Financial Management

D. Vance

Copyright 2010

Financial Management Research Project

The Financial Management Research Project is DUE MONDAY, MAY 3, 2010. The project is to be done in TEAMS of 4 or 5 individuals.
At the end of the project, each team member will rank all team members, including oneself, on contribution to the project. No two team members can have the same rank. The person getting the highest rank will get the project grade +3 points, the person getting the lowest rank will get the project grade -3 points. The optimum strategy is for everyone to work hard and get a high paper grade, then + or 3 points will have minimal impact on a grade. However if a paper grade is, for example, 77, individual grades will be spread across C, C+ and B. I would be very disappointed if any project scored as low as a 77.

The Research Project must fit within the following criteria: 1. Narrative text must be limited to five pages. I am not impressed with a river of words. Figure out what
you need to say and say it. Your writing should be clear, concise, logical and well supported by the facts.

2. Tables, Diagrams, Graphs, Footnotes, References, Statistics. You may have an unlimited number
of pages of the foregoing items. They may be interspersed with your writing or at the end. All tables, diagrams and graphs should be well labeled and self explanatory. You may need to write a paragraph on the page with this material explaining what it means and how to read it. Clearly footnote ALL material used.

3. References to Peer Reviewed Journal Articles

You must have at least five references to peer reviewed journal articles. Such articles can be searched on-line through the librarys computer. Log onto the librarys computer using your Rutgers email userid and password, click on Complete listing A to Z of databases, click on Business, click on Business Source Premier, click on Connect and a search screen will appear.

4. Each Project Must Involve at Least 100 Data Points; more is better. All data related to one
company is a single data point.

5. The project may be one of those suggested below. If it is anything else, I must approve it first. No Sports, Gambling Related, Non-Profit, or Government projects will be approved, unless they directly relate
Non-profit or Government bonds.

A. Compare the theoretical value of a stock using the Gordon Model to the actual market price of a stock. This only works for stocks that pay dividends. You can estimate the discount rate, k, of a stock by
looking at its bond yield and adding 2% to 3%. Value stocks using both +2% and +3% to provide a range. Growth rates can be estimated by looking at the compound annul growth rate of dividends over the last 5 years. finance.yahoo.com provides dividend information.

B. Compare Government Bonds of varying maturities to corporate bonds of same maturities identify the combined default risk and liquidity premium and see how that ties into bond ratings. Bond yields may be computed from information in the Wall Street Journal among other sources. Bond
ratings are generally on the Moodys website among other places.

C. Determine whether there is a Liquidity Premium for stocks. Compare groups of stocks with high
medium and low sales volume (this is available in the Wall Street Journal among other places) and compare price as a function of sales, EBITDA, net income. For example, a stock trading 100,000 shares per day might have a Price/$10

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million sales ratio of 2.0 whereas a stock trading less than 500 shares per day might have a Price/$10 million of sales ratio of 1.2. This would indicate that more liquid (highly traded stocks) are more valued.

D. Determine whether growth in stock price or total yield (price growth plus dividend yield) is rewarded in stock price. Compare sales growth, EBITDA growth, net income growth over five years to price
earnings ratios.

If you are looking for other ideas, look at some of the principals and concepts we have covered to date in the course and determine whether you can find enough data to test, validate, refute, or generate some new insight about one of them. 6. Data Display. Data should include both descriptive and statistical information.
Descriptive statistics should include: n, the number of data points, mean, median, first quarter and third quarter cutoff values. Regression or t-statistics should contain statistical values and a brief not as to significance. For example, *** indicates statistically significant at the 0.01 level, ** indicates statistically significant at the 0.05 level, * indicates statistically significant at the 0.1 level. Attached is Table 5 Panel A Materiality by Accounting Issue as an example of what a Table might look like. Not all tables need look exactly like this.

7. Data Sources: Consider Mergent On-line available through the librarys computer system, much data is also
available free on the web from reliable sources. Also consult with Theo Haynes the librarian designated as the School of Business Specialist. Finally, I will do specific extracts of Compustat a database that contains selected historical financial information on thousands of companies. The attached record layout for Compustat is the theoretical data available. One caution with Compustat; not all fields are populated for all companies. If you want me to do an extract, specify: o Years o Fields desired o Selection criteria (greater or less than a certain value).

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Table 5 Panel A Materiality by Accounting Issue

A cohort is the most granular level at which an underlying study reported data. One cohort reports the mean materiality for one interest group on one accounting issue. Participants is the number of individuals who made materiality decisions. The number of materiality decisions is n. The upper and lower bound are the boundaries for the 90% and 95% confidence interval for each accounting issue respectively. Caution should be use when interpreting data based on a fewer than six studies or when one study contributes more than 20% of the data points. As the number of studies decreases below six and the number of data points from any one study rises above about 20%, the data begin to lose their meta-analytic character. Specifically, peculiarities in the methodology for any one study become much less attenuated. This does not mean the data are invalid, just that corroborating data should be sought.
--------------Cohorts n Mean Materiality Q1 --------------Q4 90% Confidence Lower Upper bound bound 95% Confidence Lower Upper bound bound

Median

Accounting Changes & General Asset Impairment or write off Bond premium write off Bribes Casualty loss Contingent liability (i) Expense Litigation (ii) Leases (iii) Revenue or gain treatment

107

4,295

8.91%

4.00%

6.20%

11.88%

1.50%

26.37%

0.81%

27.37%

59

3,902

7.82%

6.43%

6.81%

8.86%

3.97%

12.00%

3.69%

13.00%

202

13.52%

5.90%

15.32%

19.69%

5.90%

22.15%

5.90%

28.31%

7 9 11

468 193 91

4.32% 11.64% 5.90%

3.00% 5.83% 3.91%

3.00% 12.77% 4.86%

6.00% 13.54% 7.54%

2.00% 5.83% 2.32%

9.00% 21.08% 9.38%

2.00% 5.83% (iv)

9.00% 21.08% (iv)

50 11 8 33

2,178 661 81 1,962

7.87% 12.55% 15.20% 8.42%

1.47% 7.00% 10.15% 3.62%

4.73% 10.00% 14.46% 8.57%

12.11% 21.66% 18.92% 9.00%

0.97% 4.00% 5.40% 1.75%

22.70% 22.33% 27.08% 16.77%

0.73% 4.00% (iv) 1.75%

25.00% 40.56% (iv) 17.00%

All Accounting Issues

304

14,03 3

8.52%

4.00%

6.78%

11.00 %

1.47 %

21.66 %

1.08%

26.37%

Notes: (i) Contingent liability data was based on 3 studies of which one study contributed 41% of the data. (ii) Litigation data was based on 4 studies of which one study contributed 79% of the data. (iii) Lease data was based on 4 studies of which one study contributed 40% of the data. (iv) Insufficient data to generate 95% confidence interval bounds.

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Compustat - Fundamentals Annual

Data Query | Documentation | Data Manuals Date Range - datadate: June 1950 - July 2009 Date Range - fiscal year: 1950 - 2008 Number of Companies: 30,960 Update Schedule: Annually Last Updated: 08/18/2009
Variable Name ADD1 ADD2 ADD3 ADD4 ADDZIP BUSDESC CIK CITY CONM CONML COSTAT COUNTY DLDTE DLRSN EIN FAX FIC FYRC GGROUP GIND GSECTOR GSUBIND GVKEY IDBFLAG INCORP IPODATE LOC NAICS PHONE PRICAN PRIROW PRIUSA SIC SPCINDCD SPCSECCD SPCSRC STATE STKO WEBURL ACCHG ACCLI ACCO ACCTCHG ACCTSTD ACDO ACO ACODO ACOMINC ACOX ACOXAR ACQDISN ACQDISO ACQMETH ACT ADJEX_C ADJEX_F ADPAC ADRR AEDI AFUDCC AFUDCI AJEX AJP ALDO AM AMC AMDC AMGW ANO AO AOCIDERGL Type Char Char Char Char Char Char Char Char Char Char Char Char Num Char Char Char Char Num Char Char Char Char Char Char Char Num Char Char Char Char Char Char Char Num Num Char Char Num Char Num Num Num Char Char Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Variable Label Address Line 1 Address Line 2 Address Line 3 Address Line 4 Postal Code S&P Business Description CIK Number City Company Name Company Legal Name Active/Inactive Status Marker County Code Research Company Deletion Date Research Co Reason for Deletion Employer Identification Number Fax Number Current ISO Country Code - Incorporation Current Fiscal Year End Month GIC Groups GIC Industries GIC Sectors GIC Sub-Industries Global Company Key - Company International, Domestic, Both Indicator Current State/Province of Incorporation Code Company Initial Public Offering Date Current ISO Country Code - Headquarters North American Industry Classification Code Phone Number Current Primary Issue Tag - Canada Primary Issue Tag - Rest of World Current Primary Issue Tag - US Standard Industry Classification Code S&P Industry Sector Code S&P Economic Sector Code S&P Quality Ranking - Current State/Province Stock Ownership Code Web URL Accounting Changes - Cumulative Effect Accrued Liabilities - Increase/(Decrease) Acceptances Outstanding Adoption of Accounting Changes Accounting Standard Current Assets of Discontinued Operations Current Assets - Other - Total Other Current Assets Excl Discontinued Operations Accumulated Other Comprehensive Income (Loss) Current Assets - Other - Sundry Current Assets - Other - Total As Reported Acquisitions and Disposals - Net Cash Flow Acquisitions and Disposals - Other Acquisition Method Current Assets - Total Cumulative Adjustment Factor by Ex-Date - Calendar Cumulative Adjustment Factor by Ex-Date - Fiscal Amortization of Deferred Policy Acquisition Costs ADR Ratio Accrued Expenses and Deferred Income Allowance for Funds Used During Construction (Cash Flow) Allowance for Funds Used During Construction (Investing) (Cash Flow) Adjustment Factor (Company) - Cumulative by Ex-Date Adjustment Factor (Company) - Cumulative byPay-Date Long-term Assets of Discontinued Operations Amortization of Intangibles Amortization (Cash Flow) - Utility Amortization of Deferred Charges Amortization of Goodwill Assets Netting & Other Adjustments Assets - Other Accum Other Comp Inc - Derivatives Unrealized Gain/Loss

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AOCIOTHER AOCIPEN AOCISECGL AODO AOL2 AOLOCH AOX AP APALCH APB APC APCH APDEDATE APO APOFS AQA AQC AQD AQEPS AQI AQP AQPL1 AQS ARB ARC ARCE ARCED ARCEEPS ARTFS ASDIS ASINV AT ATOCH AUL3 AUTXR BALR BANLR BAST BASTR BATR BCEF BCLR BCLTBL BCNLR BCRBL BCT BCTBL BCTR BKVLPS BLTBL BSPR CA CAPCST CAPFL CAPR1 CAPR2 CAPR3 CAPRT CAPS CAPX CAPXFI CAPXV CB CBI CDPAC CDVC CEQ CEQL CEQT CFBD CFERE CFLAOTH CFO CFPDO CGA CGRI CGTI CGUI CH CHE CHEB Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Accum Other Comp Inc - Other Adjustments Accum Other Comp Inc - Min Pension Liab Adj Accum Other Comp Inc - Unreal G/L Ret Int in Sec Assets Other Assets excluding Discontinued Operations Assets Level2 (Observable) Assets and Liabilities - Other - Net Change Assets - Other - Sundry Accounts Payable - Trade Accounts Payable and Accrued Liabilities - Increase/(Decrease) Accounts Payable/Creditors - Brokers, Dealers, and Clearing Organizations Accounts Payable/Creditors - Customer Accounts Payable - Increase (Decrease) Actual Period End date Accounts Payable - Other Accounts Payable/Creditors - Other - FS Acquisition/Merger After-tax Acquisitions Acquisition/Merger Diluted EPS Effect Acquisition/Merger Basic EPS Effect Acquisitions - Income Contribution Acquisition/Merger Pretax Assets Level1 (Quoted Prices) Acquisitions - Sales Contribution Accounts Receivable/Debtors - Brokers, Dealers, and Clearing Organizations Accounts Receivable/Debtors - Customer As Reported Core - After-tax As Reported Core - Diluted EPS Effect As Reported Core - Basic EPS Effect Accounts Receivable/Debtors - Total Associated Undertakings - Disposal Associated Undertakings - Investment Assets - Total Assets - Other - Change Assets Level3 (Unobservable) Appropriations to Untaxed Reserves Benefits Assumed - Life Benefits Assumed - Nonlife Average Short-Term Borrowings Average Short-Term Borrowings Rate Benefits Assumed - Total Brokerage, Clearing and Exchange Fees Benefits Ceded - Life Benefits and Claims - Total (Business Line) Benefits Ceded - Nonlife Benefits and Claims - Reinsurance (Business Line) Benefits and Claims - Total (Insurance) Benefits and Claims - Other (Business Line) Benefits Ceded - Total Book Value Per Share Benefits - Life - Total (Business Line) Balance Sheet Presentation Customers' Acceptance Capitalized Costs Capital Element of Finance Lease Rental Payments Risk-Adjusted Capital Ratio - Tier 1 Risk-Adjusted Capital Ratio - Tier 2 Risk-Adjusted Capital Ratio - Combined Risk-Adjusted Capital Ratio - Total Capital Surplus/Share Premium Reserve Capital Expenditures Capital Expenditures and Financial Investment - Net Cash Flow Capital Expend Property, Plant and Equipment Schd V Compensating Balance Claims Incurred - Insurance Capitalized Deferred Polcy Acquisition Costs Cash Dividends on Common Stock (Cash Flow) Common/Ordinary Equity - Total Common Equity - Liquidation Value Common Equity - Tangible Commissions and Fees - (Broker/Dealer) Commissions and Fees - (Real Estate) Cash Flow Adjustments - Other Commissions and Fees - Other Commissions and Fees Paid - Other Capital Gains - After-Tax Capital Gains - Realized (Insurance) Capital Gains - Total (Insurance) Capital Gains - Unrealized (Insurance) Cash Cash and Short-Term Investments Cash and Cash Equivalents at Beginning of Year

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CHECH CHEE CHENFD CHS CIBEGNI CICURR CIDERGL CIK CIOTHER CIPEN CISECGL CITOTAL CLD2 CLD3 CLD4 CLD5 CLFC CLFX CLG CLIS CLL CLLC CLO CLRLL CLT CMP CNLTBL COGS COMPST CONM CONSOL COSTAT CPCBL CPDOI CPNLI CPPBL CPREI CRV CRVNLI CSHFD CSHI CSHO CSHPRI CSHR CSHRC CSHRP CSHRSO CSHRT CSHRW CSHTR_C CSHTR_F CSTK CSTKCV CSTKE CURCD CURNCD CURRTR CURUSCN CUSIP CUSTADV DATADATE DATAFMT DBI DBTB DBTE DC DCLO DCOM DCPSTK DCS DCSFD DCUFD DCVSR DCVSUB DCVT DD DD1 DD2 DD3 DD4 DD5 Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Char Char Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Char Num Num Char Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Cash and Cash Equivalents - Increase/(Decrease) Cash and Cash Equivalents at End of Year Cash/Cash Equivalents/Net Funds - Increase/(Decrease) Cash and Deposits - Segregated Comp Inc - Beginning Net Income Comp Inc - Currency Trans Adj Comp Inc - Derivative Gains/Losses CIK Number Comp Inc - Other Adj Comp Inc - Minimum Pension Adj Comp Inc - Securities Gains/Losses Comprehensive Income - Total Capitalized Leases - Due in 2nd Year Capitalized Leases - Due in 3rd Year Capitalized Leases - Due in 4th Year Capitalized Leases - Due in 5th Year Contingent Liabilities - Forward and Future Contracts Contingent Liabilities - Foreign Exchange Commitments Contingent Liabilities - Guarantees Contingent Liabilities - Interest Rate Swaps Contingent Liabilities - Letters of Credit Contingent Liabilities - Loan Commitments Contingent Liabilities - Other Credit Loss Reserve Allocated for LDC Loans Contingent Liabilities - Total Commercial Paper Claims - Non-Life - Total (Business Line) Cost of Goods Sold Comparability Status Company Name Level of Consolidation - Company Annual Descriptor Active/Inactive Status Marker Commercial Property and Casualty Claims (Business Line) Claims Paid - Other Claims Paid - Non-Life Commercial Property and Casualty Premiums (Business Line) Claims Paid - Reinsurance Consolidation Reserves Reserves for Claims (Losses) - Nonlife (Insurance) Common Shares Used to Calc Earnings Per Share - Fully Diluted Common Shares Issued Common Shares Outstanding Common Shares Used to Calculate Earnings Per Share - Basic Common/Ordinary Shareholders Common Shares Reserved for Conversion - Convertible Debt Common Shares Reserved for Conversion - Preferred Stock Common Shares Reserved for Conversion - Stock Options Common Shares Reserved for Conversion - Total Common Shares Reserved for Conversion - Warrants and Other Common Shares Traded - Annual - Calendar Common Shares Traded - Annual - Fiscal Common/Ordinary Stock (Capital) Common Stock-Carrying Value Common Stock Equivalents - Dollar Savings ISO Currency Code Native Currency Code Currency Translation Rate US Canadian Translation Rate CUSIP Customer Advances Data Date Data Format Death Benefits - Insurance Debt at Beginning of Year Debt at End of Year Deferred Charges Debt - Capitalized Lease Obligations Deferred Compensation Convertible Debt and Preferred Stock Debt - Consolidated Subsidiary Current Debt - Source of Funds Current Debt - Use of Funds Debt - Senior Convertible Debt - Subordinated Convertible Debt - Convertible Debt - Debentures Long-Term Debt Due in One Year Debt - Due in 2nd Year Debt - Due in 3rd Year Debt - Due in 4th Year Debt - Due in 5th Year

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DEPC DFPAC DFS DFXA DILADJ DILAVX DISPOCH DLC DLCCH DLTIS DLTO DLTP DLTR DLTSUB DLTT DM DN DO DOC DONR DP DPACB DPACC DPACLI DPACLS DPACME DPACNR DPACO DPACRE DPACT DPC DPDC DPLTB DPRET DPSC DPSTB DPTB DPTC DPTIC DPVIEB DPVIO DPVIR DRC DRCI DRLT DS DTEA DTED DTEEPS DTEP DUDD DV DVC DVDNP DVP DVPA DVPD DVPDP DVPIBB DVPSP_C DVPSP_F DVPSX_C DVPSX_F DVREC DVRPIV DVRRE DVSCO DVT DXD2 DXD3 DXD4 DXD5 EA EBIT EBITDA EIEA EIEAC EMOL EMP EPSFI EPSFX Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Depreciation and Depletion (Cash Flow) Deferred Policy Acquisition Costs Debt - Finance Subsidiary Depreciation of Tangible Fixed Assets Dilution Adjustment Dilution Available - Excluding Extraordinary Items Disposals - Other - (Gain) Loss Debt in Current Liabilities - Total Current Debt - Changes Long-Term Debt - Issuance Other Long-term Debt Long-Term Debt - Tied to Prime Long-Term Debt - Reduction Long-Term Debt - Subordinated Long-Term Debt - Total Debt - Mortgages & Other Secured Debt - Notes Discontinued Operations Discontinued Operations (Cash Flow) Nonrecurring Disc Operations Depreciation and Amortization Depreciation (Accumulated) - Buildings Depreciation (Accumulated) - Construction in Progress Depreciation (Accumulated) - Land and Improvements Depreciation (Accumulated) - Leases Depreciation (Accumulated) - Machinery and Equipment Depreciation (Accumulated) - Natural Resources Depreciation (Accumulated) - Other Accumulated Depreciation of RE Property Depreciation, Depletion and Amortization (Accumulated) Depreciation and Amortization (Cash Flow) Deposits - Demand - Customer Deposits - Long-Term Time - Bank Depr/Amort of Property Deposits - Savings - Customer Deposits - Short-Term Demand - Bank Deposits - Total - Banks Deposits - Total - Customer Deposits - Time - Customer Depreciation (Accumulated) - Ending Balance (Schedule VI) Depreciation (Accumulated) - Other Changes (Schedule VI) Depreciation (Accumulated) - Retirements (Schedule VI) Deferred Revenue - Current Deduction From Policy and Claims Reserves for Reinsurance Ceded Deferred Revenue - Long-term Debt-Subordinated Extinguishment of Debt After-tax Extinguishment of Debt Diluted EPS Effect Extinguishment of Debt Basic EPS Effect Extinguishment of Debt Pretax Debt - Unamortized Debt Discount and Other Cash Dividends (Cash Flow) Dividends Common/Ordinary Dividends Declared and Not Provided Dividends - Preferred/Preference Preferred Dividends in Arrears Cash Dividends Paid Dividends and Bonuses Paid Policyholders Depreciation (Accumulated) - Beginning Balance (Schedule VI) Dividends per Share - Pay Date - Calendar Dividends per Share - Pay Date - Fiscal Dividends per Share - Ex-Date - Calendar Dividends per Share - Ex-Date - Fiscal Dividends Received (Cash Flow) Dividends Received from Permanent Investments Development Revenue (Real Estate) Dividends - Share Capital - Other Dividends - Total Debt (excl Capitalized Leases) - Due in 2nd Year Debt (excl Capitalized Leases) - Due in 3rd Year Debt (excl Capitalized Leases) - Due in 4th Year Debt (excl Capitalized Leases) - Due in 5th Year Exchange Adjustments (Assets) Earnings Before Interest and Taxes Earnings Before Interest Equity in Earnings - After-Tax Equity Interest in Earnings of Associated Companies Directors' Emoluments Employees Earnings Per Share (Diluted) - Including Extraordinary Items Earnings Per Share (Diluted) - Excluding Extraordinary Items

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EPSPI EPSPX EQDIVP ERO ESOPCT ESOPDLT ESOPNR ESOPR ESOPT ESUB ESUBC EXCADJ EXCHG EXRE EXRES EXREU FATB FATC FATD FATE FATL FATN FATO FATP FCA FDATE FDFR FEA FEL FFO FFS FIAO FIC FINAL FINCF FININC FINLE FINRE FINVAO FOPO FOPOX FOPT FSRCO FSRCOPO FSRCOPT FSRCT FUSEO FUSET FYEAR FYR GBBL GDWL GDWLAM GDWLIA GDWLID GDWLIEPS GDWLIP GEQRV GLA GLCEA GLCED GLCEEPS GLCEP GLD GLEPS GLP GOVGR GOVTOWN GP GPHBL GPLBL GPOBL GPRBL GPTBL GVKEY GWO HEDGEGL IAEQ IAEQCI IAEQMI IAFICI Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num

D. Vance
Earnings Per Share (Basic) - Including Extraordinary Items Earnings Per Share (Basic) - Excluding Extraordinary Items Equity Dividend Paid Equity Reserves - Other Common ESOP Obligation - Total ESOP Debt - Long Term Preferred ESOP Obligation - Non-Redeemable Preferred ESOP Obligation - Redeemable Preferred ESOP Obligation - Total Equity in Earnings - Unconsolidated Subsidiaries Equity in Net Loss - Earnings Exchange Adjustments (Liabilities) Stock Exchange Code Exchange Rate Effect Exchange Rate Effect - Source of Funds Exchange Rate Effect - Use of Funds Property, Plant, and Equipment - Buildings at Cost Property, Plant, and Equipment - Construction in Progress at Cost Fixed Assets and Investments - Disposals - Gain (Loss) Property, Plant, and Equipment - Machinery and Equipment at Cost Property, Plant, and Equipment - Leases at Cost Property, Plant, and Equipment - Natural Resources at Cost Property, Plant, and Equipment - Other at Cost Property, Plant, and Equipment - Land and Improvements at Cost Foreign Exchange Income (Loss) Final Date Federal Funds Purchased Foreign Exchange Assets Foreign Exchange Liabilities Funds From Operations (REIT) Federal Funds Sold Financing Activities - Other Current ISO Country Code - Incorporation Final Indicator Flag Financing Activities - Net Cash Flow Financing Increase - Total Finance Lease Increases Financing Repayments/Reductions - Total Funds from Investment and Finance Activities - Other Funds from Operations - Other Funds from Operations - Other excluding Option Tax Benefit Funds From Operations - Total Sources of Funds - Other Sources of Operating Funds - Other Source of Funds From Operations - Total Sources of Funds - Total Uses of Funds - Other Uses of Funds - Total Data Year - Fiscal Fiscal Year-end Month Group Benefits (Business Line) Goodwill Goodwill Amortization Impairments of Goodwill After-tax Impairments of Goodwill Diluted EPS Effect Impairments of Goodwill Basic EPS Effect Impairments of Goodwill Pretax Grants - Equity Reserves Gain/Loss After-tax Gain/Loss on Sale (Core Earnings Adjusted) After-tax Gain/Loss on Sale (Core Earnings Adjusted) Diluted EPS Gain/Loss on Sale (Core Earnings Adjusted) Basic EPS Effect Gain/Loss on Sale (Core Earnings Adjusted) Pretax Gain/Loss Diluted EPS Effect Gain/Loss Basic EPS Effect Gain/Loss Pretax Government Grants Percent of Gov't Owned Gross Profit (Loss) Group Premiums - Health (Business Line) Group Premiums - Life (Business Line) Group Premiums - Other (Business Line) Group Premiums - Retirement Benefits (Business Line) Group Premiums - Total (Business Line) Global Company Key Goodwill Written Off Gain/Loss on Ineffective Hedges Investment Assets - Equity Securities (Insurance) Investment Assets (Insurance) - Equity Securities (Cost) Investment Assets (Insurance) - Equity Securities (Market) Investment Assets (Insurance) - Fixed Income Securities (Cost)

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IAFXI IAFXMI IALI IALOI IALTI IAMLI IAOI IAPLI IAREI IASCI IASMI IASSI IASTI IATCI IATI IATMI IAUI IB IBADJ IBBL IBC IBCOM IBKI ICAPT IDIIS IDILB IDILC IDIS IDIST IDIT IDITS IID IIRE INDFMT INITB INTAN INTAND INTANO INTANP INTC INTFACT INTFL INTIACT INTOACT INTPD INTPN INTRC INVCH INVDSP INVFG INVO INVOFS INVREH INVREI INVRES INVRM INVSVC INVT INVWIP IOBD IOI IORE IP IPABL IPC IPHBL IPLBL IPOBL IPTBL IPTI IPV IREI IRENT IRII IRLI IRNLI IRSI ISEQ ISEQC ISEQM ISFI Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Investment Assets - Fixed Income Securities (Insurance) Investment Assets (Insurance) - Fixed Income Securities (Market) Investment Assets (Insurance) - Listed Securities-Total Investment Assets - Loans - Other (Insurance) Investment Assets - Loans - Total (Insurance) Investment Assets - Mortgage Loans (Insurance) Investment Assets - Other (Insurance) Investment Assets - Policy Loans (Insurance) Investment Assets - Real Estate (Insurance) Investment Assets (Insurance) - Securities - Sundry (Cost) Investment Assets (Insurance) - Securities - Sundry (Market) Investment Assets - Securities - Sundry (Insurance) Investment Assets - Securities - Total (Insurance) Investment Assets (Insurance) - Securities - Total (Cost) Investment Assets - Total (Insurance) Investment Assets (Insurance) - Securities - Total (Market) Investment Assets (Insurance) - Unlisted Securities - Total Income Before Extraordinary Items Income Before Extraordinary Items - Adjusted for Common Stock Equivalents Individual Benefits (Business Line) Income Before Extraordinary Items (Cash Flow) Income Before Extraordinary Items - Available for Common Investment Banking Income Invested Capital - Total Interest and Dividend Income - Investment Securities Interest and Dividend Income - Loans/Claims/Advances - Banks Interest and Dividend Income - Loans/Claims/Advances - Customers Interest and Dividend Income - Sundry Interest and Dividend Income - Short-Term Investments Interest and Related Income - Total Interest and Dividend Income - Trading Securities Issue ID - Security Investment Income (Real Estate) Industry Format Income - Non-interest - Total (Bank) Intangible Assets - Total Intangible Assets - Disposal Other Intangibles Intangible Assets - Purchase Interest Capitalized Interest and Dividend Adjustments - Financing Activities Interest Element of Finance Leases Interest and Dividend Adjustments - Investing Activities Interest and Dividend Adjustments - Operating Activities Interest Paid Interest Paid - Net Interest Received Inventory - Decrease (Increase) Investments - Disposal Inventories - Finished Goods Inventories - Other Inventory/Stock - Other Inventory/Stock - Real Estate Held for Development Inventory/Stock - Real Estate Under Development Inventory/Stock - Real Estate Held for Sale Inventories - Raw Materials Investments and Servicing of Finance - Net Cash Flow Inventories - Total Inventories - Work In Process Income - Other (Broker Dealer) Income - Other (Insurance) Income - Other (Real Estate) Investment Property Individual Premiums - Annuity (Business Line) Investment Property (Cost) Individual Premiums - Health (Business Line) Individual Premiums - Life (Business Line) Individual Premiums - Other (Business Line) Individual Premiums - Total (Business Line) Insurance Premiums - Total (Insurance) Investment Property (Valuation) Interest and Related Income - Reinsurance (Insurance) Rental Income Interest and Related Income (Insurance) Interest and Related Income - Life (Insurance) Interest and Related Income - Non-Life (Insurance) Interest and Related Income - Sundry (Insurance) Investment Securities - Equity Investment Securities - Equity (Cost) Investment Securities - Equity (Market) Investment Securities - Fixed Income

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ISFXC ISFXM ISGR ISGT ISGU ISLG ISLGC ISLGM ISLT ISMOD ISNG ISNGC ISNGM ISOTC ISOTH ISOTM ISSC ISSM ISSU IST ISTC ISTM ISUT ITCB ITCC ITCI IVACO IVAEQ IVAO IVCH IVGOD IVI IVNCF IVPT IVST IVSTCH LCABG LCACL LCACR LCAG LCAL LCALT LCAM LCAO LCAST LCAT LCO LCOX LCOXAR LCOXDR LCT LCUACU LI LIF LIFR LIQRESN LIQRESO LLOML LLOO LLOT LLRCI LLRCR LLWOCI LLWOCR LNDEP LNINC LNMD LNO LNREP LO LOL2 LOXDR LQPL1 LRV LS LSE LST LT LTDCH LTDLCH LTLO Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Investment Securities - Fixed Income (Cost) Investment Securities - Fixed Income (Market) Investment Securities - Gain (Loss) - Realized Investment Securities - Gain (Loss) - Total Investment Securities - Gain (Loss) - Unrealized Investment Securities - Local Governments Investment Securities - Local Governments (Cost) Investment Securities - Local Governments (Market) Investment Securities - Listed - Total Income Statement Model Number Investment Securities - National Governments Investment Securities - National Governments (Cost) Investment Securities - National Governments (Market) Invetsment Securities - Other (Cost) Investment Securities - Other Invetsment Securities - Other (Market) Investment Securities - Sundry (Cost) Investment Securities - Sundry (Market) Investment Securities - Sundry Investment Securities -Total Investment Securities - Total (Cost) Investment Securities - Total (Market) Investment Securities - Unlisted - Total Investment Tax Credit (Balance Sheet) Investment Tax Credit - Net (Cash Flow) - Utility Investment Tax Credit (Income Account) Investing Activities - Other Investment and Advances - Equity Investment and Advances - Other Increase in Investments Investments Grants and Other Deductions Investment Income - Total (Insurance) Investing Activities - Net Cash Flow Investments - Permanent - Total Short-Term Investments - Total Short-Term Investments - Change Loans/Claims/Advances - Banks and Government - Total Loans/Claims/Advances - Commercial Loans/Claims/Advances - Consumer Loans/Claims/Advances - Government Loans/Claims/Advances - Lease Loans/Claims/Advances - Long-Term (Banks) Loans/Claims/Advances - Mortgage Loans/Claims/Advances - Other Loans/Claims/Advances - Short-Term - Banks Loans/Claims/Advances - Total Current Liabilities - Other - Total Current Liabilities - Other - Sundry Current Liabilities - Other - Total As Reported Current Liabilities - Other - Excluding Deferred Revenue Current Liabilities - Total Loans/Claims/Advances - Customer - Total Leasing Income Life Insurance in Force LIFO Reserve Management of Liquid Resources - Net Cash Flow Liquid Resources - Other Movements LDC Loans Outstanding - Medium and Long-Term LDC Loans Outstanding - Other LDC Loans Outstanding - Total Loan Loss Recoveries - Credited to Income Loan Loss Recoveries - Credited to Reserves Loan Loss Written Off - Charged to Income Loan Loss Written Off - Charged to Reserves Loans and Deposits - (Increase) Decrease Loan Increase/Additions Loans (Made)/Repaid Liabilities Netting & Other Adjustments Loan Repayments/Reductions Liabilities - Other - Total Liabilities Level2 (Observable) Liabilities - Other - Excluding Deferred Revenue Liabilities Level1 (Quoted Prices) Legal Reserves Liabilities - Other - Sundry Liabilities and Stockholders Equity - Total Life Insurance Surrenders and Terminations Liabilities - Total Long-Term Debt - Change Long-Term Debt/Liabilities - Change Long-Term Liabilities - Other - Increase/(Decrease)

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Financial Management
LUL3 MIB MIC MII MISEQ MKVALT MRC1 MRC2 MRC3 MRC4 MRC5 MRCT MRCTA MSA MSVRV MTL NAICSH NAT NCFLIQ NCO NEQMI NFSR NI NIADJ NIECI NIINT NIIT NIM NIO NIT NITS NOASUB NOPI NOPIO NP NPANL NPAORE NPARL NPAT NRTXT NRTXTD NRTXTEPS OANCF OANCFC OANCFD OB OGM OIADP OIBDP ONBALB ONBALE OPEPS OPILI OPINCAR OPINI OPIOI OPIRI OPITI OPPRFT OPREPSX OPRO OPTCA OPTDR OPTEX OPTEXD OPTFVGR OPTGR OPTLIFE OPTOSBY OPTOSEY OPTPRCBY OPTPRCCA OPTPRCEX OPTPRCEY OPTPRCGR OPTPRCWA OPTRFR OPTVOL PACQP PALR PANLR Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Liabilities Level3 (Unobservable) Minority Interest (Balance Sheet) Minority Interest (Cash Flow) Minority Interest (Income Account) Minority Interest In Shareholders' Equity - Change Market Value - Total - Fiscal Rental Commitments - Minimum - 1st Year Rental Commitments - Minimum - 2nd Year Rental Commitments - Minimum - 3rd Year Rental Commitments - Minimum - 4th Year Rental Commitments - Minimum - 5th Year Rental Commitments - Minimum - 5 Year Total Thereafter Portion of Leases Marketable Securities Adjustment Mandatory Securities Valuation Reserve (Statutory) Loans From Securities Finance Companies for Margin Transactions North America Industrial Classification System - Historical Nonadmitted Assets - Total (Statutory) Net Cash Flow Before Management of Liquid Resources and Financing Net Charge-Offs Non-Equity and Minority Interest Dividends Paid Non-Financial Services Revenue Net Income (Loss) Net Income Adjusted for Common/Ordinary Stock (Capital) Equivalents Net Income Effect Capitalized Interest Net Interest Income Net Interest Income (Tax Equivalent) Net Interest Margin Net Items - Other Net Item - Total Net Income - Total (Statutory) Net Overdrafts Acquired with Subsidiaries Nonoperating Income (Expense) Nonoperating Income (Expense) - Other Notes Payable - Short-Term Borrowings Nonperforming Assets - Nonaccrual Loans Nonperforming Assets - Other Real Estate Owned Nonperforming Assets - Restructured Loans Nonperforming Assets - Total Nonrecurring Income Taxes After-tax Nonrecurring Income Tax Diluted EPS Effect Nonrecurring Income Tax Basic EPS Effect Operating Activities - Net Cash Flow Operating Activities - Net Cash Flow - Continuing Operations Operating Activities - Net Cash Flow - Discontinued Operations Order Backlog OIL & GAS METHOD Operating Income After Depreciation Operating Income Before Depreciation Other Net Balances at Beginning of Year Other Net Balances at End of Year Earnings Per Share from Operations Operating Income - Life Operating Income - As Reported Operating Income - Non-Life Operating Income - Other Operating Income - Reinsurance Operating Income - Total Operating Profit Earnings Per Share - Diluted - from Operations Operating Revenues - Other Options - Cancelled (-) Dividend Rate - Assumption (%) Options Exercisable (000) Options - Exercised (-) Options - Fair Value of Options Granted Options - Granted Life of Options - Assumption (# yrs) Options Outstanding - Beg of Year Options Outstanding - End of Year Options Outstanding Beg of Year - Price Options Cancelled - Price Options Exercised - Price Options Outstanding End of Year - Price Options Granted - Price Options Exercisable - Weighted Avg Price Risk Free Rate - Assumption (%) Volatility - Assumption (%) Preacquisition Profits Premiums Assumed - Life Premiums Assumed - Nonlife

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Financial Management
PATR PCL PCLR PCNLR PCTR PDATE PDDUR PDVC PI PIDOM PIFO PLIACH PLL PLTBL PNCA PNCAD PNCAEPS PNCIA PNCID PNCIEPS PNCIP PNCWIA PNCWID PNCWIEPS PNCWIP PNLBL PNLI PNRSHO POBL POPSRC PPCBL PPEGT PPENB PPENC PPENLI PPENLS PPENME PPENNR PPENO PPENT PPEVBB PPEVEB PPEVO PPEVR PPPABL PPPHBL PPPOBL PPPTBL PRC PRCA PRCAD PRCAEPS PRCC_C PRCC_F PRCH_C PRCH_F PRCL_C PRCL_F PREBL PRI PRODV PROSAI PRSHO PRSTKC PRSTKCC PRSTKPC PRV PRVT PSFIX PSTK PSTKC PSTKL PSTKN PSTKR PSTKRV PTBL PTRAN PURTSHR PVCL PVO PVON Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Premiums Assumed - Total Provision - Credit Losses (Income Account) Premiums Ceded - Life Premiums Ceded - Nonlife Premiums Ceded - Total Preliminary Date Period Duration Cash Dividends on Preferred/Preference Stock (Cash Flow) Pretax Income Pretax Income - Domestic Pretax Income - Foreign Pension Liabilities - Change Provision for Loan/Asset Losses Premiums - Life - Total (Business Line) Core Pension Adjustment Core Pension Adjustment Diluted EPS Effect Core Pension Adjustment Basic EPS Effect Core Pension Interest Adjustment After-tax Core Pension Interest Adjustment Diluted EPS Effect Core Pension Interest Adjustment Basic EPS Effect Core Pension Interest Adjustment Pretax Core Pension w/o Interest Adjustment After-tax Core Pension w/o Interest Adjustment Diluted EPS Effect Core Pension w/o Interest Adjustment Basic EPS Effect Core Pension w/o Interest Adjustment Pretax Premiums - Nonlife - Total (Business Line) Premiums Written - Non-Life Nonred Pfd Shares Outs (000) Premiums - Other (Business Line) Population Source Personal Property and Casualty Claims (Business Line) Property, Plant and Equipment - Total (Gross) Property, Plant, and Equipment - Buildings (Net) Property, Plant, and Equipment - Construction in Progress (Net) Property, Plant, and Equipment - Land and Improvements (Net) Property, Plant, and Equipment - Leases (Net) Property, Plant, and Equipment - Machinery and Equipment (Net) Property, Plant, and Equipment - Natural Resources (Net) Property, Plant, and Equipment - Other (Net) Property, Plant and Equipment - Total (Net) Property, Plant and Equipment - Beginning Balance (Schedule V) Property, Plant, and Equipment - Ending Balance (Schedule V) Property, Plant, and Equipment - Other Changes (Schedule V) Property, Plant and Equipment - Retirements (Schedule V) Personal Property and Casualty Premiums - Automobile (Business Line) Personal Property and Casualty Premiums - Homeowners (Business Line) Personal Property and Casualty Premiums - Other (Business Line) Personal Property & Casualty Premiums - Total (Business Line) Participation Rights Certificates Core Post Retirement Adjustment Core Post Retirement Adjustment Diluted EPS Effect Core Post Retirement Adjustment Basic EPS Effect Price Close - Annual - Calendar Price Close - Annual - Fiscal Price High - Annual - Calendar Price High - Annual - Fiscal Price Low - Annual - Calendar Price Low - Annual - Fiscal Premiums - Reinsurance (Business Line) Premiums Written - Reinsurance Proposed Dividends Proceeds From Sale of Fixed Assets and Sale of Investments Redeem Pfd Shares Outs (000) Purchase of Common and Preferred Stock Purchase of Common Stock (Cash Flow) Purchase of Preferred/Preference Stock (Cash Flow) Provisions (Cash Flow) Policy Reserves - Total (Statutory) Proceeds From Sale of Fixed Assets Preferred/Preference Stock (Capital) - Total Preferred Stock - Convertible Preferred Stock - Liquidating Value Preferred/Preference Stock - Nonredeemable Preferred/Preference Stock - Redeemable Preferred Stock - Redemption Value Premiums - Total (Business Line) Principal Transactions Purchase of Treasury Shares Provision - Credit Losses (Balance Sheet) Provision - Other Provisions - Other (Net)

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Financial Management
PVPL PVT PWOI RADP RAGR RARI RATI RAWMSM RCA RCD RCEPS RCL RCP RDIP RDIPA RDIPD RDIPEPS RDP RE REA REAJO RECCH RECCO RECD RECT RECTA RECTR RECUB RET REUNA REUNR REVT RIS RLL RLO RLP RLRI RLT RMUM RPAG RRA RRD RREPS RRP RV RVBCI RVBPI RVBTI RVDO RVDT RVEQT RVLRV RVNO RVNT RVRI RVSI RVTI RVTXR RVUPI RVUTX SAA SAL SALE SBDC SC SCF SCO SCSTKC SECU SEQ SEQO SETA SETD SETEPS SETP SHRCAP SICH SIV SPCE SPCED SPCEEPS Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Provision - Pension Liabilities Provisions - Total Premiums Written - Other Reinsurance Assets - Deposits and Other (Insurance) Resale Agreements Reinsurance Assets - Receivable/Debtors (Insurance) Reinsurance Assets - Total (Insurance) Raw Materials, Supplies, and Merchandise Restructuring Costs After-tax Restructuring Costs Diluted EPS Effect Restructuring Costs Basic EPS Effect Reserves for Credit Losses (Assets) Restructuring Costs Pretax In Process R&D Expense In Process R&D Expense After-tax In Process R&D Expense Diluted EPS Effect In Process R&D Expense Basic EPS Effect Regulatory Deposits Retained Earnings Retained Earnings - Restatement Retained Earnings - Other Adjustments Accounts Receivable - Decrease (Increase) Receivables - Current - Other Receivables - Estimated Doubtful Receivables - Total Retained Earnings - Cumulative Translation Adjustment Receivables - Trade Unbilled Receivables Total RE Property Retained Earnings - Unadjusted Retained Earnings - Unrestricted Revenue - Total Revenue/Income - Sundry Reserve for Loan/Asset Losses Reinsurance Liabilities - Other Reinsurance Liabilities - Payables/Creditors Reinsurers' Liability for Reserves (Insurance) Reinsurance Liabilities - Total Auditors' Remuneraton Repurchase Agreements Reversal - Restructruring/Acquisition Aftertax Reversal - Restructuring/Acq Diluted EPS Effect Reversal - Restructuring/Acq Basic EPS Effect Reversal - Restructruring/Acquisition Pretax Reserves Reserves for Benefits - Life - Claims (Insurance) Reserves for Benefits - Life - Policy (Insurance) Reserves for Benefits - Life - Total (Insurance) Reserves - Distributable - Other Reserves - Distributable - Total Equity Reserves - Total Revaluation Reserve Reserves - Nondistributable - Other Reserves - Nondistributable - Total Reserves - Reinsurance (Insurance) Reserves - Sundry (Insurance) Reserves - Total Reserves - Tax-Regulated Reserves for Unearned Premiums (Insurance) Reserves - Untaxed Separate Account Assets Separate Account Liabilities Sales/Turnover (Net) Securities Borrowed and Deposited by Customers Securities In Custody Cash Flow Format Share Capital - Other Sale of Common Stock (Cash Flow) Securities Gains (Losses) - Unrealized Stockholders' Equity - Total Other Stockholders- Equity Adjustments Settlement (Litigation/Insurance) After-tax Settlement (Litigation/Insurance) Diluted EPS Effect Settlement (Litigation/Insurance) Basic EPS Effect Settlement (Litigation/Insurance) Pretax Share Capital Transactions - Other Standard Industrial Classification - Historical Sale of Investments S&P Core Earnings S&P Core Earnings EPS Diluted S&P Core Earnings EPS Basic

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Financial Management
SPI SPID SPIEPS SPIOA SPIOP SPPCH SPPE SPPIV SPSTKC SRC SRET SRT SSNP SSTK STALT STBO STFIXA STINV STIO STKCH STKCO STKCPA SUBDIS SUBPUR TDC TDSCD TDSCE TDSG TDSLG TDSMM TDSNG TDSO TDSS TDST TF TFVA TFVCE TFVL TIC TIE TII TLCF TRANSA TSA TSAFC TSCA TSO TSTK TSTKC TSTKME TSTKN TSTKP TSTLTA TX TXACH TXBCO TXBCOF TXC TXDB TXDBA TXDBCA TXDBCL TXDC TXDFED TXDFO TXDI TXDITC TXDS TXEQA TXEQII TXFED TXFO TXNDB TXNDBA TXNDBL TXNDBR TXO TXOP TXP TXPD TXR Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Special Items Other Special Items Diluted EPS Effect Other Special Items Basic EPS Effect Other Special Items After-tax Other Special Items Pretax Sale of Fixed Assets - (Gain) Loss Sale of Property Sale of Property, Plant and Equipment and Investments - Gain (Loss) Sale of Preferred/Preference Stock (Cash Flow) Source Document Gain/Loss on Sale of Property Surplus - Total (Statutory) Securities Sold Not Yet Purchased Sale of Common and Preferred Stock Status Alert Short-Term Borrowings - Other Sale of Tangible Fixed Assets Short Term Investments - (Increase)/Decrease Short-Term Investments - Other Change in Stocks Stock Compensation Expense After-tax stock compensation Subsidiary Undertakings - Disposal Subsidiary Undertakings - Purchase Deferred Income Taxes - Net (Cash Flow) Trading/Dealing Account Securities - Corporate Debt Trading/Dealing Account Securities - Corporate Equity Trading/Dealing Securities - Gain (Loss) Trading/Dealing Account Securities - Local Governments Trading/Dealing Account Securities - Money Market Trading/Dealing Account Securities - National Governments Trading/Dealing Account Securities - Other Trading/Dealing Account Securities - Sundry Trading/Dealing Account Securities - Total Trust Fees Total Fair Value Assets Total Fair Value Changes including Earnings Total Fair Value Liabilities Ticker Symbol Interest Expense - Total (Financial Services) Interest Income - Total (Financial Services) Tax Loss Carry Forward Cumulative Translation Adjustment Treasury Stock (Assets) Total Sources/Applications of Funds (Cash Flow) Treasury Stock (Current Asset) Treasury Stock - Other Share Capital Treasury Stock - Total (All Capital) Treasury Stock - Common Treasury Stock Book Value - Memo Entry Treasury Stock - Number of Common Shares Treasury Stock - Preferrred Treasury Stock (Long-Term Asset) Taxation Income Taxes - Accrued - Increase/(Decrease) Excess Tax Benefit Stock Options - Cash Flow Operating Excess Tax Benefit of Stock Options - Cash Flow Financing Income Taxes - Current Deferred Taxes (Balance Sheet) Deferred Tax Asset - Long Term Deferred Tax Asset - Current Deferred Tax Liability - Current Deferred Taxes (Cash Flow) Deferred Taxes-Federal Deferred Taxes-Foreign Income Taxes - Deferred Deferred Taxes and Investment Tax Credit Deferred Taxes-State Tax - Equivalent Adjustment Tax - Equivalent Interest Income (Gross) Income Taxes - Federal Income Taxes - Foreign Net Deferred Tax Asset (Liab) - Total Net Deferred Tax Asset Net Deferred Tax Liability Deferred Tax Residual Income Taxes - Other Taxation - Operating Activities Income Taxes Payable Income Taxes Paid Income Tax Refund

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Financial Management
TXS TXT TXVA TXW UAOLOCH UAOX UAPT UCAPS UCCONS UCEQ UCUSTAD UDCOPRES UDD UDFCC UDMB UDOLT UDPCO UDPFA UDPL UDVP UFRETSD UGI UI UINVT ULCM ULCO UNIAMI UNL UNNP UNNPL UNOPINC UNWCC UOIS UOPI UOPRES UPD UPDVP UPMCSTK UPMPF UPMPFS UPMSUBP UPSTK UPSTKC UPSTKSF URECT URECTR UREVUB USPI USTDNC USUBDVP USUBPSTK UTFDOC UTFOSC UTME UTXFED UWKCAPC UXINST UXINTD VPAC VPO WCAP WCAPC WCAPCH WCAPCHC WCAPOPC WCAPS WCAPSA WCAPSU WCAPT WCAPU WDA WDD WDEPS WDP XACC XAD XAGO XAGT XCOM XCOMI XDEPL Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Income Taxes - State Income Taxes - Total Value Added Taxes Excise Taxes Other Assets and Liabilities - Net Change (Statement of Cash Flows) Other Assets - Utility Accounts Payable - Utility Paid in Capital - Other Contributions in Aid of Construction Common Equity Total - Utility Customer Advances for Construction Deferred Credits and Operating Reserves - Other Debt (Debentures) Deferred Fuel - Increase (Decrease) (Statement of Cash Flows) Debt (Mortgage Bonds) - Utility Debt (Other Long-Term) - Utility Debt (Pollution Control Obligations) - Utility Depreciation of Fixed Assets Utility - Liberalized Depreciation Code Preferred Dividend Requirements Funds for Retirement of Securities and Short-Term Debt (Cash Flow) Gross Income (Income Before Interest Charges) Unearned Income Inventories - Utility Current Liabilities - Miscellaneous Current Liabilities - Other - Utility Net Income before Extraordinary Items and after Minority Interest Unappropriated Net Loss Unappropriated Net Profit (Stockholders' Equity) Unappropriated Net Profit Nonoperating Income (Net) - Other Working Capital (Use) - Increase (Decrease) (Cash Flow) Other Internal Sources - Net (Cash Flow) Operating Income - Total - Utility Operating Reserves Update Code Preference Dividend Requirements* Premium on Common Stock* Premium on Preferred Stock* Premium on Preference Stock* Premium on Subsidiary Preferred Stock* Preferred Stock at Carrying Value Preference Stock at Carrying Value* Preferred/Preference Stock Sinking Fund Requirement Receivables (Net) Accounts Receivable - Trade - Utility Accrued Unbilled Revenues (Balance Sheet) Special Items Short-Term Debt - Decrease (Increase) (Cash Flow) Subsidiary Preferred Dividends Subsidiary Preferred Stock at Carrying Value Total Funds From Operations (Cash Flow) Total Funds from Outside Sources (Cash Flow) Maintenance Expense - Total Current Taxes - Federal (Operating) Working Capital (Source) - Decrease (Increase) (Cash Flow) Interest On Short-Term Debt - Utility Interest on Long-Term Debt* Investments - Permanent - Associated Companies Investments - Permanent - Other Working Capital (Balance Sheet) Working Capital Change - Other - Increase/(Decrease) Working Capital Change - Total Working Capital - Change Working Capital/Net Operating Assets - Change Working Capital Change - Source of Funds Working Capital Change (Separate Account) Source and Use of Funds/Working Capital Adjustments - Other Working Capital/Cash/Net Funds Change - Total Working Capital Change - Use of Funds Writedowns After-tax Writedowns Diluted EPS Effect Writedowns Basic EPS Effect Writedowns Pretax Accrued Expenses Advertising Expense Administrative and General Expense - Other Administrative and General Expense - Total Communications Expense Commissions Expense (Insurance) Depletion Expense (Schedule VI)

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Financial Management
XDP XDVRE XEQO XI XIDO XIDOC XINDB XINDC XINS XINST XINT XINTD XINTOPT XIVI XIVRE XLR XNBI XNF XNINS XNITB XOBD XOI XOPR XOPRAR XOPRO XOPTD XOPTEPS XORE XPP XPR XRD XRENT XS XSGA XSTF XSTFO XSTFWS XT XUW XUWLI XUWNLI XUWOI XUWREI XUWTI Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num

D. Vance
Depreciation Expense (Schedule VI) Expense - Development (Real Estate) Equipment and Occupancy Expense Extraordinary Items Extraordinary Items and Discontinued Operations Extraordinary Items and Discontinued Operations (Cash Flow) Interest Expense - Deposits - Banks Interest Expense - Deposits - Customer Interest Expense - Sundry Interest Expense - Short-Term Borrowings Interest and Related Expense - Total Interest Expense - Long-Term Debt Implied Option Expense Investment Expense (Insurance) Expense - Investment (Real Estate) Staff Expense - Total Other Insurance Expense Non-Financial Services Expense Other Expense - Noninsurance Expense - Noninterest - Total (Bank) Expense - Other (Broker/Dealer) Expenses - Other (Insurance) Operating Expenses - Total Operatings Expenses - As Reported Operating Expense - Other Implied Option EPS Diluted Implied Option EPS Basic Expense - Other (Real Estate) Prepaid Expenses Pension and Retirement Expense Research and Development Expense Rental Expense Expense - Sundry Selling, General and Administrative Expense Staff Expense (Income Account) Staff Expense - Other Staff Expense - Wages and Salaries Expense - Total Other Underwriting Expenses - Insurance Underwriting Expense - Life Underwriting Expense - Non-Life Underwriting Expense - Other Underwriting Expense - Reinsurance Underwriting Expense - Total

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COMPUSTAT Database copyright notice Copyright 2008, The McGraw-Hill Companies, Inc. Data provided by Standard & Poor's Compustat, a Division of The McGraw-Hill Companies, Inc.