PGSC Debt obj.

15965

INCOME STATEMENT 06/30/07 06/30/08 06/30/09 06/30/10

Net sales 46180 100.0% 53107 100.0% 57887 100.0% 68017
Cost of Goods Sold -26784 -58.0% -30802 -58.0% -33575 -58.0% -39790
Gross Profit Margin 19396 42.0% 22305 42.0% 24312 42.0% 28227

R&D Expense -739 -1.6% -850 -1.6% -926 -1.6% -1088

SG&A Expense -14916 -32.3% -17260 -32.5% -18871 -32.6% -21902
Earnings Before Int. & Tax. 3741 8.1% 4195 7.9% 4515 7.8% 5237
Interest Expense -2906 -6.3% -2940 -5.5% -2668 -4.6% -2423
Earnings Before Inco. Tax 835 1.8% 1255 2.4% 1847 3.2% 2814
Income tax -225 -0.5% -339 -0.6% -499 -0.9% -760
Net Income 610 1.3% 916 1.7% 1348 2.3% 2054

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue 15.0% 9.0% 17.5%

Purchases -26784 100.0% -30802 100.0% -33575 100.0% -39790

Income statement ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Cost of Goods Sold %Sales -58.0% -58.0% -58.0% -58.5%
Gross Profit Margin %Sal. 42.0% 42.0% 42.0% 41.5%
R&D Expense % Sales -1.6% -1.6% -1.6% -1.6%
SG&A Expense % Sales -32.3% -32.5% -32.6% -32.2%
Operating Income % Sal. 8.1% 7.9% 7.8% 7.7%
Net profit margin % Sales 1.3% 1.7% 2.3% 3.0%

DuPont analysis 06/30/07 06/30/08 06/30/09 06/30/10

Net profit margin 1.3% 1.7% 2.3% 3.0%
Asset turnover 1.26 1.31 1.31 1.35
Return on assets 1.66% 2.26% 3.06% 4.08%
Equity multiplier 3.50 3.56 3.45 3.40
Return on equity 5.81% 8.02% 10.56% 13.86%

Activity ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Days sales outstan. in A/R 75 75 75 75
Inventory turnover 4.00 4.00 4.00 4.00
PP&E turnover 3.04 3.32 3.35 3.56
Days COGS in A/P 30.02 30.00 30.00 30.01

Balance Sheet 06/30/07 06/30/08 06/30/09 06/30/10

Assets
Cash 2325 6% 2680 7% 15% 2924 7% 26% 3440
Accounts Receivable 9489 26% 10912 27% 15% 11895 27% 25% 13976
Inventories 6697 18% 7701 19% 15% 8394 19% 25% 9947
Prepaid Expenses 770 2% 840 2% 9% 910 2% 18% 828
Total Current Assets 19281 53% 22133 54% 15% 24123 55% 25% 28191

Net Property & Equipment 15200 41% 16000 39% 5% 17300 39% 14% 19100
Other Long-Term Assets 2241 6% 2479 6% 11% 2671 6% 19% 3074

Total Assets 36722 100% 40612 100% 11% 44094 100% 20% 50365

Growth rate of assets

10.6% 8.6% 14.2%
Liabilities +Owners´Equity
Notes Payables to Bank 7669 21% 8820 22% 15% 9613 22% 25% 11295
Accounts Payable 2203 6% 2532 6% 15% 2760 6% 25% 3271
Curre. p. Long-Term Debt 973 3% 1060 3% 9% 1124 3% 16% 1240
Accrued Expenses 771 2% 884 2% 15% 965 2% 25% 1129
Total Current Liabilities 11616 32% 13296 33% 14% 14462 33% 25% 16935

Long -Term Debt 14600 40% 15894 39% 9% 16862 38% 15% 18606

Total Liabilities 26216 71% 29190 72% 11% 31324 71% 19% 35541

Commmon Stock 6881 19% 6881 17% 0% 6881 16% 0% 6881

Retained Earnings 3625 10% 4541 11% 25% 5889 13% 62% 7943
Total Shareholder Equity 10506 29% 11422 28% 9% 12770 29% 22% 14824

Total Liabilities Net Worth 36722 100% 40612 100% 11% 44094 100% 20% 50365

Debt ratios 06/30/07 06/30/08 06/30/09 06/30/10

Equity multiplier 3.50 3.56 3.45 3.40
Int. bea.debt/total assets 0.63 0.63 0.63 0.62
Times interest earned 1.29 1.43 1.69 2.16
Bank notes paya./receiva. 0.81 0.81 0.81 0.81
Investment Capital 06/30/07 06/30/08 06/30/09 06/30/10
Net Working Capital 13982 44% 16037 46% 17474 47% 20351
Net Fixed Assets 17441 56% 18479 54% 19971 53% 22174
Capital Employed 31423 100% 34516 100% 37445 100% 42525

Net Financial Debt 20917 67% 23094 67% 24675 66% 27701
Book value of Equity 10506 33% 11422 33% 12770 34% 14824
Capital Employed 31423 100% 34516 100% 37445 100% 42525

Tax Rate -27% -27% -27% -27%

At the end Average At the end Average At the end Average At the end
Pre Tax ROCE 11.9% 12.2% 12.7% 12.1% 12.5% 12.3%
After Tax ROCE 8.7% 12.2% 9.3% 8.8% 9.2% 9.0%

Interest Rate -13.9% -12.7% -10.8% -8.7%

ROE 5.8% 8.0% 8.4% 10.6% 11.1% 13.9%

Purchases/COGS 100% 100% 100% 100%

Nr. Days Inventories 91 91 91 91

Aver. Collection Period 75 75 75 75
Nr. Days Account Pay. -30 -30 -30 -30

Vt -V(t-1) 06/30/07 06/30/08 06/30/09 06/30/10

Cash 355 244 516
Accounts Receivable 1423 983 2081
Inventories 1004 693 1553
Prepaid Expenses 70 70 -82
Total Current Assets
Net Property & Equipment 800 1300 1800
Other Long-Term Assets 238 192 403

Total Assets

Growth rate of assets

Liabilities +Owners´Equity
Notes Payables to Bank 1151 793 1682
Accounts Payable 329 228 511
Curre. p. Long-Term Debt 87 64 116
Accrued Expenses 113 81 164
Total Current Liabilities

Long -Term Debt 1294 968 1744

Total Liabilities

Commmon Stock 0 0 0
Retained Earnings 916 1348 2054
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07 06/30/08 06/30/09 06/30/10

Net Profit 916 1348 2264 2054
Minus Increase Inventories -1004 -693 -1697 -1553
Minus Increase A/R -1423 -983 -2406 -2081
Minus Prepaid Expenses -70 -70 -140 82
Plus Increase A/P 329 228 557 511
Plus Increase Acc/Expenses 113 81 194 164
Cash Flow from operations -1139 -89 -1228 -823

Minus Increase NFA -1038 -1492 -2530 -2203

Cash Flow Before Financing -2177 -1581 -3758 -3026

Plus Increase Long T. Debt 1294 968 2262 1744

Plus Increase Short T. Debt 1238 857 2095 1798

Total Cash Flow 355 244 599 516

Comprobación 355 244 599 516

Balance Sheet 06/30/11 06/30/11 What-if issue 06/30/12 06/30/12
Assets
Cash 4102 7% 4102 7% 0% 4672 7% 14% 4672
Accounts Receivable 16632 28% 16632 28% 0% 19126 28% 15% 19126
Inventories 11878 20% 11878 20% 0% 13613 20% 15% 13613
Prepaid Expenses 969 2% 969 2% 0% 1117 2% 15% 1117
Total Current Assets 33581 56% 33581 56% 0% 38528 57% 15% 38528

Net Property & Equipment 22400 38% 22400 38% 0% 25157 37% 12% 25157
Other Long-Term Assets 3639 6% 3639 6% 0% 4189 6% 15% 4189

Total Assets 59620 100% 59620 100% 0% 67874 100% 14% 67874

Growth rate of assets

13.8% 0.0%
Liabilities +Owners´Equity
Notes Payables to Bank 13442 23% 2442 4% -82% 15492 23% 15% 3831
Accounts Payable 3905 7% 3905 7% 0% 4476 7% 15% 4476
Curre. p. Long-Term Debt 1483 2% 1483 2% 0% 1614 2% 9% 1614
Accrued Expenses 1345 2% 1345 2% 0% 1545 2% 15% 1545
Total Current Liabilities 20175 34% 9175 15% -55% 23127 34% 15% 11466

Long -Term Debt 22247 37% 22247 37% 0% 24204 36% 9% 24204

Total Liabilities 42422 71% 31422 53% -26% 47331 70% 12% 35670

Commmon Stock 6881 12% 17881 30% 160% 6881 10% 0% 17881
Retained Earnings 10317 17% 10317 17% 0% 13661 20% 32% 14323
Total Shareholder Equity 17198 29% 28198 47% 64% 20542 30% 19% 32204

Total Liabilities Net Worth 59620 100% 59620 100% 0% 67873 100% 14% 67874
Debt ratios 06/30/11 06/30/11 06/30/12 06/30/12
Equity multiplier 3.47 2.11 3.30 2.11
Int. bea.debt/total assets 62.3% 43.9% 60.9% 43.7%
Times interest earned 2.15 2.15 2.42 3.36
Bank notes paya./receiva. 0.81 0.15 0.81 0.20

Impact on Share Price Price p. Share Number Sha, Value

Current value of Pacific 32.6 1165327 37989660
Impact: new equity offer 27.5 400000 11000000
Post-offer value 31.2968 1565327 48989660
Value loss exi. Sharehold. -1.3032 1165327 -1518703
Value taken new shareho. 3.7968 400000 1518703

HCS Debt obj.

15965
INCOME STATEMENT 06/30/07 06/30/08 06/30/09 06/30/10
Net sales 15401 100.0% 15919 27.5% 16664
Cost of Goods Sold -9887 -64.2% -10284 -17.8% -10732
Gross Profit Margin 5514 35.8% 5635 9.7% 5932

R&D Expense 0 0.0% 0 0.0% 0

SG&A Expense -4359 -28.3% -4553 -7.9% -4816
Earnings Before Int. & Tax. 1155 7.5% 1082 1.9% 1116
Interest Expense -57 -0.4% -72 -0.1% -60
Earnings Before Inco. Tax 1098 7.1% 1010 1.7% 1056
Income tax -297 -1.9% -273 -0.5% -285
Net Income 801 5.2% 737 1.3% 771
Dividends Paid 288 254 422
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue 3.4% 4.7%

Forecasted growth rate of sales
Purchases 0 -9887 100.0% -10284 100.0% -10732

Income statement ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Cost of Goods Sold %Sales -64.2% -64.6% -64.4%
Gross Profit Margin %Sal. 35.8% 35.4% 35.6%
R&D Expense % Sales 0.0% 0.0% 0.0%
SG&A Expense % Sales -28.3% -28.6% -28.9%
Operating Income % Sal. 7.5% 6.8% 6.7%
Net profit margin % Sales 5.2% 4.6% 4.6%

DuPont analysis 06/30/07 06/30/08 06/30/09 06/30/10

Net profit margin 5.2% 4.6% 4.6%
Asset turnover 1.49 1.46 1.47
Return on assets 7.75% 6.77% 6.81%
Equity multiplier 1.22 1.22 1.22
Return on equity 9.46% 8.23% 8.29%

Activity ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Days sales outstan. in A/R 75 75 75
Inventory turnover 4.80 4.80 4.80
PP&E turnover 4.02 3.84 3.90
Days COGS in A/P 30.01 29.99 30.00
Days of expenses held in cash -14.99 -15.01 -15.00
Prepaid expenses % of sales 1.50% 1.50% 1.50%
Other long-term assets % of sales 3.00% 3.00% 3.00%
Accrued expenses % of sales 1.70% 1.70% 1.70%

Balance Sheet 06/30/07 06/30/08 06/30/09 06/30/10

Assets
Cash 585 6% 610 6% 639
Accounts Receivable 3165 31% 3271 30% 3424
Inventories 2060 20% 2142 20% 2236
Prepaid Expenses 231 2% 239 2% 250
Total Current Assets 6041 58% 6262 58% 6549

Net Property & Equipment 3831 37% 4146 38% 4273

Other Long-Term Assets 462 4% 477 4% 500

Total Assets 10334 100% 10885 100% 11322

Growth rate of assets

5.3% 4.0%
Liabilities +Owners´Equity
Notes Payables to Bank 791 8% 818 8% 856
Accounts Payable 813 8% 845 8% 882
Curre. p. Long-Term Debt 0 0% 0 0% 0
Accrued Expenses 262 3% 271 2% 283
Total Current Liabilities 1866 18% 1934 18% 2021

Long -Term Debt 0 0% 0 0% 0

Total Liabilities 1866 18% 1934 18% 2021

Commmon Stock 4584 44% 4584 42% 4584

Retained Earnings 3884 38% 4367 40% 4716
Total Shareholder Equity 8468 82% 8951 82% 9300

Total Liabilities Net Worth 10334 100% 10885 100% 11321

Debt ratios 06/30/07 06/30/08 06/30/09 06/30/10
Equity multiplier 1.22 1.22 1.22
Int. bea.debt/total assets 0.08 0.08 0.08
Times interest earned 20.26 15.03 18.60
Bank notes paya./receiva. 0.25 0.25 0.25

Investment Capital 06/30/07 06/30/08 06/30/09 06/30/10

Net Working Capital 4381 51% 4536 50% 4745
Net Fixed Assets 4293 49% 4623 50% 4773
Capital Employed 8674 100% 9159 100% 9518

Net Financial Debt 206 2% 208 2% 217

Book value of Equity 8468 98% 8951 98% 9300
Capital Employed 8674 100% 9159 100% 9517

Tax Rate -27% -27% -27%

At the end Average At the end Average At the end Average At the end
Pre Tax ROCE 13.3% 26.6% 11.8% 12.1% 11.7%
After Tax ROCE 13.3% 19.4% 8.6% 8.9% 8.6%

Interest Rate -27.7% -34.6% -27.6%

ROE 9.5% 18.9% 8.2% 8.5% 8.3%

Purchases/COGS 100% 100% 100%

Nr. Days Inventories 76 76 76

Aver. Collection Period 75 75 75
Nr. Days Account Pay. -30 -30 -30
Vt -V(t-1) 06/30/07 06/30/08 06/30/09 06/30/10
Cash 585 25 29
Accounts Receivable 3165 106 153
Inventories 2060 82 94
Prepaid Expenses 231 8 11
Total Current Assets

Net Property & Equipment 3831 315 127

Other Long-Term Assets 462 15 23

Total Assets

Growth rate of assets

Liabilities +Owners´Equity
Notes Payables to Bank 791 27 38
Accounts Payable 813 32 37
Curre. p. Long-Term Debt 0 0 0
Accrued Expenses 262 9 12
Total Current Liabilities

Long -Term Debt 0 0 0

Total Liabilities

Commmon Stock 4584 0 0

Retained Earnings 3884 483 349
Total Shareholder Equity

Total Liabilities Net Worth

Cash from Statements 06/30/07 06/30/08 06/30/09 06/30/10
Net Profit 801 737 1538 771
Minus Increase Inventories -2060 -82 -2142 -94
Minus Increase A/R -3165 -106 -3271 -153
Minus Prepaid Expenses -231 -8 -239 -11
Plus Increase A/P 813 32 845 37
Plus Increase Acc/Expenses 262 9 271 12
Cash Flow from operations -3580 582 -2998 562

Minus Increase NFA -4293 -330 -4623 -150

Cash Flow Before Financing -7873 252 -7621 412

Plus Increase Long T. Debt 0 0 0 0

Plus Increase Short T. Debt 791 27 818 38

Total Cash Flow -7082 279 -6803 450

Comprobación 585 25 610 29

Free Cash Flows & Valuation Analysis 06/30/11 06/30/12 06/30/13
EBIT (Earnings Before Interest & Taxes) 1391 1673
Minus Cash tax on operating income -375 -452
EBIAT (Earnings Before Interest After Taxes) 1015 1222
Minus Increase in net working capital:
Minus Increase in cash -281 -46
Minus Increase in accounts receivable -253 -232
Minus Increase in inventories -529 -24
Minus Increase in prepaid expenses 37 -14
Plus Increase in accounts payable 19 8
Plus Increase in accrued expenses 13 19
Total change in NWC -993 -289

Minus Increase in other long-term assets -319 -51

Minus Increase in net property & equipmente -274 -282

Minus Capital expenditures* 0 0
Plus Depreciation* 0 0

Equal Yearly Free Cash Flow -571 600

Plus Terminal Value of years 2015 ^^
Equal Total Free Cash Flow -571 600

-571 600 641 25726

Total Firm Value at WACC 19607
Minus Current Interest-Bearing Debt Balance -902
Equal Value of Equity 18705

Perpetual growth rate 4.80%

WACC 7.72%
July 2011 Interest Rates:
30-year Treasury Bonds 4.25%
Long-term AA Corporate Bonds 5.20%
Long-term BBB Corporate Bonds 5.65%
Market Risk Premium (S&P 500 vs. L-T Treasuries) 7.00%

McCormick ConAgra Pacific

Estimate of High Country's Asset Beta: & Company Foods Grove
Market value of equity ($ in millions) $ 6,567.04 $ 11,069.07 $ 37.98
Book value of interest-bearing debt ($ in millions) $ 989.70 $ 3,233.80 $ 37.20
Total capitalization $ 7,556.74 $ 14,302.87 $ 75.18

Weight of debt 13.1% 22.6% 49.5%

Weight of equity 86.9% 77.4% 50.5%
Equity beta coefficient 0.500 0.600 0.850
Asset beta coefficient assuming debt beta = 0.20 0.461 0.510 0.528
BA = BD x (D/V) + BE x (E/V)
Asset beta coefficient using Hamada's equation 0.450 0.495 0.496
BE = BA x [1+(1-t) x B/S]
Estimated asset beta for the industry 0.500
 High
Country
Estimated market value of equity ($ in millions) $ 13.200
Book value of interest- bearing debt ($ in millions) $ 0.902
Total capitalization $ 14.102

Weight of debt 6.40%

Weight of equity 93.6%
Estimated asset beta 0.500
Equity beta at current capital structure 0.521
Equity beta at 20/80 capital structure 0.575
Equity beta at 30/70 capital structure 0.629
WACC at different capital structures: Current 20/80 30/70
Weight of debt 6.4% 20.0% 30.0%
Weight of equity 93.6% 80.0% 70.0%
Cost of debt 7.25% 7.50% 7.75%
Income tax rate 27.0% 27.0% 27.0%
Cost of equity 7.89% 8.28% 8.65%
Weighted average cost of capital 7.73% 7.72% 7.75%

PGSC + HC (Consolidated) Debt obj.

15965

INCOME STATEMENT 06/30/07 06/30/08 06/30/09 06/30/10

Net sales 46180 100.0% 53107 100.0% 57887 100.0% 68017
Cost of Goods Sold -26784 -58.0% -30802 -58.0% -33575 -58.0% -39790
Gross Profit Margin 19396 42.0% 22305 42.0% 24312 42.0% 28227

R&D Expense -739 -1.6% -850 -1.6% -926 -1.6% -1088

SG&A Expense -14916 -32.3% -17260 -32.5% -18871 -32.6% -21902
Earnings Before Int. & Tax. 3741 8.1% 4195 7.9% 4515 7.8% 5237
Interest Expense -2906 -6.3% -2940 -5.5% -2668 -4.6% -2423
Earnings Before Inco. Tax 835 1.8% 1255 2.4% 1847 3.2% 2814
Income tax -225 -0.5% -339 -0.6% -499 -0.9% -760
Net Income 610 1.3% 916 1.7% 1348 2.3% 2054

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue 15.0% 9.0% 17.5%

Purchases -26784 100.0% -30802 100.0% -33575 100.0% -39790

Income statement ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Cost of Goods Sold %Sales -58.0% -58.0% -58.0% -58.5%
Gross Profit Margin %Sal. 42.0% 42.0% 42.0% 41.5%
R&D Expense % Sales -1.6% -1.6% -1.6% -1.6%
SG&A Expense % Sales -32.3% -32.5% -32.6% -32.2%
Operating Income % Sal. 8.1% 7.9% 7.8% 7.7%
Net profit margin % Sales 1.3% 1.7% 2.3% 3.0%

DuPont analysis 06/30/07 06/30/08 06/30/09 06/30/10

Net profit margin 1.3% 1.7% 2.3% 3.0%
Asset turnover 1.26 1.31 1.31 1.35
Return on assets 1.66% 2.26% 3.06% 4.08%
Equity multiplier 3.50 3.56 3.45 3.40
Return on equity 5.81% 8.02% 10.56% 13.86%

Activity ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Days sales outstan. in A/R 75 75 75 75
Inventory turnover 4.00 4.00 4.00 4.00
PP&E turnover 3.04 3.32 3.35 3.56
Days COGS in A/P 30.02 30.00 30.00 30.01

Balance Sheet 06/30/07 06/30/08 06/30/09 06/30/10

Assets
Cash 2325 6% 2680 7% 15% 2924 7% 26% 3440
Accounts Receivable 9489 26% 10912 27% 15% 11895 27% 25% 13976
Inventories 6697 18% 7701 19% 15% 8394 19% 25% 9947
Prepaid Expenses 770 2% 840 2% 9% 910 2% 18% 828
Total Current Assets 19281 53% 22133 54% 15% 24123 55% 25% 28191

Net Property & Equipment 15200 41% 16000 39% 5% 17300 39% 14% 19100
Other Long-Term Assets 2241 6% 2479 6% 11% 2671 6% 19% 3074
Goodwill
Total Assets 36722 100% 40612 100% 11% 44094 100% 20% 50365

Growth rate of assets

10.6% 8.6% 14.2%
Liabilities +Owners´Equity
Notes Payables to Bank 7669 21% 8820 22% 15% 9613 22% 25% 11295
Accounts Payable 2203 6% 2532 6% 15% 2760 6% 25% 3271
Curre. p. Long-Term Debt 973 3% 1060 3% 9% 1124 3% 16% 1240
Accrued Expenses 771 2% 884 2% 15% 965 2% 25% 1129
Total Current Liabilities 11616 32% 13296 33% 14% 14462 33% 25% 16935

Long -Term Debt 14600 40% 15894 39% 9% 16862 38% 15% 18606

Total Liabilities 26216 71% 29190 72% 11% 31324 71% 19% 35541
Commmon Stock 6881 19% 6881 17% 0% 6881 16% 0% 6881
Retained Earnings 3625 10% 4541 11% 25% 5889 13% 62% 7943
Total Shareholder Equity 10506 29% 11422 28% 9% 12770 29% 22% 14824

Total Liabilities Net Worth 36722 100% 40612 100% 11% 44094 100% 20% 50365

Debt ratios 06/30/07 06/30/08 06/30/09 06/30/10

Equity multiplier 3.50 3.56 3.45 3.40
Int. bea.debt/total assets 0.63 0.63 0.63 0.62
Times interest earned 1.29 1.43 1.69 2.16
Bank notes paya./receiva. 0.81 0.81 0.81 0.81

Capital Budgeting Analysis of Television Program Opportunity

Initial Investment Cash Flows Year 0

Equipment -1440000

Growth Rate of Sales 5.00%

Operating Cash Flows Year 1 Year 2

Net sales 8100000 8505000
Cost of Goods Sold at 58.5% of sales -4738500 -4975425
Gross Profit Margin 3361500 3529575

Promotion Expense at 11% of sales -891000 -935550

General & Administrative Expense -760000 -798000
Depreciation Expense -288000 -288000
Incremental Operating Profit 1422500 1508025

Income Taxes at 27% -384075 -407167

Incremental Net Income 1038425 1100858

Plus Depreciation Expense 288000 288000

Incremental Operating Cash Flow 1326425 1388858

Yearly Net Working Capital Investment Year 1 Year 2

Additional A/R at 75 Days Sales Outstanding -1664384 -83219
Additional Inventory at 4 Inventory Turns -1184625 -59231
Additional A/P at 30 days COGS 389466 19473
Total NWC Investment -2459543 -122977

Terminal Cash Flows Year 0 Year 1 Year 2

Recovery of NWC

Total Project Cash Flows -1440000 -1133118 1265881

-1440000 -1133118 1265881 1325287 1387664 4442748
Internal Rate of Return 41.28%

Net Present Value at 20% 1716414

Net Present Value at 15% 2405498
Net Present Value at 10% 3278174
Net Present Value at 7.72% 3753092
Net Present Value at 0.00% 5848462 OK::OK::

PGSC + HC + TV Program (Consolidated) Debt obj.

15965

INCOME STATEMENT 06/30/07 06/30/08 06/30/09 06/30/10

Net sales 46180 100.0% 53107 100.0% 57887 100.0% 68017
Cost of Goods Sold -26784 -58.0% -30802 -58.0% -33575 -58.0% -39790
Gross Profit Margin 19396 42.0% 22305 42.0% 24312 42.0% 28227

R&D Expense -739 -1.6% -850 -1.6% -926 -1.6% -1088

SG&A Expense -14916 -32.3% -17260 -32.5% -18871 -32.6% -21902
Earnings Before Int. & Tax. 3741 8.1% 4195 7.9% 4515 7.8% 5237
Interest Expense -2906 -6.3% -2940 -5.5% -2668 -4.6% -2423
Earnings Before Inco. Tax 835 1.8% 1255 2.4% 1847 3.2% 2814
Income tax -225 -0.5% -339 -0.6% -499 -0.9% -760
Net Income 610 1.3% 916 1.7% 1348 2.3% 2054

Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share

Growth rate of revenue 15.0% 9.0% 17.5%

Purchases -26784 100.0% -30802 100.0% -33575 100.0% -39790

Income statement ratios: 06/30/07 06/30/08 06/30/09 06/30/10
Cost of Goods Sold %Sales -58.0% -58.0% -58.0% -58.5%
Gross Profit Margin %Sal. 42.0% 42.0% 42.0% 41.5%
R&D Expense % Sales -1.6% -1.6% -1.6% -1.6%
SG&A Expense % Sales -32.3% -32.5% -32.6% -32.2%
Operating Income % Sal. 8.1% 7.9% 7.8% 7.7%
Net profit margin % Sales 1.3% 1.7% 2.3% 3.0%

DuPont analysis 06/30/07 06/30/08 06/30/09 06/30/10

Net profit margin 1.3% 1.7% 2.3% 3.0%
Asset turnover 1.26 1.31 1.31 1.35
Return on assets 1.66% 2.26% 3.06% 4.08%
Equity multiplier 3.50 3.56 3.45 3.40
Return on equity 5.81% 8.02% 10.56% 13.86%

Activity ratios: 06/30/07 06/30/08 06/30/09 06/30/10

Days sales outstan. in A/R 75 75 75 75
Inventory turnover 4.00 4.00 4.00 4.00
PP&E turnover 3.04 3.32 3.35 3.56
Days COGS in A/P 30.02 30.00 30.00 30.01

Balance Sheet 06/30/07 06/30/08 06/30/09 06/30/10

Assets
Cash 2325 6% 2680 7% 15% 2924 7% 26% 3440
Accounts Receivable 9489 26% 10912 27% 15% 11895 27% 25% 13976
Inventories 6697 18% 7701 19% 15% 8394 19% 25% 9947
Prepaid Expenses 770 2% 840 2% 9% 910 2% 18% 828
Total Current Assets 19281 53% 22133 54% 15% 24123 55% 25% 28191

Net Property & Equipment 15200 41% 16000 39% 5% 17300 39% 14% 19100
Other Long-Term Assets 2241 6% 2479 6% 11% 2671 6% 19% 3074
Goodwill
Total Assets 36722 100% 40612 100% 11% 44094 100% 20% 50365

Growth rate of assets

10.6% 8.6% 14.2%
Liabilities +Owners´Equity
Notes Payables to Bank 7669 21% 8820 22% 15% 9613 22% 25% 11295
Accounts Payable 2203 6% 2532 6% 15% 2760 6% 25% 3271
Curre. p. Long-Term Debt 973 3% 1060 3% 9% 1124 3% 16% 1240
Accrued Expenses 771 2% 884 2% 15% 965 2% 25% 1129
Total Current Liabilities 11616 32% 13296 33% 14% 14462 33% 25% 16935

Long -Term Debt 14600 40% 15894 39% 9% 16862 38% 15% 18606

Total Liabilities 26216 71% 29190 72% 11% 31324 71% 19% 35541

Commmon Stock 6881 19% 6881 17% 0% 6881 16% 0% 6881

Retained Earnings 3625 10% 4541 11% 25% 5889 13% 62% 7943
Total Shareholder Equity 10506 29% 11422 28% 9% 12770 29% 22% 14824

Total Liabilities Net Worth 36722 100% 40612 100% 11% 44094 100% 20% 50365

Debt ratios 06/30/07 06/30/08 06/30/09 06/30/10

Equity multiplier 3.50 3.56 3.45 3.40
Int. bea.debt/total assets 0.63 0.63 0.63 0.62
Times interest earned 1.29 1.43 1.69 2.16
Bank notes paya./receiva. 0.81 0.81 0.81 0.81
 Debt obj.
22320

06/30/11 06/30/12 06/30/13 06/30/14

100.0% 80940 100.0% 93081 100.0% 105182 100.0% 116751
-58.5% -47512 -58.7% -54452 -58.5% -61531 -58.5% -68300
41.5% 33428 41.3% 38629 41.5% 43651 41.5% 48451

-1.6% -1295 -1.6% -1489 -1.6% -1683 -1.6% -1868

-32.2% -26063 -32.2% -29321 -31.5% -33132 -31.5% -36777
7.7% 6070 7.5% 7819 8.4% 8836 8.4% 9806
-3.6% -2817 -3.5% -3237 -3.5% -3582 -3.4% -3894
4.1% 3253 4.0% 4582 4.9% 5254 5.0% 5912
-1.1% -879 -1.1% -1237 -1.3% -1418 -1.3% -1597
3.0% 2374 2.9% 3345 3.6% 3836 3.6% 4315

16.0
37989660
1165327
32.6

19.0% 15.0% 13.0% 11.0%

100.0% -47512 100.0% -54452 100.0% -61531 100.0% -68300

06/30/11 06/30/12 06/30/13 06/30/14

-58.7% -58.5% -58.5% -58.5%
41.3% 41.5% 41.5% 41.5%
-1.6% -1.6% -1.6% -1.6%
-32.2% -31.5% -31.5% -31.5%
7.5% 8.4% 8.4% 8.4%
 2.9% 3.6% 3.6% 3.7%

06/30/11 06/30/12 06/30/13 06/30/14

2.9% 3.6% 3.6% 3.7%
1.36 1.37 1.37 1.37
3.98% 4.93% 5.00% 5.07%
3.47 3.30 3.15 2.97
13.80% 16.28% 15.74% 15.04%

06/30/11 06/30/12 06/30/13 06/30/14

75 75 75 75
4.00 4.00 4.00 4.00
3.61 3.70 3.70 3.70
30.00 30.00 30.00 30.00

06/30/11 06/30/12 06/30/13 06/30/14

7% 48% 4102 7% 76% 4672 7% 101% 5279 7% 127% 5860

28% 47% 16632 28% 75% 19126 28% 102% 21613 28% 128% 23990
20% 49% 11878 20% 77% 13613 20% 103% 15383 20% 130% 17075
2% 8% 969 2% 26% 1117 2% 45% 1262 2% 64% 1401
56% 46% 33581 56% 74% 38528 57% 100% 43537 57% 126% 48326

38% 26% 22400 38% 47% 25157 37% 66% 28427 37% 87% 31554
6% 37% 3639 6% 62% 4189 6% 87% 4733 6% 111% 5254

100% 37% 59620 100% 62% 67874 100% 85% 76697 100% 109% 85134

18.4% 13.8% 13.0% 11.0%

22% 47% 13442 23% 75% 15492 23% 102% 17506 23% 128% 19432
 6% 48% 3905 7% 77% 4476 7% 103% 5057 7% 130% 5614
2% 27% 1483 2% 52% 1614 2% 66% 1751 2% 80% 1842
2% 46% 1345 2% 74% 1545 2% 100% 1746 2% 126% 1938
34% 46% 20175 34% 74% 23127 34% 99% 26060 34% 124% 28826

37% 27% 22247 37% 52% 24204 36% 66% 26258 34% 80% 27614

71% 36% 42422 71% 62% 47331 70% 81% 52318 68% 100% 56440

14% 0% 6881 12% 0% 6881 10% 0% 6881 9% 0% 6881

16% 119% 10317 17% 185% 13661 20% 277% 17497 23% 383% 21813
29% 41% 17198 29% 64% 20542 30% 96% 24378 32% 132% 28694

100% 37% 59620 100% 62% 67873 100% 85% 76696 100% 109% 85134

06/30/11 06/30/12 06/30/13 06/30/14

3.47 3.30 3.15 2.97
0.62 0.61 0.59 0.57
2.15 2.42 2.47 2.52
0.81 0.81 0.81 0.81
 06/30/11 06/30/12 06/30/13 06/30/14
48% 24229 48% 27835 49% 31455 49% 34914
52% 26039 52% 29346 51% 33160 51% 36808
100% 50268 100% 57181 100% 64615 100% 71722

65% 33070 66% 36638 64% 40236 62% 43028

35% 17198 34% 20542 36% 24378 38% 28694
100% 50268 100% 57180 100% 64614 100% 71722

-27% -27% -27% -27%

Average At the end Average
13.1% 12.1% 13.1% 13.7% 14.6% 13.7% 14.5% 13.7%
9.6% 8.8% 9.5% 13.7% 10.6% 10.0% 10.6% 10.0%

-8.5% -8.8% -8.9% -9.0%

14.9% 13.8% 14.8% 16.3% 17.7% 15.7% 17.1% 15.0%

100%

91 91 91 91
75 75 75 75
-30 -30 -30 -30

06/30/11 06/30/12 06/30/13 06/30/14

662 570 607 581
2656 2494 2487 2377
1931 1735 1770 1692
141 148 145 139
 3300 2757 3270 3127
565 550 544 521

2147 2050 2014 1926

634 571 581 557
243 131 137 91
216 200 201 192

3641 1957 2054 1356

0 0 0 0
2374 3344 3836 4316

06/30/11 06/30/12 06/30/13 06/30/14

2374 3345 3836 4315
-1931 -1735 -1770 -1692
-2656 -2494 -2487 -2377
-141 -148 -145 -139
634 571 581 557
 216 200 201 192
-1504 -261 216 856

-3865 -3307 -3814 -3648

-5369 -3568 -3598 -2792

3641 1957 2054 1356

2390 2181 2151 2017

662 570 607 581

662 570 607 581

What-if issue

7%
28%
20%
2%
57%

37%
6%

100%

6%
7%
2%
2%
17%

36%

53%

26%
21%
47%

100%
Debt obj.
22320
 06/30/11 06/30/12 06/30/13 06/30/14
24.5% 17564 21.7% 18793 20.2% 19921 18.9% 20917
-15.8% -11329 -14.0% -11558 -12.4% -11654 -11.1% -12237
8.7% 6235 7.7% 7235 7.8% 8267 7.9% 8681

0.0% 0 0.0% -188 -0.2% -319 -0.3% -335

-7.1% -5041 -6.2% -5657 -6.1% -6275 -6.0% -6589
1.6% 1194 1.5% 1391 1.5% 1673 1.6% 1757
-0.1% -63 -0.1% 0.0% 0.0%
1.6% 1131 1.4% 0.0% 0.0%
-0.4% -306 -0.4% 0.0% 0.0%
1.1% 825 1.0% 0.0% 0.0%
401
16.0
13200000

5.4% 7.0% 6.0% 5.0%

7.0% 6.0% 5.0%
100.0% -11329 100.0% -11557.9902 100.0% -11653.837 100.0% -12237

06/30/11 06/30/12 06/30/13 06/30/14

-64.5% -61.5% -58.5% -58.5%
35.5% 38.5% 41.5% 41.5%
0.0% -1.0% -1.6% -1.6%
-28.7% -30.1% -31.5% -31.5%
6.8% 7.4% 8.4% 8.4%
4.7%

06/30/11 06/30/12 06/30/13 06/30/14

4.7% 0.0% 0.0% 0.0%
 1.48 1.39 1.41 1.41
6.96% 0.00% 0.00% 0.00%
1.22 #DIV/0! #DIV/0! #DIV/0!
8.48% #DIV/0! #DIV/0! #DIV/0!

06/30/11 06/30/12 06/30/13 06/30/14

75 75 75 75
4.80 4.00 4.00 4.00
3.97 4.00 4.00 4.00
30.00 30.00 30.00 30.00
-15.01 -20.00 -20.00 -20.00
1.50% 1.20% 1.20% 1.20%
3.00% 4.50% 4.50% 4.50%
1.70% 1.66% 1.66% 1.66%

06/30/11 06/30/12 06/30/13 06/30/14

6% 673 6% 954 1% 1000 1% 1050

30% 3609 30% 3862 6% 4093 5% 4298
20% 2360 20% 2889 4% 2913 4% 3059
2% 263 2% 226 0% 239 0% 251
58% 6905 58% 7930 12% 8246 11% 8658

38% 4424 37% 4698 7% 4980 6% 5229

4% 527 4% 846 1% 896 1% 941

100% 11856 100% 13474 20% 14122 18% 14829

4.7% 13.7% 4.8% 5.0%

8% 902 8%
 8% 931 8% 950 958 1006
0% 0 0%
2% 299 3% 312 331 347
18% 2132 18%

0% 0 0%

18% 2132 18%

40% 4584 39% 4584 4584 4584

42% 5140 43%
82% 9724 82%

100% 11856 100%

 06/30/11 06/30/12 06/30/13 06/30/14
1.22 #DIV/0! #DIV/0! #DIV/0!
0.08 0.00 0.00 0.00
18.95 #DIV/0! #DIV/0! #DIV/0!
0.25 0.00 0.00 0.00

06/30/11 06/30/12 06/30/13 06/30/14

50% 5002 50% 5715 51% 5957 50% 6255
50% 4951 50% 5544 49% 5877 50% 6171
100% 9953 100% 11259 100% 11834 100% 12426

2% 229 2% -954 100% -1000 100% -1050

98% 9724 98% 0 0% 0 0% 0
100% 9953 100% -954 100% -1000 100% -1050

-27% #DIV/0! #DIV/0! #DIV/0!

Average At the end Average
12.0% 12.0% 12.3% 12.4% 30.9% 14.1% -171.3% 14.1%
8.7% 8.8% 8.9% 12.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

-27.5% 0.0% 0.0% 0.0%

8.4% 8.5% 8.7% #DIV/0! 0.0% #DIV/0! #DIV/0! #DIV/0!

100%

76 91 91 91
75 75 75 75
-30 -30 -30 -30
06/30/11 06/30/12 06/30/13 06/30/14
34 280.5760263 46.2988965 49.9937461
185 252.6739726 231.700438 204.668721
124 529.49755 23.961687 145.672962
13 -37.47824 13.5313056 11.9526533

151 274.37 281.9022 249.01361

27 318.7066 50.742396 44.8224498

46 -902 0 0
49 18.97179726 7.8778149 47.8924806
0 0 0 0
16 12.971768 18.7183061 16.5345037

0 0 0 0

0 0 0 0
424 -5140 0 0
06/30/11 06/30/12 06/30/13 06/30/14
825 0 0 0
-124 -529 -24 -146
-185 -253 -232 -205
-13 37 -14 -12
49 19 8 48
16 13 19 17
568 -713 -243 -298

-178 -593 -333 -294

390 -1306 -575 -592

0 0 0 0
46 -902 0 0

436 -2208 -575 -592

34 281 46 50
06/30/14 06/30/15
1757 1841
-474 -497
1283 1344

-50 -50
-205 -206
-146 -147
-12 -12
48 48
17 17
-348 -351

-45 -45

-249 -251
0 0
0 0

641 697
25029
641 25726
 Debt obj.
22320

06/30/11 06/30/12 06/30/13 06/30/14

100.0% 98504 100.0% 111874 100.0% 125103 100.0% 137668
-58.5% -58841 -59.7% -66010 -59.0% -73185 -58.5% -80537
41.5% 39663 40.3% 45864 41.0% 51918 41.5% 57132

-1.6% -1295 -1.3% -1677 -1.5% -2002 -1.6% -2203

-32.2% -31104 -31.6% -34978 -31.3% -39407 -31.5% -43366
7.7% 7264 7.4% 9210 8.2% 10509 8.4% 11563
-3.6% -2880 -2.9% -3080 -2.8% -3180 -2.5% -3280
4.1% 4384 4.5% 6130 5.5% 7329 5.9% 8283
-1.1% -1185 -1.2% -1655 -1.5% -1979 -1.6% -2236
3.0% 3199 3.2% 4475 4.0% 5350 4.3% 6047

16.0
37989660
 1165327
32.6

44.8% 13.6% 11.8% 10.0%

100.0% -58841 100.0% -66009.9902 100.0% -73184.837 100.0% -80537

06/30/11 06/30/12 06/30/13 06/30/14

-59.7% -59.0% -58.5% -58.5%
40.3% 41.0% 41.5% 41.5%
-1.3% -1.5% -1.6% -1.6%
-31.6% -31.3% -31.5% -31.5%
7.4% 8.2% 8.4% 8.4%
3.2% 4.0% 4.3% 4.4%

06/30/11 06/30/12 06/30/13 06/30/14

3.2% 4.0% 4.3% 4.4%
1.31 1.32 1.33 1.33
4.27% 5.28% 5.67% 5.85%
2.47 2.43 2.34 2.24
10.52% 12.83% 13.30% 13.07%

06/30/11 06/30/12 06/30/13 06/30/14

75 75 75 75
4.13 4.00 4.00 4.00
3.67 3.75 3.74 3.74
30.00 30.00 30.00 30.00

06/30/11 06/30/12 06/30/13 06/30/14

7% 48% 4775 6% 5626 7% 6279 7% 6910

28% 47% 20241 27% 22988 27% 25706 27% 28288
20% 49% 14238 19% 16502 19% 18296 19% 20134
2% 8% 1232 2% 1343 2% 1501 2% 1652
56% 46% 40486 54% 46458 55% 51783 55% 56984

38% 26% 26824 36% 29855 35% 33407 35% 36783

6% 37% 4166 6% 5035 6% 5629 6% 6195
3476 5% 3476 4% 3476 4% 3476
100% 37% 74952 100% 84824 100% 94295 100% 103439

48.8% 13.2% 11.2% 9.7%

22% 47% 14344 24% 16851 25% 17972 23% 18808

6% 48% 4836 8% 5426 8% 6015 8% 6620
2% 27% 1483 2% 1614 2% 1751 2% 1842
2% 46% 1644 3% 1857 3% 2077 3% 2285
34% 46% 22307 37% 25748 38% 27814 36% 29555

37% 27% 22247 37% 24204 36% 26258 34% 27614

71% 36% 44554 75% 49952 74% 54072 71% 57169

14% 0% 20081 34% 20081 30% 20081 26% 20081
16% 119% 10317 17% 14792 22% 20142 26% 26189
29% 41% 30398 51% 34873 51% 40223 52% 46270

100% 37% 74952 126% 84824 125% 94295 123% 103439

06/30/11 06/30/12 06/30/13 06/30/14

2.47 2.43 2.34 2.24
0.51 0.50 0.49 0.47
2.52 2.99 3.30 3.53
0.71 0.73 0.70 0.66

5.00% 5.00% 5.00%

Year 3 Year 4 Year 5

8930250 9376763 9845601
-5224196 -5485406 -5759676
3706054 3891356 4085924

-982328 -1031444 -1083016

-837900 -879795 -923785
-288000 -288000 -288000
1597826 1692118 1791123

-431413 -456872 -483603

 1166413 1235246 1307520

288000 288000 288000

1454413 1523246 1595520

Year 3 Year 4 Year 5

-87380 -91749 -96337
-62193 -65302 -68568
20447 21469 22543
-129126 -135582 -142361

Year 3 Year 4 Year 5

2989590

1325287 1387664 4442748

5848462

Debt obj.
22320

06/30/11 06/30/12 06/30/13 06/30/14

100.0% 98504 100.0% 119974 100.0% 133608 100.0% 146598
-58.5% -58841 -59.7% -70748 -59.0% -78160 -58.5% -85761
41.5% 39663 40.3% 49226 41.0% 55448 41.5% 60838

-1.6% -1295 -1.3% -1677 -1.4% -2002 -1.5% -2203

-32.2% -31104 -31.6% -36917 -30.8% -41429 -31.0% -45474
7.7% 7264 7.4% 10632 8.9% 12017 9.0% 13161
-3.6% -2880 -2.9% -3080 -2.6% -3180 -2.4% -3280
4.1% 4384 4.5% 7552 6.3% 8837 6.6% 9881
-1.1% -1185 -1.2% -2039 -1.7% -2386 -1.8% -2668
3.0% 3199 3.2% 5513 4.6% 6451 4.8% 7213

16.0
37989660
1165327
32.6

44.8% 21.8% 11.4% 9.7%

100.0% -58841 100.0% -70748.4902 100.0% -78160.262 100.0% -85761

 06/30/11 06/30/12 06/30/13 06/30/14
-59.7% -59.0% -58.5% -58.5%
40.3% 41.0% 41.5% 41.5%
-1.3% -1.4% -1.5% -1.5%
-31.6% -30.8% -31.0% -31.0%
7.4% 8.9% 9.0% 9.0%
3.2% 4.6% 4.8% 4.9%

06/30/11 06/30/12 06/30/13 06/30/14

3.2% 4.6% 4.8% 4.9%
1.31 1.35 1.36 1.37
4.27% 6.21% 6.57% 6.73%
2.47 2.47 2.32 2.16
10.52% 15.35% 15.23% 14.55%

06/30/11 06/30/12 06/30/13 06/30/14

75 75 75 75
4.13 4.00 4.00 4.00
3.67 3.87 3.90 3.92
30.00 30.00 30.00 30.00

06/30/11 06/30/12 06/30/13 06/30/14

7% 48% 4775 6% 5626 6% 6279 6% 6910

28% 47% 20241 27% 24652 28% 27454 28% 30123
20% 49% 14238 19% 17687 20% 19540 20% 21440
2% 8% 1232 2% 1343 2% 1501 2% 1652
56% 46% 40486 54% 49307 56% 54774 56% 60125

38% 26% 26824 36% 31007 35% 34271 35% 37359

6% 37% 4166 6% 5035 6% 5629 6% 6195
3476 5% 3476 4% 3476 4% 3476
100% 37% 74952 100% 88825 100% 98151 100% 107156

48.8% 18.5% 10.5% 9.2%

22% 47% 14344 24% 19424 29% 19279 25% 18790

6% 48% 4836 8% 5815 9% 6424 8% 7049
2% 27% 1483 2% 1614 2% 1751 2% 1842
2% 46% 1644 3% 1857 3% 2077 3% 2285
34% 46% 22307 37% 28710 42% 29531 39% 29966

37% 27% 22247 37% 24204 36% 26258 34% 27614

71% 36% 44554 75% 52914 78% 55789 73% 57580

14% 0% 20081 34% 20081 30% 20081 26% 20081

16% 119% 10317 17% 15830 23% 22281 29% 29494
29% 41% 30398 51% 35911 53% 42362 55% 49575

100% 37% 74952 126% 88825 131% 98151 128% 107156

06/30/11 06/30/12 06/30/13 06/30/14

2.47 2.47 2.32 2.16
0.51 0.51 0.48 0.45
2.52 3.45 3.78 4.01
0.71 0.79 0.70 0.62
 06/30/15
100.0% 127259 100.0%
-58.5% -74447 -58.5%
41.5% 52812 41.5%

-1.6% -2036 -1.6%

-31.5% -40087 -31.5%
8.4% 10689 8.4%
-3.3% -4124 -3.2%
5.1% 6565 5.2%
-1.4% -1773 -1.4%
3.7% 4792 3.8%

9.0%

100.0% -74447 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
 3.8%

06/30/15
3.8%
1.37
5.16%
2.77
14.31%

06/30/15
75
4.00
3.70
30.00

06/30/15

7% 152% 6387 7%
28% 153% 26149 28%
20% 155% 18612 20%
2% 82% 1527 2%
57% 151% 52675 57%

37% 108% 34395 37%

6% 134% 5727 6%

100% 132% 92797 100%

9.0%

23% 153% 21181 25%

 7% 155% 6119 7%
2% 89% 1869 2%
2% 151% 2113 2%
34% 148% 31282 37%

32% 89% 28028 33%

66% 115% 59310 70%

8% 0% 6881 8%
26% 502% 26606 31%
34% 173% 33487 39%

100% 132% 92797 109%

06/30/15
2.77
0.55
2.59
0.81
 06/30/15
49% 38056 49%
51% 40122 51%
100% 78178 100%

60% 44691 57%

40% 33487 43%
100% 78178 100%

-27%

14.4% 13.7% 14.3%

10.5% 10.0% 10.4%

-9.2%

16.3% 14.3% 15.4%

91
75
-30

06/30/15
527
2159
1537
126
 2841
473

1749
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4793

06/30/15
4792
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1650

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 06/30/15
17.9% 21921 17.2%
-10.5% -12824 -10.1%
7.4% 9097 7.1%

-0.3% -351 -0.3%

-5.6% -6905 -5.4%
1.5% 1841 1.4%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

4.8%
4.80%
100.0% -12824 100.0%

06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%

06/30/15
0.0%
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#DIV/0!
#DIV/0!

06/30/15
75
4.00
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1.20%
4.50%
1.66%

06/30/15

1% 1100 1%
5% 4504 5%
4% 3206 3%
0% 263 0%
10% 9074 10%

6% 5480 6%
1% 986 1%

17% 15540 17%

4.8%
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4584
 06/30/15
#DIV/0!
0.00
#DIV/0!
0.00

06/30/15
50% 6555 50%
50% 6467 50%
100% 13022 100%

100% -1100 100%

0% 0 0%
100% -1100 100%

#DIV/0!

-171.4% 14.1% -171.3%

#DIV/0! #DIV/0! #DIV/0!

0.0%

#DIV/0! #DIV/0! #DIV/0!

91
75
-30
 06/30/15
50.3936961
206.30607
146.838346
12.0482745

251.005719
45.1810294

0
48.2756205
0
16.6667797

0
0
06/30/15
0
-147
-206
-12
48
17
-300

-296

-596

0
0

-596

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 06/30/15
100.0% 149180 100.0%
-58.5% -87271 -58.5%
41.5% 61909 41.5%

-1.6% -2387 -1.6%

-31.5% -46992 -31.5%
8.4% 12530 8.4%
-2.4% -3380 -2.3%
6.0% 9150 6.1%
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4.4% 6680 4.5%
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100.0% -87271 100.0%

06/30/15
-58.5%
41.5%
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4.5%

06/30/15
4.5%
1.33
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2.11
12.62%

06/30/15
75
4.00
3.74
30.00

06/30/15

7% 7487 7%
27% 30653 27%
19% 21818 20%
2% 1790 2%
55% 61749 55%

36% 39875 36%

6% 6713 6%
3% 3476 3%
100% 111813 100%

8.1%

22% 19317 23%

8% 7173 8%
2% 1869 2%
3% 2477 3%
35% 30836 36%

32% 28028 33%

67% 58864 69%

24% 20081 24%
31% 32869 39%
54% 52950 62%

122% 111813 131%

06/30/15
2.11
0.44
3.71
0.63
 06/30/15
100.0% 158557 100.0%
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41.5% 65801 41.5%

-1.5% -2387 -1.5%

-31.0% -49191 -31.0%
9.0% 14222 9.0%
-2.2% -3380 -2.1%
6.7% 10842 6.8%
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 06/30/15
-58.5%
41.5%
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5.0%

06/30/15
5.0%
1.37
6.86%
2.01
13.77%

06/30/15
75
4.00
3.95
30.00

06/30/15

6% 7487 6%
28% 32580 28%
20% 23189 20%
2% 1790 2%
56% 65047 56%

35% 40163 35%

6% 6713 6%
3% 3476 3%
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7.7%

22% 17911 21%

8% 7624 9%
2% 1869 2%
3% 2477 3%
35% 29881 35%

32% 28028 33%

68% 57909 68%

24% 20081 24%

35% 37409 44%
58% 57490 68%

126% 115399 136%

06/30/15
2.01
0.41
4.21
0.55