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Sheet Tab Description

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

File Name: C:\Users\Nelson Mandela\Documents\Courses\1. Models and Slides

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%

20.0% Maximum Minimum


3,674.18 FFO to Debt
10.0%
4,320.00
(645.82) 0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Rating Target
BBB

Business Profile 9
Contents
Model OK
Transaction Assumptions
Consideration for Equity
Exchange Rate 7.00

Target Company Shares 400


Cash per Share 22.49
Cash Value 8,995.6

Shares of Acquiring Company 6,000.0


Value per Share of Acquiring Co before Exchange Adjustment 8.55
Value per Share of Acquiring Co 1.22
Value of Acquiring Company Shares 7,324.38
Value per Target Share 18.31

Total Consideration 16,320.00


Total Consideration per Target Share 40.80
Pre-Acquistion Share Price of Target 30.00
Premium Percent 36%
Premium Value 4,320.00

Implied Transaction Multiples


Net Income of Target 900.00
EBITDA of Target 2,200.00
Existing Book Value per Share 25.95

P/E 18.13
Market/Book Ratio 1.57
EV/EBITDA 8.10

Existing Debt Repaid 800

Financing of Transaction
New Debt Issued 7,294.80
Term of New Debt 15
LIBOR 2%

Credit Spread Debt to EBITDA


From To
0 2
2 3
3 4
4

Use of Target Company Cash 600


Use of Target Company Investments 1600

Joint Venture Partner 800

Sub Debt Issued 0.00


Interest Rate on Sub Debt 9%
Term of Sub Debt 7.00
Fees on Transaction

Fees on Debt 1.25%


Advisory Fees as Pct of Consideration 2.50%

Accounting and Tax Assumptions

Inventory Write-up 10.00


Accounts Receivable Write-down 40.00
Plant Write-up 800.00
Intangible Assets 400.00

Asset Sale for Tax Purposes 1 ✘


Tax Rate 30%
Deferred Tax Write-down 1,000.00
Existing Book - Tax Bais 3,333.33
Tax Basis of Plant 7,166.67
New Deferred Tax Share Exchange 1,240.00
Deferred Tax Increase 240.00

Valuation Assumptions

Residual Year 29.00


EV/EBITDA 8.00
P/E Ratio Assumption 17.30
MB Ratio Assumption 2.16

Terminal Growth Rate 4%


WACC 9.80%
Stable Cap Exp/Depreciation 120%
Stable Def Tax to Cap Exp 20%

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

22.48904 Shares Exchanged 6,000.00 P/E 18.13 EV/EBITDA 1.57


36
98
Contents
Operating Assumptions

Exiting Stores 20,000

Retirement of Exiting Stores 800

Growth Rate in Number of Stores From To Growth


1 3 4.00%
4 10 4.00%
11 2.00%

Life Time of Stores 20

Yearly Traffic per Store 230,000


Ticket per Customer $2.00

Margin per Store 30.00%

Employees per Store 15


Cost/Employee 2,666.67

Cap Exp per Store New Store 850,000

Maintenance Cap Exp on Existing Stores 2,000


Initial Retirements 610
Growth Rate in Retirements 5%

Age Usage Pct


Ramp Rate for New Store -30 0%
1 40%
2 60%
3 100%
20 100%
21 0%

General and Financial Assumptions


Inflation Rate 3%

Interest Rate on New Debt 6%


Interest Rate on Cash Balance 4%

Dividend Payout Ratio 40%

A/R Day 10.00


Inventory Days 5.00
A/P Days 60.00

Interest Rate on Existing Debt 10%


Repayment Percent of Exiting Debt 10%

Intangible Amortization Rate 15%


Tax Depreciation Rate 13%
Retirement Rate 4%
Book Depreciation Rate 5%
Minority Interest Percent 10%
IRR on Investment 9.66% Investment Cost 850,000
90,000.00
80,000.00
70,000.00
60,000.00
50,000.00
40,000.00
30,000.00
20,000.00
10,000.00
0.00
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

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 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31

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

Fees = Debt x Pct


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

(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

Financial Investments 2,400.00 -1,600.00


Fair Value of Derivatives 1,600.00
Other Investments 700.00
Intangible Assets 400.00
Goodwill 240.00 4,178.00
Debt Issuance Costs
Total Other Investments 4,940.00

Total Assets 17,130.00

Liabilities and Capital

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

Total Liabilities and Equity 17,130

Existing Balance Sheet 1

Shares 400
Issue of Remove New Equity Total New Restated in
Retire Debt New Debt Existing Eq Issued Adj Balance Currency
7.00

-600.00 600.00 4,200.00


-40.00 120.00 840.00
10.00 40.00 280.00
0.00 300.00 2,100.00
0.00 1,060.00 7,420.00

800.00 12,800.00 89,600.00


0.00 -1,500.00 -10,500.00
0.00 11,300.00 79,100.00

-1,600.00 800.00 5,600.00


0.00 1,600.00 11,200.00
0.00 700.00 4,900.00
400.00 400.00 2,800.00
4,178.00 4,418.00 30,926.00
91.19 91.19 91.19 638.30
8,009.19 56,064.30

3,239.19 20,369.19 142,584.30

0.00 550.00 3,850.00


-800.00 -800.00 0.00 0.00
0.00 550.00 3,850.00

7,294.80 7,294.80 11,294.80 79,063.62


0.00 300.00 2,100.00
-1,000.00 0.00 0.00
0.00 100.00 700.00
0.00 11,694.80 81,863.62
800.00 800.00 800.00 5,600.00
-10,380.00 7,324.38 -3,055.62 7,324.38 51,270.68

3,239.19 20,369.19 142,584.30

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

Exiting Stores 20,000 19,390


New Stores 1,410
Total Retirements 610

Traffic per Store 230,000


Total Traffic 4,589,420,000

Ticket per Customer $2.00


Total Revenues 9,178,840,000

Margin 30.00%
Total Variable Costs 6,425,188,000

Employees per Store 15


Total Employees 300,000.00
Cost per Employee 2,666.67
Total Fixed Costs 800,000,000

Number of New Stores 1,410


Cap Exp per New Store 850,000

Cap Exp on Existing Stores 2,000


Maintenance Cap Exp 40,000,000

Total Cap Exp 1,238,500,000

EBITDA 1,953,652,000

Real Revenues and Operating Expenses

EBITDA in Millions 1,953.65


Cap Exp in Millions 1,238.50
Revenues in Millions 9,178.84
Operating Expenses in Millions 7,225.19

Inflation Rate 3%
Inflation Index 1 1.03
Synergies
Revenue Percent 0.00%
Revenue Syenrgies -
Growth 1.00%
Revenue Synergies -

Expense Percent 6.70%


Expense Synergies 484.09
Growth 1.00%
Expense Synergies 484.09

Cap Exp Percent 0.00%


Cap Exp Synergies 0.00
Growth 1%
Cap Exp Synergies 0.00

Cost to Achieve -

Revenues - Inflated 9,454.21


Operating Costs - Inflated 6,957.86
Cap Exp Inflated 1,275.66

Working Capital
A/R Days 10.00
A/R as Pct of Revenues 2.74%
Total Revenues 9,454.21

Level of A/R 120.00 259.02

Inventory Days 5.00


Inventories as Pct of Op Exp 1.37%
Total CGS 7,225.19

Level of Inventories 40.00 98.98

Other Current Assets 300.00 300.00

A/P days 60.00


A/P as Pct of Total Costs 16.44%
Total Op Exp 7,225.19

Level of A/P 550.00 1,187.70

Total Level of Working Capital -90.00 -529.71


Change in Working Capital -439.71

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)

Net Plant Balance 11,300.00 10,660.00

Book Life 20
New Assets
Opening Balance -
Add: Cap Exp 1,275.66
Less: Retirements -
Closing Balance 1,275.66

Depreciation Rate 0.05


Depreciation Expense -

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

Net Plant 1,275.66

Existing Tax Basis


Opening Balance 7,166.67
Add: Capital Expenditures -
Less: Retirements 512.00
Closing Balance 7,166.67 6,654.67

Tax Depreciation Rate 13%


Tax Depreciation Expense 895.83

New Tax Basis


Tax Life 8
Opening Balance -
Add: Cap Exp 1,275.66
Less Retirements -
Closing Balance 1,275.66

Depreciation Rate 0.13


Depreciation Expense -

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)

Net Intangible Assets 400.00 340.00

Debt Issuance Costs


Opening Balance 91.19 91.19

Amortization Rate 6.67%


Amortization Expense 6.08

Accumulated Amortization 6.08

Net Debt Issuance Cost 91.19 85.11

Derivative Assets 1,600.00 1,600.00


Goodwill 4,418.00 4,418.00
Other Assets 700.00 700.00

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 10%


Interest Expense 400.00

New Senior Debt


Opening Balance 7,294.80
Less: Repayment 486.32
Closing Balance 7,294.80 6,808.48

Debt to EBITDA 2.5 2.5


LIBOR 2.00%
Credit Spread 1.50%
Interest Expense 255.32

New Sub Debt Debt


Opening Balance 0.00
Add: Interest Expense 0.00
Less: Repayment 0.00
Closing Balance 0.00 0.00

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

Net Cash Position


Opening Balance 1,400.00
Add: Net Cash Flow -439.24
Closing Balance 1,400.00 960.76

Surplus Cash 1,400.00 960.76


Short-term Debt 0.00 0.00

Interest Rate on Cash 4%


Interest Rate on Shor-term Debt 6%
Interest Expense on New Debt 56.00
Interest Expense on Cash 0.00

Pension Liabilities 300.00 300.00


Other Liabilities 100.00 100.00

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

Taxes Paid 280.54

Taxes Paid Minus Taxes Booked = Change in Def Tax 76.75

Accumulated Deferred Tax


Opening Balance 0.00
Add: Change in Deferred Tax 76.75
Closing Balance 0.00 76.75

Cash Flow Statement


EBITDA 2,496.35
Less: WC Change -439.71
Less: Taxes Paid 280.54
Operating Cash Flow 2,655.52
Less: Capital Expenditures 1,275.66
Add: Sale Proceeds
Cash Before Financing 1,379.87
Less: Interest on Long-term 655.32
Less: Interest on Short-term 0.00
Add: Interest Income 56.00
Less: Debt Repayment 886.32
Less: Dividends to Minority 32.84
Less: Dividends to Common 300.63
Net Cash Flow (439.24)

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

Total Assets 20,369.19 20,697.52

Liabilities and Capital


Current Liabilities
Accounts Payable 550.00 1,187.70
Short-term Loans 0.00 0.00
Total 550.00 1,187.70

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

Debt to Capital 54.7%


Return on Equity 9.95%
Return on Invested Capital 6.93%

Cap Exp to Depreciation 199.32%

EPS effect on Acquiring Company


New Earnings 751.58
Exchange Rate 7.00
Earnings after Exchange Rate 5,261.03
Shared of Acquiring Company 6,000.00
EPS from Acquisition 0.88

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

Existing EPS 0.64


New EPS 0.70
Free Cash Flow and Overall Rate of Return
Tax Rate 30%
Exit EV/EBITDA 8.00

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

Free Cash Flow 1,200.07


Depreciation -
Cap Exp to Depreciation 1.20
Adjusted Cap Exp -
Deferred Tax to Cap Exp 0.20
Deferred Tax Change -
Stable Cash Flow -
Terminal Value -
Total Cash Flow 1,200.07

Terminal Growth Rate 4.0%


Enterprise Value - Gordons Method 14,754.81

Equity Issued 7,324.38


Add: Minority Issued 800.00
Add: Debt Issued 11,294.80
Total Enterprise Value Paid 17,819.19

Net Cash Flow -17,819.19 1,200.07

Overall IRR on Investment 9.66%

WACC 10.00%
Enterprise Value - EV/EBITDA $16,916.97
Net Debt 1,200.00
Equity Value 18,116.97

Equity Cash Flow

Exit P/E Ratio 17.30


Exit M/B Ratio 2.16

Dividends 300.63

Earnings 751.58
Terminal Equity Value 0

Total Equity Inflow 300.63

Total Equity Issued 7,324.38


Net Equity Cash Flow - P/E Ratio -7,324.38 300.63

Equity IRR 11.75%

Equity Book Value 7,775.33


Market Terminal Value -

Net Equity Cash Flow - M/B Ratio -7,324.38 300.63

Equity IRR - M/B Ratio 12.51%

Synergies

Total Pre-Tax Synergies Net of Cost to Achieve 484.09


Tax Rate 30%
After Tax Synergies 338.86

Terminal EV/EBITDA 8.00


Terminal Value of Synergies -

Cash Flow from Synegies 338.86

PV of Synergies at WACC 3,674.18


Premium 4,320.00
Net Value (645.82)
2011 2012 2013 2014 2015 2016
2 3 4 5 6 7
1 1 1 1 1 1
0 0 0 0 0 0
0 0 0 0 0 0

20,800 21,632 22,497 23,397 24,333 25,306


1,473 1,538 1,606 1,677 1,752 1,829
641 673 706 741 779 817
0 0 0 0 0 0
21,632 22,497 23,397 24,333 25,306 26,318

18,750 18,077 17,371 16,629 15,851 15,033


2,883 4,420 6,026 7,704 9,455 11,285
641 673 706 741 779 817

230,000 230,000 230,000 230,000 230,000 230,000


4,642,435,000 4,826,661,550 5,018,208,828 5,217,334,769 5,424,342,407 5,639,533,828

$2.00 $2.00 $2.00 $2.00 $2.00 $2.00


9,284,870,000 9,653,323,100 10,036,417,655 10,434,669,538 10,848,684,815 11,279,067,655

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%


6,499,409,000 6,757,326,170 7,025,492,359 7,304,268,676 7,594,079,370 7,895,347,359

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

1,473 1,538 1,606 1,677 1,752 1,829


850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000


41,600,000 43,264,000 44,994,000 46,794,000 48,666,000 50,612,000

1,293,225,000 1,350,160,250 1,410,222,563 1,472,633,991 1,537,467,990 1,605,651,590

1,953,461,000 2,030,716,930 2,111,045,297 2,194,520,861 2,281,285,444 2,371,480,297

1,953.46 2,030.72 2,111.05 2,194.52 2,281.29 2,371.48


1,293.23 1,350.16 1,410.22 1,472.63 1,537.47 1,605.65
9,284.87 9,653.32 10,036.42 10,434.67 10,848.68 11,279.07
7,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

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

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


488.93 493.82 498.76 503.74 508.78 513.87

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


- - - - - -

9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.83


7,288.96 7,835.61 8,421.32 9,048.85 9,721.14 10,441.34
1,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75

10.00 10.00 10.00 10.00 10.00 10.00


2.74% 2.74% 2.74% 2.74% 2.74% 2.74%
9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.83

269.87 289.00 309.48 331.41 354.90 380.05

5.00 5.00 5.00 5.00 5.00 5.00


1.37% 1.37% 1.37% 1.37% 1.37% 1.37%
7,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

100.43 104.42 108.57 112.88 117.36 122.02

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.00


16.44% 16.44% 16.44% 16.44% 16.44% 16.44%
7,331.41 7,622.61 7,925.37 8,240.15 8,567.40 8,907.59

1,205.16 1,253.03 1,302.80 1,354.54 1,408.34 1,464.26

-534.86 -559.61 -584.75 -610.25 -636.08 -662.19


-5.15 -24.75 -25.14 -25.50 -25.83 -26.11

12,288.00 11,796.48 11,324.62 10,871.64 10,436.77 10,019.30

491.52 471.86 452.98 434.87 417.47 400.77


11,796.48 11,324.62 10,871.64 10,436.77 10,019.30 9,618.53

5% 5% 5% 5% 5% 5%
614.40 589.82 566.23 543.58 521.84 500.96

(1,628.00) (1,750.88) (1,868.84) (1,982.09) (2,090.81) (2,195.18)


(614.40) (589.82) (566.23) (543.58) (521.84) (500.96)
(491.52) (471.86) (452.98) (434.87) (417.47) (400.77)
(1,750.88) (1,868.84) (1,982.09) (2,090.81) (2,195.18) (2,295.37)

10,045.60 9,455.78 8,889.54 8,345.96 7,824.12 7,323.16

1,275.66 2,647.64 4,122.99 5,710.21 7,417.40 9,253.22


1,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75
- - - - - -
2,647.64 4,122.99 5,710.21 7,417.40 9,253.22 11,227.96

0.05 0.05 0.05 0.05 0.05 0.05


63.78 132.38 206.15 285.51 370.87 462.66

- (63.78) (196.16) (402.31) (687.82) (1,058.69)


(63.78) (132.38) (206.15) (285.51) (370.87) (462.66)
- - - - - -
(63.78) (196.16) (402.31) (687.82) (1,058.69) (1,521.36)

2,583.85 3,926.83 5,307.90 6,729.57 8,194.52 9,706.61

6,654.67 6,163.15 5,691.29 5,238.30 4,803.44 4,385.97


- - - - - -
491.52 471.86 452.98 434.87 417.47 400.77
6,163.15 5,691.29 5,238.30 4,803.44 4,385.97 3,985.19

13% 13% 13% 13% 13% 13%


831.83 770.39 711.41 654.79 600.43 548.25

1,275.66 2,647.64 4,122.99 5,710.21 7,417.40 9,253.22


1,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75
- - - - - -
2,647.64 4,122.99 5,710.21 7,417.40 9,253.22 11,227.96

0.13 0.13 0.13 0.13 0.13 0.13


159.46 330.95 515.37 713.78 927.17 1,156.65

400.00 400.00 400.00 400.00 400.00 400.00


15% 15% 15% 15% 15% 15%
60.00 60.00 60.00 60.00 60.00 40.00

(60.00) (120.00) (180.00) (240.00) (300.00) (360.00)


(60.00) (60.00) (60.00) (60.00) (60.00) (40.00)
(120.00) (180.00) (240.00) (300.00) (360.00) (400.00)

280.00 220.00 160.00 100.00 40.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%


6.08 6.08 6.08 6.08 6.08 6.08

12.16 18.24 24.32 30.40 36.47 42.55

79.03 72.95 66.87 60.79 54.71 48.63

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
700.00 700.00 700.00 700.00 700.00 700.00

3,600.00 3,200.00 2,800.00 2,400.00 2,000.00 1,600.00


400.00 400.00 400.00 400.00 400.00 400.00
3,200.00 2,800.00 2,400.00 2,000.00 1,600.00 1,200.00

10% 10% 10% 10% 10% 10%


360.00 320.00 280.00 240.00 200.00 160.00

6,808.48 6,322.16 5,835.84 5,349.52 4,863.20 4,376.88


486.32 486.32 486.32 486.32 486.32 486.32
6,322.16 5,835.84 5,349.52 4,863.20 4,376.88 3,890.56

2.5 2.5 2.5 2.5 2.5 2.5


2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
238.30 221.28 204.25 187.23 170.21 153.19

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

9% 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

960.76 73.84 -778.84 -1,620.23 -2,447.39 -3,256.54


-886.92 -852.68 -841.39 -827.16 -809.15 -799.75
73.84 -778.84 -1,620.23 -2,447.39 -3,256.54 -4,056.28

73.84 0.00 0.00 0.00 0.00 0.00


0.00 778.84 1,620.23 2,447.39 3,256.54 4,056.28

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

300.00 300.00 300.00 300.00 300.00 300.00


100.00 100.00 100.00 100.00 100.00 100.00

9,850.32 10,548.45 11,296.08 12,096.64 12,953.90 13,871.83


7,288.96 7,835.61 8,421.32 9,048.85 9,721.14 10,441.34
2,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.49
678.18 722.21 772.38 829.09 892.71 963.63
66.08 66.08 66.08 66.08 66.08 46.08
1,817.09 1,924.55 2,036.30 2,152.62 2,273.97 2,420.79
598.30 541.28 484.25 427.23 370.21 313.19
- - 46.73 97.21 146.84 195.39
38.43 2.95 - - - -
1,257.23 1,386.23 1,505.31 1,628.18 1,756.91 1,912.20
377.17 415.87 451.59 488.45 527.07 573.66
880.06 970.36 1,053.72 1,139.72 1,229.84 1,338.54
86.66 95.55 103.76 112.23 121.10 131.80
793.40 874.81 949.96 1,027.50 1,108.74 1,206.74

1,257.23 1,386.23 1,505.31 1,628.18 1,756.91 1,912.20


678.18 722.21 772.38 829.09 892.71 963.63
991.29 1,101.35 1,226.79 1,368.56 1,527.60 1,704.90
944.12 1,007.09 1,050.91 1,088.70 1,122.02 1,170.93

283.24 302.13 315.27 326.61 336.60 351.28

93.93 113.74 136.32 161.84 190.47 222.38

76.75 170.68 284.42 420.75 582.59 773.06


93.93 113.74 136.32 161.84 190.47 222.38
170.68 284.42 420.75 582.59 773.06 995.44
2,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.49
-5.15 -24.75 -25.14 -25.50 -25.83 -26.11
283.24 302.13 315.27 326.61 336.60 351.28
2,283.27 2,435.46 2,584.62 2,746.68 2,921.98 3,105.32
1,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75

911.29 960.11 997.41 1,039.50 1,086.16 1,130.57


598.30 541.28 484.25 427.23 370.21 313.19
0.00 0.00 46.73 97.21 146.84 195.39
38.43 2.95 0.00 0.00 0.00 0.00
886.32 886.32 886.32 886.32 886.32 886.32
34.66 38.22 41.50 44.89 48.44 52.72
317.36 349.92 379.98 411.00 443.50 482.69
(886.92) (852.68) (841.39) (827.16) (809.15) (799.75)

7,775.33 8,251.37 8,776.25 9,346.23 9,962.73 10,627.97


793.40 874.81 949.96 1,027.50 1,108.74 1,206.74
317.36 349.92 379.98 411.00 443.50 482.69
8,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.01

849.25 901.25 958.58 1,020.83 1,088.17 1,160.83


86.66 95.55 103.76 112.23 121.10 131.80
34.66 38.22 41.50 44.89 48.44 52.72
901.25 958.58 1,020.83 1,088.17 1,160.83 1,239.91

73.84 0.00 0.00 0.00 0.00 0.00


269.87 289.00 309.48 331.41 354.90 380.05
100.43 104.42 108.57 112.88 117.36 122.02
300.00 300.00 300.00 300.00 300.00 300.00
744.14 693.42 718.05 744.29 772.26 802.07

14,444.12 15,447.61 16,581.85 17,854.17 19,272.52 20,846.49


-1,814.66 -2,065.01 -2,384.41 -2,778.63 -3,253.87 -3,816.72
12,629.45 13,382.61 14,197.44 15,075.54 16,018.65 17,029.77

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


700.00 700.00 700.00 700.00 700.00 700.00
280.00 220.00 160.00 100.00 40.00 0.00
4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
79.03 72.95 66.87 60.79 54.71 48.63
7,077.03 7,010.95 6,944.87 6,878.79 6,812.71 6,766.63

20,450.63 21,086.97 21,860.36 22,698.62 23,603.62 24,598.47


1,205.16 1,253.03 1,302.80 1,354.54 1,408.34 1,464.26
0.00 778.84 1,620.23 2,447.39 3,256.54 4,056.28
1,205.16 2,031.87 2,923.03 3,801.93 4,664.88 5,520.55

9,522.16 8,635.84 7,749.52 6,863.20 5,976.88 5,090.56


300.00 300.00 300.00 300.00 300.00 300.00
170.68 284.42 420.75 582.59 773.06 995.44
100.00 100.00 100.00 100.00 100.00 100.00
10,092.84 9,320.27 8,570.27 7,845.79 7,149.94 6,486.00
901.25 958.58 1,020.83 1,088.17 1,160.83 1,239.91
8,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.01
9,152.62 9,734.83 10,367.06 11,050.90 11,788.80 12,591.93
20,450.63 21,086.97 21,860.36 22,698.62 23,603.62 24,598.47

- - - - - -

1 1 1 1 1 1

3.72 3.47 3.26 3.05 2.86 2.67


18% 20% 22% 24% 26% 28%
3.04 3.56 3.83 4.10 4.40 4.76

51.0% 49.2% 47.5% 45.7% 43.9% 42.1%


9.90% 10.28% 10.48% 10.64% 10.77% 10.98%
6.84% 7.04% 7.22% 7.40% 7.57% 7.80%

202.30% 204.28% 205.50% 205.91% 205.65% 204.93%

793.40 874.81 949.96 1,027.50 1,108.74 1,206.74


7.00 7.00 7.00 7.00 7.00 7.00
5,553.80 6,123.67 6,649.72 7,192.47 7,761.16 8,447.16
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
0.93 1.02 1.11 1.20 1.29 1.41

12,836.67 14,473.43 16,279.15 18,408.16 20,690.02 23,280.22


17,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13
0.72 0.81 0.91 1.03 1.16 1.30

18,390.47 20,597.11 22,928.86 25,600.63 28,451.18 31,727.38


23,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13
0.77 0.86 0.96 1.07 1.19 1.33

0.72 0.81 0.91 1.03 1.16 1.30


0.77 0.86 0.96 1.07 1.19 1.33
30% 30% 30% 30% 30% 30%
8.00 8.00 8.00 8.00 8.00 8.00

2,561.36 2,712.84 2,874.76 3,047.79 3,232.76 3,430.49


1,371.98 1,475.36 1,587.22 1,707.19 1,835.82 1,974.75
(5.15) (24.75) (25.14) (25.50) (25.83) (26.11)
545.13 577.37 610.89 645.79 682.19 726.24
93.93 113.74 136.32 161.84 190.47 222.38
- - - - - -
743.33 798.61 838.11 882.16 931.04 978.00

743.33 798.61 838.11 882.16 931.04 978.00


- - - - - -
1.20 1.20 1.20 1.20 1.20 1.20
- - - - - -
0.20 0.20 0.20 0.20 0.20 0.20
- - - - - -
- - - - - -
- - - - - -
743.33 798.61 838.11 882.16 931.04 978.00

743.33 798.61 838.11 882.16 931.04 978.00

IRR on Investment 9.66% Investment Cost 850,000

17.30 17.30 17.30 17.30 17.30 17.30


2.16 2.16 2.16 2.16 2.16 2.16

317.36 349.92 379.98 411.00 443.50 482.69

793.40 874.81 949.96 1,027.50 1,108.74 1,206.74


0 0 0 0 0 0

317.36 349.92 379.98 411.00 443.50 482.69


317.36 349.92 379.98 411.00 443.50 482.69

8,251.37 8,776.25 9,346.23 9,962.73 10,627.97 11,352.01


- - - - - -

317.36 349.92 379.98 411.00 443.50 482.69

488.93 493.82 498.76 503.74 508.78 513.87


30% 30% 30% 30% 30% 30%
342.25 345.67 349.13 352.62 356.15 359.71

8.00 8.00 8.00 8.00 8.00 8.00


- - - - - -

342.25 345.67 349.13 352.62 356.15 359.71


2017 2018 2019 2020 2021 2022
8 9 10 11 12 13
1 1 1 1 1 1
0 0 0 0 0 0
0 0 0 0 0 0

26,318 27,371 28,466 29,605 30,197 30,801


1,911 1,996 2,085 1,586 1,647 1,711
858 901 946 994 1,043 1,095
0 0 - - - -
27,371 28,466 29,605 30,197 30,801 31,417

14,175 13,274 12,327 11,334 10,291 9,195


13,196 15,192 17,278 18,863 20,510 22,222
858 901 946 994 1,043 1,095

230,000 230,000 230,000 230,000 230,000 230,000


5,863,256,119 6,095,855,325 6,337,722,391 6,534,645,111 6,711,024,066 6,838,174,570

$2.00 $2.00 $2.00 $2.00 $2.00 $2.00


11,726,512,238 12,191,710,650 12,675,444,783 13,069,290,222 13,422,048,133 13,676,349,139

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%


8,208,558,567 8,534,197,455 8,872,811,348 9,148,503,155 9,395,433,693 9,573,444,398

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

1,911 1,996 2,085 1,586 1,647 1,711


850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000


52,636,000 54,742,000 56,932,000 59,210,000 60,394,000 61,602,000

1,677,267,569 1,751,552,648 1,829,445,680 1,406,991,864 1,460,604,957 1,516,353,505

2,465,233,671 2,562,673,195 2,663,993,435 2,736,587,067 2,818,734,440 2,870,864,742

2,465.23 2,562.67 2,663.99 2,736.59 2,818.73 2,870.86


1,677.27 1,751.55 1,829.45 1,406.99 1,460.60 1,516.35
11,726.51 12,191.71 12,675.44 13,069.29 13,422.05 13,676.35
9,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

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

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


519.01 524.20 529.44 534.73 540.08 545.48

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


- - - - - -

14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.18


11,212.90 12,039.51 12,925.11 13,768.14 14,577.71 15,322.74
2,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82

10.00 10.00 10.00 10.00 10.00 10.00


2.74% 2.74% 2.74% 2.74% 2.74% 2.74%
14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.18

406.98 435.82 466.71 495.64 524.29 550.25

5.00 5.00 5.00 5.00 5.00 5.00


1.37% 1.37% 1.37% 1.37% 1.37% 1.37%
9,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

126.87 131.90 137.14 141.54 145.25 148.02

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.00


16.44% 16.44% 16.44% 16.44% 16.44% 16.44%
9,261.28 9,629.04 10,011.45 10,332.70 10,603.31 10,805.48

1,522.40 1,582.86 1,645.72 1,698.53 1,743.01 1,776.24

-688.55 -715.13 -741.87 -761.34 -773.47 -777.97


-26.37 -26.58 -26.74 -19.47 -12.13 -4.50

9,618.53 9,233.79 8,864.44 8,509.86 8,169.46 7,842.68

384.74 369.35 354.58 340.39 326.78 313.71


9,233.79 8,864.44 8,509.86 8,169.46 7,842.68 7,528.98

5% 5% 5% 5% 5% 5%
480.93 461.69 443.22 425.49 408.47 392.13

(2,295.37) (2,391.55) (2,483.89) (2,572.54) (2,657.63) (2,739.33)


(480.93) (461.69) (443.22) (425.49) (408.47) (392.13)
(384.74) (369.35) (354.58) (340.39) (326.78) (313.71)
(2,391.55) (2,483.89) (2,572.54) (2,657.63) (2,739.33) (2,817.76)

6,842.23 6,380.54 5,937.32 5,511.83 5,103.36 4,711.22

11,227.96 13,352.68 15,638.06 18,096.68 20,044.28 22,126.76


2,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82
- - - - - -
13,352.68 15,638.06 18,096.68 20,044.28 22,126.76 24,353.57

0.05 0.05 0.05 0.05 0.05 0.05


561.40 667.63 781.90 904.83 1,002.21 1,106.34

(1,521.36) (2,082.75) (2,750.39) (3,532.29) (4,437.12) (5,439.34)


(561.40) (667.63) (781.90) (904.83) (1,002.21) (1,106.34)
- - - - - -
(2,082.75) (2,750.39) (3,532.29) (4,437.12) (5,439.34) (6,545.68)

11,269.92 12,887.67 14,564.39 15,607.16 16,687.42 17,807.90

3,985.19 3,600.45 3,231.10 2,876.52 2,536.13 2,209.35


- - - - - -
384.74 369.35 354.58 340.39 326.78 313.71
3,600.45 3,231.10 2,876.52 2,536.13 2,209.35 1,895.64

13% 13% 13% 13% 13% 13%


498.15 450.06 403.89 359.57 317.02 276.17

11,227.96 13,352.68 14,362.40 15,449.04 15,921.29 16,416.55


2,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82
- 1,275.66 1,371.98 1,475.36 1,587.22 1,707.19
13,352.68 14,362.40 15,449.04 15,921.29 16,416.55 16,936.17

0.13 0.13 0.13 0.13 0.13 0.13


1,403.50 1,669.08 1,795.30 1,931.13 1,990.16 2,052.07

400.00 400.00 400.00 400.00 400.00 400.00


15% 15% 15% 15% 15% 15%
- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)


- - - - - -
(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%


6.08 6.08 6.08 6.08 6.08 6.08

48.63 54.71 60.79 66.87 72.95 79.03

42.55 36.47 30.40 24.32 18.24 12.16

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
700.00 700.00 700.00 700.00 700.00 700.00

1,200.00 800.00 400.00 0.00 0.00 0.00


400.00 400.00 400.00 - - -
800.00 400.00 - - - -

10% 10% 10% 10% 10% 10%


120.00 80.00 40.00 0.00 0.00 0.00

3,890.56 3,404.24 2,917.92 2,431.60 1,945.28 1,458.96


486.32 486.32 486.32 486.32 486.32 486.32
3,404.24 2,917.92 2,431.60 1,945.28 1,458.96 972.64

2.5 2.5 2.5 2.5 2.5 2.5


2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
136.17 119.15 102.13 85.11 68.08 51.06

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

9% 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

-4,056.28 -4,855.30 -5,626.42 -6,413.74 -6,146.76 -5,881.50


-799.01 -771.12 -787.32 266.98 265.26 243.08
-4,855.30 -5,626.42 -6,413.74 -6,146.76 -5,881.50 -5,638.42

0.00 0.00 0.00 0.00 0.00 0.00


4,855.30 5,626.42 6,413.74 6,146.76 5,881.50 5,638.42

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

300.00 300.00 300.00 300.00 300.00 300.00


100.00 100.00 100.00 100.00 100.00 100.00

14,854.79 15,907.42 17,034.74 18,090.95 19,136.63 20,084.18


11,212.90 12,039.51 12,925.11 13,768.14 14,577.71 15,322.74
3,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.44
1,042.32 1,129.32 1,225.12 1,330.33 1,410.69 1,498.47
6.08 6.08 6.08 6.08 6.08 6.08
2,593.49 2,732.50 2,878.42 2,986.40 3,142.16 3,256.89
256.17 199.15 142.13 85.11 68.08 51.06
243.38 291.32 337.58 384.82 368.81 352.89
- - - - - -
2,093.94 2,242.04 2,398.71 2,516.47 2,705.27 2,852.94
628.18 672.61 719.61 754.94 811.58 855.88
1,465.76 1,569.43 1,679.10 1,761.53 1,893.69 1,997.06
144.33 154.54 165.34 173.46 186.47 196.65
1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41

2,093.94 2,242.04 2,398.71 2,516.47 2,705.27 2,852.94


1,042.32 1,129.32 1,225.12 1,330.33 1,410.69 1,498.47
1,901.64 2,119.14 2,199.19 2,290.70 2,307.18 2,328.24
1,234.62 1,252.22 1,424.64 1,556.11 1,808.78 2,023.17

370.39 375.67 427.39 466.83 542.63 606.95

257.80 296.95 292.22 288.11 268.95 248.93

995.44 1,253.23 1,550.18 1,842.40 2,130.51 2,399.46


257.80 296.95 292.22 288.11 268.95 248.93
1,253.23 1,550.18 1,842.40 2,130.51 2,399.46 2,648.39
3,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.44
-26.37 -26.58 -26.74 -19.47 -12.13 -4.50
370.39 375.67 427.39 466.83 542.63 606.95
3,297.87 3,518.82 3,708.97 3,875.45 4,028.42 4,159.00
2,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82

1,173.16 1,233.44 1,250.35 1,927.84 1,945.94 1,932.18


256.17 199.15 142.13 85.11 68.08 51.06
243.38 291.32 337.58 384.82 368.81 352.89
0.00 0.00 0.00 0.00 0.00 0.00
886.32 886.32 886.32 486.32 486.32 486.32
57.73 61.82 66.14 69.38 74.59 78.66
528.57 565.95 605.50 635.23 682.89 720.16
(799.01) (771.12) (787.32) 266.98 265.26 243.08

11,352.01 12,144.87 12,993.80 13,902.05 14,854.90 15,879.23


1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41
528.57 565.95 605.50 635.23 682.89 720.16
12,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.47

1,239.91 1,326.51 1,419.24 1,518.44 1,622.51 1,734.40


144.33 154.54 165.34 173.46 186.47 196.65
57.73 61.82 66.14 69.38 74.59 78.66
1,326.51 1,419.24 1,518.44 1,622.51 1,734.40 1,852.39

0.00 0.00 0.00 0.00 0.00 0.00


406.98 435.82 466.71 495.64 524.29 550.25
126.87 131.90 137.14 141.54 145.25 148.02
300.00 300.00 300.00 300.00 300.00 300.00
833.85 867.72 903.85 937.19 969.54 998.27

22,586.46 24,502.49 26,606.54 28,213.75 29,969.44 31,882.55


-4,474.31 -5,234.28 -6,104.83 -7,094.76 -8,178.67 -9,363.43
18,112.16 19,268.21 20,501.71 21,118.99 21,790.77 22,519.12

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


700.00 700.00 700.00 700.00 700.00 700.00
0.00 0.00 0.00 0.00 0.00 0.00
4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
42.55 36.47 30.40 24.32 18.24 12.16
6,760.55 6,754.47 6,748.40 6,742.32 6,736.24 6,730.16

25,706.56 26,890.41 28,153.95 28,798.49 29,496.55 30,247.55


1,522.40 1,582.86 1,645.72 1,698.53 1,743.01 1,776.24
4,855.30 5,626.42 6,413.74 6,146.76 5,881.50 5,638.42
6,377.70 7,209.27 8,059.46 7,845.29 7,624.51 7,414.66

4,204.24 3,317.92 2,431.60 1,945.28 1,458.96 972.64


300.00 300.00 300.00 300.00 300.00 300.00
1,253.23 1,550.18 1,842.40 2,130.51 2,399.46 2,648.39
100.00 100.00 100.00 100.00 100.00 100.00
5,857.48 5,268.10 4,674.00 4,475.79 4,258.42 4,021.03
1,326.51 1,419.24 1,518.44 1,622.51 1,734.40 1,852.39
12,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.47
13,471.38 14,413.04 15,420.50 16,477.41 17,613.63 18,811.86
25,706.56 26,890.41 28,153.95 28,798.49 29,496.55 30,247.55

- - - - - -

1 1 1 1 1 1

2.49 2.31 2.15 1.87 1.61 1.39


31% 34% 37% 42% 49% 57%
5.19 5.57 6.00 6.35 7.19 8.06

40.2% 38.3% 36.5% 32.9% 29.4% 26.0%


11.25% 11.26% 11.26% 11.04% 11.11% 10.97%
8.06% 8.19% 8.30% 8.51% 8.81% 8.97%

203.84% 202.37% 200.68% 146.40% 147.62% 148.61%

1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41


7.00 7.00 7.00 7.00 7.00 7.00
9,249.99 9,904.20 10,596.30 11,116.53 11,950.52 12,602.86
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
1.54 1.65 1.77 1.85 1.99 2.10

26,171.22 27,335.79 28,629.36 28,918.26 29,297.34 29,751.32


17,891.13 17,891.13 17,891.13 17,891.13 17,891.13 17,891.13
1.46 1.53 1.60 1.62 1.64 1.66

35,421.21 37,239.99 39,225.66 40,034.79 41,247.86 42,354.18


23,891.13 23,891.13 23,891.13 23,891.13 23,891.13 23,891.13
1.48 1.56 1.64 1.68 1.73 1.77

1.46 1.53 1.60 1.62 1.64 1.66


1.48 1.56 1.64 1.68 1.73 1.77
30% 30% 30% 30% 30% 30%
8.00 8.00 8.00 8.00 8.00 8.00

3,641.89 3,867.90 4,109.62 4,322.81 4,558.92 4,761.44


2,124.71 2,285.38 2,458.62 1,947.61 2,082.47 2,226.82
(26.37) (26.58) (26.74) (19.47) (12.13) (4.50)
778.05 819.75 863.53 895.92 942.65 977.07
257.80 296.95 292.22 288.11 268.95 248.93
- - - - - -
1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99


- - - - - -
1.20 1.20 1.20 1.20 1.20 1.20
- - - - - -
0.20 0.20 0.20 0.20 0.20 0.20
- - - - - -
- - - - - -
- - - - - -
1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

1,023.29 1,086.30 1,106.43 1,786.86 1,814.88 1,810.99

17.30 17.30 17.30 17.30 17.30 17.30


2.16 2.16 2.16 2.16 2.16 2.16

528.57 565.95 605.50 635.23 682.89 720.16

1,321.43 1,414.89 1,513.76 1,588.08 1,707.22 1,800.41


0 0 0 0 0 0

528.57 565.95 605.50 635.23 682.89 720.16


528.57 565.95 605.50 635.23 682.89 720.16

12,144.87 12,993.80 13,902.05 14,854.90 15,879.23 16,959.47


- - - - - -

528.57 565.95 605.50 635.23 682.89 720.16

519.01 524.20 529.44 534.73 540.08 545.48


30% 30% 30% 30% 30% 30%
363.31 366.94 370.61 374.31 378.06 381.84

8.00 8.00 8.00 8.00 8.00 8.00


- - - - - -

363.31 366.94 370.61 374.31 378.06 381.84


2023 2024 2025 2026 2027 2028
14 15 16 17 18 19
1 1 1 1 1 1
0 0 0 0 0 0
0 0 0 0 0 0

31,417 32,045 32,686 33,340 34,007 34,687


1,778 1,849 1,922 1,999 2,078 2,162
1,150 1,208 1,268 1,332 1,398 1,468
- - - - - -
32,045 32,686 33,340 34,007 34,687 35,381

8,045 6,837 5,569 4,237 2,839 1,371


24,000 25,849 27,771 29,770 31,848 34,010
1,150 1,208 1,268 1,332 1,398 1,468

230,000 230,000 230,000 230,000 230,000 230,000


6,967,496,598 7,099,052,728 7,232,858,064 7,368,972,168 7,507,360,976 7,648,080,725

$2.00 $2.00 $2.00 $2.00 $2.00 $2.00


13,934,993,196 14,198,105,456 14,465,716,129 14,737,944,335 15,014,721,952 15,296,161,450

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%


9,754,495,237 9,938,673,819 10,126,001,290 10,316,561,035 10,510,305,367 10,707,313,015

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

1,778 1,849 1,922 1,999 2,078 2,162


850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000


62,834,000 64,090,000 65,372,000 66,680,000 68,014,000 69,374,000

1,574,343,080 1,635,534,534 1,699,196,261 1,765,450,474 1,834,425,498 1,907,106,073

2,923,817,959 2,977,631,637 3,032,274,839 3,087,783,301 3,144,136,586 3,201,368,435

2,923.82 2,977.63 3,032.27 3,087.78 3,144.14 3,201.37


1,574.34 1,635.53 1,699.20 1,765.45 1,834.43 1,907.11
13,934.99 14,198.11 14,465.72 14,737.94 15,014.72 15,296.16
11,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

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

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


550.94 556.45 562.01 567.63 573.31 579.04

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


- - - - - -

21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.91


16,104.45 16,924.69 17,785.31 18,688.31 19,635.57 20,629.25
2,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12

10.00 10.00 10.00 10.00 10.00 10.00


2.74% 2.74% 2.74% 2.74% 2.74% 2.74%
21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.91

577.48 606.03 635.98 667.39 700.32 734.85

5.00 5.00 5.00 5.00 5.00 5.00


1.37% 1.37% 1.37% 1.37% 1.37% 1.37%
11,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

150.84 153.71 156.62 159.59 162.61 165.68

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.00


16.44% 16.44% 16.44% 16.44% 16.44% 16.44%
11,011.18 11,220.47 11,433.44 11,650.16 11,870.59 12,094.79

1,810.06 1,844.46 1,879.47 1,915.09 1,951.33 1,988.19

-781.74 -784.72 -786.87 -788.12 -788.40 -787.66


-3.77 -2.98 -2.14 -1.25 -0.28 0.75

7,528.98 7,227.82 6,938.71 6,661.16 6,394.71 6,138.92

301.16 289.11 277.55 266.45 255.79 245.56


7,227.82 6,938.71 6,661.16 6,394.71 6,138.92 5,893.37

5% 5% 5% 5% 5% 5%
376.45 361.39 346.94 333.06 319.74 306.95

(2,817.76) (2,893.05) (2,965.32) (3,034.71) (3,101.32) (3,165.27)


(376.45) (361.39) (346.94) (333.06) (319.74) (306.95)
(301.16) (289.11) (277.55) (266.45) (255.79) (245.56)
(2,893.05) (2,965.32) (3,034.71) (3,101.32) (3,165.27) (3,226.66)

4,334.77 3,973.38 3,626.45 3,293.39 2,973.65 2,666.71

24,353.57 26,734.91 29,283.02 32,009.73 34,927.75 38,050.74


2,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12
- - - - - -
26,734.91 29,283.02 32,009.73 34,927.75 38,050.74 41,394.86

0.05 0.05 0.05 0.05 0.05 0.05


1,217.68 1,336.75 1,464.15 1,600.49 1,746.39 1,902.54

(6,545.68) (7,763.36) (9,100.10) (10,564.25) (12,164.74) (13,911.13)


(1,217.68) (1,336.75) (1,464.15) (1,600.49) (1,746.39) (1,902.54)
- - - - - -
(7,763.36) (9,100.10) (10,564.25) (12,164.74) (13,911.13) (15,813.66)

18,971.55 20,182.92 21,445.48 22,763.01 24,139.61 25,581.20

1,895.64 1,594.49 1,305.37 1,027.82 761.38 505.59


- - - - - -
301.16 289.11 277.55 266.45 255.79 245.56
1,594.49 1,305.37 1,027.82 761.38 505.59 260.03

13% 13% 13% 13% 13% 13%


236.96 199.31 163.17 128.48 95.17 63.20

16,936.17 17,481.69 18,055.05 18,657.05 19,289.69 19,954.06


2,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12
1,835.82 1,974.75 2,124.71 2,285.38 2,458.62 1,947.61
17,481.69 18,055.05 18,657.05 19,289.69 19,954.06 21,350.57

0.13 0.13 0.13 0.13 0.13 0.13


2,117.02 2,185.21 2,256.88 2,332.13 2,411.21 2,494.26

400.00 400.00 400.00 400.00 400.00 400.00


15% 15% 15% 15% 15% 15%
- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)


- - - - - -
(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%


6.08 6.08 - - - -

85.11 91.19 91.19 91.19 91.19 91.19

6.08 0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.00


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

10% 10% 10% 10% 10% 10%


0.00 0.00 0.00 0.00 0.00 0.00

972.64 486.32 0.00 0.00 0.00 0.00


486.32 486.32 0.00 0.00 0.00 0.00
486.32 0.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.5 2.5


2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
34.04 17.02 - - - -

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

9% 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

-5,638.42 -5,413.76 -5,212.31 -4,555.38 -3,925.44 -3,327.72


224.66 201.45 656.93 629.94 597.72 558.08
-5,413.76 -5,212.31 -4,555.38 -3,925.44 -3,327.72 -2,769.63

0.00 0.00 0.00 0.00 0.00 0.00


5,413.76 5,212.31 4,555.38 3,925.44 3,327.72 2,769.63

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

300.00 300.00 300.00 300.00 300.00 300.00


100.00 100.00 100.00 100.00 100.00 100.00

21,077.93 22,120.19 23,213.23 24,359.58 25,561.56 26,821.91


16,104.45 16,924.69 17,785.31 18,688.31 19,635.57 20,629.25
4,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.66
1,594.13 1,698.14 1,811.09 1,933.54 2,066.12 2,209.48
6.08 6.08 - - - -
3,373.27 3,491.28 3,616.84 3,737.72 3,859.87 3,983.18
34.04 17.02 - - - -
338.31 324.83 312.74 273.32 235.53 199.66
- - - - - -
3,000.92 3,149.44 3,304.10 3,464.40 3,624.34 3,783.51
900.28 944.83 991.23 1,039.32 1,087.30 1,135.05
2,100.64 2,204.61 2,312.87 2,425.08 2,537.04 2,648.46
206.85 217.09 227.75 238.80 249.82 260.79
1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67

3,000.92 3,149.44 3,304.10 3,464.40 3,624.34 3,783.51


1,594.13 1,698.14 1,811.09 1,933.54 2,066.12 2,209.48
2,353.98 2,384.52 2,420.05 2,460.61 2,506.38 2,557.46
2,241.07 2,463.05 2,695.13 2,937.33 3,184.08 3,435.54

672.32 738.92 808.54 881.20 955.22 1,030.66

227.95 205.92 182.69 158.12 132.08 104.39

2,648.39 2,876.34 3,082.26 3,264.95 3,423.07 3,555.14


227.95 205.92 182.69 158.12 132.08 104.39
2,876.34 3,082.26 3,264.95 3,423.07 3,555.14 3,659.54
4,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.66
-3.77 -2.98 -2.14 -1.25 -0.28 0.75
672.32 738.92 808.54 881.20 955.22 1,030.66
4,304.92 4,459.57 4,621.53 4,791.32 4,971.05 5,161.25
2,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12

1,923.59 1,911.46 1,894.82 1,873.29 1,848.06 1,817.13


34.04 17.02 - - - -
338.31 324.83 312.74 273.32 235.53 199.66
0.00 0.00 0.00 0.00 0.00 0.00
486.32 486.32 - - - -
82.74 86.83 91.10 95.52 99.93 104.32
757.52 795.01 834.05 874.51 914.89 955.07
224.66 201.45 656.93 629.94 597.72 558.08

16,959.47 18,095.75 19,288.26 20,539.34 21,851.11 23,223.44


1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67
757.52 795.01 834.05 874.51 914.89 955.07
18,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.04

1,852.39 1,976.49 2,106.75 2,243.39 2,386.67 2,536.56


206.85 217.09 227.75 238.80 249.82 260.79
82.74 86.83 91.10 95.52 99.93 104.32
1,976.49 2,106.75 2,243.39 2,386.67 2,536.56 2,693.04

0.00 0.00 0.00 0.00 0.00 0.00


577.48 606.03 635.98 667.39 700.32 734.85
150.84 153.71 156.62 159.59 162.61 165.68
300.00 300.00 300.00 300.00 300.00 300.00
1,028.32 1,059.74 1,092.60 1,126.98 1,162.93 1,200.53

33,962.73 36,221.72 38,670.89 41,322.46 44,189.66 47,288.22


-10,656.40 -12,065.42 -13,598.96 -15,266.06 -17,076.39 -19,040.32
23,306.33 24,156.30 25,071.92 26,056.40 27,113.26 28,247.90

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


700.00 700.00 700.00 700.00 700.00 700.00
0.00 0.00 0.00 0.00 0.00 0.00
4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
6.08 0.00 0.00 0.00 0.00 0.00
6,724.08 6,718.00 6,718.00 6,718.00 6,718.00 6,718.00

31,058.72 31,934.04 32,882.53 33,901.38 34,994.19 36,166.43


1,810.06 1,844.46 1,879.47 1,915.09 1,951.33 1,988.19
5,413.76 5,212.31 4,555.38 3,925.44 3,327.72 2,769.63
7,223.81 7,056.77 6,434.85 5,840.53 5,279.05 4,757.82

486.32 0.00 0.00 0.00 0.00 0.00


300.00 300.00 300.00 300.00 300.00 300.00
2,876.34 3,082.26 3,264.95 3,423.07 3,555.14 3,659.54
100.00 100.00 100.00 100.00 100.00 100.00
3,762.66 3,482.26 3,664.95 3,823.07 3,955.14 4,059.54
1,976.49 2,106.75 2,243.39 2,386.67 2,536.56 2,693.04
18,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.04
20,072.25 21,395.01 22,782.73 24,237.78 25,760.00 27,349.08
31,058.72 31,934.04 32,882.53 33,901.38 34,994.19 36,166.43

- - - - - -

1 1 1 1 1 1

1.19 1.00 0.84 0.69 0.56 0.45


67% 79% 95% 115% 142% 179%
9.06 10.21 11.57 13.68 16.39 19.95

22.7% 19.6% 16.7% 13.9% 11.4% 9.2%


10.80% 10.63% 10.47% 10.31% 10.15% 9.97%
9.09% 9.19% 9.26% 9.29% 9.29% 9.26%

149.38% 150.05% 150.56% 150.92% 151.15% 151.35%

1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67


7.00 7.00 7.00 7.00 7.00 7.00
13,256.57 13,912.64 14,595.85 15,303.99 16,010.53 16,713.68
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
2.21 2.32 2.43 2.55 2.67 2.79
30% 30% 30% 30% 30% 30%
8.00 8.00 8.00 8.00 8.00 8.00

4,973.47 5,195.50 5,427.92 5,671.27 5,925.99 6,192.66


2,381.34 2,548.11 2,726.71 2,918.02 3,122.99 3,344.12
(3.77) (2.98) (2.14) (1.25) (0.28) 0.75
1,011.98 1,047.39 1,085.05 1,121.32 1,157.96 1,194.95
227.95 205.92 182.69 158.12 132.08 104.39
- - - - - -
1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23


- - - - - -
1.20 1.20 1.20 1.20 1.20 1.20
- - - - - -
0.20 0.20 0.20 0.20 0.20 0.20
- - - - - -
- - - - - -
- - - - - -
1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

1,811.88 1,808.90 1,800.99 1,791.30 1,777.40 1,757.23

17.30 17.30 17.30 17.30 17.30 17.30


2.16 2.16 2.16 2.16 2.16 2.16

757.52 795.01 834.05 874.51 914.89 955.07

1,893.80 1,987.52 2,085.12 2,186.28 2,287.22 2,387.67


0 0 0 0 0 0

757.52 795.01 834.05 874.51 914.89 955.07


757.52 795.01 834.05 874.51 914.89 955.07

18,095.75 19,288.26 20,539.34 21,851.11 23,223.44 24,656.04


- - - - - -

757.52 795.01 834.05 874.51 914.89 955.07

550.94 556.45 562.01 567.63 573.31 579.04


30% 30% 30% 30% 30% 30%
385.66 389.51 393.41 397.34 401.31 405.33

8.00 8.00 8.00 8.00 8.00 8.00


- - - - - -

385.66 389.51 393.41 397.34 401.31 405.33


2029 2030 2031 2032 2033 2034
20 21 22 23 24 25
1 1 1 1 1 1
0 0 0 0 0 0
0 0 0 0 0 0

35,381 36,089 36,811 37,547 38,298 39,064


2,079 2,132 2,209 2,289 2,372 2,458
1,371 0 0 0 0 0
- 1,410 1,473 1,538 1,606 1,677
36,089 36,811 37,547 38,298 39,064 39,845

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

230,000 230,000 230,000 230,000 230,000 230,000


7,814,631,878 7,981,026,899 8,134,893,000 8,289,541,550 8,446,818,828 8,606,844,769

$2.00 $2.00 $2.00 $2.00 $2.00 $2.00


15,629,263,755 15,962,053,799 16,269,786,000 16,579,083,100 16,893,637,655 17,213,689,538

30.00% 30.00% 30.00% 30.00% 30.00% 30.00%


10,940,484,629 11,173,437,659 11,388,850,200 11,605,358,170 11,825,546,359 12,049,582,676

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

2,079 2,132 2,209 2,289 2,372 2,458


850,000 850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000 2,000


70,762,000 72,178,000 73,622,000 75,094,000 76,596,000 78,128,000

1,838,088,474 1,884,378,000 1,950,847,000 2,020,340,250 2,092,924,563 2,167,817,991

3,273,539,127 3,345,056,140 3,408,495,800 3,471,844,930 3,536,171,297 3,601,546,861

3,273.54 3,345.06 3,408.50 3,471.84 3,536.17 3,601.55


1,838.09 1,884.38 1,950.85 2,020.34 2,092.92 2,167.82
15,629.26 15,962.05 16,269.79 16,579.08 16,893.64 17,213.69
12,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

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

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


584.83 590.68 596.59 602.55 608.58 614.66

1.00% 1.00% 1.00% 1.00% 1.00% 1.00%


- - - - - -

28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.64


21,730.98 22,880.65 24,046.98 25,265.72 26,544.40 27,886.14
3,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93

10.00 10.00 10.00 10.00 10.00 10.00


2.74% 2.74% 2.74% 2.74% 2.74% 2.74%
28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.64

773.38 813.54 854.10 896.45 940.86 987.44

5.00 5.00 5.00 5.00 5.00 5.00


1.37% 1.37% 1.37% 1.37% 1.37% 1.37%
12,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

169.26 172.84 176.18 179.55 182.98 186.47

300.00 300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00 60.00


16.44% 16.44% 16.44% 16.44% 16.44% 16.44%
12,355.72 12,617.00 12,861.29 13,107.24 13,357.47 13,612.14

2,031.08 2,074.03 2,114.18 2,154.61 2,195.75 2,237.61

-788.45 -787.65 -783.90 -778.62 -771.91 -763.70


-0.79 0.79 3.75 5.29 6.71 8.21

5,893.37 5,657.63 5,431.33 5,214.07 5,005.51 4,805.29

235.73 226.31 217.25 208.56 200.22 192.21


5,657.63 5,431.33 5,214.07 5,005.51 4,805.29 4,613.08

5% 5% 5% 5% 5% 5%
294.67 282.88 271.57 260.70 250.28 240.26

(3,226.66) (3,285.59) (3,342.17) (3,396.48) (3,448.62) (3,498.68)


(294.67) (282.88) (271.57) (260.70) (250.28) (240.26)
(235.73) (226.31) (217.25) (208.56) (200.22) (192.21)
(3,285.59) (3,342.17) (3,396.48) (3,448.62) (3,498.68) (3,546.73)

2,372.04 2,089.16 1,817.59 1,556.89 1,306.61 1,066.35

41,394.86 44,714.65 46,944.49 49,310.54 51,822.50 54,489.76


3,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93
- 1,275.66 1,371.98 1,475.36 1,587.22 1,707.19
44,714.65 46,944.49 49,310.54 51,822.50 54,489.76 57,321.51

0.05 0.05 0.05 0.05 0.05 0.05


2,069.74 2,235.73 2,347.22 2,465.53 2,591.12 2,724.49

(15,813.66) (17,883.40) (18,843.48) (19,818.72) (20,808.90) (21,812.80)


(2,069.74) (2,235.73) (2,347.22) (2,465.53) (2,591.12) (2,724.49)
- (1,275.66) (1,371.98) (1,475.36) (1,587.22) (1,707.19)
(17,883.40) (18,843.48) (19,818.72) (20,808.90) (21,812.80) (22,830.10)

26,831.25 28,101.01 29,491.81 31,013.60 32,676.96 34,491.40

260.03 24.30 0.00 0.00 0.00 0.00


- - - - - -
235.73 24.30 - - - -
24.30 - - - - -

13% 13% 13% 13% 13% 13%


32.50 3.04 - - - -

21,350.57 22,587.89 23,866.58 25,223.26 26,662.47 28,190.25


3,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93
2,082.47 2,226.82 2,381.34 2,548.11 2,726.71 2,918.02
22,587.89 23,866.58 25,223.26 26,662.47 28,190.25 29,811.15

0.13 0.13 0.13 0.13 0.13 0.13


2,668.82 2,823.49 2,983.32 3,152.91 3,332.81 3,523.78

400.00 400.00 400.00 400.00 400.00 400.00


15% 15% 15% 15% 15% 15%
- - - - - -

(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)


- - - - - -
(400.00) (400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67% 6.67%


- - - - - -

91.19 91.19 91.19 91.19 91.19 91.19

0.00 0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
700.00 700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00 0.00


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

10% 10% 10% 10% 10% 10%


0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.5 2.5


2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
- - - - - -

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

9% 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

-2,769.63 -1,957.17 -1,097.96 -245.54 595.79 1,414.74


812.46 859.21 852.41 841.33 818.94 789.20
-1,957.17 -1,097.96 -245.54 595.79 1,414.74 2,203.94

0.00 0.00 0.00 595.79 1,414.74 2,203.94


1,957.17 1,097.96 245.54 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

300.00 300.00 300.00 300.00 300.00 300.00


100.00 100.00 100.00 100.00 100.00 100.00

28,228.19 29,694.12 31,174.59 32,720.25 34,341.29 36,041.64


21,730.98 22,880.65 24,046.98 25,265.72 26,544.40 27,886.14
6,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.50
2,364.41 2,518.61 2,618.79 2,726.23 2,841.40 2,964.75
- - - - - -
4,132.80 4,294.85 4,508.83 4,728.31 4,955.48 5,190.75
- - - - - -
166.18 117.43 65.88 14.73 - -
- - - - 23.83 56.59
3,966.62 4,177.42 4,442.95 4,713.57 4,979.32 5,247.34
1,189.99 1,253.23 1,332.88 1,414.07 1,493.79 1,574.20
2,776.63 2,924.20 3,110.06 3,299.50 3,485.52 3,673.14
273.41 287.94 306.24 324.90 343.22 361.69
2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45

3,966.62 4,177.42 4,442.95 4,713.57 4,979.32 5,247.34


2,364.41 2,518.61 2,618.79 2,726.23 2,841.40 2,964.75
2,701.33 2,826.52 2,983.32 3,152.91 3,332.81 3,523.78
3,629.70 3,869.51 4,078.42 4,286.90 4,487.91 4,688.31

1,088.91 1,160.85 1,223.53 1,286.07 1,346.37 1,406.49

101.07 92.37 109.36 128.00 147.42 167.71

3,659.54 3,760.61 3,852.98 3,962.34 4,090.35 4,237.77


101.07 92.37 109.36 128.00 147.42 167.71
3,760.61 3,852.98 3,962.34 4,090.35 4,237.77 4,405.48
6,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.50
-0.79 0.79 3.75 5.29 6.71 8.21
1,088.91 1,160.85 1,223.53 1,286.07 1,346.37 1,406.49
5,409.09 5,651.82 5,900.34 6,163.18 6,443.81 6,740.80
3,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93

2,089.29 2,146.32 2,162.32 2,175.87 2,189.32 2,201.87


- - - - - -
166.18 117.43 65.88 14.73 0.00 0.00
0.00 0.00 0.00 0.00 23.83 56.59
- - - - - -
109.36 115.18 122.50 129.96 137.29 144.68
1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58
812.46 859.21 852.41 841.33 818.94 789.20

24,656.04 26,157.97 27,739.72 29,422.02 31,206.78 33,092.16


2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45
1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58
26,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.03

2,693.04 2,857.08 3,029.85 3,213.60 3,408.54 3,614.47


273.41 287.94 306.24 324.90 343.22 361.69
109.36 115.18 122.50 129.96 137.29 144.68
2,857.08 3,029.85 3,213.60 3,408.54 3,614.47 3,831.48

0.00 0.00 0.00 595.79 1,414.74 2,203.94


773.38 813.54 854.10 896.45 940.86 987.44
169.26 172.84 176.18 179.55 182.98 186.47
300.00 300.00 300.00 300.00 300.00 300.00
1,242.63 1,286.37 1,330.28 1,971.79 2,838.57 3,677.85

50,372.28 52,375.82 54,524.61 56,828.01 59,295.05 61,934.58


-21,169.00 -22,185.65 -23,215.21 -24,257.52 -25,311.48 -26,376.83
29,203.28 30,190.17 31,309.40 32,570.49 33,983.57 35,557.75

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


700.00 700.00 700.00 700.00 700.00 700.00
0.00 0.00 0.00 0.00 0.00 0.00
4,418.00 4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
0.00 0.00 0.00 0.00 0.00 0.00
6,718.00 6,718.00 6,718.00 6,718.00 6,718.00 6,718.00

37,163.92 38,194.54 39,357.68 41,260.27 43,540.14 45,953.60


2,031.08 2,074.03 2,114.18 2,154.61 2,195.75 2,237.61
1,957.17 1,097.96 245.54 0.00 0.00 0.00
3,988.25 3,171.98 2,359.73 2,154.61 2,195.75 2,237.61

0.00 0.00 0.00 0.00 0.00 0.00


300.00 300.00 300.00 300.00 300.00 300.00
3,760.61 3,852.98 3,962.34 4,090.35 4,237.77 4,405.48
100.00 100.00 100.00 100.00 100.00 100.00
4,160.61 4,252.98 4,362.34 4,490.35 4,637.77 4,805.48
2,857.08 3,029.85 3,213.60 3,408.54 3,614.47 3,831.48
26,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.03
29,015.06 30,769.57 32,635.61 34,615.31 36,706.63 38,910.51
37,163.92 38,194.54 39,357.68 41,260.27 43,540.14 45,953.60

- - - - - -

1 1 1 1 1 1

0.30 0.16 0.03 - - -


268% 504% 2376% 0% 0% 0%
24.87 36.57 68.44 320.94 - -

6.3% 3.4% 0.7% 0.0% 0.0% 0.0%


9.85% 9.78% 9.81% 9.81% 9.77% 9.72%
9.34% 9.43% 9.60% 9.73% 9.83% 9.90%

140.41% 139.18% 142.74% 146.26% 149.73% 153.10%

2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45


7.00 7.00 7.00 7.00 7.00 7.00
17,522.54 18,453.78 19,626.73 20,822.23 21,996.14 23,180.13
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
2.92 3.08 3.27 3.47 3.67 3.86
30% 30% 30% 30% 30% 30%
8.00 8.00 8.00 8.00 8.00 8.00

6,497.21 6,813.47 7,127.62 7,454.54 7,796.89 8,155.50


3,319.79 3,505.50 3,738.02 3,987.32 4,254.48 4,538.93
(0.79) 0.79 3.75 5.29 6.71 8.21
1,239.84 1,288.46 1,352.65 1,418.49 1,486.65 1,557.22
101.07 92.37 109.36 128.00 147.42 167.71
- - - - - -
2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85


- - - - - -
1.20 1.20 1.20 1.20 1.20 1.20
- - - - - -
0.20 0.20 0.20 0.20 0.20 0.20
- - - - - -
- - - - - -
- - - - - -
2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

2,039.44 2,111.09 2,142.55 2,171.45 2,196.47 2,218.85

17.30 17.30 17.30 17.30 17.30 17.30


2.16 2.16 2.16 2.16 2.16 2.16

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

2,503.22 2,636.25 2,803.82 2,974.60 3,142.31 3,311.45


0 0 0 0 0 0

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58


1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

26,157.97 27,739.72 29,422.02 31,206.78 33,092.16 35,079.03


- - - - - -

1,001.29 1,054.50 1,121.53 1,189.84 1,256.92 1,324.58

584.83 590.68 596.59 602.55 608.58 614.66


30% 30% 30% 30% 30% 30%
409.38 413.48 417.61 421.79 426.00 430.26

8.00 8.00 8.00 8.00 8.00 8.00


- - - - - -

409.38 413.48 417.61 421.79 426.00 430.26


2035 2036 2037 2038 2039
26 27 28 29 30
1 1 1 1 0
0 0 0 0 1
0 0 0 1 0

39,845 40,642 41,455 42,284 43,130


2,549 2,642 2,740 2,842 2,948
0 0 0 0 0
1,752 1,829 1,911 1,996 2,085
40,642 41,455 42,284 43,130 43,993

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

230,000 230,000 230,000 230,000 230,000


8,769,784,407 8,935,525,828 9,104,048,119 9,275,559,325 9,450,036,391

$2.00 $2.00 $2.00 $2.00 $2.00


17,539,568,815 17,871,051,655 18,208,096,238 18,551,118,650 18,900,072,783

30.00% 30.00% 30.00% 30.00% 30.00%


12,277,698,170 12,509,736,159 12,745,667,367 12,985,783,055 13,230,050,948

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

2,549 2,642 2,740 2,842 2,948


850,000 850,000 850,000 850,000 850,000

2,000 2,000 2,000 2,000 2,000


79,690,000 81,284,000 82,910,000 84,568,000 86,260,000

2,245,941,990 2,327,373,590 2,412,191,569 2,500,478,648 2,592,323,680

3,668,070,644 3,735,635,497 3,804,228,871 3,873,975,595 3,944,821,835

3,668.07 3,735.64 3,804.23 3,873.98 3,944.82


2,245.94 2,327.37 2,412.19 2,500.48 2,592.32
17,539.57 17,871.05 18,208.10 18,551.12 18,900.07
13,871.50 14,135.42 14,403.87 14,677.14 14,955.25

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

1.00% 1.00% 1.00% 1.00% 1.00%


620.81 627.02 633.29 639.62 646.02

1.00% 1.00% 1.00% 1.00% 1.00%


- - - - -

37,825.68 39,696.77 41,658.81 43,716.93 45,875.44


29,294.34 30,771.83 32,321.72 33,948.03 35,654.30
4,843.58 5,169.77 5,518.92 5,892.54 6,292.25

10.00 10.00 10.00 10.00 10.00


2.74% 2.74% 2.74% 2.74% 2.74%
37,825.68 39,696.77 41,658.81 43,716.93 45,875.44

1,036.32 1,087.58 1,141.34 1,197.72 1,256.86

5.00 5.00 5.00 5.00 5.00


1.37% 1.37% 1.37% 1.37% 1.37%
13,871.50 14,135.42 14,403.87 14,677.14 14,955.25

190.02 193.64 197.31 201.06 204.87

300.00 300.00 300.00 300.00 300.00

60.00 60.00 60.00 60.00 60.00


16.44% 16.44% 16.44% 16.44% 16.44%
13,871.50 14,135.42 14,403.87 14,677.14 14,955.25

2,280.25 2,323.63 2,367.76 2,412.68 2,458.40

-753.91 -742.41 -729.11 -713.90 -696.67


9.80 11.49 13.30 15.21 17.23

4,613.08 4,428.55 4,251.41 4,081.36 3,918.10

184.52 177.14 170.06 163.25 156.72


4,428.55 4,251.41 4,081.36 3,918.10 3,761.38

5% 5% 5% 5% 5%
230.65 221.43 212.57 204.07 195.91

(3,546.73) (3,592.86) (3,637.15) (3,679.66) (3,720.47)


(230.65) (221.43) (212.57) (204.07) (195.91)
(184.52) (177.14) (170.06) (163.25) (156.72)
(3,592.86) (3,637.15) (3,679.66) (3,720.47) (3,759.66)

835.69 614.27 401.70 197.63 1.72

57,321.51 60,329.27 63,524.29 66,918.50 70,525.66


4,843.58 5,169.77 5,518.92 5,892.54 6,292.25
1,835.82 1,974.75 2,124.71 2,285.38 2,458.62
60,329.27 63,524.29 66,918.50 70,525.66 74,359.29

0.05 0.05 0.05 0.05 0.05


2,866.08 3,016.46 3,176.21 3,345.92 3,526.28

(22,830.10) (23,860.36) (24,902.08) (25,953.58) (27,014.12)


(2,866.08) (3,016.46) (3,176.21) (3,345.92) (3,526.28)
(1,835.82) (1,974.75) (2,124.71) (2,285.38) (2,458.62)
(23,860.36) (24,902.08) (25,953.58) (27,014.12) (28,081.78)

36,468.91 38,622.21 40,964.92 43,511.53 46,277.50

0.00 0.00 0.00 0.00 0.00


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

13% 13% 13% 13% 13%


- - - - -

29,811.15 31,531.75 33,357.39 35,556.52 37,943.56


4,843.58 5,169.77 5,518.92 5,892.54 6,292.25
3,122.99 3,344.12 3,319.79 3,505.50 3,738.02
31,531.75 33,357.39 35,556.52 37,943.56 40,497.79

0.13 0.13 0.13 0.13 0.13


3,726.39 3,941.47 4,169.67 4,444.57 4,742.95

400.00 400.00 400.00 400.00 400.00


15% 15% 15% 15% 15%
- - - - -

(400.00) (400.00) (400.00) (400.00) (400.00)


- - - - -
(400.00) (400.00) (400.00) (400.00) (400.00)

0.00 0.00 0.00 0.00 0.00

91.19 91.19 91.19 91.19 91.19

6.67% 6.67% 6.67% 6.67% 6.67%


- - - - -

91.19 91.19 91.19 91.19 91.19

0.00 0.00 0.00 0.00 0.00

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
700.00 700.00 700.00 700.00 700.00

0.00 0.00 0.00 0.00 0.00


- - - - -
- - - - -

10% 10% 10% 10% 10%


0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

2.5 2.5 2.5 2.5 2.5


2.00% 2.00% 2.00% 2.00% 2.00%
1.50% 1.50% 1.50% 1.50% 1.50%
- - - - -

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

9% 9% 9% 9% 9%
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

2,203.94 2,955.75 3,661.67 4,312.31 4,907.31


751.82 705.92 650.63 595.00 530.94
2,955.75 3,661.67 4,312.31 4,907.31 5,438.24

2,955.75 3,661.67 4,312.31 4,907.31 5,438.24


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

300.00 300.00 300.00 300.00 300.00


100.00 100.00 100.00 100.00 100.00

37,825.68 39,696.77 41,658.81 43,716.93 45,875.44


29,294.34 30,771.83 32,321.72 33,948.03 35,654.30
8,531.34 8,924.94 9,337.09 9,768.90 10,221.13
3,096.73 3,237.89 3,388.79 3,549.99 3,722.19
- - - - -
5,434.61 5,687.05 5,948.30 6,218.91 6,498.95
- - - - -
- - - - -
88.16 118.23 146.47 172.49 196.29
5,522.77 5,805.28 6,094.77 6,391.40 6,695.24
1,656.83 1,741.58 1,828.43 1,917.42 2,008.57
3,865.94 4,063.70 4,266.34 4,473.98 4,686.67
380.68 400.15 420.10 440.55 461.49
3,485.26 3,663.55 3,846.24 4,033.43 4,225.18

5,522.77 5,805.28 6,094.77 6,391.40 6,695.24


3,096.73 3,237.89 3,388.79 3,549.99 3,722.19
3,726.39 3,941.47 4,169.67 4,444.57 4,742.95
4,893.10 5,101.71 5,313.88 5,496.82 5,674.48

1,467.93 1,530.51 1,594.16 1,649.05 1,702.34

188.90 211.07 234.27 268.37 306.23

4,405.48 4,594.38 4,805.45 5,039.72 5,308.09


188.90 211.07 234.27 268.37 306.23
4,594.38 4,805.45 5,039.72 5,308.09 5,614.32
8,531.34 8,924.94 9,337.09 9,768.90 10,221.13
9.80 11.49 13.30 15.21 17.23
1,467.93 1,530.51 1,594.16 1,649.05 1,702.34
7,053.61 7,382.94 7,729.62 8,104.64 8,501.56
4,843.58 5,169.77 5,518.92 5,892.54 6,292.25

2,210.03 2,213.17 2,210.70 2,212.10 2,209.31


- - - - -
0.00 0.00 0.00 0.00 0.00
88.16 118.23 146.47 172.49 196.29
- - - - -
152.27 160.06 168.04 176.22 184.60
1,394.10 1,465.42 1,538.49 1,613.37 1,690.07
751.82 705.92 650.63 595.00 530.94

35,079.03 37,170.19 39,368.32 41,676.06 44,096.12


3,485.26 3,663.55 3,846.24 4,033.43 4,225.18
1,394.10 1,465.42 1,538.49 1,613.37 1,690.07
37,170.19 39,368.32 41,676.06 44,096.12 46,631.22

3,831.48 4,059.88 4,299.97 4,552.04 4,816.36


380.68 400.15 420.10 440.55 461.49
152.27 160.06 168.04 176.22 184.60
4,059.88 4,299.97 4,552.04 4,816.36 5,093.26

2,955.75 3,661.67 4,312.31 4,907.31 5,438.24


1,036.32 1,087.58 1,141.34 1,197.72 1,256.86
190.02 193.64 197.31 201.06 204.87
300.00 300.00 300.00 300.00 300.00
4,482.10 5,242.89 5,950.96 6,606.09 7,199.97

64,757.82 67,775.70 70,999.85 74,443.76 78,120.66


-27,453.22 -28,539.22 -29,633.24 -30,734.60 -31,841.44
37,304.60 39,236.48 41,366.61 43,709.16 46,279.22

1,600.00 1,600.00 1,600.00 1,600.00 1,600.00


700.00 700.00 700.00 700.00 700.00
0.00 0.00 0.00 0.00 0.00
4,418.00 4,418.00 4,418.00 4,418.00 4,418.00
0.00 0.00 0.00 0.00 0.00
6,718.00 6,718.00 6,718.00 6,718.00 6,718.00

48,504.69 51,197.37 54,035.57 57,033.25 60,197.19


2,280.25 2,323.63 2,367.76 2,412.68 2,458.40
0.00 0.00 0.00 0.00 0.00
2,280.25 2,323.63 2,367.76 2,412.68 2,458.40

0.00 0.00 0.00 0.00 0.00


300.00 300.00 300.00 300.00 300.00
4,594.38 4,805.45 5,039.72 5,308.09 5,614.32
100.00 100.00 100.00 100.00 100.00
4,994.38 5,205.45 5,439.72 5,708.09 6,014.32
4,059.88 4,299.97 4,552.04 4,816.36 5,093.26
37,170.19 39,368.32 41,676.06 44,096.12 46,631.22
41,230.07 43,668.29 46,228.09 48,912.48 51,724.48
48,504.69 51,197.37 54,035.57 57,033.25 60,197.19

- - - - -

1 1 1 1 1

- - - - -
0% 0% 0% 0% 0%
- - - - -

0.0% 0.0% 0.0% 0.0% 0.0%


9.65% 9.57% 9.49% 9.40% 9.31%
9.94% 9.95% 9.93% 9.89% 9.83%

156.41% 159.66% 162.86% 165.99% 169.05%

3,485.26 3,663.55 3,846.24 4,033.43 4,225.18


7.00 7.00 7.00 7.00 7.00
24,396.83 25,644.85 26,923.66 28,234.01 29,576.23
6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
4.07 4.27 4.49 4.71 4.93
30% 30% 30% 30% 30%
8.00 8.00 8.00 8.00 8.00

8,531.34 8,924.94 9,337.09 9,768.90 10,221.13


4,843.58 5,169.77 5,518.92 5,892.54 6,292.25
9.80 11.49 13.30 15.21 17.23
1,630.38 1,706.12 1,784.49 1,865.67 1,949.68
188.90 211.07 234.27 268.37 306.23
- - - 78,151.18 -
2,236.48 2,248.64 2,254.64 80,415.03 2,268.20

2,236.48 2,248.64 2,254.64 2,263.85 -


- - - - 3,722.19
1.20 1.20 1.20 1.20 1.20
- - - - 4,466.63
0.20 0.20 0.20 0.20 0.20
- - - - 893.33
- - - - 2,894.27
- - - - 48,237.82
2,236.48 2,248.64 2,254.64 2,263.85 48,237.82

2,236.48 2,248.64 2,254.64 80,415.03 0.00

17.30 17.30 17.30 17.30 17.30


2.16 2.16 2.16 2.16 2.16

1,394.10 1,465.42 1,538.49 1,613.37 1,690.07

3,485.26 3,663.55 3,846.24 4,033.43 4,225.18


0 0 0 69778.33888409 0

1,394.10 1,465.42 1,538.49 71,391.71 1,690.07


1,394.10 1,465.42 1,538.49 71,391.71 0.00

37,170.19 39,368.32 41,676.06 44,096.12 46,631.22


- - - 95,247.61 -

1,394.10 1,465.42 1,538.49 96,860.98 -

620.81 627.02 633.29 639.62 646.02


30% 30% 30% 30% 30%
434.57 438.91 443.30 447.73 452.21

8.00 8.00 8.00 8.00 8.00


- - - 3,581.88 -

434.57 438.91 443.30 4,029.61 -


Contents
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31. (1)

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

Financial ratios (%)


Liquidity
Leverage
Capitalization
Data per share
Book value (4)
Net controlling interest income (5)
Number of outstanding shares (8)

Stock Price
Market Cap

P/E Ratio
Market to Book
EV/EBITDA

Return on Equity
Return on Investment Capital

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

Income Tax Rate

Dividend Payout Ratio

Minority Interest Percent

Current Assets to Sales


Current Liabilities to Sales

Capital Expenditures to Sales


Increase in Intangible as Percent of Sales

Working Analysis
Revenues

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

Cost of Goods Sold Percent


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

Increase in Other Expenses


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

Total Expenses

Capital Expenditures to Sales


Capital Expenditures
Add: Capital Expenditures from Acquistion
Total Captial Expenditures

Intangible Assets to Sales


Intangible Assets Increase

Working Capital

Current Assets as Percent of Assets


Level of A/R
Add: Level of A/R from Acquistion
Total Level of A/R

Currentl Liabilities as Percent of Liabilities


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

Other Current Assets

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

Total Net Plant


Add: Net Plant from Acquisition
Total Net Plant

Intangible Assets
Opening Balance
Add: New Intangibles
Closing Balance

Intangible Rate
Intangible Amortization

Accumulated Amoritization
Opening Balance
Add: Amortization
Closing Balance

Net Intangible Assets


Add: Intangible Assets from Acquistion
Total Intangible Assets

Other Assets
Add: Other Assets from Acquistion
Total Other Assets

Debt Schedule

Long-term Debt
Opening Balance
Less: Repayment
Closing Balance

Interest Rate
Interest Expense - Long-term

Debt Less Cash


Opening Balance
Add: Net Cash Flow
Closing Balance

Financial Investments
Debt Balance
Interest Rate on Cash
Interest Rate on Debt

Interest Income
Interest Expense

Pension Liabilities
Deferred Tax Liabilities
Other Liabilities

Profit and Loss

Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation
Less: Amortization
EBIT
Less: Interest
Add: Interest Income
Less: Other
EBT
Less: Income Tax
Income After Tax
Less: Minority Interest
Income to Common Shares

Cash Flow

EBITDA
Less: Income Tax
Less: WC Change
Cash Flow from Operations
Less: Capital Expenditures
Less: Intangible Assets Increase
Cash Flow Before Financing
Less: Common Dividend
Less: Minority Divdends
Less: Interest Expense
Less: Debt Repayment
Add: Interest Income
Net Cash Flow

Total Shares
Add: New Shares

Earnings Per Share

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

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

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%

21% 30% 30% 30% 30% 30% 30%

15% 70% 70% 70% 70% 70% 70%

34% 34% 34% 34% 34% 34% 34%

25% 25% 25% 25% 25% 25% 25%


19% 19% 19% 19% 19% 19% 19%

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

197,033 212,796 229,819 248,205 268,061 289,506 312,667

49% 48% 49% 49% 49% 49% 49%


96,117 103,053 111,594 120,512 130,225 140,497 151,816

96,117 103,053 111,594 120,512 130,225 140,497 151,816

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

67,332 70,906 74,961 79,250 83,786 88,584 93,659

163,449 173,959 186,555 199,762 214,011 229,081 245,475

7% 5% 5% 5% 5% 5% 5%
13,178 10,640 11,491 12,410 13,403 14,475 15,633

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

25% 25% 25% 25% 25% 25% 25%


49,380 53,330 57,597 62,205 67,181 72,555 78,360

49,380 53,330 57,597 62,205 67,181 72,555 78,360

19% 19% 19% 19% 19% 19% 19%


36,914 39,867 43,056 46,501 50,221 54,239 58,578

36,914 39,867 43,056 46,501 50,221 54,239 58,578

12,466 13,463 14,540 15,704 16,960 18,317 19,782


5,925 997 1,077 1,163 1,256 1,357 1,465

120,881 131,521 143,012 155,422 168,825 183,300


10,640 11,491 12,410 13,403 14,475 15,633
120,881 131,521 143,012 155,422 168,825 183,300 198,934

4.6% 4.6% 4.6% 4.6% 4.6% 4.6%


5,596 6,089 6,621 7,195 7,815 8,486

(51,681) (57,277) (63,366) (69,986) (77,181) (84,997)


(5,596) (6,089) (6,621) (7,195) (7,815) (8,486)
-51,681 (57,277) (63,366) (69,986) (77,181) (84,997) (93,482)

69,200 74,244 79,646 85,436 91,644 98,304 105,451

69,200 74,244 79,646 85,436 91,644 98,304 105,451

71,181 81,689 93,037 105,294 118,531 132,827


10,508 11,349 12,256 13,237 14,296 15,440
71,181 81,689 93,037 105,294 118,531 132,827 148,266

0 0 0 0 0 0
4,482 5,144 5,858 6,630 7,463 8,364

- (4,482) (9,626) (15,484) (22,114) (29,577)


(4,482) (5,144) (5,858) (6,630) (7,463) (8,364)
0 (4,482) (9,626) (15,484) (22,114) (29,577) (37,941)

71,181 77,207 83,412 89,810 96,417 103,249 110,325

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

18,986 18,986 18,986 18,986 18,986 18,986 18,986

34,810 31,329 27,848 24,367 20,886 17,405


3,481 3,481 3,481 3,481 3,481 3,481
34,810 31,329 27,848 24,367 20,886 17,405 13,924

19% 9% 9% 9% 9% 9% 9%
0 3132.9 2819.61 2506.32 2193.03 1879.74 1566.45

(6,509) (14,422) (22,044) (29,244) (35,962) (42,040)


(7,913) (7,622) (7,199) (6,718) (6,079) (5,400)
-6,509 (14,422) (22,044) (29,244) (35,962) (42,040) (47,440)

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

3,354 3,354 3,354 3,354 3,354 3,354 3,354


972 972 972 972 972 972 972
10,359 10,359 10,359 10,359 10,359 10,359 10,359

212,796 229,819 248,205 268,061 289,506 312,667


173,959 186,555 199,762 214,011 229,081 245,475
38,836 43,264 48,443 54,050 60,425 67,191
5,596 6,089 6,621 7,195 7,815 8,486
4,482 5,144 5,858 6,630 7,463 8,364
28,758 32,032 35,964 40,225 45,146 50,342
3,930 4,118 4,490 4,825 5,116 5,350
117 - - - - -

24,946 27,914 31,474 35,400 40,030 44,992


7,484 8,374 9,442 10,620 12,009 13,498
17,462 19,540 22,032 24,780 28,021 31,494
5,990 6,703 7,558 8,501 9,613 10,804
11,472 12,837 14,473 16,279 18,408 20,690

38,836 43,264 48,443 54,050 60,425 67,191


7,484 8,374 9,442 10,620 12,009 13,498
997 1,077 1,163 1,256 1,357 1,465
30,355 33,813 37,837 42,174 47,059 52,228
10,640 11,491 12,410 13,403 14,475 15,633
10,508 11,349 12,256 13,237 14,296 15,440
9,207 10,973 13,171 15,534 18,288 21,155
8,030 8,986 10,131 11,395 12,886 14,483
1,797 2,011 2,267 2,550 2,884 3,241
3,930 4,118 4,490 4,825 5,116 5,350
3,481 3,481 3,481 3,481 3,481 3,481
117 - - - - -
(7,913) (7,622) (7,199) (6,718) (6,079) (5,400)

17,891 17,891 17,891 17,891 17,891 17,891 17,891

0.64 0.72 0.81 0.91 1.03 1.16

81,637 85,078 88,929 93,271 98,155 103,678


11,472 12,837 14,473 16,279 18,408 20,690
8,030 8,986 10,131 11,395 12,886 14,483
81,637 85,078 88,929 93,271 98,155 103,678 109,885

34,192 38,385 43,078 48,368 54,319 61,048


5,990 6,703 7,558 8,501 9,613 10,804
1,797 2,011 2,267 2,550 2,884 3,241
34,192 38,385 43,078 48,368 54,319 61,048 68,611

49,380 53,330 57,597 62,205 67,181 72,555 78,360

69,200 74,244 79,646 85,436 91,644 98,304 105,451

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

8,853 14,422 22,044 29,244 35,962 42,040 47,440


36,914 39,867 43,056 46,501 50,221 54,239 58,578

34,810 31,329 27,848 24,367 20,886 17,405 13,924


3,354 3,354 3,354 3,354 3,354 3,354 3,354
972 972 972 972 972 972 972
10,359 10,359 10,359 10,359 10,359 10,359 10,359
95,262 100,303 107,634 114,797 121,754 128,369 134,627
34,192 38,385 43,078 48,368 54,319 61,048 68,611
81,637 85,078 88,929 93,271 98,155 103,678 109,885
115,829 123,464 132,007 141,640 152,474 164,726 178,496
211,091 223,767 239,641 256,437 274,228 293,095 313,123

0 0 0 0 0 0 0

27% 27% 27% 27% 27% 27% 26%


13.8% 14.8% 15.9% 17.0% 18.2% 19.4%
7 8 9 10 11 12 13
2016 2017 2018 2019 2020 2021 2022

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%

30% 30% 30% 30% 30% 30% 30%

70% 70% 70% 70% 70% 70% 70%

34% 34% 34% 34% 34% 34% 34%

25% 25% 25% 25% 25% 25% 25%


19% 19% 19% 19% 19% 19% 19%

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

337,680 364,694 379,282 394,453 402,342 410,389 418,597

49% 49% 49% 49% 49% 49% 49%


163,960 177,078 184,137 191,521 195,349 199,255 203,237

163,960 177,078 184,137 191,521 195,349 199,255 203,237

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

99,028 104,707 107,711 110,802 112,392 114,005 115,642

262,987 281,784 291,847 302,322 307,741 313,260 318,879

5% 5% 5% 5% 5% 5% 5%
16,884 18,235 18,964 19,723 20,117 20,519 20,930

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

25% 25% 25% 25% 25% 25% 25%


84,629 91,399 95,055 98,857 100,834 102,851 104,908

84,629 91,399 95,055 98,857 100,834 102,851 104,908

19% 19% 19% 19% 19% 19% 19%


63,264 68,325 71,058 73,901 75,379 76,886 78,424

63,264 68,325 71,058 73,901 75,379 76,886 78,424

21,365 23,074 23,997 24,957 25,456 25,965 26,484


1,583 1,709 923 960 499 509 519

198,934 215,818 234,052 253,017 272,739 292,856 313,376


16,884 18,235 18,964 19,723 20,117 20,519 20,930
215,818 234,052 253,017 272,739 292,856 313,376 334,306

4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%


9,209 9,991 10,835 11,713 12,626 13,557 14,507

(93,482) (102,692) (112,682) (123,518) (135,231) (147,857) (161,414)


(9,209) (9,991) (10,835) (11,713) (12,626) (13,557) (14,507)
(102,692) (112,682) (123,518) (135,231) (147,857) (161,414) (175,921)

113,126 121,370 129,499 137,509 145,000 151,962 158,384

113,126 121,370 129,499 137,509 145,000 151,962 158,384

148,266 164,941 182,950 201,679 221,157 241,025 261,290


16,675 18,009 18,729 19,478 19,868 20,265 20,670
164,941 182,950 201,679 221,157 241,025 261,290 281,961

0 0 0 0 0 0 0
9,336 10,386 11,520 12,699 13,925 15,176 16,452

(37,941) (47,277) (57,662) (69,182) (81,881) (95,806) (110,983)


(9,336) (10,386) (11,520) (12,699) (13,925) (15,176) (16,452)
(47,277) (57,662) (69,182) (81,881) (95,806) (110,983) (127,435)

117,664 125,287 132,497 139,276 145,219 150,307 154,525

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

18,986 18,986 18,986 18,986 18,986 18,986 18,986

13,924 10,443 6,962 3,481 - - -


3,481 3,481 3,481 3,481 - - -
10,443 6,962 3,481 - - - -

9% 9% 9% 9% 9% 9% 9%
1253.16 939.87 626.58 313.29 0 0 0

(47,440) (52,023) (55,662) (57,211) (57,387) (52,073) (45,135)


(4,583) (3,639) (1,549) (176) 5,314 6,939 8,641
(52,023) (55,662) (57,211) (57,387) (52,073) (45,135) (36,494)

- - - - - - -
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

3,354 3,354 3,354 3,354 3,354 3,354 3,354


972 972 972 972 972 972 972
10,359 10,359 10,359 10,359 10,359 10,359 10,359

337,680 364,694 379,282 394,453 402,342 410,389 418,597


262,987 281,784 291,847 302,322 307,741 313,260 318,879
74,693 82,910 87,435 92,131 94,601 97,130 99,718
9,209 9,991 10,835 11,713 12,626 13,557 14,507
9,336 10,386 11,520 12,699 13,925 15,176 16,452
56,147 62,533 65,080 67,719 68,050 68,396 68,759
5,523 5,622 5,636 5,462 5,165 4,687 4,062
- - - - - - -

50,625 56,911 59,444 62,257 62,885 63,709 64,697


15,187 17,073 17,833 18,677 18,865 19,113 19,409
35,437 39,838 41,611 43,580 44,019 44,597 45,288
12,157 13,667 14,275 14,950 15,101 15,299 15,536
23,280 26,171 27,336 28,629 28,918 29,297 29,751

74,693 82,910 87,435 92,131 94,601 97,130 99,718


15,187 17,073 17,833 18,677 18,865 19,113 19,409
1,583 1,709 923 960 499 509 519
57,923 64,127 68,679 72,494 75,237 77,508 79,790
16,884 18,235 18,964 19,723 20,117 20,519 20,930
16,675 18,009 18,729 19,478 19,868 20,265 20,670
24,364 27,884 30,985 33,293 35,252 36,723 38,190
16,296 18,320 19,135 20,041 20,243 20,508 20,826
3,647 4,100 4,282 4,485 4,530 4,590 4,661
5,523 5,622 5,636 5,462 5,165 4,687 4,062
3,481 3,481 3,481 3,481 - - -
- - - - - - -
(4,583) (3,639) (1,549) (176) 5,314 6,939 8,641

17,891 17,891 17,891 17,891 17,891 17,891 17,891

1.30 1.46 1.53 1.60 1.62 1.64 1.66

109,885 116,869 124,720 132,921 141,510 150,185 158,974


23,280 26,171 27,336 28,629 28,918 29,297 29,751
16,296 18,320 19,135 20,041 20,243 20,508 20,826
116,869 124,720 132,921 141,510 150,185 158,974 167,900

68,611 77,121 86,688 96,680 107,145 117,716 128,426


12,157 13,667 14,275 14,950 15,101 15,299 15,536
3,647 4,100 4,282 4,485 4,530 4,590 4,661
77,121 86,688 96,680 107,145 117,716 128,426 139,301

84,629 91,399 95,055 98,857 100,834 102,851 104,908

113,126 121,370 129,499 137,509 145,000 151,962 158,384

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

52,023 55,662 57,211 57,387 52,073 45,135 36,494


63,264 68,325 71,058 73,901 75,379 76,886 78,424

10,443 6,962 3,481 0 0 0 0


3,354 3,354 3,354 3,354 3,354 3,354 3,354
972 972 972 972 972 972 972
10,359 10,359 10,359 10,359 10,359 10,359 10,359
140,415 145,634 146,436 145,973 142,137 136,706 129,603
77,121 86,688 96,680 107,145 117,716 128,426 139,301
116,869 124,720 132,921 141,510 150,185 158,974 167,900
193,990 211,408 229,601 248,655 267,901 287,400 307,201
334,405 357,042 376,037 394,628 410,038 424,106 436,804

0 0 0 0 0 0 0

24% 23% 21% 19% 16% 14% 11%


20.5% 21.7% 21.2% 20.9% 19.8% 19.0% 18.2%
Contents
Year 2009 2010 2011

Consolidated Assumptions

Interest Rates
New Debt (Short-term Debt) 9% 9%
Cash Balance 5% 5%

Income Tax Rate 30% 30%

Dividend Payout Ratio 50% 50%

Exchange Rate 7.00 7.00

Initial Consolidated Balance Sheet

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

Financial Investments 7,944.00


Fair Value of Derivatives 11,200.00
Other Investments 23,886.00
Intangible Assets 73,981.00
Goodwill 30,926.00
Debt Issuance Costs 638.30
Total Other Investments 148,575.30

Total Assets 353,675.30

Liabilities and Capital

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

Total Liabilities and Equity 353,675.30

Existing Balance Sheet 1.00

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

Cash Operating Expenses


Target Company 48,704.99 51,022.74
Acquiring Company 173,959.47 186,555.16
Total Operating Expenses 222,664.46 237,577.90

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

Working Capital Analyisis

Level of Non-Cash Current Assets


Target Company 3,220.00 4,605.96 4,692.11
Acquiring Company 49,380.00 53,330.40 57,596.83
Total Non-Current Assets 52,600.00 57,936.36 62,288.95

Level of Non-Cash Current Liabilities


Target Company 3,850.00 8,313.91 8,436.14
Acquiring Company 36,914.00 39,867.12 43,056.49
Total Non-Current Liabilities 40,764.00 48,181.03 51,492.63

Total Level of Working Capital 11,836.00 9,755.33 10,796.31


Change in Working Capital (2,080.67) 1,040.99

Depreciation and Plant Assets

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

Average Depreciation Rate 0.00% 4.45% 4.44%

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

Expenditures for Intangible Assets


Target Company 0.00 0.00
Acquiring Company 10,507.92 11,348.55
Total 10,507.92 11,348.55

Accumulated Amortisation
Target Company - (420.00) (840.00)
Acquiring Company - (4,482.00) (9,625.64)
Total - (4,902.00) (10,465.64)

Intangible Assets - Net


Target Company 2,800.00 2,380.00 1,960.00
Acquiring Company 71,181.00 77,206.92 83,411.83
Total 73,981.00 79,586.92 85,371.83

Intangible Amortisation
Target Company 420.00 420.00
Acquiring Company 4,482.00 5,143.64
Total 4,902.00 5,563.64

Debt Issuance Costs - Net


Target Company 638.29524412 595.74222785 553.18921157
Acquiring Company
Total 638.29524412 595.74222785 553.18921157

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

Debt and Interest Expense

Debt Balance - Given


Target Company 79,063.62 72,859.38 66,655.14
Acquiring Company 34,810.00 31,329.00 27,848.00
Total 113,873.62 104,188.38 94,503.14

Debt Retirement 9,685.24 9,685.24

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

Cash Balance Net of Short-term Debt - Consolidated


Opening Balance (4,653.00) (13,837.68)
Add: Cash Flow (9,184.68) (11,754.55)
Closing Balance (4,653.00) (13,837.68) (25,592.24)

Total Bucket (4,653.00) (13,837.68) (25,592.24)

Cash Balance 4,200.00 - -


Interest Income Rate 5% 5%
Interest Income 210.00 -

Short-term Debt Balance 8,853.00 13,837.68 25,592.24


Interest Expense Rate 9% 9%
Interest Expense 796.77 1,245.39

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

Balance of Deferred Taxes


Target Company - 537.25 1,194.78
Acquiring Company 972.00 972.00 972.00
Total 972.00 1,509.25 2,166.78

Change in Deferred Taxes


Target Company 537.25 657.53
Acquiring Company - -
Total 537.25 657.53

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

Profit and Loss


Revenues 278,975.08 298,771.52
Less: Operating Expenses 222,664.46 237,577.90
EBITDA 56,310.61 61,193.62
Less: Depreciation - Book 10,076.00 10,835.83
Less: Amortization 4,944.55 5,606.20
EBIT 41,290.06 44,751.59
Less: Interest on Long-term Debt 7,320.98 6,608.54
Less: Interest on Short-term Debt 796.77 1,245.39
Add: Interest Income 210.00 -
EBT 33,382.31 36,897.66
Less: Taxes - Book 10,014.69 11,069.30
Net Income Before Minorty Interest 23,367.62 25,828.36
Less: Minority Interest 6,565.11 7,309.97
Net Income to Common Shareholders 16,802.51 18,518.39

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

Financial Investments 7,944.00 7,944.00 7,944.00


Fair Value of Derivatives 11,200.00 11,200.00 11,200.00
Other Investments 23,886.00 23,886.00 23,886.00
Intangible Assets 73,981.00 79,586.92 85,371.83
Goodwill 30,926.00 30,926.00 30,926.00
Debt Issuance Costs 638.30 595.74 553.19
Total Other Investments 148,575.30 154,138.66 159,881.02

Total Assets 353,675.30 369,868.39 390,222.34

Liabilities and Capital

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

Total Liabilities and Equity 353,675.30 369,868.39 390,222.34

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

Earnings 16,802.51 18,518.39

2010 2011
Consolidated Earnings Per Share 0.70 0.78
Acquiring Company EPS 0.64 0.72
Accretion Percent 10% 8%

Funds from Operation to Debt

Operating Cash Flow 48,913.84 49,740.86


Less: Interest Expense 8,117.75 7,853.93
Funds from Operation 40,796.09 41,886.93

Total Debt 118,026.06 120,095.37

2010 2011
FFO to Debt 35% 35%

Debt to Capital 38.9% 37.5%

Debt to EBITDA 2.10 1.96

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%

30% 30% 30% 30% 30% 30% 30%

50% 90% 90% 90% 90% 90% 90%

7.00 7.00 7.00 7.00 7.00 7.00 7.00


73,839.13 79,072.54 84,676.49 90,677.28 97,102.81 103,983.56 111,351.92
248,204.83 268,061.22 289,506.12 312,666.61 337,679.94 364,694.33 379,282.11
322,043.96 347,133.76 374,182.61 403,343.89 434,782.75 468,677.90 490,634.03

54,849.27 58,949.24 63,341.93 68,047.99 73,089.38 78,490.32 84,276.59


199,762.20 214,011.01 229,080.93 245,475.29 262,987.42 281,784.34 291,847.37
254,611.47 272,960.25 292,422.86 313,523.28 336,076.80 360,274.66 376,123.96

10,327.50 11,110.53 11,950.30 12,850.72 13,823.24 14,872.99 15,997.65


12,410.24 13,403.06 14,475.31 15,633.33 16,884.00 18,234.72 18,964.11
22,737.74 24,513.59 26,425.61 28,484.05 30,707.24 33,107.70 34,961.76

4,853.92 5,026.34 5,210.06 5,405.84 5,614.50 5,836.93 6,074.07


62,204.58 67,180.94 72,555.42 78,359.85 84,628.64 91,398.93 95,054.89
67,058.50 72,207.28 77,765.48 83,765.69 90,243.15 97,235.87 101,128.96

8,771.22 9,119.61 9,481.81 9,858.38 10,249.83 10,656.81 11,079.99


46,501.01 50,221.09 54,238.78 58,577.88 63,264.11 68,325.24 71,058.25
55,272.23 59,340.70 63,720.59 68,436.26 73,513.94 78,982.05 82,138.24

11,786.28 12,866.59 14,044.88 15,329.44 16,729.21 18,253.81 18,990.73


989.96 1,080.31 1,178.30 1,284.55 1,399.77 1,524.60 736.91

108,133.30 116,072.93 124,979.18 134,907.61 145,925.44 158,105.24 171,517.44


155,421.99 168,825.05 183,300.36 198,933.69 215,817.68 234,052.40 253,016.50
263,555.29 284,897.98 308,279.54 333,841.29 361,743.13 392,157.64 424,533.94

5,055.44 5,406.67 5,803.65 6,248.96 6,745.38 7,296.27 7,905.26


6,620.51 7,195.02 7,815.50 8,485.61 9,209.33 9,990.95 10,835.10
11,675.95 12,601.69 13,619.14 14,734.57 15,954.71 17,287.22 18,740.36

4.43% 4.42% 4.42% 4.41% 4.41% 4.41% 4.41%

(14,455.1) (16,690.8) (19,450.4) (22,777.1) (26,717.1) (31,320.2) (36,640.0)


(69,986.06) (77,181.08) (84,996.58) (93,482.19) (102,691.52) (112,682.46) (123,517.56)
(84,441.1) (93,871.9) (104,447.0) (116,259.3) (129,408.6) (144,002.6) (160,157.5)

2,800.00 2,800.00 2,800.00 2,800.00 2,800.00 2,800.00 2,800.00


105,293.91 118,530.86 132,826.76 148,266.34 164,941.09 182,949.82 201,678.89
108,093.91 121,330.86 135,626.76 151,066.34 167,741.09 185,749.82 204,478.89

0.00 0.00 0.00 0.00 0.00 0.00 0.00


12,256.44 13,236.95 14,295.91 15,439.58 16,674.75 18,008.73 18,729.07
12,256.44 13,236.95 14,295.91 15,439.58 16,674.75 18,008.73 18,729.07

(1,260.00) (1,680.00) (2,100.00) (2,520.00) (2,800.00) (2,800.00) (2,800.00)


(15,483.86) (22,113.83) (29,577.27) (37,940.87) (47,276.64) (57,662.36) (69,182.03)
(16,743.86) (23,793.83) (31,677.27) (40,460.87) (50,076.64) (60,462.36) (71,982.03)

1,540.00 1,120.00 700.00 280.00 0.00 0.00 0.00


89,810.04 96,417.03 103,249.50 110,325.47 117,664.45 125,287.45 132,496.86
91,350.04 97,537.03 103,949.50 110,605.47 117,664.45 125,287.45 132,496.86

420.00 420.00 420.00 420.00 280.00 - -


5,858.22 6,629.96 7,463.44 8,363.60 9,335.77 10,385.72 11,519.66
6,278.22 7,049.96 7,883.44 8,783.60 9,615.77 10,385.72 11,519.66

510.6361953 468.08317902 425.53016275 382.97714647 340.4241302 297.87111392 255.31809765

510.6361953 468.08317902 425.53016275 382.97714647 340.4241302 297.87111392 255.31809765

42.553016275 42.553016275 42.553016275 42.553016275 42.553016275 42.553016275 42.553016275

42.553016275 42.553016275 42.553016275 42.553016275 42.553016275 42.553016275 42.553016275

11,200 11,200 11,200 11,200 11,200 11,200 11,200

11,200 11,200 11,200 11,200 11,200 11,200 11,200

30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00

30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00


4,900.0 4,900.0 4,900.0 4,900.0 4,900.0 4,900.0 4,900.0
18,986.00 18,986.00 18,986.00 18,986.00 18,986.00 18,986.00 18,986.00
23,886.0 23,886.0 23,886.0 23,886.0 23,886.0 23,886.0 23,886.0

60,450.90 54,246.65 48,042.41 41,838.17 35,633.93 29,429.69 23,225.45


24,367.00 20,886.00 17,405.00 13,924.00 10,443.00 6,962.00 3,481.00
84,817.90 75,132.65 65,447.41 55,762.17 46,076.93 36,391.69 26,706.45

9,685.24 9,685.24 9,685.24 9,685.24 9,685.24 9,685.24 9,685.24

3,389.78 2,990.63 2,591.48 2,192.34 1,793.19 1,394.04 994.89


2,506.32 2,193.03 1,879.74 1,566.45 1,253.16 939.87 626.58
5,896.10 5,183.66 4,471.22 3,758.79 3,046.35 2,333.91 1,621.47

(25,592.24) (36,457.46) (55,640.31) (74,835.34) (94,024.65) (113,255.50) (132,585.25)


(10,865.23) (19,182.85) (19,195.03) (19,189.31) (19,230.85) (19,329.75) (17,680.25)
(36,457.46) (55,640.31) (74,835.34) (94,024.65) (113,255.50) (132,585.25) (150,265.50)

(36,457.46) (55,640.31) (74,835.34) (94,024.65) (113,255.50) (132,585.25) (150,265.50)

- - - - - - -
5% 5% 5% 5% 5% 5% 5%
- - - - - - -

36,457.46 55,640.31 74,835.34 94,024.65 113,255.50 132,585.25 150,265.50


9% 9% 9% 9% 9% 9% 9%
2,303.30 3,281.17 5,007.63 6,735.18 8,462.22 10,192.99 11,932.67

2,100.00 2,100.00 2,100.00 2,100.00 2,100.00 2,100.00 2,100.00


3,354.00 3,354.00 3,354.00 3,354.00 3,354.00 3,354.00 3,354.00
5,454.00 5,454.00 5,454.00 5,454.00 5,454.00 5,454.00 5,454.00

700.00 700.00 700.00 700.00 700.00 700.00 700.00


10,359.00 10,359.00 10,359.00 10,359.00 10,359.00 10,359.00 10,359.00
11,059.00 11,059.00 11,059.00 11,059.00 11,059.00 11,059.00 11,059.00

1,990.97 2,945.22 4,078.11 5,411.40 6,968.07 8,772.64 10,851.26


972.00 972.00 972.00 972.00 972.00 972.00 972.00
2,962.97 3,917.22 5,050.11 6,383.40 7,940.07 9,744.64 11,823.26

796.20 954.25 1,132.89 1,333.28 1,556.67 1,804.57 2,078.62


- - - - - - -
796.20 954.25 1,132.89 1,333.28 1,556.67 1,804.57 2,078.62

668.85 726.31 785.59 847.71 922.63 1,010.32 1,081.78


7,558.09 8,501.04 9,612.82 10,804.42 12,157.03 13,666.72 14,274.87
8,226.94 9,227.35 10,398.41 11,652.12 13,079.66 14,677.05 15,356.64

267.54 290.52 314.24 339.08 369.05 404.13 432.71


2,267.43 2,550.31 2,883.85 3,241.32 3,647.11 4,100.02 4,282.46
2,534.97 2,840.84 3,198.08 3,580.41 4,016.16 4,504.15 4,715.17

322,043.96 347,133.76 374,182.61 403,343.89 434,782.75 468,677.90 490,634.03


254,611.47 272,960.25 292,422.86 313,523.28 336,076.80 360,274.66 376,123.96
67,432.49 74,173.51 81,759.76 89,820.61 98,705.95 108,403.23 114,510.06
11,675.95 12,601.69 13,619.14 14,734.57 15,954.71 17,287.22 18,740.36
6,320.77 7,092.51 7,926.00 8,826.16 9,658.33 10,428.27 11,562.22
49,435.77 54,479.30 60,214.62 66,259.89 73,092.91 80,687.74 84,207.49
5,896.10 5,183.66 4,471.22 3,758.79 3,046.35 2,333.91 1,621.47
2,303.30 3,281.17 5,007.63 6,735.18 8,462.22 10,192.99 11,932.67
- - - - - - -
41,236.36 46,014.47 50,735.76 55,765.92 61,584.35 68,160.83 70,653.35
12,370.91 13,804.34 15,220.73 16,729.78 18,475.30 20,448.25 21,196.00
28,865.45 32,210.13 35,515.04 39,036.14 43,109.04 47,712.58 49,457.34
8,226.94 9,227.35 10,398.41 11,652.12 13,079.66 14,677.05 15,356.64
20,638.51 22,982.78 25,116.62 27,384.02 30,029.38 33,035.54 34,100.70

12,370.91 13,804.34 15,220.73 16,729.78 18,475.30 20,448.25 21,196.00


796.20 954.25 1,132.89 1,333.28 1,556.67 1,804.57 2,078.62
11,574.71 12,850.09 14,087.84 15,396.49 16,918.63 18,643.68 19,117.39

67,432.49 74,173.51 81,759.76 89,820.61 98,705.95 108,403.23 114,510.06


989.96 1,080.31 1,178.30 1,284.55 1,399.77 1,524.60 736.91
11,574.71 12,850.09 14,087.84 15,396.49 16,918.63 18,643.68 19,117.39
54,867.82 60,243.10 66,493.62 73,139.56 80,387.55 88,234.95 94,655.77
22,737.74 24,513.59 26,425.61 28,484.05 30,707.24 33,107.70 34,961.76
12,256.44 13,236.95 14,295.91 15,439.58 16,674.75 18,008.73 18,729.07

19,873.64 22,492.57 25,772.10 29,215.93 33,005.56 37,118.52 40,964.93


5,896.10 5,183.66 4,471.22 3,758.79 3,046.35 2,333.91 1,621.47
2,303.30 3,281.17 5,007.63 6,735.18 8,462.22 10,192.99 11,932.67
- - - - - - -
9,685.24 9,685.24 9,685.24 9,685.24 9,685.24 9,685.24 9,685.24
2,534.97 2,840.84 3,198.08 3,580.41 4,016.16 4,504.15 4,715.17
10,319.26 20,684.50 22,604.96 24,645.62 27,026.44 29,731.98 30,690.63
(10,865.23) (19,182.85) (19,195.03) (19,189.31) (19,230.85) (19,329.75) (17,680.25)
150,568.13 160,887.38 163,185.66 165,697.32 168,435.72 171,438.66 174,742.22
20,638.51 22,982.78 25,116.62 27,384.02 30,029.38 33,035.54 34,100.70
10,319.26 20,684.50 22,604.96 24,645.62 27,026.44 29,731.98 30,690.63
160,887.38 163,185.66 165,697.32 168,435.72 171,438.66 174,742.22 178,152.29

49,386.43 55,078.41 61,464.92 68,665.25 76,736.96 85,800.47 95,973.37


8,226.94 9,227.35 10,398.41 11,652.12 13,079.66 14,677.05 15,356.64
2,534.97 2,840.84 3,198.08 3,580.41 4,016.16 4,504.15 4,715.17
55,078.41 61,464.92 68,665.25 76,736.96 85,800.47 95,973.37 106,614.84

- - - - - - -
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

263,555.29 284,897.98 308,279.54 333,841.29 361,743.13 392,157.64 424,533.94


(84,441.13) (93,871.92) (104,447.01) (116,259.28) (129,408.58) (144,002.61) (160,157.51)
179,114.16 191,026.06 203,832.53 217,582.02 232,334.55 248,155.03 264,376.43

7,944.00 7,944.00 7,944.00 7,944.00 7,944.00 7,944.00 7,944.00


11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00
23,886.00 23,886.00 23,886.00 23,886.00 23,886.00 23,886.00 23,886.00
91,350.04 97,537.03 103,949.50 110,605.47 117,664.45 125,287.45 132,496.86
30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00 30,926.00
510.64 468.08 425.53 382.98 340.42 297.87 255.32
165,816.68 171,961.12 178,331.03 184,944.45 191,960.87 199,541.32 206,708.18

411,989.35 435,194.46 459,929.03 486,292.16 514,538.56 544,932.22 572,213.57

55,272.23 59,340.70 63,720.59 68,436.26 73,513.94 78,982.05 82,138.24


36,457.46 55,640.31 74,835.34 94,024.65 113,255.50 132,585.25 150,265.50
91,729.69 114,981.00 138,555.94 162,460.90 186,769.43 211,567.31 232,403.74

84,817.90 75,132.65 65,447.41 55,762.17 46,076.93 36,391.69 26,706.45


5,454.00 5,454.00 5,454.00 5,454.00 5,454.00 5,454.00 5,454.00
2,962.97 3,917.22 5,050.11 6,383.40 7,940.07 9,744.64 11,823.26
11,059.00 11,059.00 11,059.00 11,059.00 11,059.00 11,059.00 11,059.00
104,293.87 95,562.88 87,010.53 78,658.57 70,530.00 62,649.33 55,042.71
55,078.41 61,464.92 68,665.25 76,736.96 85,800.47 95,973.37 106,614.84
160,887.38 163,185.66 165,697.32 168,435.72 171,438.66 174,742.22 178,152.29

411,989.35 435,194.46 459,929.03 486,292.16 514,538.56 544,932.22 572,213.57

- - - - - - -
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

20,638.51 22,982.78 25,116.62 27,384.02 30,029.38 33,035.54 34,100.70

2012 2013 2014 2015 2016 2017 2018


0.86 0.96 1.05 1.15 1.26 1.38 1.43
0.81 0.91 1.03 1.16 1.30 1.46 1.53
7% 6% 2% -1% -3% -5% -7%

54,867.82 60,243.10 66,493.62 73,139.56 80,387.55 88,234.95 94,655.77


8,199.40 8,464.83 9,478.85 10,493.97 11,508.57 12,526.90 13,554.14
46,668.41 51,778.27 57,014.77 62,645.59 68,878.98 75,708.04 81,101.62

121,275.36 130,772.96 140,282.76 149,786.82 159,332.43 168,976.94 176,971.95

2012 2013 2014 2015 2016 2017 2018


38% 40% 41% 42% 43% 45% 46%

36.0% 36.8% 37.4% 37.9% 38.2% 38.4% 38.3%

1.80 1.76 1.72 1.67 1.61 1.56 1.55

2012 2013 2014 2015 2016 2017 2018


38.5% 39.6% 40.6% 41.8% 43.2% 44.8% 45.8%
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
2019 2020 2021 2022

9% 9% 9% 9%
5% 5% 5% 5%

30% 30% 30% 30%

90% 90% 90% 90%

7.00 7.00 7.00 7.00


119,243.17 126,636.68 133,956.42 140,589.26
394,453.39 402,342.46 410,389.31 418,597.09
513,696.55 528,979.14 544,345.73 559,186.35

90,475.80 96,377.01 102,043.96 107,259.15


302,322.34 307,741.15 313,259.59 318,878.71
392,798.14 404,118.16 415,303.55 426,137.86

17,210.35 13,633.24 14,577.31 15,587.71


19,722.67 20,117.12 20,519.47 20,929.85
36,933.02 33,750.36 35,096.78 36,517.57

6,326.94 6,560.31 6,786.79 6,987.90


98,857.09 100,834.23 102,850.91 104,907.93
105,184.02 107,394.53 109,637.71 111,895.83

11,520.03 11,889.69 12,201.07 12,433.71


73,900.58 75,378.59 76,886.16 78,423.88
85,420.60 87,268.27 89,087.23 90,857.59

19,763.42 20,126.26 20,550.47 21,038.24


772.70 362.84 424.22 487.77

186,245.75 197,496.23 209,786.09 223,177.85


272,739.17 292,856.30 313,375.76 334,305.62
458,984.92 490,352.53 523,161.85 557,483.47

8,575.87 9,312.29 9,874.81 10,489.30


11,713.01 12,626.04 13,557.33 14,507.25
20,288.88 21,938.33 23,432.14 24,996.55

4.42% 4.47% 4.48% 4.48%

(42,733.8) (49,663.3) (57,250.7) (65,544.0)


(135,230.57) (147,856.61) (161,413.94) (175,921.19)
(177,964.4) (197,519.9) (218,664.6) (241,465.2)

2,800.00 2,800.00 2,800.00 2,800.00


221,157.13 241,024.93 261,290.09 281,960.55
223,957.13 243,824.93 264,090.09 284,760.55

0.00 0.00 0.00 0.00


19,478.24 19,867.80 20,265.16 20,670.46
19,478.24 19,867.80 20,265.16 20,670.46

(2,800.00) (2,800.00) (2,800.00) (2,800.00)


(81,880.99) (95,806.42) (110,982.86) (127,435.31)
(84,680.99) (98,606.42) (113,782.86) (130,235.31)

0.00 0.00 0.00 0.00


139,276.14 145,218.51 150,307.23 154,525.24
139,276.14 145,218.51 150,307.23 154,525.24

- - - -
12,698.96 13,925.43 15,176.43 16,452.45
12,698.96 13,925.43 15,176.43 16,452.45

212.76508137 170.2120651 127.65904882 85.10603255

212.76508137 170.2120651 127.65904882 85.10603255

42.553016275 42.553016275 42.553016275 42.553016275

42.553016275 42.553016275 42.553016275 42.553016275

11,200 11,200 11,200 11,200

11,200 11,200 11,200 11,200

30,926.00 30,926.00 30,926.00 30,926.00

30,926.00 30,926.00 30,926.00 30,926.00


4,900.0 4,900.0 4,900.0 4,900.0
18,986.00 18,986.00 18,986.00 18,986.00
23,886.0 23,886.0 23,886.0 23,886.0

17,021.21 13,616.97 10,212.72 6,808.48


- - - -
17,021.21 13,616.97 10,212.72 6,808.48

9,685.24 3,404.24 3,404.24 3,404.24

595.74 476.59 357.45 238.30


313.29 - - -
909.03 476.59 357.45 238.30

(150,265.50) (167,369.41) (172,024.69) (175,630.56)


(17,103.90) (4,655.28) (3,605.88) (2,550.11)
(167,369.41) (172,024.69) (175,630.56) (178,180.67)

(167,369.41) (172,024.69) (175,630.56) (178,180.67)

- - - -
5% 5% 5% 5%
- - - -

167,369.41 172,024.69 175,630.56 178,180.67


9% 9% 9% 9%
13,523.90 15,063.25 15,482.22 15,806.75

2,100.00 2,100.00 2,100.00 2,100.00


3,354.00 3,354.00 3,354.00 3,354.00
5,454.00 5,454.00 5,454.00 5,454.00

700.00 700.00 700.00 700.00


10,359.00 10,359.00 10,359.00 10,359.00
11,059.00 11,059.00 11,059.00 11,059.00

12,896.79 14,913.57 16,796.19 18,538.70


972.00 972.00 972.00 972.00
13,868.79 15,885.57 17,768.19 19,510.70

2,045.53 2,016.77 1,882.63 1,742.51


- - - -
2,045.53 2,016.77 1,882.63 1,742.51

1,157.37 1,214.19 1,305.29 1,376.54


14,950.37 15,101.24 15,299.20 15,536.27
16,107.75 16,315.43 16,604.48 16,912.80

462.95 485.68 522.11 550.62


4,485.11 4,530.37 4,589.76 4,660.88
4,948.06 5,016.05 5,111.87 5,211.50

513,696.55 528,979.14 544,345.73 559,186.35


392,798.14 404,118.16 415,303.55 426,137.86
120,898.42 124,860.98 129,042.17 133,048.49
20,288.88 21,938.33 23,432.14 24,996.55
12,741.51 13,967.99 15,218.99 16,495.01
87,868.02 88,954.67 90,391.04 91,556.92
909.03 476.59 357.45 238.30
13,523.90 15,063.25 15,482.22 15,806.75
- - - -
73,435.09 73,414.83 74,551.38 75,511.88
22,030.53 22,024.45 22,365.41 22,653.56
51,404.56 51,390.38 52,185.96 52,858.31
16,107.75 16,315.43 16,604.48 16,912.80
35,296.82 35,074.95 35,581.48 35,945.51

22,030.53 22,024.45 22,365.41 22,653.56


2,045.53 2,016.77 1,882.63 1,742.51
19,984.99 20,007.67 20,482.78 20,911.06

120,898.42 124,860.98 129,042.17 133,048.49


772.70 362.84 424.22 487.77
19,984.99 20,007.67 20,482.78 20,911.06
100,140.73 104,490.47 108,135.18 111,649.66
36,933.02 33,750.36 35,096.78 36,517.57
19,478.24 19,867.80 20,265.16 20,670.46

43,729.46 50,872.30 52,773.24 54,461.63


909.03 476.59 357.45 238.30
13,523.90 15,063.25 15,482.22 15,806.75
- - - -
9,685.24 3,404.24 3,404.24 3,404.24
4,948.06 5,016.05 5,111.87 5,211.50
31,767.14 31,567.45 32,023.33 32,350.96
(17,103.90) (4,655.28) (3,605.88) (2,550.11)
178,152.29 181,681.97 185,189.46 188,747.61
35,296.82 35,074.95 35,581.48 35,945.51
31,767.14 31,567.45 32,023.33 32,350.96
181,681.97 185,189.46 188,747.61 192,342.16

106,614.84 117,774.52 129,073.91 140,566.52


16,107.75 16,315.43 16,604.48 16,912.80
4,948.06 5,016.05 5,111.87 5,211.50
117,774.52 129,073.91 140,566.52 152,267.83

- - - -
105,184.02 107,394.53 109,637.71 111,895.83
105,184.02 107,394.53 109,637.71 111,895.83

458,984.92 490,352.53 523,161.85 557,483.47


(177,964.35) (197,519.92) (218,664.61) (241,465.22)
281,020.57 292,832.61 304,497.24 316,018.26

7,944.00 7,944.00 7,944.00 7,944.00


11,200.00 11,200.00 11,200.00 11,200.00
23,886.00 23,886.00 23,886.00 23,886.00
139,276.14 145,218.51 150,307.23 154,525.24
30,926.00 30,926.00 30,926.00 30,926.00
212.77 170.21 127.66 85.11
213,444.90 219,344.72 224,390.89 228,566.35

599,649.50 619,571.86 638,525.84 656,480.44

85,420.60 87,268.27 89,087.23 90,857.59


167,369.41 172,024.69 175,630.56 178,180.67
252,790.01 259,292.96 264,717.80 269,038.27

17,021.21 13,616.97 10,212.72 6,808.48


5,454.00 5,454.00 5,454.00 5,454.00
13,868.79 15,885.57 17,768.19 19,510.70
11,059.00 11,059.00 11,059.00 11,059.00
47,403.00 46,015.53 44,493.92 42,832.18
117,774.52 129,073.91 140,566.52 152,267.83
181,681.97 185,189.46 188,747.61 192,342.16

599,649.50 619,571.86 638,525.84 656,480.44

- - - -
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

35,296.82 35,074.95 35,581.48 35,945.51

2019 2020 2021 2022


1.48 1.47 1.49 1.50
1.60 1.62 1.64 1.66
-8% -9% -9% -10%

100,140.73 104,490.47 108,135.18 111,649.66


14,432.93 15,539.84 15,839.67 16,045.05
85,707.80 88,950.63 92,295.51 95,604.61

184,390.61 185,641.65 185,843.29 184,989.16

2019 2020 2021 2022


46% 48% 50% 52%

38.1% 37.1% 36.1% 34.9%

1.53 1.49 1.44 1.39

2019 2020 2021 2022


46.5% 47.9% 49.7% 51.7%
30.0% 30.0% 30.0% 30.0%
15.0% 15.0% 15.0% 15.0%
Contents
Terminal Period 29
Premium Paid 36%
Asset Sale for Taxes 1 ✘
Enterprise Value Paid 17,819.19

Terminal Growth Rate


0.00% 1.00% 2.00% 3.00%
7.00% 16,307 17,719 19,695 22,661
7.50% 14,989 16,129 17,683 19,928
8.00% 13,849 14,779 16,018 17,754

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

8.50% 16,819 17,628 18,437 19,246


9.00% 16,037 16,799 17,561 18,323
9.50% 15,300 16,018 16,736 17,454
10.00% 14,605 15,282 15,958 16,635
Revenue Synergies 0.00%
Cost Synergies 6.70%
Capital Expenditures 0.00%
Rate Cost to Achieve 0.00
4.00%
27,603
23,455
20,357
17,956
16,044
14,487
13,195

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

8.50% 4,296.03 4,296.03 4,296.03 4,296.03


9.00% 4,072.89 4,072.89 4,072.89 4,072.89
9.50% 3,868.43 3,868.43 3,868.43 3,868.43
10.00% 3,680.73 3,680.73 3,680.73 3,680.73

Net Value versus Premium


0.00% 10.00% 20.00% 30.00%
7.00% 5,100.84 3,900.84 2,700.84 1,500.84
7.50% 4,807.37 3,607.37 2,407.37 1,207.37
8.00% 4,540.03 3,340.03 2,140.03 940.03
WACC

8.50% 4,296.03 3,096.03 1,896.03 696.03


9.00% 4,072.89 2,872.89 1,672.89 472.89
9.50% 3,868.43 2,668.43 1,468.43 268.43
10.00% 3,680.73 2,480.73 1,280.73 80.73
40.00%
5,100.84 output3
4,807.37 premium_100
4,540.03
4,296.03 PV_of_Synergies_at_WACC
4,072.89 Net_Value
3,868.43
3,680.73

ium
40.00%
300.84
7.37
(259.97)
(503.97)
(727.11)
(931.57)
(1,119.27)
Contents

Terminal P/E Ratio 17.30


Terminal M/B Ratio 2.16

Equity IRR with P/E Ratio


Premium
0.00% 10.00% 20.00% 30.00%
6,500.00 14.9% 14.6% 14.2% 13.9%
5,500.00 16.2% 15.8% 15.5% 15.1%

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%

Equity IRR with M/B Ratio


Premium
0.00% 10.00% 20.00% 30.00%
6,500.00 16.3% 16.0% 15.8% 15.6%
5,500.00 17.2% 16.9% 16.7% 16.4%
Shares Issued

4,500.00 18.4% 18.1% 17.8% 17.5%


3,500.00 20.0% 19.7% 19.4% 19.0%
2,500.00 22.5% 22.1% 21.7% 21.3%
1,500.00 26.6% 26.1% 25.6% 25.1%
500.00 35.9% 35.1% 34.3% 33.5%
Revenue Synergies 0.00%
Cost Synergies 6.70%
Capital Expenditures 0.00%
Cost to Achieve 0.00

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

Shares Issued 6,000.00


Debt to EBITDA 4.17
Debt to Capital 54.7%

Cost Synergies 6.7%


Plant Write-up 800.00

2009 2010 2011 2012 2013 2014 2015


0.0% 16.6% 13.8% 11.2% 9.3% 7.6% 6.3% 5.2%
10.0% 15.9% 13.0% 10.5% 8.5% 6.9% 5.5% 4.5%
Premium

20.0% 15.2% 12.3% 9.7% 7.8% 6.1% 4.7% 3.7%


30.0% 14.6% 11.5% 8.9% 7.0% 5.3% 3.9% 3.0%
40.0% 13.9% 10.7% 8.2% 6.2% 4.5% 3.2% 2.2%
50.0% 13.2% 10.0% 7.4% 5.4% 3.7% 2.4% 1.4%
60.0% 12.6% 9.2% 6.7% 4.7% 3.0% 1.6% 0.7%

10% 8% 7% 6% 2% -1% -3%


2016 2017 5-Yr Avg
4.5% 4.1% 10.8%
3.7% 3.3% 10.0%
3.0% 2.5% 9.3%
2.3% 1.7% 8.5%
1.5% 1.0% 7.8%
0.8% 0.2% 7.0%
0.1% -0.6% 6.3%

-5% -7% 5%
Cost Synergy Percent

Traffic per Store

Margin per Store High vs Base


Low vs Base

Growth Rate in Stores

Cap Exp per New Store

-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00%
Contents 0
Scenario

Scenario Number 3
Variable Number 5
Shares Issued 6,000.00
Premium 36%

Traffic per Margin per Cap Exp per Growth Rate in


Store Store New Store Stores
1 2 3 4
Base Case 230,000.0 30.0% 850,000 4.50%
Low Case 210,000.0 29.0% 930,000 3.00%
High Case 250,000.0 33.0% 800,000 6.00%
Worst Case 210,000.0 28.0% 930,000 2.00%

Index Function 250,000.0 33.0% 800,000 6.00%


Test 0 0 0 0
If Test 230,000.0 30.0% 850,000 4.50%

High Case 230,000.0 30.0% 850,000 4.50%

Variable Number
1 2 3 4
1 13.3% 13.3% 13.3% 13.3%
Sc Num

2 11.4% 12.8% 12.9% 12.8%


3 14.9% 14.8% 13.6% 13.9%

Low vs Base -1.9% -0.6% -0.5% -0.5%


High vs Base 1.6% 1.5% 0.3% 0.5%
Absolute Value 3.5% 2.1% 0.8% 1.0%

Small 0.8% 1.0% 2.1% 3.5%


Match 3 4 2 1

Cap Exp per Growth Rate in Margin per Traffic per


New Store Stores Store Store
Low vs Base -0.49% -0.51% -0.57% -1.92%
High vs Base 0.27% 0.51% 1.50% 1.57%
● Scenario 2

● 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

Existing Balance Sheet 1 #VALUE!


Sources and Uses 1 #VALUE!
Pro-forma Adjustments 1 #VALUE!
Pro-forma Balance Sheet 1 #VALUE!
Debt Balance Test 1 #VALUE!
Asset Balance Test 1 #VALUE!
Consolidate Balance Sheet 1.00 #VALUE!
Future Balance Sheet 1 #VALUE!

Total Test 1 #VALUE!

Model OK #VALUE!
comment 0

Comments
Contents
Funds from Operations to Interest Expense

Business Profile AA A BBB


From To From To From To
1 2.5 3 1.5 2.5 1 1.5
2 3 4 2 3 1 2
3 3.5 4.5 2.5 3.5 1.5 2.5
4 4.2 5 3 4.2 2.5 3.5
5 4.5 5.5 3.8 4.5 2.8 3.8
6 5.2 6 4.2 5.2 3 4.2
7 6.5 8 4.5 6.5 3.2 4.5
8 7.5 10 5.5 7.5 3.5 5.5
9 7 10 4 7

Funds from Operations to Total Debt


1 15% 20% 10% 15% 5% 10%
2 20% 25% 12% 20% 8% 12%
3 25% 30% 15% 25% 10% 15%
4 28% 35% 20% 28% 12% 20%
5 30% 40% 22% 30% 15% 22%
6 35% 45% 28% 35% 18% 28%
7 45% 55% 30% 45% 20% 30%
8 55% 70% 40% 55% 25% 40%
9 45% 65% 30% 45%
10 55% 75% 40% 55%

Interest Coverage

Row Num Chosen Business Profile 9 9 9 9 9 9


Low and High Target from Profile 0 0 7 10 4 7

FFO to Debt
Low and High Target from Profile 0.0% 0.0% 45.0% 65.0% 30.0% 45.0%

Combo Box Numbers

Rating Target
3 9 9

AA 1
A 2
BBB 3 BBB
BB 4
5
6
7
8
9

Interest Coverage Low and High


2011 2012 2013 2014 2015 2016
Minimum 4 4 4 4 4 4
Maximum 7 7 7 7 7 7

Increment for Interest Coverage


2011 2012 2013 2014 2015 2016
Minimum 4.00 4.00 4.00 4.00 4.00 4.00
Increment 3 3 3 3 3 3

FFO to Debt 2011 2012 2013 2014 2015 2016


Minimum 0.3 0.3 0.3 0.3 0.3 0.3
Maximum 0.45 0.45 0.45 0.45 0.45 0.45

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

2011 2012 2013 2014 2015 2016


Minimum 0.3 0.3 0.3 0.3 0.3 0.3
Maximum 0.15 0.15 0.15 0.15 0.15 0.15
BB
From To

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

Consolidated Earnings Per Share


1.60
Acquiring Company EPS

1.40

1.20

1.00

0.80

0.60

0.40

0.20

-
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Debt to EBITDA
4.50

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

3.00 EPS from


Acquisition

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

1,500,000,000 Total Cap


Exp

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

2,000.00 Less: Depreciation -


Book

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%

Working Capital to EBITDA 20%


Depreciation Rate 5%

Capital Expenditure 20.00


Tax Rate 25%

Valuation Assumption
Risk Free Rate 10%
EMRP 3%
Beta 1.20

Explicit Period 5 years


Terminal Growth Rate 8.50%
Exit EV/EBITDA Ratio 7
Initial Gross Plant 800.00

Working Analysis

EBITDA
EBITDA Growth 12% 12% 12% 12%
EBITDA 100.00 112.00 125.44 140.49 157.35

Cap Exp 20.00 22.40 25.09 28.10 31.47

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

Free Cash Flow

Period 0 1 2 3 4
Explicit Period Switch 1 1 1 1
Terminal Period Switch 0 0 0 0

Free Cash Flow


EBITDA 112.00 125.44 140.49 157.35
Less: Cap Exp 22.40 25.09 28.10 31.47
Less: WC Change 2.40 2.69 3.01 3.37
Less: Taxes = EBIT x Tax 18.00 21.08 24.53 28.39
Free Cash Flow 69.20 76.58 84.85 94.12

WACC 10.00%
Terminal Value 0.00 0.00 0.00 0.00

Total Cash Flow 69.20 76.58 84.85 94.12

PV Total Cash Flow = EV $5,012.13


PV of Terminal Value $4,693.02 12%
PV of Explicit Cash Flowsx $319.12 13%
14%
Less: Debt 15%
Add: Cash 16%

Equity Value Scenario Number 1

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

Free Cash Flow 69.2 76.584 84.85408 94.11657


Terminal Value - EV/EBITDA 0 0 0 0
Total Cash Flow 69.2 76.584 84.85408 94.11657

Pv of Total Cash Flow $1,085.11


$1,085.11 6.5 7 7.5
7% 1030.396 1085.11 1139.824
8% 1030.396 1085.11 1139.824
9% 1030.396 1085.11 1139.824
10% 1030.396 1085.11 1139.824
12% 12% 12% 12% 12% 12% 12% 12% 12%
176.23 197.38 221.07 247.60 277.31 310.58 347.85 389.60 436.35

35.25 39.48 44.21 49.52 55.46 62.12 69.57 77.92 87.27

176.234168 197.382269 221.068141 247.59632 277.30788 310.5848 347.855 389.5976 436.3493


20% 20% 20% 20% 20% 20% 20% 20% 20%
35.2468337 39.4764537 44.2136281 49.519264 55.461575 62.11696 69.571 77.91952 87.26986
3.78 4.23 4.74 5.31 5.94 6.66 7.45 8.35 9.35

907.06 942.30 981.78 1,025.99 1,075.51 1,130.97 1,193.09 1,262.66 1,340.58


35.2468337 39.4764537 44.2136281 49.519264 55.461575 62.11696 69.571 77.91952 87.26986

942.30 981.78 1,025.99 1,075.51 1,130.97 1,193.09 1,262.66 1,340.58 1,427.85

5% 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

7558.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7662.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


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

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

97.74 109.47 122.61 137.32 153.80 172.26 192.93

488.7112 547.3566 613.0394 686.6041 768.9966 861.2762 964.6293


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

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


97.74225 109.4713 122.6079 137.3208 153.7993 172.2552 192.9259

1,525.59 1,635.07 1,757.67 1,894.99 2,048.79 2,221.05 2,413.97

5% 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

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
Contents 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

As of December 31, 2007 (expressed in Barbados dollars)


Assets
Non-current assets 2006 2007 2008 2009
Gross Plant 1,027,454 1,052,658
Accumulated Depreciation -423,324 -453,688
Property, plant and equipment 567,785 592,291 604,130 598,970
Investment in associates 15,965 14,170 15,379 14,060
Financial investments 70,863 79,818 81,834 97,180
Other assets 220 615
654,833 686,894 701,343 710,210
Current assets
Cash resources 39,994 59,907 46,861 96,425
Trade and other receivables 39,378 56,632 49,971 42,987
Corporation tax recoverable 102 82 133 190
Inventories 30,093 34,308 30,209 34,225
109,567 150,929 127,174 173,827
Total assets 764,400 837,823 828,517 884,037

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

Consolidated Statement of Income


For the year ended December 31, 2007 (expressed in Barbados dollars)
2006 2007 2008 2009
Operating revenue 361,653 397,636 473,310 415,392
Operating expenses
Fuel 195,447 225,299 297,612 236,552
Revenue Net of Fuel 166,206 172,337 175,698 178,840
Generation 44,496 40,747 51,061 50,005
General 36,148 38,460 36,683 41,275
Distribution 12,585 12,470 11,738 11,876
Insurance 4,810 5,259
Depreciation 37,630 33,660 37,275 38,123
Foreign exchange loss/(gain) (111) 9 83 127
326,195 350,645 439,262 383,217
Operating income 35,458 46,991 34,048 32,175
Finance income 5,028 4,962 4,319 3,046
Interest and finance charges (6,808) (6,323) (6,502) (7,972)
Share of loss of associated companies (2,800) (2,195) (1,229) (1,319)
Income before taxation 30,878 43,435 30,636 25,930
Taxation credit (expense) (512) 14,915 1,080 1,525
Net income for the year 30,366 58,350 31,716 27,455
Basic and diluted earnings per share (cents) 174.3 314.7 166.0 154.2

Implied Shares 174.22 185.41 191.06 178.05

Growth in Net Revenues 4% 2% 2%


Growth in Fuel Cost 15% 32% -21%
Other costs 130,748 125,346 141,650 146,665
Other Cost Percent of Revenue 79% 73% 81% 82%

Change in Net Plant 24,506 11,839 -5,160


Depreication 33,660 37,275 38,123
Capital Expendtiures 58,166 49,114 32,963

Depreciation Rate 3.6% 3.6%

Total Expenses 288,676 316,976 401,904 344,967

Accounts Receivable to Revenues 11% 14% 11% 10%


Accounts Payable to Expneses 9% 15% 7% 16%
Inventories to Fuel Expense 15% 15% 10% 14%

Return on Equity 6% 11% 5% 4%

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