E52 52EE 52ENFD 52& 576E9N7 575URR 57DER9: 57O 57OT2ER 57PEN 57&E59: 57TOTA: 5:D 5:D3 5:D( 5:D) 5:F5 5:FP 5:9 5:7& 5:: 5::5 5:O 5:R:: 5:T 5MP 5N:T6: 5O9& 5OMP&T 5ONM 5ON&O: 5O&TAT 5P56: 5PDO7 5PN:7 5PP6: 5PRE7 5RV 5RVN:7 5&2FD 5&27 5&2O 5&2PR7 5&2R 5&2R5 5&2RP 5&2R&O 5&2RT 5&2RA 5&2TRQ5 5&2TRQF 5&TO 5&TO5V 5&TOE 5UR5D 5URN5D 5URRTR 5URU&5N 5U&7P 5U&TADV DATADATE DATAFMT D67 D6T6 D6TE D5 D5:O D5OM D5P&TO D5& D5&FD D5UFD D5V&R D5V&U6 D5VT DD DD" DD DD3 DD( DD) N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har 5har 5har 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har 5har N+m N+m 5har N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
5ash an% 5ash E@+i*alents / 7ncreaseDBDecreaseC 5ash an% 5ash E@+i*alents at En% o' Year 5ashD5ash E@+i*alentsDNet F+n%s / 7ncreaseDBDecreaseC 5ash an% De#osits / &egregate% 5om# 7nc / 6eginning Net 7ncome 5om# 7nc / 5+rrenc0 Trans A%j 5om# 7nc / Deri*ati*e 9ainsD:osses 57O N+m$er 5om# 7nc / Other A%j 5om# 7nc / Minim+m Pension A%j 5om# 7nc / &ec+rities 9ainsD:osses 5om#rehensi*e 7ncome / Total 5a#italiRe% :eases / D+e in n% Year 5a#italiRe% :eases / D+e in 3r% Year 5a#italiRe% :eases / D+e in (th Year 5a#italiRe% :eases / D+e in )th Year 5ontingent :ia$ilities / For,ar% an% F+t+re 5ontracts 5ontingent :ia$ilities / Foreign E3change 5ommitments 5ontingent :ia$ilities / 9+arantees 5ontingent :ia$ilities / 7nterest Rate &,a#s 5ontingent :ia$ilities / :etters o' 5re%it 5ontingent :ia$ilities / :oan 5ommitments 5ontingent :ia$ilities / Other 5re%it :oss Reser*e Allocate% 'or :D5 :oans 5ontingent :ia$ilities / Total 5ommercial Pa#er 5laims / Non/:i'e / Total B6+siness :ineC 5ost o' 9oo%s &ol% 5om#ara$ilit0 &tat+s 5om#an0 Name :e*el o' 5onsoli%ation / 5om#an0 Ann+al Descri#tor Acti*eD7nacti*e &tat+s Mar-er 5ommercial Pro#ert0 an% 5as+alt0 5laims B6+siness :ineC 5laims Pai% / Other 5laims Pai% / Non/:i'e 5ommercial Pro#ert0 an% 5as+alt0 Premi+ms B6+siness :ineC 5laims Pai% / Reins+rance 5onsoli%ation Reser*es Reser*es 'or 5laims B:ossesC / Nonli'e B7ns+ranceC 5ommon &hares Use% to 5alc Earnings Per &hare / F+ll0 Dil+te% 5ommon &hares 7ss+e% 5ommon &hares O+tstan%ing 5ommon &hares Use% to 5alc+late Earnings Per &hare / 6asic 5ommonDOr%inar0 &harehol%ers 5ommon &hares Reser*e% 'or 5on*ersion / 5on*erti$le De$t 5ommon &hares Reser*e% 'or 5on*ersion / Pre'erre% &toc5ommon &hares Reser*e% 'or 5on*ersion / &toc- O#tions 5ommon &hares Reser*e% 'or 5on*ersion / Total 5ommon &hares Reser*e% 'or 5on*ersion / Aarrants an% Other 5ommon &hares Tra%e% / Ann+al / 5alen%ar 5ommon &hares Tra%e% / Ann+al / Fiscal 5ommonDOr%inar0 &toc- B5a#italC 5ommon &toc-/5arr0ing Val+e 5ommon &toc- E@+i*alents / Dollar &a*ings 7&O 5+rrenc0 5o%e Nati*e 5+rrenc0 5o%e 5+rrenc0 Translation Rate U& 5ana%ian Translation Rate 5U&7P 5+stomer A%*ances Data Date Data Format Death 6ene'its / 7ns+rance De$t at 6eginning o' Year De$t at En% o' Year De'erre% 5harges De$t / 5a#italiRe% :ease O$ligations De'erre% 5om#ensation 5on*erti$le De$t an% Pre'erre% &tocDe$t / 5onsoli%ate% &+$si%iar0 5+rrent De$t / &o+rce o' F+n%s 5+rrent De$t / Use o' F+n%s De$t / &enior 5on*erti$le De$t / &+$or%inate% 5on*erti$le De$t / 5on*erti$le De$t / De$ent+res :ong/Term De$t D+e in One Year De$t / D+e in n% Year De$t / D+e in 3r% Year De$t / D+e in (th Year De$t / D+e in )th Year

Copyright 2010

Financial Management
DEP5 DFPA5 DF& DFPA D7:AD; D7:AVP D7&PO52 D:5 D:552 D:T7& D:TO D:TP D:TR D:T&U6 D:TT DM DN DO DO5 DONR DP DPA56 DPA55 DPA5:7 DPA5:& DPA5ME DPA5NR DPA5O DPA5RE DPA5T DP5 DPD5 DP:T6 DPRET DP&5 DP&T6 DPT6 DPT5 DPT75 DPV7E6 DPV7O DPV7R DR5 DR57 DR:T D& DTEA DTED DTEEP& DTEP DUDD DV DV5 DVDNP DVP DVPA DVPD DVPDP DVP766 DVP&PQ5 DVP&PQF DVP&PQ5 DVP&PQF DVRE5 DVRP7V DVRRE DV&5O DVT DPD DPD3 DPD( DPD) EA E67T E67TDA E7EA E7EA5 EMO: EMP EP&F7 EP&FP N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
De#reciation an% De#letion B5ash Flo,C De'erre% Polic0 Ac@+isition 5osts De$t / Finance &+$si%iar0 De#reciation o' Tangi$le Fi3e% Assets Dil+tion A%j+stment Dil+tion A*aila$le / E3cl+%ing E3traor%inar0 7tems Dis#osals / Other / B9ainC :oss De$t in 5+rrent :ia$ilities / Total 5+rrent De$t / 5hanges :ong/Term De$t / 7ss+ance Other :ong/term De$t :ong/Term De$t / Tie% to Prime :ong/Term De$t / Re%+ction :ong/Term De$t / &+$or%inate% :ong/Term De$t / Total De$t / Mortgages N Other &ec+re% De$t / Notes Discontin+e% O#erations Discontin+e% O#erations B5ash Flo,C Nonrec+rring Disc O#erations De#reciation an% AmortiRation De#reciation BAcc+m+late%C / 6+il%ings De#reciation BAcc+m+late%C / 5onstr+ction in Progress De#reciation BAcc+m+late%C / :an% an% 7m#ro*ements De#reciation BAcc+m+late%C / :eases De#reciation BAcc+m+late%C / Machiner0 an% E@+i#ment De#reciation BAcc+m+late%C / Nat+ral Reso+rces De#reciation BAcc+m+late%C / Other Acc+m+late% De#reciation o' RE Pro#ert0 De#reciation, De#letion an% AmortiRation BAcc+m+late%C De#reciation an% AmortiRation B5ash Flo,C De#osits / Deman% / 5+stomer De#osits / :ong/Term Time / 6anDe#rDAmort o' Pro#ert0 De#osits / &a*ings / 5+stomer De#osits / &hort/Term Deman% / 6anDe#osits / Total / 6an-s De#osits / Total / 5+stomer De#osits / Time / 5+stomer De#reciation BAcc+m+late%C / En%ing 6alance B&che%+le V7C De#reciation BAcc+m+late%C / Other 5hanges B&che%+le V7C De#reciation BAcc+m+late%C / Retirements B&che%+le V7C De'erre% Re*en+e / 5+rrent De%+ction From Polic0 an% 5laims Reser*es 'or Reins+rance 5e%e% De'erre% Re*en+e / :ong/term De$t/&+$or%inate% E3ting+ishment o' De$t A'ter/ta3 E3ting+ishment o' De$t Dil+te% EP& E''ect E3ting+ishment o' De$t 6asic EP& E''ect E3ting+ishment o' De$t Preta3 De$t / UnamortiRe% De$t Disco+nt an% Other 5ash Di*i%en%s B5ash Flo,C Di*i%en%s 5ommonDOr%inar0 Di*i%en%s Declare% an% Not Pro*i%e% Di*i%en%s / Pre'erre%DPre'erence Pre'erre% Di*i%en%s in Arrears 5ash Di*i%en%s Pai% Di*i%en%s an% 6on+ses Pai% Polic0hol%ers De#reciation BAcc+m+late%C / 6eginning 6alance B&che%+le V7C Di*i%en%s #er &hare / Pa0 Date / 5alen%ar Di*i%en%s #er &hare / Pa0 Date / Fiscal Di*i%en%s #er &hare / E3/Date / 5alen%ar Di*i%en%s #er &hare / E3/Date / Fiscal Di*i%en%s Recei*e% B5ash Flo,C Di*i%en%s Recei*e% 'rom Permanent 7n*estments De*elo#ment Re*en+e BReal EstateC Di*i%en%s / &hare 5a#ital / Other Di*i%en%s / Total De$t Be3cl 5a#italiRe% :easesC / D+e in n% Year De$t Be3cl 5a#italiRe% :easesC / D+e in 3r% Year De$t Be3cl 5a#italiRe% :easesC / D+e in (th Year De$t Be3cl 5a#italiRe% :easesC / D+e in )th Year E3change A%j+stments BAssetsC Earnings 6e'ore 7nterest an% Ta3es Earnings 6e'ore 7nterest E@+it0 in Earnings / A'ter/Ta3 E@+it0 7nterest in Earnings o' Associate% 5om#anies DirectorsS Emol+ments Em#lo0ees Earnings Per &hare BDil+te%C / 7ncl+%ing E3traor%inar0 7tems Earnings Per &hare BDil+te%C / E3cl+%ing E3traor%inar0 7tems

Copyright 2010

Financial Management
EP&P7 EP&PP ELD7VP ERO E&OP5T E&OPD:T E&OPNR E&OPR E&OPT E&U6 E&U65 EP5AD; EP529 EPRE EPRE& EPREU FAT6 FAT5 FATD FATE FAT: FATN FATO FATP F5A FDATE FDFR FEA FE: FFO FF& F7AO F75 F7NA: F7N5F F7N7N5 F7N:E F7NRE F7NVAO FOPO FOPOP FOPT F&R5O F&R5OPO F&R5OPT F&R5T FU&EO FU&ET FYEAR FYR 966: 9DA: 9DA:AM 9DA:7A 9DA:7D 9DA:7EP& 9DA:7P 9ELRV 9:A 9:5EA 9:5ED 9:5EEP& 9:5EP 9:D 9:EP& 9:P 9OV9R 9OVTOAN 9P 9P26: 9P:6: 9PO6: 9PR6: 9PT6: 9VOEY 9AO 2ED9E9: 7AEL 7AEL57 7AELM7 7AF757 N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m

D. Vance
Earnings Per &hare B6asicC / 7ncl+%ing E3traor%inar0 7tems Earnings Per &hare B6asicC / E3cl+%ing E3traor%inar0 7tems E@+it0 Di*i%en% Pai% E@+it0 Reser*es / Other 5ommon E&OP O$ligation / Total E&OP De$t / :ong Term Pre'erre% E&OP O$ligation / Non/Re%eema$le Pre'erre% E&OP O$ligation / Re%eema$le Pre'erre% E&OP O$ligation / Total E@+it0 in Earnings / Unconsoli%ate% &+$si%iaries E@+it0 in Net :oss / Earnings E3change A%j+stments B:ia$ilitiesC &toc- E3change 5o%e E3change Rate E''ect E3change Rate E''ect / &o+rce o' F+n%s E3change Rate E''ect / Use o' F+n%s Pro#ert0, Plant, an% E@+i#ment / 6+il%ings at 5ost Pro#ert0, Plant, an% E@+i#ment / 5onstr+ction in Progress at 5ost Fi3e% Assets an% 7n*estments / Dis#osals / 9ain B:ossC Pro#ert0, Plant, an% E@+i#ment / Machiner0 an% E@+i#ment at 5ost Pro#ert0, Plant, an% E@+i#ment / :eases at 5ost Pro#ert0, Plant, an% E@+i#ment / Nat+ral Reso+rces at 5ost Pro#ert0, Plant, an% E@+i#ment / Other at 5ost Pro#ert0, Plant, an% E@+i#ment / :an% an% 7m#ro*ements at 5ost Foreign E3change 7ncome B:ossC Final Date Fe%eral F+n%s P+rchase% Foreign E3change Assets Foreign E3change :ia$ilities F+n%s From O#erations BRE7TC Fe%eral F+n%s &ol% Financing Acti*ities / Other 5+rrent 7&O 5o+ntr0 5o%e / 7ncor#oration Final 7n%icator Flag Financing Acti*ities / Net 5ash Flo, Financing 7ncrease / Total Finance :ease 7ncreases Financing Re#a0mentsDRe%+ctions / Total F+n%s 'rom 7n*estment an% Finance Acti*ities / Other F+n%s 'rom O#erations / Other F+n%s 'rom O#erations / Other e3cl+%ing O#tion Ta3 6ene'it F+n%s From O#erations / Total &o+rces o' F+n%s / Other &o+rces o' O#erating F+n%s / Other &o+rce o' F+n%s From O#erations / Total &o+rces o' F+n%s / Total Uses o' F+n%s / Other Uses o' F+n%s / Total Data Year / Fiscal Fiscal Year/en% Month 9ro+# 6ene'its B6+siness :ineC 9oo%,ill 9oo%,ill AmortiRation 7m#airments o' 9oo%,ill A'ter/ta3 7m#airments o' 9oo%,ill Dil+te% EP& E''ect 7m#airments o' 9oo%,ill 6asic EP& E''ect 7m#airments o' 9oo%,ill Preta3 9rants / E@+it0 Reser*es 9ainD:oss A'ter/ta3 9ainD:oss on &ale B5ore Earnings A%j+ste%C A'ter/ta3 9ainD:oss on &ale B5ore Earnings A%j+ste%C Dil+te% EP& 9ainD:oss on &ale B5ore Earnings A%j+ste%C 6asic EP& E''ect 9ainD:oss on &ale B5ore Earnings A%j+ste%C Preta3 9ainD:oss Dil+te% EP& E''ect 9ainD:oss 6asic EP& E''ect 9ainD:oss Preta3 9o*ernment 9rants Percent o' 9o*St O,ne% 9ross Pro'it B:ossC 9ro+# Premi+ms / 2ealth B6+siness :ineC 9ro+# Premi+ms / :i'e B6+siness :ineC 9ro+# Premi+ms / Other B6+siness :ineC 9ro+# Premi+ms / Retirement 6ene'its B6+siness :ineC 9ro+# Premi+ms / Total B6+siness :ineC 9lo$al 5om#an0 Oe0 9oo%,ill Aritten O'' 9ainD:oss on 7ne''ecti*e 2e%ges 7n*estment Assets / E@+it0 &ec+rities B7ns+ranceC 7n*estment Assets B7ns+ranceC / E@+it0 &ec+rities B5ostC 7n*estment Assets B7ns+ranceC / E@+it0 &ec+rities BMar-etC 7n*estment Assets B7ns+ranceC / Fi3e% 7ncome &ec+rities B5ostC

Copyright 2010

Financial Management
7AFP7 7AFPM7 7A:7 7A:O7 7A:T7 7AM:7 7AO7 7AP:7 7ARE7 7A&57 7A&M7 7A&&7 7A&T7 7AT57 7AT7 7ATM7 7AU7 76 76AD; 766: 765 765OM 76O7 75APT 7D77& 7D7:6 7D7:5 7D7& 7D7&T 7D7T 7D7T& 77D 77RE 7NDFMT 7N7T6 7NTAN 7NTAND 7NTANO 7NTANP 7NT5 7NTFA5T 7NTF: 7NT7A5T 7NTOA5T 7NTPD 7NTPN 7NTR5 7NV52 7NVD&P 7NVF9 7NVO 7NVOF& 7NVRE2 7NVRE7 7NVRE& 7NVRM 7NV&V5 7NVT 7NVA7P 7O6D 7O7 7ORE 7P 7PA6: 7P5 7P26: 7P:6: 7PO6: 7PT6: 7PT7 7PV 7RE7 7RENT 7R77 7R:7 7RN:7 7R&7 7&EL 7&EL5 7&ELM 7&F7 N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
7n*estment Assets / Fi3e% 7ncome &ec+rities B7ns+ranceC 7n*estment Assets B7ns+ranceC / Fi3e% 7ncome &ec+rities BMar-etC 7n*estment Assets B7ns+ranceC / :iste% &ec+rities/Total 7n*estment Assets / :oans / Other B7ns+ranceC 7n*estment Assets / :oans / Total B7ns+ranceC 7n*estment Assets / Mortgage :oans B7ns+ranceC 7n*estment Assets / Other B7ns+ranceC 7n*estment Assets / Polic0 :oans B7ns+ranceC 7n*estment Assets / Real Estate B7ns+ranceC 7n*estment Assets B7ns+ranceC / &ec+rities / &+n%r0 B5ostC 7n*estment Assets B7ns+ranceC / &ec+rities / &+n%r0 BMar-etC 7n*estment Assets / &ec+rities / &+n%r0 B7ns+ranceC 7n*estment Assets / &ec+rities / Total B7ns+ranceC 7n*estment Assets B7ns+ranceC / &ec+rities / Total B5ostC 7n*estment Assets / Total B7ns+ranceC 7n*estment Assets B7ns+ranceC / &ec+rities / Total BMar-etC 7n*estment Assets B7ns+ranceC / Unliste% &ec+rities / Total 7ncome 6e'ore E3traor%inar0 7tems 7ncome 6e'ore E3traor%inar0 7tems / A%j+ste% 'or 5ommon &toc- E@+i*alents 7n%i*i%+al 6ene'its B6+siness :ineC 7ncome 6e'ore E3traor%inar0 7tems B5ash Flo,C 7ncome 6e'ore E3traor%inar0 7tems / A*aila$le 'or 5ommon 7n*estment 6an-ing 7ncome 7n*este% 5a#ital / Total 7nterest an% Di*i%en% 7ncome / 7n*estment &ec+rities 7nterest an% Di*i%en% 7ncome / :oansD5laimsDA%*ances / 6an-s 7nterest an% Di*i%en% 7ncome / :oansD5laimsDA%*ances / 5+stomers 7nterest an% Di*i%en% 7ncome / &+n%r0 7nterest an% Di*i%en% 7ncome / &hort/Term 7n*estments 7nterest an% Relate% 7ncome / Total 7nterest an% Di*i%en% 7ncome / Tra%ing &ec+rities 7ss+e 7D / &ec+rit0 7n*estment 7ncome BReal EstateC 7n%+str0 Format 7ncome / Non/interest / Total B6an-C 7ntangi$le Assets / Total 7ntangi$le Assets / Dis#osal Other 7ntangi$les 7ntangi$le Assets / P+rchase 7nterest 5a#italiRe% 7nterest an% Di*i%en% A%j+stments / Financing Acti*ities 7nterest Element o' Finance :eases 7nterest an% Di*i%en% A%j+stments / 7n*esting Acti*ities 7nterest an% Di*i%en% A%j+stments / O#erating Acti*ities 7nterest Pai% 7nterest Pai% / Net 7nterest Recei*e% 7n*entor0 / Decrease B7ncreaseC 7n*estments / Dis#osal 7n*entories / Finishe% 9oo%s 7n*entories / Other 7n*entor0D&toc- / Other 7n*entor0D&toc- / Real Estate 2el% 'or De*elo#ment 7n*entor0D&toc- / Real Estate Un%er De*elo#ment 7n*entor0D&toc- / Real Estate 2el% 'or &ale 7n*entories / Ra, Materials 7n*estments an% &er*icing o' Finance / Net 5ash Flo, 7n*entories / Total 7n*entories / Aor- 7n Process 7ncome / Other B6ro-er DealerC 7ncome / Other B7ns+ranceC 7ncome / Other BReal EstateC 7n*estment Pro#ert0 7n%i*i%+al Premi+ms / Ann+it0 B6+siness :ineC 7n*estment Pro#ert0 B5ostC 7n%i*i%+al Premi+ms / 2ealth B6+siness :ineC 7n%i*i%+al Premi+ms / :i'e B6+siness :ineC 7n%i*i%+al Premi+ms / Other B6+siness :ineC 7n%i*i%+al Premi+ms / Total B6+siness :ineC 7ns+rance Premi+ms / Total B7ns+ranceC 7n*estment Pro#ert0 BVal+ationC 7nterest an% Relate% 7ncome / Reins+rance B7ns+ranceC Rental 7ncome 7nterest an% Relate% 7ncome B7ns+ranceC 7nterest an% Relate% 7ncome / :i'e B7ns+ranceC 7nterest an% Relate% 7ncome / Non/:i'e B7ns+ranceC 7nterest an% Relate% 7ncome / &+n%r0 B7ns+ranceC 7n*estment &ec+rities / E@+it0 7n*estment &ec+rities / E@+it0 B5ostC 7n*estment &ec+rities / E@+it0 BMar-etC 7n*estment &ec+rities / Fi3e% 7ncome

Copyright 2010

Financial Management
7&FP5 7&FPM 7&9R 7&9T 7&9U 7&:9 7&:95 7&:9M 7&:T 7&MOD 7&N9 7&N95 7&N9M 7&OT5 7&OT2 7&OTM 7&&5 7&&M 7&&U 7&T 7&T5 7&TM 7&UT 7T56 7T55 7T57 7VA5O 7VAEL 7VAO 7V52 7V9OD 7V7 7VN5F 7VPT 7V&T 7V&T52 :5A69 :5A5: :5A5R :5A9 :5A: :5A:T :5AM :5AO :5A&T :5AT :5O :5OP :5OPAR :5OPDR :5T :5UA5U :7 :7F :7FR :7LRE&N :7LRE&O ::OM: ::OO ::OT ::R57 ::R5R ::AO57 ::AO5R :NDEP :N7N5 :NMD :NO :NREP :O :O: :OPDR :LP:" :RV :& :&E :&T :T :TD52 :TD:52 :T:O N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
7n*estment &ec+rities / Fi3e% 7ncome B5ostC 7n*estment &ec+rities / Fi3e% 7ncome BMar-etC 7n*estment &ec+rities / 9ain B:ossC / RealiRe% 7n*estment &ec+rities / 9ain B:ossC / Total 7n*estment &ec+rities / 9ain B:ossC / UnrealiRe% 7n*estment &ec+rities / :ocal 9o*ernments 7n*estment &ec+rities / :ocal 9o*ernments B5ostC 7n*estment &ec+rities / :ocal 9o*ernments BMar-etC 7n*estment &ec+rities / :iste% / Total 7ncome &tatement Mo%el N+m$er 7n*estment &ec+rities / National 9o*ernments 7n*estment &ec+rities / National 9o*ernments B5ostC 7n*estment &ec+rities / National 9o*ernments BMar-etC 7n*etsment &ec+rities / Other B5ostC 7n*estment &ec+rities / Other 7n*etsment &ec+rities / Other BMar-etC 7n*estment &ec+rities / &+n%r0 B5ostC 7n*estment &ec+rities / &+n%r0 BMar-etC 7n*estment &ec+rities / &+n%r0 7n*estment &ec+rities /Total 7n*estment &ec+rities / Total B5ostC 7n*estment &ec+rities / Total BMar-etC 7n*estment &ec+rities / Unliste% / Total 7n*estment Ta3 5re%it B6alance &heetC 7n*estment Ta3 5re%it / Net B5ash Flo,C / Utilit0 7n*estment Ta3 5re%it B7ncome Acco+ntC 7n*esting Acti*ities / Other 7n*estment an% A%*ances / E@+it0 7n*estment an% A%*ances / Other 7ncrease in 7n*estments 7n*estments 9rants an% Other De%+ctions 7n*estment 7ncome / Total B7ns+ranceC 7n*esting Acti*ities / Net 5ash Flo, 7n*estments / Permanent / Total &hort/Term 7n*estments / Total &hort/Term 7n*estments / 5hange :oansD5laimsDA%*ances / 6an-s an% 9o*ernment / Total :oansD5laimsDA%*ances / 5ommercial :oansD5laimsDA%*ances / 5ons+mer :oansD5laimsDA%*ances / 9o*ernment :oansD5laimsDA%*ances / :ease :oansD5laimsDA%*ances / :ong/Term B6an-sC :oansD5laimsDA%*ances / Mortgage :oansD5laimsDA%*ances / Other :oansD5laimsDA%*ances / &hort/Term / 6an-s :oansD5laimsDA%*ances / Total 5+rrent :ia$ilities / Other / Total 5+rrent :ia$ilities / Other / &+n%r0 5+rrent :ia$ilities / Other / Total As Re#orte% 5+rrent :ia$ilities / Other / E3cl+%ing De'erre% Re*en+e 5+rrent :ia$ilities / Total :oansD5laimsDA%*ances / 5+stomer / Total :easing 7ncome :i'e 7ns+rance in Force :7FO Reser*e Management o' :i@+i% Reso+rces / Net 5ash Flo, :i@+i% Reso+rces / Other Mo*ements :D5 :oans O+tstan%ing / Me%i+m an% :ong/Term :D5 :oans O+tstan%ing / Other :D5 :oans O+tstan%ing / Total :oan :oss Reco*eries / 5re%ite% to 7ncome :oan :oss Reco*eries / 5re%ite% to Reser*es :oan :oss Aritten O'' / 5harge% to 7ncome :oan :oss Aritten O'' / 5harge% to Reser*es :oans an% De#osits / B7ncreaseC Decrease :oan 7ncreaseDA%%itions :oans BMa%eCDRe#ai% :ia$ilities Netting N Other A%j+stments :oan Re#a0mentsDRe%+ctions :ia$ilities / Other / Total :ia$ilities :e*el BO$ser*a$leC :ia$ilities / Other / E3cl+%ing De'erre% Re*en+e :ia$ilities :e*el" BL+ote% PricesC :egal Reser*es :ia$ilities / Other / &+n%r0 :ia$ilities an% &toc-hol%ers E@+it0 / Total :i'e 7ns+rance &+rren%ers an% Terminations :ia$ilities / Total :ong/Term De$t / 5hange :ong/Term De$tD:ia$ilities / 5hange :ong/Term :ia$ilities / Other / 7ncreaseDBDecreaseC

Copyright 2010

Financial Management
:U:3 M76 M75 M77 M7&EL MOVA:T MR5" MR5 MR53 MR5( MR5) MR5T MR5TA M&A M&VRV MT: NA75&2 NAT N5F:7L N5O NELM7 NF&R N7 N7AD; N7E57 N77NT N77T N7M N7O N7T N7T& NOA&U6 NOP7 NOP7O NP NPAN: NPAORE NPAR: NPAT NRTPT NRTPTD NRTPTEP& OAN5F OAN5F5 OAN5FD O6 O9M O7ADP O76DP ON6A:6 ON6A:E OPEP& OP7:7 OP7N5AR OP7N7 OP7O7 OP7R7 OP7T7 OPPRFT OPREP&P OPRO OPT5A OPTDR OPTEP OPTEPD OPTFV9R OPT9R OPT:7FE OPTO&6Y OPTO&EY OPTPR56Y OPTPR55A OPTPR5EP OPTPR5EY OPTPR59R OPTPR5AA OPTRFR OPTVO: PA5LP PA:R PAN:R N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
:ia$ilities :e*el3 BUno$ser*a$leC Minorit0 7nterest B6alance &heetC Minorit0 7nterest B5ash Flo,C Minorit0 7nterest B7ncome Acco+ntC Minorit0 7nterest 7n &harehol%ersS E@+it0 / 5hange Mar-et Val+e / Total / Fiscal Rental 5ommitments / Minim+m / "st Year Rental 5ommitments / Minim+m / n% Year Rental 5ommitments / Minim+m / 3r% Year Rental 5ommitments / Minim+m / (th Year Rental 5ommitments / Minim+m / )th Year Rental 5ommitments / Minim+m / ) Year Total Therea'ter Portion o' :eases Mar-eta$le &ec+rities A%j+stment Man%ator0 &ec+rities Val+ation Reser*e B&tat+tor0C :oans From &ec+rities Finance 5om#anies 'or Margin Transactions North America 7n%+strial 5lassi'ication &0stem / 2istorical Nona%mitte% Assets / Total B&tat+tor0C Net 5ash Flo, 6e'ore Management o' :i@+i% Reso+rces an% Financing Net 5harge/O''s Non/E@+it0 an% Minorit0 7nterest Di*i%en%s Pai% Non/Financial &er*ices Re*en+e Net 7ncome B:ossC Net 7ncome A%j+ste% 'or 5ommonDOr%inar0 &toc- B5a#italC E@+i*alents Net 7ncome E''ect 5a#italiRe% 7nterest Net 7nterest 7ncome Net 7nterest 7ncome BTa3 E@+i*alentC Net 7nterest Margin Net 7tems / Other Net 7tem / Total Net 7ncome / Total B&tat+tor0C Net O*er%ra'ts Ac@+ire% ,ith &+$si%iaries Nono#erating 7ncome BE3#enseC Nono#erating 7ncome BE3#enseC / Other Notes Pa0a$le / &hort/Term 6orro,ings Non#er'orming Assets / Nonaccr+al :oans Non#er'orming Assets / Other Real Estate O,ne% Non#er'orming Assets / Restr+ct+re% :oans Non#er'orming Assets / Total Nonrec+rring 7ncome Ta3es A'ter/ta3 Nonrec+rring 7ncome Ta3 Dil+te% EP& E''ect Nonrec+rring 7ncome Ta3 6asic EP& E''ect O#erating Acti*ities / Net 5ash Flo, O#erating Acti*ities / Net 5ash Flo, / 5ontin+ing O#erations O#erating Acti*ities / Net 5ash Flo, / Discontin+e% O#erations Or%er 6ac-log O7: N 9A& MET2OD O#erating 7ncome A'ter De#reciation O#erating 7ncome 6e'ore De#reciation Other Net 6alances at 6eginning o' Year Other Net 6alances at En% o' Year Earnings Per &hare 'rom O#erations O#erating 7ncome / :i'e O#erating 7ncome / As Re#orte% O#erating 7ncome / Non/:i'e O#erating 7ncome / Other O#erating 7ncome / Reins+rance O#erating 7ncome / Total O#erating Pro'it Earnings Per &hare / Dil+te% / 'rom O#erations O#erating Re*en+es / Other O#tions / 5ancelle% B/C Di*i%en% Rate / Ass+m#tion B?C O#tions E3ercisa$le B!!!C O#tions / E3ercise% B/C O#tions / Fair Val+e o' O#tions 9rante% O#tions / 9rante% :i'e o' O#tions / Ass+m#tion BT 0rsC O#tions O+tstan%ing / 6eg o' Year O#tions O+tstan%ing / En% o' Year O#tions O+tstan%ing 6eg o' Year / Price O#tions 5ancelle% / Price O#tions E3ercise% / Price O#tions O+tstan%ing En% o' Year / Price O#tions 9rante% / Price O#tions E3ercisa$le / Aeighte% A*g Price Ris- Free Rate / Ass+m#tion B?C Volatilit0 / Ass+m#tion B?C Preac@+isition Pro'its Premi+ms Ass+me% / :i'e Premi+ms Ass+me% / Nonli'e

Copyright 2010

Financial Management
PATR P5: P5:R P5N:R P5TR PDATE PDDUR PDV5 P7 P7DOM P7FO P:7A52 P:: P:T6: PN5A PN5AD PN5AEP& PN57A PN57D PN57EP& PN57P PN5A7A PN5A7D PN5A7EP& PN5A7P PN:6: PN:7 PNR&2O PO6: POP&R5 PP56: PPE9T PPEN6 PPEN5 PPEN:7 PPEN:& PPENME PPENNR PPENO PPENT PPEV66 PPEVE6 PPEVO PPEVR PPPA6: PPP26: PPPO6: PPPT6: PR5 PR5A PR5AD PR5AEP& PR55Q5 PR55QF PR52Q5 PR52QF PR5:Q5 PR5:QF PRE6: PR7 PRODV PRO&A7 PR&2O PR&TO5 PR&TO55 PR&TOP5 PRV PRVT P&F7P P&TO P&TO5 P&TO: P&TON P&TOR P&TORV PT6: PTRAN PURT&2R PV5: PVO PVON N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
Premi+ms Ass+me% / Total Pro*ision / 5re%it :osses B7ncome Acco+ntC Premi+ms 5e%e% / :i'e Premi+ms 5e%e% / Nonli'e Premi+ms 5e%e% / Total Preliminar0 Date Perio% D+ration 5ash Di*i%en%s on Pre'erre%DPre'erence &toc- B5ash Flo,C Preta3 7ncome Preta3 7ncome / Domestic Preta3 7ncome / Foreign Pension :ia$ilities / 5hange Pro*ision 'or :oanDAsset :osses Premi+ms / :i'e / Total B6+siness :ineC 5ore Pension A%j+stment 5ore Pension A%j+stment Dil+te% EP& E''ect 5ore Pension A%j+stment 6asic EP& E''ect 5ore Pension 7nterest A%j+stment A'ter/ta3 5ore Pension 7nterest A%j+stment Dil+te% EP& E''ect 5ore Pension 7nterest A%j+stment 6asic EP& E''ect 5ore Pension 7nterest A%j+stment Preta3 5ore Pension ,Do 7nterest A%j+stment A'ter/ta3 5ore Pension ,Do 7nterest A%j+stment Dil+te% EP& E''ect 5ore Pension ,Do 7nterest A%j+stment 6asic EP& E''ect 5ore Pension ,Do 7nterest A%j+stment Preta3 Premi+ms / Nonli'e / Total B6+siness :ineC Premi+ms Aritten / Non/:i'e Nonre% P'% &hares O+ts B!!!C Premi+ms / Other B6+siness :ineC Po#+lation &o+rce Personal Pro#ert0 an% 5as+alt0 5laims B6+siness :ineC Pro#ert0, Plant an% E@+i#ment / Total B9rossC Pro#ert0, Plant, an% E@+i#ment / 6+il%ings BNetC Pro#ert0, Plant, an% E@+i#ment / 5onstr+ction in Progress BNetC Pro#ert0, Plant, an% E@+i#ment / :an% an% 7m#ro*ements BNetC Pro#ert0, Plant, an% E@+i#ment / :eases BNetC Pro#ert0, Plant, an% E@+i#ment / Machiner0 an% E@+i#ment BNetC Pro#ert0, Plant, an% E@+i#ment / Nat+ral Reso+rces BNetC Pro#ert0, Plant, an% E@+i#ment / Other BNetC Pro#ert0, Plant an% E@+i#ment / Total BNetC Pro#ert0, Plant an% E@+i#ment / 6eginning 6alance B&che%+le VC Pro#ert0, Plant, an% E@+i#ment / En%ing 6alance B&che%+le VC Pro#ert0, Plant, an% E@+i#ment / Other 5hanges B&che%+le VC Pro#ert0, Plant an% E@+i#ment / Retirements B&che%+le VC Personal Pro#ert0 an% 5as+alt0 Premi+ms / A+tomo$ile B6+siness :ineC Personal Pro#ert0 an% 5as+alt0 Premi+ms / 2omeo,ners B6+siness :ineC Personal Pro#ert0 an% 5as+alt0 Premi+ms / Other B6+siness :ineC Personal Pro#ert0 N 5as+alt0 Premi+ms / Total B6+siness :ineC Partici#ation Rights 5erti'icates 5ore Post Retirement A%j+stment 5ore Post Retirement A%j+stment Dil+te% EP& E''ect 5ore Post Retirement A%j+stment 6asic EP& E''ect Price 5lose / Ann+al / 5alen%ar Price 5lose / Ann+al / Fiscal Price 2igh / Ann+al / 5alen%ar Price 2igh / Ann+al / Fiscal Price :o, / Ann+al / 5alen%ar Price :o, / Ann+al / Fiscal Premi+ms / Reins+rance B6+siness :ineC Premi+ms Aritten / Reins+rance Pro#ose% Di*i%en%s Procee%s From &ale o' Fi3e% Assets an% &ale o' 7n*estments Re%eem P'% &hares O+ts B!!!C P+rchase o' 5ommon an% Pre'erre% &tocP+rchase o' 5ommon &toc- B5ash Flo,C P+rchase o' Pre'erre%DPre'erence &toc- B5ash Flo,C Pro*isions B5ash Flo,C Polic0 Reser*es / Total B&tat+tor0C Procee%s From &ale o' Fi3e% Assets Pre'erre%DPre'erence &toc- B5a#italC / Total Pre'erre% &toc- / 5on*erti$le Pre'erre% &toc- / :i@+i%ating Val+e Pre'erre%DPre'erence &toc- / Nonre%eema$le Pre'erre%DPre'erence &toc- / Re%eema$le Pre'erre% &toc- / Re%em#tion Val+e Premi+ms / Total B6+siness :ineC Princi#al Transactions P+rchase o' Treas+r0 &hares Pro*ision / 5re%it :osses B6alance &heetC Pro*ision / Other Pro*isions / Other BNetC

Copyright 2010

Financial Management
PVP: PVT PAO7 RADP RA9R RAR7 RAT7 RAAM&M R5A R5D R5EP& R5: R5P RD7P RD7PA RD7PD RD7PEP& RDP RE REA REA;O RE552 RE55O RE5D RE5T RE5TA RE5TR RE5U6 RET REUNA REUNR REVT R7& R:: R:O R:P R:R7 R:T RMUM RPA9 RRA RRD RREP& RRP RV RV657 RV6P7 RV6T7 RVDO RVDT RVELT RV:RV RVNO RVNT RVR7 RV&7 RVT7 RVTPR RVUP7 RVUTP &AA &A: &A:E &6D5 &5 &5F &5O &5&TO5 &E5U &EL &ELO &ETA &ETD &ETEP& &ETP &2R5AP &752 &7V &P5E &P5ED &P5EEP& N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
Pro*ision / Pension :ia$ilities Pro*isions / Total Premi+ms Aritten / Other Reins+rance Assets / De#osits an% Other B7ns+ranceC Resale Agreements Reins+rance Assets / Recei*a$leDDe$tors B7ns+ranceC Reins+rance Assets / Total B7ns+ranceC Ra, Materials, &+##lies, an% Merchan%ise Restr+ct+ring 5osts A'ter/ta3 Restr+ct+ring 5osts Dil+te% EP& E''ect Restr+ct+ring 5osts 6asic EP& E''ect Reser*es 'or 5re%it :osses BAssetsC Restr+ct+ring 5osts Preta3 7n Process RND E3#ense 7n Process RND E3#ense A'ter/ta3 7n Process RND E3#ense Dil+te% EP& E''ect 7n Process RND E3#ense 6asic EP& E''ect Reg+lator0 De#osits Retaine% Earnings Retaine% Earnings / Restatement Retaine% Earnings / Other A%j+stments Acco+nts Recei*a$le / Decrease B7ncreaseC Recei*a$les / 5+rrent / Other Recei*a$les / Estimate% Do+$t'+l Recei*a$les / Total Retaine% Earnings / 5+m+lati*e Translation A%j+stment Recei*a$les / Tra%e Un$ille% Recei*a$les Total RE Pro#ert0 Retaine% Earnings / Una%j+ste% Retaine% Earnings / Unrestricte% Re*en+e / Total Re*en+eD7ncome / &+n%r0 Reser*e 'or :oanDAsset :osses Reins+rance :ia$ilities / Other Reins+rance :ia$ilities / Pa0a$lesD5re%itors Reins+rersS :ia$ilit0 'or Reser*es B7ns+ranceC Reins+rance :ia$ilities / Total A+%itorsS Rem+neraton Re#+rchase Agreements Re*ersal / Restr+ctr+ringDAc@+isition A'terta3 Re*ersal / Restr+ct+ringDAc@ Dil+te% EP& E''ect Re*ersal / Restr+ct+ringDAc@ 6asic EP& E''ect Re*ersal / Restr+ctr+ringDAc@+isition Preta3 Reser*es Reser*es 'or 6ene'its / :i'e / 5laims B7ns+ranceC Reser*es 'or 6ene'its / :i'e / Polic0 B7ns+ranceC Reser*es 'or 6ene'its / :i'e / Total B7ns+ranceC Reser*es / Distri$+ta$le / Other Reser*es / Distri$+ta$le / Total E@+it0 Reser*es / Total Re*al+ation Reser*e Reser*es / Non%istri$+ta$le / Other Reser*es / Non%istri$+ta$le / Total Reser*es / Reins+rance B7ns+ranceC Reser*es / &+n%r0 B7ns+ranceC Reser*es / Total Reser*es / Ta3/Reg+late% Reser*es 'or Unearne% Premi+ms B7ns+ranceC Reser*es / Unta3e% &e#arate Acco+nt Assets &e#arate Acco+nt :ia$ilities &alesDT+rno*er BNetC &ec+rities 6orro,e% an% De#osite% $0 5+stomers &ec+rities 7n 5+sto%0 5ash Flo, Format &hare 5a#ital / Other &ale o' 5ommon &toc- B5ash Flo,C &ec+rities 9ains B:ossesC / UnrealiRe% &toc-hol%ersS E@+it0 / Total Other &toc-hol%ers/ E@+it0 A%j+stments &ettlement B:itigationD7ns+ranceC A'ter/ta3 &ettlement B:itigationD7ns+ranceC Dil+te% EP& E''ect &ettlement B:itigationD7ns+ranceC 6asic EP& E''ect &ettlement B:itigationD7ns+ranceC Preta3 &hare 5a#ital Transactions / Other &tan%ar% 7n%+strial 5lassi'ication / 2istorical &ale o' 7n*estments &NP 5ore Earnings &NP 5ore Earnings EP& Dil+te% &NP 5ore Earnings EP& 6asic

Copyright 2010

Financial Management
&P7 &P7D &P7EP& &P7OA &P7OP &PP52 &PPE &PP7V &P&TO5 &R5 &RET &RT &&NP &&TO &TA:T &T6O &TF7PA &T7NV &T7O &TO52 &TO5O &TO5PA &U6D7& &U6PUR TD5 TD&5D TD&5E TD&9 TD&:9 TD&MM TD&N9 TD&O TD&& TD&T TF TFVA TFV5E TFV: T75 T7E T77 T:5F TRAN&A T&A T&AF5 T&5A T&O T&TO T&TO5 T&TOME T&TON T&TOP T&T:TA TP TPA52 TP65O TP65OF TP5 TPD6 TPD6A TPD65A TPD65: TPD5 TPDFED TPDFO TPD7 TPD7T5 TPD& TPELA TPEL77 TPFED TPFO TPND6 TPND6A TPND6: TPND6R TPO TPOP TPP TPPD TPR N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
&#ecial 7tems Other &#ecial 7tems Dil+te% EP& E''ect Other &#ecial 7tems 6asic EP& E''ect Other &#ecial 7tems A'ter/ta3 Other &#ecial 7tems Preta3 &ale o' Fi3e% Assets / B9ainC :oss &ale o' Pro#ert0 &ale o' Pro#ert0, Plant an% E@+i#ment an% 7n*estments / 9ain B:ossC &ale o' Pre'erre%DPre'erence &toc- B5ash Flo,C &o+rce Doc+ment 9ainD:oss on &ale o' Pro#ert0 &+r#l+s / Total B&tat+tor0C &ec+rities &ol% Not Yet P+rchase% &ale o' 5ommon an% Pre'erre% &toc&tat+s Alert &hort/Term 6orro,ings / Other &ale o' Tangi$le Fi3e% Assets &hort Term 7n*estments / B7ncreaseCDDecrease &hort/Term 7n*estments / Other 5hange in &toc-s &toc- 5om#ensation E3#ense A'ter/ta3 stoc- com#ensation &+$si%iar0 Un%erta-ings / Dis#osal &+$si%iar0 Un%erta-ings / P+rchase De'erre% 7ncome Ta3es / Net B5ash Flo,C Tra%ingDDealing Acco+nt &ec+rities / 5or#orate De$t Tra%ingDDealing Acco+nt &ec+rities / 5or#orate E@+it0 Tra%ingDDealing &ec+rities / 9ain B:ossC Tra%ingDDealing Acco+nt &ec+rities / :ocal 9o*ernments Tra%ingDDealing Acco+nt &ec+rities / Mone0 Mar-et Tra%ingDDealing Acco+nt &ec+rities / National 9o*ernments Tra%ingDDealing Acco+nt &ec+rities / Other Tra%ingDDealing Acco+nt &ec+rities / &+n%r0 Tra%ingDDealing Acco+nt &ec+rities / Total Tr+st Fees Total Fair Val+e Assets Total Fair Val+e 5hanges incl+%ing Earnings Total Fair Val+e :ia$ilities Tic-er &0m$ol 7nterest E3#ense / Total BFinancial &er*icesC 7nterest 7ncome / Total BFinancial &er*icesC Ta3 :oss 5arr0 For,ar% 5+m+lati*e Translation A%j+stment Treas+r0 &toc- BAssetsC Total &o+rcesDA##lications o' F+n%s B5ash Flo,C Treas+r0 &toc- B5+rrent AssetC Treas+r0 &toc- / Other &hare 5a#ital Treas+r0 &toc- / Total BAll 5a#italC Treas+r0 &toc- / 5ommon Treas+r0 &toc- 6oo- Val+e / Memo Entr0 Treas+r0 &toc- / N+m$er o' 5ommon &hares Treas+r0 &toc- / Pre'errre% Treas+r0 &toc- B:ong/Term AssetC Ta3ation 7ncome Ta3es / Accr+e% / 7ncreaseDBDecreaseC E3cess Ta3 6ene'it &toc- O#tions / 5ash Flo, O#erating E3cess Ta3 6ene'it o' &toc- O#tions / 5ash Flo, Financing 7ncome Ta3es / 5+rrent De'erre% Ta3es B6alance &heetC De'erre% Ta3 Asset / :ong Term De'erre% Ta3 Asset / 5+rrent De'erre% Ta3 :ia$ilit0 / 5+rrent De'erre% Ta3es B5ash Flo,C De'erre% Ta3es/Fe%eral De'erre% Ta3es/Foreign 7ncome Ta3es / De'erre% De'erre% Ta3es an% 7n*estment Ta3 5re%it De'erre% Ta3es/&tate Ta3 / E@+i*alent A%j+stment Ta3 / E@+i*alent 7nterest 7ncome B9rossC 7ncome Ta3es / Fe%eral 7ncome Ta3es / Foreign Net De'erre% Ta3 Asset B:ia$C / Total Net De'erre% Ta3 Asset Net De'erre% Ta3 :ia$ilit0 De'erre% Ta3 Resi%+al 7ncome Ta3es / Other Ta3ation / O#erating Acti*ities 7ncome Ta3es Pa0a$le 7ncome Ta3es Pai% 7ncome Ta3 Re'+n%

Copyright 2010

Financial Management
TP& TPT TPVA TPA UAO:O52 UAOP UAPT U5AP& U55ON& U5EL U5U&TAD UD5OPRE& UDD UDF55 UDM6 UDO:T UDP5O UDPFA UDP: UDVP UFRET&D U97 U7 U7NVT U:5M U:5O UN7AM7 UN: UNNP UNNP: UNOP7N5 UNA55 UO7& UOP7 UOPRE& UPD UPDVP UPM5&TO UPMPF UPMPF& UPM&U6P UP&TO UP&TO5 UP&TO&F URE5T URE5TR UREVU6 U&P7 U&TDN5 U&U6DVP U&U6P&TO UTFDO5 UTFO&5 UTME UTPFED UAO5AP5 UP7N&T UP7NTD VPA5 VPO A5AP A5AP5 A5AP52 A5AP525 A5APOP5 A5AP& A5AP&A A5AP&U A5APT A5APU ADA ADD ADEP& ADP PA55 PAD PA9O PA9T P5OM P5OM7 PDEP: N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m 5har N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
7ncome Ta3es / &tate 7ncome Ta3es / Total Val+e A%%e% Ta3es E3cise Ta3es Other Assets an% :ia$ilities / Net 5hange B&tatement o' 5ash Flo,sC Other Assets / Utilit0 Acco+nts Pa0a$le / Utilit0 Pai% in 5a#ital / Other 5ontri$+tions in Ai% o' 5onstr+ction 5ommon E@+it0 Total / Utilit0 5+stomer A%*ances 'or 5onstr+ction De'erre% 5re%its an% O#erating Reser*es / Other De$t BDe$ent+resC De'erre% F+el / 7ncrease BDecreaseC B&tatement o' 5ash Flo,sC De$t BMortgage 6on%sC / Utilit0 De$t BOther :ong/TermC / Utilit0 De$t BPoll+tion 5ontrol O$ligationsC / Utilit0 De#reciation o' Fi3e% Assets Utilit0 / :i$eraliRe% De#reciation 5o%e Pre'erre% Di*i%en% Re@+irements F+n%s 'or Retirement o' &ec+rities an% &hort/Term De$t B5ash Flo,C 9ross 7ncome B7ncome 6e'ore 7nterest 5hargesC Unearne% 7ncome 7n*entories / Utilit0 5+rrent :ia$ilities / Miscellaneo+s 5+rrent :ia$ilities / Other / Utilit0 Net 7ncome $e'ore E3traor%inar0 7tems an% a'ter Minorit0 7nterest Una##ro#riate% Net :oss Una##ro#riate% Net Pro'it B&toc-hol%ersS E@+it0C Una##ro#riate% Net Pro'it Nono#erating 7ncome BNetC / Other Aor-ing 5a#ital BUseC / 7ncrease BDecreaseC B5ash Flo,C Other 7nternal &o+rces / Net B5ash Flo,C O#erating 7ncome / Total / Utilit0 O#erating Reser*es U#%ate 5o%e Pre'erence Di*i%en% Re@+irementsG Premi+m on 5ommon &toc-G Premi+m on Pre'erre% &toc-G Premi+m on Pre'erence &toc-G Premi+m on &+$si%iar0 Pre'erre% &toc-G Pre'erre% &toc- at 5arr0ing Val+e Pre'erence &toc- at 5arr0ing Val+eG Pre'erre%DPre'erence &toc- &in-ing F+n% Re@+irement Recei*a$les BNetC Acco+nts Recei*a$le / Tra%e / Utilit0 Accr+e% Un$ille% Re*en+es B6alance &heetC &#ecial 7tems &hort/Term De$t / Decrease B7ncreaseC B5ash Flo,C &+$si%iar0 Pre'erre% Di*i%en%s &+$si%iar0 Pre'erre% &toc- at 5arr0ing Val+e Total F+n%s From O#erations B5ash Flo,C Total F+n%s 'rom O+tsi%e &o+rces B5ash Flo,C Maintenance E3#ense / Total 5+rrent Ta3es / Fe%eral BO#eratingC Aor-ing 5a#ital B&o+rceC / Decrease B7ncreaseC B5ash Flo,C 7nterest On &hort/Term De$t / Utilit0 7nterest on :ong/Term De$tG 7n*estments / Permanent / Associate% 5om#anies 7n*estments / Permanent / Other Aor-ing 5a#ital B6alance &heetC Aor-ing 5a#ital 5hange / Other / 7ncreaseDBDecreaseC Aor-ing 5a#ital 5hange / Total Aor-ing 5a#ital / 5hange Aor-ing 5a#italDNet O#erating Assets / 5hange Aor-ing 5a#ital 5hange / &o+rce o' F+n%s Aor-ing 5a#ital 5hange B&e#arate Acco+ntC &o+rce an% Use o' F+n%sDAor-ing 5a#ital A%j+stments / Other Aor-ing 5a#italD5ashDNet F+n%s 5hange / Total Aor-ing 5a#ital 5hange / Use o' F+n%s Arite%o,ns A'ter/ta3 Arite%o,ns Dil+te% EP& E''ect Arite%o,ns 6asic EP& E''ect Arite%o,ns Preta3 Accr+e% E3#enses A%*ertising E3#ense A%ministrati*e an% 9eneral E3#ense / Other A%ministrati*e an% 9eneral E3#ense / Total 5omm+nications E3#ense 5ommissions E3#ense B7ns+ranceC De#letion E3#ense B&che%+le V7C

Copyright 2010

Financial Management
PDP PDVRE PELO P7 P7DO P7DO5 P7ND6 P7ND5 P7N& P7N&T P7NT P7NTD P7NTOPT P7V7 P7VRE P:R PN67 PNF PN7N& PN7T6 PO6D PO7 POPR POPRAR POPRO POPTD POPTEP& PORE PPP PPR PRD PRENT P& P&9A P&TF P&TFO P&TFA& PT PUA PUA:7 PUAN:7 PUAO7 PUARE7 PUAT7 N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m N+m

D. Vance
De#reciation E3#ense B&che%+le V7C E3#ense / De*elo#ment BReal EstateC E@+i#ment an% Occ+#anc0 E3#ense E3traor%inar0 7tems E3traor%inar0 7tems an% Discontin+e% O#erations E3traor%inar0 7tems an% Discontin+e% O#erations B5ash Flo,C 7nterest E3#ense / De#osits / 6an-s 7nterest E3#ense / De#osits / 5+stomer 7nterest E3#ense / &+n%r0 7nterest E3#ense / &hort/Term 6orro,ings 7nterest an% Relate% E3#ense / Total 7nterest E3#ense / :ong/Term De$t 7m#lie% O#tion E3#ense 7n*estment E3#ense B7ns+ranceC E3#ense / 7n*estment BReal EstateC &ta'' E3#ense / Total Other 7ns+rance E3#ense Non/Financial &er*ices E3#ense Other E3#ense / Nonins+rance E3#ense / Noninterest / Total B6an-C E3#ense / Other B6ro-erDDealerC E3#enses / Other B7ns+ranceC O#erating E3#enses / Total O#eratings E3#enses / As Re#orte% O#erating E3#ense / Other 7m#lie% O#tion EP& Dil+te% 7m#lie% O#tion EP& 6asic E3#ense / Other BReal EstateC Pre#ai% E3#enses Pension an% Retirement E3#ense Research an% De*elo#ment E3#ense Rental E3#ense E3#ense / &+n%r0 &elling, 9eneral an% A%ministrati*e E3#ense &ta'' E3#ense B7ncome Acco+ntC &ta'' E3#ense / Other &ta'' E3#ense / Aages an% &alaries E3#ense / Total Other Un%er,riting E3#enses / 7ns+rance Un%er,riting E3#ense / :i'e Un%er,riting E3#ense / Non/:i'e Un%er,riting E3#ense / Other Un%er,riting E3#ense / Reins+rance Un%er,riting E3#ense / Total

Copyright 2010

C!MP.)TAT <atabase copyright notice 5o#0right U !!K, The Mc9ra,/2ill 5om#anies, 7nc. Data #ro*i%e% $0 &tan%ar% N PoorSs 5om#+stat, a Di*ision o' The Mc9ra,/2ill 5om#anies, 7nc.

You might also like