Professional Documents
Culture Documents
1 Contents
2 Summary
3 Transaction Assumptions
4 Operating Assumptions
5 Sources and Uses and Goodwill
6 Pro-Forma Balance Sheet
7 Target Company
8 Acquiring Company
9 Consolidated
10 Standalone Sensitivity
11 Economic Value Sensitivity
12 Rate of Return Sensitivity
13 Accretion Sensitivity
14 Tornado Chart
15 Scenario Analysis
16 Model Tests
17 Bond Rating Standards
18 Chart5
19 Chart4
20 Chart20
21 Chart2
22 Chart12
23 Chart3
24 Chart6
25 Chart13
26 Chart14
27 Chart15
28 Chart18
29 Chart19
30 Chart1
31 DCF
32 Stock Price
33 Financials
Colour Codes
Date 25-Jan-11
Author
uments\Courses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail Stores.xls
A - Retail Stores.xls
Contents
Acquisition Assumptions Standalone Valuation
Cash Value Per Share Paid 22.49 Equity Consideration
New Shares Issued 6,000.00 Enterprise Value Paid
Debt Issued in Transaction 7,294.80
Premium Paid per Share 36% Implied P/E Ratio
Implied EV/EBITDA Ratio
Operating Assumptions Implied M/B Ratio
Traffic per Store 230,000
Margin per Store 30.00% DCF Value - Enterprise Value
Cap Exp per New Store 850,000 DCF Value - Equity Value
Growth Rate in Stores 4.0%
Rate of Return From Transaction
Cost of Capital Assumptions IRR - Overall
WACC 9.80% IRR - Equity P/E
Terminal EV/EBITDA 8.00 IRR - Equity Market to Book
Terminal P/E Ratio 17.30
Residual Year 29 Capital Structure
Debt to Capital after Acq - Target
Tax and Accounting Debt to EBTIDA after Acquistion
Asset Sale for Tax Purposes 1 ✘
Plant Write-up 800.00 Consolidated Debt to Captial
Consolidated Debt to EBITDA
Synergies as Percent of Target
Revenue Synergies 0.00% Synergy and Premium
Cost Synergies 6.70% After Tax PV of Synergies
Capital Expenditures 0.00% Value of Premium
Cost to Achieve - Net Value of Transaction
Accretion and Dilution
16,320.00 1.80
17,819.19 1.60 Consolidated Earnings Per Share
1.40 Acquiring Company EPS
18.13 1.20
8.10 1.00
1.57 0.80
0.60
16,916.97
0.40
18,116.97
0.20
-
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
9.66%
11.75%
12.51%
Funds from Operation to Total Debt
60.0% Rating Target
54.7%
50.0%
4.17 Business Profile
40.0%
38.9%
2.10 30.0%
Business Profile 9
Contents
Model OK
Transaction Assumptions
Consideration for Equity
Exchange Rate 7.00
P/E 18.13
Market/Book Ratio 1.57
EV/EBITDA 8.10
Financing of Transaction
New Debt Issued 7,294.80
Term of New Debt 15
LIBOR 2%
Valuation Assumptions
Synergy Assumptions
Percent Amount
Revenue Synergy 0.00% -
Operating Expense Synergies 6.70% 484.09
Capital Expenditure Synergies 0.00% 0.01
Cost to Achieve -
Cash Consideration
Comments
Percent
1%
1.50%
2.00%
3.50%
65
173
216
Growth Rate
1% 0
1% 67 15.00%
1% 0
Total Retirements
2,500
2,000
1,500
1,000
500
0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31
Sens Scenario
40 45
230 230000
30 0.3
850 850000
Contents
Sources and Uses of Funds
Comments
Uses of Funds
Consideration 16,320.00
Advisory Fees 408.00 Fee Pct
Debt Issuance Fees 91.19 1.25%
Debt Retirement 800.00
Total Uses of Funds 17,619.19
Sources of Funds
New Shares Issued 7,324.38
Target Company Cash 600.00
Target Company Investments 1,600.00
New Senior Debt 7,294.80
New Subordinated Debt
Joint Venture Partner 800.00
Total Sources of Funds 17,619.19
Test 1
Goodwill Analysis
Consideration 16,320.00
Less: Existing Equity of Target Company 10,380.00
Add: Advisory Fees 408.00
Less: Plant Write-up 800.00
Less: Intangibles 400.00
Less: Inventory Write-up 10.00
Add: Accounts Receivable Write-down 40.00
Less: Deferred tax Write-down 1,000.00
Goodwill 4,178.00
(1/pct-1)
79
Contents
Comments
Balance Sheet
Account-
Existing ing Goodwill Use of Cash
Assets
Current Assets
Cash 1,200.00 -600.00
Accounts Receivable 160.00 -40.00
Inventories 30.00 10.00
Other 300.00
Total Current Assets 1,690.00
Long-term Assets
Fixed Assets - Gross 12,000.00 800.00
Accumulated Depreciation -1,500.00
Net Plant 10,500.00
Current Liabilities
Accounts Payable 550.00
Short-term Loans 800.00
Total 1,350.00
Long-term Liabilities
Long-Term Debt 4,000.00
Pension Obligations 300.00
Deferred Taxes 1,000.00 -1,000.00
Other Liabilities 100.00
Total Long-term Liabilities 5,400.00
Minority Interest
Common Equity 10,380.00
Shares 400
Issue of Remove New Equity Total New Restated in
Retire Debt New Debt Existing Eq Issued Adj Balance Currency
7.00
1 1
6,000 6,000
Acquiring
Company Consolidated
4,200.00
840.00
280.00
2,100.00
49,380.00 56,800.00
120,881.00 210,481.00
(51,681.00) (62,181.00)
69,200.00 148,300.00
2,344.00 7,944.00
11,200.00
18,986.00 23,886.00
71,181.00 73,981.00
30,926.00
638.30
92,511.00 148,575.30
-
211,091.00 353,675.30
36,914.00 40,764.00
8,853.00 8,853.00
45,767.00 49,617.00
34,810.00 113,873.62
3,354.00 5,454.00
972.00 972.00
10,359.00 11,059.00
49,495.00 131,358.62
34,192.00 39,792.00
81,637.00 132,907.68
211,091.00 353,675.30
17,891 23,891
Contents
2009 2010
Year 0 1
Explicit Valuation Phase 1 1
Stable Valuation Year 0 0
Teminal Switch 0 0
Working Analysis
Number of Stores
Opening Balance 20,000
Add: New Stores 1,410
Less: Retirements of Existing Stores 610
Less: Retirements of New Stores 0
Closing Balance 20,000 20,800
Margin 30.00%
Total Variable Costs 6,425,188,000
EBITDA 1,953,652,000
Inflation Rate 3%
Inflation Index 1 1.03
Synergies
Revenue Percent 0.00%
Revenue Syenrgies -
Growth 1.00%
Revenue Synergies -
Cost to Achieve -
Working Capital
A/R Days 10.00
A/R as Pct of Revenues 2.74%
Total Revenues 9,454.21
Assets
Plant Balance - Existing
Opening Balance 12,800.00
Add: Capital Expenditures
Less: Retirements 512.00
Closing Balance 12,800.00 12,288.00
Depreciation Rate 5%
Depreciation Expense - Existing 640.00
Accumulated Depreciation
Opening Balance (1,500.00)
Add: Depreciation Expense (640.00)
Less: Retirements (512.00)
Closing Balance -1,500.00 (1,628.00)
Book Life 20
New Assets
Opening Balance -
Add: Cap Exp 1,275.66
Less: Retirements -
Closing Balance 1,275.66
Accumulated Deprecaition
Opening Balance -
Add: Depreciation Expense -
Less: Retirements -
Closing Balance -
Intangible Assets
Opening Balance 400.00 400.00
Amortiztion Rate 15%
Amortization Expense 60.00
Accumulated Amortization
Opening Balance -
Add: Amortization Expense (60.00)
Closing Balance - (60.00)
Debt Balance
Exiting Long-term Debt
Opening Balance 4,000.00
Less: Repayment 400.00
Closing Balance 4,000.00 3,600.00
Interest Rate 9%
Interest Expense 0.00
Total Debt Balance 11,294.80 10,408.48
Total Long-term Interest Expense
Debt Balance Test 1
Income Statement
Revenues 9,454.21
Less: Operating Expenses 6,957.86
EBITDA 2,496.35
Less: Depreciation - Book 640.00
Less: Amortization 66.08
EBIT 1,790.27
Less: Interest on Long-term Debt 655.32
Less: Interest on Short-term Debt -
Add: Interest Income 56.00
EBT 1,190.95
Less: Taxes - Book 357.29
Net Income Before Minorty Interest 833.67
Less: Minority Interest 82.09
Net Income to Common Shareholders 751.58
Tax Analysis
Taxes Paid
EBT - Books 1,190.95
Add: Book Depreciation 640.00
Less: Tax Depreciation 895.83
EBT - Taxes 935.12
Balance Sheet
Common Equity
Opening Balance 7,324.38
Add: Net Income to Common 751.58
Less: Dividends to Common 300.63
Closing Balance 7,324.38 7,775.33
Minority Interest
Opening Balance 800.00
Add: Minority Income 82.09
Less: Dividends to Minority 32.84
Closing Balance 800.00 849.25
Assets
Current Assets
Cash 1,400.00 960.76
Accounts Receivable 120.00 259.02
Inventories 40.00 98.98
Other 300.00 300.00
Total Current Assets 1,860.00 1,618.76
Long-term Assets
Fixed Assets - Gross 12,800.00 13,563.66
Accumulated Depreciation -1,500.00 -1,628.00
Net Plant 11,300.00 11,935.66
Financial Investments
Fair Value of Derivatives 1,600.00 1,600.00
Other Investments 700.00 700.00
Intangible Assets 400.00 340.00
Goodwill 4,418.00 4,418.00
Debt Issuance Costs 91.19 85.11
Total Other Investments 7,209.19 7,143.11
Long-term Liabilities
Long-Term Debt 11,294.80 10,408.48
Pension Obligations 300.00 300.00
Deferred Taxes 0.00 76.75
Other Liabilities 100.00 100.00
Total Long-term Liabilities 11,694.80 10,885.23
Minority Interest 800.00 849.25
Common Equity 7,324.38 7,775.33
8,124.38 8,624.58
Total Liabilities and Equity 20,369.19 20,697.52
Difference - -
Test 1 1
Aggregate Test 1
Ratios
Credit Ratios
Debt to EBITDA 4.17
FFO to Debt 20%
Interest Coverage 2.73
Existing EPS
Existing Earnings 11,471.52
Existing Shares 17,891.13
Existing EPS 0.64
New EPS
Total Earnings 16,732.55
Total Shares 23,891.13
New EPS 0.70
EBITDA 2,496.35
Less: Capital Expenditures 1,275.66
Less: Working Capital Changes (439.71)
Less: EBIT x Taxes 537.08
Add: Change in Deferred Taxes 76.75
Add: Terminal Proceeds -
Total Cash Flow 1,200.07
WACC 10.00%
Enterprise Value - EV/EBITDA $16,916.97
Net Debt 1,200.00
Equity Value 18,116.97
Dividends 300.63
Earnings 751.58
Terminal Equity Value 0
Synergies
15 15 15 15 15 15
312,000.00 324,480.00 337,455.00 350,955.00 364,995.00 379,590.00
2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.67
832,000,000 865,280,000 899,880,000 935,880,000 973,320,000 1,012,240,000
3% 3% 3% 3% 3% 3%
1.0609 1.092727 1.12550881 1.1592740743 1.1940522965 1.2298738654
1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
0.00 0.00 0.00 0.00 0.00 0.00
5% 5% 5% 5% 5% 5%
614.40 589.82 566.23 543.58 521.84 500.96
9% 9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00 0.00
9,522.16 8,635.84 7,749.52 6,863.20 5,976.88 5,090.56
4% 4% 4% 4% 4% 4%
6% 6% 6% 6% 6% 6%
38.43 2.95 0.00 0.00 0.00 0.00
0.00 0.00 46.73 97.21 146.84 195.39
- - - - - -
1 1 1 1 1 1
15 15 15 15 15 15
394,770.00 410,565.00 426,990.00 444,075.00 452,955.00 462,015.00
2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.67
1,052,720,000 1,094,840,000 1,138,640,000 1,184,200,000 1,207,880,000 1,232,040,000
3% 3% 3% 3% 3% 3%
1.2667700814 1.3047731838 1.3439163793 1.3842338707 1.4257608868 1.4685337135
1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
0.00 0.00 0.00 0.00 0.00 0.00
5% 5% 5% 5% 5% 5%
480.93 461.69 443.22 425.49 408.47 392.13
9% 9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00 0.00
4,204.24 3,317.92 2,431.60 1,945.28 1,458.96 972.64
4% 4% 4% 4% 4% 4%
6% 6% 6% 6% 6% 6%
0.00 0.00 0.00 0.00 0.00 0.00
243.38 291.32 337.58 384.82 368.81 352.89
- - - - - -
1 1 1 1 1 1
15 15 15 15 15 15
471,255.00 480,675.00 490,290.00 500,100.00 510,105.00 520,305.00
2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.67
1,256,680,000 1,281,800,000 1,307,440,000 1,333,600,000 1,360,280,000 1,387,480,000
3% 3% 3% 3% 3% 3%
1.5125897249 1.5579674166 1.6047064391 1.6528476323 1.7024330612 1.7535060531
1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
0.00 0.00 0.00 0.00 0.00 0.00
5% 5% 5% 5% 5% 5%
376.45 361.39 346.94 333.06 319.74 306.95
9% 9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00 0.00
486.32 0.00 0.00 0.00 0.00 0.00
4% 4% 4% 4% 4% 4%
6% 6% 6% 6% 6% 6%
0.00 0.00 0.00 0.00 0.00 0.00
338.31 324.83 312.74 273.32 235.53 199.66
- - - - - -
1 1 1 1 1 1
0 0 0 0 0 0
36,089 36,811 37,547 38,298 39,064 39,845
1,371 1,410 1,473 1,538 1,606 1,677
15 15 15 15 15 15
530,715.00 541,335.00 552,165.00 563,205.00 574,470.00 585,960.00
2,666.67 2,666.67 2,666.67 2,666.67 2,666.67 2,666.67
1,415,240,000 1,443,560,000 1,472,440,000 1,501,880,000 1,531,920,000 1,562,560,000
3% 3% 3% 3% 3% 3%
1.8061112347 1.8602945717 1.9161034089 1.9735865111 2.0327941065 2.0937779297
1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
0.00 0.00 0.00 0.00 0.00 0.00
5% 5% 5% 5% 5% 5%
294.67 282.88 271.57 260.70 250.28 240.26
9% 9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
4% 4% 4% 4% 4% 4%
6% 6% 6% 6% 6% 6%
0.00 0.00 0.00 0.00 23.83 56.59
166.18 117.43 65.88 14.73 0.00 0.00
- - - - - -
1 1 1 1 1 1
0 0 0 0 0
40,642 41,455 42,284 43,130 43,993
1,752 1,829 1,911 1,996 2,085
15 15 15 15 15
597,675.00 609,630.00 621,825.00 634,260.00 646,950.00
2,666.67 2,666.67 2,666.67 2,666.67 2,666.67
1,593,800,000 1,625,680,000 1,658,200,000 1,691,360,000 1,725,200,000
3% 3% 3% 3% 3%
2.1565912675 2.2212890056 2.2879276757 2.356565506 2.4272624712
1.00% 1.00% 1.00% 1.00% 1.00%
0.00 0.00 0.00 0.00 0.00
5% 5% 5% 5% 5%
230.65 221.43 212.57 204.07 195.91
9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
4% 4% 4% 4% 4%
6% 6% 6% 6% 6%
88.16 118.23 146.47 172.49 196.29
0.00 0.00 0.00 0.00 0.00
- - - - -
1 1 1 1 1
- - - - -
0% 0% 0% 0% 0%
- - - - -
Balance Sheet
Assets
Current assets
Gross Plant
Accumulated Depreciation
Property, plant and equipment, net (3)
Investment in shares
Intangible assets
Other assets
Total assets
Liabilities
Short-term debt
Current liabilities
Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders’ equity
Total Liabilities and Equity
Income Statement
Total revenues
Cost of Sales without Depreciation
Operating expenses
Other expenses, net
EBITDA
Depreciation
Amortization
EBIT
Interest Expense
Interest Income
Exchange and Other
EBT
Income taxes
Consolidated net income for the year
Minoirty Interest
Net controlling interest income
Other information
Depreciation
income from operations
Capital expenditures (2)
Intangible Asset Increase
Interest Expense
Interest Income
Exchange and Other
Net Interest Expense
Stock Price
Market Cap
P/E Ratio
Market to Book
EV/EBITDA
Return on Equity
Return on Investment Capital
Year
Sales Growth
Cost of Goods as Percent of Sales
Operating Expense Growth
Depreciation Rate
Amortization Rate
Average Debt
Average Interest Expense
Average Investments
Average Interest Income Rate
Working Analysis
Revenues
Growth Rate
Base Revenues
Add: Revenues for Acquisition
Add: Synergies
Total Revenues
Total Expenses
Working Capital
Level of WC
Change in WC
Asset Schedule
Plant Balance
Opening Balance
Add: Capital Expenditures
Closing Balance
Deprecitaion Rate
Depreciation
Accumulated Depreciation
Opening Balance
Add: Intangible Assets Increase
Closing Balance
Intangible Assets
Opening Balance
Add: New Intangibles
Closing Balance
Intangible Rate
Intangible Amortization
Accumulated Amoritization
Opening Balance
Add: Amortization
Closing Balance
Other Assets
Add: Other Assets from Acquistion
Total Other Assets
Debt Schedule
Long-term Debt
Opening Balance
Less: Repayment
Closing Balance
Interest Rate
Interest Expense - Long-term
Financial Investments
Debt Balance
Interest Rate on Cash
Interest Rate on Debt
Interest Income
Interest Expense
Pension Liabilities
Deferred Tax Liabilities
Other Liabilities
Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation
Less: Amortization
EBIT
Less: Interest
Add: Interest Income
Less: Other
EBT
Less: Income Tax
Income After Tax
Less: Minority Interest
Income to Common Shares
Cash Flow
EBITDA
Less: Income Tax
Less: WC Change
Cash Flow from Operations
Less: Capital Expenditures
Less: Intangible Assets Increase
Cash Flow Before Financing
Less: Common Dividend
Less: Minority Divdends
Less: Interest Expense
Less: Debt Repayment
Add: Interest Income
Net Cash Flow
Total Shares
Add: New Shares
Balance Sheet
Common Equity
Opening Balance
Add: Net Income
Less: Dividends
Closing Balance
Minority Interest
Opening Balance
Add: Net Income
Less: Dividends
Closing Balance
Assets
Current assets
Investment in shares
Intangible assets
Other assets
Total assets
Liabilities
Short-term debt
Current liabilities
Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders’ equity
Total Liabilities and Equity
Difference
Debt to Capital
Return on Equity
Return on Invested Capital
2009
49,380
120,881
-51,681
69,200
2,344
71,181
18,986
211,091
8,853
36,914
34,810
3,354
972
10,359
95,262
34,192
81,637
115,829
211,091
197,033
96,117
63,826
3,506
33,584
5,596
4,482
23,506
5,179
769
106
18,990
3,908
15,082
5,174
9,908
5,596
4,482
13,178
9,803
5,179
769
106
4,516
2,255
1.08
18%
29%
4.56
0.55
17,891
8.55
152,882
15.43
1.32
5.88
13.17%
11.63%
1 2 3 4 5 6
2009 2010 2011 2012 2013 2014 2015
16% 8% 8% 8% 8% 8% 8%
49% 48% 49% 49% 49% 49% 49%
16% 6% 6% 6% 6% 6% 6%
4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%
6.3% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3%
27,006
19% 9% 9% 9% 9% 9% 9%
2,155
36% 5% 5% 5% 5% 5% 5%
7% 5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5% 5%
16% 8% 8% 8% 8% 8% 8%
197,033 212,796 229,819 248,205 268,061 289,506 312,667
16% 6% 6% 6% 6% 6% 6%
63,826 67,400 71,175 75,160 79,369 83,814 88,508
3,506 3506 3786 4089 4417 4770 5151
7% 5% 5% 5% 5% 5% 5%
13,178 10,640 11,491 12,410 13,403 14,475 15,633
5% 5% 5% 5% 5% 5% 5%
9,803 10,508 11,349 12,256 13,237 14,296 15,440
0 0 0 0 0 0
4,482 5,144 5,858 6,630 7,463 8,364
19% 9% 9% 9% 9% 9% 9%
0 3132.9 2819.61 2506.32 2193.03 1879.74 1566.45
2,344 - - - - - -
8,853 14,422 22,044 29,244 35,962 42,040 47,440
5% 5% 5% 5% 5% 5%
9% 9% 9% 9% 9% 9%
3,354 117 - - - - -
972 797 1,298 1,984 2,632 3,237 3,784
2,344 0 0 0 0 0 0
71,181 77,207 83,412 89,810 96,417 103,249 110,325
18,986 18,986 18,986 18,986 18,986 18,986 18,986
211,091 223,767 239,641 256,437 274,228 293,095 313,123
0 0 0 0 0 0 0
8% 8% 4% 4% 2% 2% 2%
49% 49% 49% 49% 49% 49% 49%
6% 6% 3% 3% 1% 1% 1%
4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%
6.3% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3%
9% 9% 9% 9% 9% 9% 9%
5% 5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5% 5%
5% 5% 5% 5% 5% 5% 5%
8% 8% 4% 4% 2% 2% 2%
337,680 364,694 379,282 394,453 402,342 410,389 418,597
6% 6% 3% 3% 1% 1% 1%
93,464 98,698 101,462 104,303 105,763 107,244 108,745
5564 6009 6249 6499 6629 6762 6897
5% 5% 5% 5% 5% 5% 5%
16,884 18,235 18,964 19,723 20,117 20,519 20,930
5% 5% 5% 5% 5% 5% 5%
16,675 18,009 18,729 19,478 19,868 20,265 20,670
0 0 0 0 0 0 0
9,336 10,386 11,520 12,699 13,925 15,176 16,452
9% 9% 9% 9% 9% 9% 9%
1253.16 939.87 626.58 313.29 0 0 0
- - - - - - -
52,023 55,662 57,211 57,387 52,073 45,135 36,494
5% 5% 5% 5% 5% 5% 5%
9% 9% 9% 9% 9% 9% 9%
- - - - - - -
4,270 4,682 5,010 5,149 5,165 4,687 4,062
0 0 0 0 0 0 0
117,664 125,287 132,497 139,276 145,219 150,307 154,525
18,986 18,986 18,986 18,986 18,986 18,986 18,986
334,405 357,042 376,037 394,628 410,038 424,106 436,804
0 0 0 0 0 0 0
Consolidated Assumptions
Interest Rates
New Debt (Short-term Debt) 9% 9%
Cash Balance 5% 5%
Assets
Current Assets
Cash 4,200.00
Accounts Receivable 840.00
Inventories 280.00
Other 2,100.00
Total Current Assets 56,800.00
Long-term Assets
Fixed Assets - Gross 210,481.00
Accumulated Depreciation (62,181.00)
Net Plant 148,300.00
Current Liabilities
Accounts Payable 40,764.00
Short-term Loans 8,853.00
Total 49,617.00
Long-term Liabilities
Long-Term Debt 113,873.62
Pension Obligations 5,454.00
Deferred Taxes 972.00
Other Liabilities 11,059.00
Total Long-term Liabilities 131,358.62
Minority Interest 39,792.00
Common Equity 132,907.68
Working
Revenues
Target Company 66,179.44 68,952.23
Acquiring Company 212,795.64 229,819.29
Total Revenues 278,975.08 298,771.52
Capital Expenditures
Target Company 8,929.59 9,603.88
Acquiring Company 10,639.78 11,490.96
Total Capital Expenditures 19,569.37 21,094.84
Plant Balance
Target Company 89,600.00 94,945.59 101,108.82
Acquiring Company 120,881.00 131,520.78 143,011.75
Total Plant Balance 210,481.00 226,466.37 244,120.57
Depreciation Expense
Target Company - 4,480.00 4,747.28
Acquiring Company 5,596.00 6,088.55
Total Depreciation Expense 10,076.00 10,835.83
Accumulated Depreciation
Target Company (10,500.0) (11,396.0) (12,702.6)
Acquiring Company (51,681.00) (57,277.00) (63,365.55)
Total Accumulated Depreciation (62,181.0) (68,673.0) (76,068.2)
Intangible Assets
Target Company 2,800.00 2,800.00 2,800.00
Acquiring Company 71,181.00 81,688.92 93,037.47
Total 73,981.00 84,488.92 95,837.47
Accumulated Amortisation
Target Company - (420.00) (840.00)
Acquiring Company - (4,482.00) (9,625.64)
Total - (4,902.00) (10,465.64)
Intangible Amortisation
Target Company 420.00 420.00
Acquiring Company 4,482.00 5,143.64
Total 4,902.00 5,563.64
Fee Amortisation
Target Company 42.553016275 42.553016275
Acquiring Company
Total 0 42.553016275 42.553016275
Derivative Assets
Target Company 11,200 11,200 11,200
Acquiring Company
Total 11,200 11,200 11,200
Goodwill
Target Company 30,926.00 30,926.00 30,926.00
Acquiring Company
Total 30,926.00 30,926.00 30,926.00
Other Assets
Target Company 4,900.0 4,900.0 4,900.0
Acquiring Company 18,986.00 18,986.00 18,986.00
Total 23,886.0 23,886.0 23,886.0
Interest Expense
Target Company 4,587.23 4,188.08 3,788.93
Acquiring Company 3,132.90 2,819.61
Total 7,320.98 6,608.54
Penison Liabilities
Target Company 2,100.00 2,100.00 2,100.00
Acquiring Company 3,354.00 3,354.00 3,354.00
Total 5,454.00 5,454.00 5,454.00
Other Liabilities
Target Company 700.00 700.00 700.00
Acquiring Company 10,359.00 10,359.00 10,359.00
Total 11,059.00 11,059.00 11,059.00
Minority Interest
Minority Income
Target Company 574.63 606.61
Acquiring Company 5,990.47 6,703.36
Total 6,565.11 7,309.97
Minority Dividend
Target Company 229.85 242.64
Acquiring Company 1,797.14 2,011.01
Total 2,027.00 2,253.65
Taxes Paid
Taxes Booked 10,014.69 11,069.30
Less: Change in Deferred Tax 537.25 657.53
Taxes Paid 9,477.44 10,411.77
Cash Flow
EBITDA 56,310.61 61,193.62
Less: WC Change (2,080.67) 1,040.99
Less: Taxes Paid 9,477.44 10,411.77
Operating Cash Flow 48,913.84 49,740.86
Less: Capital Expenditures 19,569.37 21,094.84
Less: Expenditures for Intangibles 10,507.92 11,348.55
Add: Sale Proceeds
Cash Before Financing 18,836.56 17,297.47
Less: Interest on Long-term 7,320.98 6,608.54
Less: Interest on Short-term 796.77 1,245.39
Add: Interest Income 210.00 -
Less: Debt Repayment 9,685.24 9,685.24
Less: Dividends to Minority 2,027.00 2,253.65
Less: Dividends to Common 8,401.26 9,259.19
Net Cash Flow (9,184.68) (11,754.55)
Balance Sheet
Common Equity
Opening Balace 132,907.68 141,308.93
Add: Net Income 16,802.51 18,518.39
Less: Dividends 8,401.26 9,259.19
Closing Balance 132,907.68 141,308.93 150,568.13
Minority Interest
Opening Balace 39,792.00 44,330.11
Add: Net Income 6,565.11 7,309.97
Less: Dividends 2,027.00 2,253.65
Closing Balance 39,792.00 44,330.11 49,386.43
Assets
Current Assets
Cash 4,200.00 - -
Other 52,600.00 57,936.36 62,288.95
Total Current Assets 56,800.00 57,936.36 62,288.95
Long-term Assets
Fixed Assets - Gross 210,481.00 226,466.37 244,120.57
Accumulated Depreciation (62,181.00) (68,673.00) (76,068.19)
Net Plant 148,300.00 157,793.37 168,052.38
Current Liabilities
Accounts Payable 40,764.00 48,181.03 51,492.63
Short-term Loans 8,853.00 13,837.68 25,592.24
Total 49,617.00 62,018.72 77,084.87
Long-term Liabilities
Long-Term Debt 113,873.62 104,188.38 94,503.14
Pension Obligations 5,454.00 5,454.00 5,454.00
Deferred Taxes 972.00 1,509.25 2,166.78
Other Liabilities 11,059.00 11,059.00 11,059.00
Total Long-term Liabilities 131,358.62 122,210.63 113,182.91
Minority Interest 39,792.00 44,330.11 49,386.43
Common Equity 132,907.68 141,308.93 150,568.13
Difference - - -
Test 1.00 1.00 1.00
Aggregrate 1.00
Earnings Per Share
Shares
Target Company 6,000.00 6,000.00 6,000.00
Acquiring Company 17,891.13 17,891.13 17,891.13
Total 23,891.13 23,891.13 23,891.13
2010 2011
Consolidated Earnings Per Share 0.70 0.78
Acquiring Company EPS 0.64 0.72
Accretion Percent 10% 8%
2010 2011
FFO to Debt 35% 35%
9 BBB
2010 2011
FFO to Debt 34.6% 34.9%
Minimum 30.0% 30.0%
Maximum 15.0% 15.0%
2012 2013 2014 2015 2016 2017 2018
9% 9% 9% 9% 9% 9% 9%
5% 5% 5% 5% 5% 5% 5%
- - - - - - -
5% 5% 5% 5% 5% 5% 5%
- - - - - - -
- - - - - - -
67,058.50 72,207.28 77,765.48 83,765.69 90,243.15 97,235.87 101,128.96
67,058.50 72,207.28 77,765.48 83,765.69 90,243.15 97,235.87 101,128.96
- - - - - - -
1.00 1.00 1.00 1.00 1.00 1.00 1.00
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
17,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13
23,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13
9% 9% 9% 9%
5% 5% 5% 5%
- - - -
12,698.96 13,925.43 15,176.43 16,452.45
12,698.96 13,925.43 15,176.43 16,452.45
- - - -
5% 5% 5% 5%
- - - -
- - - -
105,184.02 107,394.53 109,637.71 111,895.83
105,184.02 107,394.53 109,637.71 111,895.83
- - - -
1.00 1.00 1.00 1.00
6,000.00 6,000.00 6,000.00 6,000.00
17,891.13 17,891.13 17,891.13 17,891.13
23,891.13 23,891.13 23,891.13 23,891.13
WACC
8.50% 12,853 13,618 14,619 15,985
9.00% 11,977 12,612 13,430 14,519
9.50% 11,201 11,733 12,406 13,287
10.00% 10,511 10,958 11,518 12,237
Terminal EV/EBITDA
6.00 6.50 7.00 7.50
7.00% 19,468 20,438 21,407 22,377
7.50% 18,531 19,444 20,356 21,269
8.00% 17,650 18,509 19,368 20,227
WACC
DA
8.00
23,346
22,181
21,086
20,055
19,085
18,172
17,312
Contents
Terminal Year 29
Terminal EV/EBITDA 8.00
Revenue Synergies 0.00%
Cost Synergies 6.70%
Capital Expenditures 0.00%
Cost to Achieve 0.00
Value of Synergies
0.00% 10.00% 20.00% 30.00%
7.00% 5,100.84 5,100.84 5,100.84 5,100.84
7.50% 4,807.37 4,807.37 4,807.37 4,807.37
8.00% 4,540.03 4,540.03 4,540.03 4,540.03
WACC
ium
40.00%
300.84
7.37
(259.97)
(503.97)
(727.11)
(931.57)
(1,119.27)
Contents
Shares Issued
4,500.00 17.8% 17.4% 17.1% 16.7%
3,500.00 19.9% 19.5% 19.1% 18.7%
2,500.00 22.9% 22.5% 22.0% 21.5%
1,500.00 27.6% 27.1% 26.5% 26.0%
500.00 37.4% 36.7% 35.9% 35.1%
40.00%
13.5%
14.7%
16.3%
18.2%
21.0%
25.4%
34.3%
40.00%
15.3%
16.1%
17.2%
18.6%
20.8%
24.5%
32.7%
Contents
-5% -7% 5%
Cost Synergy Percent
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00%
Contents 0
Scenario
Scenario Number 3
Variable Number 5
Shares Issued 6,000.00
Premium 36%
Variable Number
1 2 3 4
1 13.3% 13.3% 13.3% 13.3%
Sc Num
● Tornado
11.75% 12.51% 9.66% 6.48%
Cost Synergy IRR on Equity - IRR on Equity - Overall IRR on 5-Year Average
Percent PE Ratio M/B Ratio Free Cash Flow Accretion
5
10.00% 1 13.3% 14.0% 9.8% 12.4%
0.00% 2 5.8% 7.3% 5.1% -13.0%
15.00% 3 18.3% 18.7% 14.1% 29.4%
0.00% 4 3.9% 6.0% 4.4% -14.3%
15.00% #VALUE!
1 #VALUE!
15.00% #VALUE!
15.00% #VALUE!
5
13.3%
10.8%
14.5%
-2.6% #VALUE!
1.2% #VALUE!
3.7% #VALUE!
3.7% #VALUE!
5 #VALUE!
Cost Synergy
Percent #VALUE!
-2.56% #VALUE!
1.16% #VALUE!
18,116.97
DCF Value -
Equity
19,049.43 output8
7,479.95
32,683.48
6,728.93
Contents
Model OK #VALUE!
comment 0
Comments
Contents
Funds from Operations to Interest Expense
Interest Coverage
FFO to Debt
Low and High Target from Profile 0.0% 0.0% 45.0% 65.0% 30.0% 45.0%
Rating Target
3 9 9
AA 1
A 2
BBB 3 BBB
BB 4
5
6
7
8
9
To Graph - Make Stacked Bar and then Remove Colors and Lines from Minimum
1 1.5
1.5 2.5
1.8 2.8
2 3
2.2 3.2
2.5 3.5
2.8 4
5% 10%
8% 12%
10% 15%
12% 18%
15% 20%
15% 25%
20% 30%
25% 40%
9 9
2.8 4
20.0% 30.0%
2017
4
7
2017
4.00
3
2017
0.3
0.45
2017
0.3
0.15
FFO to Debt
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Chart Title
1.80
1.40
1.20
1.00
0.80
0.60
0.40
0.20
-
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Debt to EBITDA
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Net Income to Common Shareholders
4,500.00
4,000.00
3,500.00
3,000.00
2,500.00
2,000.00
1,500.00
1,000.00
500.00
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Funds from Operation to Total Debt
60.0%
50.0%
40.0%
Maximum
30.0%
Minimum
20.0%
10.0%
0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
EPS from Acquisition
6.00
5.00
4.00
2.00
1.00
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Total Retirements
2,500
2,000
1,500
1,000
500
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
EBITDA
4,500,000,000
4,000,000,000
3,500,000,000
3,000,000,000
2,500,000,000
EBITDA
2,000,000,000
1,500,000,000
1,000,000,000
500,000,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Total Cap Exp
3,000,000,000
2,500,000,000
2,000,000,000
1,000,000,000
500,000,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Less: Depreciation - Book
4,000.00
3,500.00
3,000.00
2,500.00
1,500.00
1,000.00
500.00
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Debt to Capital
60.0%
50.0%
40.0%
30.0% Debt to
Capital
20.0%
10.0%
0.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Return on Invested Capital
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Cash Consideration 22.48904439 Shares Exchanged 6,000.00
P/E 18.13 EV/EBITDA 1.57
2.00
1.80
1.60
1.40
1.20
1.00 Existing
EPS
New EPS
0.80
0.60
0.40
0.20
-
1 2 3 4 5 6 7 8 9 10 11 12 13
Contents
Operating Assumption
EBITDA 100
Growth Rate 12%
Valuation Assumption
Risk Free Rate 10%
EMRP 3%
Beta 1.20
Working Analysis
EBITDA
EBITDA Growth 12% 12% 12% 12%
EBITDA 100.00 112.00 125.44 140.49 157.35
Working Capital
EBITDA 100 112 125.44 140.4928 157.3519
Pct of Working Capital 20% 20% 20% 20% 20%
Total Working Capital 20.00 22.4 25.088 28.09856 31.47039
Change in Working Capital 2.40 2.69 3.01 3.37
Depreciation Expense
Opening Balance 800.00 822.40 847.49 875.59
Add: Cap Exp 22.4 25.088 28.09856 31.47039
Less: Retirements of Plant
Closing Balance 800.00 822.40 847.49 875.59 907.06
Depreciation Rate 5% 5% 5% 5%
Depreciation Expense 40.00 41.12 42.37 43.78
Period 0 1 2 3 4
Explicit Period Switch 1 1 1 1
Terminal Period Switch 0 0 0 0
WACC 10.00%
Terminal Value 0.00 0.00 0.00 0.00
Explicit
Period EMRP Beta
1 5 3% 1.2
2 9 4% 1.2
3 8 5% 1.2
4 7 6% 1.2
5 6 7% 1.2
6 5 8% 1.2
5 0.03 1.2
$5,012.13 1% 1.50% 2%
7% 1,047.22 1,093.87 1,146.34
8% 1,047.22 1,093.87 1,146.34
9% 1,047.22 1,093.87 1,146.34
10% 1,047.22 1,093.87 1,146.34
5% 5% 5% 5% 5% 5% 5% 5% 5%
45.35 47.12 49.09 51.30 53.78 56.55 59.65 63.13 67.03
5 6 7 8 9 10 11 12 13
1 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0
176.23 0 0 0 0 0 0 0 0
35.25 0 0 0 0 0 0 0 0
3.78 0 0 0 0 0 0 0 0
32.72 0 0 0 0 0 0 0 0
104.49 0 0 0 0 0 0 0 0
Terminal
Growth Explicit
Rate EV TV Per Value EV/EBITDA
$5,012.13 $4,693.02 $319.12 50.12
8.50% 1
7.50% 2
7.00% 3
4.50% 4
2.00% 5
0.00% 6
0.085
2.50%
1,205.82
1,205.82
1,205.82
1,205.82
104.490558 0 0 0 0 0 0 0 0
1233.63918 0 0 0 0 0 0 0 0
1338.12974 0 0 0 0 0 0 0 0
8
1194.5375
1194.5375
1194.5375
1194.5375
12% 12% 12% 12% 12% 12% 12%
488.71 547.36 613.04 686.60 769.00 861.28 964.63
5% 5% 5% 5% 5% 5% 5%
71.39 76.28 81.75 87.88 94.75 102.44 111.05
14 15 16 17 18 19 20
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
Contents FOMENTO ECONOMICO
Volume
11/17/2005 23.08333 701,100 2005 2005 2006
11/18/2005 22.76666 675,900 2005 23.19 30.45
11/21/2005 22.78333 741,000 2005 12.3 12.3
11/22/2005 22.73 572,700 2005 5.71 7.49
11/23/2005 22.84 710,400 2005
11/25/2005 22.9 412,500 2005
11/28/2005 22.67666 562,500 2005
11/29/2005 22.66666 840,900 2005
11/30/2005 22.66333 804,900 2005 2005 23.19211
12/1/2005 23.13333 875,400 2005 2006 30.44905
12/2/2005 23.03666 685,500 2005 2007 37.08693
12/5/2005 22.74333 670,200 2005 2008 39.04245
12/6/2005 23.28333 1,721,100 2005 2009 34.73623
12/7/2005 23.05666 359,400 2005 2010 47.34806
12/8/2005 22.75666 666,900 2005
12/9/2005 22.51333 436,200 2005
12/12/2005 22.91 441,900 2005
12/13/2005 22.72666 373,200 2005
12/14/2005 23.12 595,200 2005
12/15/2005 23.15 781,800 2005
12/16/2005 23.22666 669,300 2005
12/19/2005 23.19333 982,500 2005
12/20/2005 23.47 562,500 2005
12/21/2005 24.02666 1,559,700 2005
12/22/2005 23.85666 669,300 2005
12/23/2005 24.05333 631,800 2005
12/27/2005 24.12666 226,200 2005
12/28/2005 23.91666 466,200 2005
12/29/2005 24.18333 370,200 2005
12/30/2005 24.17 353,100 2005
1/3/2006 24.85333 1,138,800 2006
1/4/2006 25.73333 1,649,100 2006
1/5/2006 25.5 752,400 2006
1/6/2006 25.62333 309,600 2006
1/9/2006 25.66666 321,600 2006
1/10/2006 25.52 384,600 2006
1/11/2006 26.14666 659,700 2006
1/12/2006 26.19666 552,600 2006
1/13/2006 26.14666 947,700 2006
1/17/2006 25.59666 943,200 2006
1/18/2006 25.3 1,111,500 2006
1/19/2006 25.50333 656,400 2006
1/20/2006 25.08333 557,100 2006
1/23/2006 25.21666 821,700 2006
1/24/2006 25.32666 882,600 2006
1/25/2006 25.5 486,600 2006
1/26/2006 25.99666 948,900 2006
1/27/2006 26.75333 1,614,000 2006
1/30/2006 26.53666 726,300 2006
1/31/2006 26.11333 1,287,900 2006
2/1/2006 25.95 1,453,200 2006
2/2/2006 25.64 768,600 2006
2/3/2006 25.55 714,300 2006
2/6/2006 26 1,115,100 2006
2/7/2006 26.01666 884,400 2006
2/8/2006 26.12 924,900 2006
2/9/2006 26.59333 826,500 2006
2/10/2006 26.59333 851,100 2006
2/13/2006 26.18 1,497,900 2006
2/14/2006 26.22 1,215,300 2006
2/15/2006 26.26 740,400 2006
2/16/2006 26.71333 673,500 2006
2/17/2006 26.85333 689,700 2006
2/21/2006 26.71 548,700 2006
2/22/2006 27.16 1,006,200 2006
2/23/2006 27.36 676,800 2006
2/24/2006 27.72 1,371,000 2006
2/27/2006 28.70333 1,113,300 2006
2/28/2006 28.99666 1,630,800 2006
3/1/2006 29.17333 507,000 2006
3/2/2006 29.12666 675,300 2006
3/3/2006 28.92333 570,000 2006
3/6/2006 28.45 936,300 2006
3/7/2006 27.75 1,275,000 2006
3/8/2006 27.6 1,542,900 2006
3/9/2006 27.93333 1,191,300 2006
3/10/2006 28.33333 1,394,100 2006
3/13/2006 28.16 464,700 2006
3/14/2006 28.14333 835,500 2006
3/15/2006 29.96333 5,653,201 2006
3/16/2006 30.44 1,939,800 2006
3/17/2006 30.52 2,916,600 2006
3/20/2006 30.64666 1,435,200 2006
3/21/2006 30.25666 816,900 2006
3/22/2006 29.82666 1,355,400 2006
3/23/2006 29.96 672,300 2006
3/24/2006 29.96666 179,700 2006
3/27/2006 30.11 901,800 2006
3/28/2006 30.61666 2,422,200 2006
3/29/2006 30.57 1,213,800 2006
3/30/2006 30.45 999,300 2006
3/31/2006 30.55333 766,500 2006
4/3/2006 31.08 1,158,300 2006
4/4/2006 31.06666 1,050,900 2006
4/5/2006 30.83333 954,900 2006
4/6/2006 30.23 1,476,600 2006
4/7/2006 29.29666 1,531,500 2006
4/10/2006 29.59666 966,900 2006
4/11/2006 29.05666 622,500 2006
4/12/2006 29.47333 2,216,100 2006
4/13/2006 29.67 1,005,300 2006
4/17/2006 29.84 1,272,300 2006
4/18/2006 29.82666 2,022,900 2006
4/19/2006 29.5 1,153,800 2006
4/20/2006 29.56333 1,305,600 2006
4/21/2006 29.86 1,443,300 2006
4/24/2006 29.85 654,300 2006
4/25/2006 29.68 784,200 2006
4/26/2006 30.37333 1,028,100 2006
4/27/2006 30.23 721,800 2006
4/28/2006 30.96 1,325,100 2006
5/1/2006 30.93666 408,300 2006
5/2/2006 32.16666 1,080,000 2006
5/3/2006 31.78333 1,036,500 2006
5/4/2006 31.96333 794,700 2006
5/5/2006 32.08333 927,000 2006
5/8/2006 32.25 782,700 2006
5/9/2006 32.33 1,339,200 2006
5/10/2006 32.20333 940,500 2006
5/11/2006 31.62666 754,200 2006
5/12/2006 31.05 1,225,200 2006
5/15/2006 30.75333 1,070,700 2006
5/16/2006 31.22333 1,503,000 2006
5/17/2006 30.68666 2,540,700 2006
5/18/2006 30.11 1,452,300 2006
5/19/2006 29.99 1,536,900 2006
5/22/2006 28.37666 2,979,600 2006
5/23/2006 29.15666 2,467,500 2006
5/24/2006 28.07333 3,174,000 2006
5/25/2006 29.31333 1,869,600 2006
5/26/2006 29.66 1,636,200 2006
5/30/2006 28.04333 1,993,200 2006
5/31/2006 28.59666 1,608,900 2006
6/1/2006 29.46666 1,126,200 2006
6/2/2006 29.48333 642,900 2006
6/5/2006 28.42333 911,400 2006
6/6/2006 28.48333 898,200 2006
6/7/2006 28.25 1,085,100 2006
6/8/2006 28.15 2,622,300 2006
6/9/2006 27.2 1,521,000 2006
6/12/2006 25.65666 1,833,600 2006
6/13/2006 25.01333 3,550,500 2006
6/14/2006 24.40666 4,155,900 2006
6/15/2006 25.33333 6,720,901 2006
6/16/2006 25.05666 3,074,700 2006
6/19/2006 25.14666 2,425,800 2006
6/20/2006 25.46333 876,600 2006
6/21/2006 26.29666 1,664,700 2006
6/22/2006 26.42 1,534,800 2006
6/23/2006 26.64333 1,159,500 2006
6/26/2006 26.46 432,900 2006
6/27/2006 25.80666 954,600 2006
6/28/2006 26.25 522,000 2006
6/29/2006 27.70333 1,042,200 2006
6/30/2006 27.90666 1,757,100 2006
7/3/2006 29.25333 1,523,700 2006
7/5/2006 28.86666 1,705,200 2006
7/6/2006 28.99666 1,597,500 2006
7/7/2006 28.26666 1,270,500 2006
7/10/2006 28.56666 606,900 2006
7/11/2006 28.63333 898,500 2006
7/12/2006 28.65333 789,300 2006
7/13/2006 27.54 1,595,700 2006
7/14/2006 26.99333 2,193,900 2006
7/17/2006 26.88666 563,700 2006
7/18/2006 27.69666 1,849,200 2006
7/19/2006 28.84 1,974,600 2006
7/20/2006 28.16666 992,100 2006
7/21/2006 27.93333 987,300 2006
7/24/2006 29.04666 1,401,000 2006
7/25/2006 29.64 1,512,000 2006
7/26/2006 29.05666 1,437,000 2006
7/27/2006 28.81 1,241,400 2006
7/28/2006 29.3 1,805,700 2006
7/31/2006 29.26666 844,800 2006
8/1/2006 29.34333 960,600 2006
8/2/2006 29.83666 1,088,100 2006
8/3/2006 29.88666 1,217,100 2006
8/4/2006 30.2 1,364,700 2006
8/7/2006 29.77 645,000 2006
8/8/2006 30.00333 805,800 2006
8/9/2006 29.28 2,536,500 2006
8/10/2006 29.33333 984,300 2006
8/11/2006 29.51333 895,500 2006
8/14/2006 29.96666 641,400 2006
8/15/2006 30.68666 966,600 2006
8/16/2006 30.94666 1,003,800 2006
8/17/2006 30.99 1,131,600 2006
8/18/2006 30.87666 518,700 2006
8/21/2006 30.90333 426,600 2006
8/22/2006 31.03 578,700 2006
8/23/2006 30.80333 752,100 2006
8/24/2006 30.64333 647,400 2006
8/25/2006 30.55666 295,200 2006
8/28/2006 30.81333 231,300 2006
8/29/2006 30.97666 877,500 2006
8/30/2006 31.57333 1,006,200 2006
8/31/2006 31.30666 1,102,500 2006
9/1/2006 31.43333 866,700 2006
9/5/2006 31.21666 582,600 2006
9/6/2006 30.70666 918,600 2006
9/7/2006 30.43 871,800 2006
9/8/2006 30.49333 476,400 2006
9/11/2006 30.55666 1,176,300 2006
9/12/2006 31.87333 1,324,800 2006
9/13/2006 32.67333 2,021,100 2006
9/14/2006 32.72 1,168,800 2006
9/15/2006 32.72 510,900 2006
9/18/2006 32.95 500,100 2006
9/19/2006 33.13333 1,320,300 2006
9/20/2006 33.3 1,446,600 2006
9/21/2006 32.21 1,057,200 2006
9/22/2006 31.37666 876,600 2006
9/25/2006 32.63 1,099,800 2006
9/26/2006 32.30666 717,900 2006
9/27/2006 32.04666 845,700 2006
9/28/2006 32.32666 519,000 2006
9/29/2006 32.31333 618,300 2006
10/2/2006 32.18666 869,700 2006
10/3/2006 31.92666 541,800 2006
10/4/2006 33.08666 702,600 2006
10/5/2006 33.23 729,600 2006
10/6/2006 32.84 911,100 2006
10/9/2006 32.76333 438,900 2006
10/10/2006 32.93666 644,400 2006
10/11/2006 32.79666 1,191,000 2006
10/12/2006 33.38666 1,110,000 2006
10/13/2006 33.83333 1,259,100 2006
10/16/2006 33.98333 830,400 2006
10/17/2006 33.25 1,234,500 2006
10/18/2006 33.33666 881,400 2006
10/19/2006 33.29 610,200 2006
10/20/2006 32.83333 1,112,700 2006
10/23/2006 32.98 1,105,800 2006
10/24/2006 32.5 1,404,900 2006
10/25/2006 32.81 816,900 2006
10/26/2006 33.14 826,500 2006
10/27/2006 32.77333 587,100 2006
10/30/2006 31.78333 2,120,400 2006
10/31/2006 32.23 1,731,900 2006
11/1/2006 32.63333 2,174,700 2006
11/2/2006 32.53666 914,700 2006
11/3/2006 32.68 447,300 2006
11/6/2006 33.58333 731,400 2006
11/7/2006 33.42666 956,400 2006
11/8/2006 34.03 831,300 2006
11/9/2006 33.61 892,800 2006
11/10/2006 34.15666 816,900 2006
11/13/2006 33.85 549,900 2006
11/14/2006 34.32666 1,323,900 2006
11/15/2006 34.16333 1,032,000 2006
11/16/2006 34.70666 874,200 2006
11/17/2006 34.63 923,700 2006
11/20/2006 35.31 753,600 2006
11/21/2006 35.15333 1,272,000 2006
11/22/2006 35.2 1,262,100 2006
11/24/2006 34.94 408,000 2006
11/27/2006 34.07 732,900 2006
11/28/2006 33.95333 899,100 2006
11/29/2006 34.81666 674,700 2006
11/30/2006 35.08333 683,400 2006
12/1/2006 35.39 741,900 2006
12/4/2006 36.62 1,106,400 2006
12/5/2006 38.29 1,995,300 2006
12/6/2006 37.89333 998,700 2006
12/7/2006 37.46666 1,165,800 2006
12/8/2006 37.85 2,315,400 2006
12/11/2006 38.5 1,847,400 2006
12/12/2006 38.4 1,491,900 2006
12/13/2006 38.66666 1,736,700 2006
12/14/2006 39.16666 819,300 2006
12/15/2006 38.99 975,600 2006
12/18/2006 38.86333 432,300 2006
12/19/2006 38.26666 827,400 2006
12/20/2006 37.86333 1,322,100 2006
12/21/2006 37.98666 727,200 2006
12/22/2006 37.90333 1,013,400 2006
12/26/2006 38.33333 394,200 2006
12/27/2006 38.75 494,100 2006
12/28/2006 38.59 487,500 2006
12/29/2006 38.58666 329,100 2006
1/3/2007 39.11666 1,125,300 2007
1/4/2007 38.31666 1,218,900 2007
1/5/2007 38.00666 764,100 2007
1/8/2007 38.63666 855,300 2007
1/9/2007 38.02666 1,082,400 2007
1/10/2007 38.69333 1,558,500 2007
1/11/2007 39.42 1,021,500 2007
1/12/2007 39.27333 690,900 2007
1/16/2007 39.73 773,700 2007
1/17/2007 39.89333 1,393,200 2007
1/18/2007 39.17333 696,900 2007
1/19/2007 39.63666 718,200 2007
1/22/2007 39.86333 938,700 2007
1/23/2007 39.89333 1,271,400 2007
1/24/2007 39.93 1,473,600 2007
1/25/2007 38.73333 1,329,600 2007
1/26/2007 39.26 617,100 2007
1/29/2007 38.70666 881,100 2007
1/30/2007 39.19 1,426,500 2007
1/31/2007 40.02333 1,159,500 2007
2/1/2007 41.48666 1,596,000 2007
2/2/2007 42.5 1,709,400 2007
2/5/2007 42.09666 1,277,400 2007
2/6/2007 42.51 989,100 2007
2/7/2007 43.51666 2,019,900 2007
2/8/2007 43.11666 757,200 2007
2/9/2007 42.80333 936,000 2007
2/12/2007 42.62333 1,141,680 2007
2/13/2007 42.96333 1,472,655 2007
2/14/2007 44.42333 971,319 2007
2/15/2007 44.14666 1,164,900 2007
2/16/2007 43.75333 1,275,900 2007
2/20/2007 43 1,617,300 2007
2/21/2007 42.40666 1,570,200 2007
2/22/2007 42.44 2,343,600 2007
2/23/2007 41.38333 1,440,600 2007
2/26/2007 39.6 4,089,345 2007
2/27/2007 35.9 9,312,601 2007
2/28/2007 36.86 2,882,100 2007
3/1/2007 36.90666 3,102,882 2007
3/2/2007 36.22 3,190,200 2007
3/5/2007 35.17 2,697,309 2007
3/6/2007 35.71 2,560,200 2007
3/7/2007 35.03666 1,384,200 2007
3/8/2007 36.02333 1,359,600 2007
3/9/2007 36.58333 1,385,700 2007
3/12/2007 36.47666 726,000 2007
3/13/2007 34.85333 1,821,600 2007
3/14/2007 35.31 2,465,100 2007
3/15/2007 36.23 2,250,600 2007
3/16/2007 36.08333 1,283,700 2007
3/19/2007 36.1 1,182,000 2007
3/20/2007 36.86666 1,296,000 2007
3/21/2007 38.65333 2,494,800 2007
3/22/2007 38.53 1,153,800 2007
3/23/2007 38.26666 1,240,200 2007
3/26/2007 38.12666 1,701,900 2007
3/27/2007 37.20333 1,426,200 2007
3/28/2007 36.66666 1,872,900 2007
3/29/2007 37.27333 1,619,700 2007
3/30/2007 36.79666 1,039,200 2007
4/2/2007 37.73333 1,476,000 2007
4/3/2007 38.24666 1,716,300 2007
4/4/2007 38.37666 1,586,100 2007
4/5/2007 38.36333 1,116,000 2007
4/9/2007 38.8 1,341,300 2007
4/10/2007 38.08 2,070,600 2007
4/11/2007 37.49666 1,376,400 2007
4/12/2007 37.31 2,172,900 2007
4/13/2007 36.81 3,629,100 2007
4/16/2007 37.23666 1,256,100 2007
4/17/2007 37.13333 1,621,800 2007
4/18/2007 36.66 1,997,100 2007
4/19/2007 36.23 2,350,800 2007
4/20/2007 36.43 1,979,400 2007
4/23/2007 36.09333 1,495,200 2007
4/24/2007 35.93666 1,252,800 2007
4/25/2007 36.03333 2,692,200 2007
4/26/2007 35.40666 2,482,200 2007
4/27/2007 36.41 2,888,100 2007
4/30/2007 35.89666 3,477,660 2007
5/1/2007 36.79666 1,324,500 2007
5/2/2007 36.89666 1,255,800 2007
5/3/2007 37.24666 1,244,700 2007
5/4/2007 37.84 1,718,400 2007
5/7/2007 37.91666 874,500 2007
5/8/2007 37.53333 979,200 2007
5/9/2007 38.18666 1,143,900 2007
5/10/2007 36.93333 1,071,345 2007
5/11/2007 37.31 731,100 2007
5/14/2007 37.53666 659,400 2007
5/15/2007 37.47 555,690 2007
5/16/2007 38.73666 952,290 2007
5/17/2007 39.11 1,241,700 2007
5/18/2007 39.48333 856,800 2007
5/21/2007 39.68 697,200 2007
5/22/2007 39.51 648,300 2007
5/23/2007 39.57666 757,890 2007
5/24/2007 38.34666 1,365,690 2007
5/25/2007 38.89 570,900 2007
5/29/2007 38.92 1,336,500 2007
5/30/2007 39.90666 1,163,100 2007
5/31/2007 39.84 1,467,214 2007
6/1/2007 40.44 1,244,500 2007
6/4/2007 40.34 557,800 2007
6/5/2007 40.2 909,800 2007
6/6/2007 39.26 725,600 2007
6/7/2007 38.4 983,800 2007
6/8/2007 38.85 530,200 2007
6/11/2007 39.1 424,300 2007
6/12/2007 38.73 579,500 2007
6/13/2007 39.1 667,600 2007
6/14/2007 39.26 737,500 2007
6/15/2007 39.35 735,700 2007
6/18/2007 40.35 1,093,300 2007
6/19/2007 40.51 801,800 2007
6/20/2007 39.75 1,599,700 2007
6/21/2007 39.58 1,089,100 2007
6/22/2007 39.59 512,200 2007
6/25/2007 39.35 604,000 2007
6/26/2007 39.11 693,300 2007
6/27/2007 38.57 771,900 2007
6/28/2007 39.7 929,400 2007
6/29/2007 39.32 785,600 2007
7/2/2007 40.04 681,300 2007
7/3/2007 39.79 522,800 2007
7/5/2007 39.89 911,900 2007
7/6/2007 39.32 843,400 2007
7/9/2007 39.61 630,500 2007
7/10/2007 38.48 624,900 2007
7/11/2007 38.3 1,027,900 2007
7/12/2007 39.47 997,600 2007
7/13/2007 39.29 774,300 2007
7/16/2007 39.53 866,100 2007
7/17/2007 38.3 1,243,700 2007
7/18/2007 38.24 1,181,700 2007
7/19/2007 38.5 697,800 2007
7/20/2007 38.06 794,200 2007
7/23/2007 38.59 796,800 2007
7/24/2007 37.8 1,078,500 2007
7/25/2007 37.77 1,454,900 2007
7/26/2007 36.32 1,645,900 2007
7/27/2007 36 2,268,100 2007
7/30/2007 37.41 1,978,500 2007
7/31/2007 37.02 1,685,848 2007
8/1/2007 36.4 1,195,400 2007
8/2/2007 36.53 1,174,500 2007
8/3/2007 35.04 990,400 2007
8/6/2007 34.74 1,675,900 2007
8/7/2007 35.2 1,709,900 2007
8/8/2007 35.85 1,674,800 2007
8/9/2007 33.93 2,806,900 2007
8/10/2007 33.76 1,503,900 2007
8/13/2007 35.03 1,125,400 2007
8/14/2007 34.96 1,294,400 2007
8/15/2007 33.86 722,000 2007
8/16/2007 32.81 2,172,000 2007
8/17/2007 34.19 1,907,900 2007
8/20/2007 33.97 671,900 2007
8/21/2007 33.98 513,200 2007
8/22/2007 35.38 784,900 2007
8/23/2007 35.16 664,000 2007
8/24/2007 36.35 696,900 2007
8/27/2007 35.38 1,126,608 2007
8/28/2007 34.08 1,113,000 2007
8/29/2007 34.58 1,251,600 2007
8/30/2007 34.17 977,100 2007
8/31/2007 34.84 1,173,100 2007
9/4/2007 35.67 931,400 2007
9/5/2007 35.37 671,818 2007
9/6/2007 35.57 1,685,100 2007
9/7/2007 34.87 713,400 2007
9/10/2007 34.56 716,200 2007
9/11/2007 34.18 1,519,400 2007
9/12/2007 33.48 1,191,900 2007
9/13/2007 33.81 820,900 2007
9/14/2007 33.69 625,280 2007
9/17/2007 32.5 1,145,600 2007
9/18/2007 33.6 1,659,400 2007
9/19/2007 34.05 2,144,500 2007
9/20/2007 33.14 1,146,900 2007
9/21/2007 33.13 1,650,900 2007
9/24/2007 33.9 2,014,200 2007
9/25/2007 33.89 1,728,650 2007
9/26/2007 35.02 2,708,500 2007
9/27/2007 36.48 2,604,100 2007
9/28/2007 37.4 1,608,000 2007
10/1/2007 37.82 2,402,400 2007
10/2/2007 38.59 2,080,600 2007
10/3/2007 37.97 1,207,200 2007
10/4/2007 37.9 815,000 2007
10/5/2007 38.29 1,291,900 2007
10/8/2007 38.56 745,800 2007
10/9/2007 38.55 654,700 2007
10/10/2007 39.26 1,013,000 2007
10/11/2007 38.91 1,340,900 2007
10/12/2007 39.27 714,620 2007
10/15/2007 38.76 579,700 2007
10/16/2007 38.21 861,700 2007
10/17/2007 38.78 1,210,200 2007
10/18/2007 38.41 1,014,700 2007
10/19/2007 37.56 958,600 2007
10/22/2007 38.01 863,300 2007
10/23/2007 38.01 1,013,700 2007
10/24/2007 37.11 1,060,600 2007
10/25/2007 37.85 878,200 2007
10/26/2007 38.05 550,000 2007
10/29/2007 34.9 4,011,200 2007
10/30/2007 35.03 2,886,200 2007
10/31/2007 35.61 1,174,600 2007
11/1/2007 34.65 1,315,200 2007
11/2/2007 33.99 1,512,300 2007
11/5/2007 33.6 1,180,688 2007
11/6/2007 34.18 791,900 2007
11/7/2007 33.77 1,353,300 2007
11/8/2007 33.46 1,283,114 2007
11/9/2007 33.07 2,511,545 2007
11/12/2007 31.16 2,157,905 2007
11/13/2007 32.93 1,546,400 2007
11/14/2007 32.71 999,100 2007
11/15/2007 31.77 1,041,250 2007
11/16/2007 31.44 1,451,500 2007
11/19/2007 30.34 1,376,520 2007
11/20/2007 30.28 1,007,900 2007
11/21/2007 29.96 1,534,045 2007
11/23/2007 30.32 711,900 2007
11/26/2007 30.47 1,407,372 2007
11/27/2007 30.92 1,576,436 2007
11/28/2007 32.14 1,729,252 2007
11/29/2007 32 696,986 2007
11/30/2007 32.4 935,345 2007
12/3/2007 32.43 1,227,700 2007
12/4/2007 32.25 863,100 2007
12/5/2007 33.38 1,387,640 2007
12/6/2007 33.33 1,717,727 2007
12/7/2007 33.77 501,064 2007
12/10/2007 34.75 1,737,896 2007
12/11/2007 33.27 1,295,627 2007
12/12/2007 34.02 660,194 2007
12/13/2007 33.8 577,664 2007
12/14/2007 33.52 497,200 2007
12/17/2007 33.25 1,234,900 2007
12/18/2007 34.12 1,010,890 2007
12/19/2007 33.73 1,523,329 2007
12/20/2007 36.26 2,491,209 2007
12/21/2007 37.91 1,935,100 2007
12/24/2007 37.81 192,300 2007
12/26/2007 38.3 478,800 2007
12/27/2007 37.78 344,500 2007
12/28/2007 38.42 1,230,600 2007
12/31/2007 38.17 424,376 2007
1/2/2008 36.87 1,232,500 2008
1/3/2008 37.63 871,300 2008
1/4/2008 35.68 1,395,196 2008
1/7/2008 37.28 1,340,600 2008
1/8/2008 37.26 1,469,063 2008
1/9/2008 37.13 1,352,400 2008
1/10/2008 38.24 1,498,097 2008
1/11/2008 37.06 4,046,800 2008
1/14/2008 36.86 933,900 2008
1/15/2008 35.21 1,201,100 2008
1/16/2008 35.08 1,390,780 2008
1/17/2008 33.37 1,207,330 2008
1/18/2008 34.62 1,344,300 2008
1/22/2008 34.39 1,284,600 2008
1/23/2008 35.25 1,430,476 2008
1/24/2008 35.94 1,047,100 2008
1/25/2008 35.64 842,000 2008
1/28/2008 35.84 713,600 2008
1/29/2008 36.82 1,064,900 2008
1/30/2008 36.37 719,100 2008
1/31/2008 35.98 1,381,900 2008
2/1/2008 37.45 1,394,980 2008
2/4/2008 38.3 947,646 2008
2/5/2008 37.3 1,136,445 2008
2/6/2008 37.07 787,779 2008
2/7/2008 38.7 1,434,029 2008
2/8/2008 39.47 1,916,171 2008
2/11/2008 40.9 2,133,164 2008
2/12/2008 41.99 1,927,722 2008
2/13/2008 41.76 2,386,672 2008
2/14/2008 41.02 1,295,464 2008
2/15/2008 40.95 1,120,400 2008
2/19/2008 42.85 2,623,373 2008
2/20/2008 42.02 1,855,637 2008
2/21/2008 41.9 780,478 2008
2/22/2008 42.78 859,014 2008
2/25/2008 43.35 850,008 2008
2/26/2008 43.3 767,482 2008
2/27/2008 42.95 1,367,994 2008
2/28/2008 42.18 897,200 2008
2/29/2008 40 1,317,440 2008
3/3/2008 40.9 803,339 2008
3/4/2008 40.59 871,438 2008
3/5/2008 41.56 815,743 2008
3/6/2008 40.5 634,224 2008
3/7/2008 39.2 954,490 2008
3/10/2008 38.54 770,745 2008
3/11/2008 40.44 934,215 2008
3/12/2008 40.26 760,470 2008
3/13/2008 41.37 870,719 2008
3/14/2008 40.29 797,668 2008
3/17/2008 39.56 1,149,720 2008
3/18/2008 40.72 727,450 2008
3/19/2008 39.3 1,045,063 2008
3/20/2008 39.65 706,000 2008
3/24/2008 41.34 981,200 2008
3/25/2008 41.43 632,460 2008
3/26/2008 41.1 459,850 2008
3/27/2008 41.45 634,900 2008
3/28/2008 40.83 450,392 2008
3/31/2008 41.78 886,615 2008
4/1/2008 43.57 1,849,098 2008
4/2/2008 43 1,208,144 2008
4/3/2008 42.8 1,043,011 2008
4/4/2008 43.23 719,992 2008
4/7/2008 42.57 1,047,852 2008
4/8/2008 42.88 934,566 2008
4/9/2008 42.83 915,396 2008
4/10/2008 44.3 1,403,553 2008
4/11/2008 44.39 1,332,794 2008
4/14/2008 45.28 1,521,168 2008
4/15/2008 45.01 907,563 2008
4/16/2008 44.67 1,970,538 2008
4/17/2008 44.11 1,039,110 2008
4/18/2008 44.09 1,016,676 2008
4/21/2008 44.45 1,302,564 2008
4/22/2008 44.23 1,786,399 2008
4/23/2008 43.89 1,077,126 2008
4/24/2008 43.86 1,348,919 2008
4/25/2008 43.95 1,005,054 2008
4/28/2008 44.27 785,717 2008
4/29/2008 42.7 1,733,839 2008
4/30/2008 43.45 1,727,901 2008
5/1/2008 43.7 1,977,218 2008
5/2/2008 43.7 1,324,351 2008
5/5/2008 43.8 590,215 2008
5/6/2008 44.78 1,424,027 2008
5/7/2008 44.13 1,219,646 2008
5/8/2008 44.38 631,566 2008
5/9/2008 44.53 516,617 2008
5/12/2008 45.05 713,839 2008
5/13/2008 46.32 1,450,630 2008
5/14/2008 45.99 747,018 2008
5/15/2008 45.92 893,081 2008
5/16/2008 46 386,338 2008
5/19/2008 46.18 1,043,334 2008
5/20/2008 45.45 586,668 2008
5/21/2008 45.23 537,407 2008
5/22/2008 44.65 703,542 2008
5/23/2008 46.7 2,134,900 2008
5/27/2008 45.96 969,660 2008
5/28/2008 46.38 835,721 2008
5/29/2008 47.48 1,961,421 2008
5/30/2008 47.05 1,582,007 2008
6/2/2008 46.37 650,221 2008
6/3/2008 45.34 759,616 2008
6/4/2008 44.71 1,375,965 2008
6/5/2008 45 718,117 2008
6/6/2008 43.01 1,643,976 2008
6/9/2008 42.9 800,192 2008
6/10/2008 41.88 798,794 2008
6/11/2008 41.92 1,928,720 2008
6/12/2008 43.76 2,775,608 2008
6/13/2008 44.08 853,620 2008
6/16/2008 44.03 539,716 2008
6/17/2008 43.93 805,478 2008
6/18/2008 42.69 1,030,894 2008
6/19/2008 42.99 672,576 2008
6/20/2008 41.58 799,363 2008
6/23/2008 42.57 1,504,510 2008
6/24/2008 43.05 2,061,407 2008
6/25/2008 43.5 983,053 2008
6/26/2008 42.99 980,733 2008
6/27/2008 44.02 1,255,083 2008
6/30/2008 45.51 1,191,108 2008
7/1/2008 44.72 1,073,447 2008
7/2/2008 42.94 1,243,477 2008
7/3/2008 42.89 505,100 2008
7/7/2008 43.96 1,040,688 2008
7/8/2008 45.1 1,812,215 2008
7/9/2008 45.4 1,795,275 2008
7/10/2008 44.95 1,136,415 2008
7/11/2008 43.58 1,439,623 2008
7/14/2008 43.46 986,359 2008
7/15/2008 43.41 1,391,594 2008
7/16/2008 44.81 1,718,532 2008
7/17/2008 45.67 1,365,292 2008
7/18/2008 45.4 1,079,671 2008
7/21/2008 45.06 930,608 2008
7/22/2008 44.9 831,411 2008
7/23/2008 43.73 2,268,428 2008
7/24/2008 42.99 2,368,199 2008
7/25/2008 43.62 806,021 2008
7/28/2008 45.31 2,632,596 2008
7/29/2008 45.63 1,670,283 2008
7/30/2008 46.17 1,681,109 2008
7/31/2008 45.86 1,267,535 2008
8/1/2008 46.77 1,260,725 2008
8/4/2008 47.29 797,094 2008
8/5/2008 47.57 947,718 2008
8/6/2008 49.39 1,700,980 2008
8/7/2008 47.7 1,565,205 2008
8/8/2008 47.43 1,648,955 2008
8/11/2008 46.27 1,262,374 2008
8/12/2008 46.25 793,693 2008
8/13/2008 46.74 573,293 2008
8/14/2008 47.13 911,367 2008
8/15/2008 47.34 1,175,885 2008
8/18/2008 47.38 604,869 2008
8/19/2008 48.15 580,282 2008
8/20/2008 47.99 821,421 2008
8/21/2008 47.36 746,354 2008
8/22/2008 47.39 460,436 2008
8/25/2008 46.25 387,235 2008
8/26/2008 45.32 1,074,204 2008
8/27/2008 44.65 1,001,996 2008
8/28/2008 44.9 930,979 2008
8/29/2008 44.42 1,290,234 2008
9/2/2008 45.66 1,347,215 2008
9/3/2008 45.34 854,440 2008
9/4/2008 44.71 1,346,981 2008
9/5/2008 44.42 1,053,741 2008
9/8/2008 46.26 1,386,876 2008
9/9/2008 45.85 1,384,340 2008
9/10/2008 43.66 2,140,728 2008
9/11/2008 45.4 1,439,922 2008
9/12/2008 46.26 926,433 2008
9/15/2008 44.29 1,099,268 2008
9/16/2008 42.92 1,914,839 2008
9/17/2008 39.17 3,467,941 2008
9/18/2008 41 3,120,749 2008
9/19/2008 40.91 4,938,905 2008
9/22/2008 40.8 1,260,806 2008
9/23/2008 40.27 1,286,003 2008
9/24/2008 39.66 2,347,870 2008
9/25/2008 40.04 1,847,792 2008
9/26/2008 39.06 1,232,067 2008
9/29/2008 35.07 2,047,650 2008
9/30/2008 38.14 2,051,408 2008
10/1/2008 38.17 1,453,444 2008
10/2/2008 36.74 1,919,206 2008
10/3/2008 37.05 2,074,434 2008
10/6/2008 32.89 3,314,687 2008
10/7/2008 30.71 3,102,226 2008
10/8/2008 31.2 2,617,049 2008
10/9/2008 28.71 1,848,040 2008
10/10/2008 26.9 2,295,065 2008
10/13/2008 32.56 3,053,897 2008
10/14/2008 30.84 1,863,088 2008
10/15/2008 28.21 1,506,237 2008
10/16/2008 27.56 1,923,558 2008
10/17/2008 28.46 2,640,548 2008
10/20/2008 29.35 1,178,883 2008
10/21/2008 27.36 720,137 2008
10/22/2008 24.36 1,358,785 2008
10/23/2008 22.44 3,030,032 2008
10/24/2008 20.58 2,856,790 2008
10/27/2008 19.25 2,067,119 2008
10/28/2008 22.83 2,754,366 2008
10/29/2008 24.05 2,689,210 2008
10/30/2008 25.46 1,370,690 2008
10/31/2008 25.29 1,333,539 2008
11/3/2008 26.96 1,476,830 2008
11/4/2008 29.2 1,877,105 2008
11/5/2008 27.63 1,438,224 2008
11/6/2008 26.89 1,817,174 2008
11/7/2008 28.23 996,410 2008
11/10/2008 29.18 1,121,082 2008
11/11/2008 27.74 1,345,263 2008
11/12/2008 26.75 1,883,851 2008
11/13/2008 29.09 2,099,854 2008
11/14/2008 28.07 2,241,045 2008
11/17/2008 27.31 1,016,098 2008
11/18/2008 27.32 1,906,853 2008
11/19/2008 24.72 1,694,122 2008
11/20/2008 23.08 1,604,712 2008
11/21/2008 25.25 1,489,596 2008
11/24/2008 27.03 1,582,391 2008
11/25/2008 26.76 981,571 2008
11/26/2008 28.41 812,871 2008
11/28/2008 27.51 530,212 2008
12/1/2008 26.16 1,065,240 2008
12/2/2008 27.12 1,216,619 2008
12/3/2008 27.17 784,771 2008
12/4/2008 26.71 1,614,407 2008
12/5/2008 27.84 1,830,561 2008
12/8/2008 29.03 1,286,239 2008
12/9/2008 28.41 1,122,272 2008
12/10/2008 29.45 1,284,904 2008
12/11/2008 29.28 988,441 2008
12/12/2008 29.43 1,288,409 2008
12/15/2008 29.38 1,161,978 2008
12/16/2008 30.64 1,334,412 2008
12/17/2008 29.9 1,283,532 2008
12/18/2008 29.94 810,229 2008
12/19/2008 29.98 952,646 2008
12/22/2008 29.97 582,089 2008
12/23/2008 29.65 621,684 2008
12/24/2008 29.66 165,457 2008
12/26/2008 29.92 222,220 2008
12/29/2008 29.48 982,443 2008
12/30/2008 29.94 533,146 2008
12/31/2008 30.13 417,720 2008
1/2/2009 32.06 446,212 2009
1/5/2009 31.72 614,846 2009
1/6/2009 31.8 684,644 2009
1/7/2009 30.49 529,123 2009
1/8/2009 29.74 2,331,921 2009
1/9/2009 29.3 922,399 2009
1/12/2009 28.77 964,977 2009
1/13/2009 28.54 891,205 2009
1/14/2009 27.35 1,425,603 2009
1/15/2009 29.09 1,609,344 2009
1/16/2009 29.45 944,364 2009
1/20/2009 28.18 985,717 2009
1/21/2009 29.09 1,092,698 2009
1/22/2009 28.5 999,965 2009
1/23/2009 28.65 665,163 2009
1/26/2009 28.94 918,467 2009
1/27/2009 28.64 1,066,056 2009
1/28/2009 29.23 1,374,420 2009
1/29/2009 28.3 598,830 2009
1/30/2009 28.15 1,053,259 2009
2/2/2009 28.28 874,132 2009
2/3/2009 28.52 1,221,737 2009
2/4/2009 27.35 2,032,932 2009
2/5/2009 27.04 2,868,918 2009
2/6/2009 28.21 1,758,415 2009
2/9/2009 27.46 1,663,288 2009
2/10/2009 26.09 1,134,612 2009
2/11/2009 26.28 639,759 2009
2/12/2009 26.51 1,006,423 2009
2/13/2009 26.49 740,895 2009
2/17/2009 24.57 1,284,344 2009
2/18/2009 24.74 1,189,362 2009
2/19/2009 24.4 563,899 2009
2/20/2009 23.7 909,714 2009
2/23/2009 23.4 999,567 2009
2/24/2009 23.79 810,096 2009
2/25/2009 23.35 1,022,022 2009
2/26/2009 23.72 975,543 2009
2/27/2009 23.04 1,882,772 2009
3/2/2009 21 1,479,506 2009
3/3/2009 20.63 1,353,634 2009
3/4/2009 21.49 1,255,638 2009
3/5/2009 19.91 2,116,824 2009
3/6/2009 20.05 1,736,067 2009
3/9/2009 19.95 1,303,063 2009
3/10/2009 21.42 1,263,421 2009
3/11/2009 21.98 1,292,138 2009
3/12/2009 23.02 1,580,148 2009
3/13/2009 24.44 1,318,734 2009
3/16/2009 25.04 951,317 2009
3/17/2009 25.64 845,474 2009
3/18/2009 25.84 926,421 2009
3/19/2009 25.42 1,068,976 2009
3/20/2009 25.35 484,078 2009
3/23/2009 26.51 879,686 2009
3/24/2009 26.02 1,149,963 2009
3/25/2009 26.23 1,012,016 2009
3/26/2009 26.3 1,525,976 2009
3/27/2009 25.55 1,610,603 2009
3/30/2009 24.8 1,241,945 2009
3/31/2009 25.21 1,110,040 2009
4/1/2009 25.27 1,113,050 2009
4/2/2009 26.78 1,538,782 2009
4/3/2009 28.16 842,672 2009
4/6/2009 27.9 623,857 2009
4/7/2009 26.92 700,475 2009
4/8/2009 27.27 630,315 2009
4/9/2009 27.89 555,302 2009
4/13/2009 28 739,487 2009
4/14/2009 28.14 1,039,375 2009
4/15/2009 28.29 698,357 2009
4/16/2009 28.84 707,685 2009
4/17/2009 29.01 758,711 2009
4/20/2009 28.11 649,704 2009
4/21/2009 29.17 815,765 2009
4/22/2009 29.57 715,016 2009
4/23/2009 30.25 773,206 2009
4/24/2009 30.26 658,881 2009
4/27/2009 27.73 1,954,830 2009
4/28/2009 27.43 1,691,248 2009
4/29/2009 29.67 1,837,556 2009
4/30/2009 28.31 1,724,772 2009
5/1/2009 28.16 1,194,470 2009
5/4/2009 28.91 1,868,417 2009
5/5/2009 29.23 2,318,900 2009
5/6/2009 30.69 731,144 2009
5/7/2009 30.74 760,053 2009
5/8/2009 31.33 666,593 2009
5/11/2009 31.5 844,221 2009
5/12/2009 31.17 1,089,566 2009
5/13/2009 30.6 1,315,956 2009
5/14/2009 31.21 526,199 2009
5/15/2009 31.15 798,322 2009
5/18/2009 32.15 787,304 2009
5/19/2009 33.16 670,935 2009
5/20/2009 32.97 845,294 2009
5/21/2009 32.11 359,502 2009
5/22/2009 32.69 458,088 2009
5/26/2009 33.36 524,403 2009
5/27/2009 32.91 657,713 2009
5/28/2009 32.66 661,956 2009
5/29/2009 32.69 615,634 2009
6/1/2009 34.32 725,620 2009
6/2/2009 34.96 638,693 2009
6/3/2009 33.98 854,628 2009
6/4/2009 34.55 309,384 2009
6/5/2009 34.53 288,313 2009
6/8/2009 33.59 538,041 2009
6/9/2009 32.72 680,188 2009
6/10/2009 33 922,446 2009
6/11/2009 33.27 457,581 2009
6/12/2009 33.05 492,161 2009
6/15/2009 32.06 423,937 2009
6/16/2009 31 490,021 2009
6/17/2009 30.97 738,152 2009
6/18/2009 31.36 690,948 2009
6/19/2009 31.07 491,621 2009
6/22/2009 29.73 787,197 2009
6/23/2009 29.96 911,624 2009
6/24/2009 30.97 565,957 2009
6/25/2009 31.47 821,247 2009
6/26/2009 31.82 346,926 2009
6/29/2009 31.99 609,904 2009
6/30/2009 32.24 467,351 2009
7/1/2009 32.98 549,572 2009
7/2/2009 32.58 595,253 2009
7/6/2009 31.92 459,689 2009
7/7/2009 30.58 423,046 2009
7/8/2009 31.1 803,419 2009
7/9/2009 31 284,352 2009
7/10/2009 30.67 322,050 2009
7/13/2009 32.08 1,066,571 2009
7/14/2009 32.26 585,798 2009
7/15/2009 33.73 827,273 2009
7/16/2009 33.17 629,874 2009
7/17/2009 33.07 616,816 2009
7/20/2009 33.42 710,600 2009
7/21/2009 33.46 304,792 2009
7/22/2009 33.68 512,277 2009
7/23/2009 35.36 481,924 2009
7/24/2009 35.18 300,682 2009
7/27/2009 35.45 323,549 2009
7/28/2009 36.12 512,658 2009
7/29/2009 36.34 623,260 2009
7/30/2009 37.42 760,737 2009
7/31/2009 38.6 868,648 2009
8/3/2009 40.01 943,648 2009
8/4/2009 39.18 1,112,986 2009
8/5/2009 39.7 510,547 2009
8/6/2009 39.56 547,819 2009
8/7/2009 39.96 601,675 2009
8/10/2009 39.72 580,204 2009
8/11/2009 38.25 716,103 2009
8/12/2009 37.83 928,295 2009
8/13/2009 38.05 715,992 2009
8/14/2009 37.97 712,570 2009
8/17/2009 36.81 821,715 2009
8/18/2009 36.88 745,254 2009
8/19/2009 36.58 2,508,527 2009
8/20/2009 38.15 1,883,814 2009
8/21/2009 38.92 1,229,619 2009
8/24/2009 38.4 1,171,033 2009
8/25/2009 38.79 1,363,109 2009
8/26/2009 38.55 1,639,058 2009
8/27/2009 38.07 743,498 2009
8/28/2009 38.32 602,897 2009
8/31/2009 36.38 880,960 2009
9/1/2009 34.38 1,110,981 2009
9/2/2009 34.85 892,455 2009
9/3/2009 35.79 1,043,704 2009
9/4/2009 36.43 726,058 2009
9/8/2009 37.42 896,484 2009
9/9/2009 36.94 1,157,349 2009
9/10/2009 36.45 1,106,114 2009
9/11/2009 36.9 816,441 2009
9/14/2009 36.35 912,011 2009
9/15/2009 36.35 1,642,323 2009
9/16/2009 36.68 1,311,654 2009
9/17/2009 36.47 1,448,132 2009
9/18/2009 36.37 1,114,273 2009
9/21/2009 35.59 1,094,321 2009
9/22/2009 35.88 562,466 2009
9/23/2009 36.03 2,185,534 2009
9/24/2009 36.85 1,872,082 2009
9/25/2009 36.29 695,323 2009
9/28/2009 36.7 948,939 2009
9/29/2009 36.78 786,686 2009
9/30/2009 38.05 1,720,715 2009
10/1/2009 44.4 ### 2009
10/2/2009 45.69 ### 2009
10/5/2009 45.35 3,791,868 2009
10/6/2009 45.93 2,011,170 2009
10/7/2009 45.98 1,956,328 2009
10/8/2009 45.06 2,143,541 2009
10/9/2009 44.36 1,523,006 2009
10/12/2009 44.26 1,724,992 2009
10/13/2009 43.39 2,365,390 2009
10/14/2009 42.95 4,231,858 2009
10/15/2009 44.84 2,998,137 2009
10/16/2009 45.82 4,161,914 2009
10/19/2009 44.67 2,778,319 2009
10/20/2009 44.32 2,096,012 2009
10/21/2009 44.47 1,459,850 2009
10/22/2009 44.51 1,034,988 2009
10/23/2009 44.84 1,534,827 2009
10/26/2009 44.6 1,856,765 2009
10/27/2009 44.41 1,014,243 2009
10/28/2009 43.31 1,299,836 2009
10/29/2009 44.65 1,185,322 2009
10/30/2009 43.31 1,375,920 2009
11/2/2009 43.72 1,211,886 2009
11/3/2009 42.76 1,900,187 2009
11/4/2009 43.12 2,188,287 2009
11/5/2009 43.35 1,023,832 2009
11/6/2009 42.65 1,436,799 2009
11/9/2009 43.65 1,552,451 2009
11/10/2009 43.63 940,439 2009
11/11/2009 44.15 1,012,922 2009
11/12/2009 43.62 845,059 2009
11/13/2009 43.5 975,150 2009
11/16/2009 44.1 978,037 2009
11/17/2009 44.23 703,013 2009
11/18/2009 44.42 1,015,196 2009
11/19/2009 43.47 1,458,241 2009
11/20/2009 43.52 1,036,923 2009
11/23/2009 44.05 1,152,244 2009
11/24/2009 45.69 2,188,630 2009
11/25/2009 45.2 3,706,699 2009
11/27/2009 45.62 2,443,423 2009
11/30/2009 45.51 730,168 2009
12/1/2009 47.21 1,725,450 2009
12/2/2009 47.87 1,619,937 2009
12/3/2009 48.43 1,085,712 2009
12/4/2009 49 1,354,138 2009
12/7/2009 48.38 1,574,535 2009
12/8/2009 46.62 1,580,849 2009
12/9/2009 47.35 2,183,181 2009
12/10/2009 47.96 1,423,092 2009
12/11/2009 48.7 1,687,767 2009
12/14/2009 48.35 1,173,091 2009
12/15/2009 47.99 1,146,113 2009
12/16/2009 47.6 1,248,448 2009
12/17/2009 46.65 851,766 2009
12/18/2009 46.68 1,256,778 2009
12/21/2009 46.52 889,955 2009
12/22/2009 47.75 791,885 2009
12/23/2009 48.7 921,557 2009
12/24/2009 48.9 252,817 2009
12/28/2009 48.49 424,104 2009
12/29/2009 48.15 537,308 2009
12/30/2009 47.77 322,516 2009
12/31/2009 47.88 422,422 2009
1/4/2010 49.9 636,196 2010
1/5/2010 48.71 930,490 2010
1/6/2010 49.39 671,748 2010
1/7/2010 50.01 1,068,846 2010
1/8/2010 49.77 874,211 2010
1/11/2010 43 ### 2010
1/12/2010 44.14 4,905,430 2010
1/13/2010 44.34 2,460,254 2010
1/14/2010 44 2,471,931 2010
1/15/2010 43.87 1,274,359 2010
1/19/2010 44.04 1,594,378 2010
1/20/2010 43.79 1,411,966 2010
1/21/2010 43.02 2,403,354 2010
1/22/2010 42.53 1,763,897 2010
1/25/2010 42.43 839,052 2010
1/26/2010 42.15 1,263,431 2010
1/27/2010 41.72 1,657,966 2010
1/28/2010 42.3 1,357,929 2010
1/29/2010 42.16 1,644,541 2010
2/1/2010 42.32 567,597 2010
2/2/2010 42.71 822,757 2010
2/3/2010 42.65 758,992 2010
2/4/2010 40.82 1,050,690 2010
2/5/2010 40.99 1,308,873 2010
2/8/2010 40.93 518,271 2010
2/9/2010 41.48 979,368 2010
2/10/2010 41 921,266 2010
2/11/2010 41.69 1,416,504 2010
2/12/2010 41.33 1,315,874 2010
2/16/2010 41.6 1,138,662 2010
2/17/2010 41.9 1,764,863 2010
2/18/2010 41.98 1,623,023 2010
2/19/2010 41.75 1,201,970 2010
2/22/2010 42 1,361,676 2010
2/23/2010 41.88 1,015,138 2010
2/24/2010 41.89 519,087 2010
2/25/2010 42.38 1,013,233 2010
2/26/2010 42.8 1,007,623 2010
3/1/2010 43.74 841,226 2010
3/2/2010 44.49 2,100,321 2010
3/3/2010 44.78 867,175 2010
3/4/2010 44.93 812,482 2010
3/5/2010 45.59 921,709 2010
3/8/2010 45.89 1,107,450 2010
3/9/2010 45.96 1,861,991 2010
3/10/2010 46.21 831,785 2010
3/11/2010 46.22 1,089,438 2010
3/12/2010 46.23 621,735 2010
3/15/2010 46.17 1,523,465 2010
3/16/2010 45.98 996,385 2010
3/17/2010 46.5 1,308,023 2010
3/18/2010 46.71 1,509,276 2010
3/19/2010 46.46 1,196,814 2010
3/22/2010 46.94 817,925 2010
3/23/2010 47.45 995,529 2010
3/24/2010 47.59 1,166,766 2010
3/25/2010 47.43 1,036,786 2010
3/26/2010 46.7 633,309 2010
3/29/2010 47.13 517,147 2010
3/30/2010 47.34 616,582 2010
3/31/2010 47.53 708,323 2010
4/1/2010 48.25 598,421 2010
4/5/2010 48.3 545,275 2010
4/6/2010 48.63 1,099,710 2010
4/7/2010 48.57 1,064,981 2010
4/8/2010 48.04 981,536 2010
4/9/2010 48.56 364,471 2010
4/12/2010 48.75 500,263 2010
4/13/2010 48.67 1,240,883 2010
4/14/2010 48.47 923,991 2010
4/15/2010 48.1 748,510 2010
4/16/2010 46.27 891,508 2010
4/19/2010 46.51 1,048,075 2010
4/20/2010 47.2 797,076 2010
4/21/2010 47.7 739,925 2010
4/22/2010 47.35 745,559 2010
4/23/2010 48.04 1,258,947 2010
4/26/2010 47.77 1,001,840 2010
4/27/2010 46.01 833,752 2010
4/28/2010 46.41 1,137,101 2010
4/29/2010 47.22 617,373 2010
4/30/2010 47.33 551,606 2010
5/3/2010 46.97 349,757 2010
5/4/2010 44.82 1,384,701 2010
5/5/2010 43.77 999,068 2010
5/6/2010 42.39 1,486,723 2010
5/7/2010 42.17 2,091,453 2010
5/10/2010 44.41 1,102,458 2010
5/11/2010 44.81 793,924 2010
5/12/2010 45.12 547,512 2010
5/13/2010 45.04 477,958 2010
5/14/2010 44.36 998,057 2010
5/17/2010 43.99 1,072,600 2010
5/18/2010 43.49 952,607 2010
5/19/2010 42.16 1,440,033 2010
5/20/2010 40.73 1,391,966 2010
5/21/2010 41.74 1,042,372 2010
5/24/2010 41.09 659,500 2010
5/25/2010 41.26 833,306 2010
5/26/2010 41.42 992,993 2010
5/27/2010 43.67 837,976 2010
5/28/2010 42.18 1,052,708 2010
6/1/2010 41.93 880,193 2010
6/2/2010 43.53 903,181 2010
6/3/2010 43.96 856,449 2010
6/4/2010 43.51 1,469,098 2010
6/7/2010 43.01 1,024,911 2010
6/8/2010 43.35 671,523 2010
6/9/2010 43.55 625,371 2010
6/10/2010 45.05 605,682 2010
6/11/2010 45.87 738,194 2010
6/14/2010 46.01 604,169 2010
6/15/2010 46.71 629,791 2010
6/16/2010 46.79 304,036 2010
6/17/2010 46.75 441,380 2010
6/18/2010 46.98 447,009 2010
6/21/2010 46.79 1,043,883 2010
6/22/2010 45.78 493,142 2010
6/23/2010 45.45 824,752 2010
6/24/2010 45.48 424,016 2010
6/25/2010 45.85 348,914 2010
6/28/2010 45.6 565,716 2010
6/29/2010 44.12 540,413 2010
6/30/2010 43.15 1,202,047 2010
7/1/2010 43.04 1,598,618 2010
7/2/2010 43.59 667,892 2010
7/6/2010 44.24 748,935 2010
7/7/2010 44.54 647,358 2010
7/8/2010 44.69 696,772 2010
7/9/2010 45.41 501,325 2010
7/12/2010 46.06 571,587 2010
7/13/2010 46.35 1,028,111 2010
7/14/2010 46.42 397,680 2010
7/15/2010 46.3 584,613 2010
7/16/2010 45.3 435,126 2010
7/19/2010 45.02 241,312 2010
7/20/2010 44.92 550,078 2010
7/21/2010 44.58 573,923 2010
7/22/2010 45.09 853,733 2010
7/23/2010 45.7 1,607,006 2010
7/26/2010 46.33 684,599 2010
7/27/2010 46.71 674,701 2010
7/28/2010 46.86 1,076,887 2010
7/29/2010 47.49 1,198,819 2010
7/30/2010 48.68 1,038,103 2010
8/2/2010 50.14 978,842 2010
8/3/2010 50.02 651,622 2010
8/4/2010 50.38 437,645 2010
8/5/2010 50.03 440,244 2010
8/6/2010 49.89 931,604 2010
8/9/2010 49.62 544,116 2010
8/10/2010 49.4 917,640 2010
8/11/2010 48.25 609,280 2010
8/12/2010 48 611,286 2010
8/13/2010 48.04 452,280 2010
8/16/2010 48.02 1,002,974 2010
8/17/2010 48.69 642,713 2010
8/18/2010 49.68 899,705 2010
8/19/2010 49.84 1,124,608 2010
8/20/2010 49.93 820,072 2010
8/23/2010 49.75 1,422,783 2010
8/24/2010 49.28 780,569 2010
8/25/2010 49.46 915,686 2010
8/26/2010 48.95 663,463 2010
8/27/2010 49.6 888,018 2010
8/30/2010 49.24 716,188 2010
8/31/2010 48.7 1,201,506 2010
9/1/2010 49.9 1,528,916 2010
9/2/2010 50.99 782,763 2010
9/3/2010 51.38 599,200 2010
9/7/2010 50.26 674,129 2010
9/8/2010 50.18 915,856 2010
9/9/2010 50.26 876,913 2010
9/10/2010 50.27 467,702 2010
9/13/2010 50.89 737,102 2010
9/14/2010 51.63 742,085 2010
9/15/2010 51.5 512,527 2010
9/16/2010 52.4 522,908 2010
9/17/2010 51.96 584,271 2010
9/20/2010 51.92 383,441 2010
9/21/2010 51.06 750,631 2010
9/22/2010 51.08 469,725 2010
9/23/2010 50.63 387,394 2010
9/24/2010 51.26 811,084 2010
9/27/2010 51.35 588,607 2010
9/28/2010 51.19 476,736 2010
9/29/2010 51.08 505,023 2010
9/30/2010 50.73 831,040 2010
10/1/2010 51.07 524,900 2010
10/4/2010 51.28 914,487 2010
10/5/2010 51.6 754,275 2010
10/6/2010 50.38 967,747 2010
10/7/2010 50.19 807,308 2010
10/8/2010 50.97 1,299,247 2010
10/11/2010 52.49 964,220 2010
10/12/2010 53.47 1,228,086 2010
10/13/2010 54.69 975,275 2010
10/14/2010 54.74 434,891 2010
10/15/2010 54.19 445,804 2010
10/18/2010 55.38 459,924 2010
10/19/2010 53.08 854,690 2010
10/20/2010 53.62 623,230 2010
10/21/2010 54.39 1,134,785 2010
10/22/2010 53.49 813,977 2010
10/25/2010 53.63 489,917 2010
10/26/2010 53.13 656,692 2010
10/27/2010 52.96 369,597 2010
10/28/2010 52.92 543,381 2010
10/29/2010 54.91 742,266 2010
11/1/2010 54.91 352,845 2010
11/2/2010 55.5 347,046 2010
11/3/2010 55.22 844,760 2010
11/4/2010 55.8 636,281 2010
11/5/2010 55.38 622,645 2010
11/8/2010 56.06 614,563 2010
11/9/2010 55.81 705,837 2010
11/10/2010 55.66 688,336 2010
11/11/2010 55.47 624,146 2010
11/12/2010 55.25 421,134 2010
11/15/2010 55 336,803 2010
11/16/2010 53.89 425,630 2010
11/17/2010 54.29 462,681 2010
2007 2008 2009 2010
37.09 39.04 34.74 47.35
12.3 12.3 12.3 12.3
9.12 9.60 8.55 11.65
#VALUE!
Contents
Equity
Share capital 119,433 119,074 115,090 115,571
Other reserves 200,310 207,939 218,890 228,109
Retained earnings 208,359 252,373 266,285 278,114
Total Equity 528,102 579,386 600,265 621,794
Non-current liabilities
Borrowings 96,699 108,972 95,211 100,603
Customers' deposits 19,819 20,201 22,449 24,303
Deferred credits 45,439 42,537 44,131 43,567
Deferred tax liability 32,197 20,287 18,359 17,439
Provisions for other liabilities and charges 2,973 2,973 2,973 2,973
197,127 194,970 183,123 188,885
Current liabilities
Trade and other payables 25,629 48,890 30,121 55,466
Provisions for other liabilities and charges 1,128 1,850 1,471 2,981
Current portion of borrowings 12,414 12,727 13,537 14,911
39,171 63,467 45,129 73,358
Total equity and liabilities 764,400 837,823 828,517 884,037